XML 56 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments
The composition of the Company’s investment portfolio as of December 31, 2023 and 2022 at amortized cost and fair value was as follows:
December 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$1,604,111 $1,565,171 85.0 %$1,638,995 $1,579,512 90.3 %
Senior secured second lien debt41,280 29,111 1.6 %41,036 38,769 2.2 %
Collateralized securities and structured products - equity2,362 1,096 0.1 %2,687 1,179 0.1 %
Unsecured debt31,693 12,874 0.7 %30,427 22,643 1.3 %
Equity182,738 232,572 12.6 %79,595 107,058 6.1 %
Subtotal/total percentage1,862,184 1,840,824 100.0 %1,792,740 1,749,161 100.0 %
Short term investments(2)113,446 113,446 10,869 10,869 
Total investments$1,975,630 $1,954,270 $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 December 31, 2023 and 2022:
December 31, 2023December 31, 2022
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$282,237 15.3 %$336,055 19.2 %
Healthcare & Pharmaceuticals238,624 13.0 %237,082 13.6 %
Media: Diversified & Production135,037 7.3 %134,927 7.7 %
Retail135,000 7.3 %74,718 4.3 %
Media: Advertising, Printing & Publishing116,100 6.3 %105,375 6.0 %
Services: Consumer107,195 5.8 %115,849 6.6 %
Energy: Oil & Gas104,893 5.7 %68,756 3.9 %
Construction & Building104,727 5.7 %46,007 2.6 %
Diversified Financials85,733 4.7 %99,819 5.7 %
Chemicals, Plastics & Rubber82,597 4.5 %66,753 3.8 %
Beverage, Food & Tobacco68,780 3.7 %45,396 2.6 %
Consumer Goods: Durable59,955 3.3 %60,735 3.5 %
Banking, Finance, Insurance & Real Estate52,272 2.8 %43,836 2.5 %
Hotel, Gaming & Leisure50,906 2.8 %46,739 2.7 %
Capital Equipment49,571 2.7 %41,580 2.4 %
Consumer Goods: Non-Durable42,381 2.3 %47,886 2.8 %
High Tech Industries22,671 1.2 %56,501 3.2 %
Containers, Packaging & Glass18,480 1.0 %19,551 1.1 %
Telecommunications17,768 1.0 %18,302 1.1 %
Environmental Industries15,336 0.8 %— — 
Metals & Mining13,957 0.8 %15,780 0.9 %
Automotive12,403 0.7 %16,255 0.9 %
Transportation: Cargo12,201 0.7 %12,417 0.7 %
Aerospace & Defense12,000 0.6 %38,842 2.2 %
Subtotal/total percentage1,840,824 100.0 %1,749,161 100.0 %
Short term investments113,446 10,869 
Total investments$1,954,270 $1,760,030 
December 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$1,812,416 98.4 %$1,739,866 99.5 %
Canada26,350 1.4 %7,452 0.4 %
Cayman Islands1,096 0.1 %1,179 0.1 %
Bermuda962 0.1 %664 — 
Subtotal/total percentage1,840,824 100.0 %1,749,161 100.0 %
Short term investments113,446 10,869 
Total investments$1,954,270 $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 December 31, 2023:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(f)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business$1,200 $1,157 $1,194 
Community Tree Service, LLC(g)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building463 463 464 
Total Senior Secured First Lien Debt1,620 1,658 
Senior Secured Second Lien Debt
Access CIG, LLC(g)
S+775, 0.00% SOFR Floor
2/27/2026Services: Business7,250 7,229 7,244 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,750 6,276 6,535 
Total Senior Secured Second Lien Debt13,505 13,779 
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 9,717 9,117 
Total Collateralized Securities and Structured Products - Equity9,717 9,117 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 5,065 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,622 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— 31 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
— — 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A12,144 12,464 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
614,367 Units
21,759 21,386 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
8,218 10,391 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 895 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 14,537 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— 382 
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
300 503 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
12,171 Units
2,000 214 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity59,507 67,490 
Short Term Investments(h)
First American Treasury Obligations Fund, Class Z Shares
5.24%(i)
1,306 1,306 
Total Short Term Investments1,306 1,306 
TOTAL INVESTMENTS$85,655 $93,350 
a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 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 December 31, 2023 was 5.47%.
f.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
g.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
h.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.
i.7-day effective yield as of December 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 & Building499499 489 
Future Pak, LLC(e)
L+800, 2.00% LIBOR Floor
7/2/2024Healthcare & Pharmaceuticals1,3951,382 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 & Building1,0101,010 1,007 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,7506,135 6,337 
Zest Acquisition Corp.(e)
L+700, 1.00% LIBOR Floor
3/14/2026Healthcare & Pharmaceuticals15,00014,820 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 Financials10,0009,874 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 December 31, 2023 and 2022:
Selected Balance Sheet Information:December 31, 2023December 31, 2022
Investments, at fair value (amortized cost of $85,655 and $102,619, respectively)
$93,350 $105,978 
Cash and other assets14 2,476 
Dividend receivable on investments414 225 
Interest receivable on investments287 301 
   Total assets$94,065 $108,980 
Senior secured notes (net of unamortized debt issuance costs of $70 and $94, respectively)
$64,432 $70,904 
Other liabilities166 1,881 
   Total liabilities64,598 72,785 
Members' capital29,467 36,195 
   Total liabilities and members' capital$94,065 $108,980 
The following table includes selected statement of operations information for CION/EagleTree for the year ended December 31, 2023 and for the year ended December 31, 2022:
Selected Statement of Operations Information:Year Ended December 31, 2023Year Ended December 31, 2022
Total revenues$6,230 $9,653 
Total expenses10,213 11,120 
Net realized (loss) gain on investments(2,083)9,947 
Net change in unrealized appreciation (depreciation) on investments4,338 (5,839)
Net (decrease) increase in net assets from operations$(1,728)$2,641