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.

[2]

[3]

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 March 31, 2024 (see Note 8).

[4]

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2024 was 5.30%.

[5]

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.

[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, 2023 (see Note 8).

[7]

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 March 31, 2024 (see Note 8).

[8]

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, 2023 (see Note 8).

[9]

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.

[10]

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 March 31, 2024, 94.7% of the Company’s total assets represented qualifying assets.

[11]

[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 December 31, 2023, 94.6% of the Company’s total assets represented qualifying assets.

[13]

Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.

[14]

Investment or a portion thereof was on non-accrual status as of March 31, 2024.

[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 2023, along with transactions during the year ended December 31, 2023 in these affiliated investments, were as follows:


			Year Ended December 31, 2023								Year Ended December 31, 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 December 31, 2023		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Afore Insurance Services, LLC
First Lien Term Loan	$	—	$	4,583	$	—	$	—	$	4,583	$	—	$	405	$	—	$	—

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




Carestream Health, Inc.
First Lien Term Loan	7,539		2,976		(115)		1,023		11,423		—		1,373		—		—
Carestream Health Holdings Inc.
Common Shares	21,544		—		—		(158)		21,386		—		—		—		—





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		27		(297)		189		1,983		—		279		—		—
First Lien Term Loan B	388		103		—		451		942		—		112		—		—
Common Shares	—		—		—		1,251		1,251		—		—		—		—
Instant Web, LLC
Revolving Loan	321		2,587		—		(76)		2,832		—		247		—		—
Priming Term Loan	469		39		—		5		513		—		57		—		—
First Lien Term Loan	28,167		5,166		—		(4,778)		28,555		—		5,188		—		—
First Lien Delayed Draw Term Loan	—		1,082		—		(69)		1,013		—		42		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	—		10,740		—		1,170		11,910		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	—		8,583		—		(65)		8,518		—		647		—		477
Isagenix Worldwide, Inc.
Common Shares	—		8,987		—		(583)		8,404		—		—		—		—
Lift Brands, Inc.
Term Loan A	23,287		—		(236)		(1)		23,050		—		2,965		—		64
Term Loan B	5,154		523		—		137		5,814		—		572		—		—
Term Loan C	4,732		1,724		—		(197)		6,259		—		741		—		1,891
Longview Intermediate Holdings C, LLC
Membership Units	23,995		—		—		(2,269)		21,726		—		—		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		—		—		(717)		1,624		—		—		40		—





Snap Fitness Holdings, Inc.
Class A Stock	5,123		—		—		(470)		4,653		—		—		—		—
Warrants	2,077		—		—		(191)		1,886		—		—		—		—
SRA Holdings, LLC
Membership Units	—		23,611		—		1,904		25,515		—		—		—		—
STATinMED, LLC
First Lien Term Loan	9,107		1,456		—		(205)		10,358		—		1,485		—		—
Delayed Draw First Lien Term Loan	156		6		(159)		(3)		—		—		10		—		—
STATinMed Parent, LLC
Class A Preferred Units	4,530		—		—		(2,512)		2,018		—		—		—		—
Class B Preferred Units	134		—		—		(134)		—		—		—		—		—
Totals	$	143,876	$	72,205	$	(2,445)	$	(7,335)	$	206,301	$	—	$	15,440	$	3,946	$	2,432

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 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, 2023 and March 31, 2024, along with transactions during the three months ended March 31, 2024 in these affiliated investments, were as follows:


			Three Months Ended March 31, 2024								Three Months Ended March 31, 2024
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2023		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at March 31, 2024		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Afore Insurance Services, LLC
First Lien Term Loan	$	4,583	$	—	$	—	$	—	$	4,583	$	—	$	133	$	—	$	—

ARC Financial, LLC
Membership Interests	—		—		—		177		177		—		—		—		—




Carestream Health, Inc.
First Lien Term Loan	11,423		50		(49)		8		11,432		—		422		—		—
Carestream Health Holdings Inc.
Common Shares	21,386		—		—		(3,416)		17,970		—		—		—		—





DESG Holdings, Inc.
First Lien Term Loan	85		—		(11)		11		85		—		—		—		—




GSC Technologies Inc.
First Lien Term Loan A	1,983		6		(6)		15		1,998		—		62		—		—
First Lien Term Loan B	942		30		—		5		977		—		30		—		—
Common Shares	1,251		—		—		(185)		1,066		—		—		—		—
Instant Web, LLC
Revolving Loan	2,832		88		—		16		2,936		—		88		—		—
Priming Term Loan	513		15		—		—		528		—		16		—		—
First Lien Term Loan	28,555		1,415		—		643		30,613		—		1,432		—		—
First Lien Delayed Draw Term Loan	1,013		433		—		(1)		1,445		—		43		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	11,910		—		—		356		12,266		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	8,518		187		—		(165)		8,540		—		252		—		—
Isagenix Worldwide, Inc.
Common Shares	8,404		—		—		(2,297)		6,107		—		—		—		—
Lift Brands, Inc.
Term Loan A	23,050		—		(59)		—		22,991		—		754		—		—
Term Loan B	5,814		150		—		2		5,966		—		151		—		—
Term Loan C	6,259		202		—		85		6,546		—		204		—		—
Longview Intermediate Holdings C, LLC
Membership Units	21,726		—		—		(1,318)		20,408		—		—		—		—
Mount Logan Capital Inc.
Common Stock	1,624		—		—		(35)		1,589		—		—		27		—





Snap Fitness Holdings, Inc.
Class A Stock	4,653		—		—		(449)		4,204		—		—		—		—
Warrants	1,886		—		—		(182)		1,704		—		—		—		—
SRA Holdings, LLC
Membership Units	25,515		—		—		1,433		26,948		—		—		—		—
STATinMED, LLC
First Lien Term Loan	10,358		409		—		(179)		10,588		—		414		—		—
STATinMed Parent, LLC
Class A Preferred Units	2,018		—		—		(770)		1,248		—		—		—		—
Class B Preferred Units	—		—		—		—		—		—		—		—		—
Totals	$	206,301	$	2,985	$	(125)	$	(6,246)	$	202,915	$	—	$	4,001	$	27	$	—

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2024

(in thousands)

(3)Includes PIK interest income.

[18]

As of March 31, 2024, 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
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	5.30%	12.30%


Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	3.00%	12.07%	15.07%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	3.98%	13.98%
Cennox, Inc.	Senior Secured First Lien Debt	11.41%	0.25%	11.66%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
Community Tree Service, LLC	Senior Secured First Lien Debt	14.00%	2.50%	16.50%
Deluxe Entertainment Services, Inc.	Senior Secured First Lien Debt	12.50%	1.50%	14.00%
FuseFX, LLC	Senior Secured First Lien Debt	6.60%	5.00%	11.60%

GSC Technologies Inc.	Senior Secured First Lien Debt	—	10.48%	10.48%
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%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	13.50%	13.50%
Inotiv, Inc.	Senior Secured First Lien Debt	12.08%	0.25%	12.33%
Instant Web, LLC	Senior Secured First Lien Debt	—	12.44%	12.44%



Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.54%	11.04%
K&N Parent, Inc.	Senior Secured First Lien Debt	8.69%	5.00%	13.69%
Klein Hersh, LLC	Senior Secured First Lien Debt	4.68%	12.00%	16.68%
Lift Brands, Inc.	Senior Secured First Lien Debt	—	9.50%	9.50%
Lucky Bucks Holdings LLC	Unsecured Note	—	12.50%	12.50%

Nova Compression, LLC	Senior Secured First Lien Debt	12.58%	3.25%	15.83%
Playboy Enterprises, Inc.	Senior Secured First Lien Debt	6.50%	3.25%	9.75%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	17.44%	17.44%

RumbleOn, Inc.	Senior Secured First Lien Debt	13.69%	0.50%	14.19%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	6.57%	4.09%	10.66%
Securus Technologies Holdings, Inc.	Senior Secured Second Lien Debt	6.57%	8.05%	14.62%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	15.09%	15.09%
STATinMED, LLC	Senior Secured First Lien Debt	—	14.82%	14.82%
TMK Hawk Parent, Corp.	Unsecured Debt	—	11.00%	11.00%
Trademark Global, LLC	Senior Secured First Lien Debt	11.19%	1.75%	12.94%
Trammell, P.C.	Senior Secured First Lien Debt	—	20.94%	20.94%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%

[19]

As of December 31, 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

American Clinical Solutions LLC	Senior Secured First Lien Debt	7.15%	5.35%	12.50%


Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	3.00%	12.11%	15.11%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	4.05%	14.05%
Cennox, Inc.	Senior Secured First Lien Debt	11.65%	0.25%	11.90%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
Community Tree Service, LLC	Senior Secured First Lien Debt	14.00%	2.50%	16.50%



Deluxe Entertainment Services, Inc.	Senior Secured First Lien Debt	12.50%	1.50%	14.00%
FuseFX, LLC	Senior Secured First Lien Debt	6.47%	5.00%	11.47%

GSC Technologies Inc.	Senior Secured First Lien Debt	—	10.51%	10.51%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	17.46%	17.46%
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%
Inotiv, Inc.	Senior Secured First Lien Debt	11.96%	0.25%	12.21%
Instant Web, LLC	Senior Secured First Lien Debt	—	12.47%	12.47%



Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.54%	11.04%
K&N Parent, Inc.	Senior Secured First Lien Debt	8.72%	5.00%	13.72%
Klein Hersh, LLC	Senior Secured First Lien Debt	6.74%	12.00%	18.74%


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


Nova Compression, LLC	Senior Secured First Lien Debt	12.61%	3.25%	15.86%
Playboy Enterprises, Inc.	Senior Secured First Lien Debt	6.50%	3.25%	9.75%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	17.44%	17.44%

RumbleOn, Inc.	Senior Secured First Lien Debt	13.86%	0.50%	14.36%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	6.61%	3.89%	10.50%
Securus Technologies Holdings, Inc.	Senior Secured Second Lien Debt	6.61%	7.65%	14.26%
Service Compression, LLC	Senior Secured First Lien Debt	13.46%	2.00%	15.46%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	15.16%	15.16%
STATinMED, LLC	Senior Secured First Lien Debt	—	14.96%	14.96%
Trademark Global, LLC	Senior Secured First Lien Debt	11.11%	1.75%	12.86%
Trammell, P.C.	Senior Secured First Lien Debt	—	20.86%	20.86%
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%

[20]

Non-income producing security.

[21]

Investment or a portion thereof was on non-accrual status as of December 31, 2023.

[22]

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, 2023 and March 31, 2024, along with transactions during the three months ended March 31, 2024 in these controlled investments, were as follows:


			Three Months Ended March 31, 2024								Three Months Ended March 31, 2024
Controlled Investments	Fair Value at December 31, 2023		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at March 31, 2024		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	59,598	$	—	$	—	$	—	$	59,598	$	—	$	2,074	$	—	$	—
Participating Preferred Shares	25,039		—		—		(5,646)		19,393		—		—		—		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Exit First Lien Term Loan	22,050		—		—		(219)		21,831		—		669		—		—
Incremental First Lien Term Loan	16,694		—		(200)		129		16,623		—		489		—		—
David's Bridal Holdings, LLC
Preferred Units	12,494		—		—		935		13,429		—		—		—		—
Common Units	41,418		—		—		1,152		42,570		—		—		—		—
Totals	$	177,293	$	—	$	(200)	$	(3,649)	$	173,444	$	—	$	3,232	$	—	$	—

(3)Includes PIK interest income.

[23]

The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.

[24]

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.

[25]

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 2023, along with transactions during the year ended December 31, 2023 in these controlled investments, were as follows:


			Year Ended December 31, 2023								Year Ended December 31, 2023
Controlled Investments	Fair Value at December 31, 2022		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2023		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	60,348	$	4,771	$	(5,521)	$	—	$	59,598	$	—	$	7,843	$	—	$	—
Participating Preferred Shares	30,766		—		—		(5,727)		25,039		—		—		4,250		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Exit First Lien Term Loan	—		22,050		—		—		22,050		—		1,205		—		1,050
Incremental First Lien Term Loan	—		17,033		—		(339)		16,694		—		92		—		341
David's Bridal Holdings, LLC
Preferred Units	—		10,820		—		1,674		12,494		—		—		—		—
Common Units	—		23,130		—		18,288		41,418		—		—		—		—
Totals	$	91,114	$	77,804	$	(5,521)	$	13,896	$	177,293	$	—	$	9,140	$	4,250	$	1,391

(3)Includes PIK interest income.

[26]

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.

[27]

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.

[28]

While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.

[29]

While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.

[30]

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2024 was 5.22%.

[31]

The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.

[32]

The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2024 was 5.56%.

[33]

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2023 was 5.59%.

[34]

The 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 were passed onto the Company. The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company. Macquarie's obligations under the proceeds agreement are not secured by any collateral. The industry and other investment characteristics reflect the terms of the underlying equity security.

[35]

[36]

The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2024 was 5.44%.

[37]

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.

[38]

Fair value determined using level 1 inputs.

[39]

Fair value determined using level 1 inputs.