Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.

[3]

Denominated in U.S. dollars unless otherwise noted.

[4]

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of September 30, 2023 (see Note 8).

[5]

The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.

[6]

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS as of December 31, 2022 (see Note 8).

[7]

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.

[8]

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of September 30, 2023 (see Note 8).

[9]

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2022 (see Note 8).

[10]

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.

[11]

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.

[12]

The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of September 30, 2023, 94.5% of the Company’s total assets represented qualifying assets.

[13]

[14]

The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2022, 93.4% of the Company’s total assets represented qualifying assets.

[15]

Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2022 and September 30, 2023, along with transactions during the nine months ended September 30, 2023 in these affiliated investments, were as follows:


			Nine Months Ended September 30, 2023								Nine Months Ended September 30, 2023
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2022		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at September 30, 2023		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Afore Insurance Services, LLC
First Lien Term Loan	$	—	$	4,583	$	—	$	(5)	$	4,578	$	—	$	270	$	—	$	—

ARC Financial, LLC
Membership Interests	—		—		—		—		—		—		—		25		—




Carestream Health, Inc.
First Lien Term Loan	7,539		2,934		(115)		1,065		11,423		—		950		—		—
Carestream Health Holdings Inc.
Common Shares	21,544		—		—		(601)		20,943		—		—		—		—





DESG Holdings, Inc.
First Lien Term Loan	246		—		(82)		(79)		85		—		—		—		—




GSC Technologies Inc.
Incremental Term Loan	154		6		(160)		—		—		—		11		—		—
First Lien Term Loan A	2,064		20		(6)		119		2,197		—		206		—		—
First Lien Term Loan B	388		75		—		420		883		—		82		—		—
Common Shares	—		—		—		323		323		—		—		—		—
Instant Web, LLC
Revolving Loan	321		2,501		—		(71)		2,751		—		159		—		—
Priming Term Loan	469		24		—		2		495		—		42		—		—
First Lien Term Loan	28,167		3,781		—		(4,327)		27,621		—		3,786		—		—
First Lien Delayed Draw Term Loan	—		324		—		(81)		243		—		15		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	—		10,740		—		993		11,733		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	—		8,407		—		(21)		8,386		—		416		—		477
Isagenix Worldwide, Inc.
Common Shares	—		8,987		—		(13)		8,974		—		—		—		—
Lift Brands, Inc.
Term Loan A	23,287		—		(177)		—		23,110		—		2,201		—		64
Term Loan B	5,154		377		—		44		5,575		—		424		—		—
Term Loan C	4,732		1,527		—		(23)		6,236		—		542		—		1,891
Longview Intermediate Holdings C, LLC
Membership Units	23,995		—		—		(2,132)		21,863		—		—		3,881		—
Longview Power, LLC
First Lien Term Loan	2,348		6		(1,396)		(958)		—		—		1,306		—		—
Mount Logan Capital Inc.
Common Stock	2,341		—		—		(476)		1,865		—		—		40		—





Snap Fitness Holdings, Inc.
Class A Stock	5,123		—		—		(544)		4,579		—		—		—		—
Warrants	2,077		—		—		(221)		1,856		—		—		—		—
SRA Holdings, LLC
Membership Units	—		23,611		—		(611)		23,000		—		—		—		—
STATinMED, LLC
First Lien Term Loan	9,107		1,063		—		(65)		10,105		—		1,082		—		—
Delayed Draw First Lien Term Loan	156		6		(159)		(3)		—		—		10		—		—
STATinMed Parent, LLC
Class A Preferred Units	4,530		—		—		(1,737)		2,793		—		—		—		—
Class B Preferred Units	134		—		—		(134)		—		—		—		—		—
Totals	$	143,876	$	68,972	$	(2,095)	$	(9,136)	$	201,617	$	—	$	11,502	$	3,946	$	2,432

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2023

(in thousands)

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)Includes PIK interest income.

[16]

Non-income producing security.

[17]

Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2021 and 2022, along with transactions during the year ended December 31, 2022 in these affiliated investments, were as follows:


			Year Ended December 31, 2022								Year Ended December 31, 2022
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2021		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2022		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income



ARC Financial, LLC
Membership Interests	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	25
Berlitz Holdings, Inc.
First Lien Term Loan	—		13,956		(13,956)		—		—		—		393		—


Carestream Health, Inc.
First Lien Term Loan	—		7,596		—		(57)		7,539		—		284		—
Carestream Health Holdings Inc.
Common Shares	—		21,758		—		(214)		21,544		—		—		—
Charming Charlie, LLC
Vendor Payment Financing Facility	350		—		(657)		307		—		(657)		26		—



DESG Holdings, Inc.
First Lien Term Loan	1,787		—		(306)		(1,235)		246		—		5		—
Second Lien Term Loan	—		—		(10,017)		10,017		—		(10,017)		—		—



GSC Technologies Inc.
Incremental Term Loan	170		8		(24)		—		154		—		22		—
First Lien Term Loan A	2,001		26		—		37		2,064		—		193		—
First Lien Term Loan B	485		67		—		(164)		388		—		72		—
Common Shares	—		—		—		—		—		—		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—
Instant Web, LLC
Revolving Loan	—		970		(649)		—		321		—		26		—
Priming Term Loan	—		458		—		11		469		—		36		—
First Lien Term Loan	—		39,802		—		(11,635)		28,167		—		3,314		—
First Lien Delayed Draw Term Loan	—		—		—		—		—		—		14		—
Language Education Holdings GP LLC
Common Units	—		—		—		—		—		—		—		—
Language Education Holdings LP
Ordinary Common Units	—		1,125		(1,125)		—		—		—		—		—
Lift Brands, Inc.
Term Loan A	23,406		—		(236)		117		23,287		—		2,252		—
Term Loan B	5,156		235		—		(237)		5,154		—		545		—
Term Loan C	4,700		133		—		(101)		4,732		—		1,412		—
Longview Intermediate Holdings C, LLC
Membership Units	15,127		—		—		8,868		23,995		—		—		—
Longview Power, LLC
First Lien Term Loan	4,504		156		(1,391)		(921)		2,348		—		1,952		—
Mount Logan Capital Inc.
Common Stock	3,404		—		—		(1,063)		2,341		—		—		54
SIMR, LLC
First Lien Term Loan	16,000		1,447		(21,261)		3,814		—		(2,854)		804		—
SIMR Parent, LLC
Class B Membership Units	—		—		(8,002)		8,002		—		(8,002)		—		—
Class W Membership Units	—		—		—		—		—		—		—		—

See accompanying notes to consolidated financial statements

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2022

(in thousands)


			Year Ended December 31, 2022								Year Ended December 31, 2022
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2021		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2022		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income























































Snap Fitness Holdings, Inc.
Class A Stock	3,131		—		—		1,992		5,123		—		—		—
Warrants	1,269		—		—		808		2,077		—		—		—
STATinMED, LLC
First Lien Term Loan	—		9,472		(250)		(115)		9,107		—		719		—
Delayed Draw First Lien Term Loan	—		153		—		3		156		—		—		—
STATinMed Parent, LLC
Class A Preferred Units	—		6,182		—		(1,652)		4,530		—		—		—
Class B Preferred Units	—		3,193		—		(3,059)		134		—		—		—
Totals	$	81,490	$	106,737	$	(57,874)	$	13,523	$	143,876	$	(21,530)	$	12,069	$	79

(3)Includes PIK interest income.

[18]

Non-income producing security.

[19]

As of December 31, 2022, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.


		Interest Rate
Portfolio Company	Investment Type	Cash	PIK	All-in-Rate
Adapt Laser Acquisition, Inc.	Senior Secured First Lien Debt	14.76%	2.00%	16.76%
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	4.27%	11.27%
American Consolidated Natural Resources, Inc.	Senior Secured First Lien Debt	17.33%	3.00%	20.33%
Ancile Solutions, Inc.	Senior Secured First Lien Debt	11.75%	3.00%	14.75%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	11.48%	2.75%	14.23%
Cadence Aerospace, LLC	Senior Secured First Lien Debt	10.92%	2.00%	12.92%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%

David's Bridal, LLC	Senior Secured First Lien Debt	9.28%	5.00%	14.28%
David's Bridal, LLC	Senior Secured First Lien Debt	1.00%	9.42%	10.42%
Deluxe Entertainment Services, Inc.	Senior Secured First Lien Debt	9.73%	1.50%	11.23%
Fusion Connect Inc.	Senior Secured First Lien Debt	11.69%	1.00%	12.69%
GSC Technologies Inc.	Senior Secured First Lien Debt	—	9.12%	9.12%
GSC Technologies Inc.	Senior Secured First Lien Debt	9.37%	5.00%	14.37%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	16.24%	16.24%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	15.00%	15.00%
Independent Pet Partners Intermediate Holdings, LLC	Senior Secured First Lien Debt	—	6.00%	6.00%
Independent Pet Partners Intermediate Holdings, LLC	Senior Secured First Lien Debt	—	13.00%	13.00%
Independent Pet Partners Intermediate Holdings, LLC	Senior Secured First Lien Debt	—	11.26%	11.26%
Independent Pet Partners Intermediate Holdings, LLC	Senior Secured First Lien Debt	—	14.42%	14.42%
Instant Web, LLC	Senior Secured First Lien Debt	—	11.38%	11.38%



Lucky Bucks Holdings LLC	Unsecured Note	—	12.50%	12.50%

Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	16.24%	16.24%
Rogers Mechanical Contractors, LLC	Senior Secured First Lien Debt	11.70%	1.00%	12.70%
Service Compression, LLC	Senior Secured First Lien Debt	12.83%	2.00%	14.83%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	13.24%	13.24%
STATinMED, LLC	Senior Secured First Lien Debt	—	13.80%	13.80%
STATinMED, LLC	Senior Secured First Lien Debt	—	13.94%	13.94%
Trademark Global, LLC	Senior Secured First Lien Debt	7.07%	4.50%	11.57%
Trammell, P.C.	Senior Secured First Lien Debt	—	19.94%	19.94%
Vesta Holdings, LLC	Senior Secured First Lien Debt	—	21.50%	21.50%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	2.75%	12.75%
WPLM Acquisition Corp.	Unsecured Note	—	15.00%	15.00%

[20]

As of September 30, 2023, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.


		Interest Rate
Portfolio Company	Investment Type	Cash	PIK	All-in-Rate
Adapt Laser Acquisition, Inc.	Senior Secured First Lien Debt	15.50%	2.00%	17.50%
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	8.50%	15.50%


Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	3.00%	12.15%	15.15%
Cennox, Inc.	Senior Secured First Lien Debt	11.50%	0.25%	11.75%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%



Deluxe Entertainment Services, Inc.	Senior Secured First Lien Debt	12.50%	1.50%	14.00%
FuseFX, LLC	Senior Secured First Lien Debt	6.43%	5.00%	11.43%

GSC Technologies Inc.	Senior Secured First Lien Debt	—	10.47%	10.47%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	17.44%	17.44%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	15.00%	15.00%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	17.00%	17.00%
Instant Web, LLC	Senior Secured First Lien Debt	—	12.43%	12.43%



Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.09%	10.59%

Klein Hersh, LLC	Senior Secured First Lien Debt	4.85%	12.00%	16.85%


Lift Brands, Inc.	Senior Secured First Lien Debt	—	9.50%	9.50%
Lucky Bucks Holdings LLC	Unsecured Note	—	12.50%	12.50%


Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	17.44%	17.44%
Rogers Mechanical Contractors, LLC	Senior Secured First Lien Debt	12.28%	1.00%	13.28%
RumbleOn, Inc.	Senior Secured First Lien Debt	13.90%	0.50%	14.40%
Service Compression, LLC	Senior Secured First Lien Debt	13.42%	2.00%	15.42%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	15.16%	15.16%
STATinMED, LLC	Senior Secured First Lien Debt	—	14.94%	14.94%
Trademark Global, LLC	Senior Secured First Lien Debt	11.18%	1.75%	12.93%
Trammell, P.C.	Senior Secured First Lien Debt	—	20.95%	20.95%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%
WPLM Acquisition Corp.	Unsecured Note	—	15.00%	15.00%

[21]

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.

[22]

The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%.

[23]

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.

[24]

Investment or a portion thereof was on non-accrual status as of December 31, 2022.

[25]

Investment or a portion thereof was on non-accrual status as of September 30, 2023.

[26]

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.

[27]

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

[28]

Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2022 and September 30, 2023, along with transactions during the nine months ended September 30, 2023 in these controlled investments, were as follows:


			Nine Months Ended September 30, 2023								Nine Months Ended September 30, 2023
Controlled Investments	Fair Value at December 31, 2022		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at September 30, 2023		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	60,348	$	—	$	(5,521)	$	—	$	54,827	$	—	$	5,826	$	—	$	—
Participating Preferred Shares	30,766		—		—		(5,724)		25,042		—		—		4,250		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Term Loan	—		22,050		—		—		22,050		—		526		—		1,050
David's Bridal Holdings, LLC
Preferred Units	—		10,820		—		(322)		10,498		—		—		—		—
Common Units	—		23,130		—		(792)		22,338		—		—		—		—
Totals	$	91,114	$	56,000	$	(5,521)	$	(6,838)	$	134,755	$	—	$	6,352	$	4,250	$	1,050

(3)Includes PIK interest income.

[29]

Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2021 and 2022, along with transactions during the year ended December 31, 2022 in these controlled investments, were as follows:


			Year Ended December 31, 2022								Year Ended December 31, 2022
Controlled Investments	Fair Value at December 31, 2021		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2022		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	61,629	$	2,718	$	(3,999)	$	—	$	60,348	$	—	$	8,531	$	—
Participating Preferred Shares	29,796		—		—		970		30,766		—		—		1,275
Common Shares	—		—		—		—		—		—		—		—
Totals	$	91,425	$	2,718	$	(3,999)	$	970	$	91,114	$	—	$	8,531	$	1,275

(3)Includes PIK interest income.

[30]

As of December 31, 2022, the index rate for $2,096 and $1,943 was 1 Month LIBOR and 3 Month LIBOR, respectively.

[31]

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.

[32]

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.

[33]

The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%.

[34]

The ultimate interest earned on this loan will be determined based on the portfolio company’s EBITDA at a specified trigger event.

[35]

Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan are passed onto the Company. Macquarie's obligations under the proceeds agreement are not secured by any collateral. The interest rate, maturity date, par balance and industry reflect the terms of the underlying first lien term loan.

[36]

The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

[37]

Fair value determined using level 1 inputs.

[38]

Fair value determined using level 1 inputs.