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Joint Venture (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments | The composition of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024 at amortized cost and fair value was as follows:
|  | March 31, 2025 |  | December 31, 2024
|  | Cost(1) |  | Fair Value |  | Percentage of Investment Portfolio |  | Cost(1) |  | Fair Value |  | Percentage of Investment Portfolio
Senior secured first lien debt |  | $ | 1,639,284 |  |  | $ | 1,556,067 |  |  | 86.9 | % |  | $ | 1,610,540 |  |  | $ | 1,563,256 |  |  | 86.0 | %
Senior secured second lien debt |  | 5,261 |  |  | 2,593 |  |  | 0.1 | % |  | 5,187 |  |  | 2,680 |  |  | 0.1 | %
Collateralized securities and structured products - equity |  | 3,959 |  |  | 3,612 |  |  | 0.2 | % |  | 2,980 |  |  | 2,682 |  |  | 0.1 | %
Unsecured debt |  | 29,531 |  |  | 12,278 |  |  | 0.7 | % |  | 29,487 |  |  | 11,814 |  |  | 0.6 | %
Equity |  | 232,905 |  |  | 217,134 |  |  | 12.1 | % |  | 226,681 |  |  | 239,438 |  |  | 13.2 | %
Subtotal/total percentage |  | 1,910,940 |  |  | 1,791,684 |  |  | 100.0 | % |  | 1,874,875 |  |  | 1,819,870 |  |  | 100.0 | %
Short term investments(2) |  | 53,976 |  |  | 53,976 |  |  |  |  | 68,818 |  |  | 68,818 |  |  |
Total investments |  | $ | 1,964,916 |  |  | $ | 1,845,660 |  |  |  |  | $ | 1,943,693 |  |  | $ | 1,888,688 |  |  |
(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 March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
Industry Classification |  | Investments at Fair Value |  | Percentage of Investment Portfolio |  | Investments at Fair Value |  | Percentage of Investment Portfolio
Services: Business |  | $ | 274,056 |  |  | 15.3 | % |  | $ | 285,960 |  |  | 15.7 | %
Healthcare & Pharmaceuticals |  | 210,143 |  |  | 11.7 | % |  | 199,733 |  |  | 11.0 | %
Retail |  | 138,569 |  |  | 7.7 | % |  | 160,093 |  |  | 8.8 | %
Media: Diversified & Production |  | 127,001 |  |  | 7.1 | % |  | 129,210 |  |  | 7.1 | %
Energy: Oil & Gas |  | 115,872 |  |  | 6.5 | % |  | 116,393 |  |  | 6.4 | %
Services: Consumer |  | 114,767 |  |  | 6.5 | % |  | 111,832 |  |  | 6.2 | %
Beverage, Food & Tobacco |  | 109,022 |  |  | 6.1 | % |  | 100,612 |  |  | 5.5 | %
Media: Advertising, Printing & Publishing |  | 106,095 |  |  | 5.9 | % |  | 104,622 |  |  | 5.7 | %
Construction & Building |  | 97,061 |  |  | 5.4 | % |  | 99,383 |  |  | 5.5 | %
Consumer Goods: Durable |  | 95,522 |  |  | 5.3 | % |  | 95,968 |  |  | 5.3 | %
Banking, Finance, Insurance & Real Estate |  | 64,317 |  |  | 3.6 | % |  | 64,422 |  |  | 3.5 | %
Diversified Financials |  | 58,165 |  |  | 3.3 | % |  | 56,822 |  |  | 3.1 | %
Hotel, Gaming & Leisure |  | 47,850 |  |  | 2.7 | % |  | 49,823 |  |  | 2.7 | %
Capital Equipment |  | 43,604 |  |  | 2.4 | % |  | 52,349 |  |  | 2.9 | %
High Tech Industries |  | 38,212 |  |  | 2.1 | % |  | 37,665 |  |  | 2.1 | %
Consumer Goods: Non-Durable |  | 33,621 |  |  | 1.9 | % |  | 35,210 |  |  | 1.9 | %
Automotive |  | 30,978 |  |  | 1.7 | % |  | 31,104 |  |  | 1.7 | %
Environmental Industries |  | 27,274 |  |  | 1.5 | % |  | 27,344 |  |  | 1.5 | %
Containers, Packaging & Glass |  | 18,637 |  |  | 1.0 | % |  | 18,687 |  |  | 1.0 | %
Aerospace & Defense |  | 13,650 |  |  | 0.8 | % |  | 13,825 |  |  | 0.8 | %
Metals & Mining |  | 10,974 |  |  | 0.6 | % |  | 13,094 |  |  | 0.7 | %
Transportation: Cargo |  | 10,876 |  |  | 0.6 | % |  | 10,465 |  |  | 0.6 | %
Telecommunications |  | 5,345 |  |  | 0.3 | % |  | 5,222 |  |  | 0.3 | %
Chemicals, Plastics & Rubber |  | 73 |  |  | — |  |  | 32 |  |  | — |
Subtotal/total percentage |  | 1,791,684 |  |  | 100.0 | % |  | 1,819,870 |  |  | 100.0 | %
Short term investments |  | 53,976 |  |  |  |  | 68,818 |  |  |
Total investments |  | $ | 1,845,660 |  |  |  |  | $ | 1,888,688 |  |  |
|  | March 31, 2025 |  | December 31, 2024
Geographic Dispersion(1) |  | Investments at Fair Value |  | Percentage of Investment Portfolio |  | Investments at Fair Value |  | Percentage of Investment Portfolio
United States |  | $ | 1,756,126 |  |  | 98.0 | % |  | $ | 1,782,659 |  |  | 98.0 | %
Canada |  | 30,943 |  |  | 1.7 | % |  | 33,541 |  |  | 1.8 | %
Cayman Islands |  | 3,612 |  |  | 0.2 | % |  | 2,682 |  |  | 0.1 | %
Bermuda |  | 1,003 |  |  | 0.1 | % |  | 988 |  |  | 0.1 | %
Subtotal/total percentage |  | 1,791,684 |  |  | 100.0 | % |  | 1,819,870 |  |  | 100.0 | %
Short term investments |  | 53,976 |  |  |  |  | 68,818 |  |  |
Total investments |  | $ | 1,845,660 |  |  |  |  | $ | 1,888,688 |  |  |
(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 March 31, 2025:
Portfolio Company |  | Interest |  | Maturity |  | Industry |  | Principal/ Par Amount/ Units |  | Cost |  | Fair Value
Collateralized Securities and Structured Products - Equity |  |  |  |  |  |  |  |  |  |
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a) |  | 11.84% Estimated Yield |  | 4/28/2039 |  | Diversified Financials |  | $ | 7,000 |  |  | $ | 6,483 |  |  | $ | 6,886 |
Total Collateralized Securities and Structured Products - Equity |  |  |  |  |  |  |  | 6,483 |  |  | 6,886 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
American Clinical Solutions LLC, Class A Membership Interests(b) |  |  |  | Healthcare & Pharmaceuticals |  | 6,030,384 Units |  | 5,200 |  |  | 3,558 |
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 1,469 Units |  | 486 |  |  | — |
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 255 Units |  | — |  |  | — |
Anthem Sports and Entertainment Inc., Common Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 4,746 Units |  | — |  |  | — |
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership) |  |  |  | Diversified Financials |  | N/A |  | 11,262 |  |  | 10,696 |
Carestream Health Holdings, Inc., Common Stock(b) |  |  |  | Healthcare & Pharmaceuticals |  | 614,367 Units |  | 21,759 |  |  | 19,982 |
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend |  |  |  | Healthcare & Pharmaceuticals |  | 2,727,273 Units |  | 9,324 |  |  | 14,427 |
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend |  |  |  | Healthcare & Pharmaceuticals |  | 183,723 Units |  | 320 |  |  | 750 |
CTS Ultimate Holdings LLC, Class A Preferred Units(b) |  |  |  | Construction & Building |  | 3,578,701 Units |  | 1,000 |  |  | 1,217 |
Dayton HoldCo, LLC, Membership Units(b) |  |  |  | Construction & Building |  | 37,264 Units |  | — |  |  | 21 |
HDNet Holdco LLC, Preferred Unit Call Option(b) |  |  |  | Media: Diversified & Production |  | 1 Unit |  | — |  |  | — |
Language Education Holdings GP LLC, Common Units(b) |  |  |  | Services: Business |  | 133,333 Units |  | — |  |  | — |
Language Education Holdings LP, Ordinary Common Units(b) |  |  |  | Services: Business |  | 133,333 Units |  | 300 |  |  | 763 |
Skillsoft Corp., Class A Common Stock(b)(c) |  |  |  | High Tech Industries |  | 12,171 Units |  | 2,000 |  |  | 234 |
Spinal USA, Inc. / Precision Medical Inc., Warrants(b) |  |  |  | Healthcare & Pharmaceuticals |  | 20,667,324 Units |  | — |  |  | — |
Total Equity |  |  |  |  |  |  |  |  |  | 51,651 |  |  | 51,648 |
Short Term Investments(d) |  |  |  |  |  |  |  |  |  |  |  |
First American Treasury Obligations Fund, Class Z Shares |  | 4.22%(e) |  |  |  |  |  |  |  | 1,928 |  |  | 1,928 |
Total Short Term Investments |  |  |  |  |  |  |  |  |  | 1,928 |  |  | 1,928 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  | $ | 60,062 |  |  | $ | 60,462 |
a.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. b.Non-income producing security. c.Fair value determined using level 1 inputs. 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 March 31, 2025. The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024:
Portfolio Company |  | Interest |  | Maturity |  | Industry |  | Principal/ Par Amount/ Units |  | Cost |  | Fair Value
Collateralized Securities and Structured Products - Equity |  |  |  |  |  |  |  |  |  |
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a) |  | 11.84% Estimated Yield |  | 2/2/2026 |  | Diversified Financials |  | $ | 8,000 |  |  | $ | 7,462 |  |  | $ | 7,911 |
Total Collateralized Securities and Structured Products - Equity |  |  |  |  |  |  |  | 7,462 |  |  | 7,911 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
American Clinical Solutions LLC, Class A Membership Interests(b) |  |  |  | Healthcare & Pharmaceuticals |  | 6,030,384 Units |  | 5,200 |  |  | 1,628 |
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 1,469 Units |  | 486 |  |  | — |
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 255 Units |  | — |  |  | — |
Anthem Sports and Entertainment Inc., Common Stock Warrants(b) |  |  |  | Media: Diversified & Production |  | 4,746 Units |  | — |  |  | — |
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership) |  |  |  | Diversified Financials |  | N/A |  | 11,401 |  |  | 11,382 |
Carestream Health Holdings, Inc., Common Stock(b) |  |  |  | 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(b) |  |  |  | Construction & Building |  | 3,578,701 Units |  | 1,000 |  |  | 1,360 |
Dayton HoldCo, LLC, Membership Units(b) |  |  |  | Construction & Building |  | 37,264 Units |  | — |  |  | 21 |
HDNet Holdco LLC, Preferred Unit Call Option(b) |  |  |  | Media: Diversified & Production |  | 1 Unit |  | — |  |  | — |
Language Education Holdings GP LLC, Common Units(b) |  |  |  | Services: Business |  | 133,333 Units |  | — |  |  | — |
Language Education Holdings LP, Ordinary Common Units(b) |  |  |  | Services: Business |  | 133,333 Units |  | 300 |  |  | 1,010 |
Skillsoft Corp., Class A Common Stock(b)(c) |  |  |  | High Tech Industries |  | 12,171 Units |  | 2,000 |  |  | 292 |
Spinal USA, Inc. / Precision Medical Inc., Warrants(b) |  |  |  | Healthcare & Pharmaceuticals |  | 20,667,324 Units |  | — |  |  | — |
Total Equity |  |  |  |  |  |  |  |  |  | 51,651 |  |  | 50,312 |
Short Term Investments(d) |  |  |  |  |  |  |  |  |  |  |  |
First American Treasury Obligations Fund, Class Z Shares |  | 4.36%(e) |  |  |  |  |  |  |  | 1,643 |  |  | 1,643 |
Total Short Term Investments |  |  |  |  |  |  |  |  |  | 1,643 |  |  | 1,643 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  | $ | 60,756 |  |  | $ | 59,866 |
a.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. b.Non-income producing security. c.Fair value determined using level 1 inputs. 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 includes selected balance sheet information for CION/EagleTree as of March 31, 2025 and December 31, 2024:
Selected Balance Sheet Information: |  | March 31, 2025 |  | December 31, 2024
Investments, at fair value (amortized cost of $60,062 and $60,756, respectively) |  | $ | 60,462 |  |  | $ | 59,866 |
Cash and other assets |  | 69 |  |  | — |
Dividend receivable on investments |  | 316 |  |  | 342 |
Interest receivable on investments |  | 152 |  |  | 194 |
Total assets |  | $ | 60,999 |  |  | $ | 60,402 |
Senior secured notes (net of unamortized debt issuance costs of $41 and $47, respectively) |  | $ | 38,962 |  |  | $ | 38,956 |
Other liabilities |  | 254 |  |  | 152 |
Total liabilities |  | 39,216 |  |  | 39,108 |
Members' capital |  | 21,783 |  |  | 21,294 |
Total liabilities and members' capital |  | $ | 60,999 |  |  | $ | 60,402 |
The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024:
| Three Months Ended March 31, |  |  |  | Year Ended December 31,
Selected Statement of Operations Information: | 2025 |  | 2024 |  |  |  |  |  | 2024
Total investment income | $ | 721 |  |  | $ | 1,302 |  |  |  |  |  |  | $ | 4,746 |
Total expenses | 1,578 |  |  | 2,518 |  |  |  |  |  |  | 7,974 |
Net realized gain on investments | 56 |  |  | — |  |  |  |  |  |  | 3,641 |
Net change in unrealized appreciation (depreciation) on investments | 1,290 |  |  | (5,583) |  |  |  |  |  |  | (8,585) |
Net increase (decrease) in net assets | $ | 489 |  |  | $ | (6,799) |  |  |  |  |  |  | $ | (8,172) |

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