Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CION Investment Management, LLC as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.

[2]

[3]

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.

[4]

[5]

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.

[6]

[7]

Includes PIK interest income.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)

[8]

Includes PIK interest income.

[9]

[10]

[11]

Includes PIK interest income.

[12]

Non-income producing security.

[13]

As of March 31, 2025, 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
Adapt Laser Acquisition, Inc.	Senior Secured First Lien Debt	14.57%	2.00%	16.57%
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	4.45%	11.45%


Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	2.75%	11.31%	14.06%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	6.06%	6.50%	12.56%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	2.96%	12.96%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
Community Tree Service, LLC	Senior Secured First Lien Debt	12.96%	1.25%	14.21%
FuseFX, LLC	Senior Secured First Lien Debt	5.57%	5.00%	10.57%


Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	16.44%	16.44%
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	—	10.31%	10.31%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	12.50%	12.50%
Inotiv, Inc.	Senior Secured First Lien Debt	10.93%	0.25%	11.18%
Instant Web, LLC	Senior Secured First Lien Debt	—	11.44%	11.44%



Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.41%	10.91%
K&N Parent, Inc.	Senior Secured First Lien Debt	7.69%	5.00%	12.69%

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	11.57%	3.25%	14.82%
Playboy Enterprises, Inc.	Senior Secured First Lien Debt	5.40%	5.25%	10.65%
RA Outdoors, LLC	Senior Secured Second Lien Debt	—	13.50%	13.50%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	16.44%	16.44%

RumbleOn, Inc.	Senior Secured First Lien Debt	11.80%	1.00%	12.80%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	—	12.06%	12.06%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	—	9.65%	9.65%
Securus Technologies Holdings, Inc.	Senior Secured Second Lien Debt	—	13.64%	13.64%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	14.07%	14.07%
STATinMED, LLC	Senior Secured First Lien Debt	—	13.94%	13.94%
TMK Hawk Parent, Corp.	Senior Secured First Lien Debt	—	9.57%	9.57%
TMK Hawk Parent, Corp.	Unsecured Debt	—	11.00%	11.00%
Trademark Global, LLC	Senior Secured First Lien Debt	1.96%	11.10%	13.06%
Trammell, P.C.	Senior Secured First Lien Debt	—	19.94%	19.94%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%

[14]

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

[15]

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, 2024 (see Note 8).

[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 2024, along with transactions during the year ended December 31, 2024 in these affiliated investments, were as follows:


			Year Ended December 31, 2024								Year Ended December 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 December 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)	$	—	$	—	$	—	$	363	$	—	$	—

American Clinical Solutions LLC
First Lien Term Loan	—		13,300		—		(2,225)		11,075		—		503		—		50
Class A-1 Membership Interests	—		—		—		—		—		—		—		—		—
ARC Financial, LLC
Membership Interests	—		—		—		—		—		—		—		—		—
Carestream Health, Inc.
First Lien Term Loan	11,423		195		(285)		(161)		11,172		—		1,694		—		—
Carestream Health Holdings Inc.
Common Shares	21,386		—		—		(1,278)		20,108		—		—		—		—





DESG Holdings, Inc.
First Lien Term Loan	85		—		(2,542)		2,457		—		(2,542)		—		—		—




GSC Technologies Inc.
First Lien Term Loan A	1,983		25		(2,076)		68		—		—		213		—		—
First Lien Term Loan B	942		123		(1,108)		43		—		—		131		—		—
Common Shares	1,251		—		—		(1,219)		32		—		—		—		—
HW Acquisition, LLC
Revolving Loan	—		2,890		—		250		3,140		—		215		—		—
First Lien Term Loan	—		16,555		(14,448)		2,687		4,794		(4,549)		939		—		—
Instant Web, LLC
Revolving Loan	2,832		5,641		(6,056)		13		2,430		—		339		—		—
Priming Term Loan	513		65		—		(5)		573		—		64		—		—
First Lien Term Loan	28,555		5,983		—		2,019		36,557		—		5,952		—		—
First Lien Delayed Draw Term Loan	1,013		433		—		12		1,458		—		189		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	11,910		—		—		(266)		11,644		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	8,518		811		—		(100)		9,229		—		1,081		—		—
Isagenix Worldwide, Inc.
Common Shares	8,404		—		—		(2,082)		6,322		—		—		—		—

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


			Year Ended December 31, 2024								Year Ended December 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 December 31, 2024		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Lift Brands, Inc.
Term Loan A	23,050		—		(236)		—		22,814		—		2,980		—		—
Term Loan B	5,814		631		—		132		6,577		—		628		—		—
Term Loan C	6,259		851		—		276		7,386		—		847		—		—
Longview Intermediate Holdings C, LLC
Membership Units	21,726		10,132		—		20,308		52,166		—		—		—		—
Mount Logan Capital Inc.
Common Stock	1,624		—		(1,511)		(113)		—		—		—		53		—
New HW Holdings Corp.
Preferred Stock	—		9,899		—		(6,758)		3,141		—		—		—		—
Common Stock	—		—		—		—		—		—		—		—		—
Snap Fitness Holdings, Inc.
Class A Stock	4,653		—		—		375		5,028		—		—		—		—
Warrants	1,886		—		—		152		2,038		—		—		—		—
SRA Holdings, LLC
First Lien Term Loan	—		4,158		(56)		1		4,103		—		146		—		—
Membership Units	25,515		—		(23,611)		(1,904)		—		3,145		—		—		—
SRA Parent, LLC
Preferred Equity	—		9,525		—		8		9,533		—		—		358		—
Common Equity	—		17,539		—		(262)		17,277		—		—		—		—
STATinMED, LLC
First Lien Term Loan	10,358		1,032		—		(6,798)		4,592		—		894		—		—
Senior Term Loan	—		1,004		—		(62)		942		—		257		—		2,894
Senior Superpriority Term Loan	—		224		—		19		243		—		—		—		704
STATinMed Parent, LLC
Class A Preferred Units	2,018		—		—		(2,018)		—		—		—		—		—
Class B Preferred Units	—		—		—		—		—		—		—		—		—
TG Parent NewCo LLC
Common Equity	—		—		—		—		—		—		—		—		—
Trademark Global, LLC
First Lien Term Loan	—		13,341		—		1,490		14,831		—		683		—		—
Totals	$	206,301	$	114,357	$	(56,512)	$	5,059	$	269,205	$	(3,946)	$	18,118	$	411	$	3,648

(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.

[18]

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

[19]

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, 2024 and March 31, 2025, along with transactions during the three months ended March 31, 2025 in these affiliated investments, were as follows:


			Three Months Ended March 31, 2025								Three Months Ended March 31, 2025
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at March 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income

American Clinical Solutions LLC
First Lien Term Loan	$	11,075	$	2,167	$	—	$	253	$	13,495	$	—	$	436	$	—	$	—
Class A-1 Membership Interests	—		—		—		—		—		—		—		—		—
ARC Financial, LLC
Membership Interests	—		—		—		—		—		—		—		—		—
Carestream Health, Inc.
First Lien Term Loan	11,172		61		(85)		(67)		11,081		—		400		—		—
Carestream Health Holdings Inc.
Common Shares	20,108		—		—		(126)		19,982		—		—		—		—
GSC Technologies Inc.
Common Shares	32		—		—		41		73		—		—		—		—
Hollander Intermediate LLC
First Lien Term Loan	—		17,069		—		791		17,860		—		148		—		—
HW Acquisition, LLC
Revolving Loan	3,140		697		—		(278)		3,559		—		126		—		—
First Lien Term Loan	4,794		142		—		(277)		4,659		—		166		—		—
Instant Web, LLC
Revolving Loan	2,430		3,736		(2,920)		39		3,285		—		58		—		—
Priming Term Loan	573		16		—		—		589		—		16		—		—
First Lien Term Loan	36,557		1,472		—		(88)		37,941		—		1,472		—		—
First Lien Delayed Draw Term Loan	1,458		44		—		22		1,524		—		40		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	11,644		—		—		(711)		10,933		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	9,229		209		—		(471)		8,967		—		249		—		—
Isagenix Worldwide, Inc.
Common Shares	6,322		—		—		(4,334)		1,988		—		—		—		—
Lift Brands, Inc.
Term Loan A	22,814		—		(59)		228		22,983		—		680		—		—
Term Loan B	6,577		166		—		(79)		6,664		—		166		—		—
Term Loan C	7,386		225		—		(284)		7,327		—		226		—		—

See accompanying notes to consolidated financial statements

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)


			Three Months Ended March 31, 2025								Three Months Ended March 31, 2025
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at March 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Live Comfortably Inc.
Common Stock	—		—		—		—		—		—		—		—		—
Longview Intermediate Holdings C, LLC
Membership Units	52,166		—		—		(2,335)		49,831		—		—		—		—
New HW Holdings Corp.
Preferred Stock	3,141		—		—		(2,835)		306		—		—		—		—
Common Stock	—		—		—		—		—		—		—		—		—
Online Pharmacy Holdings, LLC
Series A Preferred Equity	—		3,085		—		—		3,085		—		—		—		—
Series D Preferred Equity	—		—		—		—		—		—		—		—		—
Optio Rx, LLC
First Lien Term Loan	—		13,795		—		—		13,795		—		52		—		—
Revolving Loan	—		329		—		—		329		—		—		—		—
Snap Fitness Holdings, Inc.
Class A Stock	5,028		—		—		597		5,625		—		—		—		—
Warrants	2,038		—		—		242		2,280		—		—		—		—
SRA Holdings, LLC
Unsecured Debt	4,103		—		—		—		4,103		—		97		—		—
SRA Parent, LLC
Preferred Equity	9,533		191		—		85		9,809		—		—		191		—
Common Equity	17,277		—		—		2,258		19,535		—		—		—		—
STATinMED, LLC
First Lien Term Loan	4,592		—		—		36		4,628		—		—		—		—
Senior Term Loan	942		—		—		119		1,061		—		165		—		—
Senior Superpriority Term Loan	243		—		—		—		243		—		30		—		—
STATinMed Parent, LLC
Class A Preferred Units	—		—		—		—		—		—		—		—		—
Class B Preferred Units	—		—		—		—		—		—		—		—		—
TG Parent NewCo LLC
Common Equity	—		—		—		—		—		—		—		—		—
Trademark Global, LLC
First Lien Term Loan	14,831		506		—		(1,255)		14,082		—		596		—		—
Totals	$	269,205	$	43,910	$	(3,064)	$	(8,429)	$	301,622	$	—	$	5,123	$	191	$	—

(3)Includes PIK interest income.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)

[20]

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

[21]

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 credit facility with UBS AG, or UBS, as of March 31, 2025 (see Note 8).

[22]

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

[23]

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, 2025 (see Note 8).

[24]

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, 2024 (see Note 8).

[25]

Investment or a portion thereof was on non-accrual status as of March 31, 2025.

[26]

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

[27]

As of December 31, 2024, the following 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%	4.48%	11.48%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	2.75%	11.34%	14.09%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	6.06%	6.50%	12.56%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	3.24%	13.24%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
Community Tree Service, LLC	Senior Secured First Lien Debt	13.24%	1.25%	14.49%
FuseFX, LLC	Senior Secured First Lien Debt	5.78%	5.00%	10.78%
Heritage Power, LLC	Senior Secured First Lien Debt	5.86%	5.50%	11.36%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	16.67%	16.67%
Hollander Intermediate LLC	Senior Secured First Lien Debt	—	13.22%	13.22%
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	—	10.59%	10.59%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	12.50%	12.50%
Inotiv, Inc.	Senior Secured First Lien Debt	11.32%	0.25%	11.57%
Instant Web, LLC	Senior Secured First Lien Debt	—	10.97%	10.97%



Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.75%	11.25%
K&N Parent, Inc.	Senior Secured First Lien Debt	7.68%	5.00%	12.68%

LAV Gear Holdings, Inc.	Senior Secured First Lien Debt	—	10.86%	10.86%
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	11.61%	3.25%	14.86%
Playboy Enterprises, Inc.	Senior Secured First Lien Debt	5.76%	5.25%	11.01%
RA Outdoors, LLC	Senior Secured Second Lien Debt	—	13.74%	13.74%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	16.67%	16.67%
RumbleOn, Inc.	Senior Secured First Lien Debt	12.10%	1.50%	13.60%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	5.87%	4.09%	9.96%
Securus Technologies Holdings, Inc.	Senior Secured Second Lien Debt	—	13.64%	13.64%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	14.35%	14.35%
STATinMED, LLC	Senior Secured First Lien Debt	—	14.14%	14.14%
TMK Hawk Parent, Corp.	Senior Secured First Lien Debt	—	9.59%	9.59%
TMK Hawk Parent, Corp.	Unsecured Debt	—	11.00%	11.00%
Trademark Global, LLC	Senior Secured First Lien Debt	—	13.09%	13.09%
Trammell, P.C.	Senior Secured First Lien Debt	—	19.97%	19.97%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%

[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 1 month SOFR, which as of March 31, 2025 was 4.32%.

[31]

The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of March 31, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2025.

[32]

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2024. The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2024.

[33]

[34]

[35]

Includes PIK interest income.

[36]

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, 2024 and March 31, 2025, along with transactions during the three months ended March 31, 2025 in these controlled investments, were as follows:


			Three Months Ended March 31, 2025								Three Months Ended March 31, 2025
Controlled Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at March 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	36,037	$	—	$	—	$	—	$	36,037	$	—	$	1,243	$	—	$	—
Participating Preferred Shares	18,103		—		—		413		18,516		—		—		—		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Exit First Lien Term Loan	73,181		2,000		—		(6,583)		68,598		—		2,228		—		—
Incremental First Lien Term Loan	9,910		—		(1,217)		120		8,813		—		321		—		—
Fourteenth Amendment Term Loan	—		3,709		—		(409)		3,300		—		—		—		200
David's Bridal Holdings, LLC
Preferred Units	9,575		—		—		(2,931)		6,644		—		—		—		—
Class A Common Units	24,570		—		—		(15,915)		8,655		—		—		—		—
Class B Common Units	—		291		—		145		436		—		—		—		—
Totals	$	171,376	$	6,000	$	(1,217)	$	(25,160)	$	150,999	$	—	$	3,792	$	—	$	200

(3)Includes PIK interest income.

[37]

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, 2025, 95.7% of the Company’s total assets represented qualifying assets.

[38]

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 2024, along with transactions during the year ended December 31, 2024 in these controlled investments, were as follows:


			Year Ended December 31, 2024								Year Ended December 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 December 31, 2024		Net Realized Gain (Loss)		Interest Income(3)		Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note	$	59,598	$	—	$	(23,561)	$	—	$	36,037	$	—	$	6,535	$	—
Participating Preferred Shares	25,039		—		—		(6,936)		18,103		—		—		—
Common Shares	—		—		—		—		—		—		—		—
David's Bridal, Inc.
Exit First Lien Term Loan	22,050		55,000		—		(3,869)		73,181		—		4,774		4,382
Incremental First Lien Term Loan	16,694		—		(6,870)		86		9,910		—		1,661		—
David's Bridal Holdings, LLC
Preferred Units	12,494		—		—		(2,919)		9,575		—		—		—
Common Units	41,418		—		—		(16,848)		24,570		—		—		—
Totals	$	177,293	$	55,000	$	(30,431)	$	(30,486)	$	171,376	$	—	$	12,970	$	4,382

(3)Includes PIK interest income.

[39]

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, 2024, 95.9% of the Company’s total assets represented qualifying assets.

[40]

The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

[41]

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

[42]

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.

[43]

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.

[44]

7-day effective yield as of March 31, 2025.

[45]

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.

[46]

[47]

Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of December 31, 2024 was 3.88%.

[48]

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

[49]

Fair value determined using level 1 inputs.

[50]

Fair value determined using level 1 inputs.

[51]

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%.

[52]

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2024 was 4.57%.