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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Investments, at fair value: $ 1,840,584 [1] $ 1,888,688 [2]
Cash 3,931 7,670
Interest and fees receivable on investments 31,192 45,140
Receivable due on investments sold and repaid 5,218 2,965
Prepaid expenses and other assets 3,019 1,265
Total assets 1,883,944 1,945,728
Liabilities    
Financing arrangements (net of unamortized debt issuance costs of $13,822 and $18,156, respectively) 1,078,522 1,099,187
Payable for investments purchased 9,277 1,019
Accounts payable and accrued expenses 1,154 1,034
Interest payable 6,194 8,244
Accrued management fees 6,571 6,761
Accrued subordinated incentive fee on income 8,181 3,964
Accrued administrative services expense 1,499 2,006
Shareholder distribution payable 0 2,663
Share repurchases payable 40 40
Total liabilities 1,111,438 1,124,918
Commitments and contingencies (Note 4 and Note 11)
Shareholders' Equity    
Common stock, $0.001 par value; 500,000,000 shares authorized; 52,317,736 and 53,192,808 shares issued and 52,303,842 and 53,189,269 shares outstanding, respectively 52 53
Capital in excess of par value 1,009,701 1,021,684
Accumulated distributable losses (237,247) (200,927)
Total shareholders' equity 772,506 820,810
Total liabilities and shareholders' equity $ 1,883,944 $ 1,945,728
Net asset value per share of common stock at end of period (in dollars per share) $ 14.86 $ 15.43
Non-controlled, non-affiliated investments    
Assets    
Investments, at fair value: $ 1,204,003 $ 1,448,107
Non-controlled, affiliated investments    
Assets    
Investments, at fair value: 363,771 269,205
Controlled investments    
Assets    
Investments, at fair value: $ 272,810 $ 171,376
[1] 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] 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.