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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
The composition of the Company’s investment portfolio as of March 31, 2023 and December 31, 2022 at amortized cost and fair value was as follows:
March 31, 2023December 31, 2022
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,567,330 $1,472,453 88.8 %$1,638,995 $1,579,512 90.3 %
Senior secured second lien debt41,102 38,997 2.4 %41,036 38,769 2.2 %
Collateralized securities and structured products - equity2,606 1,133 0.1 %2,687 1,179 0.1 %
Unsecured debt30,431 15,517 0.9 %30,427 22,643 1.3 %
Equity115,514 128,926 7.8 %79,595 107,058 6.1 %
Subtotal/total percentage1,756,983 1,657,026 100.0 %1,792,740 1,749,161 100.0 %
Short term investments(2)66,326 66,326 10,869 10,869 
Total investments$1,823,309 $1,723,352 $1,803,609 $1,760,030 
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$340,815 20.6 %$336,055 19.2 %
Healthcare & Pharmaceuticals232,306 14.0 %237,082 13.6 %
Media: Diversified & Production126,177 7.6 %134,927 7.7 %
Services: Consumer106,082 6.4 %115,849 6.6 %
Media: Advertising, Printing & Publishing87,247 5.3 %105,375 6.0 %
Diversified Financials81,724 4.9 %99,819 5.7 %
Chemicals, Plastics & Rubber66,992 4.0 %66,753 3.8 %
Energy: Oil & Gas65,343 3.9 %68,756 3.9 %
Consumer Goods: Durable62,420 3.8 %60,735 3.5 %
Retail57,034 3.4 %74,718 4.3 %
High Tech Industries53,597 3.2 %56,501 3.2 %
Construction & Building51,310 3.1 %46,007 2.6 %
Beverage, Food & Tobacco44,519 2.7 %45,396 2.6 %
Consumer Goods: Non-Durable42,305 2.6 %47,886 2.8 %
Capital Equipment41,713 2.5 %41,580 2.4 %
Aerospace & Defense39,195 2.4 %38,842 2.2 %
Banking, Finance, Insurance & Real Estate39,048 2.4 %43,836 2.5 %
Hotel, Gaming & Leisure38,520 2.3 %46,739 2.7 %
Containers, Packaging & Glass19,477 1.2 %19,551 1.1 %
Telecommunications18,315 1.1 %18,302 1.1 %
Automotive16,395 1.0 %16,255 0.9 %
Metals & Mining15,836 1.0 %15,780 0.9 %
Transportation: Cargo10,656 0.6 %12,417 0.7 %
Subtotal/total percentage1,657,026 100.0 %1,749,161 100.0 %
Short term investments66,326 10,869 
Total investments$1,723,352 $1,760,030 
March 31, 2023December 31, 2022
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,647,499 99.4 %$1,739,866 99.5 %
Canada7,485 0.4 %7,452 0.4 %
Cayman Islands1,133 0.1 %1,179 0.1 %
Bermuda909 0.1 %664 — 
Subtotal/total percentage1,657,026 100.0 %1,749,161 100.0 %
Short term investments66,326 10,869 
Total investments$1,723,352 $1,760,030 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2023:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(g)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business$1,200 $1,133 $1,152 
Community Tree Service, LLC(h)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building498 498 475 
Future Pak, LLC(e)
L+1000, 2.00% LIBOR Floor
7/2/2024Healthcare & Pharmaceuticals1,280 1,271 1,280 
Total Senior Secured First Lien Debt2,902 2,907 
Senior Secured Second Lien Debt
Access CIG, LLC(f)
L+775, 0.00% LIBOR Floor
2/27/2026Services: Business7,250 7,222 6,942 
Dayton Superior Corp.(e)
L+700, 2.00% LIBOR Floor
12/4/2024Construction & Building1,006 1,006 1,004 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,750 6,172 6,345 
Total Senior Secured Second Lien Debt14,400 14,291 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,000 9,858 9,339 
Total Collateralized Securities and Structured Products - Equity9,858 9,339 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 5,427 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,644 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— 167 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
— 315 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A12,966 12,573 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
613,262 Units
21,759 19,710 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
7,973 8,995 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 644 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 15,617 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— 98 
HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend(i)
Capital Equipment
2,000,000 Units
2,082 40 
Language Education Holdings GP LLC, Common Units(d)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(d)Services: Business
133,333 Units
300 468 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
243,425 Units
2,000 487 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity62,166 66,185 
TOTAL INVESTMENTS$89,326 $92,722 
a.The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2023. The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of March 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2023.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2023 was 4.86%.
f.The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2023 was 5.19%.
g.The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2023 was 4.80%.
h.The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2023 was 4.91%.
i.Investment or a portion thereof was on non-accrual status as of March 31, 2023.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2022:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(g)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business$1,200 $1,125 $1,146 
Community Tree Service, LLC(h)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building499 499 489 
Future Pak, LLC(e)
L+800, 2.00% LIBOR Floor
7/2/2024Healthcare & Pharmaceuticals1,395 1,382 1,372 
Total Senior Secured First Lien Debt3,006 3,007 
Senior Secured Second Lien Debt
Access CIG, LLC(f)
L+775, 0.00% LIBOR Floor
2/27/2026Services: Business7,250 7,220 6,933 
Dayton Superior Corp.(e)
L+700, 2.00% LIBOR Floor
12/4/2024Construction & Building1,010 1,010 1,007 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,750 6,135 6,337 
Zest Acquisition Corp.(e)
L+700, 1.00% LIBOR Floor
3/14/2026Healthcare & Pharmaceuticals15,000 14,820 14,175 
Total Senior Secured Second Lien Debt29,185 28,452 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,000 9,874 9,523 
Total Collateralized Securities and Structured Products - Equity9,874 9,523 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 3,618 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,881 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— 187 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
— 580 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A11,436 11,058 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
613,262 Units
21,759 21,544 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
7,891 8,877 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 859 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 15,334 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— 185 
HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend
Capital Equipment
2,000,000 Units
2,082 130 
Language Education Holdings GP LLC, Common Units(d)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(d)Services: Business
133,333 Units
300 427 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
243,425 Units
2,000 316 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity60,554 64,996 
TOTAL INVESTMENTS$102,619 $105,978 
a.The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022. The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2022.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.
f.The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.
g.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.
h.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.
The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2023 and December 31, 2022:
Selected Balance Sheet Information:March 31, 2023December 31, 2022
Investments, at fair value (amortized cost of $89,326 and $102,619, respectively)
$92,722 $105,978 
Cash and other assets1,739 2,476 
Dividend receivable on investments339 225 
Interest receivable on investments282 301 
   Total assets$95,082 $108,980 
Senior secured notes (net of unamortized debt issuance costs of $88 and $94, respectively)
$64,414 $70,904 
Other liabilities357 1,881 
   Total liabilities64,771 72,785 
Members' capital30,311 36,195 
   Total liabilities and members' capital$95,082 $108,980 
The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2023 and 2022 and for the year ended December 31, 2022:
Three Months Ended
March 31,		Year Ended
December 31,
Selected Statement of Operations Information:202320222022
Total revenues$1,595 $1,884 $9,653 
Total expenses2,692 2,720 11,120 
Net realized gain on investments176 — 9,947 
Net change in unrealized appreciation (depreciation) on investments37 542 (5,839)
Net (decrease) increase in net assets$(884)$(294)$2,641