XML 59 R36.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
The composition of the Company’s investment portfolio as of December 31, 2024 and 2023 at amortized cost and fair value was as follows:
December 31, 2024December 31, 2023
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,610,540 $1,563,256 86.0 %$1,604,111 $1,565,171 85.0 %
Senior secured second lien debt5,187 2,680 0.1 %41,280 29,111 1.6 %
Collateralized securities and structured products - equity2,980 2,682 0.1 %2,362 1,096 0.1 %
Unsecured debt29,487 11,814 0.6 %31,693 12,874 0.7 %
Equity226,681 239,438 13.2 %182,738 232,572 12.6 %
Subtotal/total percentage1,874,875 1,819,870 100.0 %1,862,184 1,840,824 100.0 %
Short term investments(2)68,818 68,818 113,446 113,446 
Total investments$1,943,693 $1,888,688 $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 December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$285,960 15.7 %$282,237 15.3 %
Healthcare & Pharmaceuticals199,733 11.0 %238,624 13.0 %
Retail160,093 8.8 %135,000 7.3 %
Media: Diversified & Production129,210 7.1 %135,037 7.3 %
Energy: Oil & Gas116,393 6.4 %104,893 5.7 %
Services: Consumer111,832 6.2 %107,195 5.8 %
Media: Advertising, Printing & Publishing104,622 5.7 %116,100 6.3 %
Beverage, Food & Tobacco100,612 5.5 %68,780 3.7 %
Construction & Building99,383 5.5 %104,727 5.7 %
Consumer Goods: Durable95,968 5.3 %59,955 3.3 %
Banking, Finance, Insurance & Real Estate64,422 3.5 %52,272 2.8 %
Diversified Financials56,822 3.1 %85,733 4.7 %
Capital Equipment52,349 2.9 %49,571 2.7 %
Hotel, Gaming & Leisure49,823 2.7 %50,906 2.8 %
High Tech Industries37,665 2.1 %22,671 1.2 %
Consumer Goods: Non-Durable35,210 1.9 %42,381 2.3 %
Automotive31,104 1.7 %12,403 0.7 %
Environmental Industries27,344 1.5 %15,336 0.8 %
Containers, Packaging & Glass18,687 1.0 %18,480 1.0 %
Aerospace & Defense13,825 0.8 %12,000 0.6 %
Metals & Mining13,094 0.7 %13,957 0.8 %
Transportation: Cargo10,465 0.6 %12,201 0.7 %
Telecommunications5,222 0.3 %17,768 1.0 %
Chemicals, Plastics & Rubber32 — 82,597 4.5 %
Subtotal/total percentage1,819,870 100.0 %1,840,824 100.0 %
Short term investments68,818 113,446 
Total investments$1,888,688 $1,954,270 
December 31, 2024December 31, 2023
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,782,659 98.0 %$1,812,416 98.4 %
Canada33,541 1.8 %26,350 1.4 %
Cayman Islands2,682 0.1 %1,096 0.1 %
Bermuda988 0.1 %962 0.1 %
Subtotal/total percentage1,819,870 100.0 %1,840,824 100.0 %
Short term investments113,446 113,446 
Total investments$1,888,688 $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 December 31, 2024:
Portfolio CompanyInterestMaturityIndustryPrincipal/
Par Amount/
Units		Cost(a)Fair
Value
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(b)
11.84% Estimated Yield
2/2/2026Diversified Financials$8,000 $7,462 $7,911 
Total Collateralized Securities and Structured Products - Equity7,462 7,911 
Equity
American Clinical Solutions LLC, Class A Membership Interests(c)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 1,628 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(c)Media: Diversified & Production
1,469 Units
486 — 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(c)Media: Diversified & Production
255 Units
— — 
Anthem Sports and Entertainment Inc., Common Stock Warrants(c)Media: Diversified & Production
4,746 Units
— — 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A11,401 11,382 
Carestream Health Holdings, Inc., Common Stock(c)Healthcare & Pharmaceuticals
614,367 Units
21,759 20,108 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
9,191 13,800 
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend
Healthcare & Pharmaceuticals
183,723 Units
314 711 
CTS Ultimate Holdings LLC, Class A Preferred Units(c)Construction & Building
3,578,701 Units
1,000 1,360 
Dayton HoldCo, LLC, Membership Units(c)Construction & Building
37,264 Units
— 21 
HDNet Holdco LLC, Preferred Unit Call Option(c)Media: Diversified & Production
1 Unit
— — 
Language Education Holdings GP LLC, Common Units(c)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(c)Services: Business
133,333 Units
300 1,010 
Skillsoft Corp., Class A Common Stock(c)High Tech Industries
12,171 Units
2,000 292 
Spinal USA, Inc. / Precision Medical Inc., Warrants(c)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity51,651 50,312 
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares4.36%(e)1,643 1,643 
Total Short Term Investments1,643 1,643 
TOTAL INVESTMENTS$60,756 $59,866 
a.Represents amortized cost for debt securities and cost for equity investments.
b.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.
c.Non-income producing security.
d.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.
e.7-day effective yield as of December 31, 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: Business$1,200 $1,157 $1,194 
Community Tree Service, LLC(g)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building463463 464 
Total Senior Secured First Lien Debt1,620 1,658 
Senior Secured Second Lien Debt
Access CIG, LLC(g)
L+775, 0.00% LIBOR Floor
2/27/2026Services: Business7,250 7,229 7,244 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,7506,276 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 Financials10,0009,717 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 includes selected balance sheet information for CION/EagleTree as of December 31, 2024 and 2023:
Selected Balance Sheet Information:December 31, 2024December 31, 2023
Investments, at fair value (amortized cost of $60,756 and $85,655, respectively)
$59,866 $93,350 
Cash and other assets— 14 
Dividend receivable on investments342 414 
Interest receivable on investments194 287 
   Total assets$60,402 $94,065 
Senior secured notes (net of unamortized debt issuance costs of $47 and $70, respectively)
$38,956 $64,432 
Other liabilities152 166 
   Total liabilities39,108 64,598 
Members' capital21,294 29,467 
   Total liabilities and members' capital$60,402 $94,065 
The following table includes selected statement of operations information for CION/EagleTree for the years ended December 31, 2024 and 2023:
Selected Statement of Operations Information:Year Ended December 31, 2024Year Ended December 31, 2023
Total revenue$4,746 $6,230 
Total expenses7,974 10,213 
Net realized gain (loss) on investments3,641 (2,083)
Net change in unrealized (depreciation) appreciation on investments(8,585)4,338 
Net decrease in net assets from operations$(8,172)$(1,728)