CION Investment Corporation

Quarterly Report • Aug 7, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 814-00941

CĪON Investment Corporation

(Exact name of registrant as specified in its charter)

Maryland 45-3058280

(State or other jurisdiction of incorporation or organization)

100 Park Avenue, 25th Floor New York, New York 10017

(Address of principal executive offices) (Zip Code)

(212) 418-4700

(Registrant's telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last

report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value \$0.001 per share	CION	The New York Stock Exchange
7.50% Notes due 2029	CICB	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

(I.R.S. Employer Identification No.)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of the registrant's common stock, \$0.001 par value, outstanding as of July 30, 2025 was 52,086,802.

CĪON INVESTMENT CORPORATION FORM 10-Q TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements	1
Consolidated Balance Sheets	1
Consolidated Statements of Operations	2
Consolidated Statements of Shareholders' Equity	3
Consolidated Statements of Cash Flows	4
Consolidated Schedules of Investments	5
Notes to Consolidated Financial Statements	29
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	67
Item 3. Quantitative and Qualitative Disclosures About Market Risk	84
Item 4. Controls and Procedures	86
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	87
Item 1A. Risk Factors	87
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3. Defaults Upon Senior Securities	87
Item 4. Mine Safety Disclosures	87
Item 5. Other Information	88
Item 6. Exhibits	89
Signatures	92

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts)

	June 30, 2025	December 31, 2024
	(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of \$1,385,856 and \$1,489,777, respectively)	\$ 1,335,756	\$ 1,448,107
Non-controlled, affiliated investments (amortized cost of \$303,476 and \$274,642, respectively)	301,456	269,205
Controlled investments (amortized cost of \$211,782 and \$179,274, respectively)	187,416	171,376
Total investments, at fair value (amortized cost of \$1,901,114 and \$1,943,693, respectively)	1,824,628	1,888,688
Cash	6,533	7,670
Interest and fees receivable on investments	45,246	45,140
Receivable due on investments sold and repaid	3,408	2,965
Prepaid expenses and other assets	966	1,265
Total assets	\$ 1,880,781	\$ 1,945,728
Liabilities and Shareholders' Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of \$15,704 and \$18,156, respectively)	\$ 1,101,640	\$ 1,099,187
Payable for investments purchased	4	1,019
Accounts payable and accrued expenses	1,178	1,034
Interest payable	7,866	8,244
Accrued management fees	6,497	6,761
Accrued subordinated incentive fee on income	3,589	3,964
Accrued administrative services expense	1,263	2,006
Shareholder distribution payable	—	2,663
Share repurchases payable	134	40
Total liabilities	1,122,171	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	1,012,957	1,021,684
Accumulated distributable losses	(254,399)	(200,927)
Total shareholders' equity	758,610	820,810
Total liabilities and shareholders' equity	\$ 1,880,781	\$ 1,945,728
Net asset value per share of common stock at end of period	\$ 14.50	\$ 15.43

CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts)

	Three Months Ended June 30,			Six Months Ended June 30,				Year Ended December 31,
	2025		2024		2025			2024	2024
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Investment income
Non-controlled, non-affiliated investments
Interest income	\$	32,478	\$	38,512	\$	66,598	\$	93,884	\$	165,786
Paid-in-kind interest income		6,289		7,236		14,648		14,285		31,397
Fee income		739		1,338		4,522		5,211		9,865
Dividend income		1,212		5,139		1,718		5,139		5,855
Non-controlled, affiliated investments
Interest income		2,305		2,383		4,280		3,902		6,426
Paid-in-kind interest income		3,342		2,569		6,490		5,051		11,692
Fee income		700		704		700		704		3,648
Dividend income		439		13		630		40		411
Controlled investments
Interest income		4,467		3,163		8,259		6,395		12,970
Fee income		273		300		473		300		4,382
Total investment income		52,244		61,357		108,318		134,911		252,432
Operating expenses
Management fees		6,497		6,841		13,122		13,705		27,321
Administrative services expense		1,196		1,246		2,475		2,338		4,783
Subordinated incentive fee on income		3,589		4,871		7,673		11,785		20,334
General and administrative		1,393		1,659		3,229		3,443		7,157
Interest expense		22,637		23,773		45,635		48,075		96,870
Total operating expenses		35,312		38,390		72,134		79,346		156,465
Net investment income before taxes		16,932		22,967		36,184		55,565		95,967
Income tax expense, including excise tax		10		4		10		9		107
Net investment income after taxes		16,922		22,963		36,174		55,556		95,860
Realized and unrealized gains (losses)
Net realized losses on:
Non-controlled, non-affiliated investments		(32,376)		(13,186)		(30,082)		(22,922)		(24,367)
Non-controlled, affiliated investments		—		(7,091)		—		(7,091)		(3,946)
Net realized losses		(32,376)		(20,277)		(30,082)		(30,013)		(28,313)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		20,832		1,417		(9,830)		(5,100)		(8,218)
Non-controlled, affiliated investments		10,560		23,202		2,131		16,956		5,059
Controlled investments		11,378		(4,927)		(13,782)		(8,576)		(30,486)
Net change in unrealized appreciation (depreciation)		42,770		19,692		(21,481)		3,280		(33,645)
Net realized and unrealized gains (losses)		10,394		(585)		(51,563)		(26,733)		(61,958)
Net increase (decrease) in net assets resulting from operations	\$	27,316	\$	22,378	\$	(15,389)	\$	28,823	\$	33,902
Per share information—basic and diluted
Net increase (decrease) in net assets per share resulting from operations	\$	0.52	\$	0.42	\$	(0.29)	\$	0.54	\$	0.63
Net investment income per share	\$	0.32	\$	0.43	\$	0.68	\$	1.03	\$	1.79
Weighted average shares of common stock outstanding		52,628,784		53,595,624		52,848,420		53,778,161		53,564,788

CĪON Investment Corporation Consolidated Statements of Shareholders' Equity (in thousands, except share and per share amounts)

	Common Stock			Capital in Excess of Par		Accumulated Undistributed (Overdistributed)	Total Shareholders'
	Shares	Amount			Value	Earnings		Equity
Balance at December 31, 2023 (audited)	54,184,636	\$	54	\$	1,033,030	\$ (153,521)	\$	879,563
Repurchases of common stock	(424,031)		—		(4,670)	—		(4,670)
Net investment income	—		—		—	32,593		32,593
Net realized losses on investments	—		—		—	(9,736)		(9,736)
Net unrealized losses on investments	—		—		—	(16,412)		(16,412)
Distributions declared and payable (\$0.34 per share)	—		—		—	(18,279)		(18,279)
Balance at March 31, 2024 (unaudited)	53,760,605		54		1,028,360	(165,355)		863,059
Repurchases of common stock	(234,982)		—		(2,671)	—		(2,671)
Net investment income	—		—		—	22,963		22,963
Net realized losses on investments	—		—		—	(20,277)		(20,277)
Net unrealized gains on investments	—		—		—	19,692		19,692
Distributions declared and payable (\$0.41 per share)	—		—		—	(21,960)		(21,960)
Balance at June 30, 2024 (unaudited)	53,525,623		54		1,025,689	(164,937)		860,806
Repurchases of common stock	(165,737)		(1)		(2,002)	—		(2,003)
Net investment income	—		—		—	21,618		21,618
Net realized gains on investments	—		—		—	3,938		3,938
Net unrealized losses on investments	—		—		—	(25,935)		(25,935)
Distributions declared and payable (\$0.36 per share)	—		—		—	(19,234)		(19,234)
Balance at September 30, 2024 (unaudited)	53,359,886		53		1,023,687	(184,550)		839,190
Repurchases of common stock	(170,617)		—		(2,003)	—		(2,003)
Net investment income	—		—		—	18,686		18,686
Net realized losses on investments	—		—		—	(2,238)		(2,238)
Net unrealized losses on investments	—		—		—	(10,990)		(10,990)
Distributions declared and payable (\$0.41 per share)	—		—		—	(21,835)		(21,835)
Balance at December 31, 2024 (audited)	53,189,269		53		1,021,684	(200,927)		820,810
Repurchases of common stock	(185,862)		—		(2,172)	—		(2,172)
Net investment income	—		—		—	19,252		19,252
Net realized gains on investments	—		—		—	2,294		2,294
Net unrealized losses on investments	—		—		—	(64,251)		(64,251)
Distributions declared and payable (\$0.36 per share)	—		—		—	(19,149)		(19,149)
Balance at March 31, 2025 (unaudited)	53,003,407		53		1,019,512	(262,781)		756,784
Repurchases of common stock	(699,565)		(1)		(6,555)	—		(6,556)
Net investment income	—		—		—	16,922		16,922
Net realized losses on investments	—		—		—	(32,376)		(32,376)
Net unrealized gains on investments	—		—		—	42,770		42,770
Distributions declared and payable (\$0.36 per share)	—		—		—	(18,934)		(18,934)
Balance at June 30, 2025 (unaudited)	52,303,842	\$	52	\$	1,012,957	\$ (254,399)	\$	758,610

CĪON Investment Corporation Consolidated Statements of Cash Flows (in thousands)

	Three Months Ended June 30,		Six Months Ended June 30,			Year Ended December 31,
		2025	2024		2025		2024			2024
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Operating activities:
Net increase (decrease) in net assets resulting from operations	\$	27,316	\$	22,378	\$	(15,389)	\$	28,823	\$	33,902
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net accretion of discount on investments		(2,413)		(1,633)		(4,209)		(13,298)		(16,773)
Proceeds from principal repayment of investments		85,929		76,954		121,974		267,528		443,595
Purchase of investments		(39,024)		(147,529)		(103,919)		(259,165)		(464,054)
Paid-in-kind interest and dividends capitalized		(10,489)		(10,178)		(22,542)		(19,709)		(44,540)
(Increase) decrease in short term investments, net		(4,697)		46,975		10,145		30,284		44,628
Proceeds from sale of investments		2,071		8		15,456		17,055		42,868
Net realized loss on investments		32,376		20,277		30,082		30,013		28,313
Net change in unrealized (appreciation) depreciation on
investments		(42,770)		(19,692)		21,481		(3,280)		33,645
Amortization of debt issuance costs		1,864		1,255		3,663		2,509		5,593
(Increase) decrease in interest receivable on investments		(4,334)		(4,945)		(4,514)		(5,400)		(10,516)
(Increase) decrease in dividends receivable on investments		—		(129)		—		(129)		—
(Increase) decrease in receivable due on investments sold and repaid		(2,361)		8,821		(443)		(1,664)		(1,998)
(Increase) decrease in prepaid expenses and other assets		67		195		299		406		83
Increase (decrease) in payable for investments purchased		(1,892)		(9,252)		(1,015)		7,097		(3,673)
Increase (decrease) in accounts payable and accrued expenses		188		288		144		(5)		(2)
Increase (decrease) in interest payable		1,391		1,058		(378)		(617)		(1,987)
Increase (decrease) in accrued management fees		(128)		(23)		(264)		(52)		(132)
Increase (decrease) in accrued administrative services expense		719		486		(743)		(1,028)		(150)
Increase (decrease) in subordinated incentive fee on income payable		(495)		(2,043)		(375)		256		(651)
Increase (decrease) in share repurchase payable		134		—		94		—		40
Net cash provided by (used in) operating activities		43,452		(16,729)		49,547		79,624		88,191
Financing activities:
Repurchase of common stock		(6,556)		(2,671)		(8,728)		(7,341)		(11,347)
Shareholders' distributions paid		(38,083)		(19,284)		(40,746)		(48,400)		(89,482)
Repayments under financing arrangements		—		—		(20,000)		(22,500)		(277,500)
Borrowings under financing arrangements		—		—		20,000		—		302,500
Debt issuance costs paid		—		—		(1,210)		—		(13,107)
Net cash used in financing activities		(44,639)		(21,955)		(50,684)		(78,241)		(88,936)
Net (decrease) increase in cash and restricted cash		(1,187)		(38,684)		(1,137)		1,383		(745)
Cash, beginning of period		7,720		48,482		7,670		8,415		8,415
Cash, end of period	\$	6,533	\$	9,798	\$	6,533	\$	9,798	\$	7,670
Supplemental disclosure of cash flow information:
Cash paid for interest	\$	19,380	\$	21,433	\$	42,348	\$	46,136	\$	93,312
Supplemental non-cash operating activities:
Restructuring of portfolio investment	\$	30,200	\$	9,899	\$	47,080	\$	40,942	\$	92,673
Cash interest receivable exchanged for additional securities	\$	—	\$	—	\$	4,266	\$	1,631	\$	2,971

Portfolio Company(a)	Interest(b)	Maturity Industry		Principal/ Par Amount/ Units(e)		Cost(d)		Fair Value(c)
Senior Secured First Lien Debt - 198.0%
Adapt Laser Acquisition, Inc.(t)(v)	S+1200, 1.00% SOFR Floor	12/31/2025	Capital Equipment	\$	10,481	\$	10,481	\$	10,757
Adapt Laser Acquisition, Inc.(t)(v)	S+1200, 1.00% SOFR Floor	12/31/2025	Capital Equipment		3,651		3,651		3,610
Allen Media, LLC(v)	S+550, 0.00% SOFR Floor	2/10/2027	Media: Diversified & Production		8,636		8,610		7,815
American Clinical Solutions LLC(s)(t)(v)	S+700, 1.00% SOFR Floor	6/30/2026	Healthcare & Pharmaceuticals		18,696		18,696		16,406
American Clinical Solutions LLC(p)(s)	0.00% Unfunded	6/30/2026	Healthcare & Pharmaceuticals		7,424		—		(909)
American Family Care, LLC(m)(v)	S+600, 1.00% SOFR Floor	2/28/2029	Healthcare & Pharmaceuticals		13,263		13,263		13,263
American Family Care, LLC(v)	S+600, 1.00% SOFR Floor	2/28/2029	Healthcare & Pharmaceuticals		452		452		452
American Family Care, LLC	1.00% Unfunded	2/28/2026	Healthcare & Pharmaceuticals		4,091		—		—
American Family Care, LLC	0.50% Unfunded	2/28/2029	Healthcare & Pharmaceuticals		1,818		—		—
American Health Staffing Group, Inc.(m)	Prime+500	11/19/2026	Services: Business		14,770		14,731		14,770
American Health Staffing Group, Inc.	0.50% Unfunded	11/19/2026	Services: Business		3,333		(9)		—
Ancile Solutions, Inc.(m)(v)	S+1000, 1.00% SOFR Floor	6/11/2026	High Tech Industries		10,364		10,289		11,595
Anthem Sports & Entertainment Inc.(t)(v)	S+550, 1.00% SOFR Floor	11/15/2027	Media: Diversified & Production		12,441		12,441		12,004
Anthem Sports & Entertainment Inc.(t)	10.00%	11/15/2027	Media: Diversified & Production		26,165		23,006		22,895
Anthem Sports & Entertainment Inc.(q)(t)	1.00%	11/15/2027	Media: Diversified & Production		26,165		3,673		3,401
Appalachian Resource Company, LLC(u)	S+500, 1.00% SOFR Floor	12/31/2025	Metals & Mining		11,137		11,137		5,581
Appalachian Resource Company, LLC(u)	S+1000, 1.00% SOFR Floor	12/31/2025	Metals & Mining		5,000		5,000		4,769
APS Acquisition Holdings, LLC(m)(v)	S+575, 1.00% SOFR Floor	7/11/2029	Construction & Building		14,591		14,591		14,591
APS Acquisition Holdings, LLC	1.00% Unfunded	7/11/2026	Construction & Building		4,029		—		—
APS Acquisition Holdings, LLC(v)	S+575, 1.00% SOFR Floor	7/11/2029	Construction & Building		1,170		1,163		1,170
APS Acquisition Holdings, LLC	0.50% Unfunded	7/11/2029	Construction & Building		2,600		—		—
Atlas Supply LLC(x)	13.00%	4/29/2025	Healthcare & Pharmaceuticals		5,000		5,000		3,306
Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v)	S+800, 2.00% SOFR Floor	3/12/2029	Banking, Finance, Insurance & Real Estate		8,876		8,876		7,389
Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v)	S+800, 2.00% SOFR Floor	3/12/2029	Banking, Finance, Insurance & Real Estate		3,017		3,017		2,398
Avison Young (Canada) Inc./Avison Young (USA) Inc.(n)(v)	S+625, 2.00% SOFR Floor	3/12/2028	Banking, Finance, Insurance & Real Estate		7,425		7,313		6,497
Avison Young (Canada) Inc./Avison Young (USA) Inc.(v)	S+850, 2.00% SOFR Floor	12/12/2027	Banking, Finance, Insurance & Real Estate		2,971		2,832		2,941
Avison Young (Canada) Inc./Avison Young (USA) Inc.(p)	0.00% Unfunded	12/12/2027	Banking, Finance, Insurance & Real Estate		1,103		—		(11)
BDS Solutions Intermediateco, LLC(m)(v)	S+700, 2.00% SOFR Floor	2/7/2027	Services: Business		19,587		19,456		19,587
BDS Solutions Intermediateco, LLC(v)	S+700, 2.00% SOFR Floor	2/7/2027	Services: Business		2,000		1,934		2,000
BDS Solutions Intermediateco, LLC	0.50% Unfunded	2/7/2027	Services: Business		857		(17)		—
Berlitz Holdings, Inc.(t)(u)	S+900, 1.00% SOFR Floor	5/31/2026	Services: Business		16,846		16,846		16,012
Berlitz Holdings, Inc.(t)(u)	S+900, 1.00% SOFR Floor	5/31/2026	Services: Business		1,638		1,587		1,618
Berlitz Holdings, Inc.	0.50% Unfunded	5/31/2026	Services: Business		2,977		—		(37)
Berlitz Holdings, Inc.(t)(u)	S+900, 1.00% SOFR Floor	5/31/2026	Services: Business		462		462		456
Bradshaw International Parent Corp.(n)(u)	S+575, 1.00% SOFR Floor	10/21/2027	Consumer Goods: Durable		12,695		12,549		12,695
Bradshaw International Parent Corp.	1.00% Unfunded	10/21/2026	Consumer Goods: Durable		1,844		(12)		—

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Cabi, LLC(u)	S+600, 2.00% SOFR Floor	2/28/2027	Retail	14,366	14,284	14,025
Carestream Health, Inc.(r)(v)	S+750, 1.00% SOFR Floor	9/30/2027	Healthcare & Pharmaceuticals	10,991	10,319	10,991
Celerity Acquisition Holdings, LLC(m)(t)(v)	S+850, 1.00% SOFR Floor	5/28/2026	Services: Business	16,995	16,987	16,995
Cennox, Inc.(m)(n)(t)(w)	S+575, 1.00% SOFR Floor	5/4/2029	Services: Business	38,315	38,040	38,315
Cennox, Inc.(t)(w)	S+575, 1.00% SOFR Floor	5/4/2029	Services: Business	2,989	2,989	2,989
CION/EagleTree Partners, LLC(h)(s)(t)	14.00%	12/21/2026	Diversified Financials	36,037	36,037	36,037
Community Tree Service, LLC(m)(v)	S+800, 1.00% SOFR Floor	6/17/2027	Construction & Building	12,055	12,061	12,055
Community Tree Service, LLC(n)(v)	S+800, 1.00% SOFR Floor	6/17/2027	Construction & Building	1,882	1,882	1,882
Core Health & Fitness, LLC(m)(u)	S+800, 3.00% SOFR Floor	6/17/2029	Consumer Goods: Durable	19,800	19,555	19,850
CrossLink Professional Tax Solutions, LLC(m) (u)	S+550, 1.00% SOFR Floor	6/30/2028	High Tech Industries	16,431	16,261	16,431
CrossLink Professional Tax Solutions, LLC	0.50% Unfunded	6/30/2028	High Tech Industries	2,209	(23)	—
David's Bridal, Inc.(s)(v)	S+600, 0.00% SOFR Floor	12/21/2027	Retail	16,947	16,947	16,429
David's Bridal, Inc.(m)(s)(v)	S+650, 0.00% SOFR Floor	12/21/2027	Retail	79,050	79,050	68,523
David's Bridal, Inc.(s)(v)(y)	S+650, 0.00% SOFR Floor	12/21/2027	Retail	5,000	4,666	4,663
David's Bridal, Inc.(p)(s)(y)	0.00% Unfunded	12/21/2027	Retail	5,000	—	(338)
Dermcare Management, LLC(m)(u)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	9,121	9,019	9,121
Dermcare Management, LLC(m)(u)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	4,149	4,101	4,149
Dermcare Management, LLC (u)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	1,343	1,343	1,343
Emerald Technologies (U.S.) Acquisitionco, Inc. (n)(u)	S+625, 1.00% SOFR Floor	12/29/2027	Services: Business	2,756	2,729	2,260
Entertainment Studios P&A LLC(u)	S+900, 1.00% SOFR Floor	9/28/2027	Media: Diversified & Production	35,197	35,197	35,197
Entertainment Studios P&A LLC(j)	5.00%	5/18/2037	Media: Diversified & Production	—	—	192
ESP Associates, Inc.(m)(u)	S+650, 1.50% SOFR Floor	7/24/2028	Construction & Building	8,554	8,441	8,554
ESP Associates, Inc.(u)	S+650, 1.50% SOFR Floor	7/24/2028	Construction & Building	197	197	197
ESP Associates, Inc.	0.50% Unfunded	7/24/2028	Construction & Building	1,118	(26)	—
FuseFX, LLC(m)(t)(u)	S+600, 1.00% SOFR Floor	9/30/2026	Media: Diversified & Production	21,024	21,019	20,535
Future Pak, LLC(m)(n)(u)	S+600, 2.00% SOFR Floor	9/22/2026	Healthcare & Pharmaceuticals	24,500	24,500	24,500
Gold Medal Holdings, Inc.(m)(v)	S+575, 1.00% SOFR Floor	3/17/2027	Environmental Industries	27,204	27,059	27,204
Gold Medal Holdings, Inc.(v)	S+575, 1.00% SOFR Floor	3/17/2027	Environmental Industries	366	366	366
Gold Medal Holdings, Inc.	1.00% Unfunded	3/17/2027	Environmental Industries	2,131	(16)	—
H.W. Lochner, Inc.(m)(n)(v)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	16,186	15,933	16,186
H.W. Lochner, Inc.(m)(v)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	8,626	8,597	8,626
H.W. Lochner, Inc.(m)(v)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	2,504	2,460	2,504
HEC Purchaser Corp.(n)(v)	S+550, 1.00% SOFR Floor	6/17/2029	Healthcare & Pharmaceuticals	11,086	10,950	11,086
HEC Purchaser Corp.	0.50% Unfunded	6/17/2029	Healthcare & Pharmaceuticals	1,302	(15)	—
Heritage Power, LLC(u)	S+550, 1.00% SOFR Floor	7/20/2028	Energy: Oil & Gas	1,192	1,192	1,186
Hilliard, Martinez & Gonzales, LLP(t)(u)(x)	S+1200, 2.00% SOFR Floor	4/30/2025	Services: Consumer	25,319	25,245	24,844
Hollander Intermediate LLC(r)(u)	S+300, 3.00% SOFR Floor	9/19/2027	Consumer Goods: Durable	18,800	18,498	16,967
Homer City Generation, L.P.(t)	15.00%	4/16/2028	Energy: Oil & Gas	17,020	17,169	15,745
Homer City Generation, L.P.(t)	17.00%	4/16/2028	Energy: Oil & Gas	14,217	14,217	14,288

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
HW Acquisition, LLC(r)(t)(v)	S+600, 1.00% SOFR Floor	9/28/2026	Capital Equipment	5,409	5,396	4,685
HW Acquisition, LLC(r)(t)	Prime+500	9/28/2026	Capital Equipment	4,479	4,474	3,880
ICA Foam Holdings, LLC(m)(v)	S+600, 1.00% SOFR Floor	12/5/2026	Containers, Packaging & Glass	18,776	18,736	18,682
Inotiv, Inc.(t)(v)	S+675, 1.00% SOFR Floor	11/5/2026	Healthcare & Pharmaceuticals	20,602	19,998	17,544
Instant Web, LLC(r)(t)(u)	S+700, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	53,953	53,953	36,014
Instant Web, LLC(r)(t)(u)	S+650, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	3,398	3,398	3,343
Instant Web, LLC(r)(t)	Prime+375, 4.00% Prime Floor	2/25/2027	Media: Advertising, Printing & Publishing	594	594	603
Instant Web, LLC(r)(t)(u)	S+650, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	1,604	1,604	1,578
Instant Web, LLC(r)	0.50% Unfunded	2/25/2027	Media: Advertising, Printing & Publishing	1,731	—	(28)
Invincible Boat Company LLC(m)(u)	S+750, 1.50% SOFR Floor	12/31/2026	Consumer Goods: Durable	13,258	13,220	12,811
Invincible Boat Company LLC(u)	S+750, 1.50% SOFR Floor	12/31/2026	Consumer Goods: Durable	798	798	771
INW Manufacturing, LLC(n)(v)	S+575, 0.75% SOFR Floor	3/25/2027	Services: Business	16,250	16,073	15,519
Ironhorse Purchaser, LLC(n)(u)	S+525, 1.00% SOFR Floor	9/30/2027	Services: Business	6,861	6,823	6,861
Ironhorse Purchaser, LLC(n)(u)	S+525, 1.00% SOFR Floor	9/30/2027	Services: Business	1,965	1,956	1,965
Ironhorse Purchaser, LLC	0.50% Unfunded	9/30/2027	Services: Business	816	(4)	—
Isagenix International, LLC(r)(t)(v)	S+760, 1.00% SOFR Floor	4/14/2028	Beverage, Food & Tobacco	9,806	9,806	7,796
JP Intermediate B, LLC(m)(v)	S+650, 1.00% SOFR Floor	11/20/2027	Beverage, Food & Tobacco	66,727	23,432	46,041
K&N Parent, Inc.(t)(u)	S+825, 1.00% SOFR Floor	8/16/2027	Consumer Goods: Durable	5,869	5,869	5,568
K&N Parent, Inc.(u)	S+800, 1.00% SOFR Floor	2/16/2027	Consumer Goods: Durable	4,167	4,070	4,271
KeyImpact Holdings, Inc.(m)(v)	S+650, 1.00% SOFR Floor	1/31/2029	Beverage, Food & Tobacco	16,886	16,886	17,139
Klein Hersh, LLC(i)(u)	S+850, 0.50% SOFR Floor	4/27/2028	Services: Business	23,185	20,877	21,040
LAV Gear Holdings, Inc.(m)(n)(v)	S+628, 1.00% SOFR Floor	10/31/2025	Services: Business	28,854	28,850	21,717
LAV Gear Holdings, Inc.(m)(n)(v)	S+628, 1.00% SOFR Floor	10/31/2025	Services: Business	4,671	4,671	3,521
LAV Gear Holdings, Inc.(t)	10.00%	10/31/2025	Services: Business	2,167	2,097	2,782
LGC US Finco, LLC(m)(u)	S+650, 1.00% SOFR Floor	12/20/2025	Capital Equipment	10,858	10,816	10,831
LGC US Finco, LLC(m)(u)	S+650, 1.00% SOFR Floor	12/20/2025	Capital Equipment	1,960	1,949	1,955
Lift Brands, Inc.(m)(n)(r)(u)	S+750, 1.00% SOFR Floor	9/30/2026	Services: Consumer	21,709	21,693	22,344
Lift Brands, Inc.(n)(r)(t)	9.50%	9/30/2026	Services: Consumer	6,980	6,920	6,893
Lift Brands, Inc.(n)(r)(t)	9.50%	9/30/2026	Services: Consumer	7,836	7,663	7,546
Lux Credit Consultants LLC(m)(v)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	17,475	17,475	17,475
Lux Credit Consultants LLC(v)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	1,880	1,880	1,880
Lux Credit Consultants LLC(v)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	406	406	406
Lux Credit Consultants LLC	1.00% Unfunded	4/29/2028	Automotive	456	—	—
MacNeill Pride Group Corp.(m)(v)	S+675, 1.00% SOFR Floor	4/22/2026	Services: Consumer	16,518	16,515	16,518
MacNeill Pride Group Corp.(v)	S+675, 1.00% SOFR Floor	4/22/2026	Services: Consumer	6,093	6,083	6,093

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Moss Holding Company(m)(n)(v)	S+575, 1.00% SOFR Floor	10/17/2026	Services: Business	21,764	21,574	21,764
Moss Holding Company(m)(v)	S+575, 1.00% SOFR Floor	10/17/2026	Services: Business	3,705	3,673	3,705
Moss Holding Company	5.75% Unfunded	10/17/2026	Services: Business	106	—	—
Moss Holding Company	0.50% Unfunded	10/17/2026	Services: Business	2,126	—	—
Newbury Franklin Industrials LLC(m)(v)	S+700, 2.00% SOFR Floor	12/11/2029	Capital Equipment	7,986	7,875	7,876
Newbury Franklin Industrials LLC	1.00% Unfunded	12/11/2029	Capital Equipment	1,974	(13)	(27)
NewsCycle Solutions, Inc.(q)(v)	S+100, 1.00% SOFR Floor	9/30/2026	Media: Advertising, Printing & Publishing	14,184	12,088	8,953
Nova Compression, LLC(m)(t)(v)	S+1050, 2.00% SOFR Floor	10/13/2027	Energy: Oil & Gas	28,942	28,942	28,942
Nova Compression, LLC(t)(v)	S+1050, 2.00% SOFR Floor	10/13/2027	Energy: Oil & Gas	3,617	3,617	3,617
NTM Acquisition Corp.(m)(v)	S+675, 1.00% SOFR Floor	6/18/2026	Hotel, Gaming & Leisure	22,823	22,823	22,823
OpCo Borrower, LLC(m)(n)(v)	S+575, 1.00% SOFR Floor	4/26/2029	Healthcare & Pharmaceuticals	27,924	27,833	27,924
Optio Rx, LLC(r)(v)	S+800, 2.50% SOFR Floor	3/21/2030	Healthcare & Pharmaceuticals	13,795	13,795	13,795
Optio Rx, LLC(r)	0.50% Unfunded	3/21/2030	Healthcare & Pharmaceuticals	658	—	—
Optio Rx, LLC(r)(v)	S+800, 2.50% SOFR Floor	3/21/2030	Healthcare & Pharmaceuticals	658	658	658
Playboy Enterprises, Inc.(h)(t)(v)	S+625, 0.50% SOFR Floor	5/25/2027	Consumer Goods: Non-Durable	14,734	14,611	14,734
PRAAcquisition, LLC(v)	S+650, 1.00% SOFR Floor	5/12/2028	Hotel, Gaming & Leisure	18,106	18,107	18,016
RA Outdoors, LLC(v)	S+675, 1.00% SOFR Floor	4/8/2026	Media: Diversified & Production	11,644	11,644	10,698
RA Outdoors, LLC(v)	S+675, 1.00% SOFR Floor	4/8/2026	Media: Diversified & Production	1,114	1,087	1,023
RA Outdoors, LLC	0.00% Unfunded	4/8/2026	Media: Diversified & Production	1,083	—	(59)
Riddell, Inc. / All American Sports Corp.(m)(n) (u)	S+600, 1.00% SOFR Floor	3/29/2029	Consumer Goods: Durable	15,433	15,202	15,182
Riddell, Inc. / All American Sports Corp.(p)	0.00% Unfunded	9/29/2026	Consumer Goods: Durable	1,636	—	(27)
Robert C. Hilliard, L.L.P.(t)(u)(x)	S+1200, 2.00% SOFR Floor	4/30/2025	Services: Consumer	2,364	2,370	2,320
Rogers Mechanical Contractors, LLC(m)(v)	S+575, 1.00% SOFR Floor	9/28/2028	Construction & Building	15,737	15,713	15,737
Rogers Mechanical Contractors, LLC(v)	S+575, 1.00% SOFR Floor	9/28/2028	Construction & Building	779	755	779
Rogers Mechanical Contractors, LLC	1.00% Unfunded	3/28/2026	Construction & Building	2,541	—	—
Rogers Mechanical Contractors, LLC	0.50% Unfunded	9/28/2028	Construction & Building	2,885	(7)	—
RumbleOn, Inc.(m)(v)	S+825, 1.00% SOFR Floor	8/31/2026	Automotive	8,751	8,560	8,532
RumbleOn, Inc.(m)(v)	S+825, 1.00% SOFR Floor	8/31/2026	Automotive	2,641	2,634	2,575
Securus Technologies Holdings, Inc.(m)(t)(v)	S+509, 1.00% SOFR Floor	7/31/2025	Telecommunications	4,228	4,215	2,717
Securus Technologies Holdings, Inc.(t)(v)	S+750, 1.00% SOFR Floor	7/31/2025	Telecommunications	81	81	81
Sequoia Healthcare Management, LLC(q)	12.75%	11/4/2023	Healthcare & Pharmaceuticals	8,525	—	—
SHF Holdings, Inc.(n)(v)	S+550, 1.00% SOFR Floor	1/22/2030	Beverage, Food & Tobacco	18,170	18,170	18,170
SHF Holdings, Inc.(v)	S+550, 1.00% SOFR Floor	1/22/2030	Beverage, Food & Tobacco	348	348	348
SHF Holdings, Inc.	0.50% Unfunded	1/22/2030	Beverage, Food & Tobacco	1,391	—	—
Sleep Opco, LLC(m)(n)(v)	S+650, 1.00% SOFR Floor	10/12/2026	Retail	13,321	13,257	13,321
Sleep Opco, LLC(m)(v)	S+700, 1.00% SOFR Floor	10/12/2026	Retail	388	376	388
Sleep Opco, LLC(m)(v)	S+650, 1.00% SOFR Floor	10/12/2026	Retail	1,391	1,365	1,391
Sleep Opco, LLC	0.50% Unfunded	10/12/2026	Retail	1,750	(9)	—
Spin Holdco Inc.(n)(v)	S+400, 0.75% SOFR Floor	3/4/2028	Services: Business	9,922	8,736	8,744
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	19,279	19,278	8,194

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	1,713	1,713	694
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	1,101	1,101	446
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	1,046	1,046	424
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	873	873	371
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	S+950	5/29/2026	Healthcare & Pharmaceuticals	797	797	803
STATinMED, LLC(q)(r)(t)(u)	S+950, 2.00% SOFR Floor	7/1/2027	Healthcare & Pharmaceuticals	13,313	11,796	5,525
STATinMED, LLC(r)	0.00%	7/1/2027	Healthcare & Pharmaceuticals	1,004	1,004	936
STATinMED, LLC(r)	0.00%	7/1/2027	Healthcare & Pharmaceuticals	224	224	243
Stengel Hill Architecture, LLC(u)	S+675, 1.00% SOFR Floor	8/16/2028	Construction & Building	14,775	14,775	14,775
Stengel Hill Architecture, LLC(u)	S+675, 1.00% SOFR Floor	8/16/2028	Construction & Building	1,519	1,519	1,519
Stengel Hill Architecture, LLC(u)	S+675, 1.00% SOFR Floor	8/16/2028	Construction & Building	1,425	1,425	1,425
Stengel Hill Architecture, LLC	0.38% Unfunded	8/16/2028	Construction & Building	825	—	—
Tactical Air Support, Inc.(m)(u)	S+850, 1.00% SOFR Floor	12/22/2028	Aerospace & Defense	11,550	11,550	11,550
Tactical Air Support, Inc.(u)	S+850, 1.00% SOFR Floor	12/22/2028	Aerospace & Defense	1,925	1,884	1,925
The Men's Wearhouse, LLC(n)(v)	S+650, 0.00% SOFR Floor	2/26/2029	Retail	1,592	1,587	1,594
Thrill Holdings LLC(m)(v)	S+600, 1.00% SOFR Floor	5/27/2027	Media: Diversified & Production	18,217	18,217	18,212
Thrill Holdings LLC	0.50% Unfunded	5/27/2027	Media: Diversified & Production	1,739	—	26
TMK Hawk Parent, Corp.(t)(u)	S+525, 1.00% SOFR Floor	6/30/2029	Services: Business	7,468	7,468	7,328
TMK Hawk Parent, Corp.(p)	0.00% Unfunded	12/31/2028	Services: Business	780	—	—
Trademark Global, LLC(r)(t)(v)	S+850, 1.00% SOFR Floor	6/30/2027	Consumer Goods: Non-Durable	19,328	19,286	12,838
Trammell, P.C.(t)(u)	S+1550, 2.00% SOFR Floor	4/28/2026	Services: Consumer	17,403	17,403	17,403
Williams Industrial Services Group, Inc.(q)(t)(v)	S+1100, 1.00% SOFR Floor	12/16/2025	Services: Business	1,525	1,426	641
Williams Industrial Services Group, Inc.(q)(t)(v)	S+1100, 1.00% SOFR Floor	12/16/2025	Services: Business	325	304	137
Wok Holdings Inc.(m)(n)(u)	S+625, 0.00% SOFR Floor	3/1/2026	Beverage, Food & Tobacco	24,452	23,821	24,300
WorkGenius, Inc.(m)(v)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	14,557	14,557	14,557
WorkGenius, Inc.(v)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	750	744	750
WorkGenius, Inc.(m)(v)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	7,448	7,448	7,447
WorkGenius, Inc.(n)(v)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	2,355	2,355	2,355
Xenon Arc, Inc.(m)(v)	S+575, 0.75% SOFR Floor	12/20/2028	High Tech Industries	3,816	3,794	3,816
Total Senior Secured First Lien Debt					1,570,700	1,501,896
Senior Secured Second Lien Debt - 0.1%
RA Outdoors, LLC(t)(v)	S+900, 1.00% SOFR Floor	10/8/2026	Media: Diversified & Production	2,147	2,147	821
Securus Technologies Holdings, Inc.(q)(t)(v)	S+931, 1.00% SOFR Floor	11/1/2025	Telecommunications	3,532	3,195	190
Total Senior Secured Second Lien Debt					5,342	1,011
Collateralized Securities and Structured Products - Equity - 0.4%
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h)	0.00% Estimated Yield	10/15/2030	Diversified Financials	4,000	466	70
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(g)(h)	11.84% Estimated Yield	4/28/2039	Diversified Financials	3,000	2,981	2,957
Total Collateralized Securities and Structured Products - Equity					3,447	3,027
Unsecured Debt - 1.1%
Klein Hersh, LLC(m)(p)	0.00%	4/27/2032	Services: Business	4,368	988	1,289
Lucky Bucks Holdings LLC(q)(t)	12.50%	5/29/2028	Hotel, Gaming & Leisure	25,308	22,860	5,315
TMK Hawk Parent, Corp.(t)	11.00%	12/15/2031	Services: Business	1,623	1,623	1,487
Total Unsecured Debt					25,471	8,091

Portfolio Company(a)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)
Equity - 33.2%
ACS Holdings LLC, Class A-1 Membership Units(o)(p)(s)		Healthcare & Pharmaceuticals	29,715,901 Units	—	297
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o) (p)(r)		Metals & Mining	NA	—	—
Ascent Resources - Marcellus, LLC, Membership Units(p)		Energy: Oil & Gas	511,255 Units	1,642	824
Avison Young (Canada) Inc., Class A Preferred Shares (12.5% Return)		Banking, Finance, Insurance & Real Estate	8,800,606 Units	10,357	6,952
Avison Young (Canada) Inc., Class F Common Shares(p)		Banking, Finance, Insurance & Real Estate	6,575 Units	3,183	1,680
Carestream Health Holdings, Inc., Common Stock(p)(r)		Healthcare & Pharmaceuticals	617,927 Units	21,762	20,472
CF Arch Holdings LLC, Class A Units		Services: Business	380,952 Units	381	651
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s)		Diversified Financials	22,072,841 Units	22,073	19,668
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(p) (s)		Diversified Financials	NA	—	—
CTS Ultimate Holdings, LLC, Class A Preferred Units(p)		Construction & Building	849,201 Units	237	527
David's Bridal Holdings, LLC, Preferred Units(p)(s)		Retail	1,000 Units	10,820	9,989
David's Bridal Holdings, LLC, Class A Common Units(p)(s)		Retail	876,920 Units	23,130	15,758
David's Bridal Holdings, LLC, Class B Common Units(p)(s)		Retail	49,677 Units	363	893
EBSC Holdings LLC, Preferred Units (10% Return)		Consumer Goods: Durable	2,000 Units	2,235	2,086
FWS Parent Holdings, LLC, Class A Membership Interests(p)		Services: Business	35,242 Units	800	703
GSC Technologies Inc., Common Shares(p)(r)		Chemicals, Plastics & Rubber	807,268 Units	—	73
Heritage Litigation Trust, Restricted Stock(p)		Energy: Oil & Gas	238,375 Units	100	124
Instant Web Holdings, LLC, Class A Common Units(p)(r)		Media: Advertising, Printing & Publishing	10,819 Units	—	—
IPP Buyer Holdings, LLC, Class A Units(p)(r)		Retail	8,888,354 Units	10,740	11,022
Isagenix Worldwide, Inc., Common Shares(p)(r)		Beverage, Food & Tobacco	757,225 Units	8,987	—
K&N Holdco, LLC, Membership Units(p)		Consumer Goods: Durable	743,846 Units	8,927	2,822
Language Education Holdings GP LLC, Common Units(p)		Services: Business	366,667 Units	—	—
Language Education Holdings LP, Ordinary Common Units(p)		Services: Business	366,667 Units	825	1,808
LB NewHoldco LLC, Voting Units(p)		Hotel, Gaming & Leisure	123,568 Units	4,200	649
Live Comfortably Inc., Common Stock(p)(r)		Consumer Goods: Durable	8,654 Units	—	—
Longview Intermediate Holdings C, LLC, Membership Units(p)(r)		Energy: Oil & Gas	1,491,731 Units	12,835	70,155
Mount Logan Capital Inc., Common Stock(f)(h)		Banking, Finance, Insurance & Real Estate	1,075,557 Units	3,534	1,936
New Giving Acquisition, Inc., Common Stock		Healthcare & Pharmaceuticals	4,630 Units	633	2,117
New HW Holdings Corp., Preferred Stock(p)(r)		Capital Equipment	14 Units	9,899	—
New HW Holdings Corp., Common Stock(p)(r)		Capital Equipment	119 Units	—	—
NS NWN Acquisition, LLC, Class A Preferred Units		High Tech Industries	111 Units	—	506
NS NWN Acquisition, LLC, Common Equity(p)		High Tech Industries	346 Units	—	—
NS NWN Holdco LLC, Non-Voting Units		High Tech Industries	522 Units	—	154
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p)		Consumer Goods: Durable	1,575 Units	1,000	1,660
Online Pharmacy Holdings, LLC, Series A Preferred Equity (5% Return)(r)		Healthcare & Pharmaceuticals	3,762,159 Units	3,137	3,047
Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r)		Healthcare & Pharmaceuticals	1,235 Units	—	—
Palmetto Clean Technology, Inc., Warrants(p)		High Tech Industries	724,112 Units	472	6,561
PLBY Group, Inc., Series B Preferred Stock (12% Return)(h)(p)		Consumer Goods: Non-Durable	2,868 Units	4,506	4,482
PLBY Group, Inc., Common Stock(f)(h)(p)		Consumer Goods: Non-Durable	516,953 Units	956	838
RumbleOn, Inc., Warrants(p)	8/14/2028	Automotive	60,606 Units	378	16

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Service Compression Holdings, LLC, Junior Preferred Units(p)		Energy: Oil & Gas	389,001 Units	1,327	1,548
Service Compression Holdings, LLC, Warrants(p)		Energy: Oil & Gas	730,586 Units	1,426	2,206
Snap Fitness Holdings, Inc., Class A Common Stock(p)(r)		Services: Consumer	9,858 Units	3,078	5,983
Snap Fitness Holdings, Inc., Warrants(p)(r)		Services: Consumer	3,996 Units	1,247	2,425
SRA Parent, LLC, Preferred Units (12% Return)(r)		Banking, Finance, Insurance & Real Estate	10,414,785 Units	11,350	11,352
SRA Parent, LLC, Common Units(p)(r)		Banking, Finance, Insurance & Real Estate	167,952 Units	19,985	20,320
STATinMed Parent, LLC, Class A Preferred Units(p)(r)		Healthcare & Pharmaceuticals	6,182 Units	6,182	—
STATinMed Parent, LLC, Class B Preferred Units(p)(r)		Healthcare & Pharmaceuticals	51,221 Units	3,193	—
TG Parent NewCo LLC, Common Units(o)(p)(r)		Consumer Goods: Non-Durable	9 Units	—	—
TMK Hawk Parent, Corp., Common Shares(p)		Services: Business	643,588 Units	8,579	4,911
TMK Hawk Parent, Corp., Warrants(p)		Services: Business	36,734 Units	—	82
URS Topco, LLC, Common Equity(p)		Transportation: Cargo	430,540 Units	9,669	11,024
WorkGenius, LLC, Class A Units(p)		Services: Business	500 Units	500	823
WorkGenius, LLC, Class A-1 Units(p)		Services: Business	1,864 Units	2,833	2,779
Yak Holding II, LLC, Series A Common Units		Construction & Building	127,419 Units	—	7
Total Equity				237,481	251,930
Short Term Investments - 7.7%(k)
First American Treasury Obligations Fund, Class Z Shares(m)(n)	4.20%(l)			58,673	58,673
Total Short Term Investments				58,673	58,673
TOTAL INVESTMENTS - 240.5%				\$ 1,901,114	1,824,628
LIABILITIES IN EXCESS OF OTHER ASSETS - (140.5)%					(1,066,018)
NET ASSETS - 100.0%					\$ 758,610

• a. All of the Company's investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a paidin-kind, or PIK, interest provision.
• b. The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of June 30, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2025.
• c. 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.
• d. Represents amortized cost for debt securities and cost for equity investments.
• e. Denominated in U.S. dollars unless otherwise noted.
• f. Fair value determined using level 1 inputs.
• g. 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.

• h. 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 June 30, 2025, 95.6% of the Company's total assets represented qualifying assets.

• i. Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of June 30, 2025 was 4.11%.

• j. 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.
• k. 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.
• l. 7-day effective yield as of June 30, 2025.
• m. 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 June 30, 2025 (see Note 8).
• n. 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 June 30, 2025 (see Note 8).
• o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
• p. Non-income producing security.
• q. Investment or a portion thereof was on non-accrual status as of June 30, 2025.
• r. 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 June 30, 2025, along with transactions during the six months ended June 30, 2025 in these affiliated investments, were as follows:

			Six Months Ended June 30, 2025			Six Months Ended June 30, 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 June 30, 2025	Net Realized Gain (Loss)	Interest Income(3)	Dividend Income	Fee Income
American Clinical Solutions LLC
First Lien Term Loan	\$ 11,075	\$ 2,167	\$ (13,242)	\$ —	\$ —	\$ —	\$ 436	\$ —	\$ —
Class A-1 Membership Interests	—	—	—	—	—	—	—	—	—
ARC Financial, LLC
Membership Interests	—	—	—	—	—	—	—	—	—
Carestream Health, Inc.
First Lien Term Loan	11,172	121	(170)	(132)	10,991	—	799	—	—
Carestream Health Holdings Inc.
Common Shares	20,108	—	—	364	20,472	—	—	—	—
GSC Technologies Inc.
Common Shares	32	—	—	41	73	—	—	—	—
Hollander Intermediate LLC
First Lien Term Loan	—	17,127	—	(160)	16,967	—	561	—	—
HW Acquisition, LLC
Revolving Loan	3,140	1,111	—	(371)	3,880	—	235	—	—
First Lien Term Loan	4,794	281	—	(390)	4,685	—	319	—	—
Instant Web, LLC
Revolving Loan	2,430	4,907	(4,001)	7	3,343	—	148	—	—
Priming Term Loan	573	33	—	(3)	603	—	32	—	—
First Lien Term Loan	36,557	3,002	—	(3,545)	36,014	—	3,003	—	—
First Lien Delayed Draw Term Loan	1,458	90	—	2	1,550	—	84	—	—
Instant Web Holdings, LLC
Class A Common Units	—	—	—	—	—	—	—	—	—
IPP Buyer Holdings, LLC
Class A Units	11,644	—	—	(622)	11,022	—	—	—	—
Isagenix International, LLC
First Lien Term Loan	9,229	413	—	(1,846)	7,796	—	540	—	—
Isagenix Worldwide, Inc.
Common Shares	6,322	—	—	(6,322)	—	—	—	—	—
Lift Brands, Inc.
Term Loan A	22,814	—	(1,121)	651	22,344	—	1,348	—	518
Term Loan B	6,577	320	(44)	40	6,893	—	364	—	103
Term Loan C	7,386	368	(228)	20	7,546	—	455	—	79

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(in thousands)

			Six Months Ended June 30, 2025			Six Months Ended June 30, 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 June 30, 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	—	—	17,989	70,155	—	—	—	—
New HW Holdings Corp.
Preferred Stock	3,141	—	—	(3,141)	—	—	—	—	—
Common Stock	—	—	—	—	—	—	—	—	—
Online Pharmacy Holdings, LLC
Series A Preferred Equity	—	3,137	—	(90)	3,047	—	—	52	—
Series D Preferred Equity	—	—	—	—	—	—	—	—	—
Optio Rx, LLC
First Lien Term Loan	—	13,795	—	—	13,795	—	560	—	—
Revolving Loan	—	658	—	—	658	—	23	—	—
Snap Fitness Holdings, Inc.
Class A Stock	5,028	—	—	955	5,983	—	—	—	—
Warrants	2,038	—	—	387	2,425	—	—	—	—
SRA Holdings, LLC
Unsecured Debt	4,103	—	(4,103)	—	—	—	97	—	—
SRA Parent, LLC
Preferred Equity	9,533	1,826	—	(7)	11,352	—	—	578	—
Common Equity	17,277	2,395	—	648	20,320	—	—	—	—
STATinMED, LLC
First Lien Term Loan	4,592	87	—	846	5,525	—	87	—	—
Senior Term Loan	942	—	—	(6)	936	—	368	—	—
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	1,191	—	(3,184)	12,838	—	1,281	—	—
Totals	\$ 269,205	\$ 53,029	\$ (22,909)	\$ 2,131	\$ 301,456	\$ —	\$ 10,770	\$ 630	\$ 700

(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.

s. 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 June 30, 2025, along with transactions during the six months ended June 30, 2025 in these controlled investments, were as follows:

				Six Months Ended June 30, 2025							Six Months Ended June 30, 2025
Controlled Investments		Fair Value at December 31, 2024		Gross Gross Net Additions Reductions Unrealized (Cost)(1) (Cost)(2) Gain (Loss)		Fair Value at June 30, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
American Clinical Solutions LLC
First Lien Term Loan	\$	—	\$	16,039	\$	—	\$	367	\$ 16,406	\$	—	\$	198	\$	—	\$	—
Delayed Draw Term Loan		—		—		—		(909)	(909)		—		—		—		—
Class A-1 Membership Interests		—		—		—		297	297		—		—		—		—
CION/EagleTree Partners, LLC
Senior Secured Note		36,037		—		—		—	36,037		—		2,501		—		—
Participating Preferred Shares		18,103		—		—		1,565	19,668		—		—		—		—
Common Shares		—		—		—		—	—		—		—		—		—
David's Bridal, Inc.
Exit First Lien Term Loan		73,181		2,000		—		(6,658)	68,523		—		4,879		—		—
Incremental First Lien Term Loan		9,910		8,000		(1,217)		(264)	16,429		—		556		—		273
Fourteenth Amendment Term Loan		—		4,637		—		(312)	4,325		—		125		—		200
David's Bridal Holdings, LLC
Preferred Units		9,575		—		—		414	9,989		—		—		—		—
Class A Common Units		24,570		—		—		(8,812)	15,758		—		—		—		—
Class B Common Units		—		363		—		530	893		—		—		—		—
Totals	\$	171,376	\$	31,039	\$	(1,217)	\$	(13,782)	\$ 187,416	\$	—	\$	8,259	\$	—	\$	473

(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.

t. As of June 30, 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	14.59%	2.00%	16.59%
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	4.45%	11.45%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	10.05%	10.05%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	10.00%	10.00%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	1.00%	1.00%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	6.08%	6.50%	12.58%
Berlitz Holdings, Inc.	Senior Secured First Lien Debt	8.44%	5.00%	13.44%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	2.95%	12.95%
Cennox, Inc.	Senior Secured First Lien Debt	9.98%	0.25%	10.23%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
FuseFX, LLC	Senior Secured First Lien Debt	5.36%	5.00%	10.36%
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	—	10.50%	10.50%
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	2.55%	9.41%	11.96%
K&N Parent, Inc.	Senior Secured First Lien Debt	7.69%	5.00%	12.69%
LAV Gear Holdings, Inc.	Senior Secured First Lien Debt	—	10.00%	10.00%
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	5.41%	5.25%	10.66%
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%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	—	11.80%	11.80%
Securus Technologies Holdings, Inc.	Senior Secured First Lien Debt	—	9.65%	9.65%
Securus Technologies Holdings, Inc.	Senior Secured Second Lien Debt	—	13.61%	13.61%
Spinal USA, Inc. / Precision Medical Inc.	Senior Secured First Lien Debt	—	14.06%	14.06%
STATinMED, LLC	Senior Secured First Lien Debt	—	13.93%	13.93%
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%

u. The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

v. The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.

w. The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.

x. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.

y. The Company has entered into an agreement with the other lenders to purchase another \$10,000 of the funded term loan and commit to another \$10,000 of the unfunded term loan on March 20, 2026 if certain conditions are satisfied.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Senior Secured First Lien Debt - 190.5%
A-AG US Protein Bidco, Inc.(n)(w)	S+500, 1.00% SOFR Floor	11/1/2031	Capital Equipment	\$ 6,000	\$ 5,941	\$ 6,060
Adapt Laser Acquisition, Inc.(x)	S+1000, 1.00% SOFR Floor	12/31/2025	Capital Equipment	10,495	10,494	10,796
Adapt Laser Acquisition, Inc.(x)	S+1000, 1.00% SOFR Floor	12/31/2025	Capital Equipment	3,604	3,600	3,581
AHF Parent Holding, Inc.(n)(x)	S+625, 0.75% SOFR Floor	2/1/2028	Construction & Building	7,379	7,306	7,379
Allen Media, LLC(x)	S+550, 0.00% SOFR Floor	2/10/2027	Media: Diversified & Production	8,681	8,643	7,683
ALM Global, LLC(m)(n)(x)	S+550, 1.00% SOFR Floor	2/21/2029	Media: Advertising, Printing & Publishing	29,502	29,502	29,502
ALM Global, LLC(x)	S+550, 1.00% SOFR Floor	2/21/2029	Media: Advertising, Printing & Publishing	900	900	900
ALM Global, LLC	5.50% Unfunded	2/21/2029	Media: Advertising, Printing & Publishing	230	—	—
ALM Global, LLC	0.50% Unfunded	2/21/2029	Media: Advertising, Printing & Publishing	1,570	—	—
American Clinical Solutions LLC(r)(t)(x)	S+700, 1.00% SOFR Floor	6/30/2025	Healthcare & Pharmaceuticals	13,733	13,733	11,742
American Clinical Solutions LLC(p)(r)	0.00% Unfunded	6/30/2025	Healthcare & Pharmaceuticals	4,600	—	(667)
American Family Care, LLC(m)(x)	S+600, 1.00% SOFR Floor	2/28/2029	Healthcare & Pharmaceuticals	13,331	13,331	13,331
American Family Care, LLC(x)	S+600, 1.00% SOFR Floor	2/28/2029	Healthcare & Pharmaceuticals	455	455	455
American Family Care, LLC	1.00% Unfunded	2/28/2026	Healthcare & Pharmaceuticals	4,091	—	—
American Family Care, LLC	0.50% Unfunded	2/28/2029	Healthcare & Pharmaceuticals	1,818	—	—
American Health Staffing Group, Inc.(m)	Prime+500	11/19/2026	Services: Business	15,405	15,339	15,405
American Health Staffing Group, Inc.	0.50% Unfunded	11/19/2026	Services: Business	3,333	(12)	—
Ancile Solutions, Inc.(m)(x)	S+1000, 1.00% SOFR Floor	6/11/2026	High Tech Industries	10,775	10,656	11,368
Anthem Sports & Entertainment Inc.(t)(x)	S+950, 1.00% SOFR Floor	11/15/2026	Media: Diversified & Production	45,166	45,071	34,778
Anthem Sports & Entertainment Inc.(t)(x)	S+950, 1.00% SOFR Floor	11/15/2026	Media: Diversified & Production	3,641	3,641	3,641
Anthem Sports & Entertainment Inc.	0.50% Unfunded	11/15/2026	Media: Diversified & Production	167	—	—
Anthem Sports & Entertainment Inc.(p)	0.00% Unfunded	3/1/2025	Media: Diversified & Production	1,059	—	26
Anthem Sports & Entertainment Inc.(x)	S+700, 1.00% SOFR Floor	3/30/2025	Media: Diversified & Production	2,119	2,119	2,171
Appalachian Resource Company, LLC(w)(z)	S+1000, 1.00% SOFR Floor	9/15/2024	Metals & Mining	5,000	5,000	4,863
Appalachian Resource Company, LLC(w)(z)	S+500, 1.00% SOFR Floor	9/30/2024	Metals & Mining	11,137	11,137	8,231
APS Acquisition Holdings, LLC(m)(x)	S+575, 1.00% SOFR Floor	7/11/2029	Construction & Building	14,664	14,664	14,664
APS Acquisition Holdings, LLC	1.00% Unfunded	7/11/2029	Construction & Building	5,199	—	—
APS Acquisition Holdings, LLC	0.50% Unfunded	7/11/2029	Construction & Building	2,600	—	—
Atlas Supply LLC	13.00%	4/29/2025	Healthcare & Pharmaceuticals	5,000	5,000	4,800
Avison Young (USA) Inc.(n)(x)	S+625, 2.00% SOFR Floor	3/12/2028	Banking, Finance, Insurance & Real Estate	7,463	7,332	7,425
Avison Young (USA) Inc.(t)(x)	S+800, 2.00% SOFR Floor	3/12/2029	Banking, Finance, Insurance & Real Estate	8,591	8,591	8,591
Avison Young (USA) Inc.(t)(x)	S+800, 2.00% SOFR Floor	3/12/2029	Banking, Finance, Insurance & Real Estate	2,936	2,936	2,774
BDS Solutions Intermediateco, LLC(m)(x)	S+700, 2.00% SOFR Floor	2/7/2027	Services: Business	19,689	19,506	19,516
BDS Solutions Intermediateco, LLC(x)	S+700, 2.00% SOFR Floor	2/7/2027	Services: Business	2,333	2,254	2,313
BDS Solutions Intermediateco, LLC	0.50% Unfunded	2/7/2027	Services: Business	524	—	(5)
Berlitz Holdings, Inc.(w)	S+900, 1.00% SOFR Floor	5/31/2025	Services: Business	15,000	14,839	14,669
Bradshaw International Parent Corp.(n)(w)	S+ 575, 1.00% SOFR Floor	10/21/2027	Consumer Goods: Durable	12,761	12,583	12,761
Bradshaw International Parent Corp.	1.00% Unfunded	10/21/2026	Consumer Goods: Durable	1,844	(17)	—

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Cabi, LLC(w)	S+600, 2.00% SOFR Floor	2/28/2027	Retail	14,366	14,256	14,007
Carestream Health, Inc.(n)(r)(x)	S+750, 1.00% SOFR Floor	9/30/2027	Healthcare & Pharmaceuticals	11,172	10,367	11,172
Celerity Acquisition Holdings, LLC(m)(t)(x)	S+850, 1.00% SOFR Floor	5/28/2026	Services: Business	16,746	16,732	16,746
Cennox, Inc.(m)(n)(y)	S+550, 1.00% SOFR Floor	5/4/2029	Services: Business	38,388	38,090	38,388
Cennox, Inc.(y)	S+550, 1.00% SOFR Floor	5/4/2029	Services: Business	653	653	653
Cennox, Inc.	0.50% Unfunded	5/4/2029	Services: Business	2,334	—	—
CION/EagleTree Partners, LLC(h)(s)(t)	14.00%	12/21/2026	Diversified Financials	36,037	36,037	36,037
Community Tree Service, LLC(m)(t)(x)	S+975, 1.00% SOFR Floor	6/17/2027	Construction & Building	12,082	12,083	12,082
Core Health & Fitness, LLC(m)(w)	S+800, 3.00% SOFR Floor	6/17/2029	Consumer Goods: Durable	19,900	19,624	19,801
CrossLink Professional Tax Solutions, LLC(m) (w)	S+550, 1.00% SOFR Floor	6/30/2028	High Tech Industries	17,747	17,529	17,525
CrossLink Professional Tax Solutions, LLC(w)	S+550, 1.00% SOFR Floor	6/30/2028	High Tech Industries	368	341	363
CrossLink Professional Tax Solutions, LLC	0.50% Unfunded	6/30/2028	High Tech Industries	1,840	—	(23)
David's Bridal, LLC(m)(s)(x)	S+650, 0.00% SOFR Floor	12/21/2027	Retail	77,050	77,050	73,181
David's Bridal, LLC(s)(x)	S+600, 0.00% SOFR Floor	12/21/2027	Retail	10,164	10,164	9,910
Dermcare Management, LLC(m)(w)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	9,168	9,047	9,168
Dermcare Management, LLC(m)(w)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	4,167	4,110	4,167
Dermcare Management, LLC(w)	S+575, 1.00% SOFR Floor	4/22/2028	Healthcare & Pharmaceuticals	1,018	1,018	1,018
Dermcare Management, LLC	0.50% Unfunded	4/22/2028	Healthcare & Pharmaceuticals	326	—	—
Emerald Technologies (U.S.) Acquisitionco, Inc. (n)(w)	S+625, 1.00% SOFR Floor	12/29/2027	Services: Business	2,794	2,761	2,301
Entertainment Studios P&A LLC(x)	S+800, 1.00% SOFR Floor	9/28/2027	Media: Diversified & Production	28,783	28,722	28,783
Entertainment Studios P&A LLC(j)	5.00%	5/18/2037	Media: Diversified & Production	—	—	81

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
ESP Associates, Inc.(m)(w)	S+650, 1.50% SOFR Floor	7/24/2028	Construction & Building	8,597	8,462	8,597
ESP Associates, Inc.(w)	S+650, 1.50% SOFR Floor	7/24/2028	Construction & Building	197	171	197
ESP Associates, Inc.	0.50% Unfunded	7/24/2028	Construction & Building	1,118	—	—
Flatworld Intermediate Corp.(x)	S+675, 1.00% SOFR Floor	10/3/2027	Services: Business	22,957	22,957	22,957
Flatworld Intermediate Corp.	0.50% Unfunded	10/3/2027	Services: Business	5,865	—	—
FuseFX, LLC(m)(t)(x)	S+600, 1.00% SOFR Floor	9/30/2026	Media: Diversified & Production	20,597	20,587	20,140
Future Pak, LLC(m)(n)(x)	S+900, 4.00% SOFR Floor	9/22/2026	Healthcare & Pharmaceuticals	12,649	12,649	12,649
Gold Medal Holdings, Inc.(m)(x)	S+575, 1.00% SOFR Floor	3/17/2027	Environmental Industries	27,344	27,157	27,344
Gold Medal Holdings, Inc.	1.00% Unfunded	3/17/2027	Environmental Industries	2,498	(20)	—
H.W. Lochner, Inc.(m)(x)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	8,671	8,630	8,671
H.W. Lochner, Inc.(m)(x)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	10,216	10,024	10,216
H.W. Lochner, Inc.(m)(x)	S+625, 1.00% SOFR Floor	7/2/2027	Construction & Building	2,516	2,461	2,516
HEC Purchaser Corp.(x)	S+550, 1.00% SOFR Floor	6/17/2029	Healthcare & Pharmaceuticals	11,142	10,989	11,142
HEC Purchaser Corp.	0.50% Unfunded	6/17/2029	Healthcare & Pharmaceuticals	1,302	(17)	—
Heritage Power, LLC(t)(w)	S+700, 1.00% SOFR Floor	7/20/2028	Energy: Oil & Gas	1,192	1,192	1,175
Hilliard, Martinez & Gonzales, LLP(t)(x)	S+1200, 2.00% SOFR Floor	2/14/2025	Services: Consumer	27,849	27,849	27,327
Hollander Intermediate LLC(t)(w)	S+875, 3.00% SOFR Floor	9/19/2026	Consumer Goods: Durable	19,246	17,804	17,611
Homer City Generation, L.P.(t)	15.00%	4/16/2025	Energy: Oil & Gas	15,822	15,853	14,319
Homer City Generation, L.P.(t)	17.00%	4/16/2025	Energy: Oil & Gas	13,059	13,060	13,059
Hudson Hospital Opco, LLC(w)(z)	S+800, 3.00% SOFR Floor	11/4/2023	Healthcare & Pharmaceuticals	1,165	1,160	1,095
HUMC Holdco, LLC(w)(z)	S+800, 3.00% SOFR Floor	11/4/2023	Healthcare & Pharmaceuticals	4,939	4,939	4,593
HW Acquisition, LLC(r)	0.50% Unfunded	9/28/2026	Capital Equipment	147	—	(10)
HW Acquisition, LLC(r)(t)(x)	S+600, 0.00% SOFR Floor	9/28/2026	Capital Equipment	5,134	5,115	4,794
HW Acquisition, LLC(r)(t)	Prime+500	9/28/2026	Capital Equipment	3,373	3,363	3,150
ICA Foam Holdings, LLC(m)(x)	S+600, 1.00% SOFR Floor	12/5/2026	Containers, Packaging & Glass	18,876	18,760	18,687

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Inotiv, Inc.(t)(x)	S+675, 1.00% SOFR Floor	11/5/2026	Healthcare & Pharmaceuticals	20,880	20,040	19,210
Instant Web, LLC(r)(t)(w)	S+700, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	50,951	50,951	36,557
Instant Web, LLC(r)(t)	Prime+375	2/25/2027	Media: Advertising, Printing & Publishing	562	562	573
Instant Web, LLC(r)(t)(w)	S+650, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	1,515	1,515	1,488
Instant Web, LLC(r)(t)(w)	S+650, 1.00% SOFR Floor	2/25/2027	Media: Advertising, Printing & Publishing	2,494	2,493	2,445
Instant Web, LLC(r)	0.50% Unfunded	2/25/2027	Media: Advertising, Printing & Publishing	1,731	—	(30)
Instant Web, LLC(r)	0.50% Unfunded	2/25/2027	Media: Advertising, Printing & Publishing	757	—	(15)
Invincible Boat Company LLC(m)(w)	S+750, 1.50% SOFR Floor	12/31/2026	Consumer Goods: Durable	13,444	13,416	13,074
Invincible Boat Company LLC(w)	S+750, 1.50% SOFR Floor	12/31/2026	Consumer Goods: Durable	798	798	776
INW Manufacturing, LLC(n)(x)	S+575, 0.75% SOFR Floor	3/25/2027	Services: Business	16,750	16,518	15,975
Ironhorse Purchaser, LLC(n)(w)	S+525, 1.00% SOFR Floor	9/30/2027	Services: Business	6,982	6,936	6,982
Ironhorse Purchaser, LLC(n)(w)	S+525, 1.00% SOFR Floor	9/30/2027	Services: Business	2,000	1,988	2,000
Ironhorse Purchaser, LLC	0.50% Unfunded	9/30/2027	Services: Business	551	—	—
Ironhorse Purchaser, LLC(w)	S+525, 1.00% SOFR Floor	9/30/2027	Services: Business	265	261	265
Isagenix International, LLC(r)(x)	S+650, 1.00% SOFR Floor	4/14/2028	Beverage, Food & Tobacco	9,393	9,393	9,229
JP Intermediate B, LLC(m)(x)	S+650, 1.00% SOFR Floor	11/20/2027	Beverage, Food & Tobacco	53,716	21,298	42,704
K&N Parent, Inc.(t)(w)	S+825, 1.00% SOFR Floor	8/16/2027	Consumer Goods: Durable	5,724	5,724	5,410
K&N Parent, Inc.(w)	S+800, 1.00% SOFR Floor	2/16/2027	Consumer Goods: Durable	4,188	4,077	4,314
KeyImpact Holdings, Inc.(m)(x)	S+650, 1.00% SOFR Floor	1/31/2029	Beverage, Food & Tobacco	18,421	18,421	18,582
Klein Hersh, LLC(i)(w)	S+850, 0.50% SOFR Floor	4/27/2028	Services: Business	23,292	20,615	20,380
LAV Gear Holdings, Inc.(m)(n)(t)(x)	S+628, 1.00% SOFR Floor	10/31/2025	Services: Business	28,040	28,015	27,553
LAV Gear Holdings, Inc.(m)(n)(t)(x)	S+628, 1.00% SOFR Floor	10/31/2025	Services: Business	4,494	4,491	4,421
LGC US Finco, LLC(m)(w)	S+650, 1.00% SOFR Floor	12/20/2025	Capital Equipment	10,981	10,891	10,981
LGC US Finco, LLC(m)(w)	S+650, 1.00% SOFR Floor	12/20/2025	Capital Equipment	1,980	1,956	1,980
Lift Brands, Inc.(m)(n)(r)(w)	S+750, 1.00% SOFR Floor	6/29/2025	Services: Consumer	22,814	22,814	22,814
Lift Brands, Inc.(n)(r)(t)	9.50%	6/29/2025	Services: Consumer	6,660	6,644	6,577
Lift Brands, Inc.(n)(r)(t)	9.50%	6/29/2025	Services: Consumer	7,612	7,522	7,386
Lux Credit Consultants LLC(m)(x)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	17,541	17,541	17,541
Lux Credit Consultants LLC(x)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	1,887	1,887	1,887
Lux Credit Consultants LLC(x)	S+725, 1.50% SOFR Floor	4/29/2028	Automotive	405	405	405
Lux Credit Consultants LLC	2.25% Unfunded	4/29/2025	Automotive	4,612	—	—
Lux Credit Consultants LLC	1.00% Unfunded	4/29/2028	Automotive	457	—	—
MacNeill Pride Group Corp.(m)(x)	S+675, 1.00% SOFR Floor	4/22/2026	Services: Consumer	16,604	16,574	16,521
MacNeill Pride Group Corp.(x)	S+675, 1.00% SOFR Floor	4/22/2026	Services: Consumer	6,126	6,106	6,096
Manus Bio Inc.	13.00%	8/20/2026	Healthcare & Pharmaceuticals	7,044	7,022	7,044

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Mimeo.com, Inc.(m)(x)	S+750, 1.00% SOFR Floor	1/31/2026	Media: Advertising, Printing & Publishing	20,925	20,925	20,925
Mimeo.com, Inc.(x)	S+750, 1.00% SOFR Floor	1/31/2026	Media: Advertising, Printing & Publishing	2,756	2,756	2,756
Mimeo.com, Inc.	1.00% Unfunded	1/31/2026	Media: Advertising, Printing & Publishing	2,500	—	—
Moss Holding Company(m)(n)(x)	S+575, 1.00% SOFR Floor	10/17/2026	Services: Business	21,895	21,586	21,895
Moss Holding Company(m)(x)	S+575, 1.00% SOFR Floor	10/17/2026	Services: Business	2,654	2,628	2,654
Moss Holding Company	5.75% Unfunded	10/17/2026	Services: Business	106	—	—
Moss Holding Company	0.50% Unfunded	10/17/2026	Services: Business	2,126	—	—
Newbury Franklin Industrials LLC(m)(x)	S+700, 2.00% SOFR Floor	12/11/2029	Capital Equipment	8,026	7,904	7,906
Newbury Franklin Industrials LLC	1.00% Unfunded	12/11/2029	Capital Equipment	1,974	(15)	(30)
NewsCycle Solutions, Inc.(q)(x)	S+700, 1.00% SOFR Floor	2/27/2024	Media: Advertising, Printing & Publishing	12,286	12,282	9,521
Nova Compression, LLC(m)(t)(x)	S+1050, 2.00% SOFR Floor	10/13/2027	Energy: Oil & Gas	28,297	28,297	28,297
Nova Compression, LLC(t)(x)	S+1050, 2.00% SOFR Floor	10/13/2027	Energy: Oil & Gas	3,300	3,300	3,300
NTM Acquisition Corp.(m)(x)	S+675, 1.00% SOFR Floor	6/18/2026	Hotel, Gaming & Leisure	24,750	24,750	24,750
OpCo Borrower, LLC(m)(n)(x)	S+600, 1.00% SOFR Floor	4/26/2029	Healthcare & Pharmaceuticals	28,875	28,759	28,875
Optio Rx, LLC(u)(z)	L+900, 0.00% LIBOR Floor	6/28/2024	Healthcare & Pharmaceuticals	1,508	1,508	1,508
Optio Rx, LLC(n)(u)(z)	L+1200, 0.00% LIBOR Floor	6/28/2024	Healthcare & Pharmaceuticals	2,480	2,480	2,480
Optio Rx, LLC(x)(z)	S+525, 5.00% SOFR Floor	10/10/2024	Healthcare & Pharmaceuticals	1,505	1,505	1,505
Optio Rx, LLC(n)(u)(z)	L+900, 0.00% LIBOR Floor	6/28/2024	Healthcare & Pharmaceuticals	9,267	9,250	9,267
Playboy Enterprises, Inc.(h)(t)(x)	S+625, 0.50% SOFR Floor	5/25/2027	Consumer Goods: Non-Durable	14,228	14,070	14,228
PRAAcquisition, LLC(x)	S+650, 1.00% SOFR Floor	5/12/2028	Hotel, Gaming & Leisure	18,752	18,752	18,611
RA Outdoors, LLC(x)	S+675, 1.00% SOFR Floor	4/8/2026	Media: Diversified & Production	11,317	11,317	10,468
RA Outdoors, LLC(x)	S+675, 1.00% SOFR Floor	4/8/2026	Media: Diversified & Production	1,115	1,072	1,032
RA Outdoors, LLC(p)	0.50% Unfunded	4/8/2026	Media: Diversified & Production	348	—	(26)
Riddell, Inc. / All American Sports Corp.(m)(w)	S+600, 1.00% SOFR Floor	3/29/2029	Consumer Goods: Durable	16,057	15,781	15,936
Riddell, Inc. / All American Sports Corp.(p)	0.00% Unfunded	3/29/29	Consumer Goods: Durable	1,636	—	(12)
Robert C. Hilliard, L.L.P.(t)(x)	S+1200, 2.00% SOFR Floor	2/14/2025	Services: Consumer	2,311	2,311	2,268
Rogers Mechanical Contractors, LLC(x)	S+625, 1.00% SOFR Floor	9/28/2028	Construction & Building	1,655	1,627	1,670
Rogers Mechanical Contractors, LLC(m)(x)	S+625, 1.00% SOFR Floor	9/28/2028	Construction & Building	15,763	15,735	15,901
Rogers Mechanical Contractors, LLC	1.00% Unfunded	3/28/2026	Construction & Building	2,541	—	22
Rogers Mechanical Contractors, LLC	0.50% Unfunded	9/28/2028	Construction & Building	2,885	(5)	—
RumbleOn, Inc.(m)(t)(x)	S+875, 1.00% SOFR Floor	8/31/2026	Automotive	8,696	8,432	8,479
RumbleOn, Inc.(m)(t)(x)	S+875, 1.00% SOFR Floor	8/31/2026	Automotive	2,624	2,615	2,559
Securus Technologies Holdings, Inc.(m)(t)(x)	S+509, 1.00% SOFR Floor	7/31/2025	Telecommunications	4,049	3,950	3,760
Securus Technologies Holdings, Inc.(x)	S+750, 1.00% SOFR Floor	7/31/2025	Telecommunications	77	77	75
Sequoia Healthcare Management, LLC(q)	12.75%	11/4/2023	Healthcare & Pharmaceuticals	8,525	8,525	4,135

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Sleep Opco, LLC(m)(n)(x)	S+650, 1.00% SOFR Floor	10/12/2026	Retail	13,495	13,383	13,495
Sleep Opco, LLC(m)(x)	S+700, 1.00% SOFR Floor	10/12/2026	Retail	393	393	397
Sleep Opco, LLC(m)(x)	S+650, 1.00% SOFR Floor	10/12/2026	Retail	1,408	1,380	1,408
Sleep Opco, LLC	0.50% Unfunded	10/12/2026	Retail	1,750	(13)	—
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	17,965	17,948	9,791
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	1,596	1,596	822
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	1,026	972	529
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	975	975	502
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	813	770	443
Spinal USA, Inc. / Precision Medical Inc.(t)(v)	L+950	5/29/2025	Healthcare & Pharmaceuticals	743	743	750
Spin Holdco Inc.(n)(x)	S+400, 0.75% SOFR Floor	3/4/2028	Services: Business	9,974	8,603	8,445
STATinMED, LLC(q)(r)(t)(w)	S+950, 2.00% SOFR Floor	7/1/2027	Healthcare & Pharmaceuticals	12,410	11,710	4,592
STATinMED, LLC(r)	0.00%	7/1/2027	Healthcare & Pharmaceuticals	1,004	1,004	942
STATinMED, LLC(r)	0.00%	7/1/2027	Healthcare & Pharmaceuticals	224	224	243
Stengel Hill Architecture, LLC(w)	S+650, 1.00% SOFR Floor	8/16/2028	Construction & Building	14,888	14,888	14,887
Stengel Hill Architecture, LLC(w)	S+650, 1.00% SOFR Floor	8/16/2028	Construction & Building	1,526	1,530	1,526
Stengel Hill Architecture, LLC(w)	S+650, 1.00% SOFR Floor	8/16/2028	Construction & Building	525	525	525
Stengel Hill Architecture, LLC	0.38% Unfunded	8/16/2028	Construction & Building	1,725	—	—
Tactical Air Support, Inc.(m)(w)	S+850, 1.00% SOFR Floor	12/22/2028	Aerospace & Defense	11,850	11,850	11,850
Tactical Air Support, Inc.(w)	S+850, 1.00% SOFR Floor	12/22/2028	Aerospace & Defense	1,975	1,928	1,975
The Men's Wearhouse, LLC(n)(x)	S+650, 0.00% SOFR Floor	2/26/2029	Retail	1,905	1,896	1,906
Thrill Holdings LLC	0.50% Unfunded	5/27/2027	Media: Diversified & Production	1,739	—	28
Thrill Holdings LLC(m)(x)	S+600, 1.00% SOFR Floor	5/27/2027	Media: Diversified & Production	19,081	19,081	19,112
TMK Hawk Parent, Corp.(t)(w)	S+525, 1.00% SOFR Floor	6/30/2029	Services: Business	7,280	7,280	7,043
TMK Hawk Parent, Corp.(p)(t)	0.00% Unfunded	12/31/2028	Services: Business	780	—	—
Trademark Global, LLC(r)(t)(x)	S+850, 1.00% SOFR Floor	6/30/2027	Consumer Goods: Non-Durable	18,139	18,095	14,831
Trammell, P.C.(t)(w)	S+1550, 2.00% SOFR Floor	4/28/2026	Services: Consumer	15,777	15,777	15,777
Williams Industrial Services Group, Inc.(q)(t)(x)	S+1100, 1.00% SOFR Floor	12/16/2025	Services: Business	1,525	1,426	641
Williams Industrial Services Group, Inc.(q)(t)(x)	S+1100, 1.00% SOFR Floor	12/16/2025	Services: Business	325	304	137
Wok Holdings Inc.(n)(w)	S+625, 0.00% SOFR Floor	3/1/2026	Beverage, Food & Tobacco	24,583	24,283	23,775
WorkGenius, Inc.(m)(x)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	14,651	14,651	14,651
WorkGenius, Inc.(m)(x)	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	7,465	7,465	7,465
WorkGenius, Inc.	S+700, 0.50% SOFR Floor	6/7/2027	Services: Business	750	742	750
Xenon Arc, Inc.(m)(x)	S+525, 0.75% SOFR Floor	12/20/2028	High Tech Industries	3,836	3,810	3,836
Total Senior Secured First Lien Debt					1,610,540	1,563,256
Senior Secured Second Lien Debt - 0.3%
RA Outdoors, LLC(m)(t)(x)	S+900, 1.00% SOFR Floor	10/8/2026	Media: Diversified & Production	2,004	2,004	1,293
Securus Technologies Holdings, Inc.(q)(t)(x)	S+931, 1.00% SOFR Floor	11/1/2025	Telecommunications	3,302	3,183	1,387
Total Senior Secured Second Lien Debt					5,187	2,680

See accompanying notes to consolidated financial statements.

Portfolio Company(a)	Interest(b)	Maturity	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
Collateralized Securities and Structured Products - Equity - 0.3%
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)	19.30% Estimated Yield	10/15/2030	Diversified Financials
(h)				4,000	978	693
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(g)(h)	11.84% Estimated Yield	4/28/2039	Diversified Financials	2,000	2,002	1,989
Total Collateralized Securities and Structured Products - Equity					2,980	2,682
Unsecured Debt - 1.4%
Klein Hersh, LLC(m)(p)	0.00%	4/27/2032	Services: Business	4,368	988	1,081
Lucky Bucks Holdings LLC(q)(t)	12.50%	5/29/2028	Hotel, Gaming & Leisure	25,308	22,860	5,315
SRA Holdings, LLC(r)(x)	S+600, 0.00% SOFR Floor	3/24/2025	Banking, Finance, Insurance & Real Estate	4,103	4,103	4,103
TMK Hawk Parent, Corp.	11.00%	12/15/2031	Services: Business	1,536	1,536	1,315
Total Unsecured Debt					29,487	11,814
Equity - 29.2%
ACS Holdings LLC, Class A-1 Membership Units(p) (r)			Healthcare & Pharmaceuticals	25,115,901 Units	—	—
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(p)(r)			Metals & Mining	NA	—	—
Ascent Resources - Marcellus, LLC, Membership			Energy: Oil & Gas
Units(p)				511,255 Units	1,642	652
Avison Young (Canada) Inc., Class A Preferred Shares (12.5% Return)			Banking, Finance, Insurance & Real Estate	8,800,606 Units	9,734	7,965
Avison Young (Canada) Inc., Class F Common Shares(p)			Banking, Finance, Insurance & Real Estate	6,575 Units	3,183	4,713
Carestream Health Holdings, Inc., Common Stock(p)			Healthcare & Pharmaceuticals	614,368 Units	21,759	20,108
CF Arch Holdings LLC, Class A Units(p)			Services: Business	380,952 Units	381	689
CION/EagleTree Partners, LLC, Participating			Diversified Financials	22,072,841
Preferred Shares(h)(p)(s) CION/EagleTree Partners, LLC, Membership Units			Diversified Financials	Units	22,073	18,103
(85% ownership)(h)(p)(s) CTS Ultimate Holdings, LLC, Class A Preferred			Construction & Building	NA	—	—
Units(p)				849,201 Units	237	323
David's Bridal Holdings, LLC, Common Units(p)(s)			Retail	900,000 Units	23,130	24,570
David's Bridal Holdings, LLC, Preferred Units(p)(s)			Retail	1,000 Units	10,820	9,575
EBSC Holdings LLC, Preferred Units (10% Return)			Consumer Goods: Durable	2,000 Units	2,129	2,460
FWS Parent Holdings, LLC. Class A Membership Interests(p)			Services: Business	35,242 Units	800	596
GSC Technologies Inc., Common Shares(p)(r)			Chemicals, Plastics & Rubber	807,268 Units	—	32
Heritage Litigation Trust, Restricted Stock(p)			Energy: Oil & Gas	238,375 Units	100	117
Instant Web Holdings, LLC, Class A Common Units(p)(r)			Media: Advertising, Printing & Publishing	10,819 Units	—	—
IPP Buyer Holdings, LLC, Class A Units(p)(r)			Retail	8,888,354
				Units	10,740	11,644
Isagenix Worldwide, Inc., Common Shares(p)(r)			Beverage, Food & Tobacco	720,420 Units	8,987	6,322
K&N Holdco, LLC, Membership Units(p)			Consumer Goods: Durable	743,846 Units	8,927	2,849
Language Education Holdings GP LLC, Common Units(p)			Services: Business	366,667 Units	—	—
Language Education Holdings LP, Ordinary Common Units(p)			Services: Business	366,667 Units	825	2,776
LB NewHoldco LLC, Voting Units(p)			Hotel, Gaming & Leisure	123,568 Units	4,200	1,147
Longview Intermediate Holdings C, LLC, Membership Units(p)(r)			Energy: Oil & Gas	1,491,731 Units	12,835	52,166
Mount Logan Capital Inc., Common Stock(f)(h)(r)			Banking, Finance, Insurance & Real Estate	1,075,557 Units	3,534	2,041
New Giving Acquisition, Inc., Common Stock			Healthcare & Pharmaceuticals	4,630 Units	633	2,322
New HW Holdings Corp., Preferred Stock(p)(r)			Capital Equipment	14 Units	9,899	3,141
New HW Holdings Corp., Common Stock(p)(r)			Capital Equipment	119 Units	—	—

Portfolio Company(a)	Interest	Industry	Principal/ Par Amount/ Units(e)	Cost(d)	Fair Value(c)
NS NWN Acquisition, LLC, Class A Preferred Units		High Tech Industries	111 Units	—	599
NS NWN Acquisition, LLC, Common Equity		High Tech Industries	346 Units	—	—
NS NWN Holdco LLC, Non-Voting Units		High Tech Industries	522 Units	—	181
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p)		Consumer Goods: Durable	1,575 Units	1,000	988
Palmetto Clean Technology, Inc., Warrants(p)		High Tech Industries	724,112 Units	472	3,816
PLBY Group, Inc., Series B Preferred Stock(h)(p)		Consumer Goods: Non-Durable	3,825 Units	5,948	6,151
RumbleOn, Inc., Warrants(p)		Automotive	60,606 Units	378	233
Service Compression Holdings, LLC, Junior Preferred Units(p)		Energy: Oil & Gas	389,001 Units	1,326	1,350
Service Compression, LLC, Warrants(p)		Energy: Oil & Gas	730,586 Units	1,426	1,958
Snap Fitness Holdings, Inc., Class A Common Stock(p)(r)		Services: Consumer	9,858 Units	3,078	5,028
Snap Fitness Holdings, Inc., Warrants(p)(r)		Services: Consumer	3,996 Units	1,247	2,038
SRA Parent, LLC, Preferred Units (12% Return)(r)		Banking, Finance, Insurance & Real Estate	9,166,827 Units	9,524	9,533
SRA Parent, LLC, Common Units(p)(r)		Banking, Finance, Insurance & Real Estate	147,827 Units	17,590	17,277
STATinMed Parent, LLC, Class A Preferred Units(p)(r)		Healthcare & Pharmaceuticals	6,182 Units	6,182	—
STATinMed Parent, LLC, Class B Preferred Units(p)(r)		Healthcare & Pharmaceuticals	51,221 Units	3,193	—
TG Parent NewCo LLC, Common Units(o)(p)(r)		Consumer Goods: Non-Durable	9 Units	—	—
TMK Hawk Parent, Corp., Common Shares(p)		Services: Business	643,588 Units	8,579	4,463
TMK Hawk Parent, Corp., Warrants(p)		Services: Business	36,734 Units	—	94
URS Topco, LLC, Common Equity(p)		Transportation: Cargo	430,540 Units	9,669	10,465
WorkGenius, LLC, Class A Units(p)		Services: Business	500 Units	500	746
Yak Holding II, LLC, Series A Common Units		Construction & Building	127,419 Units	—	207
Total Equity				226,681	239,438
Short Term Investments - 8.4%(k)
First American Treasury Obligations Fund, Class Z Shares	4.36%(l)			68,818	68,818
Total Short Term Investments				68,818	68,818
TOTAL INVESTMENTS - 230.1%				\$ 1,943,693	1,888,688
LIABILITIES IN EXCESS OF OTHER ASSETS - (130.1)%					(1,067,878)
NET ASSETS - 100.0%					\$ 820,810

• a. All of the Company's investments are issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as nonqualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a PIK interest provision.
• b. 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, 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.
• c. 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.

d. Represents amortized cost for debt securities and cost for equity investments.

• e. Denominated in U.S. dollars unless otherwise noted.
• f. Fair value determined using level 1 inputs.

See accompanying notes to consolidated financial statements.

• g. 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.
• h. 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.
• i. 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%.
• j. 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.
• k. 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.
• l. 7-day effective yield as of December 31, 2024.
• m. 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).
• n. 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).
• o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
• p. Non-income producing security.
• q. Investment or a portion thereof was on non-accrual status as of December 31, 2024.

r. 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.

			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.

s. 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

(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.

t. 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%

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

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

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

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

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

z. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.

Note 1. Organization and Principal Business

CĪON Investment Corporation, or the Company, was incorporated under the general corporation laws of the State of Maryland on August 9, 2011. On December 17, 2012, the Company successfully raised gross proceeds from unaffiliated outside investors of at least \$2,500, or the minimum offering requirement, and commenced operations. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the 1940 Act. The Company elected to be treated for federal income tax purposes as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.

The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. The Company's portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies.

The Company is managed by CION Investment Management, LLC, or CIM, a registered investment adviser and an affiliate of the Company. Pursuant to an investment advisory agreement with the Company, CIM oversees the management of the Company's activities and is responsible for making investment decisions for the Company's investment portfolio. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2025. The Company has also entered into an administration agreement with CIM to provide the Company with administrative services necessary for it to operate. The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, Inc., or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company's investment sub-adviser.

On July 11, 2017, the members of CIM entered into a third amended and restated limited liability company agreement of CIM, or the Third Amended CIM LLC Agreement, for the purpose of creating a joint venture between AIM and CION Investment Group, LLC, or CIG, an affiliate of the Company. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50% economic interest in CIM.

On July 10, 2017, the Company's independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017. Although the investment sub-advisory agreement and AIM's engagement as the Company's investment subadviser were terminated, AIM continues to perform certain services for CIM and the Company. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above.

On December 4, 2017, the members of CIM entered into a fourth amended and restated limited liability company agreement of CIM, or the Fourth Amended CIM LLC Agreement, under which AIM performs certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide the Company with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel.

The amended and restated investment advisory agreement was approved by shareholders on August 9, 2021 at the Company's reconvened 2021 annual meeting of shareholders. As a result, on August 10, 2021, the Company and CIM entered into the amended and restated investment advisory agreement in order to implement the change to the calculation of the subordinated incentive fee payable from the Company to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital.

On October 5, 2021, the Company's shares of common stock commenced trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "CION", or the Listing. As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4). On February 26, 2023, the Company's shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol "CION" and "CION B1", respectively. On October 9, 2024, the Company's 7.50% Notes due 2029 listed and commenced trading on the NYSE under the ticker symbol "CICB".

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and include the accounts of the Company and its wholly-owned subsidiaries. The Company is considered an investment company as defined in Accounting Standards Codification Topic 946, Financial Services – Investment Companies, or ASC 946. Accordingly, the required disclosures as outlined in ASC 946 are included in the Company's consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation. The Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree. See Note 7 for a description of the Company's investment in CION/EagleTree.

The Company evaluates subsequent events through the date that the consolidated financial statements are issued.

Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation for investors. The chief operating decision makers, or CODMs, are comprised of the Company's co-chief executive officers, chief investment officer and chief financial officer. The CODMs assess the performance and make operating decisions for the Company on a consolidated basis primarily based on the Company's net increase in shareholders' equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in making investment policy decisions, managing the Company's portfolio and evaluating the Company's distribution policy. As the Company's operations comprise a single operating and reporting segment, the Company's segment assets are reflected on the accompanying consolidated balance sheets as "total assets" and the significant segment expenses are listed on the accompanying consolidated statements of operations.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under this new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also further disaggregate income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03. ASU 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. The Company's cash and cash equivalents are held principally at one financial institution and at times may exceed insured limits. The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation, unless otherwise noted. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Short Term Investments

Short term investments include an investment in a U.S. Treasury obligations fund, which seeks to provide current income and daily liquidity by purchasing U.S. Treasury securities and repurchase agreements that are collateralized by such securities. The Company had \$58,673 and \$68,818 of such investments at June 30, 2025 and December 31, 2024, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

Income Taxes

The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. To qualify and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to shareholders, for each taxable year, at least 90% of the Company's "investment company taxable income", which is generally equal to the sum of the Company's net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not be subject to corporate level federal income taxes on any income that the Company distributes to its shareholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible federal excise taxes if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

One of the Company's wholly-owned consolidated subsidiaries, CIC Holdco, LLC, or CIC Holdco, has elected to be treated as a taxable entity for U.S. federal income tax purposes. As a result, CIC Holdco is not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company's consolidated financial statements. There were no deferred tax assets or liabilities as of June 30, 2025 or December 31, 2024.

Book/tax differences relating to permanent differences are reclassified among the Company's capital accounts, as appropriate. Additionally, the tax character of distributions is determined in accordance with income tax regulations that may differ from GAAP (see Note 5).

Uncertainty in Income Taxes

The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold for the purposes of measuring and recognizing tax liabilities in the consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by the taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. The Company did not have any uncertain tax positions during the periods presented herein.

The Company is subject to examination by U.S. federal, New York State, New York City and Maryland income tax jurisdictions for 2021, 2022 and 2023.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Actual results may materially differ from those estimates.

Valuation of Portfolio Investments

The fair value of the Company's investments is determined quarterly in good faith by the Company's board of directors pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company's board of directors has designated CIM as the Company's "valuation designee." The Company's board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Inputs used to measure these fair values are classified into the following hierarchy:

Level 1 - Quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date.

• Level 2 Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
• Level 3 Unobservable inputs for the asset or liability. The inputs used in the determination of fair value may require significant management judgment or estimation. Such information may be the result of consensus pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence.

(in thousands, except share and per share amounts)

Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The level in the fair value hierarchy for each fair value measurement has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the value that would be received upon an actual sale of such investments. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned.

A portion of the Company's investments consist of debt securities that are traded on a private over-the-counter market for institutional investments. CIM attempts to obtain market quotations from at least two brokers or dealers for each investment (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). CIM typically uses the average midpoint of the broker bid/ask price to determine fair value unless a different point within the range is more representative. Because of the private nature of this marketplace (meaning actual transactions are not publicly reported) and the non-binding nature of consensus pricing and/or quotes, the Company believes that these valuation inputs result in Level 3 classification within the fair value hierarchy. As these quotes are only indicative of fair value, CIM benchmarks the implied fair value yield and leverage against what has been observed in the market. If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value.

Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment's fair value and report such change in the valuation to the board of directors or its designee as soon as practicable. Investments that carry certain restrictions on sale will typically be valued at a discount from the public market value of the investment.

Any investments that are not publicly traded or for which a market price is not otherwise readily available are valued at a price that reflects its fair value. With respect to such investments, if CIM is unable to obtain market quotations, the investments are reviewed and valued using one or more of the following types of analyses:

• i. Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and other factors for companies with similar characteristics.
• ii. Valuations implied by third-party investments in the applicable portfolio companies.
• iii. A benchmarking analysis to compare implied fair value and leverage to comparable market investments.
• iv. Discounted cash flow analysis, including a terminal value or exit multiple.

Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company's consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company's consolidated financial statements. Below is a description of factors that CIM may consider when valuing the Company's equity and debt investments where a market price is not readily available:

• the size and scope of a portfolio company and its specific strengths and weaknesses;
• prevailing interest rates for like securities;
• expected volatility in future interest rates;
• leverage;
• call features, put features, fees and other relevant terms of the debt;
• the borrower's ability to adequately service its debt;
• the fair market value of the portfolio company in relation to the face amount of its outstanding debt;
• the quality of collateral securing the Company's debt investments;
• multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in some cases, book value or liquidation value; and

• other factors deemed applicable.

All of these factors may be subject to adjustment based upon the particular circumstances of a portfolio company or the Company's actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners, or acquisition, recapitalization, and restructuring expenses or other related or non-recurring items. The choice of analyses and the weight assigned to such factors may vary across investments and may change within an investment if events occur that warrant such a change.

When CIM uses the discounted cash flow model to value the Company's investments, such model deemed appropriate by CIM is prepared for the applicable investments and reviewed by designated members of CIM's management team. Such models are prepared at least quarterly or on an as needed basis. The model uses the estimated cash flow projections for the underlying investment and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs. The model, key assumptions, inputs, and results are reviewed by designated members of CIM's management team with final approval from the board of directors or its designee.

Consistent with the Company's valuation policy, the Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value.

The Company periodically benchmarks the broker quotes from the brokers or dealers against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company's management in purchasing and selling these investments, the Company believes that these quotes are reliable indicators of fair value. The Company may also use other methods to determine fair value for securities for which it cannot obtain market quotations through brokers or dealers, including the use of an independent valuation firm. Designated members of CIM's management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company's valuation process.

As a practical expedient, the Company uses net asset value, or NAV, as the fair value for its equity investment in CION/EagleTree. Investments valued using NAV as a practical expedient are excluded from the three-tier fair value hierarchy. CION/EagleTree records its underlying investments at fair value on a quarterly basis in accordance with ASC 820.

Revenue Recognition

Securities transactions are accounted for on the trade date. The Company records interest and dividend income on an accrual basis beginning on the trade settlement date or the ex-dividend date, respectively, to the extent that the Company expects to collect such amounts. For investments in equity tranches of collateralized loan obligations, the Company records income based on the effective interest rate determined using the amortized cost and estimated cash flows, which is updated periodically. Loan origination fees, original issue discounts, or OID, and market discounts/premiums are recorded and such amounts are amortized as adjustments to interest income over the respective term of the loan using the effective interest rate method. Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income.

The Company has investments in its investment portfolio that contain a PIK interest provision. PIK interest is accrued as interest income if the portfolio company valuation indicates that such PIK interest is collectible and recorded as interest receivable up to the interest payment date. On the interest payment dates, the Company will capitalize the accrued interest receivable attributable to PIK as additional principal due from the borrower. Additional PIK securities typically have the same terms, including maturity dates and interest rates, as the original securities. In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash. For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of June 30, 2025 and December 31, 2024.

Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables, or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more. Interest accrued but not collected at the date a loan or security is placed on non-accrual status is reversed against interest income. Interest income is recognized on non-accrual loans or debt securities only to the extent received in cash. However, where there is doubt regarding the ultimate collectability of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security. Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. For full PIK loans, accrual status is restored if future interest and principal payments are reasonably assured.

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investment, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that CIM provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the estimated life of the loan as interest income.

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the transaction. Other income also includes fees for managerial assistance and other consulting services, loan guarantees, commitments, and other services rendered by the Company to its portfolio companies. Such fees are fixed based on contractual terms and are recognized as fee income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Gains or losses on the sale of investments are calculated by using the weighted-average method. The Company measures realized gains or losses by the difference between the net proceeds from the sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Capital Gains Incentive Fee

Pursuant to the terms of the investment advisory agreement the Company entered into with CIM, the incentive fee on capital gains earned on liquidated investments of the Company's investment portfolio during operations is determined and payable in arrears as of the end of each calendar year. Prior to October 5, 2021 and under the investment advisory agreement, such fee equaled 20% of the Company's incentive fee capital gains (i.e., the Company's realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. Pursuant to the second amended and restated investment advisory agreement, the incentive fee on capital gains was reduced to 17.5%, which became effective on October 5, 2021.

On a cumulative basis and to the extent that all realized capital losses and unrealized capital depreciation exceed realized capital gains as well as the aggregate realized net capital gains for which a fee has previously been paid, the Company would not be required to pay CIM a capital gains incentive fee. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

While the investment advisory agreement with CIM neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of the American Institute for Certified Public Accountants, or AICPA, Technical Practice Aid for investment companies, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to CIM if the Company's entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

Net Increase (Decrease) in Net Assets per Share

Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Distributions

Distributions to shareholders are recorded as of the record date. The amount paid as a distribution is declared by the Company's co-chief executive officers and ratified by the board of directors on a quarterly basis. Net realized capital gains, if any, are distributed at least annually.

Note 3. Share Transactions

The following table summarizes transactions with respect to shares of the Company's outstanding common stock during the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

	Six Months Ended June 30,					Year Ended December 31,
	2025			2024			2024
	Shares		Amount	Shares		Amount	Shares		Amount
Gross shares/proceeds from offerings	—	\$	—	—	\$	—	—	\$	—
Reinvestment of distributions	—		—	—		—	—		—
Total gross shares/proceeds	—		—	—		—	—		—
Share repurchase program	(885,427)		(8,728)	(659,013)		(7,341)	(995,367)		(11,347)
Net shares/amounts for share transactions	(885,427)	\$	(8,728)	(659,013)	\$	(7,341)	(995,367)	\$	(11,347)

Since commencing its initial continuous public offering on July 2, 2012 and through June 30, 2025, the Company sold 52,303,842 shares of common stock for net proceeds of \$1,113,270. The net proceeds include gross proceeds received from reinvested shareholder distributions of \$237,451, for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of \$279,467, for which the Company repurchased 17,965,525 shares of common stock. As of June 30, 2025, 17,951,631 shares of common stock repurchased had been retired.

On August 27, 2024, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company's common stock in one or more offerings for a 12-month period following such shareholder approval. As of June 30, 2025, the Company had not issued any such shares.

Distribution Reinvestment Plan

On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing. For additional information regarding the terms of the DRP, see Note 5.

Share Repurchase Policy

On September 15, 2021, the Company's board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to \$50 million of its outstanding common stock after the Listing. On June 24, 2022, the Company's board of directors, including the independent directors, increased the amount of shares of the Company's common stock that may be repurchased under the share repurchase policy by \$10 million to up to an aggregate of \$60 million. On August 5, 2025, the Company's board of directors, including the independent directors, further increased the amount of shares of the Company's common stock that may be repurchased under the share repurchase policy by \$20 million to up to an aggregate of \$80 million. Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company's general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.

On August 19, 2024, as part of the share repurchase policy, the Company entered into a new trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company's shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 19, 2025, and is subject to price, market volume and timing restrictions.

The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the six months ended June 30, 2025:

Period	Total Number of Shares Repurchased	Average Price Paid per Share	Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
2024
January 1 to January 31, 2024	125,304	\$11.14	125,304	\$ 31,700
February 1 to February 29, 2024	165,876	10.97	165,876	29,883
March 1 to March 31, 2024	132,851	10.95	132,851	28,431
April 1 to April 30, 2024	168,002	11.14	168,002	26,564
May 1 to May 31, 2024	27,449	11.67	27,449	26,244
June 1 to June 30, 2024	39,531	12.14	39,531	25,765
July 1 to July 31, 2024	71,305	12.35	71,305	24,885
August 1 to August 31, 2024	26,874	11.93	26,874	24,565
September 1 to September 30, 2024	67,558	11.86	67,558	23,764
October 1 to October 31, 2024	77,367	11.91	77,367	22,846
November 1 to November 30, 2024	24,104	11.63	24,104	22,566
December 1 to December 31, 2024	69,146	11.59	69,146	21,766
Total for the year ended December 31, 2024	995,367		995,367
2025
January 1 to January 31, 2025	89,466	\$11.29	89,466	\$ 20,758
February 1 to February 28, 2025	63,383	12.01	63,383	19,998
March 1 to March 31, 2025	33,013	12.13	33,013	19,598
April 1 to April 30, 2025	315,943	9.36	315,943	16,648
May 1 to May 31, 2025	95,782	9.76	95,782	15,714
June 1 to June 30, 2025	287,840	9.26	287,840	13,056
Total for the six months ended June 30, 2025	885,427		885,427

(1) Amounts do not include any commissions paid to Wells Fargo on shares repurchased.

From July 1, 2025 to July 30, 2025, the Company repurchased 217,040 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of \$2,142, or an average purchase price of \$9.87 per share. As of July 30, 2025, 17,951,631 shares of common stock repurchased by the Company had been retired.

Note 4. Transactions with Related Parties

For the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

			Three Months Ended June 30,				Six Months Ended June 30,				Year Ended December 31,
Entity	Capacity	Description		2025		2024		2025		2024		2024
CIM	Investment adviser	Management fees(1)	\$	6,497	\$	6,841	\$	13,122	\$	13,705	\$	27,321
CIM	Investment adviser	Incentive fees(1)		3,589		4,871		7,673		11,785		20,334
CIM	Administrative services provider	Administrative services expense(1)		1,196		1,246		2,475		2,338		4,783
			\$	11,282	\$	12,958	\$	23,270	\$	27,828	\$	52,438

(1) Amounts charged directly to operations.

(in thousands, except share and per share amounts)

The Company has entered into an investment advisory agreement with CIM. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2025. Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0% of the average value of the Company's gross assets, less cash and cash equivalents, and an incentive fee based on the Company's performance, as described below. Pursuant to the second amended and restated investment advisory agreement, which was effective upon the Listing on October 5, 2021, the annual base management fee was reduced to 1.5% of the average value of the Company's gross assets (including cash pledged as collateral for the Company's secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company's asset coverage ratio is greater than or equal to 200% (i.e., \$1 of debt outstanding for each \$1 of equity); provided that, the annual base management fee will be reduced further to 1.0% for any such gross assets purchased with leverage resulting in the Company's asset coverage ratio dropping below 200%. On December 30, 2021, shareholders approved a proposal to reduce the Company's asset coverage ratio to 150%. As a result, commencing on December 31, 2021, the Company is required to maintain asset coverage for its senior securities of 150% (i.e., \$2 of debt outstanding for each \$1 of equity) rather than 200%. The base management fee is payable quarterly in arrears and is calculated based on the two most recently completed calendar quarters.

The incentive fee consists of two parts. The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on "pre-incentive fee net investment income" for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement in effect prior to the Listing, equal to 1.875% per quarter, or an annualized rate of 7.5%. "Pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the period, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the investment advisory agreement and the administration agreement with CIM, and any other operating expenses but excluding the applicable incentive fees). Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon securities, and any other income accrued that the Company has not yet received in cash. CIM is not under any obligation to reimburse the Company for any part of the subordinated incentive fee on income CIM received that was based on accrued income that the Company never actually received.

Under the investment advisory agreement in effect prior to the Listing, the Company paid to CIM 100% of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375% was exceeded, at which point the Company paid to CIM 20% of all preincentive fee net investment income that exceeded the annualized rate of 9.375%. Under the amended and restated investment advisory agreement also in effect prior to the Listing, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented. Under the second amended and restated investment advisory agreement, the hurdle rate was reduced to 1.625% per quarter, or an annualized rate of 6.5%, and the Company pays to CIM 100% of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879% is exceeded, at which point the Company pays to CIM 17.5% of all pre-incentive fee net investment income. These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021. For the three months ended June 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of \$3,589 and \$4,871, respectively. For the six months ended June 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of \$7,673 and \$11,785, respectively. As of June 30, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were \$3,589 and \$3,964, respectively. The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation; however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized. For the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024, the Company had no liability for and did not record any capital gains incentive fees.

On April 1, 2018, the Company entered into an administration agreement with CIM pursuant to which CIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations. CIM is reimbursed for administrative expenses it incurs on the Company's behalf in performing its obligations, provided that such reimbursement is for the lower of CIM's actual costs or the amount that the Company would have been required to pay for comparable administrative services in the same geographic location. Such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other reasonable methods. The Company does not reimburse CIM for any services for which it receives a separate fee or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a person with a controlling interest in CIM. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing August 9, 2025.

(in thousands, except share and per share amounts)

On January 1, 2019, the Company entered into a servicing agreement with Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnished the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information. AIA was reimbursed for administrative expenses it incurred on the Company's behalf in performing its obligations, provided that such reimbursement was reasonable, and costs and expenses incurred were documented. The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party.

As of June 30, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was \$11,349 and \$12,731, respectively, which primarily related to fees earned by CIM during the three months ended June 30, 2025 and December 31, 2024, respectively.

In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company's investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team. However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company.

Indemnifications

The investment advisory agreement and the administration agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements. The Company's maximum exposure under these agreements is unknown. However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote.

Note 5. Distributions

Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis. On September 15, 2021, management changed the timing of declaring and paying base distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021. Base distributions in respect of future quarters and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.

The Company's management declared and the Company's board of directors ratified distributions for 6 and 2 record dates during the year ended December 31, 2024 and the six months ended June 30, 2025, respectively.

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the six months ended June 30, 2025:

	Distributions
Three Months Ended	Per Share			Amount
2024
March 31, 2024 (one record date)	\$	0.34	\$	18,279
June 30, 2024 (two record dates)		0.41		21,960
September 30, 2024 (one record date)		0.36		19,234
December 31, 2024 (two record dates)		0.41		21,835
Total distributions for the year ended December 31, 2024	\$	1.52	\$	81,308
2025
March 31, 2025 (one record date)	\$	0.36	\$	19,149
June 30, 2025 (one record date)		0.36		18,934
Total distributions for the six months ended June 30, 2025	\$	0.72	\$	38,083

On August 4, 2025, the Company's co-chief executive officers declared a quarterly base distribution of \$0.36 per share for the third quarter of 2025 payable on September 16, 2025 to shareholders of record as of September 2, 2025.

(in thousands, except share and per share amounts)

On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing. Shareholders enrolled in the DRP receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder's financial adviser; or (ii) if such shareholder has a registered account maintained at the Company's transfer agent, the plan administrator. With respect to distributions to participating shareholders under the DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share "market price" (as defined in the DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95% of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company's sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV. Pursuant to the terms of the DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.

If a shareholder receives distributions in the form of common stock pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash. If the Company's common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash. If the Company's common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company's common stock. The shareholder's basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder's account.

The following table provides information concerning the Company's purchases of shares of its common stock in the open market during the year ended December 31, 2024 and the six months ended June 30, 2025 pursuant to the DRP in order to satisfy the reinvestment portion of the Company's distributions:

Total Number of Shares Period Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs
2024
January 1 to January 31, 2024	92,108	\$	11.05	92,108	(1)
February 1 to February 29, 2024	—		—	—	—
March 1 to March 31, 2024	170,571		11.09	170,571	(1)
April 1 to April 30, 2024	—		—	—	—
May 1 to May 31, 2024	—		—	—	—
June 1 to June 30, 2024	135,440		12.44	135,440	(1)
July 1 to July 31, 2024	18,789		12.51	18,789	(1)
August 1 to August 31, 2024	—		—	—	—
September 1 to September 30, 2024	131,659		12.10	131,659	(1)
October 1 to October 31, 2024	—		—	—	—
November 1 to November 30, 2024	—		—	—	—
December 1 to December 31, 2024	130,792		11.85	130,792	(1)
Total for the year ended December 31, 2024	679,359	\$	11.74	679,359	(1)
2025
January 1 to January 31, 2025	19,368	\$	11.49	19,368	(1)
February 1 to February 28, 2025	—		—	—	—
March 1 to March 31, 2025	—		—	—	—
April 1 to April 30, 2025	159,518		9.13	159,518	(1)
May 1 to May 31, 2025	—		—	—	—
June 1 to June 30, 2025	151,264		9.29	151,264	(1)
Total for the six months ended June 30, 2025	330,150	\$	9.34	330,150	(1)

(1) See the description of the DRP above.

The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. The Company has not established limits on the amount of funds it may use from available sources to make distributions.

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

				Year Ended December 31,
		2025			2024		2024
Source of Distribution	Per Share Amount		Percentage	Per Share	Amount	Percentage	Per Share	Amount	Percentage
Net investment income	\$ 0.72	\$ 38,083	100.0 % \$	0.75	\$ 40,239	100.0 % \$	1.52	\$ 81,308	100.0 %
Total distributions	\$ 0.72	\$ 38,083	100.0 % \$	0.75	\$ 40,239	100.0 % \$	1.52	\$ 81,308	100.0 %

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders. In addition, by distributing during each calendar year at least 90% of its "investment company taxable income", which is generally equal to the sum of the Company's net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net longterm capital losses, the Company intends not to be subject to corporate level federal income tax. Accordingly, no federal income tax provision was required for the year ended December 31, 2024. The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP. These book/tax differences, which could be material, are primarily due to differing treatments of income and gains on various investments held by the Company. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments.

The determination of the tax attributes of the Company's distributions is made annually as of the end of the Company's fiscal year based upon the Company's taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. All distributions for 2024 were characterized as ordinary income distributions for federal income tax purposes.

The tax components of accumulated earnings or losses for the current year will be determined at year end. As of December 31, 2024, the components of accumulated income (losses) on a tax basis were as follows:

	December 31, 2024
Undistributed ordinary income	\$ 2,607
Other accumulated losses(1)	(85,546)
Net unrealized depreciation on investments	(116,078)
Total accumulated losses	\$ (199,017)

(1) Includes short term capital loss carryforwards of \$0 and long term capital loss carryforwards of \$82,446.

As of June 30, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was \$91,198; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was \$264,630; the net unrealized depreciation was \$173,432; and the aggregate cost of securities for Federal income tax purposes was \$1,998,060.

As of December 31, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was \$76,109; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was \$192,187; the net unrealized depreciation was \$116,078; and the aggregate cost of securities for Federal income tax purposes was \$2,004,766.

Note 6. Investments

The composition of the Company's investment portfolio as of June 30, 2025 and December 31, 2024 at amortized cost and fair value was as follows:

	June 30, 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	\$	1,570,700	\$	1,501,896	85.0 % \$		1,610,540	\$	1,563,256	86.0 %
Senior secured second lien debt		5,342		1,011	0.1 %		5,187		2,680	0.1 %
Collateralized securities and structured products - equity		3,447		3,027	0.2 %		2,980		2,682	0.1 %
Unsecured debt		25,471		8,091	0.4 %		29,487		11,814	0.6 %
Equity		237,481		251,930	14.3 %		226,681		239,438	13.2 %
Subtotal/total percentage		1,842,441		1,765,955	100.0 %		1,874,875		1,819,870	100.0 %
Short term investments(2)		58,673		58,673			68,818		68,818
Total investments	\$	1,901,114	\$	1,824,628		\$	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 June 30, 2025 and December 31, 2024:

		June 30, 2025	December 31, 2024
Industry Classification	Investments at Fair Value	Percentage of Investment Portfolio	Investments at Fair Value	Percentage of Investment Portfolio
Services: Business	\$ 270,331	15.2 % \$	285,960	15.7 %
Healthcare & Pharmaceuticals	197,198	11.2 %	199,733	11.0 %
Retail	157,658	8.9 %	160,093	8.8 %
Energy: Oil & Gas	138,635	7.8 %	116,393	6.4 %
Media: Diversified & Production	132,760	7.5 %	129,210	7.1 %
Beverage, Food & Tobacco	113,794	6.4 %	100,612	5.5 %
Services: Consumer	112,369	6.4 %	111,832	6.2 %
Construction & Building	100,534	5.7 %	99,383	5.5 %
Consumer Goods: Durable	94,656	5.4 %	95,968	5.3 %
Banking, Finance, Insurance & Real Estate	61,454	3.5 %	64,422	3.5 %
Diversified Financials	58,732	3.3 %	56,822	3.1 %
Media: Advertising, Printing & Publishing	50,463	2.9 %	104,622	5.7 %
Hotel, Gaming & Leisure	46,803	2.6 %	49,823	2.7 %
Capital Equipment	43,567	2.5 %	52,349	2.9 %
High Tech Industries	39,063	2.2 %	37,665	2.1 %
Consumer Goods: Non-Durable	32,892	1.9 %	35,210	1.9 %
Automotive	30,884	1.7 %	31,104	1.7 %
Environmental Industries	27,570	1.6 %	27,344	1.5 %
Containers, Packaging & Glass	18,682	1.1 %	18,687	1.0 %
Aerospace & Defense	13,475	0.8 %	13,825	0.8 %
Transportation: Cargo	11,024	0.6 %	10,465	0.6 %
Metals & Mining	10,350	0.6 %	13,094	0.7 %
Telecommunications	2,988	0.2 %	5,222	0.3 %
Chemicals, Plastics & Rubber	73	—	32	—
Subtotal/total percentage	1,765,955	100.0 %	1,819,870	100.0 %
Short term investments	58,673		68,818
Total investments	\$ 1,824,628		\$ 1,888,688

		June 30, 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	\$ 1,731,413	98.0 % \$		1,782,659	98.0 %
Canada	29,855	1.7 %		33,541	1.8 %
Cayman Islands	3,027	0.2 %		2,682	0.1 %
Bermuda	1,660	0.1 %		988	0.1 %
Subtotal/total percentage	1,765,955	100.0 %		1,819,870	100.0 %
Short term investments	58,673			68,818
Total investments	\$ 1,824,628		\$	1,888,688

(1) The geographic dispersion is determined by the portfolio company's country of domicile.

As of June 30, 2025 and December 31, 2024, investments on non-accrual status represented 1.4% and 1.4%, respectively, of the Company's investment portfolio on a fair value basis.

The Company's investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of June 30, 2025 and December 31, 2024, the Company's unfunded commitments amounted to \$64,793 and \$70,681, respectively. As of July 30, 2025, the Company's unfunded commitments amounted to \$67,075. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. Refer to Note 11 for further details on the Company's unfunded commitments.

Note 7. Joint Venture

CION/EagleTree Partners, LLC

On December 21, 2021, the Company formed CION/EagleTree, an off-balance sheet joint venture partnership with ET-BC Debt Opportunities, LP, or ET-BC, which is an affiliate of EagleTree Capital, LP, or EagleTree. EagleTree made a Firm-level investment with proprietary capital. CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.

The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85% and 15%, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree. The Company and ET-BC are not required to make any additional capital contributions to CION/EagleTree. The Company's equity investment in CION/EagleTree is not redeemable. All portfolio and other material decisions regarding CION/EagleTree must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by ET-BC. Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from ET-BC.

The Company also serves as administrative agent to CION/EagleTree to provide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM. Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services.

On December 21, 2021, CION/EagleTree issued senior secured notes of \$61,629 to the Company and \$10,875 to ET-BC, or the CION/EagleTree Notes. The CION/EagleTree Notes bear interest at a fixed rate of 14.0% per year and are secured by a first priority security interest in all of the assets of CION/EagleTree. On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC. As a result, as of June 30, 2025, the Company held \$36,037 and ET-BC held \$2,965 of the CION/Eagletree Notes. The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.

In accordance with ASU 2015-02, Consolidation, the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree. The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree.

The following table sets forth the individual investments in CION/EagleTree's portfolio as of June 30, 2025:

Portfolio Company	Interest		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	\$ 6,430	\$ 6,901
Total Collateralized Securities and Structured Products - Equity					6,430	6,901
Equity
American Clinical Solutions LLC, Class A Membership Interests(b)			Healthcare & Pharmaceuticals	6,030,384 Units	5,200	4,704
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	9,887	8,953
Carestream Health Holdings, Inc., Common Stock(b)			Healthcare & Pharmaceuticals	614,367 Units	21,759	20,354
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend			Healthcare & Pharmaceuticals	2,727,273 Units	9,458	14,782
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend			Healthcare & Pharmaceuticals	183,723 Units	326	770
CTS Ultimate Holdings LLC, Class A Preferred Units(b)			Construction & Building	3,578,701 Units	1,000	2,219
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	657
Skillsoft Corp., Class A Common Stock(b)(c)			High Tech Industries	12,171 Units	2,000	194
Spinal USA, Inc. / Precision Medical Inc., Warrants(b)			Healthcare & Pharmaceuticals	20,667,324 Units	—	—
Total Equity					50,416	52,633
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares	4.20%(e)				2,331	2,331
Total Short Term Investments					2,331	2,331
TOTAL INVESTMENTS					\$ 59,177	\$ 61,865

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 June 30, 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 June 30, 2025 and December 31, 2024:

Selected Balance Sheet Information:	June 30, 2025	December 31, 2024
Investments, at fair value (amortized cost of \$59,177 and \$60,756, respectively)	\$ 61,865	\$	59,866
Cash and other assets	5		—
Dividend receivable on investments	216		342
Interest receivable on investments	141		194
Total assets	\$ 62,227	\$	60,402
Senior secured notes (net of unamortized debt issuance costs of \$35 and \$47, respectively)	\$ 38,967	\$	38,956
Other liabilities	121		152
Total liabilities	39,088		39,108
Members' capital	23,139		21,294
Total liabilities and members' capital	\$ 62,227	\$	60,402

The following table includes selected statement of operations information for CION/EagleTree for the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024:

		Three Months Ended	June 30,		Six Months Ended June 30,				Year Ended December 31,
Selected Statement of Operations Information:		2025	2024		2025		2024		2024
Total investment income	\$	638	\$	1,143	\$	1,360	\$	2,445	\$	4,746
Total expenses		1,571		2,173		3,149		4,691		7,974
Net realized gain on investments		—		3,325		56		3,325		3,641
Net change in unrealized appreciation (depreciation) on investments		2,288		(4,291)		3,578		(9,874)		(8,585)
Net increase (decrease) in net assets	\$	1,355	\$	(1,996)	\$	1,845	\$	(8,795)	\$	(8,172)

Note 8. Financing Arrangements

The following table presents summary information with respect to the Company's outstanding financing arrangements as of June 30, 2025:

Financing Arrangement	Type of Financing Arrangement	Rate	Amount Outstanding		Amount Available	Maturity Date
JPM Credit Facility	Term Loan Credit Facility	SOFR+2.55%(1)	\$ 325,000	\$	81,250	June 15, 2027
2029 Notes(2)	U.S. Public Bond Offering	7.50%	172,500		—	December 30, 2029
2026 Notes(3)	Note Purchase Agreement	4.50%	125,000		—	February 11, 2026
2025 UBS Credit Facility	Term Loan Credit Facility	SOFR+2.75%	100,000		25,000	February 13, 2028
Series A Notes(4)	Israel Public Bond Offering	SOFR+3.82%	114,844		—	August 31, 2026
Tranche A 2027 Notes(5)	Note Purchase Agreement	SOFR+4.75%	100,000		—	November 8, 2027
Tranche B 2027 Notes(5)	Amended and Restated Note Purchase Agreement	SOFR+3.90%	100,000		—	November 8, 2027
2022 Term Loan(5)	Term Loan Facility Agreement	SOFR+3.50%	50,000		—	April 27, 2027
2024 Term Loan(5)	Term Loan Facility Agreement	SOFR+3.80%	30,000		—	September 30, 2027
			\$ 1,117,344	\$	106,250

(1) 34th Street pays an annual administration fee of 0.20% on JPM's total financing commitment. The administration fee is included in interest expense in the consolidated statements of operations.

(2) As of June 30, 2025, the fair value of the 2029 Notes was \$169,602, which was based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2025.

(3) As of June 30, 2025, the fair value of the 2026 Notes was \$124,063, which was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

(4) As of June 30, 2025, the fair value of the Series A Notes was \$109,802, which was based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2025.

(5) As of June 30, 2025, the outstanding amount of these debt obligations approximates their fair value. The fair value was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

JPM Credit Facility

On August 26, 2016, 34th Street entered into a senior secured credit facility with JPM. The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of \$150,000, of which \$25,000 could have been funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility. On August 26, 2016, 34th Street drew down \$57,000 of borrowings under the JPM Credit Facility.

On September 30, 2016, July 11, 2017, November 28, 2017 and May 23, 2018, 34th Street amended and restated the JPM Credit Facility, or the Amended JPM Credit Facility, with JPM. Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from \$150,000 to \$225,000, of which \$25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility. Under the Amended JPM Credit Facility entered into on July 11, 2017 and November 28, 2017, certain immaterial administrative amendments were made as a result of the termination of AIM as the Company's investment subadviser as discussed in Note 1. Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from \$225,000 to \$275,000, of which \$25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021.

On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay \$100,000 of advances outstanding under the UBS Facility (as described below). Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from \$275,000 to \$700,000, of which \$75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period. Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023. Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25% per year.

On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM. Under the Third Amended JPM Credit Facility, the aggregate principal amount available for borrowings was reduced from \$700,000 to \$575,000, subject to conditions described in the Third Amended JPM Credit Facility. In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024. Advances under the Third Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year. 34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility.

On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment. Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from \$575,000 to \$675,000, subject to conditions described in the JPM First Amendment. Additional advances of up to \$100,000 under the JPM First Amendment bore interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%. 34 Street incurred certain customary costs and expenses in connection with the JPM First Amendment. th

On May 15, 2023, 34th Street entered into a Second Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM Second Amendment. Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to \$675,000 but all such advances bore interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.05% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%. The reinvestment period was extended from May 15, 2023 to May 15, 2024 and the maturity date was extended from May 15, 2024 to May 15, 2025. Also under the JPM Second Amendment, the amount of minimum borrowings required was reduced by \$50,000 to \$550,000 with a six-month non-call provision. 34 Street incurred certain customary costs and expenses in connection with the JPM Second Amendment. th

On May 14, 2024 and June 17, 2024, 34th Street entered into a Third Amendment and a Fourth Amendment, respectively, to the Third Amended JPM Credit Agreement with JPM. Under these amendments, the reinvestment period was extended from May 15, 2024 to June 17, 2024 and from June 17, 2024 to July 15, 2024, respectively, as a bridge to the parties entering into a broader amendment to the Third Amended JPM Credit Facility.

On July 15, 2024, 34th Street entered into a Fifth Amendment to the Third Amended JPM Credit Agreement with JPM, or the JPM Fifth Amendment. Under the JPM Fifth Amendment, advances to 34th Street remain unchanged of up to \$675,000, but the credit spread on the floating interest rate payable by 34th Street on all such advances was reduced from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.55% per year. Also under the JPM Fifth Amendment, the reinvestment period was extended from July 15, 2024 to June 15, 2026 and the maturity date was extended from May 15, 2025 to June 15, 2027. 34th Street incurred certain customary costs and expenses in connection with the JPM Fifth Amendment and will pay an annual administrative fee of 0.20% on JPM's total financing commitment.

Interest is payable quarterly in arrears. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1.0% premium in certain circumstances. In addition, 34th Street will be subject to a non-usage fee of 0.8% per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility that has not been borrowed through June 14, 2026. This non-usage fee of 0.8% was reduced from 1.0% in the JPM Fifth Amendment. The non-usage fees, if any, are payable quarterly in arrears.

On September 25, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from \$675,000 to \$600,000 and repaid \$70,000 of outstanding borrowings. On September 30, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from \$600,000 to \$562,500 and repaid \$30,000 of outstanding borrowings. On November 15, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from \$562,500 to \$468,750 and repaid \$75,000 of outstanding borrowings. On December 31, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from \$468,750 to \$406,250 and repaid \$50,000 of outstanding borrowings. As of June 30, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was \$325,000 and the aggregate unfunded principal amount was \$81,250. The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value.

The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100% of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future. 34th Street's obligations to JPM under the Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street. The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company's exposure under the Third Amended JPM Credit Facility is limited to the value of the Company's investment in 34th Street.

In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities. As of and for the three months ended June 30, 2025, 34th Street was in compliance with all covenants and reporting requirements.

Through June 30, 2025, the Company incurred debt issuance costs of \$18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility. At June 30, 2025, the unamortized portion of the debt issuance costs was \$3,984.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

	Three Months Ended June 30,			Six Months Ended June 30,					Year Ended December 31,
	2025		2024		2025		2024		2024
Stated interest expense	\$ 5,774	\$	11,824	\$	11,947	\$	23,781	\$	42,934
Amortization of deferred financing costs	508		496		1,009		990		2,013
Non-usage fee	205		316		368		632		1,211
Total interest expense	\$ 6,487	\$	12,636	\$	13,324	\$	25,403	\$	46,158
Weighted average interest rate(1)	7.32 %		8.77 %		7.35 %		8.78 %		8.47 %
Average borrowings	\$ 325,000	\$	550,000	\$	333,066	\$	550,000	\$	513,866

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

2029 Notes

On October 3, 2024, the Company issued and sold \$172,500 in aggregate principal amount of its unsecured 7.50% Notes due 2029, or the 2029 Notes, which includes \$22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters' option to purchase additional 2029 Notes to cover overallotments. The 2029 Notes were issued pursuant to an Indenture, or the Base Indenture, and a First Supplemental Indenture, or the First Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S. Bank Trust Company, National Association, as trustee, or the Trustee. The Company used the net proceeds of the offering of the 2029 Notes to pay down borrowings under the Company's senior secured credit facility with JPM. The 2029 Notes began trading on the NYSE under the ticker symbol "CICB" on October 9, 2024.

The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms. The interest rate of the 2029 Notes is 7.50% per year and will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, which commenced on December 30, 2024. The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness; senior to any series of preferred stock that the Company may issue in the future; senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 2029 Notes; effectively subordinated to all of the Company's existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries.

The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 30, 2026, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of \$25 per 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

The 2029 Notes were offered and sold in an offering registered under the Securities Act pursuant to the Company's shelf registration statement on Form N-2 (Registration No. 333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 26, 2024 and a final prospectus supplement dated September 26, 2024.

Through June 30, 2025, the Company incurred debt issuance costs of \$4,305 in connection with issuing the 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 2029 Notes, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2029 Notes. At June 30, 2025, the unamortized portion of the debt issuance costs was \$3,698.

For the three and six months ended June 30, 2025 and for the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2029 Notes were as follows:

	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025	For the Period From October 3, 2024 Through December 31, 2024
Stated interest expense	\$ 3,235	\$ 6,469	\$	3,163
Amortization of deferred financing costs	204	397		210
Total interest expense	\$ 3,439	\$ 6,866	\$	3,373
Weighted average interest rate(1)	7.50 %	7.50 %		7.50 %
Average borrowings	\$ 172,500	\$ 172,500	\$	172,500

(1) Includes the stated interest expense on the 2029 Notes and is annualized for periods covering less than one year.

2026 Notes

On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company's issuance of \$125,000 aggregate principal amount of its 4.50% senior unsecured notes due in 2026, or the 2026 Notes. The net proceeds to the Company were approximately \$122,300, after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.

The 2026 Notes mature on February 11, 2026. The 2026 Notes bear interest at a rate of 4.50% per year payable semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021. The Company has the right to, at its option, redeem all or a part that is not less than 10% of the 2026 Notes (i) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (ii) after August 11, 2025, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.

The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC, (iii) minimum shareholders' equity of \$543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

The Note Purchase Agreement also contains a "most favored lender" provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of \$25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement. In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least \$25,000, certain judgments and orders, and certain events of bankruptcy.

Through June 30, 2025, the Company incurred debt issuance costs of \$2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2026 Notes. At June 30, 2025, the unamortized portion of the debt issuance costs was \$330.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,				Year Ended December 31,
		2025		2024		2025		2024		2024
Stated interest expense	\$	1,406	\$	1,406	\$	2,812	\$	2,812	\$	5,625
Amortization of deferred financing costs		133		133		264		266		535
Total interest expense	\$	1,539	\$	1,539	\$	3,076	\$	3,078	\$	6,160
Weighted average interest rate(1)		4.50 %		4.50 %		4.50 %		4.50 %		4.50 %
Average borrowings	\$	125,000	\$	125,000	\$	125,000	\$	125,000	\$	125,000

(1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.

UBS Facility

On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to \$125,000 was made available to the Company.

Pursuant to the financing arrangement, assets in the Company's portfolio were contributed from time to time to Murray Hill Funding II. The assets held by Murray Hill Funding II secured the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II. Pursuant to an Indenture, dated May 19, 2017, between Murray Hill Funding II and U.S. Bank National Association, or U.S. Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was \$192,308. Murray Hill Funding, LLC, or Murray Hill Funding, purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value. The Company made capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.

Principal on the Notes was due and payable on the stated maturity date of May 19, 2027. Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Indenture contained events of default customary for similar transactions, including, without limitation: (a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure is not cured within three business days; (b) the failure to disburse amounts in accordance with the priority of payments and such failure is not cured within three business days; and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding. As of and through the termination of the Indenture on February 13, 2025 (as described below), Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility. Pursuant to the UBS Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65% of the principal amount of Notes purchased. Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Facility was \$192,308. Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not have exceeded \$125,000. Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020. The repurchase price paid by Murray Hill Funding to UBS was equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)). The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50% per year for the relevant period.

On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from \$192,308 to \$266,667. On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility. As part of the Amended Master Confirmation, on December 15, 2017 and April 2, 2018, UBS purchased the increased aggregate principal amount of Notes held by Murray Hill Funding for an aggregate purchase price equal to 75% of the principal amount of Notes issued. As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Facility was increased from \$125,000 to \$200,000.

On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50% to 3.90% per year.

On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of \$133,333 from UBS for an aggregate repurchase price of \$100,000, which was then repaid by Murray Hill Funding II. The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020. As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of \$133,333, which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of \$100,000.

On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding was required to repurchase the Notes to December 18, 2020.

On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90% to 3.375% per year.

On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S. Bank, as note agent and trustee, which provided for a revolving credit facility in an aggregate principal amount of \$50,000, subject to compliance with a borrowing base. Murray Hill Funding II issued Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement. Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes.

The Class A-R Notes were issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S. Bank, as trustee, or the Second Amended Indenture. Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was \$150,000. Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes. Murray Hill Funding was required to repurchase the Class A-R Notes that were sold to UBS by no later than November 19, 2023. The financing fee for the funded Class A-R Notes was equal to the three-month LIBOR plus a spread of 3.375% per year while the financing fee for the unfunded Class A-R Notes was equal to 0.75% per year.

On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation. Under both Confirmations, the date that Murray Hill Funding was required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2023 to November 19, 2024. Also under both Confirmations, the financing fee payable to UBS was revised from a floating rate equal to the three-month LIBOR, plus a spread of 3.375% per year, to a floating rate equal to the three-month SOFR, plus a spread of (a) to (but excluding) November 19, 2023, 3.525% per year, and (b) thereafter, 3.20% per year. The effective date of both Confirmations was June 15, 2023.

On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100% of the principal amount of Class A-R Notes purchased, which was \$21,000, \$25,000, \$17,500 and \$22,500, respectively. On August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of \$21,000, \$17,500, \$25,000 and \$22,500, respectively, for an aggregate repurchase price of \$21,000, \$17,500, \$25,000 and \$22,500, respectively, which was then repaid by Murray Hill Funding II. The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024 resulted in repayments of \$21,000, \$17,500, \$25,000 and \$22,500, respectively, of the outstanding amount of borrowings under the Amended UBS Facility.

On November 13, 2024, Murray Hill Funding entered into (i) a Sixth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the November 2024 Confirmations. Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Facility.

On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations. Under the January 2025 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from January 15, 2025 to February 15, 2025 as a further bridge to the parties entering into a broader amendment to the Amended UBS Facility.

On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the Amended UBS Facility, including, without limitation, the Global Master Repurchase Agreement (2000 version) dated as of May 15, 2017, as well as the annexes thereto and each confirmation and transaction supplement thereunder, the Second Amended and Restated Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements. Simultaneously with terminating the Amended UBS Facility, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS (as described below).

Prior to entering into the Termination Agreement, UBS could have required Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, was less than the required margin amount under the Amended UBS Facility; provided, however, that Murray Hill Funding would not have been required to post cash collateral with UBS until such market value declined at least 10% from the initial market value of the portfolio assets.

The Company had no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding. The Company could have, but was not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding became obligated in connection with the Amended UBS Facility. The Company's exposure under the Amended UBS Facility was limited to the value of the Company's investment in Murray Hill Funding.

Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and was required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions. The Amended UBS Facility contained events of default customary for similar financing transactions, including, without limitation: (a) failure to transfer the Notes to UBS on the applicable purchase date or repurchase the Notes from UBS on the applicable repurchase date; (b) failure to pay certain fees and make-whole amounts when due; (c) failure to post cash collateral as required; (d) the occurrence of insolvency events with respect to Murray Hill Funding; and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility. As of and through the termination of the Amended UBS Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling \$2,637 in connection with obtaining and amending the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company's consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility. At June 30, 2025, all upfront fees and other expenses were fully amortized.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:

	Three Months Ended June 30,				Six Months Ended	June 30,		Year Ended December 31,
		2025		2024	2025		2024		2024
Stated interest expense	\$	—	\$	2,155	\$ 919	\$	4,774	\$	8,974
Non-usage fee		—		95	45		149		341
Total interest expense	\$	—	\$	2,250	\$ 964	\$	4,923	\$	9,315
Weighted average interest rate(1)		—		8.90 %	8.07 %		8.80 %		8.70 %
Average borrowings	\$	—	\$	100,000	\$ 12,757	\$	110,632	\$	105,287

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.

2025 UBS Credit Facility

Simultaneously with terminating the Amended UBS Facility on February 13, 2025, Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the 2025 UBS Credit Facility, with UBS, as administrative agent, Murray Hill Funding, as equity holder, CIM, as collateral manager, each of the lenders from time-to-time party thereto, and US Bank, as collateral agent and document custodian. Under the 2025 UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to \$125,000 is SOFR plus a credit spread of 2.75% per year. All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028. Murray Hill Funding II may prepay advances pursuant to the terms and conditions of the 2025 UBS Credit Facility, subject to a 2.0% premium in certain circumstances. In addition, Murray Hill Funding II will be subject to a non-usage fee of 0.75% per year on the amount, if any, of the aggregate principal amount available under the 2025 UBS Credit Facility that has not been borrowed up to the minimum utilization amount of \$100,000. Interest and non-usage fees, if any, are payable monthly in arrears.

Pursuant to the 2025 UBS Credit Facility, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II, which secure the obligations of Murray Hill Funding II under the 2025 UBS Credit Facility. UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the 2025 UBS Credit Facility; provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value declined at least 10% from the initial market value of the portfolio assets.

The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding. The Company may, but is not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding becomes obligated in connection with the 2025 UBS Credit Facility. The Company's exposure under the 2025 UBS Credit Facility is limited to the value of the Company's investment in Murray Hill Funding.

Pursuant to the 2025 UBS Credit Facility, Murray Hill Funding II made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions. As of and for the three months ended June 30, 2025, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding II paid an upfront fee and incurred certain other customary costs and expenses totaling \$1,210 in connection with obtaining the 2025 UBS Credit Facility, which were recorded as a direct reduction to the outstanding balance of the 2025 UBS Credit Facility, which is included in the Company's consolidated balance sheets and amortized to interest expense over the term of the 2025 UBS Credit Facility. At June 30, 2025, the unamortized portion of the debt issuance costs was \$1,059.

For the three months ended June 30, 2025 and for the period from February 13, 2025 through June 30, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:

	Three Months Ended June 30, 2025	For the Period from February 13, 2025 Through June 30, 2025
Stated interest expense	\$ 1,782	\$ 2,705
Non-usage fee	48	72
Amortization of deferred financing costs	100	151
Total interest expense	\$ 1,930	\$ 2,928
Weighted average interest rate(1)	7.24 %	7.24 %
Average borrowings	\$ 100,000	\$ 100,000

(1) Includes the stated interest expense and non-usage fee on the unused portion of the 2025 UBS Credit Facility and is annualized for periods covering less than one year.

Series A Notes

On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued \$80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes. The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023 under the ticker symbol "CION B1". The Series A Notes are denominated in New Israeli Shekels, or NIS, but payment is linked to the US dollar based on an NIS conversion rate from February 20, 2023. As a result, the Series A Notes do not result in any foreign currency translation. After the deduction of fees and other offering expenses, the Company received net proceeds of approximately \$77,900, which it used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody's. The carrying amount outstanding under the Series A Notes approximates its fair value.

The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a "makewhole" premium, if applicable, as set forth in the Deed of Trust. The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82% per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023. The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders' equity of \$525 million, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00. In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company's other indebtedness in an outstanding aggregate principal amount of at least \$50,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

On October 10, 2023, the Company issued \$34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel. The Additional Series A Notes were issued pursuant to the Deed of Trust and were issued by way of expanding, and have the same terms and conditions as, the existing Series A Notes that were issued by the Company on February 28, 2023. After the deduction of fees and other offering expenses, the Company received net proceeds of \$32,317, which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody's, and commenced trading on the TASE on October 10, 2023 under the ticker symbol "CION B1".

Through June 30, 2025, the Company incurred debt issuance costs of \$5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes. At June 30, 2025, the unamortized portion of the debt issuance costs was \$1,864.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:

	Three Months Ended June 30,			Six Months Ended June 30,	Year Ended December 31,
	2025		2024	2025	2024		2024
Stated interest expense	\$ 2,452	\$	2,671	\$ 4,753	\$ 5,313	\$	10,378
Amortization of deferred financing costs	397		398	790	795		1,598
Total interest expense	\$ 2,849	\$	3,069	\$ 5,543	\$ 6,108	\$	11,976
Weighted average interest rate(1)	8.44 %		9.13 %	8.23 %	9.12 %		8.91 %
Average borrowings	\$ 114,844	\$	114,844	\$ 114,844	\$ 114,844	\$	114,844

(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.

2027 Notes

On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company's issuance of \$100,000 aggregate principal amount of its senior unsecured notes, tranche A, due 2027, or the Tranche A 2027 Notes, at a purchase price equal to 99.25% of the principal amount of the Tranche A 2027 Notes. The net proceeds to the Company were \$98,290, after the deduction of placement agent fees and other financing expenses, which the Company used to primarily repay debt under its senior secured financing arrangements, make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes. The Tranche A 2027 Notes are rated BBB (low) by DBRS, Inc.

The Tranche A 2027 Notes mature on November 8, 2027. The Tranche A 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and subject to a 2.00% SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on February 15, 2024. The Company has the right to, at its option, redeem all or a part that is not less than 10% of the Tranche A 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100% of the principal amount of Tranche A 2027 Notes to be redeemed plus an applicable "make-whole" amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Tranche A 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100% of the principal amount of the Tranche A 2027 Notes to be redeemed, plus accrued and unpaid interest, if any. For any redemptions occurring on or before August 8, 2027, the discounted value portion of the "make whole amount" is calculated by applying a discount rate on the same periodic basis as that on which interest on the Tranche A 2027 Notes is payable equal to the sum of 0.50% plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of the Tranche A 2027 Notes, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement.

The Tranche A 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders' equity of \$543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. The 2027 Note Purchase Agreement also contains a "most favored lender" provision in favor of the purchasers in respect of any new credit facilities, loans, notes or unsecured indebtedness in excess of \$25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement. In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least \$25 million, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

On September 18, 2024, the Company entered into an Amended and Restated Note Purchase Agreement with certain institutional investors, or the AR Note Purchase Agreement, in connection with the Company's issuance of \$100,000 aggregate principal amount of its floating rate senior unsecured notes, tranche B, due 2027, or the Tranche B 2027 Notes, at a purchase price equal to par. The Tranche B 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the Tranche A 2027 Notes that were issued by the Company in November 2023. The net proceeds to the Company were approximately \$96,200, after the deduction of a commitment fee of \$2,875, placement agent fees and other financing expenses. The Tranche B 2027 Notes are rated investment grade.

The Tranche B 2027 Notes also mature on November 8, 2027. The Tranche B 2027 Notes bear interest at a floating rate equal to the threemonth SOFR plus a credit spread of 3.90% per year and subject to a 2.00% SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on November 15, 2024.

Through June 30, 2025, the Company incurred debt issuance costs of \$5,462 in connection with issuing the Tranche A 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the Tranche A 2027 Notes and the Tranche B 2027 Notes, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes. At June 30, 2025, the unamortized portion of the debt issuance costs was \$3,821.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Tranche A 2027 Notes and the Tranche B 2027 Notes were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,				Year Ended December 31,
	2025		2024		2025		2024		2024
Stated interest expense	\$ 4,273	\$	2,544	\$	8,697	\$	5,088	\$	12,453
Amortization of deferred financing costs	405		106		805		213		772
Total interest expense	\$ 4,678	\$	2,650	\$	9,502	\$	5,301	\$	13,225
Weighted average interest rate(1)	8.65 %		10.07 %		8.70 %		10.07 %		9.68 %
Average borrowings	\$ 200,000	\$	100,000	\$	200,000	\$	100,000	\$	128,689

(1) Includes the stated interest expense on the Tranche A 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.

2022 Term Loan

On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2022 Term Loan Agreement, with an Israeli institutional investor, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of \$50,000, or the 2022 Term Loan. On April 27, 2022, the Company drew down \$50,000 of borrowings under the 2022 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately \$49,000, which it used for working capital and other general corporate purposes. The carrying amount outstanding under the 2022 Term Loan approximates its fair value.

Advances under the 2022 Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor, payable quarterly in arrears. Advances under the 2022 Term Loan mature on April 27, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2022 Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00%.

Advances under the 2022 Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The 2022 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders' equity of 60% of the Company's net asset value as of the year ended December 31, 2021 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the 2022 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least \$25,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2025, the Company incurred debt issuance costs of \$1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2022 Term Loan. At June 30, 2025, the unamortized portion of the debt issuance costs was \$373.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:

	Three Months Ended June 30,				Six Months Ended	June 30,	Year Ended December 31,
	2025		2024		2025		2024		2024
Stated interest expense	\$ 985	\$	1,112	\$	1,964	\$	2,228	\$	4,391
Amortization of deferred financing costs	52		51		102		102		205
Total interest expense	\$ 1,037	\$	1,163	\$	2,066	\$	2,330	\$	4,596
Weighted average interest rate(1)	7.80 %		8.80 %		7.81 %		8.81 %		8.64 %
Average borrowings	\$ 50,000	\$	50,000	\$	50,000	\$	50,000	\$	50,000

(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.

2021 Term Loan

On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with an Israeli institutional investor, as lender. The Term Loan Agreement provided for an unsecured term loan, or the 2021 Term Loan, to the Company in an aggregate principal amount of \$30,000. On April 20, 2021, the Company drew down \$30,000 of borrowings under the 2021 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately \$29,000, which the Company used for working capital and other general corporate purposes.

Advances under the 2021 Term Loan were scheduled to mature on September 30, 2024, and bore interest at a rate of 5.20% per year payable quarterly in arrears. The Company had the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that was to be prepaid or became due and payable pursuant to the Term Loan Agreement. The discounted present value portion of the prepayment fee was calculated by applying a discount rate on the same periodic basis as that on which interest on advances was payable equal to the sum of 2.00% plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of the 2021 Term Loan, or if there were no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.

Advances under the 2021 Term Loan were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The Term Loan Agreement contained other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders' equity of 60% of the Company's net asset value as of the year ended December 31, 2020 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represented more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represented less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the Term Loan Agreement contained customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least \$25,000, certain judgments and orders, and certain events of bankruptcy. As of and through the Company's repayment in full of the 2021 Term Loan on September 24, 2024, the Company was in compliance with all covenants and reporting requirements.

On September 24, 2024, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2021 Term Loan.

Through June 30, 2025, the Company incurred debt issuance costs of \$992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company's consolidated balance sheet as of June 30, 2025 and amortized to interest expense over the term of the 2021 Term Loan. At June 30, 2025, all upfront fees and other expenses were fully amortized.

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,		Year Ended December 31,
		2025		2024		2025	2024	2024
Stated interest expense	\$	—	\$	395	\$	—	\$ 789	\$	1,157
Amortization of deferred financing costs		—		71		—	143		209
Total interest expense	\$	—	\$	466	\$	—	\$ 932	\$	1,366
Weighted average interest rate(1)		—		5.20 %		—	5.20 %		5.20 %
Average borrowings	\$	—	\$	30,000	\$	—	\$ 30,000	\$	21,885

(1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.

2024 Term Loan

On September 30, 2024, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2024 Term Loan Agreement, with an Israeli institutional investor, as lender, which provides for an unsecured term loan to the Company in an aggregate principal amount of \$30,000, or the 2024 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately \$29,400 less customary legal fees and other expenses, which the Company used for working capital and other general corporate purposes.

Advances under the 2024 Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% SOFR floor, payable quarterly in arrears. Advances under the 2024 Term Loan mature on September 30, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2024 Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00%.

Advances under the 2024 Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The 2024 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders' equity of \$543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) an interest coverage ratio of not less than 1.25 to 1.00, and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least \$25,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2025, the Company incurred debt issuance costs of \$767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company's consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2024 Term Loan. At June 30, 2025, the unamortized portion of the debt issuance costs was \$575.

For the three and six months ended June 30, 2025 and for the period from September 30, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025	For the Period from September 30, 2024 Through December 31, 2024
Stated interest expense	\$ 614	\$ 1,224	\$	651
Amortization of deferred financing costs	64	142		50
Total interest expense	\$ 678	\$ 1,366	\$	701
Weighted average interest rate(1)	8.10 %	8.11 %		8.40 %
Average borrowings	\$ 30,000	\$ 30,000	\$	30,000

(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.

Note 9. Fair Value of Financial Instruments

The following table presents fair value measurements of the Company's portfolio investments as of June 30, 2025 and December 31, 2024, according to the fair value hierarchy:

					June 30, 2025(1)		December 31, 2024(2)
		Level 1		Level 2	Level 3	Total	Level 1	Level 2		Level 3	Total
Senior secured first lien debt	\$	—	\$	—	\$ 1,501,896	\$ 1,501,896	\$ —	\$	—	\$ 1,563,256	\$ 1,563,256
Senior secured second lien debt		—		—	1,011	1,011	—		—	2,680	2,680
Collateralized securities and structured products - equity		—		—	3,027	3,027	—		—	2,682	2,682
Unsecured debt		—		—	8,091	8,091	—		—	11,814	11,814
Equity		2,774		—	229,488	232,262	2,041		—	219,294	221,335
Short term investments		58,673		—	—	58,673	68,818		—	—	68,818
Total Investments	\$	61,447	\$	—	\$ 1,743,513	\$ 1,804,960	\$ 70,859	\$	—	\$ 1,799,726	\$ 1,870,585

(1) Excludes the Company's \$19,668 investment in CION/EagleTree, which is measured at NAV.

(2) Excludes the Company's \$18,103 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30, 2025
		Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, March 31, 2025	\$	1,556,067	\$	2,593	\$	3,612	\$	12,278	\$	195,993		\$ 1,770,543
Investments purchased(2)(3)		74,971		75		—		43		4,576		79,665
Net realized loss		(32,376)		—		—		—		—		(32,376)
Net change in unrealized appreciation (depreciation)		14,413		(1,664)		(73)		(127)		28,919		41,468
Accretion of discount		2,406		7		—		—		—		2,413
Sales and principal repayments(3)		(113,585)		—		(512)		(4,103)		—		(118,200)
Net transfers in and/or (out) of Level 3		—		—		—		—		—		—
Ending balance, June 30, 2025	\$	1,501,896	\$	1,011	\$	3,027	\$	8,091	\$	229,488		\$ 1,743,513
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1)	\$	(6,522)	\$	(1,664)	\$	(73)	\$	(127)	\$	28,919	\$	20,533

(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

	Six Months Ended June 30, 2025
		Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt	Equity			Total
Beginning balance, December 31, 2024	\$	1,563,256		\$ 2,680	\$	2,682	\$	11,814	\$	219,294		\$ 1,799,726
Investments purchased(2)(3)		165,408		144		979		87		11,331		177,949
Net realized loss		(29,551)		—		—		—		(531)		(30,082)
Net change in unrealized (depreciation) appreciation		(21,520)		(1,824)		(122)		293		350		(22,823)
Accretion of discount		4,198		11		—		—		—		4,209
Sales and principal repayments(3)		(179,895)		—		(512)		(4,103)		—		(184,510)
Net transfers in and/or (out) of Level 3		—		—		—		—		(956)		(956)
Ending balance, June 30, 2025	\$	1,501,896		\$ 1,011	\$	3,027	\$	8,091	\$	229,488		\$ 1,743,513
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1)	\$	(31,907)		\$ (1,824)	\$	(122)	\$	293	\$	350	\$	(33,210)

(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

				Three Months Ended June 30, 2024
		Senior Secured First Lien Debt	Senior Secured Second Lien Debt	Collateralized Securities and Structured Products - Equity	Unsecured Debt	Equity	Total
Beginning balance, March 31, 2024	\$	1,465,051	\$ 28,460	\$ 1,004	\$ 5,506	\$ 219,697	\$ 1,719,718
Investments purchased(2)(3)		147,863	129	—	33	20,047	168,072
Net realized loss		(18,406)	—	—	—	(1,871)	(20,277)
Net change in unrealized appreciation (depreciation)		13,089	(1,707)	(170)	(46)	10,249	21,415
Accretion of discount		961	672	—	—	—	1,633
Sales and principal repayments(3)		(71,805)	(12,504)	(64)	—	(2,488)	(86,861)
Ending balance, June 30, 2024	\$	1,536,753	\$ 15,050	\$ 770	\$ 5,493	\$ 245,634	\$ 1,803,700
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1)	\$	(167)	\$ (665)	\$ (170)	\$ (46)	\$ 12,268	\$ 11,220

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

(in thousands, except share and per share amounts)

	Six Months Ended June 30, 2024
		Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, December 31, 2023 \$		1,565,171	\$	29,111	\$	1,096	\$	12,874	\$	205,909	\$	1,814,161
Investments purchased(2)(3)		275,973		189		—		1,454		43,479		321,095
Net realized (loss) gain		(20,417)		(11,809)		(1,210)		—		3,423		(30,013)
Net change in unrealized (depreciation) appreciation		(1,019)		10,819		1,012		(2)		(126)		10,684
Accretion of discount		12,534		725		—		39		—		13,298
Sales and principal repayments(3)		(295,489)		(13,985)		(128)		(8,872)		(7,051)		(325,525)
Ending balance, June 30, 2024	\$	1,536,753	\$	15,050	\$	770	\$	5,493	\$	245,634	\$	1,803,700
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1)	\$	(3,988)	\$	(975)	\$	(186)	\$	(96)	\$	2,813	\$	(2,432)

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

Significant Unobservable Inputs

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2025 and December 31, 2024 were as follows:

			June 30, 2025
	Fair Value	Valuation Techniques/ Methodologies	Unobservable Inputs		Range	Weighted Average(1)
Senior secured first lien debt	\$ 1,238,793	Discounted Cash Flow	Discount Rates	9.0%	—	35.0%	13.1%
	110,494	Market Comparable	EBITDA Multiple	5.25x	—	7.00x	6.25x
	73,478	Approach	Revenue Multiple	0.78x	—	5.69x	1.81x
	31,637		Probability Weighted Recovery Rate	15%	—	100%	96%
	15,497	Other(2)	Insurance Claim Recovery Rate		31%		N/A
	31,997	Broker Quotes	Broker Quotes		N/A		N/A
Senior secured second lien debt	821	Market Comparable	Revenue Multiple		1.58x	N/A
	190	Approach	EBITDA Multiple		5.75x	N/A
Collateralized securities and structured products - equity	3,027 Discounted Cash Flow		Discount Rates	13.5%	—	21.0%	13.7%
Unsecured debt	5,315	Other(2)	Probability Weighted Recovery Rate		21%	N/A
	1,487	Discounted Cash Flow	Discount Rates		13.0%	N/A
	1,289	Options Pricing Model	Expected Volatility		35%	N/A
Equity	89,694		EBITDA Multiple	5.25x	—	19.00x	12.05x
	70,155	Market Comparable Approach	\$ per kW		\$440.00	N/A
	39,469		Revenue Multiple	0.35x	—	5.69x	0.41x
	20,584	Options Pricing Model	Expected Volatility	35%	—	90%	55%
	6,952	Discounted Cash Flow	Discount Rates		25.0%	N/A
	1,480	Broker Quotes	Broker Quotes		N/A
	1,154	Other(2)	Other(2)		N/A	N/A
Total	\$ 1,743,513

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

	December 31, 2024
	Fair Value		Valuation Techniques/ Methodologies	Unobservable Inputs		Weighted Average(1)
Senior secured first lien debt	\$ 1,305,445		Discounted Cash Flow	Discount Rates	9.4%	—	30.0%	13.4%
		117,665	Market Comparable	Revenue Multiple	0.70x	—	6.13x	1.77x
		41,891	Approach	EBITDA Multiple	5.50x	—	10.25x	7.59x
		67,950	Broker Quotes	Broker Quotes		N/A		N/A
		15,209	Other(2)	Insurance Claim Recovery Rate	28%	—	55%	35%
	15,096			Other(2)	N/A			N/A
Senior secured second lien debt 2,680		Market Comparable Approach	EBITDA Multiple	5.75x	—	6.75x	6.23x
Collateralized securities and structured products - equity		2,682	Discounted Cash Flow	Discount Rates	14.3%	—	21.0%	16.0%
Unsecured debt	5,418		Discounted Cash Flow	Discount Rates	11.3%	—	14.0%	11.9%
	5,315 1,081		Other(2)	Other(2)		N/A N/A
			Options Pricing Model	Expected Volatility
Equity		79,142		EBITDA Multiple	4.75x	—	18.75x	11.73x
		62,171	Market Comparable Approach	Revenue Multiple	0.36x	—	6.13x	0.50x
		52,166		\$ per kW		N/A
		16,061 Options Pricing Model		Expected Volatility	47.5% —		95.0%	67.0%
	7,965		Discounted Cash Flow	Discount Rates		N/A
		930	Other(2)	Other(2)		N/A		N/A
		859	Broker Quotes	Broker Quotes	N/A			N/A

Total \$ 1,799,726

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

The significant unobservable inputs used in the fair value measurement of the Company's senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes, recovery rates, \$ per kW and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, \$ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively.

Note 10. General and Administrative Expense

General and administrative expense consisted of the following items for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

	Three Months Ended June 30,				Six Months Ended June 30,					Year Ended December 31,
		2025		2024		2025		2024		2024
Professional fees	\$	87	\$	455	\$	855	\$	976	\$	2,348
Dues and subscriptions		329		97		532		532		1,001
Valuation expense		209		229		439		373		751
Insurance expense		187		169		371		338		721
Director fees and expenses		181		177		353		348		696
Accounting and administrative costs		169		160		281		322		639
Transfer agent expense		125		124		244		247		488
Printing and marketing expense		82		162		99		165		308
Other expenses		24		86		55		142		205
Total general and administrative expense	\$	1,393	\$	1,659	\$	3,229	\$	3,443	\$	7,157

Note 11. Commitments and Contingencies

The Company entered into certain contracts with related and other parties that contain a variety of indemnifications. The Company's maximum exposure under these arrangements is unknown. However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.

As of June 30, 2025 and December 31, 2024, the Company's unfunded commitments were as follows:

Unfunded Commitments	June 30, 2025(1)	December 31, 2024(1)
American Clinical Solutions LLC	\$ 7,424	\$ 4,600
APS Acquisition Holdings, LLC	6,629	7,799
American Family Care, LLC	5,909	5,909
Rogers Mechanical Contractors, LLC	5,426	5,426
David's Bridal, LLC(2)	5,000	—
Berlitz Holdings, Inc.	3,438	—
American Health Staffing Group, Inc.	3,333	3,333
Moss Holding Company	2,232	2,232
CrossLink Professional Tax Solutions, LLC	2,209	1,840
Gold Medal Holdings, Inc.	2,131	2,498
Newbury Franklin Industrials, LLC	1,974	1,974
Bradshaw International Parent Corp.	1,844	1,844
Sleep Opco, LLC	1,750	1,750
Thrill Holdings LLC	1,739	1,739
Instant Web, LLC	1,731	2,488
Riddell, Inc. / All American Sports Corp.	1,636	1,636
SHF Holdings, Inc.	1,391	—
HEC Purchaser Corp.	1,302	1,302
ESP Associates, Inc.	1,118	1,118
Avison Young (Canada) Inc./Avison Young (USA) Inc.	1,103	—
RA Outdoors, LLC	1,083	348
BDS Solutions Intermediateco, LLC	857	524
Stengel Hill Architecture, LLC	825	1,725
Ironhorse Purchaser, LLC	816	551
TMK Hawk Parent, Corp.	779	779
Optio Rx, LLC	658	—
Lux Credit Consultants LLC	456	5,069
Flatworld Intermediate Corp.	—	5,865
Mimeo.com, Inc.	—	2,500
Cennox, Inc.	—	2,334
ALM Global, LLC	—	1,800
Anthem Sports & Entertainment Inc.	—	1,225
Dermcare Management, LLC	—	326
HW Acquisition, LLC	—	147
Total	\$ 64,793	\$ 70,681

(1) Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.

(2) The Company may be required to fund an additional \$20,000 if certain conditions are satisfied. See footnote y. to the Consolidated Schedule of Investments as of June 30, 2025.

Unfunded commitments to provide funds to companies are not recorded as liabilities on the Company's consolidated balance sheets. To the extent that interest rates on unfunded commitments are below market, a liability is recorded in the Consolidated Schedule of Investments. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments. As of July 30, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional \$67,075.

The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations). The Company will not fund its unfunded commitments from future net proceeds generated by securities offerings, if any. The Company follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments. Specifically, the Company prepares detailed analyses of the level of its unfunded commitments relative to its then available liquidity on a daily basis. These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a "real time" basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.

Note 12. Fee Income

Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees. The following table summarizes the Company's fee income for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

	Three Months Ended June 30,				Six Months Ended June 30,	Year Ended December 31,
	2025		2024		2025	2024		2024
Amendment fees \$	929	\$	912	\$	4,412	\$ 1,148	\$	5,679
Capital structuring and other fees	783		1,430		1,283	3,229		10,253
Commitment fees	—		—		—	1,760		1,760
Conversion fees	—		—		—	78		78
Administrative agent fees	—		—		—	—		125
\$ Total(1)	1,712	\$	2,342	\$	5,695	\$ 6,215	\$	17,895

(1) A portion of our fee income is derived from non-controlled, affiliated investments and controlled investments. Refer to notes r. and s. to the consolidated schedules of investments as of June 30, 2025 and December 31, 2024 for further details on the sources of our fee income.

Administrative agent fees are recurring income as long as the Company remains the administrative agent for the related investment. Income from all other fees was non-recurring.

Note 13. Financial Highlights

The following is a schedule of financial highlights as of and for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

	Six Months Ended June 30,					Year Ended December 31,
		2025		2024	2024
Per share data:(1)
Net asset value at beginning of period	\$	15.43	\$	16.23	\$	16.23
Results of operations:
Net investment income		0.68		1.03		1.79
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2)		(0.97)		(0.49)		(1.16)
Net (decrease) increase in net assets resulting from operations(2)		(0.29)		0.54		0.63
Shareholder distributions:
Distributions from net investment income		(0.72)		(0.75)		(1.52)
Net decrease in net assets resulting from shareholders' distributions		(0.72)		(0.75)		(1.52)
Capital share transactions:
Repurchases of common stock below net asset value(3)		0.08		0.06		0.09
Net increase in net assets resulting from capital share transactions		0.08		0.06		0.09
Net asset value at end of period	\$	14.50	\$	16.08	\$	15.43
Shares of common stock outstanding at end of period		52,303,842		53,525,623		53,189,269
Total investment return-net asset value(4)		1.46 %		5.49 %		7.71 %
Total investment return-market value(5)		(9.36)%		14.10 %		14.37 %
Net assets at beginning of period	\$	820,810	\$	879,563	\$	879,563
Net assets at end of period	\$	758,610	\$	860,806	\$	820,810
Average net assets	\$	788,825	\$	873,342	\$	861,376
Ratio/Supplemental data:
Ratio of net investment income to average net assets(6)		9.25 %		12.79 %		11.13 %
Ratio of net operating expenses to average net assets(6)		18.44 %		18.27 %		18.18 %
Portfolio turnover rate(7)		5.77 %		14.45 %		25.85 %
Total amount of senior securities outstanding	\$	1,117,344	\$	1,069,844	\$	1,117,344
Asset coverage ratio(8)		1.68		1.80		1.73

(1) The per share data for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024 was derived by using the weighted average shares of common stock outstanding during each period.

(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company's shares in relation to fluctuating market values for the portfolio. As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

• (3) Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date.
• (4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company's common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company's common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized.
• (5) Total investment return-market value for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company's DRP. Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company's common stock. The historical calculation of total investment return-market value in the table should not be considered a representation of the Company's future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company's ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company's expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
• (6) Ratios are annualized.
• (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments. Portfolio turnover rate is not annualized.
• (8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

As used in this Quarterly Report on Form 10-Q, "we," "us," "our" or similar terms include CĪON Investment Corporation and its consolidated subsidiaries. In addition, the term "portfolio companies" refers to companies in which we have invested, either directly or indirectly through our consolidated subsidiaries.

The following discussion should be read in conjunction with our unaudited consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical information, the following discussion and other parts of this Quarterly Report on Form 10-Q contain forward-looking information that involves risks and uncertainties. Amounts and percentages presented herein may have been rounded for presentation and all dollar amounts, excluding share and per share amounts, are presented in thousands unless otherwise noted.

Forward-Looking Statements

Some of the statements within this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve numerous risks and uncertainties, including statements as to:

• our future operating results;
• our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of tariffs and trade disputes with other countries, changes in inflation, high interest rates and the risk of recession;
• the impact of the investments that we expect to make;
• the ability of our portfolio companies to achieve their objectives;
• our current and expected financings and investments;
• the adequacy of our cash resources, financing sources and working capital;
• the use of borrowed money to finance a portion of our investments;
• the timing of cash flows, if any, from the operations of our portfolio companies;
• our contractual arrangements and relationships with third parties;
• the actual and potential conflicts of interest with CIM and its affiliates;
• the ability of CIM's investment professionals to locate suitable investments for us and the ability of CIM to monitor and administer our investments;
• the ability of CIM and its affiliates to attract and retain highly talented professionals;
• the dependence of our future success on the general economy and its impact on the industries in which we invest, including tariffs and trade disputes with other countries, changes in inflation, high interest rates, the risk of recession and the related economic disruptions caused thereby;
• ongoing conflicts in the Middle East and the Russia-Ukraine war, including the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;
• the effects of a changing interest rate environment;
• our ability to source favorable private investments;
• our tax status;
• the effect of changes to tax legislation and our tax position;
• the tax status of the companies in which we invest;
• the timing and amount of distributions and dividends from the companies in which we invest; and
• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

In addition, words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forwardlooking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q. Other factors that could cause actual results to differ materially include:

• changes in the economy;
• risks associated with possible disruption in our operations or the economy generally due to terrorism, pandemics, or natural disasters;
• future changes in laws or regulations and conditions in our operating areas;
• the prices at which shares of our common stock and our 7.50% Notes due 2029 may trade on and volume fluctuations in the NYSE; and
• the costs associated with being a publicly traded company.

We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to review any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Overview

We were incorporated under the general corporation laws of the State of Maryland on August 9, 2011 and commenced operations on December 17, 2012 upon raising proceeds of \$2,500 from persons not affiliated with us, CIM or its affiliates. We are an externally managed, nondiversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We elected to be treated for federal income tax purposes as a RIC, as defined under Subchapter M of the Code.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. Our portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies. In connection with our debt investments, we may receive equity interests such as warrants or options as additional consideration. We may also purchase equity interests in the form of common or preferred stock in our target companies, either in conjunction with one of our debt investments or through a co-investment with a financial sponsor.

On October 5, 2021, our shares of common stock began trading on the NYSE under the ticker symbol "CION". The Listing accomplished our goal of providing our shareholders with greatly enhanced liquidity. On February 26, 2023, our shares of common stock and our Series A Notes listed and commenced trading in Israel on the TASE under the ticker symbol "CION" and "CION B1", respectively. On October 9, 2024, our 2029 Notes listed and commenced trading on the NYSE under the ticker symbol "CICB".

We are managed by CIM, our affiliate and a registered investment adviser. Pursuant to an investment advisory agreement with us, CIM oversees the management of our activities and is responsible for making investment decisions for our portfolio. On August 5, 2025, our board of directors, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2025. We have also entered into an administration agreement with CIM to provide us with administrative services necessary for us to operate. We and CIM previously engaged AIM to act as our investment sub-adviser.

On July 11, 2017, the members of CIM entered into the Third Amended CIM LLC Agreement for the purpose of creating a joint venture between AIM and CIG. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50% economic interest in CIM.

On July 10, 2017, our independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017, as part of the new and ongoing relationship among us, CIM and AIM. Although the investment sub-advisory agreement and AIM's engagement as our investment sub-adviser were terminated, AIM continues to perform certain services for CIM and us. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above.

On December 4, 2017, the members of CIM entered into the Fourth Amended CIM LLC Agreement under which AIM performs certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide us with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of our investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel.

Upon the occurrence of the Listing on October 5, 2021, we and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from us to CIM that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable from us to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable from us to CIM (as described in further detail in Notes 2 and 4 to our consolidated financial statements included in this report).

We seek to meet our investment objective by utilizing the experienced management team of CIM, which includes its access to the relationships and human capital of its affiliates in sourcing, evaluating and structuring transactions, as well as monitoring and servicing our investments. We focus primarily on the senior secured debt of private and thinly-traded U.S. middle-market companies, which we define as companies that generally possess annual EBITDA of \$75 million or less, with experienced management teams, significant free cash flow, strong competitive positions and potential for growth.

Revenue

We primarily generate revenue in the form of interest income on the debt securities that we hold and capital gains on debt or other equity interests that we acquire in portfolio companies. The majority of our senior debt investments bear interest at a floating rate. Interest on debt securities is generally payable quarterly or monthly. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued, but unpaid, interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and capital structuring fees, monitoring fees, fees for providing managerial assistance and possibly consulting fees and performance-based fees. Any such fees generated in connection with our investments will be recognized when earned.

Operating Expenses

Our primary operating expenses are the payment of management fees and subordinated incentive fees on income under the investment advisory agreement and interest expense on our financing arrangements. Our investment advisory fees compensate CIM for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments. We bear all other expenses of our operations and transactions.

Recent Developments

Q3 2025 Base Distribution

On August 4, 2025, our co-chief executive officers declared a quarterly base distribution of \$0.36 per share for the third quarter of 2025, payable on September 16, 2025 to shareholders of record as of September 2, 2025.

Increase in Authorized Amount of Share Repurchase Policy

On August 5, 2025, our board of directors, including the independent directors, increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by \$20 million to up to an aggregate of \$80 million.

Portfolio Investment Activity for the Three and Six Months Ended June 30, 2025 and 2024 and the Year Ended December 31, 2024

The following table summarizes our investment activity, excluding short term investments and PIK securities, for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

	Three Months Ended	June 30,		Six Months Ended June 30,					Year Ended December 31,
Net Investment Activity	2025		2024	2025		2024		2024
Purchases and drawdowns
Senior secured first lien debt	\$ 38,947	\$	137,771	\$	99,739	\$	239,666	\$	439,038
Collateralized securities and structured products - equity	—		—		979		—		2,002
Unsecured debt	—		—		—		1,096		1,096
Equity	77		9,757		3,201		18,402		21,918
Sales and principal repayments	(88,000)		(76,963)		(137,430)		(284,584)		(486,463)
Net portfolio activity	\$ (48,976)	\$	70,565	\$	(33,511)	\$	(25,420)	\$	(22,409)

The following tables summarize the composition of our investment portfolio at amortized cost and fair value as of June 30, 2025 and December 31, 2024:

	Investments Cost(1)			Investments Fair Value	Percentage of Investment Portfolio
Senior secured first lien debt	\$	1,570,700	\$	1,501,896	85.0 %
Senior secured second lien debt		5,342		1,011	0.1 %
Collateralized securities and structured products - equity		3,447		3,027	0.2 %
Unsecured debt		25,471		8,091	0.4 %
Equity		237,481		251,930	14.3 %
Subtotal/total percentage		1,842,441		1,765,955	100.0 %
Short term investments(2)		58,673		58,673
Total investments	\$	1,901,114	\$	1,824,628
Number of portfolio companies					99
Average annual EBITDA of portfolio companies					\$54.7 million
Median annual EBITDA of portfolio companies					\$34.6 million
Purchased at a weighted average price of par					93.72 %
Gross annual portfolio yield based upon the purchase price(3)					10.99 %

(1) Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our 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.

(3) The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.

	December 31, 2024
	Investments Cost(1)			Investments Fair Value	Percentage of Investment Portfolio
Senior secured first lien debt	\$	1,610,540	\$	1,563,256	86.0 %
Senior secured second lien debt		5,187		2,680	0.1 %
Collateralized securities and structured products - equity		2,980		2,682	0.1 %
Unsecured debt		29,487		11,814	0.6 %
Equity		226,681		239,438	13.2 %
Subtotal/total percentage		1,874,875		1,819,870	100.0 %
Short term investments(2)		68,818		68,818
Total investments	\$	1,943,693	\$	1,888,688
Number of portfolio companies					105
Average annual EBITDA of portfolio companies					\$53.6 million
Median annual EBITDA of portfolio companies					\$34.2 million
Purchased at a weighted average price of par					96.17 %
Gross annual portfolio yield based upon the purchase price(3)					10.96 %

(1) Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our 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.

(3) The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.

The following table summarizes the composition of our investment portfolio by the type of interest rate as of June 30, 2025 and December 31, 2024, excluding short term investments of \$58,673 and \$68,818, respectively:

				June 30, 2025					December 31, 2024
Interest Rate Allocation		Investments Cost		Investments Fair Value	Percentage of Investment Portfolio		Investments Cost		Investments Fair Value	Percentage of Investment Portfolio
Floating interest rate investments	\$	1,458,721	\$	1,389,894	78.7 % \$		1,519,038	\$	1,476,158	81.1 %
Non-income producing investments		201,156		218,133	12.3 %		202,115		214,958	11.8 %
Fixed interest rate investments		171,699		147,489	8.4 %		145,347		119,844	6.6 %
Other income producing investments		10,865		10,439	0.6 %		8,375		8,910	0.5 %
Total investments	\$	1,842,441	\$	1,765,955	100.0 % \$		1,874,875	\$	1,819,870	100.0 %

The following table shows the composition of our investment portfolio by industry classification and the percentage, by fair value, of the total assets in such industries as of June 30, 2025 and December 31, 2024:

			June 30, 2025	December 31, 2024
Industry Classification	Investments Fair Value		Percentage of Investment Portfolio	Investments Fair Value		Percentage of Investment Portfolio
Services: Business	\$	270,331	15.2 % \$		285,960	15.7 %
Healthcare & Pharmaceuticals		197,198	11.2 %		199,733	11.0 %
Retail		157,658	8.9 %		160,093	8.8 %
Energy: Oil & Gas		138,635	7.8 %		116,393	6.4 %
Media: Diversified & Production		132,760	7.5 %		129,210	7.1 %
Beverage, Food & Tobacco		113,794	6.4 %		100,612	5.5 %
Services: Consumer		112,369	6.4 %		111,832	6.2 %
Construction & Building		100,534	5.7 %		99,383	5.5 %
Consumer Goods: Durable		94,656	5.4 %		95,968	5.3 %
Banking, Finance, Insurance & Real Estate		61,454	3.5 %		64,422	3.5 %
Diversified Financials		58,732	3.3 %		56,822	3.1 %
Media: Advertising, Printing & Publishing		50,463	2.9 %		104,622	5.7 %
Hotel, Gaming & Leisure		46,803	2.6 %		49,823	2.7 %
Capital Equipment		43,567	2.5 %		52,349	2.9 %
High Tech Industries		39,063	2.2 %		37,665	2.1 %
Consumer Goods: Non-Durable		32,892	1.9 %		35,210	1.9 %
Automotive		30,884	1.7 %		31,104	1.7 %
Environmental Industries		27,570	1.6 %		27,344	1.5 %
Containers, Packaging & Glass		18,682	1.1 %		18,687	1.0 %
Aerospace & Defense		13,475	0.8 %		13,825	0.8 %
Transportation: Cargo		11,024	0.6 %		10,465	0.6 %
Metals & Mining		10,350	0.6 %		13,094	0.7 %
Telecommunications		2,988	0.2 %		5,222	0.3 %
Chemicals, Plastics & Rubber		73	—		32	—
Subtotal/total percentage		1,765,955	100.0 %		1,819,870	100.0 %
Short term investments		58,673			68,818
Total investments	\$	1,824,628		\$	1,888,688

Our investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements. As of June 30, 2025 and December 31, 2024, our unfunded commitments amounted to \$64,793 and \$70,681, respectively. As of July 30, 2025, our unfunded commitments amounted to \$67,075. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. Refer to the section "Commitments and Contingencies" for further details on our unfunded commitments.

Investment Portfolio Asset Quality

CIM uses an investment rating system to characterize and monitor our expected level of returns on each investment in our portfolio. These ratings are just one of several factors that CIM uses to monitor our portfolio, are not in and of themselves determinative of fair value or revenue recognition and are presented for indicative purposes. CIM rates the credit risk of all investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

The following is a description of the conditions associated with each investment rating used in this ratings system:

Investment Rating	Description
1	Indicates the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.
2	Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected.
3	Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment rating of 3 requires closer monitoring.
4	Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants, and we expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment.
5	Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment.

For investments rated 3, 4, or 5, CIM enhances its level of scrutiny over the monitoring of such portfolio company.

The following table summarizes the composition of our investment portfolio based on the 1 to 5 investment rating scale at fair value as of June 30, 2025 and December 31, 2024, excluding short term investments of \$58,673 and \$68,818, respectively:

	June 30, 2025			December 31, 2024
Investment Rating		Investments Fair Value	Percentage of Investment Portfolio	Investments Fair Value	Percentage of Investment Portfolio
1	\$	57,389	3.2 % \$	36,418	2.0 %
2		1,472,341	83.4 %	1,561,233	85.8 %
3		204,686	11.6 %	192,203	10.6 %
4		25,385	1.4 %	23,554	1.3 %
5		6,154	0.4 %	6,462	0.3 %
	\$	1,765,955	100.0 % \$	1,819,870	100.0 %

The amount of the investment portfolio in each rating category may vary substantially from period to period resulting primarily from changes in the composition of such portfolio as a result of new investment, repayment and exit activities. In addition, changes in the rating of investments may be made to reflect our expectation of performance and changes in investment values.

Current Investment Portfolio

The following table summarizes the composition of our investment portfolio at fair value as of July 30, 2025:

	Investments Fair Value		Percentage of Investment Portfolio
Senior secured first lien debt	\$	1,490,938	85.0 %
Senior secured second lien debt		983	0.1 %
Collateralized securities and structured products - equity		2,516	0.1 %
Unsecured debt		8,090	0.5 %
Equity		251,428	14.3 %
Subtotal/total percentage		1,753,955	100.0 %
Short term investments(1)		82,421
Total investments	\$	1,836,376
Number of portfolio companies			98
Average annual EBITDA of portfolio companies			\$55.1 million
Median annual EBITDA of portfolio companies			\$34.6 million
Purchased at a weighted average price of par			93.03 %
Gross annual portfolio yield based upon the purchase price(2)			11.02 %

(1) 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.

(2) The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Our results of operations for the three months ended June 30, 2025 and 2024 were as follows:

	Three Months Ended June 30,
	2025		2024
Investment income	\$ 52,244	\$	61,357
Operating expenses and income taxes	35,322		38,394
Net investment income after taxes	16,922		22,963
Net realized loss on investments	(32,376)		(20,277)
Net change in unrealized appreciation on investments	42,770		19,692
Net increase in net assets resulting from operations	\$ 27,316	\$	22,378

Investment Income

For the three months ended June 30, 2025 and 2024, we generated investment income of \$52,244 and \$61,357, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 91 and 101 portfolio companies held during each respective period. The decrease in total investment income was primarily driven by lower investment income generated from dividends received, lower SOFR rates, and the write-off of interest income on the restructure of certain investments during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the three months ended June 30, 2025 and 2024 was as follows:

	Three Months Ended June 30,
	2025		2024
Management fees	\$ 6,497	\$	6,841
Administrative services expense	1,196		1,246
Subordinated incentive fee on income	3,589		4,871
General and administrative	1,393		1,659
Interest expense	22,637		23,773
Income tax expense, including excise tax	10		4
Total operating expenses and income taxes	\$ 35,322	\$	38,394

The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease in interest expense was primarily the result of lower SOFR rates on our borrowings during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, which was partially offset by higher average borrowings under our financing arrangements during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The composition of our general and administrative expenses for the three months ended June 30, 2025 and 2024 was as follows:

	Three Months Ended June 30,
	2025		2024
Dues and subscriptions	\$ 329	\$	97
Valuation expense	209		229
Insurance expense	187		169
Director fees and expenses	181		177
Accounting and administrative costs	169		160
Transfer agent expense	125		124
Professional fees	87		455
Printing and marketing expense	82		162
Other expenses	24		86
Total general and administrative expense	\$ 1,393	\$	1,659

Net Investment Income After Taxes

Our net investment income after taxes totaled \$16,922 and \$22,963 for the three months ended June 30, 2025 and 2024, respectively. The decrease in net investment income was a result of a decrease in our investment income during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, which was partially offset by a decrease in our operating expenses during the three months ended June 30, 2025, which was driven primarily by decreases in the subordinated incentive fee on income and interest expense.

Net Realized Loss on Investments

Our net realized loss on investments totaled \$(32,376) and \$(20,277) for the three months ended June 30, 2025 and 2024, respectively. The increase in our net realized loss on investments was driven primarily by higher realized losses on the restructure of certain investments during the three months ended June 30, 2025 compared to lower realized losses on the restructure of certain investments during the three months ended June 30, 2024.

Net Change in Unrealized Appreciation on Investments

The net change in unrealized appreciation on our investments totaled \$42,770 and \$19,692 for the three months ended June 30, 2025 and 2024, respectively. This increase was driven by larger mark-to-market increases in certain investments during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, as well as the realization of previously unrealized losses due to the restructure of certain investments during the three months ended June 30, 2025.

Net Increase in Net Assets Resulting from Operations

For the three months ended June 30, 2025 and 2024, we recorded a net increase in net assets resulting from operations of \$27,316 and \$22,378, respectively, as a result of our operating activity for the respective periods.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Our results of operations for the six months ended June 30, 2025 and 2024 were as follows:

	Six Months Ended June 30,
		2025		2024
Investment income	\$	108,318	\$	134,911
Operating expenses and income taxes		72,144		79,355
Net investment income after taxes		36,174		55,556
Net realized loss on investments		(30,082)		(30,013)
Net change in unrealized (depreciation) appreciation on investments		(21,481)		3,280
Net (decrease) increase in net assets resulting from operations	\$	(15,389)	\$	28,823

Investment Income

For the six months ended June 30, 2025 and 2024, we generated investment income of \$108,318 and \$134,911, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 88 and 103 portfolio companies held during each respective period. The decrease in total investment income was primarily driven by lower original issue discount recognized on repayment activity, lower investment income generated from non-recurring dividends received, lower SOFR rates and the write-off of interest income on the restructure of certain investments during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the six months ended June 30, 2025 and 2024 was as follows:

	Six Months Ended June 30,
		2025		2024
Management fees	\$	13,122	\$	13,705
Administrative services expense		2,475		2,338
Subordinated incentive fee on income		7,673		11,785
General and administrative		3,229		3,443
Interest expense		45,635		48,075
Income tax expense, including excise tax		10		9
Total operating expenses and income taxes	\$	72,144	\$	79,355

The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in interest expense was primarily the result of lower SOFR rates on our borrowings during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, which was partially offset by higher average borrowings under our financing arrangements during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

The composition of our general and administrative expenses for the six months ended June 30, 2025 and 2024 was as follows:

	Six Months Ended June 30,
		2025		2024
Professional fees	\$	855	\$	976
Dues and subscriptions		532		532
Valuation expense		439		373
Insurance expense		371		338
Director fees and expenses		353		348
Accounting and administrative costs		281		322
Transfer agent expense		244		247
Printing and marketing expense		99		165
Other expenses		55		142
Total general and administrative expense	\$	3,229	\$	3,443

Net Investment Income After Taxes

Our net investment income after taxes totaled \$36,174 and \$55,556 for the six months ended June 30, 2025 and 2024, respectively. The decrease in net investment income was a result of a decrease in our investment income during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, which was partially offset by a decrease in our operating expenses during the six months ended June 30, 2025, which was driven primarily by decreases in the subordinated incentive fee on income and interest expense.

Net Realized Loss on Investments

Our net realized loss on investments totaled \$(30,082) and \$(30,013) for the six months ended June 30, 2025 and 2024, respectively, which were driven primarily by realized losses on the restructure and write-off of certain investments during each period.

Net Change in Unrealized (Depreciation) Appreciation on Investments

The net change in unrealized (depreciation) appreciation on our investments totaled \$(21,481) and \$3,280 for the six months ended June 30, 2025 and 2024, respectively. This change was driven primarily by larger mark-to-market declines in certain investments during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Net (Decrease) Increase in Net Assets Resulting from Operations

For the six months ended June 30, 2025 and 2024, we recorded a net (decrease) increase in net assets resulting from operations of \$(15,389) and \$28,823, respectively, as a result of our operating activity for the respective periods.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from cash flows from interest, fees and dividends earned from our investments as well as principal repayments and proceeds from sales of our investments. We also employ leverage to seek to enhance our returns as market conditions permit and at the discretion of CIM and pursuant to the 1940 Act. As a result, we also generate cash from our existing financing arrangements and may generate cash from future borrowings, as well as future offerings of securities including public and/or private issuances of debt and/or equity securities. We use cash primarily to (i) purchase investments in new and existing portfolio companies, (ii) pay for the cost of operations (including paying advisory fees to and reimbursing CIM), (iii) make debt service payments related to any of our financing arrangements and (iv) pay cash distributions to the holders of our shares.

On March 23, 2018, an amendment to Section 61(a) of the 1940 Act was signed into law to permit BDCs to reduce the minimum "asset coverage" ratio from 200% to 150% and, as a result, to potentially increase the ratio of a BDC's debt to equity from a maximum of 1-to-1 to a maximum of 2-to-1, so long as certain approval and disclosure requirements are satisfied. As a result of receiving shareholder approval on December 30, 2021, effective December 31, 2021, we are required to maintain asset coverage for our senior securities of 150% rather than 200%, which allows us to increase the maximum amount of leverage that we are permitted to incur. We may from time to time enter into additional financing arrangements or increase the size of our existing financing arrangements. Any such increase to our leverage would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, 2025 and December 31, 2024, our asset coverage ratio was 1.68 and 1.73, respectively. We carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage, daily cash management and liquidity requirements.

On August 27, 2024, our shareholders authorized us to issue shares of our common stock at prices below the then current NAV per share in one or more offerings for a 12-month period following such shareholder approval. As of the date of this report, we are not engaged in discussions and do not otherwise intend to issue any such shares.

As of June 30, 2025, we had cash of \$6,533 and short term investments of \$58,673 invested in a fund that primarily invests in U.S. government securities. Cash and short term investments as of June 30, 2025, taken together with amounts available to us for borrowing under our secured financing arrangements, is expected to be sufficient for our investing and financing activities and to conduct our operations in the near term. As of June 30, 2025, we had \$106 million available under our secured financing arrangements.

Our short and long-term cash needs include principal payments on outstanding financing arrangements, including potentially the outstanding amount of the 2026 Notes that mature on February 11, 2026, the funding of new and existing portfolio investments, the payment of operating expenses including interest expense, management fees, incentive fees, administrative services expense and general and administrative expenses, as well as paying distributions to our shareholders. As described further in Note 4 to the consolidated financial statements included in this report, a portion of the subordinated incentive fee on income that we pay to CIM may include deferred interest and accrued income that we have not yet received and may never receive in cash, which CIM is not obligated to reimburse us.

Funding for short and long-term cash needs will come from cash provided from operating activities and/or unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

Share Repurchase Policy

On September 15, 2021, our board of directors, including the independent directors, approved a share repurchase policy authorizing us to repurchase up to \$50 million of our outstanding common stock after the Listing. On June 24, 2022, our board of directors, including the independent directors, increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by \$10 million to up to an aggregate of \$60 million. On August 5, 2025, our board of directors, including the independent directors, further increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by \$20 million to up to an aggregate of \$80 million. Under the share repurchase policy, we may purchase shares of our common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at our discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with our general business conditions. The policy may be suspended or discontinued at any time and does not obligate us to acquire any specific number of shares of our common stock.

On August 19, 2024, as part of the share repurchase policy, we entered into a new trading plan with an independent broker, Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to our shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 19, 2025, and is subject to price, market volume and timing restrictions. We expect to enter into a new 10b5-1 trading plan with Wells Fargo to be effective upon the expiration of the existing 10b5-1 trading plan.

During the six months ended June 30, 2025, we repurchased an aggregate of 885,427 shares under the 10b5-1 trading plan for an aggregate purchase price of \$8,728, or an average purchase price of \$9.86 per share.

From July 1, 2025 to July 30, 2025, we repurchased an aggregate of 217,040 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of \$2,142, or an average purchase price of \$9.87 per share. From the inception of the 10b5-1 trading plan in August 2022 through July 30, 2025, we repurchased an aggregate of 4,871,638 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of \$49,178, or an average purchase price of \$10.09 per share.

RIC Status and Distributions

To qualify for and maintain RIC tax treatment, we must, among other things, distribute in respect of each taxable year at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. We will incur an excise tax of 4% imposed on RICs to the extent we do not distribute in respect of each calendar year an amount at least equal to the sum of (1) 98.0% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gains in excess of capital losses, or capital gain net income (adjusted for certain ordinary losses), for the one-year period ending on October 31 of the calendar year and (3) any net ordinary income and capital gain net income from preceding years that were not distributed during such years and on which we paid no federal income tax. For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, of our consolidated financial statements included in this report.

We intend to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. Therefore, subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare, and pay base distributions on a quarterly basis. Base and any supplemental and/or special distributions in respect of future periods will be evaluated by management and our board of directors based on circumstances and expectations existing at the time of consideration.

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the six months ended June 30, 2025:

	Distributions
Three Months Ended	Per Share		Amount
2024
March 31, 2024 (one record date)	\$	0.34	\$	18,279
June 30, 2024 (two record dates)		0.41		21,960
September 30, 2024 (one record date)		0.36		19,234
December 31, 2024 (two record dates)		0.41		21,835
Total distributions for the year ended December 31, 2024	\$	1.52	\$	81,308
2025
March 31, 2025 (one record date)	\$	0.36	\$	19,149
June 30, 2025 (one record date)		0.36		18,934
Total distributions for the six months ended June 30, 2025	\$	0.72	\$	38,083

On August 4, 2025, our co-chief executive officers declared a quarterly base distribution of \$0.36 per share for the third quarter of 2025 payable on September 16, 2025 to shareholders of record as of September 2, 2025.

For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, of our consolidated financial statements included in this report.

JPM Credit Facility

As of June 30, 2025 and July 30, 2025, our aggregate outstanding borrowings under the JPM Credit Facility were \$325,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was \$81,250. For a detailed discussion of our JPM Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

2025 UBS Credit Facility

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2025 UBS Credit Facility were \$100,000 and the aggregate unfunded principal amount in connection with the 2025 UBS Credit Facility was \$25,000. For a detailed discussion of our 2025 UBS Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

2026 Notes

As of June 30, 2025 and July 30, 2025, we had \$125,000 in aggregate principal amount of 2026 Notes outstanding and there was no unfunded principal amount in connection with the 2026 Notes. For a detailed discussion of our 2026 Notes, refer to Note 8 to our consolidated financial statements included in this report.

2022 Term Loan

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2022 Term Loan were \$50,000 and there was no unfunded principal amount in connection with the 2022 Term Loan. For a detailed discussion of our 2022 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

2024 Term Loan

As of June 30, 2025 and July 30, 2025, our outstanding borrowings under the 2024 Term Loan were \$30,000 and there was no unfunded principal amount in connection with the 2024 Term Loan. For a detailed discussion of our 2024 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

Series A Notes

As of June 30, 2025 and July 30, 2025, we had approximately \$114,844 in aggregate principal amount of Series A Notes outstanding and there was no unfunded principal amount in connection with the Series A Notes. For a detailed discussion of our Series A Notes, refer to Note 8 to our consolidated financial statements included in this report.

2027 Notes

As of June 30, 2025 and July 30, 2025, we had \$200,000 in aggregate principal amount of 2027 Notes outstanding and there was no unfunded principal amount in connection with the 2027 Notes. For a detailed discussion of our 2027 Notes, refer to Note 8 to our consolidated financial statements included in this report.

2029 Notes

As of June 30, 2025 and July 30, 2025, we had \$172,500 in aggregate principal amount of 2029 Notes outstanding and there was no unfunded principal amount in connection with the 2029 Notes. For a detailed discussion of our 2029 Notes, refer to Note 8 to our consolidated financial statements included in this report.

Unfunded Commitments

As of June 30, 2025 and July 30, 2025, our unfunded commitments amounted to \$64,793 and \$67,075, respectively. For a detailed discussion of our unfunded commitments, refer to Note 11 to our consolidated financial statements included in this report.

Recent Accounting Pronouncements

See Note 2 to our consolidated financial statements included in this report for a discussion of certain recent accounting pronouncements that are applicable to us.

Critical Accounting Policies

Our consolidated financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. In preparing the consolidated financial statements, we also utilize available information, including our past history, industry standards and the current economic environment, among other factors, in forming our estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses.

Valuation of Portfolio Investments

The value of our assets is determined quarterly and at such other times that an event occurs that materially affects the valuation. The valuation is made pursuant to Section 2(a)(41) of the 1940 Act, which requires that we value our assets as follows: (i) the market price for those securities for which a market quotation is readily available, and (ii) for all other securities and assets, at fair value, as determined in good faith by our board of directors. As a BDC, Section 2(a)(41) of the 1940 Act requires the board of directors to determine in good faith the fair value of portfolio securities for which a market price is not readily available, and it does so in conjunction with the application of our valuation procedures by CIM. In accordance with Rule 2a-5 of the 1940 Act, our board of directors has designated CIM as our "valuation designee." Our board of directors and the audit committee of our board of directors, which is comprised solely of our independent directors, oversees the activities, methodology and processes of the valuation designee.

There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each asset while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations in our consolidated financial statements.

Valuation Methods

With respect to investments for which market quotations are not readily available, CIM, as the valuation designee of our board of directors, undertakes a multi-step valuation process each quarter, as described below:

• our quarterly valuation process generally begins with each portfolio company or investment either being sent directly to an independent valuation firm or initially valued by certain of CIM's investment professionals and certain members of its management team, with such valuation taking into account information received from various sources, including independent valuation firms, if applicable;
• preliminary valuation conclusions are then documented and discussed with members of CIM's management team;
• designated members of CIM's management team review the preliminary valuation, and, if applicable, deliver such preliminary valuation to an independent valuation firm for its review;
• designated members of CIM's management team and, if appropriate, the relevant investment professionals meet with the independent valuation firm to discuss the preliminary valuation;
• designated members of CIM's management team respond and supplement the preliminary valuation to reflect any comments provided by the independent valuation firm;
• our audit committee meets with members of CIM's management team and the independent valuation firms to discuss the assistance provided and the results of the independent valuation firms' review; and
• our board of directors and our audit committee provide oversight with respect to this valuation process, including requesting such materials as they may determine appropriate.

We shall promptly (but no later than five business days after we become aware) report to our board of directors in writing on the occurrence of matters that materially affect the fair value of the designated portfolio of investments. Material matters in this instance include a significant deficiency or material weakness in the design or effectiveness of CIM's fair value determination process resulting in a material error in the calculation of NAV of \$0.01 per share or greater.

In addition to the foregoing, certain investments for which a market price is not readily available are evaluated on a quarterly basis by an independent valuation firm and certain other investments are on a rotational basis reviewed by an independent valuation firm. Finally, certain investments are not evaluated by an independent valuation firm unless certain aspects of such investments in the aggregate meet certain criteria.

Given the expected types of investments, excluding short term investments and stock of publicly traded companies that are classified as Level 1, management expects our portfolio holdings to be classified as Level 3. Due to the uncertainty inherent in the valuation process, particularly for Level 3 investments, such fair value estimates may differ significantly from the values that would have been used had an active market for the investments existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that we ultimately realize on these investments to materially differ from the valuations currently assigned. Inputs used in the valuation process are subject to variability in the future and can result in materially different fair values.

For an additional discussion of our investment valuation process, refer to Note 2 to our consolidated financial statements included in this report.

Related Party Transactions

For a discussion of our relationship with related parties including CIM, CIG, and AIA and amounts incurred under agreements with such related parties, refer to Note 4 to our consolidated financial statements included in this report. For a discussion of our relationship with CION/EagleTree, refer to Note 7 to our consolidated financial statements included in this report.

Contractual Obligations

On August 26, 2016, 34th Street entered into the JPM Credit Facility with JPM, as amended on September 30, 2016, July 11, 2017, November 28, 2017, May 23, 2018, May 15, 2020, February 26, 2021, March 28, 2022, May 15, 2023, May 14, 2024, June 17, 2024 and July 15, 2024. See Note 8 to our consolidated financial statements for a more detailed description of the JPM Credit Facility.

On February 11, 2021, we entered into the 2026 Note Purchase Agreement with purchasers of the 2026 Notes. See Note 8 to our consolidated financial statements for a more detailed description of the 2026 Notes.

On April 27, 2022, we entered into the 2022 Term Loan with an Israeli institutional investor. See Note 8 to our consolidated financial statements for a more detailed description of the 2022 Term Loan.

On February 28, 2023, we entered into a Deed of Trust with Mishmeret Trust Company Ltd., as trustee, pursuant to which we issued our Series A Notes. See Note 8 to our consolidated financial statements for a more detailed description of the Deed of Trust and the Series A Notes.

On November 8, 2023, we entered into the 2027 Note Purchase Agreement with purchasers of the Tranche A 2027 Notes and on September 18, 2024, we entered into the AR Note Purchase Agreement with purchasers of the Tranche B 2027 Notes. See Note 8 to our consolidated financial statements for a more detailed description of the 2027 Notes.

On September 30, 2024, we entered into the 2024 Term Loan with an Israeli institutional investor. See Note 8 to our consolidated financial statements for a more detailed description of the 2024 Term Loan.

On October 3, 2024, we issued and sold our 2029 Notes under the Indenture pursuant to a U.S. public offering. See Note 8 to our consolidated financial statements for a more detailed description of the 2029 Notes.

On February 13, 2025, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS. See Note 8 to our consolidated financial statements for a more detailed description of the 2025 UBS Credit Facility.

Commitments and Contingencies

We have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.

Our investment portfolio may contain debt investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or other unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements. For further details on such debt investments, refer to Note 11 to our consolidated financial statements included in this report.

We currently have no off-balance sheet arrangements, except for those discussed in Note 7 and Note 11 to our consolidated financial statements included in this report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. As of June 30, 2025, 78.7% of our investments paid variable interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments, especially to the extent that we hold variable rate investments, and to declines in the value of any fixed rate investments we may hold. To the extent that a majority of our investments may be in variable rate investments, an increase in interest rates could make it easier for us to meet or exceed our incentive fee hurdle rate, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income, and also to the amount of incentive fees payable to CIM with respect to our pre-incentive fee net investment income.

As of June 30, 2025, under the terms of the JPM Fifth Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.55% per year, and we pay an annual administration fee of 0.20% on JPM's total financing commitment. Pursuant to the terms of the 2025 UBS Credit Facility, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.75% per year. Pursuant to the terms of the Deed of Trust, the Series A Notes bear interest at a floating rate equal to average overnight SOFR, plus a credit spread of 3.82% per year. The Tranche A 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and are subject to a 2.00% SOFR floor. The Tranche B 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% per year and are subject to a 2.00% SOFR floor. Pursuant to the terms of the 2022 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor. Pursuant to the terms of the 2024 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% SOFR floor. In addition, we may seek to further borrow funds in order to make additional investments. Our net investment income will be impacted, in part, by the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we would be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have debt outstanding, our cost of funds would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments. We expect that our long-term investments will be financed primarily with equity and long-term debt. Our interest rate risk management techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the JPM Fifth Amendment, the 2025 UBS Credit Facility, the Series A Notes, the 2027 Notes, the 2022 Term Loan or the 2024 Term Loan in effect as of June 30, 2025:

Basis Point Change in Interest Rates	(Decrease) Increase in Net Interest Income(1)	Percentage Change in Net Interest Income
Down 300 basis points	\$ (15,031)	(14.6)%
Down 200 basis points	(10,951)	(10.7)%
Down 100 basis points	(5,621)	(5.5)%
Down 50 basis points	(2,811)	(2.7)%
No change to current base rate (4.44% as of June 30, 2025)	—	—
Up 50 basis points	2,811	2.7 %
Up 100 basis points	5,621	5.5 %
Up 200 basis points	11,242	10.9 %
Up 300 basis points	16,864	16.4 %

(1) This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.

The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2029 Notes and the 2026 Notes), or the NAV of our common stock in the event of sudden changes in interest rates. Approximately 8.4% of our investments paid fixed interest rates as of June 30, 2025. Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and fixed interest rate borrowings and a decline in the NAV of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and fixed interest rate borrowings and an increase in the NAV of our common stock.

In addition, we may have risk regarding portfolio valuation as discussed in Note 2 to our consolidated financial statements included in this report.

Inflation and Market Volatility

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to geopolitical events, a rise in energy prices and strong consumer demand, inflation is showing signs of remaining high in the U.S. and globally. The U.S. inflation rate has fluctuated throughout 2024 and the first half of 2025, and it remains well above the historic levels over the past several decades. Although the current outlook is uncertain, heightened inflation may persist in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Concerns over future increases in inflation as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility. Market uncertainty and volatility have also been magnified because of uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally. Persistent inflationary pressures, foreign currency exchange volatility, volatility in global capital markets and concerns over actual and potential tariffs and sanctions could affect our portfolio companies' respective profit margins.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended June 30, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Co-Chief Executive Officers and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) and Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Chief Financial Officer concluded that our disclosure controls and procedures were effective.

In designing and evaluating our disclosure controls and procedures, we recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decisionmaking, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies and other third parties. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. For the three months ended June 30, 2025, there have been no material changes from the risk factors disclosed in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in any unregistered sales of equity securities during the three months ended June 30, 2025.

The table below provides information concerning our repurchases of shares of our common stock in the open market during the three months ended June 30, 2025 pursuant to our share repurchase policy.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
April 1 to April 30, 2025	315,943	\$	9.36	315,943	(1)
May 1 to May 31, 2025	95,782		9.76	95,782	(1)
June 1 to June 30, 2025	287,840		9.26	287,840	(1)
Total	699,565	\$	9.37	699,565	(1)

(1) A description of the shares of our common stock that may be repurchased is set forth in a discussion of our share repurchase program in Note 3 to our unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q.

The table below provides information concerning our purchases of shares of our common stock in the open market during the three months ended June 30, 2025 pursuant to our distribution reinvestment plan in order to satisfy the reinvestment portion of our distributions.

Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
April 1 to April 30, 2025	159,518	\$ 9.13	159,518	(1)
May 1 to May 31, 2025	—	—	—	—
June 1 to June 30, 2025	151,264	9.29	151,264	(1)
Total	310,782	\$ 9.21	310,782	(1)

(1) A description of the shares of our common stock that may be purchased is set forth in a discussion of the DRP in Note 5 to our unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

Item 6. Exhibits

Exhibit Number	Description of Document
2.1	Purchase and Sale Agreement, dated as of September 30, 2016, by and between Park South Funding, LLC and Credit Suisse Alternative Capital, LLC (Incorporated by reference to Exhibit 2.1 to Registrant's Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)).
3.1	Third Articles of Amendment and Restatement of the Articles of Incorporation of CĪON Investment Corporation (Incorporated by reference to Exhibit (a)(1) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-2 filed with the SEC on June 14, 2024 (File No. 333-278658)).
3.2	Articles of Amendment to the Third Articles of Amendment and Restatement of the Articles of Incorporation of CĪON Investment Corporation (Incorporated by reference to Exhibit 3.1 to Registrant's Current Report on Form 8-K filed with the SEC on September 16, 2021(File No. 814-00941)).
3.3	Bylaws of CĪON Investment Corporation (Incorporated by reference to Exhibit (B) to Pre-Effective Amendment No. 4 to Registrant's Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)).
4.1	Distribution Reinvestment Plan of CĪON Investment Corporation (Incorporated by reference to Exhibit 4.1 to Registrant's Current Report on Form 8-K filed with the SEC on September 16, 2021 (File No. 814-00941)).
4.2	Description of Registrant's Securities (Incorporated by reference to Exhibit 4.3 to Registrant's Annual Report on Form 10-K filed with the SEC on March 13, 2025 (File No. 814-00941)).
4.3	Indenture, dated as of October 3, 2024, by and between CĪON Investment Corporation and U.S. Bank Trust Company, National Association (Incorporated by reference to Exhibit 4.1 to Registrant's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
4.4	First Supplemental Indenture, dated as of October 3, 2024, by and between CĪON Investment Corporation and U.S. Bank Trust Company, National Association (Incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
4.5	Form of 7.50% Notes due 2029 (Included as part of and incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
10.1	Second Amended and Restated Investment Advisory Agreement, dated as of October 5, 2021, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on October 5, 2021 (File No. 814-00941)).
10.2	Custody Agreement by and between CĪON Investment Corporation and U.S. Bank National Association (Incorporated by reference to Exhibit (J) to Pre-Effective Amendment No. 4 to Registrant's Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)).
10.3	Sale and Contribution Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)).
10.4	Master Participation Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)).
10.5	Amended and Restated Portfolio Management Agreement, dated as of September 30, 2016, by and among 34th Street Funding, LLC, CION Investment Management, LLC and JPMorgan Chase Bank, National Association (Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)).
10.6	Contribution Agreement, dated as of May 19, 2017, by and among CION Investment Corporation, Murray Hill Funding, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.7	Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.8	Contribution Agreement, dated as of May 19, 2017, by and among UBS AG, London Branch, Murray Hill Funding II, LLC, U.S. Bank National Association, Murray Hill Funding, LLC and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.4 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.9	October 2000 Version Global Master Repurchase Agreement, by and between UBS AG and Murray Hill Funding, LLC, together with the related Annex and Master Confirmation thereto, each dated as of May 19, 2017 (Incorporated by reference to Exhibit 10.5 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.10	Collateral Management Agreement, dated as of May 19, 2017, by and between CION Investment Management, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.6 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.11	Collateral Administration Agreement, dated as of May 19, 2017, by and among Murray Hill Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.7 to Registrant's Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).

10.12 Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the SEC on December 7, 2017 (File No. 814-00941)).

Exhibit Number	Description of Document
10.13	Administration Agreement, dated as of April 1, 2018, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on April 3, 2018 (File No. 814-00941)).
10.14	Revolving Credit Note Agreement, dated as of December 17, 2020, by and among Murray Hill Funding II, LLC, Murray Hill Funding, LLC, U.S. Bank National Association, and the Class A-R Noteholders (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.15	Murray Hill Funding II, LLC Class A-R Notes Due 2027 (Incorporated by reference to Exhibit 10.3 to Registrant's Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.16	Second Amended and Restated Indenture, dated as of December 17, 2020, by and between Murray Hill Funding II, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.4 to Registrant's Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.17	Note Purchase Agreement of CĪON Investment Corporation related to the 2026 Notes, dated as of February 11, 2021 (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on February 16, 2021 (File No. 814- 00941)).
10.18	Third Amended and Restated Loan and Security Agreement, dated as of February 26, 2021, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on March 1, 2021 (File No. 814-00941)).
10.19	th First Amendment to Third Amended and Restated Loan and Security Agreement, dated as of March 28, 2022, by and among 34 Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on March 29, 2022 (File No. 814-00941)).
10.20	Unsecured Term Loan Facility Agreement, dated as of April 27, 2022, by and between CĪON Investment Corporation and an Israeli institutional investor. (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on April 27, 2022 (File No. 814-00941)).
10.21	Deed of Trust, dated as of February 20, 2023, by and between CĪON Investment Corporation and Mishmeret Trust Company Ltd. (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on February 28, 2023 (File No. 814-00941)).
10.22	Second Amendment to Third Amended and Restated Loan and Security Agreement, dated as of May 15, 2023, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on May 18, 2023 (File No. 814-00941)).
10.23	Fifth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-1 Notes), dated as of June 14, 2023, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on June 15, 2023 (File No. 814-00941)).
10.24	Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-R Notes), dated as of June 14, 2023, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on June 15, 2023 (File No. 814-00941)).
10.25	Note Purchase Agreement of CĪON Investment Corporation related to the 2027 Notes, dated as of November 8, 2023 (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on November 13, 2023 (File No. 814- 00941)).
10.26	Third Amendment to Third Amended and Restated Loan and Security Agreement, dated as of May 14, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on May 20, 2024 (File No. 814-00941)).
10.27	Fourth Amendment to Third Amended and Restated Loan and Security Agreement, dated as of June 17, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on June 18, 2024 (File No. 814-00941)).
10.28	Fifth Amendment to Third Amended and Restated Loan and Security Agreement, dated as of July 15, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on July 18, 2024 (File No. 814-00941)).
10.29	Amended and Restated Note Purchase Agreement, dated as of September 18, 2024, by and among CĪON Investment Corporation and certain institutional investors (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on September 23, 2024 (File No. 814-00941)).
10.30	Unsecured Term Loan Facility Agreement, dated as of September 30, 2024, by and between CĪON Investment Corporation and an Israeli institutional investor (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on October 4, 2024 (File No. 814-00941)).
10.31	Sixth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-1 Notes), dated as of November 13, 2024, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on November 15, 2024 (File No. 814-00941)).

Exhibit Number	Description of Document
10.32	Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-R Notes), dated as
	of November 13, 2024, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on November 15, 2024 (File No. 814-00941)).
10.33	Seventh Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-1 Notes), dated as
	of January 13, 2025, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the SEC on January 14, 2025 (File No. 814-00941)).
10.34	Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-R Notes), dated as of
	January 13, 2025, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on January 14, 2025 (File No. 814-00941)).
10.35	Termination Agreement, dated as of February 13, 2025, by and among Murray Hill Funding II, LLC, Murray Hill Funding,
	LLC, CION Investment Management, LLC, UBS AG, London Branch, US Bank Trust Company, National Association, and US Bank National Association (Incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed with the
	SEC on February 19, 2025 (File No. 814-00941)).
10.36	Loan and Security Agreement, dated as of February 13, 2025, by and among Murray Hill Funding II, LLC, Murray Hill Funding, LLC, CION Investment Management, LLC, each of the Lenders from time-to-time party thereto, UBS AG, London
	Branch, US Bank Trust Company, National Association, and US Bank National Association (Incorporated by reference to Exhibit 10.2 to Registrant's Current Report on Form 8-K filed with the SEC on February 19, 2025 (File No. 814-00941)).
14.1	Code of Ethics of CĪON Investment Corporation, CION Investment Management, LLC, CION Investment Management II,
	LLC and Affiliated Advisers (Incorporated by reference to Exhibit 14.1 to Registrant's Current Report on Form 8-K filed with the SEC on May 10, 2023 (File No. 814-00941)).
19.1	CĪON Investment Corporation, CION Investment Management, LLC and Affiliated Funds and Advisers Statement of Policy on
	Insider Trading (Incorporated by reference to Exhibit 19.1 to Registrant's Annual Report on Form 10-K filed with the SEC on March 13, 2025 (File No. 814-0094)).
21.1	Subsidiaries of CĪON Investment Corporation. (Incorporated by reference to Exhibit 21.1 to Registrant's Annual Report on Form 10-K filed with the SEC on March 14, 2024 (File No. 814-00941)).
31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.*
31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.*
31.3	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.*
32.1	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.*
32.2	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.*
32.3	Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
97.1	CĪON Investment Corporation Clawback Policy. (Incorporated by reference to Exhibit 97.1 to Registrant's Annual Report on Form 10-K filed with the SEC on March 14, 2024 (File No. 814-00941)).
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 6, 2025

CĪON Investment Corporation (Registrant)

By: /s/ Michael A. Reisner Michael A. Reisner Co-Chief Executive Officer

(Principal Executive Officer)

By: /s/ Mark Gatto Mark Gatto Co-Chief Executive Officer (Principal Executive Officer)

By: /s/ Keith S. Franz Keith S. Franz

Chief Financial Officer (Principal Financial and Accounting Officer)