XML 45 R32.htm IDEA: XBRL DOCUMENT v3.25.3
Joint Venture (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Individual Investments and Balance Sheet Information and Operations Information
The composition of the Company’s investment portfolio as of September 30, 2025 and December 31, 2024 at amortized cost and fair value was as follows:
September 30, 2025December 31, 2024
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,487,265 $1,389,814 80.0 %$1,610,540 $1,563,256 86.0 %
Senior secured second lien debt2,218 — — 5,187 2,680 0.1 %
Collateralized securities and structured products - equity3,967 4,009 0.2 %2,980 2,682 0.1 %
Unsecured debt25,516 7,398 0.4 %29,487 11,814 0.6 %
Equity288,789 336,963 19.4 %226,681 239,438 13.2 %
Subtotal/total percentage1,807,755 1,738,184 100.0 %1,874,875 1,819,870 100.0 %
Short term investments(2)102,400 102,400 68,818 68,818 
Total investments$1,910,155 $1,840,584 $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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$288,127 16.6 %$285,960 15.7 %
Retail179,162 10.3 %160,093 8.8 %
Healthcare & Pharmaceuticals174,664 10.1 %199,733 11.0 %
Energy: Oil & Gas141,373 8.1 %116,393 6.4 %
Media: Diversified & Production125,601 7.2 %129,210 7.1 %
Services: Consumer113,503 6.5 %111,832 6.2 %
Beverage, Food & Tobacco112,175 6.5 %100,612 5.5 %
Consumer Goods: Durable92,473 5.3 %95,968 5.3 %
Banking, Finance, Insurance & Real Estate70,425 4.1 %64,422 3.5 %
Construction & Building66,259 3.8 %99,383 5.5 %
Diversified Financials58,147 3.3 %56,822 3.1 %
Media: Advertising, Printing & Publishing49,288 2.8 %104,622 5.7 %
Hotel, Gaming & Leisure45,838 2.6 %49,823 2.7 %
High Tech Industries40,190 2.3 %37,665 2.1 %
Capital Equipment31,612 1.8 %52,349 2.9 %
Automotive30,063 1.7 %31,104 1.7 %
Consumer Goods: Non-Durable29,490 1.7 %35,210 1.9 %
Environmental Industries28,000 1.6 %27,344 1.5 %
Containers, Packaging & Glass18,632 1.1 %18,687 1.0 %
Metals & Mining16,444 1.0 %13,094 0.7 %
Aerospace & Defense15,275 0.9 %13,825 0.8 %
Transportation: Cargo11,370 0.7 %10,465 0.6 %
Chemicals, Plastics & Rubber73 — 32 — 
Telecommunications— — 5,222 0.3 %
Subtotal/total percentage1,738,184 100.0 %1,819,870 100.0 %
Short term investments102,400 68,818 
Total investments$1,840,584 $1,888,688 
September 30, 2025December 31, 2024
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,696,176 97.6 %$1,782,659 98.0 %
Canada36,316 2.1 %33,541 1.8 %
Cayman Islands4,009 0.2 %2,682 0.1 %
Bermuda1,683 0.1 %988 0.1 %
Subtotal/total percentage1,738,184 100.0 %1,819,870 100.0 %
Short term investments102,400 68,818 
Total investments$1,840,584 $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 September 30, 2025:
Portfolio CompanyInterestMaturityIndustryPrincipal/
Par Amount/
Units		CostFair
Value
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a)
11.84% Estimated Yield
4/28/2039Diversified Financials$6,000 $5,462 $5,888 
Total Collateralized Securities and Structured Products - Equity5,462 5,888 
Equity
American Clinical Solutions LLC, Class A Membership Interests(b)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 3,076 
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 FinancialsN/A9,360 8,885 
Carestream Health Holdings, Inc., Common Stock(b)Healthcare & Pharmaceuticals
614,367 Units
21,759 20,207 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
9,593 15,423 
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend
Healthcare & Pharmaceuticals
183,723 Units
332 808 
CTS Ultimate Holdings LLC, Class A Preferred Units(b)Construction & Building
3,578,701 Units
1,000 2,842 
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
300 365 
Skillsoft Corp., Class A Common Stock(b)(c)High Tech Industries
12,171 Units
2,000 158 
Spinal USA, Inc. / Precision Medical Inc., Warrants(b)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity50,030 51,764 
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares
3.98%(e)
2,257 2,257 
Total Short Term Investments2,257 2,257 
TOTAL INVESTMENTS$57,749 $59,909 
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 September 30, 2025.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024:
Portfolio CompanyInterestMaturityIndustryPrincipal/
Par Amount/
Units		CostFair
Value
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a)
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(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 FinancialsN/A11,401 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 Equity51,651 50,312 
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares
4.36%(e)
1,643 1,643 
Total Short Term Investments1,643 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 September 30, 2025 and December 31, 2024:
Selected Balance Sheet Information:September 30, 2025December 31, 2024
Investments, at fair value (amortized cost of $57,749 and $60,756, respectively)
$59,909 $59,866 
Cash and other assets29 — 
Dividend receivable on investments309 342 
Interest receivable on investments136 194 
   Total assets$60,383 $60,402 
Senior secured notes (net of unamortized debt issuance costs of $29 and $47, respectively)
$38,973 $38,956 
Other liabilities114 152 
   Total liabilities39,087 39,108 
Members' capital21,296 21,294 
   Total liabilities and members' capital$60,383 $60,402 
The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2025 and 2024 and for the year ended December 31, 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended
December 31,
Selected Statement of Operations Information:20252024202520242024
Total investment income$681 $901 $2,041 $3,346 $4,746 
Total expenses1,568 1,638 4,717 6,329 7,974 
Net realized (loss) gain on investments(429)— (373)3,325 3,641 
Net change in unrealized (depreciation) appreciation on investments(528)2,247 3,050 (7,627)(8,585)
Net (decrease) increase in net assets$(1,844)$1,510 $1 $(7,285)$(8,172)