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Joint Venture (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments
The composition of the Company’s investment portfolio as of June 30, 2024 and December 31, 2023 at amortized cost and fair value was as follows:
June 30, 2024December 31, 2023
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,576,712 $1,536,753 84.3 %$1,604,111 $1,565,171 85.0 %
Senior secured second lien debt16,400 15,050 0.8 %41,280 29,111 1.6 %
Collateralized securities and structured products - equity1,024 770 0.1 %2,362 1,096 0.1 %
Unsecured debt24,314 5,493 0.3 %31,693 12,874 0.7 %
Equity222,589 264,897 14.5 %182,738 232,572 12.6 %
Subtotal/total percentage1,841,039 1,822,963 100.0 %1,862,184 1,840,824 100.0 %
Short term investments(2)83,162 83,162 113,446 113,446 
Total investments$1,924,201 $1,906,125 $1,975,630 $1,954,270 
(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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$287,205 15.8 %$282,237 15.3 %
Healthcare & Pharmaceuticals227,730 12.5 %238,624 13.0 %
Retail142,634 7.8 %135,000 7.3 %
Media: Diversified & Production132,808 7.3 %135,037 7.3 %
Services: Consumer108,195 5.9 %107,195 5.8 %
Media: Advertising, Printing & Publishing102,556 5.6 %116,100 6.3 %
Energy: Oil & Gas100,833 5.5 %104,893 5.7 %
Consumer Goods: Durable96,079 5.3 %59,955 3.3 %
Beverage, Food & Tobacco92,690 5.1 %68,780 3.7 %
Construction & Building83,483 4.6 %104,727 5.7 %
Banking, Finance, Insurance & Real Estate59,723 3.3 %52,272 2.8 %
Diversified Financials56,346 3.1 %85,733 4.7 %
Hotel, Gaming & Leisure49,870 2.7 %50,906 2.8 %
Consumer Goods: Non-Durable44,763 2.5 %42,381 2.3 %
Capital Equipment44,041 2.4 %49,571 2.7 %
Chemicals, Plastics & Rubber42,762 2.3 %82,597 4.5 %
Automotive29,851 1.6 %12,403 0.7 %
Environmental Industries27,483 1.5 %15,336 0.8 %
Containers, Packaging & Glass18,786 1.0 %18,480 1.0 %
High Tech Industries17,919 1.0 %22,671 1.2 %
Telecommunications17,504 1.0 %17,768 1.0 %
Metals & Mining15,872 0.9 %13,957 0.8 %
Aerospace & Defense12,000 0.7 %12,000 0.6 %
Transportation: Cargo11,830 0.6 %12,201 0.7 %
Subtotal/total percentage1,822,963 100.0 %1,840,824 100.0 %
Short term investments83,162 113,446 
Total investments$1,906,125 $1,954,270 
June 30, 2024December 31, 2023
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,789,047 98.1 %$1,812,416 98.4 %
Canada32,179 1.8 %26,350 1.4 %
Bermuda967 0.1 %962 0.1 %
Cayman Islands770 — 1,096 0.1 %
Subtotal/total percentage1,822,963 100.0 %1,840,824 100.0 %
Short term investments83,162 113,446 
Total investments$1,906,125 $1,954,270 
(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 June 30, 2024:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(e)
S+900, 1.00% SOFR Floor
5/31/2025Services: Business$1,200 $1,176 $1,209 
Community Tree Service, LLC(f)
S+1100, 1.00% SOFR Floor
6/17/2027Construction & Building464 464 461 
Total Senior Secured First Lien Debt1,640 1,670 
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 9,488 9,753 
Total Collateralized Securities and Structured Products - Equity9,488 9,753 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 2,895 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 332 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— — 
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/A10,855 11,351 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
614,367 Units
21,759 19,783 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
8,382 11,482 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 537 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
— 180 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— 297 
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
300 483 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
12,171 Units
2,000 168 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity49,982 47,508 
Short Term Investments(g)
First American Treasury Obligations Fund, Class Z Shares
5.17%(h)
2,106 2,106 
Total Short Term Investments2,106 2,106 
TOTAL INVESTMENTS$63,216 $61,037 
a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of June 30, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2024. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2024.
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 SOFR, which as of June 30, 2024 was 5.33%.
f.The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%.
g.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.
h.7-day effective yield as of June 30, 2024.
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: Business1,200 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(g)
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 includes selected balance sheet information for CION/EagleTree as of June 30, 2024 and December 31, 2023:
Selected Balance Sheet Information:June 30, 2024December 31, 2023
Investments, at fair value (amortized cost of $63,216 and $85,655, respectively)
$61,037 $93,350 
Cash and other assets46 14 
Dividend receivable on investments417 414 
Interest receivable on investments250 287 
   Total assets$61,750 $94,065 
Senior secured notes (net of unamortized debt issuance costs of $59 and $70, respectively)
$40,944 $64,432 
Other liabilities134 166 
   Total liabilities41,078 64,598 
Members' capital20,672 29,467 
   Total liabilities and members' capital$61,750 $94,065 
The following table includes selected statement of operations information for CION/EagleTree for the three and six months ended June 30, 2024 and 2023 and for the year ended December 31, 2023:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended
December 31,
Selected Statement of Operations Information:20242023202420232023
Total investment income$1,143 $1,468 $2,445 $3,063 $6,230 
Total expenses2,173 2,566 4,691 5,258 10,213 
Net realized gain (loss) on investments3,325 — 3,325 176 (2,083)
Net change in unrealized (depreciation) appreciation on investments(4,291)409 (9,874)446 4,338 
Net decrease in net assets$(1,996)$(689)$(8,795)$(1,573)$(1,728)