UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 

[x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017March 31, 2022
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 000-54755 
 CĪON Investment Corporation 
 (Exact name of registrant as specified in its charter) 
 
Maryland45-3058280
(State or other jurisdiction of

incorporation or organization)
(I.R.S. Employer

Identification No.)
3 Park Avenue, 36th Floor
New York, New York
10016
(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 classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareCIONThe 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 [x] No [ ]
Indicate by check mark whether the registrant has submittedelectronicallyand posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post 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 [x](Do not check if a smaller reporting company)
Smaller reporting company [ ]
Emerging growth company [ ]



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 [x]
The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of November 8, 2017May 5, 2022 was 114,398,359.

56,948,440.


CĪON INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page
 
Item 1. Financial Statements
1
Consolidated Balance Sheets
1
Consolidated Statements of Operations
2
Consolidated Statements of Changes in Net Assets
3
Consolidated Statements of Cash Flows
4
Consolidated Schedules of Investments
5
Notes to Consolidated Financial Statements
1926
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
4858
Item 3. Quantitative and Qualitative Disclosures About Market Risk
6372
Item 4. Controls and Procedures
6472
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
6574
Item 1A. Risk Factors
6574
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
6574
Item 3. Defaults Upon Senior Securities
6574
Item 4. Mine Safety Disclosures
6574
Item 5. Other Information
6574
Item 6. Exhibits
6675
Signatures
6878




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
March 31,
2022		December 31,
2021
(unaudited)
Assets
Investments, at fair value:
     Non-controlled, non-affiliated investments (amortized cost of $1,576,679 and $1,617,126, respectively)$1,533,188 $1,581,124 
     Non-controlled, affiliated investments (amortized cost of $144,704 and $91,476, respectively)130,934 81,490 
     Controlled investments (amortized cost of $83,702 and $83,702, respectively)91,175 91,425 
          Total investments, at fair value (amortized cost of $1,805,085 and $1,792,304, respectively)1,755,297 1,754,039 
Cash17,500 3,774 
Interest receivable on investments21,298 21,549 
Receivable due on investments sold and repaid7,303 2,854 
Prepaid expenses and other assets3,618 466 
   Total assets$1,805,016 $1,782,682 
  September 30,
2017		 
December 31,
2016
  (unaudited)  
Assets
Investments, at fair value (amortized cost of $1,688,414 and $1,096,948, respectively) $1,691,855
 $1,089,478
Derivative asset (cost of $0 and $229, respectively) —
 46
Cash 21,915
 15,046
Restricted cash —
 2,000
Due from counterparty(1) 3,620
 143,335
Interest receivable on investments 8,886
 6,689
Receivable due on investments sold 12,147
 —
Receivable due on total return swap(1) —
 4,187
Prepaid expenses and other assets 1,030
 282
   Total assets $1,739,453
 $1,261,063
Liabilities and Shareholders' Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of $7,636 and $7,628, respectively)$867,364 $822,372 
Payable for investments purchased— 11,327 
Accounts payable and accrued expenses862 1,922 
Interest payable3,173 4,339 
Accrued management fees6,655 6,673 
Accrued subordinated incentive fee on income4,133 3,942 
Accrued administrative services expense376 1,595 
Total liabilities882,563 852,170 
Commitments and contingencies (Note 4 and Note 11)
Shareholders' Equity
Common stock, $0.001 par value; 500,000,000 shares authorized;
56,958,440 and 56,958,440 shares issued and outstanding, respectively57 57 
Capital in excess of par value1,059,989 1,059,989 
Accumulated distributable losses(137,593)(129,534)
Total shareholders' equity922,453 930,512 
Total liabilities and shareholders' equity$1,805,016 $1,782,682 
Net asset value per share of common stock at end of period$16.20 $16.34 
Liabilities and Shareholders' Equity
Liabilities    
Payable for investments purchased $55,706
 $15,837
Financing arrangements (net of unamortized debt issuance costs of $5,736 and $3,212, respectively) 625,385
 221,211
Accounts payable and accrued expenses 1,267
 1,476
Interest payable 1,977
 864
Commissions payable for common stock purchased —
 2
Accrued management fees 7,821
 5,781
Accrued administrative services expense 83
 682
Due to CIG - offering costs 27
 45
Unrealized depreciation on total return swap(1) —
 15,402
Total liabilities 692,266
 261,300
     
Commitments and contingencies (Note 4 and Note 11)    
     
Shareholders' Equity    
Common stock, $0.001 par value; 500,000,000 shares authorized;    
114,440,741 and 109,787,557 shares issued and outstanding, respectively 114
 110
Capital in excess of par value 1,064,037
 1,021,280
Undistributed net investment income 4,314
 1,428
Accumulated net realized loss from investments (4,983) —
Accumulated net unrealized appreciation (depreciation) on investments 3,441
 (7,653)
Accumulated net realized loss from total return swap(1) (19,736) —
Accumulated net unrealized depreciation on total return swap(1) —
 (15,402)
Total shareholders' equity 1,047,187
 999,763
Total liabilities and shareholders' equity $1,739,453
 $1,261,063
Net asset value per share of common stock at end of period $9.15
 $9.11
(1) See Note 7 for a discussion of the Company’s total return swap agreement.
See accompanying notes to consolidated financial statements.

1

CĪON Investment Corporation
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		Three Months Ended
March 31,		Year Ended
December 31,
 2017
2016 2017 2016202220212021
 (unaudited) (unaudited) (unaudited) (unaudited)(unaudited)(unaudited)
Investment income        Investment income
Non-controlled, non-affiliated investmentsNon-controlled, non-affiliated investments
Interest income $37,212
 $18,579
 $99,117
 $53,385
 Interest income$30,994 $26,102 $119,792 
Fee and other income 1,166
 154
 2,651
 449
Paid-in-kind interest income Paid-in-kind interest income4,606 6,135 17,306 
Fee income Fee income949 933 5,927 
Dividend income Dividend income46 82 366 
Non-controlled, affiliated investmentsNon-controlled, affiliated investments
Interest income Interest income1,023 1,401 4,961 
Paid-in-kind interest income Paid-in-kind interest income1,445 823 3,160 
Fee income Fee income493 — — 
Dividend income Dividend income— 827 5,576 
Controlled investmentsControlled investments
Interest income Interest income2,127 — 260 
Total investment income 38,378
 18,733
 101,768
 53,834
Total investment income41,683 36,303 157,348 
Operating expenses        Operating expenses
Management fees 7,820
 5,187
 21,724
 14,311
Management fees6,655 7,783 31,143 
Administrative services expense 433
 425
 1,204
 1,151
Administrative services expense720 684 3,069 
General and administrative(1) 1,803
 1,892
 5,220
 4,944
Subordinated incentive fee on incomeSubordinated incentive fee on income4,133 — 6,875 
General and administrativeGeneral and administrative2,222 2,678 9,805 
Interest expense 6,920
 534
 15,543
 761
Interest expense8,459 7,548 31,807 
Total operating expenses 16,976
 8,038
 43,691
 21,167
Total operating expenses22,189 18,693 82,699 
Recoupment of expense support from CIG(2) —
 —
 —
 667
Net operating expenses 16,976
 8,038
 43,691
 21,834
Net investment income 21,402
 10,695
 58,077
 32,000
Net investment income before taxes Net investment income before taxes19,494 17,610 74,649 
Income tax expense, including excise taxIncome tax expense, including excise tax11 11 342 
Net investment income after taxesNet investment income after taxes19,483 17,599 74,307 
Realized and unrealized (losses) gains        Realized and unrealized (losses) gains
Net realized (loss) gain on investments (2,800) 379
 (5,142) 1,078
Net realized gain on foreign currency 12

—
 159
 —
Net change in unrealized appreciation on investments 1,700
 14,948
 11,094
 16,587
Net realized gain (loss) on total return swap(3) 67
 8,188
 (13,789) 23,799
Net change in unrealized appreciation on total return swap(3) —
 9,527
 15,402
 16,826
Total net realized and unrealized (losses) gains (1,021) 33,042
 7,724
 58,290
Net realized (losses) gains on:Net realized (losses) gains on:
Non-controlled, non-affiliated investments Non-controlled, non-affiliated investments28 26 (4,100)
Non-controlled, affiliated investments Non-controlled, affiliated investments(97)(1,080)8,010 
Controlled investments Controlled investments— (3,067)(3,067)
Foreign currency Foreign currency— (7)(3)
Net realized (losses) gainsNet realized (losses) gains(69)(4,128)840 
Net change in unrealized (depreciation) appreciation on:Net change in unrealized (depreciation) appreciation on:
Non-controlled, non-affiliated investments Non-controlled, non-affiliated investments(7,495)19,238 25,566 
Non-controlled, affiliated investments Non-controlled, affiliated investments(3,780)13,938 7,261 
Controlled investments Controlled investments(250)3,067 10,790 
Net change in unrealized (depreciation) appreciationNet change in unrealized (depreciation) appreciation(11,525)36,243 43,617 
Net realized and unrealized (losses) gainsNet realized and unrealized (losses) gains(11,594)32,115 44,457 
Net increase in net assets resulting from operations $20,381
 $43,737
 $65,801
 $90,290
Net increase in net assets resulting from operations$7,889 $49,714 $118,764 
Per share information—basic and diluted        
Per share information—basic and diluted(1)Per share information—basic and diluted(1)
Net increase in net assets per share resulting from operations $0.18
 $0.41
 $0.59
 $0.86
Net increase in net assets per share resulting from operations$0.14 $0.88 $2.09 
Net investment income per shareNet investment income per share$0.34 $0.31 $1.31 
Weighted average shares of common stock outstanding 112,954,234
 106,581,390
 111,504,552
 105,130,208
Weighted average shares of common stock outstanding56,958,440 56,753,521 56,808,960 
(1) SeeAs discussed in Note 10 for details3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021. The weighted average shares used in the computation of the Company's generalnet increase in net assets per share resulting from operations and administrative expenses.
(2)  See Note 4 fornet investment income per share reflect the reverse stock split on a discussion of expense support from CIG and recoupment of expense support.
(3)  See Note 7 for a discussion of the Company's total return swap agreement.retroactive basis.
See accompanying notes to consolidated financial statements.

2


CĪON Investment Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except share and per share amounts)
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
(unaudited)(unaudited)
Changes in net assets from operations:
Net investment income$19,483 $17,599 $74,307 
Net realized (loss) gain on investments(69)(4,121)843 
Net realized loss on foreign currency— (7)(3)
Net change in unrealized (depreciation) appreciation on investments(11,525)36,243 43,617 
Net increase in net assets resulting from operations7,889 49,714 118,764 
Changes in net assets from shareholders' distributions:
Distributions to shareholders(15,948)(15,029)(71,530)
Net decrease in net assets resulting from shareholders' distributions(15,948)(15,029)(71,530)
Changes in net assets from capital share transactions:
Reinvestment of shareholders' distributions— 5,292 15,489 
Repurchase of common stock— (5,291)(10,467)
Net increase in net assets resulting from capital share transactions— 1 5,022 
Total (decrease) increase in net assets(8,059)34,686 52,256 
Net assets at beginning of period930,512 878,256 878,256 
Net assets at end of period$922,453 $912,942 $930,512 
Net asset value per share of common stock at end of period(1)$16.20 $16.12 $16.34 
Shares of common stock outstanding at end of period(1)56,958,440 56,649,901 56,958,440 
  Nine Months Ended
September 30,
  2017 2016
  (unaudited) (unaudited)
Changes in net assets from operations:    
Net investment income $58,077
 $32,000
Net realized (loss) gain on investments (5,142) 1,078
Net realized gain on foreign currency 159
 —
Net change in unrealized appreciation on investments 11,094
 16,587
Net realized (loss) gain on total return swap(1) (13,789) 23,799
Net change in unrealized appreciation on total return swap(1) 15,402
 16,826
Net increase in net assets resulting from operations 65,801
 90,290
Changes in net assets from shareholders' distributions:(2)    
Net investment income (55,191) (31,744)
Net realized gain on total return swap    
Net interest and other income from TRS portfolio (3,661) (22,386)
Net gain on TRS loan sales(3) (2,286) (2,443)
Net realized gain on investments and foreign currency —
 (1,078)
Net decrease in net assets from shareholders' distributions (61,138) (57,651)
Changes in net assets from capital share transactions:    
Issuance of common stock, net of issuance costs of $1,713 and $1,739, respectively 43,227
 19,278
Reinvestment of shareholders' distributions 29,701
 29,179
Repurchase of common stock (30,167) (12,231)
Net increase in net assets resulting from capital share transactions 42,761
 36,226
     
Total increase in net assets 47,424
 68,865
Net assets at beginning of period 999,763
 904,326
Net assets at end of period $1,047,187
 $973,191
     
Net asset value per share of common stock at end of period $9.15
 $9.02
Shares of common stock outstanding at end of period 114,440,741
 107,920,075
     
Undistributed net investment income at end of period $4,314
 $256
(1) As discussed in Note 3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021. The shares outstanding used in the computation of net asset value per share reflect the reverse stock split on a retroactive basis.
(1)See Note 7 for a discussion of the Company’s total return swap agreement.
(2)This table presents changes in net assets from shareholders' distributions on a GAAP basis. See Note 5 for a discussion of the sources of distributions paid by the Company.
(3)During the nine months ended September 30, 2017 and 2016, the Company realized losses on TRS loans of $19,736 and $1,030, respectively, which are not currently deductible on a tax-basis. 
See accompanying notes to consolidated financial statements.

3


CĪON Investment Corporation
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
(unaudited)(unaudited)
Operating activities:
Net increase in net assets resulting from operations$7,889 $49,714 $118,764 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net accretion of discount on investments(2,496)(3,172)(11,738)
Proceeds from principal repayment of investments58,747 174,274 568,907 
Purchase of investments(137,823)(183,634)(920,039)
Paid-in-kind interest and dividends capitalized(6,051)(7,515)(21,734)
Decrease (increase) in short term investments, net72,154 (13,996)(14,319)
Proceeds from sale of investments2,284 15,000 259,050 
Net realized loss (gain) on investments69 4,121 (843)
Net change in unrealized depreciation (appreciation) on investments11,525 (36,243)(43,617)
Amortization of debt issuance costs692 749 2,800 
(Increase) decrease in interest receivable on investments584 (722)(4,400)
(Increase) decrease in dividends receivable on investments— (270)45 
(Increase) decrease in receivable due on investments sold and repaid(4,449)(33,722)3,339 
(Increase) decrease in prepaid expenses and other assets(3,152)1,121 1,322 
Increase (decrease) in payable for investments purchased(11,327)40,084 11,194 
Increase (decrease) in accounts payable and accrued expenses(1,060)227 1,228 
Increase (decrease) in interest payable(1,166)217 1,839 
Increase (decrease) in accrued management fees(18)115 (995)
Increase (decrease) in accrued administrative services expense(1,219)(876)330 
Increase (decrease) in subordinated incentive fee on income payable191 (4,323)(381)
Net cash (used in) provided by operating activities(14,626)1,149 (49,248)
Financing activities:
Repurchase of common stock— (5,291)(10,467)
Shareholders' distributions paid(15,948)(9,737)(56,041)
Repayments under financing arrangements— (125,000)(171,000)
Borrowings under financing arrangements45,000 125,000 276,000 
Debt issuance costs paid(700)(4,394)(5,384)
Net cash provided by (used in) financing activities28,352 (19,422)33,108 
Net increase (decrease) in cash and restricted cash13,726 (18,273)(16,140)
Cash and restricted cash, beginning of period3,774 19,914 19,914 
Cash and restricted cash, end of period$17,500 $1,641 $3,774 
Supplemental disclosure of cash flow information:
Cash paid for interest$8,925 $6,582 $27,129 
Supplemental non-cash financing activities:
Reinvestment of shareholders' distributions$— $5,292 $15,489 
Restructuring of portfolio investment$— $— $5,455 
        Cash interest receivable exchanged for additional securities$— $1,304 $1,304 
  Nine Months Ended
September 30,
  2017
2016
  (unaudited) (unaudited)
Operating activities:    
Net increase in net assets resulting from operations $65,801
 $90,290
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in    
  operating activities:    
Net accretion of discount on investments (6,799) (1,442)
Proceeds from principal repayment of investments 403,098
 126,908
Purchase of investments (1,139,000) (450,390)
Paid-in-kind interest (1,704) (596)
Increase in short term investments, net (70,312) (37,879)
Proceeds from sale of investments 218,395
 14,462
Net realized loss (gain) on investments 5,142
 (1,078)
Net unrealized appreciation on investments (11,094) (16,587)
Net unrealized appreciation on total return swap(1) (15,402) (16,826)
Amortization of deferred financing costs 1,272
 258
(Increase) decrease in due from counterparty(1) 139,715
 82,981
(Increase) decrease in interest receivable on investments (2,254) (170)
(Increase) decrease in receivable due on investments sold (12,147) (16)
(Increase) decrease in receivable due on total return swap(1) 4,187
 881
(Increase) decrease in prepaid expenses and other assets (812) (197)
Increase (decrease) in payable for investments purchased 39,869
 (9,800)
Increase (decrease) in accounts payable and accrued expenses (209) 949
Increase (decrease) in interest payable 1,113
 272
Increase (decrease) in accrued management fees 2,040
 756
Increase (decrease) in accrued administrative services expense (599) (192)
Increase (decrease) in accrued recoupment of expense support from CIG(2) —
 (480)
Increase (decrease) in due to CIG - offering costs (18) (16)
Net cash used in operating activities (379,718) (217,912)
Financing activities:    
Gross proceeds from issuance of common stock 44,940
 26,476
Commissions and dealer manager fees paid (1,715) (2,213)
Repurchase of common stock (30,167) (12,231)
Shareholders' distributions paid(3) (31,437) (28,472)
Borrowings under financing arrangements(4) 406,698
 242,423
Repayment of financing arrangements —
 (18,000)
Debt issuance costs paid (3,732) (3,322)
Net cash provided by financing activities 384,587
 204,661
Net increase (decrease) in cash and restricted cash 4,869
 (13,251)
Cash and restricted cash, beginning of period 17,046
 41,741
Cash and restricted cash, end of period $21,915
 $28,490
Supplemental disclosure of cash flow information:    
Cash paid for interest $13,075
 $232
Supplemental non-cash financing activities:    
Reinvestment of shareholders' distributions(3) $29,701
 $29,179
(1)See Note 7 for a discussion of the Company’s total return swap agreement.
(2)See Note 4 for a discussion of expense support from CIG and recoupment of expense support.
(3)See Note 5 for a discussion of the sources of distributions paid by the Company.
(4)See Note 8 for a discussion of the Company’s financing arrangements.
See accompanying notes to consolidated financial statements.

4

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Senior Secured First Lien Debt - 103.1%          
AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+875, 1.00% LIBOR Floor, 7/17/2019 (j)(n)(p) 3 Month LIBOR Aerospace & Defense $19,291
 $19,031
 $19,243
Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022 (o) Various Retail 14,611
 11,619
 9,950
Access CIG, LLC, L+500, 1.00% LIBOR Floor, 10/18/2021 (o) 1 Month LIBOR Services: Business 6,746
 6,788
 6,791
Accruent, LLC, L+475, 1.00% LIBOR Floor, 7/28/2023 3 Month LIBOR High Tech Industries 3,887
 3,822
 3,829
Accruent, LLC, 0.75% Unfunded, 7/28/2018 None High Tech Industries 2,866
 —
 (15)
Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020 (n) 3 Month LIBOR Media: Advertising, Printing & Publishing 4,396
 4,344
 4,352
Adams Publishing Group, LLC, 0.50% Unfunded, 6/2/2018 None Media: Advertising, Printing & Publishing 1,136
 —
 (11)
Advanced Integration Technology LP, L+475, 1.00% LIBOR Floor, 4/3/2023 (o) 1 Month LIBOR Aerospace & Defense 3,980
 4,014
 3,970
ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020 (o) 3 Month LIBOR Media: Advertising, Printing & Publishing 7,580
 7,278
 6,936
Alvogen Pharma US, Inc., L+500, 1.00% LIBOR Floor, 4/1/2022 (o) 1 Month LIBOR Healthcare & Pharmaceuticals 8,313
 8,275
 8,296
American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020 3 Month LIBOR Healthcare & Pharmaceuticals 8,834
 8,733
 8,547
American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 10,694
 10,241
 10,641
American Energy - Marcellus, LLC, L+425, 1.00% LIBOR Floor, 8/4/2020 (r) 1 Month LIBOR Energy: Oil & Gas 4,033
 2,963
 3,014
American Media, Inc., L+900, 1.00% LIBOR Floor, 8/24/2020 (n) 3 Month LIBOR Media: Advertising, Printing & Publishing 16,148
 15,809
 16,552
American Media, Inc., 9.00% Unfunded, 8/24/2020 (e) None Media: Advertising, Printing & Publishing 154
 —
 4
American Media, Inc., 0.50% Unfunded, 8/24/2020 None Media: Advertising, Printing & Publishing 143
 —
 4
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021 (n)(o)(p) 1 Month LIBOR Telecommunications 21,617
 19,866
 20,968
AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020 (j)(n)(p) 3 Month LIBOR Automotive 18,943
 18,661
 18,753
AMZ Holding Corp., L+500, 1.00% LIBOR Floor, 6/27/2022 1 Month LIBOR Chemicals, Plastics & Rubber 6,740
 6,644
 6,639
AP Exhaust Acquisition, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024 (o) 3 Month LIBOR Automotive 5,627
 5,431
 5,514
ASG Technologies Group, Inc., L+475, 1.00% LIBOR Floor, 7/31/2024 (o) 1 Month LIBOR High Tech Industries 5,000
 4,975
 5,063
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024 (o) 1 Month LIBOR Construction & Building 1,259
 1,254
 1,241
Avaya Inc., L+750, 1.00% LIBOR Floor, 1/24/2018 1 Month LIBOR Telecommunications 3,509
 3,497
 3,544
Avaya Inc., L+525, 1.00% LIBOR Floor, 5/29/2020 (o) 3 Month LIBOR Telecommunications 14,689
 11,941
 12,480
Azure Midstream Energy, LLC, L+650, 1.00% LIBOR Floor, 11/15/2018 (o) 1 Month LIBOR Energy: Oil & Gas 2,188
 2,117
 1,958
Bakemark Holdings, Inc., L+525, 1.00% LIBOR Floor, 8/14/2023 3 Month LIBOR Beverage, Food & Tobacco 2,314
 2,246
 2,245
Caraustar Industries, Inc., L+550, 1.00% LIBOR Floor, 3/14/2022 (o) 3 Month LIBOR Forest Products & Paper 5,591
 5,655
 5,598
Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021 (o) 1 Month LIBOR Services: Consumer 17,945
 17,978
 18,034
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 (n)(p) 6 Month LIBOR Media: Diversified & Production 50,000
 49,070
 49,625
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 6 Month LIBOR Media: Diversified & Production 15,000
 14,721
 14,963
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 6 Month LIBOR Media: Diversified & Production 7,500
 7,500
 7,463
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 6 Month LIBOR Media: Diversified & Production 5,000
 4,813
 4,963
CF Entertainment Inc., 2.00% Unfunded, 1/28/2019 None Media: Diversified & Production 5,000
 —
 (38)
Charming Charlie, LLC, L+800, 1.00% LIBOR Floor, 12/24/2019 (r)(s) 3 Month LIBOR Retail 7,791
 4,388
 3,701
Command Alkon Inc., L+500, 1.00% LIBOR Floor, 9/1/2023 1 Month LIBOR High Tech Industries 7,560
 7,470
 7,408
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Senior Secured First Lien Debt - 173.2%
Adapt Laser Acquisition, Inc., L+1200, 1.00% LIBOR Floor, 12/31/2023(t)3 Month LIBORCapital Equipment$11,147 $11,147 $8,946 
Adapt Laser Acquisition, Inc., L+1000, 1.00% LIBOR Floor, 12/31/20233 Month LIBORCapital Equipment2,000 2,000 1,605 
Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(m)3 Month LIBORHealthcare & Pharmaceuticals6,473 6,406 6,473 
AHF Parent Holding, Inc., S+625, 0.75% SOFR Floor, 2/1/2028(n)3 Month SOFRConstruction & Building3,000 2,948 2,955 
Allen Media, LLC, S+550, 0.00% SOFR Floor, 2/10/2027(n)3 Month SOFRMedia: Diversified & Production8,932 8,851 8,882 
ALM Media, LLC, L+700, 1.00% LIBOR Floor, 11/25/2024(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing17,750 17,546 17,306 
American Clinical Solutions LLC, 7.00%, 12/31/2022(m)NoneHealthcare & Pharmaceuticals3,500 3,472 3,456 
American Consolidated Natural Resources, Inc., L+1600, 1.00% LIBOR Floor, 9/16/2025(m)(t)3 Month LIBORMetals & Mining382 291 395 
American Health Staffing Group, Inc., L+600, 1.00% LIBOR Floor, 11/19/2026(m)3 Month LIBORServices: Business16,667 16,512 16,667 
American Health Staffing Group, Inc., 0.50% Unfunded, 11/19/2026NoneServices: Business3,333 (31)— 
American Teleconferencing Services, Ltd., Prime+550, 6/8/2023(m)(q)PrimeTelecommunications16,154 15,621 3,211 
American Teleconferencing Services, Ltd., Prime+550, 3/31/2022(m)PrimeTelecommunications3,116 3,116 3,116 
American Teleconferencing Services, Ltd., 0.00% Unfunded, 3/31/2022(m)(o)NoneTelecommunications235 — — 
Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(m)(n)1 Month LIBORHealthcare & Pharmaceuticals4,888 4,846 4,802 
Ancile Solutions, Inc., L+1000, 1.00% LIBOR Floor, 6/22/2026(m)(t)1 Month LIBORHigh Tech Industries12,554 12,195 12,177 
Anthem Sports & Entertainment Inc., L+900, 1.00% LIBOR Floor, 11/15/2026(m)(t)3 Month LIBORMedia: Diversified & Production37,857 37,667 36,532 
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 11/15/20263 Month LIBORMedia: Diversified & Production1,000 1,000 965 
Anthem Sports & Entertainment Inc., 0.50% Unfunded, 11/15/2026NoneMedia: Diversified & Production1,167 — (41)
Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/20231 Month LIBORMetals & Mining11,137 10,122 10,608 
Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(o)NoneMetals & Mining500 — — 
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(m)(n)1 Month LIBORConstruction & Building14,350 14,086 11,815 
Avison Young (USA) Inc., L+600, 0.00% LIBOR Floor, 1/31/2026(h)(m)(u)Banking, Finance, Insurance & Real Estate2,686 2,653 2,675 
BDS Solutions Intermediateco, LLC, S+650, 1.00% SOFR Floor, 2/7/2027(m)3 Month SOFRServices: Business17,100 16,773 16,758 
BDS Solutions Intermediateco, LLC, S+650, 1.00% SOFR Floor, 2/7/20273 Month SOFRServices: Business1,238 1,181 1,213 
BDS Solutions Intermediateco, LLC, 0.50% Unfunded, 2/7/2027NoneServices: Business1,619 — (32)
Berlitz Holdings, Inc., S+900, 1.00% SOFR Floor, 2/14/2025(r)1 Month SOFRServices: Business15,000 13,875 13,875 
Bradshaw International Parent Corp., L+575, 1.00% LIBOR Floor, 10/21/2027(m)1 Month LIBORConsumer Goods: Durable13,123 12,811 12,795 
Bradshaw International Parent Corp., 0.50% Unfunded, 10/21/2026NoneConsumer Goods: Durable1,844 (43)(46)
Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(m)(n)(t)3 Month LIBORAerospace & Defense39,070 38,792 38,484 
Cardenas Markets LLC, L+625, 1.00% LIBOR Floor, 6/3/2027(m)6 Month LIBORRetail10,918 10,815 10,754 
CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(m)6 Month LIBORTransportation: Cargo15,222 15,185 13,141 
Celerity Acquisition Holdings, LLC, L+850, 1.00% LIBOR Floor, 5/28/20263 Month LIBORServices: Business14,925 14,925 14,832 
Cennox, Inc., L+600, 1.00% LIBOR Floor, 5/4/2026(m)3 Month LIBORServices: Business22,673 22,673 22,758 
See accompanying notes to consolidated financial statements.
5


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Confie Seguros Holding II Co., L+550, 1.00% LIBOR Floor, 4/16/2022 (o) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 14,942
 14,832
 14,634
Covenant Surgical Partners, Inc., L+475, 0.00% LIBOR Floor, 10/4/2024 (i) 3 Month LIBOR Healthcare & Pharmaceuticals 1,874
 1,869
 1,888
Covenant Surgical Partners, Inc., 0.00% Unfunded, 10/4/2018 (e) None Healthcare & Pharmaceuticals 562
 (1) 4
CSP Technologies North America, LLC, L+525, 1.00% LIBOR Floor, 1/29/2022 (p) 3 Month LIBOR Chemicals, Plastics & Rubber 13,553
 13,307
 13,587
David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019 (o) 3 Month LIBOR Retail 3,477
 2,990
 2,738
DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022 (h)(o) 3 Month LIBOR Services: Business 5,922
 5,724
 5,878
Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020 (o) 3 Month LIBOR Media: Diversified & Production 9,865
 9,826
 9,933
DFC Global Facility Borrower II LLC, L+1075, 1.00% LIBOR Floor, 9/27/2022 1 Month LIBOR Services: Consumer 37,200
 36,901
 37,014
DFC Global Facility Borrower II LLC, 0.50% Unfunded, 9/27/2019 (e) None Services: Consumer 22,800
 —
 (114)
Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019 (n) 3 Month LIBOR Construction & Building 10,012
 9,907
 9,849
DXP Enterprises, Inc., L+550, 1.00% LIBOR Floor, 8/29/2023 (h)(o) 1 Month LIBOR Energy: Oil & Gas 10,000
 9,901
 9,963
EagleTree-Carbide Acquisition Corp., L+475, 1.00% LIBOR Floor, 9/27/2024 (i) 3 Month LIBOR Consumer Goods: Durable 10,000
 9,900
 10,006
Eastman Kodak Company, L+625, 1.00% LIBOR Floor, 9/3/2019 (h)(o) 3 Month LIBOR Consumer Goods: Durable 1,996
 1,991
 1,972
Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021 (n)(p) 1 Month LIBOR High Tech Industries 17,281
 16,928
 17,065
Elemica, Inc., 0.50% Unfunded, 7/7/2021 (e) None High Tech Industries 2,500
 (47) (31)
Emmis Operating Company, L+700, 1.00% LIBOR Floor, 4/18/2019 (o) 1 Month LIBOR Media: Broadcasting & Subscription 3,627
 3,439
 3,522
Entertainment Studios P&A LLC, 5.00%, 5/18/2037 None Media: Diversified & Production 15,000
 14,704
 21,216
Entertainment Studios P&A LLC, 15.00%, 9/1/2037 None Media: Diversified & Production 7,500
 7,352
 4,613
EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020 3 Month LIBOR Capital Equipment 13,312
 10,366
 11,449
Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021 (h)(o) 1 Month LIBOR High Tech Industries 10,236
 9,566
 9,705
Everi Payments Inc., L+450, 1.00% LIBOR Floor, 5/9/2024 (o) 1 Month LIBOR Hotel, Gaming & Leisure 4,183
 4,163
 4,223
F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022 (n)(r)(s) 1 Month LIBOR Media: Diversified & Production 2,661
 2,665
 2,113
F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022 1 Month LIBOR Media: Diversified & Production 1,106
 1,106
 1,162
Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019 (j)(p) 1 Month LIBOR Media: Advertising, Printing & Publishing 15,000
 14,717
 14,888
Frontline Technologies Group Holding LLC, L+650, 1.00% LIBOR Floor, 9/18/2023 3 Month LIBOR High Tech Industries 2,755
 2,722
 2,722
Frontline Technologies Group Holding LLC, 1.00% Unfunded, 9/18/2019 (e) None High Tech Industries 540
 —
 (6)
FWR Holding Corp., L+600, 1.00% LIBOR Floor, 8/21/2023 1 Month LIBOR Hotel, Gaming & Leisure 1,062
 1,036
 1,035
Global Franchise Group, LLC, L+575, 1.00% LIBOR Floor, 12/18/2019 3 Month LIBOR Beverage, Food & Tobacco 2,166
 2,145
 2,145
GTCR-Ultra Acquisition, Inc., L+600, 1.00% LIBOR Floor, 8/1/2024 (e) 1 Month LIBOR Healthcare & Pharmaceuticals 5,432
 5,300
 5,323
Harland Clarke Holdings Corp., L+550, 1.00% LIBOR Floor, 2/9/2022 (o) 3 Month LIBOR Services: Business 14,724
 14,835
 14,830
Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 4,862
 4,583
 4,011
Heartland Dental, LLC, L+475, 1.00% LIBOR Floor, 7/31/2023 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 4,000
 3,981
 4,030
Help/Systems Holdings, Inc., L+450, 1.00% LIBOR Floor, 10/8/2021 (o) 3 Month LIBOR Services: Business 11,939
 11,926
 12,018
Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018 (n) 1 Month LIBOR Services: Business 7,806
 7,402
 7,201
Infogroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023 (o) 3 Month LIBOR Media: Advertising, Printing & Publishing 9,453
 9,487
 9,216
International Seaways, Inc., L+550, 1.00% LIBOR Floor, 6/22/2022 (h)(o) 1 Month LIBOR Transportation: Cargo 10,000
 9,807
 9,844
Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022 (h)(n) 3 Month LIBOR Hotel, Gaming & Leisure 1,610
 1,586
 1,630
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Cennox, Inc., L+600, 1.00% LIBOR Floor, 5/4/2026(n)3 Month LIBORServices: Business6,307 6,260 6,330 
Cennox, Inc., L+600, 1.00% LIBOR Floor, 5/4/20263 Month LIBORServices: Business1,680 1,680 1,687 
Cennox, Inc., 1.00% Unfunded, 11/22/2023NoneServices: Business12,979 — 49 
Cennox, Inc., 0.50% Unfunded, 5/4/2026NoneServices: Business1,307 — 5 
Charming Charlie LLC, 20.00%, 4/24/2023(q)(r)NoneRetail662 560 298 
CHC Solutions Inc., 12.00%, 7/20/2023(n)(t)NoneHealthcare & Pharmaceuticals8,047 8,047 8,007 
CION/EagleTree Partners, LLC, 14.00%, 12/21/2026(h)(s)(t)NoneDiversified Financials61,629 61,629 61,629 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(n)(t)1 Month LIBORHotel, Gaming & Leisure26,861 26,823 26,089 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(t)1 Month LIBORHotel, Gaming & Leisure2,734 2,717 2,656 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 7/16/2023(m)(t)1 Month LIBORHotel, Gaming & Leisure1,961 1,862 2,322 
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(q)3 Month LIBORBeverage, Food & Tobacco928 832 132 
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(m)(q)3 Month LIBORBeverage, Food & Tobacco376 350 54 
Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(m)(n)3 Month LIBORChemicals, Plastics & Rubber34,300 34,090 34,128 
Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(n)3 Month LIBORChemicals, Plastics & Rubber6,172 6,075 6,172 
Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025NoneChemicals, Plastics & Rubber2,500 — (13)
Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/2026(m)3 Month LIBORHealthcare & Pharmaceuticals13,026 13,026 13,026 
Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/20263 Month LIBORHealthcare & Pharmaceuticals1,007 1,007 1,007 
Critical Nurse Staffing, LLC, 1.00% Unfunded, 11/1/2026NoneHealthcare & Pharmaceuticals4,899 — — 
Critical Nurse Staffing, LLC, 0.50% Unfunded, 11/1/2026NoneHealthcare & Pharmaceuticals1,000 — — 
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(t)3 Month LIBORRetail5,688 5,171 5,688 
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 5/23/2024(t)3 Month LIBORRetail5,159 5,159 5,159 
David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(t)3 Month LIBORRetail791 730 791 
Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(m)(q)(r)(t)3 Month LIBORMedia: Diversified & Production2,642 2,632 528 
DMT Solutions Global Corp., L+750, 1.00% LIBOR Floor, 7/2/2024(m)(v)Services: Business9,550 9,432 9,359 
Emerald Technologies (U.S.) Acquisitionco, Inc., S+625, 1.00% SOFR Floor, 12/29/2027(n)6 Month SOFRServices: Business3,000 2,941 2,955 
Entertainment Studios P&A LLC, 5.71%, 5/18/2037(j)(m)NoneMedia: Diversified & Production11,581 11,486 9,931 
Entertainment Studios P&A LLC, 5.00%, 5/18/2037(j)NoneMedia: Diversified & Production— — 2,080 
EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(m)1 Month LIBORCapital Equipment24,375 24,260 23,887 
Extreme Reach, Inc., L+700, 1.25% LIBOR Floor, 3/29/2024(m)(n)1 Month LIBORMedia: Diversified & Production18,367 18,274 18,367 
Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024(m)(n)NoneMedia: Diversified & Production1,744 — — 
Foundation Consumer Healthcare, LLC, L+638, 1.00% LIBOR Floor, 2/12/2027(m)(n)3 Month LIBORHealthcare & Pharmaceuticals30,799 30,551 30,837 
Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 2/12/2027NoneHealthcare & Pharmaceuticals2,094 — 3 
FuseFX, LLC, L+575, 1.00% LIBOR Floor, 10/1/2024(m)(n)1 Month LIBORMedia: Diversified & Production19,949 19,771 19,749 
Fusion Connect Inc., L+750, 1.00% LIBOR Floor, 1/18/2027(m)3 Month LIBORHigh Tech Industries19,950 19,376 19,401 
Future Pak, LLC, L+800, 2.00% LIBOR Floor, 7/2/2024(m)1 Month LIBORHealthcare & Pharmaceuticals32,304 32,304 31,941 
See accompanying notes to consolidated financial statements.
6


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
iPipeline, Inc., L+625, 1.00% LIBOR Floor, 8/4/2022 1 Month LIBOR High Tech Industries 8,874
 8,684
 8,697
Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019 (j)(p) 1 Month LIBOR Capital Equipment 8,095
 8,021
 8,075
Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019 (h)(j) 1 Month LIBOR Capital Equipment 1,295
 1,299
 1,295
Island Medical Management Holdings, LLC, L+550, 1.00% LIBOR Floor, 9/1/2022 (p) 3 Month LIBOR Healthcare & Pharmaceuticals 13,743
 13,569
 13,568
Island Medical Management Holdings, LLC, 1.00% Unfunded, 9/1/2022 (e) None Healthcare & Pharmaceuticals 1,188
 —
 (15)
ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021 (j)(p) 1 Month LIBOR High Tech Industries 11,250
 11,065
 11,109
Kingpin Intermediate Holdings LLC, L+425, 1.00% LIBOR Floor, 6/29/2024 (o) 3 Month LIBOR Hotel, Gaming & Leisure 9,975
 9,925
 10,044
KLO Intermediate Holdings, LLC, L+775, 1.25% LIBOR Floor, 4/7/2022 (p) 1 Month LIBOR Chemicals, Plastics & Rubber 4,412
 4,361
 4,357
KLO Intermediate Holdings, LLC, L+775, 1.25% LIBOR Floor, 4/7/2022 (p) 1 Month LIBOR Chemicals, Plastics & Rubber 7,621
 7,532
 7,526
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024 (o) 3 Month LIBOR Consumer Goods: Durable 16,000
 15,691
 15,920
Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020 (p) 1 Month LIBOR High Tech Industries 4,688
 4,651
 4,734
Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020 (h) 1 Month EURIBOR High Tech Industries €4,294
 4,790
 5,124
Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019 (n) 3 Month LIBOR Services: Consumer 9,226
 9,143
 9,203
Logix Communications, LP, L+575, 1.00% LIBOR Floor, 8/9/2024 (i)(o) (u) Telecommunications 5,250
 5,198
 5,198
Lonestar Prospects, Ltd., 0.00% Unfunded, 12/31/2017 (e) None Energy: Oil & Gas 18,985
 (363) (380)
LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020 (o) 1 Month LIBOR Services: Business 5,911
 5,582
 5,793
MB2 Dental Solutions, LLC, L+475, 1.00% LIBOR Floor, 9/29/2023 3 Month LIBOR Healthcare & Pharmaceuticals 2,191
 2,163
 2,163
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022 (n) 1 Month LIBOR Services: Business 4,960
 4,777
 4,960
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022 1 Month LIBOR Services: Business 1,097
 1,097
 1,097
Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, Unfunded, 2/22/2019 (e) 1 Month LIBOR Services: Business 2,795
 —
 —
Moss Holding Company, L+675, 1.00% LIBOR Floor, 4/17/2023 (n)(p) 3 Month LIBOR Services: Business 18,924
 18,607
 18,640
Moss Holding Company, 0.75% Unfunded, 5/7/2018 (e) None Services: Business 1,046
 —
 (16)
Moss Holding Company, 0.50% Unfunded, 4/17/2023 (e) None Services: Business 2,232
 —
 (33)
MSHC, Inc., L+425, 1.00% LIBOR Floor, 7/31/2023 3 Month LIBOR Services: Business 2,853
 2,839
 2,839
Murray Energy Corp., L+725, 1.00% LIBOR Floor, 4/16/2020 (o) 3 Month LIBOR Metals & Mining 3,639
 3,548
 3,341
Nathan's Famous Inc., 10.00%, 3/15/2020 (h)(n) None Beverage, Food & Tobacco 6,000
 6,000
 6,311
Navex Global, Inc., L+425, 1.00% LIBOR Floor, 11/19/2021 (o) 1 Month LIBOR High Tech Industries 17,957
 18,010
 17,979
Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021 (j)(n) 1 Month LIBOR High Tech Industries 15,242
 14,747
 14,938
Opal Acquisition, Inc., L+400, 1.00% LIBOR Floor, 11/27/2020 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 10,235
 9,680
 9,682
Orbcomm Inc., 8.00%, 4/1/2024 (n) None Telecommunications 9,237
 9,237
 9,912
P.F. Chang's China Bistro, Inc., L+500, 1.00% LIBOR Floor, 9/1/2022 (i)(o) 1 Month LIBOR Beverage, Food & Tobacco 10,000
 9,700
 9,600
Paris Presents Inc., L+500, 1.00% LIBOR Floor, 12/31/2020 (p) 1 Month LIBOR Consumer Goods: Durable 8,954
 8,874
 8,954
PDI TA Holdings, Inc., L+475, 1.00% LIBOR Floor, 8/25/2023 (n) 3 Month LIBOR High Tech Industries 5,667
 5,554
 5,552
PDI TA Holdings, Inc., 0.50% Unfunded, 8/24/2018 (e) None High Tech Industries 1,283
 —
 (20)
Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019 (n)(r)(s) 1 Month LIBOR Energy: Oil & Gas 4,028
 3,863
 3,705
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Gold Medal Holdings, Inc., S+700, 1.00% SOFR Floor, 3/17/2027(m)3 Month SOFRServices: Business15,000 14,850 14,850 
GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r)3 Month LIBORChemicals, Plastics & Rubber2,404 2,303 2,010 
GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r)(t)3 Month LIBORChemicals, Plastics & Rubber871 831 513 
GSC Technologies Inc., L+1000, 1.00% LIBOR Floor, 9/30/2025(r)(t)3 Month LIBORChemicals, Plastics & Rubber164 164 164 
H.W. Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/2027(m)3 Month LIBORConstruction & Building11,940 11,833 11,880 
H.W. Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/20273 Month LIBORConstruction & Building625 615 622 
H.W. Lochner, Inc., 0.50% Unfunded, 7/2/2027NoneConstruction & Building375 — (2)
Harland Clarke Holdings Corp., L+775, 1.00% LIBOR Floor, 6/16/2026(m)1 Month LIBORServices: Business9,500 9,489 7,933 
Heritage Power, LLC, L+600, 1.00% LIBOR Floor, 7/30/20266 Month LIBOREnergy: Oil & Gas6,645 5,885 4,851 
Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(m)(t)1 Month LIBORServices: Consumer20,163 20,092 19,182 
Homer City Generation, L.P., 15.00%, 4/5/2023(m)(t)NoneEnergy: Oil & Gas10,549 10,885 8,228 
Homer City Generation, L.P., L+1400, 1.00% LIBOR Floor, 4/29/20221 Month LIBOREnergy: Oil & Gas1,000 986 1,000 
Homer City Generation, L.P., 0.00% Unfunded, 4/29/2022(o)NoneEnergy: Oil & Gas1,000 — — 
Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(n)3 Month LIBORServices: Business5,143 5,129 5,098 
HUMC Holdco, LLC, 9.00%, 1/14/2022(m)NoneHealthcare & Pharmaceuticals9,055 9,055 9,021 
HW Acquisition, LLC, L+600, 1.00% LIBOR Floor, 9/28/2026(m)3 Month LIBORCapital Equipment19,019 18,850 18,639 
HW Acquisition, LLC, L+600, 1.00% LIBOR Floor, 9/28/20263 Month LIBORCapital Equipment733 707 719 
HW Acquisition, LLC, 0.50% Unfunded, 9/28/2026NoneCapital Equipment2,200 — (44)
Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(m)(t)NoneRetail10,449 10,399 9,313 
Independent Pet Partners Intermediate Holdings, LLC, Prime+550, 12/22/2022(m)PrimeRetail2,085 2,085 2,085 
Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(m)3 Month LIBORRetail264 264 264 
InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing15,392 15,388 14,648 
Inotiv, Inc., L+625, 1.00% LIBOR Floor, 11/5/2026(m)1 Month LIBORHealthcare & Pharmaceuticals12,269 12,044 12,147 
Inotiv, Inc., L+625, 1.00% LIBOR Floor, 11/5/2026(m)1 Month LIBORHealthcare & Pharmaceuticals2,095 2,056 2,074 
Inotiv, Inc., 1.00% Unfunded, 5/5/2023NoneHealthcare & Pharmaceuticals2,100 (41)(21)
Instant Web, LLC, L+700, 1.00% LIBOR Floor, 2/25/2027(m)(n)(r)(t)1 Month LIBORMedia: Advertising, Printing & Publishing37,073 37,063 30,261 
Instant Web, LLC, Prime+375, 2/25/2027(r)PrimeMedia: Advertising, Printing & Publishing458 458 455 
Instant Web, LLC, L+650, 1.00% LIBOR Floor, 2/25/2027(r)1 Month LIBORMedia: Advertising, Printing & Publishing105 105 104 
Instant Web, LLC, 0.50% Unfunded, 2/25/2027(r)NoneMedia: Advertising, Printing & Publishing2,599 — (16)
Instant Web, LLC, 0.50% Unfunded, 2/25/2027(r)NoneMedia: Advertising, Printing & Publishing3,246 — (20)
Invincible Boat Company LLC, L+650, 1.50% LIBOR Floor, 8/28/2025(m)3 Month LIBORConsumer Goods: Durable13,536 13,451 13,536 
Invincible Boat Company LLC, 0.50% Unfunded, 8/28/2025NoneConsumer Goods: Durable798 — — 
INW Manufacturing, LLC, L+575, 0.75% LIBOR Floor, 5/7/2027(n)3 Month LIBORServices: Business19,500 18,990 19,110 
Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(m)3 Month LIBORBeverage, Food & Tobacco16,328 14,935 14,736 
Jenny C Acquisition, Inc., L+900, 1.75% LIBOR Floor, 10/1/2024(m)(t)3 Month LIBORServices: Consumer11,297 11,248 9,498 
See accompanying notes to consolidated financial statements.
7


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019 (h)(o) 3 Month LIBOR Aerospace & Defense 6,397
 5,552
 5,598
Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021 (n) 1 Month LIBOR Consumer Goods: Non-Durable 8,774
 8,687
 8,160
Practice Insight, LLC, L+500, 1.00% LIBOR Floor, 8/23/2022 (n) 1 Month LIBOR High Tech Industries 6,567
 6,405
 6,402
Project Leopard Holdings, Inc., L+550, 1.00% LIBOR Floor, 7/7/2023 (o) 3 Month LIBOR High Tech Industries 4,000
 3,991
 4,050
PSC Industrial Holdings Corp., L+475, 1.00% LIBOR Floor, 12/5/2020 (o) 3 Month LIBOR Services: Business 4,863
 4,649
 4,863
Radio One, Inc., L+400, 1.00% LIBOR Floor, 4/18/2023 (o) 3 Month LIBOR Media: Broadcasting & Subscription 2,973
 2,945
 2,928
Rimini Street, Inc., 15.00%, 6/24/2020 (s) None High Tech Industries 13,773
 13,539
 16,073
Robertshaw US Holding Corp., L+450, 0.00% LIBOR Floor, 8/10/2024 (o) 1 Month LIBOR Chemicals, Plastics & Rubber 3,155
 3,131
 3,186
Russell Investments US Institutional Holdco, Inc., L+425, 1.00% LIBOR Floor, 6/1/2023 (o) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 3,970
 4,022
 4,032
Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019 (n)(s) None Healthcare & Pharmaceuticals 5,935
 5,885
 5,935
SFE Intermediate Holdco LLC, L+500, 1.00% LIBOR Floor, 7/31/2023 (n) 3 Month LIBOR Beverage, Food & Tobacco 4,782
 4,687
 4,686
SG Acquisition, Inc., L+500, 1.00% LIBOR Floor, 3/29/2024 (o) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 4,159
 4,121
 4,133
Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021 (p) 3 Month LIBOR High Tech Industries 4,878
 4,775
 4,878
SI Organization, Inc., L+475, 1.00% LIBOR Floor, 11/23/2019 (o) 3 Month LIBOR Services: Business 7,693
 7,785
 7,810
Southcross Holdings Borrower LP, 9.00%, 4/13/2023 (s) None Energy: Oil & Gas 179
 158
 156
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020 (n) 3 Month LIBOR Healthcare & Pharmaceuticals 12,758
 12,692
 12,662
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020 (s) 3 Month LIBOR Healthcare & Pharmaceuticals 252
 250
 249
Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019 (n) 3 Month LIBOR Energy: Oil & Gas 8,045
 7,656
 7,361
STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022 (o) 3 Month LIBOR Services: Business 3,929
 3,821
 3,826
Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020 (e)(n) 3 Month LIBOR Hotel, Gaming & Leisure 16,925
 16,811
 16,925
Survey Sampling International, LLC, L+500, 1.00% LIBOR Floor, 12/16/2020 (o) 3 Month LIBOR Services: Business 7,820
 7,854
 7,703
Teladoc, Inc., L+725, 1.00% LIBOR Floor, 7/14/2022 (h) 1 Month LIBOR High Tech Industries 15,000
 14,855
 15,300
Teladoc, Inc., 0.50% Unfunded, 7/14/2020 (e)(h) None High Tech Industries 1,250
 (47) 25
Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020 (j)(n) 3 Month LIBOR High Tech Industries 8,662
 8,472
 8,402
Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021 (n)(p) 3 Month LIBOR Capital Equipment 31,840
 31,671
 31,044
Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021 (o) 3 Month LIBOR Chemicals, Plastics & Rubber 13,236
 12,429
 12,475
Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021 (h) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000
 14,935
 15,713
U.S. Renal Care, Inc., L+425, 1.00% LIBOR Floor, 12/30/2022 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 7,967
 7,780
 7,740
Vero Parent, Inc., L+500, 1.00% LIBOR Floor, 8/16/2024 (o) 3 Month LIBOR High Tech Industries 15,000
 14,851
 14,906
Vince, LLC, L+700, 1.00% LIBOR Floor, 11/27/2019 (h)(o) 3 Month LIBOR Retail 901
 864
 789
Visual Edge Technology, Inc., L+575, 1.00% LIBOR Floor, 8/31/2022 3 Month LIBOR Services: Business 12,469
 12,222
 12,220
Visual Edge Technology, Inc., L+575, 1.00% LIBOR Floor, 8/31/2022 3 Month LIBOR Services: Business 1,918
 1,871
 1,899
Visual Edge Technology, Inc., 0.75% Unfunded, 2/28/2019 (e) None Services: Business 2,878
 —
 (29)
WD Wolverine Holdings, LLC, L+550, 1.00% LIBOR Floor, 8/16/2022 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 14,319
 14,016
 13,961
Western Dental Services, Inc., L+525, 1.00% LIBOR Floor, 6/30/2023 (o) 1 Month LIBOR Healthcare & Pharmaceuticals 2,191
 2,170
 2,210
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(m)3 Month LIBORBeverage, Food & Tobacco14,126 13,946 12,351 
K&N Parent, Inc., L+475, 1.00% LIBOR Floor, 10/20/20233 Month LIBORConsumer Goods: Durable11,124 10,801 10,624 
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(m)6 Month LIBORConsumer Goods: Durable7,799 7,725 5,381 
LaserAway Intermediate Holdings II, LLC, L+575, 0.75% LIBOR Floor, 10/12/2027(m)3 Month LIBORServices: Consumer9,975 9,789 9,875 
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(m)(n)(t)3 Month LIBORServices: Business26,477 26,204 25,219 
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(m)(n)(t)3 Month LIBORServices: Business4,567 4,535 4,350 
LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(m)1 Month LIBORCapital Equipment11,699 11,392 11,450 
LH Intermediate Corp., L+750, 1.00% LIBOR Floor, 6/2/2026(m)3 Month LIBORConsumer Goods: Durable14,250 14,057 14,090 
Lift Brands, Inc., L+750, 1.00% LIBOR Floor, 6/29/2025(m)(n)(r)1 Month LIBORServices: Consumer23,464 23,464 23,406 
Lift Brands, Inc., 9.50%, 6/29/2025(m)(n)(r)(t)NoneServices: Consumer5,469 5,388 5,114 
Lift Brands, Inc., 6/29/2025(m)(n)(p)(r)NoneServices: Consumer5,296 4,847 4,634 
Longview Power, LLC, L+1000, 1.50% LIBOR Floor, 7/30/2025(r)3 Month LIBOREnergy: Oil & Gas4,179 2,656 4,524 
MacNeill Pride Group Corp., S+625, 1.00% SOFR Floor, 4/20/2026(m)3 Month SOFRServices: Consumer17,940 17,785 17,760 
MacNeill Pride Group Corp., S+625, 1.00% SOFR Floor, 4/20/2026(m)3 Month SOFRServices: Consumer5,196 5,109 5,144 
MacNeill Pride Group Corp., 1.00% Unfunded, 4/30/2024NoneServices: Consumer4,783 — (48)
Manus Bio Inc., 11.00%, 8/20/2026NoneHealthcare & Pharmaceuticals10,000 10,000 10,000 
Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/20283 Month LIBORDiversified Financials6,335 6,219 6,304 
Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/20283 Month LIBORDiversified Financials1,493 1,471 1,486 
Marble Point Credit Management LLC, 0.50% Unfunded, 8/11/2028NoneDiversified Financials— — — 
Mimeo.com, Inc., L+620, 1.00% LIBOR Floor, 12/21/20233 Month LIBORServices: Business22,846 22,846 22,874 
Mimeo.com, Inc., L+620, 1.00% LIBOR Floor, 12/21/20233 Month LIBORServices: Business256 256 256 
Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023NoneServices: Business5,000 — 6 
Molded Devices, Inc., L+600, 1.00% LIBOR Floor, 11/1/2026(m)3 Month LIBORServices: Business15,535 15,391 15,379 
Molded Devices, Inc., L+600, 1.00% LIBOR Floor, 11/1/20263 Month LIBORServices: Business620 604 613 
Molded Devices, Inc., 1.00% Unfunded, 11/1/2026NoneServices: Business1,151 — (12)
Molded Devices, Inc., 0.50% Unfunded, 11/1/2026NoneServices: Business2,656 (12)(27)
Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(m)(n)(t)3 Month LIBORServices: Business19,665 19,544 18,338 
Moss Holding Company, 0.50% Unfunded, 4/17/2023NoneServices: Business2,232 — — 
NASCO Healthcare Inc., L+550, 1.00% LIBOR Floor, 6/30/2023(m)6 Month LIBORServices: Business17,409 17,409 17,170 
Neptune Flood Inc., L+600, 1.00% LIBOR Floor, 10/21/2026(m)3 Month LIBORBanking, Finance, Insurance & Real Estate9,642 9,576 9,642 
NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing12,539 12,503 12,571 
Novum Orthopedic Partners Management, LLC, L+575, 1.00% LIBOR Floor, 12/29/2027(m)3 Month LIBORHealthcare & Pharmaceuticals10,109 9,957 9,957 
Novum Orthopedic Partners Management, LLC, 1.00% Unfunded, 12/29/2023NoneHealthcare & Pharmaceuticals4,891 (49)(73)
NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/2026(m)3 Month LIBORHigh Tech Industries13,066 12,955 13,066 
NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/20263 Month LIBORHigh Tech Industries420 402 420 
NWN Parent Holdings LLC, 0.50% Unfunded, 5/7/2026NoneHigh Tech Industries1,380 — — 
See accompanying notes to consolidated financial statements.

8

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Woodstream Corp., L+625, 1.00% LIBOR Floor, 5/29/2022 3 Month LIBOR Consumer Goods: Non-Durable 7,896
 7,862
 7,896
Woodstream Corp., 0.75% Unfunded, 5/29/2021 (e) None Consumer Goods: Non-Durable 1,553
 —
 —
Total Senior Secured First Lien Debt 
 
 
 1,069,271
 1,079,520
Senior Secured Second Lien Debt - 38.4%          
ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025 (i)(n) 3 Month LIBOR Retail 6,475
 6,427
 6,556
Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022 (p) 1 Month LIBOR Services: Business 16,030
 15,512
 15,709
Accruent, LLC, L+875, 1.00% LIBOR Floor, 7/28/2024 3 Month LIBOR High Tech Industries 749
 717
 738
Accruent, LLC, 0.75% Unfunded, 7/28/2018 (e) None High Tech Industries 1,414
 —
 (7)
ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021 (n)(p) 3 Month LIBOR Media: Advertising, Printing & Publishing 10,344
 10,231
 9,206
American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022 (n) 1 Month LIBOR Construction & Building 4,933
 4,894
 4,958
American Seafoods Group LLC, L+813, 1.00% LIBOR Floor, 2/21/2024 3 Month LIBOR Beverage, Food & Tobacco 18,233
 17,874
 17,869
Avalign Technologies, Inc., L+825, 1.00% LIBOR Floor, 7/15/2022 3 Month LIBOR Healthcare & Pharmaceuticals 5,500
 5,447
 5,445
Command Alkon Inc., L+900, 1.00% LIBOR Floor, 3/1/2024 1 Month LIBOR High Tech Industries 2,440
 2,404
 2,404
Confie Seguros Holding II Co., L+975, 1.25% LIBOR Floor, 5/8/2019 1 Month LIBOR Banking, Finance, Insurance & Real Estate 4,577
 4,471
 4,497
Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021 3 Month LIBOR Healthcare & Pharmaceuticals 11,750
 9,868
 9,400
Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021 (h)(n) 1 Month LIBOR Chemicals, Plastics & Rubber 9,500
 9,462
 9,500
EagleTree-Carbide Acquisition Corp., L+825, 1.00% LIBOR Floor, 8/28/2025 (i) 3 Month LIBOR Consumer Goods: Durable 20,000
 19,700
 19,800
Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020 (r)(s) 3 Month LIBOR Healthcare & Pharmaceuticals 6,287
 6,054
 4,841
Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022 (h)(n) 3 Month LIBOR Environmental Industries 3,000
 2,981
 2,813
Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022 (h)(n) 1 Month LIBOR High Tech Industries 9,999
 7,158
 8,249
Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021 (p) 3 Month LIBOR High Tech Industries 9,385
 9,166
 9,421
Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022 (n)(p) 1 Month LIBOR Services: Business 11,410
 11,331
 11,324
GHX Ultimate Parent Corp., L+800, 1.00% LIBOR Floor, 6/30/2025 3 Month LIBOR Healthcare & Pharmaceuticals 13,926
 13,517
 13,508
Global Tel*Link Corp., L+775, 1.25% LIBOR Floor, 11/23/2020 (p) 3 Month LIBOR Telecommunications 9,500
 9,492
 9,488
GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022 (o) 3 Month LIBOR Retail 4,000
 4,020
 4,045
Institutional Shareholder Services Inc., L+850, 1.00% LIBOR Floor, 4/30/2022 (n) 1 Month LIBOR Services: Business 10,648
 10,543
 10,648
Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025 (n) 3 Month LIBOR Healthcare & Pharmaceuticals 10,000
 9,856
 9,950
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 (n) 1 Month LIBOR Services: Business 7,000
 6,902
 7,000
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 1 Month LIBOR Services: Business 292
 292
 292
Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, Unfunded, 2/22/2019 (e) 1 Month LIBOR Services: Business 742
 —
 —
Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021 (n)(o) 3 Month LIBOR High Tech Industries 14,909
 14,533
 15,105
MSHC, Inc., L+825, 1.00% LIBOR Floor, 7/31/2024 2 Month LIBOR Services: Business 2,081
 2,015
 2,013
Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024 (h) 3 Month EURIBOR
 Chemicals, Plastics & Rubber €7,489
 7,938
 8,671
Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019 (o) 3 Month LIBOR Healthcare & Pharmaceuticals 12,030
 11,014
 11,767
Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023 (n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 12,249
 12,143
 12,180
Paris Presents Inc., L+875, 1.00% LIBOR Floor, 12/31/2021 (n) 1 Month LIBOR Consumer Goods: Durable 3,500
 3,435
 3,465
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(m)(n)1 Month LIBORHealthcare & Pharmaceuticals23,031 22,953 22,830 
Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(n)1 Month LIBORHealthcare & Pharmaceuticals2,515 2,500 2,647 
Optio Rx, LLC, 0.00% Unfunded, 12/21/2022(m)(n)(o)NoneHealthcare & Pharmaceuticals1,530 — (13)
Pentec Acquisition Corp., L+600, 1.00% LIBOR Floor, 10/8/2026(m)3 Month LIBORHealthcare & Pharmaceuticals24,938 24,710 24,688 
PetroChoice Holdings, Inc., L+500, 1.00% LIBOR Floor, 8/20/20223 Month LIBORChemicals, Plastics & Rubber3,885 3,849 3,671 
PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(m)3 Month LIBORConsumer Goods: Non-Durable9,650 9,178 8,878 
Playboy Enterprises, Inc., L+575, 0.50% LIBOR Floor, 5/25/2027(h)(n)3 Month LIBORConsumer Goods: Non-Durable28,534 27,980 28,106 
Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(m)3 Month LIBORChemicals, Plastics & Rubber19,350 19,140 18,576 
RA Outdoors, LLC, L+675, 1.00% LIBOR Floor, 4/8/2026(m)3 Month LIBORMedia: Diversified & Production15,177 15,177 14,930 
RA Outdoors, LLC, L+675, 1.00% LIBOR Floor, 4/8/20263 Month LIBORMedia: Diversified & Production420 250 413 
RA Outdoors, LLC, 0.50% Unfunded, 4/8/2026NoneMedia: Diversified & Production630 — (10)
Retail Services WIS Corp., L+775, 1.00% LIBOR Floor, 5/20/2025(m)3 Month LIBORServices: Business9,862 9,650 9,714 
Robert C. Hilliard, L.L.P., L+1800, 2.00% LIBOR Floor, 12/17/2022(m)(t)1 Month LIBORServices: Consumer1,679 1,679 1,597 
Rogers Mechanical Contractors, LLC, L+650, 1.00% LIBOR Floor, 9/9/2025(m)1 Month LIBORServices: Business17,029 17,029 17,029 
Rogers Mechanical Contractors, LLC, 1.00% Unfunded, 9/9/2025NoneServices: Business1,923 — — 
Rogers Mechanical Contractors, LLC, 0.75% Unfunded, 9/9/2022NoneServices: Business2,885 — — 
RumbleOn, Inc., L+825, 1.00% LIBOR Floor, 8/31/2026(m)3 Month LIBORAutomotive13,930 12,974 13,338 
RumbleOn, Inc., L+825, 1.00% LIBOR Floor, 8/31/20263 Month LIBORAutomotive4,214 4,161 4,035 
RumbleOn, Inc., 0.00% Unfunded, 2/28/2023(o)NoneAutomotive1,775 — (75)
Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(m)3 Month LIBORTelecommunications3,898 3,246 3,898 
Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(m)(n)(q)NoneHealthcare & Pharmaceuticals8,525 8,457 6,394 
SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(r)(t)1 Month LIBORHealthcare & Pharmaceuticals20,760 20,651 17,283 
Sleep Opco, LLC, L+650, 1.00% LIBOR Floor, 10/12/2026(m)3 Month LIBORRetail13,217 12,974 13,101 
Sleep Opco, LLC, 0.50% Unfunded, 10/12/2026(m)NoneRetail1,750 (32)(15)
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)3 Month LIBORHealthcare & Pharmaceuticals12,495 12,472 10,621 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals1,080 1,080 913 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals706 608 597 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals665 663 562 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals559 482 515 
Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(m)(n)3 Month LIBORCapital Equipment18,080 18,070 18,103 
Tensar Corp., L+675, 1.00% LIBOR Floor, 11/20/2025(m)3 Month LIBORChemicals, Plastics & Rubber4,938 4,846 4,951 
Trademark Global, LLC, L+600, 1.00% LIBOR Floor, 7/30/20241 Month LIBORServices: Business15,308 15,249 14,695 
Trademark Global, LLC, 1.00% Unfunded, 7/30/2023NoneServices: Business4,615 (19)(185)
Trammell, P.C., L+1800, 2.00% LIBOR Floor, 6/25/2023(t)1 Month LIBORServices: Consumer19,915 19,915 19,915 
USALCO, LLC, L+600, 1.00% LIBOR Floor, 10/19/2027(m)3 Month LIBORChemicals, Plastics & Rubber24,938 24,705 24,813 
Vesta Holdings, LLC, L+1000, 1.00% LIBOR Floor, 2/25/2024(m)(t)1 Month LIBORBanking, Finance, Insurance & Real Estate24,122 24,122 24,484 
See accompanying notes to consolidated financial statements.

9

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023 (n) 3 Month LIBOR Healthcare & Pharmaceuticals 13,500
 13,379
 13,163
PDI TA Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/25/2024 1 Month LIBOR High Tech Industries 2,500
 2,447
 2,447
PDI TA Holdings, Inc., 0.50% Unfunded, 8/24/2018 (e) None High Tech Industries 550
 —
 (12)
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021 (o) 3 Month LIBOR Chemicals, Plastics & Rubber 3,469
 3,458
 3,469
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 (n) 1 Month LIBOR Chemicals, Plastics & Rubber 15,000
 14,719
 14,738
PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022 (o) 1 Month LIBOR Retail 4,998
 4,680
 4,273
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022 (n) 1 Month LIBOR Telecommunications 3,000
 2,892
 2,895
PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021 (n) 1 Month LIBOR Services: Business 10,000
 9,862
 10,000
Robertshaw US Holding Corp., L+900, 0.00% LIBOR Floor, 2/10/2025 1 Month LIBOR Chemicals, Plastics & Rubber 5,000
 4,855
 4,994
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 (o)(p) 3 Month LIBOR Telecommunications 5,500
 5,478
 5,514
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/20/2025 (i)(p) 1 Month LIBOR Telecommunications 2,942
 2,913
 2,968
SMG, L+825, 1.00% LIBOR Floor, 2/27/2021 (n) 1 Month LIBOR Hotel, Gaming & Leisure 6,142
 6,142
 6,126
STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023 (n)(o) 3 Month LIBOR Services: Business 10,000
 9,879
 9,000
Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021 (n) 3 Month LIBOR Services: Business 5,000
 4,931
 4,950
TexOak Petro Holdings LLC, 8.00%, 12/29/2019 (r)(s) None Energy: Oil & Gas 7,137
 2,360
 —
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025 (n) 3 Month LIBOR Services: Business 13,393
 13,061
 13,058
TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022 (p) 3 Month LIBOR Hotel, Gaming & Leisure 6,000
 5,949
 6,007
U.S. Anesthesia Partners, Inc., L+725, 1.00% LIBOR Floor, 6/23/2025 1 Month LIBOR Healthcare & Pharmaceuticals 10,235
 10,085
 10,081
U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023 (n) 3 Month LIBOR Healthcare & Pharmaceuticals 5,000
 4,917
 4,875
Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022 (n) 3 Month LIBOR Automotive 16,000
 15,875
 16,080
Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022 (n) 1 Month LIBOR Beverage, Food & Tobacco 12,823
 12,577
 11,990
Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023 (n) 3 Month LIBOR High Tech Industries 5,000
 4,932
 4,988
Total Senior Secured Second Lien Debt       404,788
 402,459
Collateralized Securities and Structured Products - Debt - 2.7%          
Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019 (h) 3 Month LIBOR Diversified Financials 4,304
 4,304
 4,200
Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022 (h) 3 Month LIBOR Diversified Financials 15,500
 15,500
 14,993
Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025 (g)(h) 3 Month LIBOR Diversified Financials 2,000
 1,887
 1,931
NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026 (g)(h) 3 Month LIBOR Diversified Financials 7,500
 7,127
 7,160
Total Collateralized Securities and Structured Products - Debt       28,818
 28,284
Collateralized Securities and Structured Products - Equity - 2.8%          
Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 2.82% Estimated Yield, 1/13/2025 (h) (f) Diversified Financials 4,000
 2,621
 2,244
APIDOS CLO XVI Subordinated Notes, 11.84% Estimated Yield, 1/19/2025 (h) (f) Diversified Financials 9,000
 4,140
 3,569
CENT CLO 19 Ltd. Subordinated Notes, 6.47% Estimated Yield, 10/29/2025 (h) (f) Diversified Financials 2,000
 1,305
 1,087
Galaxy XV CLO Ltd. Class A Subordinated Notes, 4.60% Estimated Yield, 4/15/2025 (h) (f) Diversified Financials 4,000
 2,356
 2,189
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Volta Charging, LLC, 12.00%, 6/19/2024(m)NoneMedia: Diversified & Production12,000 11,989 13,065 
Volta Charging, LLC, 12.00%, 6/19/2024(m)NoneMedia: Diversified & Production8,250 8,250 8,982 
West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/20253 Month LIBORHealthcare & Pharmaceuticals1,170 1,170 1,170 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)(n)3 Month LIBORHealthcare & Pharmaceuticals9,417 9,377 9,417 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)3 Month LIBORHealthcare & Pharmaceuticals3,611 3,587 3,607 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)3 Month LIBORHealthcare & Pharmaceuticals1,105 1,093 1,105 
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022NoneHealthcare & Pharmaceuticals5,230 — — 
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2025NoneHealthcare & Pharmaceuticals472 — — 
West Dermatology Management Holdings, LLC, 0.50% Unfunded, 2/11/2025(m)NoneHealthcare & Pharmaceuticals552 — — 
Williams Industrial Services Group, Inc, L+900, 1.00% LIBOR Floor, 12/16/2025(n)1 Month LIBORServices: Business9,700 9,700 9,736 
Williams Industrial Services Group, Inc, 0.50% Unfunded, 6/16/2022NoneServices: Business5,000 — 19 
Wind River Systems, Inc., L+675, 1.00% LIBOR Floor, 6/24/2024(n)3 Month LIBORHigh Tech Industries23,355 23,201 23,355 
Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(m)1 Month LIBORBeverage, Food & Tobacco20,287 19,859 20,046 
Xenon Arc, Inc., L+600, 0.75% LIBOR Floor, 12/17/2027(m)3 Month LIBORHigh Tech Industries9,975 9,858 9,850 
Total Senior Secured First Lien Debt1,648,172 1,597,364 
Senior Secured Second Lien Debt - 4.0%
Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(m)(q)(r)(t)3 Month LIBORMedia: Diversified & Production10,599 10,017 — 
Global Tel*Link Corp., S+1000, 0.00% SOFR Floor, 11/29/2026(n)1 Month SOFRTelecommunications11,500 11,365 11,543 
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/20233 Month LIBORChemicals, Plastics & Rubber15,000 14,590 12,094 
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(q)(t)3 Month LIBORTelecommunications3,871 3,435 — 
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/20253 Month LIBORTelecommunications2,942 2,925 2,942 
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/20251 Month LIBORServices: Business13,393 13,215 10,296 
Total Senior Secured Second Lien Debt55,547 36,875 
Collateralized Securities and Structured Products - Equity - 0.3%
APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h)(g)Diversified Financials9,000 2,031 826 
Galaxy XV CLO Ltd. Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h)(g)Diversified Financials4,000 1,664 1,806 
Total Collateralized Securities and Structured Products - Equity3,695 2,632 
Unsecured Debt - 2.9%
Lucky Bucks Holdings LLC, 12.50%, 5/29/2028(t)NoneHotel, Gaming & Leisure20,842 20,842 20,842 
WPLM Acquisition Corp., 15.00%, 11/24/2025(t)NoneMedia: Advertising, Printing & Publishing6,628 6,562 6,438 
Total Unsecured Debt27,404 27,280 
Equity - 8.2%
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r)Metals & MiningN/A— 5 
Ascent Resources - Marcellus, LLC, Membership Units(o)Energy: Oil & Gas511,255 Units1,642 639 
See accompanying notes to consolidated financial statements.
10


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(m) 
Fair
Value(c)
Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 10.40% Estimated Yield, 10/20/2025 (h) (f) Diversified Financials 2,000
 1,581
 1,479
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026 (e)(h) (f) Diversified Financials 10,000
 9,857
 9,662
Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 14.21% Estimated Yield, 10/18/2025 (h) (f) Diversified Financials 8,146
 5,933
 5,885
Ivy Hill Middle Market Credit Fund X, Ltd., 10.06% Estimated Yield, 7/24/2027 (h) (f) Diversified Financials 4,760
 3,744
 3,473
Total Collateralized Securities and Structured Products - Equity       31,537
 29,588
Unsecured Debt - 0.7%          
Visual Edge Technology, Inc., 12.50%, 8/31/2024 None Services: Business 7,519
 7,333
 7,331
Total Unsecured Debt       7,333
 7,331
Equity - 0.4%          
Commerce Topco, LLC (q)   Healthcare & Pharmaceuticals 87 Units
 85
 85
Commerce Parent, Inc. (q)   Healthcare & Pharmaceuticals 87 Units
 87
 87
F+W Media, Inc. (q)   Media: Diversified & Production 31,211 Units
 —
 —
Mooregate ITC Acquisition, LLC, Class A Units (q)   High Tech Industries 500 Units
 563
 450
NS NWN Acquisition, LLC (q)   High Tech Industries 404 Units
 393
 450
NSG Co-Invest (Bermuda) LP (h)(q)   Consumer Goods: Durable 1,575 Units
 1,000
 875
Spinal USA, Inc. / Precision Medical Inc., Warrants (q)   Healthcare & Pharmaceuticals 1,551,569 Units
 853
 853
Southcross Holdings LP, Class A-II Units (q)   Energy: Oil & Gas 188 Units
 75
 127
Southcross Holdings GP, LLC, Units (q)   Energy: Oil & Gas 188 Units
 —
 —
Speed Commerce Investment Part, LLC (q)   High Tech Industries 629 Units
 2,640
 900
Tenere Inc. Warrant (q)   Capital Equipment N/A
 161
 36
TexOak Petro Holdings LLC (q)   Energy: Oil & Gas 60,000 Units
 —
 —
Total Equity       5,857
 3,863
Short Term Investments - 13.5%(k)          
First American Treasury Obligations Fund, Class Z Shares, 0.89% (l)       140,810
 140,810
Total Short Term Investments       140,810
 140,810
TOTAL INVESTMENTS - 161.6%       $1,688,414
 1,691,855
LIABILITIES IN EXCESS OF OTHER ASSETS - (61.6%)         (644,668)
NET ASSETS - 100%         $1,047,187
Portfolio Company(a)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Ascent Resources - Marcellus, LLC, Warrants(o)Energy: Oil & Gas132,367 Units13 3 
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s)Diversified Financials22,072,841 Units22,073 29,546 
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(s)Diversified FinancialsNA— — 
DBI Investors, Inc., Series A1 Preferred Stock(o)Retail20,000 Units802 2,295 
DBI Investors, Inc., Series A2 Preferred Stock(o)Retail1,733 Units— 186 
DBI Investors, Inc., Series A Preferred Stock(o)Retail1,396 Units140 167 
DBI Investors, Inc., Series B Preferred Stock(o)Retail4,183 Units410 157 
DBI Investors, Inc., Common Stock(o)Retail39,423 Units— — 
DBI Investors, Inc., Reallocation Rights(o)Retail7,500 Units— — 
GSC Technologies Inc., Common Shares(o)(r)Chemicals, Plastics & Rubber807,268 Units— — 
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o)Retail1,000,000 Units1,000 30 
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(o)Retail2,632,771 Units2,133 3,949 
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(o)Retail2,632,771 Units2,633 2,844 
Independent Pet Partners Intermediate Holdings, LLC, Warrants(o)Retail155,880 Units— — 
Instant Web Holdings, LLC, Class A Common Units(o)(r)Media: Advertising, Printing & Publishing10,819 Units— — 
Language Education Holdings GP LLC, Common Units(o)(r)Services: Business500,000 Units— — 
Language Education Holdings LP, Ordinary Common Units(o)(r)Services: Business500,000 Units1,125 1,125 
Longview Intermediate Holdings C, LLC, Membership Units(o)(r)Energy: Oil & Gas653,989 Units2,704 17,828 
Mooregate ITC Acquisition, LLC, Class A Units(o)High Tech Industries500 Units562 184 
Mount Logan Capital Inc., Common Stock(f)(h)(r)Banking, Finance, Insurance & Real Estate1,075,557 Units3,534 3,432 
NS NWN Acquisition, LLC, Class A Preferred Units(o)High Tech Industries111 Units110 2,376 
NS NWN Acquisition, LLC, Non-Voting Units(o)High Tech Industries346 Units393 — 
NS NWN Holdco LLC, Voting Units(o)High Tech Industries522 Units504 524 
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o)Consumer Goods: Durable1,575 Units1,000 718 
Palmetto Clean Technology, Inc., Warrants(o)High Tech Industries724,112 Units472 3,411 
RumbleOn, Inc., Warrants(o)Automotive60,606 Units927 553 
SIMR Parent, LLC, Class B Common Units(o)(r)Healthcare & Pharmaceuticals12,283,163 Units8,002 — 
SIMR Parent, LLC, Class W Units(o)(r)Healthcare & Pharmaceuticals1,778,219 Units— — 
Snap Fitness Holdings, Inc., Class A Common Stock(o)(r)Services: Consumer9,858 Units3,078 3,850 
Snap Fitness Holdings, Inc., Warrants(o)(r)Services: Consumer3,996 Units1,247 1,561 
Total Equity54,504 75,383 
Short Term Investments - 1.7%(k)
First American Treasury Obligations Fund, Class Z Shares, 0.18%(l)15,763 15,763 
Total Short Term Investments15,763 15,763 
TOTAL INVESTMENTS - 190.3%$1,805,085 1,755,297 
LIABILITIES IN EXCESS OF OTHER ASSETS - (90.3)%(832,844)
NET ASSETS - 100%$922,453 
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. The Company does not control and is not an affiliate of any of the portfolio companies in its investment portfolio. Unless specifically identified in note s. below, investments do not contain a paid-in-kind, or PIK, interest provision.
b.The 1, 2, 3, and 6 month London Interbank Offered Rate, or LIBOR, rates were 1.24%, 1.27%, 1.34%, and 1.51%, respectively, as of September 30, 2017.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2017, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2017. The 3 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.38%) as of September 30, 2017.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.
d.Denominated in U.S. dollars unless otherwise noted.
e.As discussed in Note 11, on September 30, 2017, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $2,156, $1,111 and $992 to Studio Movie Grill Holdings, LLC, Ivy Hill Middle Market Credit Fund VIII, Ltd. and    GTCR-Ultra Acquisition, Inc., respectively. On November 9, 2017, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $22,800, $18,985, $3,278, $2,500, $1,865, $1,608, $1,553, $1,250, $1,188, $1,151, $1,111, $992, $815, $540, $459, $157, and $154 to DFC Global Facility Borrower II LLC, Lonestar Prospects, Ltd., Moss Holding Company, Elemica Holdings, Inc., Ministry Brands, LLC, Studio Movie Grill Holdings, LLC, Woodstream Corp., Teledoc, Inc., Island Medical Management Holdings, LLC, Visual Edge Technology, Inc., Ivy Hill Middle Market Credit Fund VIII, Ltd., GTCR-Ultra Acquisition, Inc., PDI TA Holdings, Inc., Frontline Technologies Group Holdings LLC, Covenant Surgical Partners, Inc., Accruent, LLC, and American Media, Inc., respectively.
See accompanying notes to consolidated financial statements.
11



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017March 31, 2022
(in thousands)
f.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.
g.Ivy Hill Middle Market Credit Fund VII Class E Notes and NXT Capital CLO 2014-1 Class E Notes were rated Ba2 on Moody's credit scale as of September 30, 2017.
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 September 30, 2017, 89.4% of the Company’s total assets represented qualifying assets.
i.Position or a portion thereof unsettled as of September 30, 2017.
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 amounts as a result of an arrangement between the Company and other lenders in the syndication in exchange for lower payment priority.
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 September 30, 2017.
m.Represents amortized cost for debt securities and cost for equity investments.
n.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 September 30, 2017 (see Note 8).
o.Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Flatiron Funding II, LLC, or Flatiron Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with Citibank N.A., or Citibank, as of September 30, 2017 (see Note 8).
p.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 repurchase agreement with UBS AG, or UBS, as of September 30, 2017 (see Note 8).
q.Non-income producing security.
r.Investment or a portion thereof was on non-accrual status as of September 30, 2017.
s.For the nine months ended September 30, 2017, 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:
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 paid-in-kind, or PIK, interest provision.
    Interest Rate Interest Amount
Portfolio Company Investment Type Cash PIK All-in-Rate Cash PIK Total
Charming Charlie, LLC(t) Senior Secured First Lien Debt 7.50% 1.50% 9.00% $369
 $—
 $369
Elements Behavioral Health, Inc.(t) Senior Secured Second Lien Debt — 13.00% 13.00% $—
 $365
 $365
F+W Media, Inc.(t) Senior Secured First Lien Debt 1.50% 10.00% 11.50% $19
 $93
 $112
Petroflow Energy Corp.(t)
 Senior Secured First Lien Debt 3.00% 6.00% 9.00% $99
 $187
 $286
Rimini Street, Inc. Senior Secured First Lien Debt 12.00% 3.00% 15.00% $1,469
 $403
 $1,872
Sequoia Healthcare Management, LLC
 Senior Secured First Lien Debt 12.00% 4.00% 16.00% $531
 $211
 $742
Southcross Holdings Borrower LP Senior Secured First Lien Debt 3.50% 5.50% 9.00% $6
 $7
 $13
Spinal USA, Inc. / Precision Medical Inc.
 Senior Secured First Lien Debt — 10.50% 10.50% $—
 $124
 $124
TexOak Petro Holdings LLC(t)
 Senior Secured Second Lien Debt — 8.00% 8.00% $—
 $314
 $314
b.The 1, 3 and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.45%, 0.96% and 1.47%, respectively, as of March 31, 2022.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2022. The 1, 3 and 6 month Secured Overnight Financing Rate, or SOFR, rates were 0.30%, 0.64% and 1.08%, respectively, as of March 31, 2022.  The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of March 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2022.
t.The PIK interest portion of the investment was on non-accrual status as of September 30, 2017.
u.As of November 9, 2017, no interest rate option had been elected as the entire position remained unsettled.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM, 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 March 31, 2022, 92.8% of the Company’s total assets represented qualifying assets.
i.Position or a portion thereof unsettled as of March 31, 2022.
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 March 31, 2022.
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 March 31, 2022 (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 repurchase agreement with UBS AG, or UBS, as of March 31, 2022 (see Note 8).
o.Non-income producing security.
p.The ultimate interest earned on this loan will be determined based on the portfolio company’s EBITDA at a specified trigger event.
q.Investment or a portion thereof was on non-accrual status as of March 31, 2022.
See accompanying notes to consolidated financial statements.
12

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2022
(in thousands)
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, 2021 and March 31, 2022, along with transactions during the three months ended March 31, 2022 in these affiliated investments, were as follows:
Three Months Ended March 31, 2022Three Months Ended March 31, 2022
Non-Controlled, Affiliated InvestmentsFair Value at
December 31, 2021		Gross
Additions
(Cost)(1)		Gross
Reductions
(Cost)(2)		Net Unrealized Gain (Loss)Fair Value at March 31, 2022Net Realized Gain (Loss)Interest
Income(3)		Dividend Income
    ARC Financial, LLC
        Membership Interests$— $— $— $5 $5 $— $— $— 
    Berlitz Holdings, Inc.
        First Lien Term Loan— 13,875 — — 13,875 — 13 — 
    Charming Charlie, LLC
        Vendor Payment Financing Facility350 — (97)45 298 (97)— — 
    DESG Holdings, Inc.
        First Lien Term Loan1,787 — (298)(961)528 — 5 — 
        Second Lien Term Loan— — — — — — — — 
    GSC Technologies Inc.
        Incremental Term Loan170 — (6)— 164 — 7 — 
        First Lien Term Loan A2,001 7 — 2 2,010 — 43 — 
        First Lien Term Loan B485 16 — 12 513 — 16 — 
        Common Shares— — — — — — — — 
    Instant Web Holdings, LLC
        Class A Common Units— — — — — — — — 
    Instant Web, LLC
        Revolving Loan— 104 — (16)88 — 2 — 
        Priming Term Loan— 458 — (3)455 — 4 — 
        First Lien Term Loan— 37,063 — (6,802)30,261 — 558 — 
        First Lien Delayed Draw Term Loan— — — (20)(20)— 2 — 
    Language Education Holdings GP LLC
        Common Units— — — — — — — — 
    Language Education Holdings LP
        Ordinary Common Units— 1,125 — — 1,125 — — — 
    Lift Brands, Inc.
        Term Loan A23,406 — (59)59 23,406 — 500 — 
        Term Loan B5,156 133 — (175)5,114 — 133 — 
        Term Loan C4,700 33 — (99)4,634 — 33 — 
    Longview Intermediate Holdings C, LLC
        Membership Units15,127 — — 2,701 17,828 — — — 
    Longview Power, LLC
        First Lien Term Loan4,504 39 (7)(12)4,524 — 163 — 
    Mount Logan Capital Inc.
        Common Stock3,404 — — 28 3,432 — — — 
    SIMR, LLC
        First Lien Term Loan16,000 838 — 445 17,283 — 989 — 
    SIMR Parent, LLC
        Class B Membership Units— — — — — — — — 
        Class W Membership Units— — — — — — — — 
    Snap Fitness Holdings, Inc.
        Class A Stock3,131 — — 719 3,850 — — — 
        Warrants1,269 — — 292 1,561 — — — 
    Totals$81,490 $53,691 $(467)$(3,780)$130,934 $(97)$2,468 $— 
(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.
See accompanying notes to consolidated financial statements.
13

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2022
(in thousands)
(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, 2021 and March 31, 2022, along with transactions during the three months ended March 31, 2022 in these controlled investments, were as follows:
Three Months Ended March 31, 2022Three Months Ended March 31, 2022
Controlled InvestmentsFair Value at
December 31, 2021		Gross
Additions
(Cost)(1)		Gross
Reductions
(Cost)(2)		Net 
Unrealized
Gain (Loss)		Fair Value at
March 31, 2022		Net Realized
Gain (Loss)		Interest
Income(3)		Dividend Income
    CION/EagleTree Partners, LLC
        Senior Secured Note$61,629 $— $— $— $61,629 $— $2,127 $— 
        Participating Preferred Shares29,796 — — (250)29,546 — — — 
        Common Shares— — — — — — — — 
    Totals$91,425 $— $— $(250)$91,175 $— $2,127 $— 
(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.
See accompanying notes to consolidated financial statements.
14

CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2022
(in thousands)
t.As of March 31, 2022, 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:
  Interest Rate
Portfolio CompanyInvestment TypeCashPIKAll-in-Rate
Adapt Laser Acquisition, Inc.Senior Secured First Lien Debt11.00%2.00%13.00%
American Consolidated Natural Resources, Inc.Senior Secured First Lien Debt14.00%3.00%17.00%
Ancile Solutions, Inc.Senior Secured First Lien Debt8.00%3.00%11.00%
Anthem Sports & Entertainment Inc.Senior Secured First Lien Debt7.76%2.25%10.01%
Cadence Aerospace, LLCSenior Secured First Lien Debt7.50%2.00%9.50%
CHC Solutions Inc.Senior Secured First Lien Debt8.00%4.00%12.00%
CION/EagleTree Partners, LLCSenior Secured Note—14.00%14.00%
CircusTrix Holdings, LLCSenior Secured First Lien Debt6.50%2.50%9.00%
David's Bridal, LLCSenior Secured First Lien Debt6.00%5.00%11.00%
David's Bridal, LLCSenior Secured First Lien Debt1.00%6.00%7.00%
Deluxe Entertainment Services, Inc.Senior Secured First Lien Debt6.01%1.50%7.51%
Deluxe Entertainment Services, Inc.Senior Secured Second Lien Debt7.01%2.50%9.51%
GSC Technologies Inc.Senior Secured First Lien Debt—6.00%6.00%
GSC Technologies Inc.Senior Secured First Lien Debt6.00%5.00%11.00%
Hilliard, Martinez & Gonzales, LLPSenior Secured First Lien Debt—20.00%20.00%
Homer City Generation, L.P.Senior Secured First Lien Debt—15.00%15.00%
Independent Pet Partners Intermediate Holdings, LLCSenior Secured First Lien Debt—6.00%6.00%
Instant Web, LLCSenior Secured First Lien Debt—8.00%8.00%
Jenny C Acquisition, Inc.Senior Secured First Lien Debt—10.75%10.75%
LAV Gear Holdings, Inc.Senior Secured First Lien Debt6.50%2.00%8.50%
Lift Brands, Inc.Senior Secured First Lien Debt—9.50%9.50%
Lucky Bucks Holdings LLCUnsecured Note—12.50%12.50%
Moss Holding CompanySenior Secured First Lien Debt7.51%0.50%8.01%
Premiere Global Services, Inc.Senior Secured Second Lien Debt0.50%10.00%10.50%
Robert C. Hilliard, L.L.P.Senior Secured First Lien Debt—20.00%20.00%
SIMR, LLCSenior Secured First Lien Debt12.00%7.00%19.00%
Spinal USA, Inc. / Precision Medical Inc.Senior Secured First Lien Debt—9.71%9.71%
Trammell, P.C.Senior Secured First Lien Debt—20.00%20.00%
Vesta Holdings, LLCSenior Secured First Lien Debt7.00%4.00%11.00%
WPLM Acquisition Corp.Unsecured Note—15.00%15.00%
u.As of March 31, 2022, the index rate for $1,789 and $897 was 1 Month LIBOR and 3 Month LIBOR, respectively.
v.As of March 31, 2022, the index rate for $4,804 and $4,746 was 1 Month LIBOR and 3 Month LIBOR, respectively.
See accompanying notes to consolidated financial statements.
15

CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(p) 
Fair
Value(c)
Senior Secured First Lien Debt - 49.0%          
AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+850, 1.00% LIBOR Floor, 7/17/2019(j) 3 Month LIBOR 
Aerospace & Defense

 $22,112
 $21,702
 $21,780
Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020(n) 3 Month LIBOR Media: Advertising, Printing & Publishing 3,892
 3,818
 3,833
American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020 3 Month LIBOR Healthcare & Pharmaceuticals 9,034
 8,908
 8,492
American Media, Inc., L+750, 1.00% LIBOR Floor, 8/24/2020(n) 3 Month LIBOR Media: Advertising, Printing & Publishing 11,467
 11,150
 11,123
American Media, Inc., 0.50% Unfunded, 8/24/2020(e) None Media: Advertising, Printing & Publishing 505
 (15) (15)
American Media, Inc., 7.50%, 8/24/2020(e) None Media: Advertising, Printing & Publishing 206
 (6) (6)
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) 3 Month LIBOR Telecommunications 19,248
 17,475
 18,863
AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020(j) 3 Month LIBOR Automotive 19,100
 18,743
 18,718
Blue Ribbon, LLC, L+400, 1.00% LIBOR Floor, 11/15/2021(i) 3 Month LIBOR Beverage, Food & Tobacco 9,975
 9,975
 9,972
CF Entertainment Inc., L+1100, 1.00% LIBOR Floor, 6/26/2020(n) 3 Month LIBOR Media: Diversified & Production 17,094
 17,057
 17,094
Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019(n) 3 Month LIBOR Construction & Building 10,387
 10,241
 10,218
ECI Acquisition Holdings, Inc., L+625, 1.00% LIBOR Floor, 3/11/2019(n) 3 Month LIBOR High Tech Industries 8,517
 8,493
 8,517
Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021(n) 1 Month LIBOR High Tech Industries 17,413
 17,005
 16,977
Elemica, Inc., 0.50% Unfunded, 7/7/2021(e) None High Tech Industries 2,500
 (57) (62)
EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020 3 Month LIBOR Capital Equipment 13,594
 9,977
 10,331
F+W Media, Inc., L+950, 1.25% LIBOR Floor, 6/30/2019(n) 3 Month LIBOR Media: Diversified & Production 7,280
 7,092
 6,006
Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019(j) 1 Month LIBOR Media: Advertising, Printing & Publishing 15,000
 14,621
 14,400
Ignite Restaurant Group, Inc., L+700, 1.00% LIBOR Floor, 2/13/2019(n) 3 Month LIBOR Beverage, Food & Tobacco 10,482
 10,400
 10,167
Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018(n) 1 Month LIBOR Services: Business 8,214
 7,550
 7,372
Infogroup Inc., L+550, 1.50% LIBOR Floor, 5/26/2018(n) 3 Month LIBOR Media: Advertising, Printing & Publishing 15,578
 15,277
 15,451
InterGen N.V., L+450, 1.00% LIBOR Floor, 6/12/2020(h)(i) 3 Month LIBOR Energy: Electricity 1,182
 1,156
 1,153
Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022(h)(n) 3 Month LIBOR Hotel, Gaming & Leisure 1,765
 1,736
 1,780
Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019(h)(j) 1 Month LIBOR Capital Equipment 1,422
 1,429
 1,429
Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019(j) 1 Month LIBOR Capital Equipment 8,095
 8,002
 8,035
ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021(j) 1 Month LIBOR High Tech Industries 11,250
 11,035
 11,081
KPC Health Care, Inc., L+925, 1.00% LIBOR Floor, 8/28/2020(n) 3 Month LIBOR Healthcare & Pharmaceuticals 7,544
 7,401
 7,809
Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020(n) 3 Month LIBOR High Tech Industries 4,875
 4,829
 4,863
Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020(h) 3 Month EURIBOR High Tech Industries €4,495
 5,005
 4,728
Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019(n) 3 Month LIBOR Services: Consumer 9,548
 9,438
 9,477
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022(e) 3 Month LIBOR Services: Business 9,994
 9,587
 9,894
Nathan's Famous Inc., 10.00%, 3/15/2020(h)(n) None Beverage, Food & Tobacco 6,000
 6,000
 6,540
Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021(j)(n) 1 Month LIBOR High Tech Industries 15,642
 15,062
 15,330
NWN Acquisition Holding Company LLC, L+1000, 1.00% LIBOR Floor, 10/16/2020(j) 3 Month LIBOR High Tech Industries 13,717
 13,357
 13,271
Pacific Coast Holding Investment LLC, L+970, 2.00% LIBOR Floor, 2/14/2017 1 Month LIBOR Healthcare & Pharmaceuticals 5,250
 5,242
 5,250
Petroflow Energy Corporation, L+800, 1.00% LIBOR Floor, 6/29/2019(q) 3 Month LIBOR Energy: Oil & Gas 4,895
 4,618
 4,601
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Senior Secured First Lien Debt - 164.1%   
ABB/CON-CISE Optical Group LLC, L+500, 1.00% LIBOR Floor, 6/15/2023(i)(n)6 Month LIBORConsumer Goods: Non-Durable$8,473 $8,263 $8,219 
Adapt Laser Acquisition, Inc., L+1200, 1.00% LIBOR Floor, 12/31/2023(t)3 Month LIBORCapital Equipment11,181 11,181 9,392 
Adapt Laser Acquisition, Inc., L+1000, 1.00% LIBOR Floor, 12/31/20233 Month LIBORCapital Equipment2,000 2,000 1,680 
Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(m)3 Month LIBORHealthcare & Pharmaceuticals7,186 7,105 7,186 
Alchemy US Holdco 1, LLC, L+550, 10/10/2025(m)1 Month LIBORConstruction & Building2,287 2,270 2,289 
Allen Media, LLC, L+550, 0.00% LIBOR Floor, 2/10/2027(n)3 Month LIBORMedia: Diversified & Production8,955 8,868 8,955 
ALM Media, LLC, L+700, 1.00% LIBOR Floor, 11/25/2024(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing18,000 17,774 17,460 
American Clinical Solutions LLC, 7.00%, 12/31/2022(m)NoneHealthcare & Pharmaceuticals3,500 3,462 3,447 
American Consolidated Natural Resources, Inc., L+1600, 1.00% LIBOR Floor, 9/16/2025(m)(t)3 Month LIBORMetals & Mining379 284 389 
American Health Staffing Group, Inc., L+600, 1.00% LIBOR Floor, 11/19/2026(m)3 Month LIBORServices: Business16,667 16,502 16,500 
American Health Staffing Group, Inc., Prime+500, 11/19/2026PrimeServices: Business1,000 1,000 990 
American Health Staffing Group, Inc., 0.50% Unfunded, 11/19/2026NoneServices: Business2,333 (33)(23)
American Media, LLC, L+675, 1.50% LIBOR Floor, 12/31/2023(m)3 Month LIBORMedia: Advertising, Printing & Publishing9,847 9,735 9,847 
American Media, LLC, 0.50% Unfunded, 12/31/2023(m)NoneMedia: Advertising, Printing & Publishing1,702 (17)— 
American Teleconferencing Services, Ltd., Prime+550, 6/8/2023(m)(q)PrimeTelecommunications16,154 15,621 3,211 
American Teleconferencing Services, Ltd., Prime+550, 3/31/2022(m)PrimeTelecommunications3,116 3,033 3,116 
American Teleconferencing Services, Ltd., 0.00% Unfunded, 3/31/2022(m)(o)NoneTelecommunications235 — — 
Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(m)(n)1 Month LIBORHealthcare & Pharmaceuticals4,900 4,853 4,820 
Ancile Solutions, Inc., L+1000, 1.00% LIBOR Floor, 6/22/2026(t)1 Month LIBORHigh Tech Industries12,537 12,194 12,161 
Anthem Sports & Entertainment Inc., L+900, 1.00% LIBOR Floor, 11/15/2026(m)(t)3 Month LIBORMedia: Diversified & Production37,966 37,758 36,543 
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 11/15/20263 Month LIBORMedia: Diversified & Production1,000 1,000 962 
Anthem Sports & Entertainment Inc., 0.50% Unfunded, 11/15/2026NoneMedia: Diversified & Production1,167 — (44)
Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/20231 Month LIBORMetals & Mining11,137 9,959 10,538 
Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(o)NoneMetals & Mining500 — — 
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(m)(n)1 Month LIBORConstruction & Building14,393 14,095 12,666 
Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(m)3 Month LIBORBanking, Finance, Insurance & Real Estate2,692 2,658 2,679 
Bradshaw International Parent Corp., L+575, 1.00% LIBOR Floor, 10/21/2027(m)1 Month LIBORConsumer Goods: Durable13,156 12,831 12,827 
Bradshaw International Parent Corp., L+575, 1.00% LIBOR Floor, 10/21/20261 Month LIBORConsumer Goods: Durable400 387 390 
Bradshaw International Parent Corp., 0.50% Unfunded, 10/21/2026NoneConsumer Goods: Durable1,445 (32)(36)
Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(m)(n)(t)3 Month LIBORAerospace & Defense38,960 38,623 38,279 
Cardenas Markets LLC, L+625, 1.00% LIBOR Floor, 6/3/20276 Month LIBORRetail10,945 10,840 10,972 
CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(m)6 Month LIBORTransportation: Cargo15,354 15,310 14,106 
Celerity Acquisition Holdings, LLC, L+850, 1.00% LIBOR Floor, 5/28/20261 Month LIBORServices: Business14,925 14,925 14,944 
Charming Charlie LLC, 20.00%, 4/24/2023(q)(r)NoneRetail662 657 350 
CHC Solutions Inc., 12.00%, 7/20/2023(n)(t)NoneHealthcare & Pharmaceuticals7,966 7,966 7,916 
See accompanying notes to consolidated financial statements.
16


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(p) 
Fair
Value(c)
Plano Molding Company, LLC, L+700, 1.00% LIBOR Floor, 5/12/2021(n) 2 Month LIBOR Consumer Goods: Non-Durable 8,840
 8,772
 8,611
Rimini Street, Inc., 15.00%, 6/24/2020(m)(q) None High Tech Industries 19,822
 19,556
 19,426
Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019(n)(q) None Healthcare & Pharmaceuticals 6,511
 6,405
 6,397
Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021 3 Month LIBOR High Tech Industries 9,500
 9,266
 9,265
SmartBear Software Inc., L+750, 1.00% LIBOR Floor, 12/30/2020(n) 3 Month LIBOR High Tech Industries 18,588
 18,271
 18,727
Southcross Holdings Borrower LP, 9.00%, 4/13/2023(q) None Energy: Oil & Gas 172
 151
 135
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020(n) 3 Month LIBOR Healthcare & Pharmaceuticals 12,281
 12,194
 12,158
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020(q) 3 Month LIBOR Healthcare & Pharmaceuticals 128
 126
 127
Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019(n) 3 Month LIBOR Energy: Oil & Gas 7,306
 6,849
 5,406
Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020(e)(n) 1 Month LIBOR Hotel, Gaming & Leisure 15,143
 15,004
 15,143
Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020(j)(n) 3 Month LIBOR High Tech Industries 7,154
 7,027
 7,011
Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021 3 Month LIBOR Capital Equipment 32,000
 31,219
 31,199
Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000
 14,925
 14,925
WD Wolverine Holdings, LLC, L+550, 1.00% LIBOR Floor, 10/17/2023(i) 1 Month LIBOR Healthcare & Pharmaceuticals 2,000
 1,960
 1,946
Worley Claims Services, LLC, L+800, 1.00% LIBOR Floor, 10/31/2020(n) 1 Month LIBOR Services: Business 20,115
 19,925
 20,015
Zywave Inc., L+500, 1.00% LIBOR Floor, 11/17/2022 3 Month LIBOR High Tech Industries 5,000
 4,951
 4,950
Total Senior Secured First Lien Debt      
 489,904
 489,913
Senior Secured Second Lien Debt - 43.4%      
  
  
ABG Intermediate Holdings 2 LLC, L+850, 1.00% LIBOR Floor, 5/27/2022(e)(m)(n) 3 Month LIBOR Retail 18,666
 18,365
 18,852
Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022(m) 3 Month LIBOR Services: Business 16,030
 15,460
 15,549
ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021(n) 3 Month LIBOR Media: Advertising, Printing & Publishing 10,344
 10,205
 9,568
American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2021(n) 3 Month LIBOR Construction & Building 4,933
 4,889
 4,983
AmWINS Group, LLC, L+850, 1.00% LIBOR Floor, 9/4/2020(n) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 3,825
 3,852
 3,878
Confie Seguros Holding II Co., L+900, 1.25% LIBOR Floor, 5/8/2019 1 Month LIBOR Banking, Finance, Insurance & Real Estate 13,827
 13,365
 13,758
Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021 3 Month LIBOR Healthcare & Pharmaceuticals 11,750
 9,604
 9,517
Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021(h) 3 Month LIBOR Chemicals, Plastics & Rubber 9,500
 9,460
 9,120
EISI LLC, L+850, 1.00% LIBOR Floor, 9/23/2020(m)(n) 3 Month LIBOR High Tech Industries 20,000
 19,761
 19,400
Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020(q) 3 Month LIBOR Healthcare & Pharmaceuticals 5,701
 5,668
 4,561
Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022(h)(n) 3 Month LIBOR Environmental Industries 3,000
 2,978
 2,595
Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021 1 Month LIBOR High Tech Industries 9,385
 9,128
 9,291
Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022(n) 1 Month LIBOR Services: Business 11,410
 11,331
 11,011
Global Tel*Link Corp., L+775, 1.25% LIBOR Floor, 11/23/2020 3 Month LIBOR Telecommunications 9,500
 9,488
 9,254
Infiltrator Water Technologies, LLC, L+875, 1.00% LIBOR Floor, 5/26/2023(n) 3 Month LIBOR Construction & Building 13,917
 13,732
 13,986
Institutional Shareholder Services Inc., L+850, 1.00% LIBOR Floor, 4/30/2022(i)(n) 2 Month LIBOR Services: Business 10,648
 10,534
 10,542
Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022(n) 3 Month LIBOR Services: Business 3,380
 3,328
 3,304
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(e) 3 Month LIBOR Services: Business 5,488
 5,385
 5,406
Mississippi Sand, LLC, L+1000, 1.00% LIBOR Floor, 11/21/2019 3 Month LIBOR Metals & Mining 13,196
 10,899
 11,349
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
CION/EagleTree Partners, LLC, 14.00%, 12/21/2026(h)(s)(t)NoneDiversified Financials61,629 61,629 61,629 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(n)(t)1 Month LIBORHotel, Gaming & Leisure26,754 26,734 25,718 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(t)1 Month LIBORHotel, Gaming & Leisure2,723 2,723 2,618 
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 7/16/2023(m)(t)1 Month LIBORHotel, Gaming & Leisure1,953 1,836 2,300 
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(q)3 Month LIBORBeverage, Food & Tobacco1,020 984 168 
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(m)(q)3 Month LIBORBeverage, Food & Tobacco414 414 68 
Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(m)(n)3 Month LIBORChemicals, Plastics & Rubber34,388 34,157 34,302 
Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(n)3 Month LIBORChemicals, Plastics & Rubber6,188 6,084 6,188 
Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025NoneChemicals, Plastics & Rubber2,500 — (6)
Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/2026(m)3 Month LIBORHealthcare & Pharmaceuticals13,059 13,059 13,059 
Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/20263 Month LIBORHealthcare & Pharmaceuticals1,009 1,009 1,009 
Critical Nurse Staffing, LLC, 1.00% Unfunded, 11/1/2026NoneHealthcare & Pharmaceuticals4,899 — — 
Critical Nurse Staffing, LLC, 0.50% Unfunded, 11/1/2026NoneHealthcare & Pharmaceuticals1,000 — — 
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(t)3 Month LIBORRetail5,617 5,008 5,617 
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 5/23/2024(t)3 Month LIBORRetail5,093 5,093 5,093 
David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(t)3 Month LIBORRetail791 719 791 
Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(m)(q)(r)(t)3 Month LIBORMedia: Diversified & Production2,930 2,930 1,787 
DMT Solutions Global Corp., L+750, 1.00% LIBOR Floor, 7/2/2024(m)(u)Services: Business9,696 9,563 9,503 
Entertainment Studios P&A LLC, 5.71%, 5/18/2037(j)(m)NoneMedia: Diversified & Production11,649 11,554 10,047 
Entertainment Studios P&A LLC, 5.00%, 5/18/2037(j)NoneMedia: Diversified & Production— — 2,182 
EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(m)1 Month LIBORCapital Equipment24,750 24,617 23,430 
Extreme Reach, Inc., L+700, 1.25% LIBOR Floor, 3/29/2024(m)(n)1 Month LIBORMedia: Diversified & Production18,774 18,662 18,844 
Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024(m)(n)NoneMedia: Diversified & Production1,744 — 7 
Foundation Consumer Healthcare, LLC, L+638, 1.00% LIBOR Floor, 2/12/2027(m)(n)3 Month LIBORHealthcare & Pharmaceuticals30,799 30,535 31,145 
Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023NoneHealthcare & Pharmaceuticals2,094 — 24 
FuseFX, LLC, L+575, 1.00% LIBOR Floor, 10/1/2024(m)(n)1 Month LIBORMedia: Diversified & Production20,000 19,800 19,800 
Future Pak, LLC, L+800, 2.00% LIBOR Floor, 7/2/2024(m)1 Month LIBORHealthcare & Pharmaceuticals33,764 33,565 33,426 
Genesis Healthcare, Inc., 0.50% Unfunded, 3/6/2023(h)NoneHealthcare & Pharmaceuticals35,000 — — 
GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r)3 Month LIBORChemicals, Plastics & Rubber2,404 2,294 2,001 
GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r)(t)3 Month LIBORChemicals, Plastics & Rubber858 814 485 
GSC Technologies Inc., L+1000, 1.00% LIBOR Floor, 9/30/2025(r)(t)3 Month LIBORChemicals, Plastics & Rubber170 170 170 
H.W. Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/20273 Month LIBORConstruction & Building11,970 11,856 11,910 
H.W. Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/20273 Month LIBORConstruction & Building725 715 721 
H.W. Lochner, Inc., 0.50% Unfunded, 7/2/2027NoneConstruction & Building275 — (1)
Harland Clarke Holdings Corp., L+775, 1.00% LIBOR Floor, 6/16/2026(m)1 Month LIBORServices: Business9,657 9,641 8,848 
See accompanying notes to consolidated financial statements.
17


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(p) 
Fair
Value(c)
Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021(m)(n) 1 Month LIBOR High Tech Industries 14,909
 14,476
 14,825
MSC.Software Corp., L+750, 1.00% LIBOR Floor, 6/1/2021(m) 3 Month LIBOR High Tech Industries 15,000
 14,832
 15,019
MWI Holdings, Inc., L+925, 1.00% LIBOR Floor, 12/28/2020(n) 3 Month LIBOR Construction & Building 10,000
 9,773
 9,950
Navex Global, Inc., L+875, 1.00% LIBOR Floor, 11/18/2022(m)(n) 12 Month LIBOR High Tech Industries 16,245
 16,031
 15,920
Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023(n) 3 Month LIBOR Healthcare & Pharmaceuticals 12,249
 12,136
 12,065
Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(n) 2 Month LIBOR Healthcare & Pharmaceuticals 13,500
 13,378
 13,095
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021(m) 3 Month LIBOR Chemicals, Plastics & Rubber 3,469
 3,478
 3,396
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(n) 1 Month LIBOR Chemicals, Plastics & Rubber 15,000
 14,729
 14,737
PetVet Care Centers, LLC, L+850, 1.00% LIBOR Floor, 6/17/2021 3 Month LIBOR Healthcare & Pharmaceuticals 13,500
 13,097
 13,095
Pike Corp., L+850, 1.00% LIBOR Floor, 6/22/2022(n) 1 Month LIBOR Energy: Electricity 12,500
 12,354
 12,562
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022 3 Month LIBOR Telecommunications 3,000
 2,882
 2,895
PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021(n) 3 Month LIBOR Services: Business 10,000
 9,842
 9,450
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 3 Month LIBOR Telecommunications 4,500
 4,479
 4,399
SMG, L+825, 1.00% LIBOR Floor, 2/27/2021(n) 3 Month LIBOR Hotel, Gaming & Leisure 6,142
 6,142
 6,126
Sterling Midco Holdings, Inc., L+775, 1.00% LIBOR Floor, 6/19/2023(n) 3 Month LIBOR Services: Business 10,462
 10,432
 10,226
STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(n) 3 Month LIBOR Services: Business 10,000
 9,869
 9,400
Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021(m) 3 Month LIBOR Services: Business 15,000
 14,763
 14,700
Telecommunications Management, LLC, L+800, 1.00% LIBOR Floor, 10/30/2020(n) 3 Month LIBOR Media: Broadcasting & Subscription 1,606
 1,573
 1,564
TexOak Petro Holdings LLC, 8.00%, 12/29/2019(q) None Energy: Oil & Gas 6,728
 1,549
 2,590
TMK Hawk Parent, Corp., L+750, 1.00% LIBOR Floor, 10/1/2022(n) 3 Month LIBOR Beverage, Food & Tobacco 15,000
 14,880
 14,925
TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022 3 Month LIBOR Hotel, Gaming & Leisure 6,000
 5,943
 5,925
U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023(n) 3 Month LIBOR Healthcare & Pharmaceuticals 10,000
 9,819
 8,900
Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022(n) 3 Month LIBOR Automotive 16,000
 15,881
 15,680
Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(n) 1 Month LIBOR Beverage, Food & Tobacco 12,823
 12,544
 12,054
Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023 3 Month LIBOR High Tech Industries 5,000
 4,926
 4,925
Total Senior Secured Second Lien Debt      
 437,240
 434,347
Collateralized Securities and Structured Products - Debt - 3.8%    
  
  
Deutsche Bank AG Frankfurt CRAFT 2013-1A Class Credit Linked Note, L+925, 4/17/2020(h) 3 Month LIBOR Diversified Financials 2,000
 2,022
 1,980
Deutsche Bank AG Frankfurt CRAFT 2013-1X Class Credit Linked Note, L+925, 4/17/2020(h) 3 Month LIBOR Diversified Financials 610
 616
 604
Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019(h) 3 Month LIBOR Diversified Financials 5,400
 5,400
 5,292
Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(h) 3 Month LIBOR Diversified Financials 15,500
 15,500
 14,880
Great Lakes CLO 2014-1, Ltd. Class E Notes, L+525, 4/15/2025(g)(h) 3 Month LIBOR Diversified Financials 5,000
 4,615
 4,484
Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025(g)(h) 3 Month LIBOR Diversified Financials 2,000
 1,879
 1,799
JFIN CLO 2014, Ltd. Class E Notes, L+500, 4/20/2025(g)(h) 3 Month LIBOR Diversified Financials 2,500
 2,345
 2,303
NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026(g)(h) 3 Month LIBOR Diversified Financials 7,500
 7,094
 6,772
Total Collateralized Securities and Structured Products - Debt    
 39,471
 38,114
Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Heritage Power, LLC, L+600, 1.00% LIBOR Floor, 7/30/20266 Month LIBOREnergy: Oil & Gas4,854 4,692 3,956 
Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(m)(t)1 Month LIBORServices: Consumer22,885 22,752 21,947 
Homer City Generation, L.P., 15.00%, 4/5/2023(m)(t)NoneEnergy: Oil & Gas10,173 10,521 7,935 
Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(n)3 Month LIBORServices: Business5,156 5,139 5,079 
HUMC Holdco, LLC, 9.00%, 1/14/2022(m)NoneHealthcare & Pharmaceuticals9,346 9,346 9,323 
HW Acquisition, LLC, L+600, 1.00% LIBOR Floor, 9/28/2026m)3 Month LIBORCapital Equipment19,067 18,885 18,828 
HW Acquisition, LLC, 0.50% Unfunded, 9/28/2026NoneCapital Equipment2,933 (28)(37)
Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(m)(t)NoneRetail10,295 10,235 9,085 
Independent Pet Partners Intermediate Holdings, LLC, Prime+500, 12/22/2022(m)PrimeRetail2,085 2,085 2,085 
Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(m)3 Month LIBORRetail264 264 264 
InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing15,432 15,428 14,815 
Inotiv, Inc., L+625, 1.00% LIBOR Floor, 11/5/2026(m)1 Month LIBORHealthcare & Pharmaceuticals9,900 9,709 9,764 
Inotiv, Inc., 1.00% Unfunded, 5/5/2023NoneHealthcare & Pharmaceuticals2,100 (41)(29)
Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022(m)(n)1 Month LIBORMedia: Advertising, Printing & Publishing36,605 36,580 34,042 
Instant Web, LLC, 0.50% Unfunded, 12/15/2022NoneMedia: Advertising, Printing & Publishing2,704 — — 
Invincible Boat Company LLC, L+650, 1.50% LIBOR Floor, 8/28/20253 Month LIBORConsumer Goods: Durable14,034 13,937 14,034 
Invincible Boat Company LLC, 0.50% Unfunded, 8/28/2025NoneConsumer Goods: Durable798 — (8)
INW Manufacturing, LLC, L+575, 0.75% LIBOR Floor, 5/7/2027(n)3 Month LIBORServices: Business19,625 19,087 19,232 
Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(m)3 Month LIBORBeverage, Food & Tobacco16,663 15,160 15,122 
Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2023(m)(n)3 Month LIBORHealthcare & Pharmaceuticals11,049 11,028 11,049 
Jenny C Acquisition, Inc., L+900, 1.75% LIBOR Floor, 10/1/2024(m)(t)3 Month LIBORServices: Consumer11,123 11,069 10,157 
JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(m)3 Month LIBORBeverage, Food & Tobacco14,355 14,160 13,458 
K&N Parent, Inc., L+475, 1.00% LIBOR Floor, 10/20/20233 Month LIBORConsumer Goods: Durable11,154 10,779 10,373 
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(m)6 Month LIBORConsumer Goods: Durable7,854 7,774 5,517 
LaserAway Intermediate Holdings II, LLC, L+575, 1.00% LIBOR Floor, 10/12/2027(m)3 Month LIBORServices: Consumer10,000 9,805 9,963 
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(m)(n)(t)3 Month LIBORServices: Business26,408 26,103 24,988 
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(m)(n)(t)3 Month LIBORServices: Business4,555 4,518 4,310 
LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(m)1 Month LIBORCapital Equipment11,760 11,431 11,422 
LH Intermediate Corp., L+750, 1.00% LIBOR Floor, 6/2/2026(m)3 Month LIBORConsumer Goods: Durable14,438 14,230 14,257 
Lift Brands, Inc., L+750, 1.00% LIBOR Floor, 6/29/2025(m)(n)(r)1 Month LIBORServices: Consumer23,523 23,523 23,406 
Lift Brands, Inc., 9.50%, 6/29/2025(m)(n)(r)(t)NoneServices: Consumer5,343 5,255 5,156 
Lift Brands, Inc., 6/29/2025(m)(n)(p)(r)NoneServices: Consumer5,296 4,814 4,700 
Longview Power, LLC, L+1000, 1.50% LIBOR Floor, 7/30/2025(r)3 Month LIBOREnergy: Oil & Gas4,189 2,624 4,504 
MacNeill Pride Group Corp., L+625, 1.00% LIBOR Floor, 4/20/2026(m)3 Month LIBORServices: Consumer14,925 14,790 14,776 
MacNeill Pride Group Corp., L+625, 1.00% LIBOR Floor, 4/20/20263 Month LIBORServices: Consumer4,992 4,947 4,942 
Manus Bio Inc., 11.00%, 8/20/2026NoneHealthcare & Pharmaceuticals10,000 10,000 10,000 
See accompanying notes to consolidated financial statements.
18



CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
Portfolio Company(a) Index Rate(b) Industry 
Principal/
Par Amount/
Units(d)
 Cost(p) 
Fair
Value(c)
Collateralized Securities and Structured Products - Equity - 3.5%        
  
Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 4.57% Estimated Yield, 1/13/2025(h) (f) Diversified Financials 4,000 2,882
 2,622
APIDOS CLO XVI Subordinated Notes, 3.28% Estimated Yield, 1/19/2025(h) (f) Diversified Financials 9,000 4,704
 3,099
CENT CLO 19 Ltd. Subordinated Notes, 8.68% Estimated Yield, 10/29/2025(h) (f) Diversified Financials 2,000 1,330
 1,182
Dryden XXIII Senior Loan Fund Subordinated Notes, 1.40% Estimated Yield, 7/17/2023(h) (f) Diversified Financials 9,250 4,726
 4,135
Galaxy XV CLO Ltd. Class A Subordinated Notes, 8.72% Estimated Yield, 4/15/2025(h) (f) Diversified Financials 4,000 2,424
 2,323
Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 8.80% Estimated Yield, 10/20/2025(h) (f) Diversified Financials 2,000 1,654
 1,478
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026(e)(h) (f) Diversified Financials 10,000 9,940
 9,773
Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 14.59% Estimated Yield, 10/18/2025(h) (f) Diversified Financials 8,146 6,106
 6,239
Ivy Hill Middle Market Credit Fund X, Ltd. Subordinated Notes, 11.50% Estimated Yield, 7/24/2027(h) (f) Diversified Financials 4,760 3,947
 3,797
Total Collateralized Securities and Structured Products - Equity     37,713
 34,648
Unsecured Debt -  1.7%      
  
American Tire Distributors, Inc., 10.25%, 3/1/2022 None Automotive 5,000 4,871
 4,794
Flex Acquisition Company, Inc., L+700, 1.00% LIBOR Floor, 12/29/2017 1 Month LIBOR Containers, Packaging & Glass 3,833 3,814
 3,845
Radio One, Inc., 9.25%, 2/15/2020 None Media: Broadcasting & Subscription 9,000 8,605
 8,212
Total Unsecured Debt     17,290
 16,851
Equity - 0.5%        
Mooregate ITC Acquisition, LLC, Class A Units(o) 
 High Tech Industries 500 Units 563
 538
NS NWN Acquisition, LLC(o) 
 High Tech Industries 346 Units 393
 337
NSG Co-Invest (Bermuda), LP(h)(o) 
 Consumer Goods: Durable 1,575 Units 1,000
 1,000
Southcross Holdings GP, LLC, Units(o) 
 Energy: Oil & Gas 188 Units —
 —
Southcross Holdings LP, Class A-II Units(o) 
 Energy: Oil & Gas 188 Units 75
 71
Speed Commerce Investment Part, LLC(o) 
 High Tech Industries 629 Units 2,640
 3,000
Tenere Inc. Warrant(o) 
 Capital Equipment N/A 161
 161
TexOak Petro Holdings, LLC(o) 
 Energy: Oil & Gas 60,000 Units —
 —
Total Equity     4,832
 5,107
Short Term Investments - 7.1%(k)        
First American Treasury Obligations Fund, Class Z Shares, 0.39%(l)
     70,498
 70,498
Total Short Term Investments     70,498
 70,498
TOTAL INVESTMENTS - 109.0%     $1,096,948
 1,089,478
LIABILITIES IN EXCESS OF OTHER ASSETS - (9.0%)       (89,715)
NET ASSETS - 100%       $999,763

Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/20281 Month LIBORDiversified Financials6,418 6,294 6,370 
Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/20281 Month LIBORDiversified Financials250 241 248 
Marble Point Credit Management LLC, 0.50% Unfunded, 8/11/2028NoneDiversified Financials1,250 — (9)
Mimeo.com, Inc., L+640, 1.00% LIBOR Floor, 12/21/20233 Month LIBORServices: Business23,018 23,018 23,018 
Mimeo.com, Inc., L+640, 1.00% LIBOR Floor, 12/21/20233 Month LIBORServices: Business256 256 256 
Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023NoneServices: Business5,000 — — 
Molded Devices, Inc., Prime + 500, 11/1/2026(m)PrimeServices: Business15,574 15,407 15,418 
Molded Devices, Inc., 1.00% Unfunded, 11/1/2026NoneServices: Business1,771 (17)(18)
Molded Devices, Inc., 0.50% Unfunded, 11/1/2026NoneServices: Business2,656 — (27)
Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(m)(n)(t)3 Month LIBORServices: Business19,641 19,506 17,922 
Moss Holding Company, 0.50% Unfunded, 4/17/2024NoneServices: Business2,126 — — 
Moss Holding Company, 7.00% Unfunded, 4/17/2024NoneServices: Business106 — — 
Napa Management Services Corp., L+500, 1.00% LIBOR Floor, 4/19/20231 Month LIBORHealthcare & Pharmaceuticals5,318 5,267 5,324 
NASCO Healthcare Inc., L+550, 1.00% LIBOR Floor, 6/30/2023(m)6 Month LIBORServices: Business17,458 17,458 17,218 
Neptune Flood Inc., L+600, 1.00% LIBOR Floor, 10/21/2026(m)3 Month LIBORBanking, Finance, Insurance & Real Estate9,667 9,596 9,618 
NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(m)(n)3 Month LIBORMedia: Advertising, Printing & Publishing12,064 12,020 12,049 
NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/20263 Month LIBORHigh Tech Industries13,100 12,980 13,100 
NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/20263 Month LIBORHigh Tech Industries420 420 421 
NWN Parent Holdings LLC, 0.50% Unfunded, 5/7/2026NoneHigh Tech Industries1,380 (18)3 
Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(m)(n)3 Month LIBORHealthcare & Pharmaceuticals23,344 23,255 22,994 
Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(n)3 Month LIBORHealthcare & Pharmaceuticals2,515 2,498 2,647 
Pentec Acquisition Corp., L+600, 1.00% LIBOR Floor, 10/8/20263 Month LIBORHealthcare & Pharmaceuticals25,000 24,756 24,750 
PetroChoice Holdings, Inc., L+500, 1.00% LIBOR Floor, 8/20/20223 Month LIBORChemicals, Plastics & Rubber3,896 3,836 3,725 
PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(m)3 Month LIBORConsumer Goods: Non-Durable9,675 9,172 9,143 
Playboy Enterprises, Inc., L+575, 0.50% LIBOR Floor, 5/25/2027(h)(n)3 Month LIBORConsumer Goods: Non-Durable28,606 28,043 28,320 
Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(m)3 Month LIBORChemicals, Plastics & Rubber19,400 19,173 18,963 
RA Outdoors, LLC, L+675, 1.00% LIBOR Floor, 4/8/2026(m)3 Month LIBORMedia: Diversified & Production15,911 15,911 15,772 
RA Outdoors, LLC, 0.50% Unfunded, 4/8/2026NoneMedia: Diversified & Production1,049 (170)(9)
Retail Services WIS Corp., L+775, 1.00% LIBOR Floor, 5/20/2025(m)3 Month LIBORServices: Business9,924 9,699 9,788 
Robert C. Hilliard, L.L.P., L+1800, 2.00% LIBOR Floor, 12/17/2022(m)(t)1 Month LIBORServices: Consumer1,905 1,905 1,827 
Rogers Mechanical Contractors, LLC, L+650, 1.00% LIBOR Floor, 9/9/2025(m)1 Month LIBORServices: Business17,250 17,250 17,250 
Rogers Mechanical Contractors, LLC, 0.75% Unfunded, 9/9/2025NoneServices: Business2,885 — — 
Rogers Mechanical Contractors, LLC, 1.00% Unfunded, 9/9/2022NoneServices: Business1,923 — — 
RumbleOn, Inc., L+825, 1.00% LIBOR Floor, 8/31/2026(m)(t)3 Month LIBORAutomotive13,965 12,962 13,389 
RumbleOn, Inc., 0.00% Unfunded, 2/28/2023(o)NoneAutomotive6,000 (56)— 
Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(m)3 Month LIBORTelecommunications3,908 3,201 3,908 
Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(m)(n)(q)NoneHealthcare & Pharmaceuticals8,525 8,457 6,394 
See accompanying notes to consolidated financial statements.
19


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
Counterparty Instrument Maturity Date Notional Amount (d) Cost(p) Fair Value(c)
Derivative Asset - 0.0%          
Credit Default Swap          
JPMorgan Chase Bank, N.A.
 Deutsche Bank AG Credit Default Swap 3/20/2017 €22,000
 $229
 $46
Derivative Liability - (1.5%)          
Total Return Swap          
Citibank, N.A. See Note 7 2/18/2017 $407,847
 N/A
 $(15,402)

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 non-qualifying per note h. below. The Company does not control and is not an affiliate of any of the portfolio companies in its investment portfolio. Unless specifically identified in note q. below, investments do not contain a PIK interest provision.
b.The 1, 2, 3 and 12 month LIBOR rates were 0.77%, 0.82%, 1.00% and 1.69%, respectively, as of December 31, 2016.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2016, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2016. The 3 month EURIBOR rate was (0.34%) as of December 31, 2016.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.
d.Denominated in U.S. dollars unless otherwise noted.
e.As discussed in Note 11, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $1,119, $711, $2,500, $1,111, $5,274 and $4,127 as of December 31, 2016 to ABG Intermediate Holdings 2 LLC, American Media, Inc., Elemica Holdings, Inc., Ivy Hill Middle Market Credit Fund VIII, Ltd., Ministry Brands, LLC and Studio Movie Grill Holdings, LLC, respectively. As of March 9, 2017, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $1,119, $415, $10,000, $2,500, $1,111 and $4,127 to ABG Intermediate Holdings 2 LLC, American Media, Inc., CF Entertainment Inc., Elemica Holdings, Inc., Ivy Hill Middle Market Credit Fund VIII, Ltd. and Studio Movie Grill Holdings, LLC, respectively.
f.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.
g.Great Lakes CLO 2014-1 Class E Notes, Ivy Hill Middle Market Credit Fund VII Class E Notes and NXT Capital CLO 2014-1 Class E Notes were rated Ba2 on Moody's credit scale as of December 31, 2016. JFIN CLO 2014 Class E Notes were rated BB on S&P's credit scale as of December 31, 2016.
h.The investment 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, 2016, 90.5% of the Company’s total assets represented qualifying assets. In addition, as described in Note 7, the Company calculates its compliance with the qualifying asset test on a “look through” basis by treating each loan underlying the total return swap as either a qualifying asset or non-qualifying asset based on whether the obligor is an eligible portfolio company. On this basis, 89.1% of the Company’s total assets represented qualifying assets as of December 31, 2016.
i.Position or a portion thereof unsettled as of December 31, 2016.
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 amounts as a result of an arrangement between the Company and other lenders in the syndication in exchange for lower payment priority.
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, 2016.
m.Investment or a portion thereof was pledged as collateral supporting the amounts outstanding, if any, under the revolving credit facility with East West Bank as of December 31, 2016 (see Note 8).
n.Investment or a portion thereof held within 34th Street and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2016 (see Note 8).
o.Non-income producing security.
p.Represents amortized cost for debt investments, cost for equity investments and premium paid for derivatives.

Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(r)(t)1 Month LIBORHealthcare & Pharmaceuticals19,938 19,813 16,000 
Sleep Opco, LLC, L+650, 1.00% LIBOR Floor, 10/12/2026(m)3 Month LIBORRetail13,250 12,991 12,985 
Sleep Opco, LLC, 0.50% Unfunded, 10/12/2026(m)NoneRetail1,750 (34)(35)
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)3 Month LIBORHealthcare & Pharmaceuticals12,526 12,491 11,743 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals1,054 1,054 991 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals689 600 644 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals649 647 609 
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2022(m)(t)3 Month LIBORHealthcare & Pharmaceuticals546 475 560 
Tenere Inc., L+850, 1.00% LIBOR Floor, 7/1/2025(m)(n)3 Month LIBORCapital Equipment18,080 18,080 18,080 
Tensar Corp., L+675, 1.00% LIBOR Floor, 11/20/2025(m)3 Month LIBORChemicals, Plastics & Rubber4,950 4,850 4,982 
Trademark Global, LLC, L+600, 1.00% LIBOR Floor, 7/30/20241 Month LIBORServices: Business15,346 15,278 15,250 
Trademark Global, LLC, 1.00% Unfunded, 7/30/2023NoneServices: Business4,615 (21)(29)
Trammell, P.C., L+1800, 2.00% LIBOR Floor, 6/25/2022(i)(t)1 Month LIBORServices: Consumer18,091 18,091 18,091 
USALCO, LLC, L+600, 1.00% LIBOR Floor, 10/19/2027(m)3 Month LIBORChemicals, Plastics & Rubber25,000 24,753 24,875 
Vesta Holdings, LLC, L+1000, 1.00% LIBOR Floor, 2/25/2024(m)(t)1 Month LIBORBanking, Finance, Insurance & Real Estate24,933 24,933 24,933 
Volta Charging, LLC, 12.00%, 6/19/2024(m)NoneMedia: Diversified & Production12,000 11,984 13,095 
Volta Charging, LLC, 12.00%, 6/19/2024(m)NoneMedia: Diversified & Production10,500 10,500 11,458 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)(n)3 Month LIBORHealthcare & Pharmaceuticals9,441 9,396 9,417 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/20253 Month LIBORHealthcare & Pharmaceuticals3,562 3,553 3,553 
West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/20253 Month LIBORHealthcare & Pharmaceuticals1,179 1,179 1,191 
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)3 Month LIBORHealthcare & Pharmaceuticals1,105 1,094 1,102 
West Dermatology Management Holdings, LLC, 0.50% Unfunded, 2/11/2025(m)NoneHealthcare & Pharmaceuticals552 — (1)
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022NoneHealthcare & Pharmaceuticals5,755 (13)(8)
Williams Industrial Services Group, Inc, L+900, 1.00% LIBOR Floor, 12/16/2025(n)1 Month LIBORServices: Business9,775 9,775 9,861 
Williams Industrial Services Group, Inc, 0.50% Unfunded, 12/16/2025NoneServices: Business5,000 — 44 
Wind River Systems, Inc., L+675, 1.00% LIBOR Floor, 6/24/2024(n)3 Month LIBORHigh Tech Industries23,684 23,507 23,684 
Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(m)1 Month LIBORBeverage, Food & Tobacco20,340 19,882 20,238 
Xenon Arc, Inc., L+600, 0.75% LIBOR Floor, 12/17/2027(m)3 Month LIBORHigh Tech Industries10,000 9,875 9,875 
Total Senior Secured First Lien Debt   1,564,891 1,526,989 
Senior Secured Second Lien Debt - 4.1%
Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(m)(q)(r)(t)3 Month LIBORMedia: Diversified & Production10,534 10,017 — 
Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(n)1 Month LIBORTelecommunications11,500 11,356 11,471 
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/20233 Month LIBORChemicals, Plastics & Rubber15,000 14,524 14,175 
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(q)(t)3 Month LIBORTelecommunications3,775 3,435 — 
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/20253 Month LIBORTelecommunications2,942 2,924 2,943 
See accompanying notes to consolidated financial statements.
20


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 20162021
(in thousands)
q.For the year ended December 31, 2016, 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:
    Interest Rate Interest Amount
Portfolio Company Investment Type Cash PIK All-in-Rate Cash PIK Total
Elements Behavioral Health, Inc. Senior Secured Second Lien Debt — 13.00% 13.00% $—
 $700
 $700
Petroflow Energy Corp. Senior Secured First Lien Debt 3.00% 6.00% 9.00% $14
 $99
 $113
Rimini Street, Inc. Senior Secured First Lien Debt 12.00% 3.00% 15.00% $1,286
 $164
 $1,450
Sequoia Healthcare Management, LLC Senior Secured First Lien Debt 12.00% 4.00% 16.00% $206
 $68
 $274
Smile Brands Group, Inc.(r) Senior Secured First Lien Debt 7.50% 1.50% 9.00% $187
 $34
 $221
Southcross Holdings Borrower LP(s) Senior Secured First Lien Debt 3.50% 5.50% 9.00% $2
 $6
 $8
Spinal USA, Inc. / Precision Medical Inc. Senior Secured First Lien Debt — 10.50% 10.50% $—
 $3
 $3
TexOak Petro Holdings LLC Senior Secured Second Lien Debt — 8.00% 8.00% $—
 $181
 $181
r.Outstanding principal and accrued interest of the underlying loan was fully repaid on August 17, 2016.
s.Prior to December 31, 2016, the underlying loan was assigned to the Company and removed from the TRS.

Portfolio Company(a)Index Rate(b)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/20251 Month LIBORServices: Business13,393 13,199 9,994 
Total Senior Secured Second Lien Debt   55,455 38,583 
Collateralized Securities and Structured Products - Equity - 0.3%   
APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h)(g)Diversified Financials9,000 2,136 984 
Galaxy XV CLO Ltd. Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h)(g)Diversified Financials4,000 1,749 2,014 
Total Collateralized Securities and Structured Products - Equity  3,885 2,998 
Unsecured Debt - 2.9%
Lucky Bucks Holdings LLC, 12.50%, 5/29/2028(t)NoneHotel, Gaming & Leisure20,219 20,219 20,219 
WPLM Acquisition Corp., 15.00%, 11/24/2025(t)NoneMedia: Advertising, Printing & Publishing6,628 6,558 6,397 
Total Unsecured Debt  26,777 26,616 
Equity - 7.6%
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r)Metals & Mining NA— — 
Ascent Resources - Marcellus, LLC, Membership Units(o)Energy: Oil & Gas511,255 Units1,642 639 
Ascent Resources - Marcellus, LLC, Warrants(o)Energy: Oil & Gas132,367 Units13 3 
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s)Diversified Financials22,072,841 Units22,073 29,796 
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(s)Diversified FinancialsNA— — 
DBI Investors, Inc., Series A1 Preferred Stock(o)Retail20,000 Units802 2,251 
DBI Investors, Inc., Series A2 Preferred Stock(o)Retail1,733 Units— 182 
DBI Investors, Inc., Series A Preferred Stock(o)Retail1,396 Units140 164 
DBI Investors, Inc., Series B Preferred Stock(o)Retail4,183 Units410 162 
DBI Investors, Inc., Common Stock(o)Retail39,423 Units— — 
DBI Investors, Inc., Reallocation Rights(o)Retail7,500 Units— — 
GSC Technologies Inc., Common Shares(o)(r)Chemicals, Plastics & Rubber807,268 Units— — 
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o)Retail1,000,000 Units1,000 20 
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(o)Retail2,632,771 Units2,133 3,949 
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(o)Retail2,632,771 Units2,633 2,791 
Independent Pet Partners Intermediate Holdings, LLC, Warrants(o)Retail155,880 Units— — 
Longview Intermediate Holdings C, LLC, Membership Units(o)(r)Energy: Oil & Gas653,989 Units2,704 15,127 
Mooregate ITC Acquisition, LLC, Class A Units(o)High Tech Industries500 Units562 171 
Mount Logan Capital Inc., Common Stock(f)(h)(r)Banking, Finance, Insurance & Real Estate1,075,557 Units3,534 3,404 
NS NWN Acquisition, LLC, Class A Preferred Units(o)High Tech Industries111 Units110 2,382 
NS NWN Acquisition, LLC, Non-voting Units(o)High Tech Industries346 Units393 — 
NS NWN Holdco LLC, Voting Units (o)High Tech Industries522 Units504 525 
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o)Consumer Goods: Durable1,575 Units1,000 770 
Palmetto Clean Technology, Inc., Warrants(o)High Tech Industries724,112 Units472 3,222 
RumbleOn, Inc., Warrants(o)Automotive60,606 Units927 978 
See accompanying notes to consolidated financial statements.
21

CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
Portfolio Company(a)IndustryPrincipal/
Par Amount/
Units(e)		Cost(d)Fair
Value(c)
SIMR Parent, LLC, Class B Common Units(o)(r)Healthcare & Pharmaceuticals12,283,163 Units8,002 — 
SIMR Parent, LLC, Class W Units(o)(r)Healthcare & Pharmaceuticals1,778,219 Units— — 
Snap Fitness Holdings, Inc., Class A Common Stock(o)(r)Services: Consumer9,858 Units3,078 3,131 
Snap Fitness Holdings, Inc., Warrants(o)(r)Services: Consumer3,996 Units1,247 1,269 
Total Equity53,379 70,936 
Short Term Investments - 9.5%(k)
First American Treasury Obligations Fund, Class Z Shares, 0.01% (l)87,917 87,917 
Total Short Term Investments87,917 87,917 
TOTAL INVESTMENTS - 188.5%$1,792,304 1,754,039 
LIABILITIES IN EXCESS OF OTHER ASSETS - (88.5%) (823,527)
NET ASSETS - 100% $930,512 
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 non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a PIK interest provision.
b.The 1, 3 and 6 month LIBOR rates were 0.10%, 0.21% and 0.34%, respectively, as of December 31, 2021.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2021, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2021.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9) 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 December 31, 2021, 92.6% of the Company’s total assets represented qualifying assets.
i.Position or a portion thereof unsettled as of December 31, 2021.
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, 2021.
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, 2021 (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, 2021 (see Note 8).
o.Non-income producing security.
p.The ultimate interest earned on this loan will be determined based on the portfolio company’s EBITDA at a specified trigger event.
q.Investment or a portion thereof was on non-accrual status as of December 31, 2021.
See accompanying notes to consolidated financial statements.
22

CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
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, 2020 and 2021, along with transactions during the year ended December 31, 2021 in these affiliated investments, were as follows:
Year Ended December 31, 2021Year Ended December 31, 2021
Non-Controlled, Affiliated InvestmentsFair Value
at December
31, 2020		Gross
Additions
(Cost)(1)		Gross
Reductions
(Cost)(2)		Net
Unrealized
Gain (Loss)		Fair Value
at December
31, 2021		Net Realized
Gain (Loss)		Interest
Income(3)		Dividend
Income
    Alert 360 Opco, Inc.
        First Lien Term Loan$— $12,240 $(12,240)$— $— $— $796 $— 
        Common Stock— 3,624 (3,624)— — (117)— — 
    American Clinical Solutions LLC
        Tranche I Term Loan3,124 35 (3,421)262 — — 282 — 
        First Amendment Tranche I Term Loan242 — (250)8 — — 18 — 
        Class A Membership Interests663 — (1,658)995 — 3,542 — — 
    ARC Financial, LLC
        Membership Interests— — — — — — — — 
    BCP Great Lakes Fund LP
        Membership Interests12,611 5,377 (18,241)253 — 33 — 1,078 
    Charming Charlie, LLC
        Vendor Payment Financing Facility350 — — — 350 — — — 
    Conisus Holdings, Inc.
        Series B Preferred Stock16,481 951 (16,094)(1,338)— — — 4,428 
        Common Stock12,401 — (200)(12,201)— 19,110 — — 
    DESG Holdings, Inc.
        First Lien Term Loan3,978 48 (1,176)(1,063)1,787 180 (291)— 
        Second Lien Term Loan— — — — — — — — 
        Common Stock— — (13,675)13,675 — (13,675)— — 
    F+W Media, Inc.
        First Lien Term Loan B-1— — (1,115)1,115 — (1,080)— — 
    GSC Technologies Inc.
        Incremental Term Loan— 176 (6)— 170 — 5 — 
        First Lien Term Loan A2,289 18 (17)(289)2,001 1 165 — 
        First Lien Term Loan B755 58 — (328)485 — 58 — 
        Common Shares— — — — — — — — 
    Lift Brands, Inc.
        Term Loan A23,642 — (118)(118)23,406 — 2,036 — 
        Term Loan B4,751 502 — (97)5,156 — 503 — 
        Term Loan C4,687 129 — (116)4,700 — 129 — 
    Longview Power, LLC
        First Lien Term Loan2,414 2,019 (26)97 4,504 16 581 — 
    Longview Intermediate Holdings C, LLC
        Membership Units7,988 179 — 6,960 15,127 — — — 
    Mount Logan Capital Inc.
        Common Stock2,409 — — 995 3,404 — — 70 
    SIMR, LLC
        First Lien Term Loan13,347 3,839 — (1,186)16,000 — 3,839 — 
    SIMR Parent, LLC
        Class B Membership Units— — — — — — — — 
        Class W Membership Units— — — — — — — — 
    Snap Fitness Holdings, Inc.
        Class A Stock3,389 — — (258)3,131 — — — 
        Warrants1,374 — — (105)1,269 — — — 
    Totals$116,895 $29,195 $(71,861)$7,261 $81,490 $8,010 $8,121 $5,576 
See accompanying notes to consolidated financial statements.
23

CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
(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, 2020 and 2021, along with transactions during the year ended December 31, 2021 in these controlled investments, were as follows:
Year Ended December 31, 2021Year Ended December 31, 2021
Controlled InvestmentsFair Value at
December 31, 2020		Gross
Additions
(Cost)(1)		Gross
Reductions
(Cost)(2)		Net 
Unrealized
Gain (Loss)		Fair Value at
December 31, 2021		Net Realized
Gain (Loss)		Interest
Income(3)		Dividend Income
    CION SOF Funding, LLC
        Membership Interests$12,472 $— $(15,539)$3,067 $— $(3,067)$— $— 
    CION/EagleTree Partners, LLC
        Senior Secured Note— 61,629 — — 61,629 — 260 — 
        Participating Preferred Shares— 22,073 — 7,723 29,796 — — — 
        Common Shares— — — — — — — — 
    Totals$12,472 $83,702 $(15,539)$10,790 $91,425 $(3,067)$260 $— 
(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.
See accompanying notes to consolidated financial statements.
24

CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2021
(in thousands)
t.As of December 31, 2021, 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:
  Interest Rate
Portfolio CompanyInvestment TypeCashPIKAll-in-Rate
Adapt Laser Acquisition, Inc.Senior Secured First Lien Debt11.00%2.00%13.00%
American Consolidated Natural Resources, Inc.Senior Secured First Lien Debt14.00%3.00%17.00%
Ancile Solutions, Inc.Senior Secured First Lien Debt8.00%3.00%11.00%
Anthem Sports & Entertainment Inc.Senior Secured First Lien Debt7.75%2.25%10.00%
Cadence Aerospace, LLCSenior Secured First Lien Debt7.50%2.00%9.50%
CHC Solutions Inc.Senior Secured First Lien Debt8.00%4.00%12.00%
CION/EagleTree Partners, LLCSenior Secured Note—14.00%14.00%
CircusTrix Holdings, LLCSenior Secured First Lien Debt6.50%2.50%9.00%
David's Bridal, LLCSenior Secured First Lien Debt6.00%5.00%11.00%
David's Bridal, LLCSenior Secured First Lien Debt1.00%6.00%7.00%
Deluxe Entertainment Services, Inc.Senior Secured First Lien Debt6.00%1.50%7.50%
Deluxe Entertainment Services, Inc.Senior Secured Second Lien Debt7.00%2.50%9.50%
GSC Technologies Inc.Senior Secured First Lien Debt—6.00%6.00%
GSC Technologies Inc.Senior Secured First Lien Debt6.00%5.00%11.00%
Hilliard, Martinez & Gonzales, LLPSenior Secured First Lien Debt—20.00%20.00%
Homer City Generation, L.P.Senior Secured First Lien Debt—15.00%15.00%
Independent Pet Partners Intermediate Holdings, LLCSenior Secured First Lien Debt—6.00%6.00%
LAV Gear Holdings, Inc.Senior Secured First Lien Debt6.50%2.00%8.50%
Lift Brands, Inc.Senior Secured First Lien Debt—9.50%9.50%
Lucky Bucks Holdings LLCUnsecured Note—12.50%12.50%
Moss Holding CompanySenior Secured First Lien Debt7.50%0.50%8.00%
Premiere Global Services, Inc.Senior Secured Second Lien Debt0.50%10.00%10.50%
Robert C. Hilliard, L.L.P.Senior Secured First Lien Debt—20.00%20.00%
RumbleOn, Inc.Senior Secured First Lien Debt8.25%1.00%9.25%
SIMR, LLCSenior Secured First Lien Debt12.00%7.00%19.00%
Spinal USA, Inc. / Precision Medical Inc.Senior Secured First Lien Debt—9.63%9.63%
Trammell, P.C.Senior Secured First Lien Debt—20.00%20.00%
Vesta Holdings, LLCSenior Secured First Lien Debt7.00%4.00%11.00%
WPLM Acquisition Corp.Unsecured Note—15.00%15.00%
u.As of December 31, 2021, the index rate for $4,804 and $4,892 was 1 Month LIBOR and 3 Month LIBOR, respectively.
See accompanying notes to consolidated financial statements.
25
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)


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, including corporate bonds and long-term subordinated loans, referred to as mezzanine loans, and equity, of private and thinly tradedthinly-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. The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, LLC, or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company’s investment sub-adviser.  On November 1, 2016,April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of theamended and restated investment sub-advisoryadvisory agreement with AIMCIM for a period of twelvetwenty four months, commencing December 17, 2016.which was subsequently approved by shareholders on August 9, 2021 (as described in further detail below). 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, with AIM for the purpose of creating a joint venture between AIM and CION Investment Group, LLC, or CIG.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, will shareshares 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 will ultimately resultresults 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 sub-adviser were terminated, AIM continues to perform identicalcertain services for CIM and the Company, including, without limitation, identifying investment opportunities for approval by CIM.Company. AIM willis not be paid a separate fee in exchange for such services, but will beis 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). Also, a complete description of the second amended and restated investment advisory agreement is set forth in Proposal No. 3 in the Company's definitive proxy statement filed on May 13, 2021.
On September 21, 2021, the Company filed articles of amendment to its articles of incorporation, or the Reverse Stock Split Amendment, with the State Department of Assessments and Taxation of the State of Maryland to effect a two to one reverse split of the Company’s shares of common stock, or the Reverse Stock Split. The Reverse Stock Split became effective in accordance with the terms of the Reverse Stock Split Amendment on September 21, 2021 (as described in further detail in Note 3). A summary of the Company’s weighted average number of shares of common stock outstanding and earnings per share after adjusting for the Reverse Stock Split is as follows:
26
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
Three Months Ended March 31, 2021
Weighted average number of shares of common stock outstanding (as reported)113,509,925 
Weighted average number of shares of common stock outstanding (pro-forma)56,753,521 
Net increase in net assets per share resulting from operations (as reported)$0.44 
Net increase in net assets per share resulting from operations (pro-forma)$0.88 
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and pursuant to the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of December 31, 20162021 and for the year then ended included in the Company’s Annual Report on Form 10-K. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017.2022. The consolidated balance sheet and the consolidated schedule of investments as of December 31, 20162021 and the consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2021 are derived from the 20162021 audited consolidated financial statements and include the accounts of the Company’s wholly-owned subsidiaries.
All intercompany balances and transactions have been eliminated in consolidation. The Company is considered an investment company as defineddoes not consolidate its equity interests in Accounting Standards Update Topic 946, Financial Services - Investment Companies,CION SOF Funding, LLC, or ASU 946. Accordingly, the required disclosures as outlined in ASU 946 are included inCION SOF, or CION/EagleTree Partners, LLC, or CION/EagleTree. See Note 7 for a description of the Company’s consolidated financial statements.investments in CION SOF and CION/EagleTree.
The Company evaluates subsequent events through the date that the consolidated financial statements are issued.
Recently Announced Accounting StandardsPronouncements
In May 2014,March 2020, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-09,2020-04, Revenue from Contracts with CustomersReference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU 2014-09,2020-04, which establishes a comprehensiveprovides optional expedients and converged standard on revenue recognitionexceptions for applying GAAP to enable financial statement userscontract modifications, hedging relationships and other transactions, subject to better understand and consistently analyze an entity’s revenue across industries, transactions and geographies. The core principle of ASU 2014-09 ismeeting certain criteria, that an entity should recognize revenue to depict the transfer of promised goodsreference LIBOR or services to customers in an amount that reflects the consideration to which the entity expectsanother reference rate expected to be entitled in exchange for those goods or services. As such, ASU 2014-09 could impact the timing of revenue recognition. ASU 2014-09 also requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. ASU 2014-09 will apply to all entities. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferraldiscontinued because of the Effective Date, orreference rate reform. ASU 2015-14, which amended2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is evaluating the effective date of ASU 2014-09. ASU 2015-14 deferspotential impact that the effective date of ASU 2014-09 to interim reporting periods within annual reporting periods beginning after December 15, 2017 and early adoption is permitted, but not before the original effective date. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), or ASU 2016-15, which intends to reduce diversity in practice in how certain cash receipts and payments are classified in the statement of cash flows, including debt prepayment or extinguishment costs, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements and distributions from certain equity method investments. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this guidance may impact the presentation of cash flows, but will not otherwise have a material impact on the Company's consolidated balance sheets or statements of operations.

In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, or ASU 2017-01, which clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is expected to reduce the number of transactions that need to be further evaluated as businesses. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for certain types of transactions. The Company will apply this guidance to its assessment of applicable transactions consummated after the adoption date.
In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption during an interim period. If the Company early adopts the amendments during an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes such interim period.
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 tointo U.S. dollars based on the foreign exchange rate on the date of valuation. 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 $140,810$15,763 and $70,498$87,917 of such investments at September 30, 2017March 31, 2022 and December 31, 2016,2021, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
27
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
OfferingMarch 31, 2022
(in thousands, except share and Organizationalper share amounts)
Offering Costs
Offering costs include,included, among other things, legal fees and other costs pertaining to the preparation of the Company’s registration statements in connection with the continuous public offerings of the Company’s shares. Certain initial offering costs that were funded by CIG on behalf of the Company were submitted by CIG for reimbursement upon meeting the minimum offering requirement on December 17, 2012. These costs were capitalized and amortized over a twelve month period as an adjustment to capital in excess of par value. All other offering costs arewere expensed as incurred by the Company.
Organizational costs include, among other things, the cost of organizing the Company as a Maryland corporation, including the cost of legal services and other fees pertaining to the organization of the Company. All organizational costs were funded by CIG and its affiliates and there was no liability for these organizational costs to the Company until CIG and its affiliates submitted such costs for reimbursement. The Company's follow-on continuous public offering ended on January 25, 2019.
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. 
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

Two of the Company’s wholly-owned consolidated subsidiaries, View ITC, LLC and View Rise, LLC, or collectively the Taxable Subsidiaries, have elected to be treated as taxable entities for U.S. federal income tax purposes. TheAs a result, the Taxable Subsidiaries are 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 September 30, 2017.March 31, 2022 or December 31, 2021.
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 2013, 2014, 2015,2018, 2019 and 2016.2020.
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.
During the first half of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which spread to over 100 countries, including the United States, and spread to every state in the United States. The World Health Organization designated COVID-19 as a pandemic, and numerous countries, including the United States, declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 continued to be identified in additional countries, many countries reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses. Although countries, including the United States, have loosened these restrictions, such actions created and will continue to create disruption in global supply chains, and adversely impacted many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2022; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19, including from new variants, such as Delta and Omicron. Actual results may materially differ from those estimates.
28
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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, 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 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.
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.
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.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

TheA portion of the Company’s investments excluding short term investments, consist primarily 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 utilizes mid-market pricingtypically 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.Discounted cash flow analysis, including a terminal value or exit multiple.
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.
29
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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 the Company’s board of directorsCIM 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.
TheWhen 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 the Company’s valuation committee consistingdesignated members of senior management.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 investments 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 the Company’s valuation committeedesignated members of CIM’s management team with final approval from the board of directors.
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. The Company’s valuation committeeDesignated members of CIM’s management team and the Company's board of directors review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

TheAs a practical expedient, the Company used net asset value, of the total return swap, or TRS, was primarily based on the increase or decrease in the value of the loans underlying the TRS,NAV, as determined by the Company. The loans underlying the TRS were valued in the same manner as loans owned by the Company. As in all cases, the level in the fair value hierarchy for each instrument is determined based onits equity investments in CION SOF and BCP Great Lakes Fund LP, and the lowest level of inputs that are significant toCompany uses NAV as the fair value measurement. The Company classified the TRS as Level 3 within thefor its equity investments in CION/EagleTree. CION SOF and BCP Great Lakes Fund LP recorded, and CION/EagleTree records, its underlying investments at fair value hierarchy based on the lowest level of significant inputs. For additional information on the TRS, see Note 7.

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. The Company recordsUpon the prepayment of a loan or security, prepayment premiums, on loans and debt securitiesany unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income when it receives such amounts. In addition, the Company may generate revenue income.
30
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in the form of commitment, amendment, structuring or diligence fees, monitoring fees, fees for providing managerial assistancethousands, except share and possibly consulting fees and performance-based fees. Any such fees generated in connection with investments are recognized when earned.per share amounts)
The Company may have 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 September 30, 2017March 31, 2022 and December 31, 2016.2021.
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, in accordance with the terms of the debt agreement, 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 collectibility 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.
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 repayment or sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties.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.
Derivative Instrument
The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through current period earnings.
Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity and operational risks. For additional information on the Company's derivative instruments, see Note 7.
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. SuchPrior to October 5, 2021 and under the investment advisory agreement, such fee equalsequaled 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.
31
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

CIM did not take any incentive fees with respect to the Company’s TRS. For purposes of computing the capital gains incentive fee, CIM became entitled to a capital gains incentive fee upon the termination of the TRS, at which point all gains and losses of the underlying loans constituting the reference assets of the TRS were realized. However, realized losses exceeded realized gains on the underlying loans, resulting in no capital gains incentive fees on the TRS. Any net unrealized gains on the TRS were reflected in total assets on the Company’s consolidated balance sheets and included in the computation of the base management fee. Any net unrealized losses on the TRS were reflected in total liabilities on the Company’s consolidated balance sheets and excluded in the computation of the base management fee.

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 Company’s initial continuous public offering commenced on July 2, 2012 and ended on December 31, 2015. The Company’s follow-on continuous public offering commenced on January 25, 2016 and will continue until no later thanended on January 25, 2019.
The following table summarizes transactions with respect to shares of the Company’s common stock during the ninethree months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
 Nine Months Ended
September 30,
 2017 2016
 Shares Amount Shares Amount
Gross shares/proceeds from the offering4,718,559
 $44,940
 2,173,945
 $21,017
Reinvestment of distributions3,251,250
 29,701
 3,328,161
 29,179
Total gross shares/proceeds7,969,809
 74,641
 5,502,106
 50,196
Sales commissions and dealer manager fees—
 (1,713) —
 (1,739)
    Net shares/proceeds7,969,809
 72,928
 5,502,106
 48,457
Share repurchase program(3,316,625) (30,167) (1,396,392) (12,231)
    Net shares/proceeds from share transactions4,653,184
 $42,761
 4,105,714
 $36,226
During the nine months ended September 30, 2017 and 2016, the Company sold 7,969,809 and 5,502,106 shares, respectively, at an average price per share of $9.37 and $9.12, respectively.
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
SharesAmountSharesAmountSharesAmount
Gross shares/proceeds from the offering— $— — $— — $— 
Reinvestment of distributions— — 340,765 5,292 970,223 15,489 
Total gross shares/proceeds— — 340,765 5,292 970,223 15,489 
Sales commissions and dealer manager fees— — — — — — 
    Net shares/proceeds— — 340,765 5,292 970,223 15,489 
Share repurchase program— — (337,731)(5,291)(658,650)(10,467)
    Net shares/proceeds from share transactions— $— 3,034 $1 311,573 $5,022 
Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2017,March 31, 2022, the Company sold 114,440,74156,958,440 shares of common stock for net proceeds of $1,162,041$1,160,307 at an average price per share of $10.15.$20.37. The net proceeds include gross proceeds received from reinvested shareholder distributions of $114,174,$237,451, for which the Company issued 12,532,91413,523,489 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $55,581,$232,430, for which the Company repurchased 6,143,71713,310,927 shares of common stock.
DuringOn August 9, 2021, the period from October 1, 2017 to November 8, 2017,Company's shareholders approved a proposal that authorizes the Company sold 658,050to 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. The Company has not issued any such shares as of the date of these notes to consolidated financial statements.
Distribution Reinvestment Plan
In connection with the Listing of its shares of common stock pursuant to its follow-on continuous public offering for gross proceeds of $6,302 at an average price per share of $9.58. The Company also received gross proceeds of $3,824 from reinvested shareholder distributions, for whichon the NYSE, on September 15, 2021, the Company issued 417,698 sharesterminated its previous fifth amended and restated distribution reinvestment plan, or the Old DRP. The final distribution reinvestment under the Old DRP was made as part of common stock, andthe regular monthly distribution paid $10,240 for shareson September 14, 2021 to shareholders of common stock tendered for repurchase, for whichrecord as of September 13, 2021. On September 15, 2021, the Company repurchased 1,118,130 sharesadopted a new distribution reinvestment plan, or the New DRP, which became effective as of common stock.the Listing, and first applied to the reinvestment of distributions paid after October 5, 2021. For additional information regarding the terms of the New DRP, see Note 5.
Since commencing its initial continuous public offering on July 2, 2012 and through November 8, 2017, the Company sold 114,398,359 shares of common stock for net proceeds of $1,161,927 at an average price per share of $10.16. The net proceeds include gross proceeds received from reinvested shareholder distributions of $117,998, for which the Company issued 12,950,612 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $65,821, for which the Company repurchased 7,261,847 shares of common stock.
32
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

Reverse Stock Split
To ensureAs a result of the Reverse Stock Split, which was effective on September 21, 2021, every two shares of the Company's common stock issued and outstanding were automatically combined into one share of the Company's common stock, with the number of issued and outstanding shares reduced from 113,916,869 to 56,958,440. The Reverse Stock Split Amendment also provided that there was no change in the offering pricepar value of $0.001 per share netas a result of sales commissions and dealer manager fees, equaledthe Reverse Stock Split. In addition, the Reverse Stock Split did not modify the rights or exceeded the net asset value per share on each subscription closing date and distribution reinvestment date, certainpreferences of the Company’s directors increasedcommon stock.
Listing and Fractional Shares
On October 5, 2021, the offering price per shareCompany's shares of common stock commenced trading on certain dates. Due to a decline inthe NYSE under the ticker symbol “CION”. As approved by shareholders on September 7, 2021 at the Company’s net asset value per sharefinal, reconvened 2021 annual meeting of shareholders, the Listing has been staggered such that (i) up to an amount more than 2.5% below1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares will be available for trading starting 270 days after Listing, or July 5, 2022. As a result, the Company’s then-current net offering price, certainCompany will eliminate any outstanding fractional shares of the Company’s directors decreased the offering price per share ofits common stock on certain dates.  in connection with the Listing, as permitted by the Maryland General Corporation Law, 270 days after Listing.
The changes to our offering price per share since the commencement of our initial continuous public offering and the associated approval and effective dates of such changes were as follows:  
Approval DateEffective DateNew Offering Price Per Share
December 28, 2012January 2, 2013$10.04
January 31, 2013February 1, 2013$10.13
March 14, 2013March 18, 2013$10.19
May 15, 2013May 16, 2013$10.24
August 15, 2013August 16, 2013$10.32
February 4, 2014February 5, 2014$10.45
October 6, 2015October 7, 2015$10.20
November 24, 2015November 25, 2015$10.05
December 22, 2015December 23, 2015$9.95
March 8, 2016March 9, 2016$9.40
March 15, 2016March 16, 2016$9.45
March 22, 2016March 23, 2016$9.50
March 29, 2016March 30, 2016$9.55
April 5, 2016April 6, 2016$9.60
April 26, 2016April 27, 2016$9.65
May 3, 2016May 4, 2016$9.70
May 10, 2016May 11, 2016$9.75
May 31, 2016June 1, 2016$9.80
July 19, 2016July 20, 2016$9.85
July 26, 2016July 27, 2016$9.90
August 9, 2016August 10, 2016$9.95
August 23, 2016August 24, 2016$10.00
October 4, 2016October 5, 2016$10.05
October 11, 2016October 12, 2016$10.10
January 3, 2017January 4, 2017$9.57(1)
January 24, 2017January 25, 2017$9.60
March 7, 2017March 8, 2017$9.65
August 22, 2017August 23, 2017$9.70
(1)On December 28, 2016, the Company entered into an amended and restated follow-on dealer manager agreement pursuant to which, among other things, the dealer manager fee was reduced to up to 2% and selling commissions were reduced to up to 3%. As a result, the Company adjusted its public offering price from $10.10 per share to $9.57 per share in order to maintain its net offering price of $9.09 per share (net of selling commissions and dealer manager fees).
Pre-Listing Share Repurchase Program
Beginning in the first quarter of 2014,Historically, the Company began offering, andoffered to repurchase shares on a quarterly basis thereafter it intends to continue offering, to repurchase shares on such terms as may be determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not behave been in the best interests of the Company’s shareholders or would violatehave violated applicable law.
On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide. The share repurchase program ultimately terminated upon the Listing and the Company limitsdoes not expect to implement a new quarterly share repurchase program in the future.
Historically, the Company generally limited the number of shares to be repurchased during any calendar year to the number of shares it can repurchasecould have repurchased with the proceeds it receivesreceived from the issuance of shares pursuant to its fifth amended and restated distribution reinvestment plan.the Old DRP. At the discretion of the Company’s board of directors, it maycould have also useused cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable period to repurchase shares. In addition, the Company limits the number of shares to be repurchased in any calendar year to 15% of the weighted average number of shares outstanding in the prior calendar year, or 3.75% in each quarter, though the actual number of shares that it offers to repurchase may be less in light of the limitations noted above. The Company currently offersoffered to repurchase such shares at a price equal to the estimated net asset value per share on each date of repurchase.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

On November 2, 2015, the Company amended the terms of the quarterly share repurchase program, effective as of the Company’s quarterly repurchase offer for the fourth quarter of 2015, which commenced in November 2015 and was completed in January 2016. Under the amended share repurchase program, the Company offered to repurchase shares of common stock at a price per share of $8.96, which was (i) not less than the net asset value per share immediately prior to January 4, 2016 and (ii) not more than 2.5% greater than the net asset value per share as of such date.

On January 22, 2016, the Company further amended the terms of the quarterly share repurchase program, effective as of the Company’s quarterly repurchase offer for the first quarter of 2016, which commenced in February 2016 and was completed in April 2016. Under the further amended share repurchase program, the Company offered to repurchase shares of common stock at a price equal to 90% of the public offering price in effect on each date of repurchase.
On December 8, 2016, the Company further amended the terms of the quarterly share repurchase program, effective as of the Company's quarterly repurchase offer for the fourth quarter of 2016, which commenced in November 2016 and was completed in January 2017. Under the further amended share repurchase program, the Company will offer to repurchase shares of common stock at a price equal to the estimated net asset value per share determined on each date of repurchase.
Any periodic repurchase offers arewere subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company conducts quarterly tender offers as described above, it is not required to do so and may suspend or terminate the share repurchase program at any time, upon 30 days’ notice.
The following table summarizes the share repurchases completed during the nineyear ended December 31, 2021 and the three months ended March 31, 2022:
Three Months EndedRepurchase DateShares Repurchased(1)Percentage of Shares Tendered That Were RepurchasedRepurchase Price Per Share(1)Aggregate Consideration for Repurchased Shares
2021
March 31, 2021March 24, 2021337,731 6%$15.67 $5,291 
June 30, 2021June 23, 2021320,127 7%16.13 5,163 
September 30, 2021(2)N/A792 N/A16.13 13 
December 31, 2021N/A— N/AN/A— 
Total for the year ended December 31, 2021658,650 $10,467 
2022
March 31, 2022N/A— N/AN/A$— 
Total for the year ended December 31, 2022— $— 
(1)Shares repurchased and repurchase price per share have been retroactively adjusted to reflect the two to one Reverse Stock Split as discussed in this Note 3.
(2)Represents an adjustment made during the three months ended September 30, 2017:2021 to shares repurchased during the three months ended June 30, 2021. The Company suspended its share repurchase program on July 30, 2021 as discussed in this Note 3.
33
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
Three Months Ended Repurchase Date Shares Repurchased Percentage of Shares Tendered That Were Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares
March 31, 2017 January 4, 2017 814,223
 100% 9.05
 $7,370
June 30, 2017 April 5, 2017 1,137,234
 100% 9.12
 10,372
September 30, 2017 July 5, 2017 1,365,168
 100% 9.10
 12,425
   Total   3,316,625
     $30,167
Post-Listing 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. 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 are expected to 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.
As part of the share repurchase policy, the Company intends to enter into a trading plan in the near future adopted 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 would permit 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 will be administered by an independent broker and will be subject to price, market volume and timing restrictions.
Since the Company has not yet entered into a 10b5-1 trading plan, during the period from September 15, 2021 to May 5, 2022, the Company did not repurchase any shares of common stock pursuant to the share repurchase policy.
Note 4. Transactions with Related Parties
For the three and nine months ended September 30, 2017March 31, 2022 and 2016,2021 and the year ended December 31, 2021, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:
      Three Months Ended
September 30,		 Nine Months Ended
September 30,
Entity Capacity Description 2017 2016 2017 2016
CION Securities, LLC Dealer manager Dealer manager fees(1) $290
 $331
 $782
 $588
CIM Investment adviser Management fees(2) 7,820
 5,187
 21,724
 14,311
ICON Capital, LLC Administrative services provider Administrative services expense(2) 433
 425
 1,204
 1,151
CIG Sponsor Recoupment of expense support(2) —
 —
 —
 667
      $8,543
 $5,943
 $23,710
 $16,717
(1)Amounts charged directly to equity.
(2)Amounts charged directly to operations.
On December 28, 2016, the Company entered into an amended and restated follow-on dealer manager agreement with CIM and CION Securities, LLC (formerly, ICON Securities, LLC), or CION Securities, in connection with the Company's follow-on continuous public offering. Under the amended and restated dealer manager agreement, the dealer manager fee was reduced from up to 3% to up to 2% of gross offering proceeds and selling commissions to the selling dealers were reduced from up to 7% to up to 3% of gross offering proceeds. Such costs are charged against capital in excess of par value when incurred. Since commencing its initial continuous public offering on July 2, 2012 and through November 8, 2017, the Company paid or accrued sales commissions of $64,317 to the selling dealers and dealer manager fees of $31,878 to CION Securities. 

CĪON Investment Corporation
Three Months Ended
March 31,		Year Ended December 31,
EntityCapacityDescription202220212021
CIMInvestment adviserManagement fees(1)$6,655 $7,783 $31,143 
CIMInvestment adviserIncentive fees(1)4,133 — 6,875 
CIMAdministrative services providerAdministrative services expense(1)720 684 3,069 
Apollo Investment Administration, L.P.Administrative services providerTransaction costs(1)— 47 105 
$11,508 $8,514 $41,192 
Notes(1)Amounts charged directly to Consolidated Financial Statementsoperations.(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

The Company has entered into an investment advisory agreement with CIM. On November 1, 2017,April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of theamended and restated investment advisory agreement with CIM for a period of twelvetwenty four months, commencing December 17, 2017.which was subsequently approved by shareholders on August 9, 2021. Pursuant to the investment advisory agreement, CIM iswas 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%. At the Special Meeting of Shareholders 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.
34
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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 iswas subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement, equal to 1.875% per quarter, or an annualized rate of 7.5%. Under the investment advisory agreement, 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 pre-incentive fee net investment income that exceeded the annualized rate of 9.375%. Under the amended and restated investment advisory agreement, 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 March 31, 2022 and 2021, the Company recorded subordinated incentive fees on income of $4,133 and $0, respectively. As of March 31, 2022 and December 31, 2021, the liabilities recorded for subordinated incentive fees were $4,133 and $3,942, respectively. The second part of the incentive fee, which is referred to as the capital gains incentive fee, on capital gains, 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 nine months ended September 30, 2017,March 31, 2022 and 2021 and the year ended December 31, 2021, the Company had no liability for and did not record any capital gains incentive fees.
With respect toOn April 1, 2018, the TRS, CIM became entitled to receive a capital gains incentive fee upon the termination of the TRS, at which point all net gains and losses of the underlying loans constituting the reference assets of the TRS were realized. See Note 2 for an additional discussion of CIM’s entitlement to receive payment of incentive fees and the Company’s accrual of the incentive fee on capital gains with respect to the TRS.

The Company entered into an administration agreement with CIM’s affiliate, ICON Capital, LLC, or ICON Capital,CIM pursuant to which ICON CapitalCIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations. On November 1, 2017, 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 for a period of twelve months commencing December 17, 2017. ICON CapitalCIM is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement will beis for the lower of ICON Capital’sCIM’s actual costs or the amount that the Company would behave been required to pay for comparable administrative services in the same geographic location. Such costs will beare reasonably allocated to the Company on the basis of assets, revenues, time records or other reasonable methods. The Company willdoes not reimburse ICON CapitalCIM 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 ICON Capital. 

UnderCIM. On November 11, 2021, the termsboard of directors of the investment advisory agreement, CIM and certain of its affiliates, which includes CIG, are entitled to receive reimbursement of up to 1.5%Company, including a majority of the gross proceeds raised untilboard of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing December 17, 2021.
On January 1, 2019, the Company entered into a servicing agreement with CIM’s affiliate, Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnishes the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and monthly valuation reports and support for all offeringbroker quoted investments. AIA is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is reasonable, and organizational costs have been reimbursed.and expenses incurred are documented. The Company’sservicing agreement may be terminated at any time, without the payment of offering and organizational costs will not exceed 1.5% of the actual gross proceeds raised from the offerings (without giving effect to any potential expense support from CIG and its affiliates). If the Company sells the maximum number of shares at its latest public offering price of $9.70 per share, the Company estimates that it may incur up to approximately $29,894 of expenses. With respect to any reimbursements for offering and organizational costs, the Company will interpret the 1.5% limit based on actual gross proceeds raised at the time of such reimbursement.  In addition, the Company will not issue any of its shares or other securities for services or for property other than cash or securities except as a dividend or distribution to its security holders or in connection with a reorganization. 
From inception through December 31, 2012, CIG and its affiliates incurred offering, organizational and other pre-effective costs of $2,012. Of these costs, $1,812 represented offering and organizational costs, all of which have been submittedpenalty, by either party, upon 60 days' written notice to the Company for reimbursement. The Company paid $450 in October 2013, $550 in March 2014, $592 in May 2014 and $420 in March 2015.  No additional material offering, organizational or other pre-effective costs have been incurred by CIG or its affiliates subsequent to December 31, 2012.
Reinvestment of shareholder distributions and share repurchases are excluded from the gross proceeds from the Company’s offerings for purposes of determining the total amount of offering and organizational costs that can be paid by the Company. As of September 30, 2017, the Company raised gross offering proceeds of $1,103,448, of which it can pay up to $16,552 in offering and organizational costs (which represents 1.5% of the actual gross offering proceeds raised). Through September 30, 2017, the Company paid $9,876 of such costs, leaving an additional $6,676 that can be paid. As of November 8, 2017, the Company raised gross offering proceeds of $1,109,750, of which it can pay up to $16,646 in offering and organizational costs (which represents 1.5% of the actual gross offering proceeds raised). Through November 8, 2017, the Company paid $9,914 of such costs, leaving an additional $6,732 that can be paid.party.
On January 30, 2013, the Company entered into the expense support and conditional reimbursement agreement with CIG, whereby CIG agreed to provide expense support to the Company in an amount that iswas sufficient to: (1) ensure that no portion of the Company’s distributions to shareholders will bewas paid from its offering proceeds or borrowings, and/or (2) reduce the Company’s operating expenses until it has achieved economies of scale sufficient to ensure that it bearsthe Company bore a reasonable level of expense in relation to its investment income. On December 13, 2013 and January 16, 2015, the Company and CIG amended the expense support and conditional reimbursement agreement to extend the termination date of such agreement from January 30, 2014 to January 30, 2015 and from January 30, 2015 to December 31, 2015, respectively. On December 16, 2015 and December 14, 2016, the Company further amended and restated the expense support and conditional reimbursement agreement for purposes of including AIM as a party to the agreement. On January 2, 2018, the Company entered into an expense support and conditional reimbursement agreement and extending the termination date from December 31, 2016 to December 31, 2017, respectively. Commencing with the quarter beginning January 1, 2016,CIM for purposes of, among other things, replacing CIG and AIM each agreed to providewith CIM as the expense support provider pursuant to the Company for 50%terms of its expenses as described above.
For the three and nine months ended September 30, 2017 and 2016, the Company did not receive any expense support from CIG or AIM.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

conditional reimbursement agreement.
Pursuant to the expense support and conditional reimbursement agreement, the Company will havehad a conditional obligation to reimburse CIGCIM for any amounts funded by CIGCIM under such agreement (i) if expense support amounts funded by CIG exceedCIM exceeded operating expenses incurred during any fiscal quarter, (ii) if the sum of the Company’s net investment income for tax purposes, net capital gains and the amount of any dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent not included in net investment income or net capital gains for tax purposes) exceedsexceeded the distributions paid by the Company to shareholders, and (iii) during any fiscal quarter occurringthat occurred within three years of the date on which CIGCIM funded such amount. Pursuant to the second amended and restated expense support and conditional reimbursement agreement, the Company will have a conditional obligation to reimburse CIG and AIM for any amounts funded by CIG and AIM under the same circumstances described above. The obligation to reimburse CIG and AIMCIM for any expense support provided by CIG and AIMCIM under such agreement iswas further conditioned by the following: (i) in the period in which reimbursement iswas sought, the ratio of operating expenses to average net assets, when considering the reimbursement, cannot exceedcould not have exceeded the ratio of operating expenses to average net assets, as defined, for the period when the expense support was provided; (ii) in the period when reimbursement iswas sought, the annualized distribution rate cannot fallcould not have fallen below the annualized distribution rate for the period when the expense support was provided; and (iii) the expense support cancould have only bebeen reimbursed within three years from the date the expense support was provided.

35
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
Expense support, if any, will bewas determined as appropriate to meet the objectives of the expense support and conditional reimbursement agreement. DuringOn December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms. There was no unreimbursed expense support funded by CIM upon such expiration. The specific amount of expense support provided by CIM, if any, was determined at the end of each quarter. For the three months ended September 30, 2016,March 31, 2021 and the year ended December 31, 2021, the Company did not record an obligation to repayreceive any expense support from CIG or AIM. DuringCIM. See Note 5 for additional information on the nine months ended September 30, 2016,sources of the Company recorded an obligation to repay expense support from CIG of $667.Company’s distributions. The Company did not record any obligation to repay expense support from CIG or AIM duringCIM and the three or nine months ended September 30, 2017. During the three and nine months ended September 30, 2016, the Company repaid expense support to CIG of $548 and $1,147, respectively. The Company did not repay any expense support to CIG or AIMCIM during the three or nine months ended September 30, 2017. The Company mayMarch 31, 2022 and 2021 or may not be requested to reimburse any future expense support provided by CIG or AIM.
The Company, AIM, or CIG may terminate the expense support and conditional reimbursement agreement at any time. CIG and AIM have indicated that they expect to continue such expense support until they believe that the Company has achieved economies of scale sufficient to ensure that it bears a reasonable level of expenses in relation to its income. If the Company terminates the investment advisory agreement with CIM, the Company may be required to repay CIG and AIM all unreimbursed expense support funded by CIG and AIM within three years of the date of termination. The specific amount of expense support provided by CIG and AIM, if any, will be determined at the end of each quarter. There can be no assurance that the expense support and conditional reimbursement agreement will remain in effect or that CIG and AIM will support any portion of the Company’s expenses in future quarters.year ended December 31, 2021.
As of September 30, 2017March 31, 2022 and December 31, 2016,2021, the total liability payable to CIM and its affiliates was $7,931$11,286 and $6,508,$12,332, respectively, which primarily related to fees earned by CIM during the three months ended September 30, 2017March 31, 2022 and December 31, 2016,2021, respectively.
Because CIM’s senior management team is comprised of substantially the same personnel as the senior management team of the Company’s affiliate, ICON Capital, which is the investment manager to certain equipment finance funds, or equipment funds, such members of senior management provide investment advisory and management services to the equipment funds in addition to the Company. 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 the equipment funds or other clients of CIM rather than to the Company.
IndemnificationsIndemnifications
The investment advisory agreement, the administration agreement and the dealer manager 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
From February 1, 2014 through July 17, 2017, the Company’s board of directors authorized and declared on a monthly basis a weekly distribution amount per share of common stock. On July 18, 2017, the Company's board of directors authorized and declared on a quarterly basis a weekly distribution amount per share of common stock. Effective September 28, 2017, the Company's board of directors delegated to the Company's executive officersmanagement 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, each on a quarterly basis. Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to the Old DRP. On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020. On September 15, 2021, management changed the timing of declaring and paying regular distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021. Distributions in respect of future quarters will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration. Declared distributions are paid quarterly.
DuringThe Company’s board of directors declared or ratified distributions for 11 and 1 record dates during the year ended December 31, 20162021 and the ninethree months ended September 30, 2017,March 31, 2022, respectively.
The following table presents distributions per share that were declared during the year ended December 31, 2021 and the three months ended March 31, 2022:
Distributions
Three Months EndedPer ShareAmount
2021
March 31, 2021 (three record dates)(1)$0.2648 $15,029 
June 30, 2021 (three record dates)(1)0.2648 15,000 
September 30, 2021 (three record dates)0.2648 15,027 
December 31, 2021 (two record dates)0.4648 26,474 
Total distributions for the year ended December 31, 2021$1.2592 $71,530 
2022
March 31, 2022 (one record date)$0.2800 $15,948 
Total distributions for the three months ended March 31, 2022$0.2800 $15,948 
(1) The per share distribution amount has been retroactively adjusted to reflect the Reverse Stock Split as discussed in Note 3.
On March 8, 2022, the Company’s boardco-chief executive officers declared a regular quarterly distribution of directors declared distributions$0.28 per share for 52 and 39the second quarter of 2022 payable on June 8, 2022 to shareholders of record dates, respectively. Declared distributions are paid monthly.as of June 1, 2022.
36
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP. The following table presents cash distributions per share that were declared duringfinal distribution reinvestment under the year ended December 31, 2016 andOld DRP was made as part of the nine months endedregular monthly distribution paid on September 30, 2017:
  Distributions
Three Months Ended Per Share Amount
2016    
March 31, 2016 (thirteen record dates) $0.1829
 $19,004
June 30, 2016 (thirteen record dates) 0.1829
 19,167
September 30, 2016 (thirteen record dates) 0.1829
 19,480
December 31, 2016 (thirteen record dates) 0.1829
 19,808
Total distributions for the year ended December 31, 2016 $0.7316
 $77,459
     
2017    
March 31, 2017 (thirteen record dates) $0.1829
 $20,123
June 30, 2017 (thirteen record dates) 0.1829
 20,371
September 30, 2017 (thirteen record dates) 0.1829
 20,644
Total distributions for the nine months ended September 30, 2017 $0.5487
 $61,138

On September 28, 2017, the Company’s co-chief executive officers declared regular weekly cash distributions of $0.014067 per share for October 2017 through December 2017. Each distribution will be paid monthly14, 2021 to shareholders of record as of the weekly record dates set forth below.
Record DatePayment DateDistribution Amount Per Share
October 3, 2017November 1, 2017$0.014067
October 10, 2017November 1, 2017$0.014067
October 17, 2017November 1, 2017$0.014067
October 24, 2017November 1, 2017$0.014067
October 31, 2017November 1, 2017$0.014067
November 7, 2017November 29, 2017$0.014067
November 14, 2017November 29, 2017$0.014067
November 21, 2017November 29, 2017$0.014067
November 28, 2017November 29, 2017$0.014067
December 5, 2017December 27, 2017$0.014067
December 12, 2017December 27, 2017$0.014067
December 19, 2017December 27, 2017$0.014067
December 26, 2017December 27, 2017$0.014067

The Company has adopted an “opt in” distribution reinvestment plan for shareholders. As a result, ifSeptember 13, 2021. On September 15, 2021, the Company makes a distribution, shareholders will receive distributions in cash unless they specifically “opt in” toadopted the fifth amended and restated distribution reinvestment plan soNew DRP, which became effective as to have their cash distributions reinvested in additional shares of the Company’s common stock.

On November 2, 2015, the Company further amended and restated its distribution reinvestment plan pursuant to the third amended and restated distribution reinvestment plan, or the Third Amended DRIP. The Third Amended DRIP was effective as of,Listing and first applied to the reinvestment of cash distributions paid on or after, the closing of the Company’s initial continuous public offering on December 31, 2015. 8, 2021.
Under the Third Amended DRIP, cashOld DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of common stock at a purchase price determined by the Company’s board of directors or a committee thereof, in its sole discretion, that was (i) not less than the net asset value per share determined in good faith by the board of directors or a committee thereof, in their sole discretion, immediately prior to the payment of the distribution, or the NAV Per Share, and (ii) not more than 2.5% greater than the NAV Per Share as of such date. 

On January 22, 2016, the Company further amended and restated its distribution reinvestment plan pursuant to the fourth amended and restated distribution reinvestment plan, or the Fourth Amended DRIP.  The Fourth Amended DRIP became effective as of, and first applied to the reinvestment of cash distributions paid on, March 30, 2016. Under the Fourth Amended DRIP, cash distributions to participating shareholders were reinvested in additional shares of common stock at a purchase price equal to 90% of the public offering price per share in effect as of the date of issuance.
On December 8, 2016, the Company further amended and restated its distribution reinvestment plan pursuant to the fifth amended and restated distribution reinvestment plan, or the Fifth Amended DRIP. The Fifth Amended DRIP became effective as of, and first applied to the reinvestment of cash distributions paid on, February 1, 2017.  Under the Fifth Amended DRIP, cash distributions to participating shareholders will be reinvested in additional shares ofCompany's common stock at a purchase price equal to the estimated net asset value per share of common stock as of the date of issuance.
CĪON Investment Corporation
NotesUpon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to Consolidated Financial Statements(unaudited)
September 30, 2017
(receive an entire distribution in thousands, except share andcash 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 New 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 New DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share amounts)
“market price” (as defined in the New DRP) is equal to or greater than the estimated net asset value per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated net asset value or (ii) 95% of the market price, or (B) if the market price is less than the estimated net asset value, 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 net asset value. Pursuant to the terms of the New 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. No other material terms of the Old DRP were amended in connection with the New DRP.

If a shareholder receives distributions in the form of common stock pursuant to the New 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 net asset value, 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 net asset value, 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 Company may fund its cash distributions to shareholders from any sources of funds available to the Company, including offering proceeds, 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 companiescompanies. 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. On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms. As a result, CIM has no obligation to provide expense support to the Company in future periods. For the three months ended March 31, 2021 and the year ended December 31, 2021, none of the Company's distributions resulted from expense support from CIG and AIM, which is subject to recoupment.CIM. The Company has not established limits on the amount of funds it may use from available sources to make distributions. Through December 31, 2014, a portion of the Company’s distributions resulted from expense support from CIG, and future distributions may result from expense support from CIG and AIM, each of which is subject to repayment by the Company within three years. For the years ended December 31, 2015 and 2016, none of the Company's distributions resulted from expense support from CIG or AIM. The purpose of this arrangement is to avoid such distributions being characterized as a return of capital. Shareholders should understand that any such distributions are not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or CIG and AIM continue to provide such expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. CIG and AIM have no obligation to provide expense support to the Company in future periods.

The following table reflects the sources of cash distributions on a GAAP basis that the Company has declared on its shares of common stock during the ninethree months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
Source of DistributionPer ShareAmountPercentagePer Share(1)AmountPercentagePer ShareAmountPercentage
Net investment income$0.2800 $15,948 100.0 %$0.2648 $15,029 100.0 %$1.2592 $71,530 100.0 %
Total distributions$0.2800 $15,948 100.0 %$0.2648 $15,029 100.0 %$1.2592 $71,530 100.0 %
(1) The per share amount has been retroactively adjusted to reflect the Reverse Stock Split as discussed in Note 3.
37
  Nine Months Ended
September 30,
  2017 2016
Source of Distribution Per Share Amount Percentage Per Share Amount Percentage
Net investment income $0.4953
 $55,191
 90.3% $0.3021
 $31,744
 55.1%
Net realized gain on total return swap            
   Net interest and other income from TRS portfolio 0.0329
 3,661
 6.0% 0.2131
 22,386
 38.8%
   Net gain on TRS loan sales(1) 0.0205
 2,286
 3.7% 0.0232
 2,443
 4.2%
Net realized gain on investments and foreign currency —
 —
 —
 0.0103
 1,078
 1.9%
Total distributions $0.5487
 $61,138
 100.0% $0.5487
 $57,651
 100.0%
CĪON Investment Corporation
(1)During the nine months ended September 30, 2017, the Company realized losses on TRS loans of $19,736 primarily due to the purchase of loans by Flatiron Funding II, LLC in connection with the TRS refinancing that were previously held in the TRS and are not currently deductible on a tax-basis. See Note 8 for an additional discussion regarding this purchase. During the nine months ended September 30, 2016, the Company realized losses on TRS loans of $1,030, which are not currently deductible on a tax-basis.
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute substantially allat least 90% of its taxable income to its shareholders. In addition, by distributing during each calendar year substantially allat least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net investmentordinary income plus the excess, if any, of realized net realizedshort-term capital gains and certain other amounts, if any,over realized net long-term capital losses, the Company intends not to be subject to corporate level federal income tax or federal excise taxes.tax. Accordingly, no federal income tax provision was required.  required for the year ended December 31, 2021. 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.
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 accumulated undistributed realized gain on investments, and accumulated undistributed realized gain on total return swap. During 2016, permanent book/tax differences primarily due to the treatment of the TRS and non-deductible offering costs resulted in a net decrease in distributions in excess of net investment income, a net decrease in accumulated realized gains and a net decrease to capital in excess of par value. These reclassifications had no effect on net assets.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. Except for long term capital gains of $906, allAll distributions for 20162021 were characterized as ordinary income distributions for federal income tax purposes.
The tax components of accumulated earnings for the current year will be determined at year end. As of December 31, 2016,2021, the components of accumulated earningslosses on a tax basis were as follows:
 December 31, 2016
Undistributed ordinary income$3,847
Undistributed long term capital gains924
Net unrealized depreciation on investments and total return swap(26,398)
Total accumulated earnings$(21,627)
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

December 31, 2021
Undistributed ordinary income$7,156 
Other accumulated losses(59,977)
Net unrealized depreciation on investments(76,059)
Total accumulated losses$(128,880)
As of September 30, 2017,March 31, 2022, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $23,788;$27,203; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $47,854;$114,781; the net unrealized depreciation was $24,066;$87,578; and the aggregate cost of securities for Federal income tax purposes was $1,715,921.$1,842,875.
As of December 31, 2016,2021, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $9,389;$28,028; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $20,202;$104,087; the net unrealized depreciation was $10,813;$76,059; and the aggregate cost of securities for Federal income tax purposes was $1,100,291.$1,830,098.
Note 6. Investments
The composition of the Company’s investment portfolio as of September 30, 2017March 31, 2022 and December 31, 20162021 at amortized cost and fair value was as follows:
March 31, 2022December 31, 2021
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,648,172 $1,597,364 91.8 %$1,564,891 $1,526,989 91.6 %
Senior secured second lien debt55,547 36,875 2.1 %55,455 38,583 2.3 %
Collateralized securities and structured products - equity3,695 2,632 0.2 %3,885 2,998 0.2 %
Unsecured debt27,404 27,280 1.6 %26,777 26,616 1.6 %
Equity54,504 75,383 4.3 %53,379 70,936 4.3 %
Subtotal/total percentage1,789,322 1,739,534 100.0 %1,704,387 1,666,122 100.0 %
Short term investments(2)15,763 15,763 87,917 87,917 
Total investments$1,805,085 $1,755,297 $1,792,304 $1,754,039 
(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.
38
  September 30, 2017 December 31, 2016
  Cost(1) 
Fair
Value
 
Percentage of
Investment
Portfolio
 Cost(1) 
Fair
Value
 
Percentage of
Investment
Portfolio
Senior secured first lien debt $1,069,271
 $1,079,520
 69.6% $489,904
 $489,913
 48.1%
Senior secured second lien debt 404,788
 402,459
 26.0% 437,240
 434,347
 42.6%
Collateralized securities and structured products - debt 28,818
 28,284
 1.8% 39,471
 38,114
 3.7%
Collateralized securities and structured products - equity 31,537
 29,588
 1.9% 37,713
 34,648
 3.4%
Unsecured debt 7,333
 7,331
 0.5% 17,290
 16,851
 1.7%
Equity 5,857
 3,863
 0.2% 4,832
 5,107
 0.5%
Subtotal/total percentage 1,547,604
 1,551,045
 100.0% 1,026,450
 1,018,980
 100.0%
Short term investments(2) 140,810
 140,810
   70,498
 70,498
  
Total investments $1,688,414
 $1,691,855
   $1,096,948
 $1,089,478
  
(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.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2017March 31, 2022 and December 31, 2016:2021:
March 31, 2022December 31, 2021
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$320,042 18.4 %$240,316 14.4 %
Healthcare & Pharmaceuticals244,993 14.1 %250,049 15.0 %
Media: Diversified & Production134,373 7.7 %139,399 8.4 %
Services: Consumer121,488 7.0 %119,365 7.2 %
Chemicals, Plastics & Rubber107,079 6.2 %109,860 6.6 %
Diversified Financials101,597 5.8 %101,032 6.1 %
High Tech Industries84,764 4.9 %65,544 3.9 %
Capital Equipment83,305 4.8 %82,795 5.0 %
Media: Advertising, Printing & Publishing81,747 4.7 %94,610 5.7 %
Consumer Goods: Durable57,098 3.3 %58,124 3.5 %
Retail57,066 3.3 %56,726 3.4 %
Hotel, Gaming & Leisure51,909 3.0 %50,855 3.0 %
Beverage, Food & Tobacco47,319 2.7 %49,054 2.9 %
Banking, Finance, Insurance & Real Estate40,233 2.3 %40,634 2.4 %
Aerospace & Defense38,484 2.2 %38,279 2.3 %
Energy: Oil & Gas37,073 2.1 %32,164 1.9 %
Consumer Goods: Non-Durable36,984 2.1 %45,682 2.7 %
Construction & Building27,270 1.6 %27,585 1.7 %
Telecommunications24,710 1.4 %24,649 1.5 %
Automotive17,851 1.0 %14,367 0.9 %
Transportation: Cargo13,141 0.8 %14,106 0.8 %
Metals & Mining11,008 0.6 %10,927 0.7 %
Subtotal/total percentage1,739,534 100.0 %1,666,122 100.0 %
Short term investments15,763 87,917 
Total investments$1,755,297 $1,754,039 
39
  September 30, 2017 December 31, 2016
Industry Classification 
Investments at
Fair Value
 
Percentage of
Investment Portfolio
 
Investments at
Fair Value
 
Percentage of
Investment Portfolio
High Tech Industries
$229,022
 14.8% $217,339
 21.3%
Healthcare & Pharmaceuticals
222,843
 14.4% 118,337
 11.6%
Services: Business
209,615
 13.5% 126,869
 12.5%
Media: Diversified & Production
116,013
 7.5% 23,100
 2.3%
Chemicals, Plastics & Rubber
89,142
 5.8% 27,253
 2.7%
Telecommunications
72,967
 4.7% 35,411
 3.5%
Services: Consumer
64,137
 4.1% 9,477
 0.9%
Media: Advertising, Printing & Publishing
61,147
 3.9% 54,354
 5.3%
Consumer Goods: Durable
60,992
 3.9% 1,000
 0.1%
Diversified Financials
57,872
 3.7% 72,762
 7.1%
Beverage, Food & Tobacco
54,846
 3.5% 53,658
 5.3%
Capital Equipment
51,899
 3.3% 51,155
 5.0%
Hotel, Gaming & Leisure
45,990
 3.0% 28,974
 2.8%
Automotive
40,347
 2.6% 39,192
 3.9%
Retail
32,052
 2.1% 18,852
 1.9%
Aerospace & Defense
28,811
 1.9% 21,780
 2.1%
Banking, Finance, Insurance & Real Estate
27,296
 1.8% 17,636
 1.7%
Energy: Oil & Gas
25,904
 1.7% 12,803
 1.3%
Consumer Goods: Non-Durable
16,056
 1.0% 8,611
 0.8%
Construction & Building
16,048
 1.0% 39,137
 3.8%
Transportation: Cargo 9,844
 0.6% —
 —
Media: Broadcasting & Subscription
6,450
 0.4% 9,776
 1.0%
Forest Products & Paper
5,598
 0.4% —
 —
Metals & Mining
3,341
 0.2% 11,349
 1.1%
Environmental Industries
2,813
 0.2% 2,595
 0.3%
Energy: Electricity —
 —
 13,715
 1.3%
Containers, Packaging & Glass —
 —
 3,845
 0.4%
Subtotal/total percentage 1,551,045
 100.0% 1,018,980
 100.0%
Short term investments 140,810
   70,498
  
Total investments $1,691,855
   $1,089,478
  
  September 30, 2017 December 31, 2016
Geographic Dispersion(1) 
Investments at
Fair Value
 
Percentage of
Investment Portfolio
 
Investments at
Fair Value
 
Percentage of
Investment Portfolio
United States $1,407,912
 90.8% $916,260
 89.9%
Cayman Islands 31,519
 2.0% 43,234
 4.2%
Canada 30,747
 2.0% 16,705
 1.6%
Germany 20,488
 1.3% 24,185
 2.4%
Netherlands 18,171
 1.2% 10,273
 1.0%
Luxembourg 17,954
 1.1% —
 —
Marshall Islands 9,844
 0.6% —
 —
France 5,598
 0.4% —
 —
Cyprus 5,124
 0.3% 4,728
 0.5%
United Kingdom 2,813
 0.2% 2,595
 0.3%
Bermuda 875
 0.1% 1,000
 0.1%
Subtotal/total percentage 1,551,045
 100.0% 1,018,980
 100.0%
Short term investments 140,810
   70,498
  
Total investments $1,691,855
   $1,089,478
  
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

March 31, 2022December 31, 2021
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,727,390 99.3 %$1,653,615 99.3 %
Canada8,794 0.5 %8,739 0.5 %
Cayman Islands2,632 0.2 %2,998 0.2 %
Bermuda718 — 770 — 
Subtotal/total percentage1,739,534 100.0 %1,666,122 100.0 %
Short term investments15,763 87,917 
Total investments$1,755,297 $1,754,039 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
As of September 30, 2017,March 31, 2022 and December 31, 2021, investments on non-accrual status represented 0.9%0.6% and 0.7%, respectively, of the Company's investment portfolio on a fair value basis. As of December 31, 2016, there were no investments on non-accrual status.

The Company does not “control” and is not an “affiliate” of any of its portfolio companies, each as defined in the 1940 Act. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company or issuer if the Company owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company or issuer if the Company owned 5% or more of its voting securities.
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 September 30, 2017March 31, 2022 and December 31, 2016,2021, the Company’s unfunded commitments amounted to $75,833$95,995 and $25,096,$107,247, respectively. As of November 9, 2017,May 5, 2022, the Company’s unfunded commitments amounted to $83,077.$105,147. 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. Derivative InstrumentsJoint Ventures
In the normal course of business and subject to the requirements of the 1940 Act, the Company enters into derivative instruments as part of its investment strategy.

Credit Default Swap

On October 14, 2016, the Company entered into a credit default swap with JPMorgan Chase Bank N.A. with a base notional amount of €22,000, to purchase protection with respect to Deutsche Bank AG exposure. As of December 31, 2016, the fair value of the credit default swap was $46, which is presented as derivative asset on the consolidated balance sheet. The swap terminated on March 20, 2017.

Total Return Swap

CION/EagleTree Partners, LLC
On December 17, 2012,21, 2021, the Company throughformed 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 will jointly pursue debt opportunities and special situation, crossover, subordinated and other junior capital investments that leverage 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 wholly-owned consolidated subsidiary, Flatiron Funding, LLC, or Flatiron, entered into a TRS with Citibank, N.A., or Citibank.  Flatironboard of managers, which is comprised of four members, two of whom were selected by the Company and Citibank amended the TRS on several occasions, most recently on February 18, 2017other 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 extend the termination or call date from February 18, 2017CION/EagleTree to April 18, 2017. Priorprovide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM.
On December 21, 2021, CION/EagleTree issued senior secured notes of $61,629 to the call date,Company and $10,875 to ET-BC, or the maximum aggregate market valueCION/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 portfolioassets of loans subjectCION/EagleTree. The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the TRS (determined at the time each such loan became subject to the TRS) was $800,000 and the interest rate payable by Flatiron to Citibank with respect to each loan included in the TRS was a spread of 1.40% per year over the floating rate index specified for each such loan, which would not be less than zero.  On April 18, 2017, the TRS expired inCompany.
In accordance with ASU 2015-02, Consolidation, the Company determined that CION/EagleTree is not a variable interest entity, or VIE. The Company's maximum exposure to losses from CION/EagleTree is limited to its terms. The agreements between Flatiron and Citibank, which collectively established the TRS, are referred to herein as the TRS Agreement.     investment in CION/EagleTree.

40
The value of the TRS was based on the increase or decrease in the value of the loans underlying the TRS, as determined by the Company. The loans underlying the TRS were valued in the same manner as loans owned by the Company.  As of December 31, 2016, the fair value of the TRS was ($15,402). The fair value of the TRS was reflected as unrealized depreciation on total return swap on the Company’s consolidated balance sheets. The change in value of the TRS was reflected in the Company’s consolidated statements of operations as net change in unrealized depreciation on total return swap. As of December 31, 2016, Flatiron had selected 51 underlying loans with a total notional amount of $407,847 and posted $143,335 in cash collateral held by Citibank (of which only $131,073 was required to be posted). As of September 30, 2017, Flatiron had posted $3,620 in cash collateral held by Citibank, which is reflected in due from counterparty on the Company`s consolidated balance sheets.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2022:
Receivable
Portfolio CompanyIndex Rate(a)IndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured Second Lien Debt
Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/20261 Month LIBORServices: Business$7,250 $7,215 $7,214 
Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/20233 Month LIBORHealthcare & Pharmaceuticals12,70912,366 12,487 
Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/20243 Month LIBORConstruction & Building1,4741,476 1,463 
MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/20261 Month LIBORHealthcare & Pharmaceuticals6,7506,039 6,261 
Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/20261 Month LIBORHealthcare & Pharmaceuticals15,00014,791 14,850 
Total Senior Secured Second Lien Debt41,887 42,275 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(c)Diversified Financials10,0009,982 9,751 
Total Collateralized Securities and Structured Products - Equity9,982 9,751 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals6,030,384 Units5,200 6,272 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production1,469 Units486 1,748 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production255 Units— 304 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production4,746 Units— 2,545 
BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)Diversified FinancialsN/A11,400 11,410 
Carestream Health Holdings, Inc., Warrants(d)Healthcare & Pharmaceuticals 388 Units500 965 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% DividendHealthcare & Pharmaceuticals2,727,273 Units7,646 8,182 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building37,264 Units8,400 10,556 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production1 Unit— 412 
HW Ultimate Holdings, LP, Class A Membership Units, 4% DividendCapital Equipment2,000,000 Units2,022 2,010 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries243,425 Units2,000 1,470 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals20,667,324 Units— — 
Tenere Inc., Warrants(d)Capital EquipmentN/A1,166 2,529 
Total Equity38,820 48,403 
TOTAL INVESTMENTS$90,689 $100,429 
a.The 1 and 3 month LIBOR rates were 0.45% and 0.96%, respectively, as of March 31, 2022.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2022, as the loan may have been priced or repriced based on total return swap is composed of any amounts due from Citibank that consist of earned buta LIBOR rate prior to or subsequent to March 31, 2022.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not yet collected net interest and fees and net gains on sales and principal repaymentsrated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying loansvehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the TRS. Asamount and timing of December 31, 2016,these recurring distributions and the receivable on total return swap consistedestimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the following:estimated yield may not ultimately be realized.
d.Non-income producing security.
41
  December 31, 2016
Interest and other income from TRS portfolio $5,620
Interest and other expense from TRS portfolio (1,928)
Net gain on TRS loan sales 495
Receivable on total return swap $4,187

Realized gains and losses on the TRS are composed of any gains or losses on loans underlying the TRS as well as net interest and fees earned during the period. For the three and nine months ended September 30, 2017 and 2016, net realized gain (loss) on the TRS consisted of the following:
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2017 2016 2017 2016
Interest and other income from TRS portfolio $67
 $9,426
 $6,610
 $32,693
Interest and other expense from TRS portfolio —
 (3,265) (2,949) (10,307)
Net gain (loss) on TRS loan sales —
 2,027
 (17,450) 1,413
Net realized gain (loss)(1) $67
 $8,188
 $(13,789) $23,799
(1)Net realized gain (loss) is reflected in net realized gain (loss) on total return swap on the Company's consolidated statements of operations.
On March 29, 2017, Flatiron Funding II, LLC, or Flatiron Funding II, a newly-formed, wholly-owned, consolidated, special purpose financing subsidiary of the Company, purchased certain loans underlying the TRS with a notional value of $363,860 in connection with the TRS refinancing. See Note 8 for additional information on Flatiron Funding II.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

The following is a summary oftable sets forth the underlying loans subject to the TRSindividual investments in CION/EagleTree's portfolio as of December 31, 2016:2021:
Portfolio CompanyIndex Rate(a)IndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured Second Lien Debt
Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/20261 Month LIBORServices: Business$7,250 $7,214 $7,256 
Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/20233 Month LIBORHealthcare & Pharmaceuticals12,46012,057 12,242 
Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/20243 Month LIBORConstruction & Building1,4771,479 1,478 
MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/20261 Month LIBORHealthcare & Pharmaceuticals6,7506,004 6,446 
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/20231 Month LIBORServices: Business7,0006,983 7,000 
Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/20261 Month LIBORHealthcare & Pharmaceuticals15,00014,776 14,925 
Total Senior Secured Second Lien Debt48,513 49,347 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(c)Diversified Financials10,0009,997 9,856 
Total Collateralized Securities and Structured Products - Equity9,997 9,856 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals6,030,384 Units5,200 5,729 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production1,469 Units486 1,704 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production255 Units— 297 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production4,746 Units— 2,572 
BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)Diversified FinancialsN/A11,118 11,224 
Carestream Health Holdings, Inc., Warrants(d)Healthcare & Pharmaceuticals 388 Units500 801 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% DividendHealthcare & Pharmaceuticals2,727,273 Units7,564 7,964 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building37,264 Units8,400 11,166 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production1 Unit— — 
HW Ultimate Holdings, LP, Class A Membership Units, 4% DividendCapital Equipment2,000,000 Units2,002 2,021 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries243,425 Units2,000 2,227 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals20,667,324 Units— — 
Tenere Inc., Warrants(d)Capital EquipmentN/A1,166 1,235 
Total Equity38,436 46,940 
TOTAL INVESTMENTS$96,946 $106,143 
a.The 1 and 3 month LIBOR rates were 0.10% and 0.21%, respectively, as of December 31, 2021.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2021, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2021.
b.Represents amortized cost for debt securities and cost for equity investments.
c.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.
d.Non-income producing security.
The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2022 and December 31, 2021:
Selected Balance Sheet Information:March 31, 2022December 31, 2021
Investments, at fair value (amortized cost of $90,689 and $96,946, respectively)$100,429 $106,143 
Cash and other assets6,613 1,776 
Dividend receivable on investments161 265 
Interest receivable on investments600 109 
   Total assets$107,803 $108,293 
Senior secured notes (net of unamortized debt issuance costs of $112 and $0, respectively)$72,393 $72,504 
Other liabilities650 735 
   Total liabilities73,043 73,239 
Members' capital34,760 35,054 
   Total liabilities and members' capital$107,803 $108,293 
42
Underlying Loans(a) Index Rate(b) Industry 
Notional
Amount
 
Fair
Value(c)
 
Unrealized
Appreciation /
(Depreciation)
Senior Secured First Lien Debt          
Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022 Various Retail $14,564
 $13,653
 $(911)
Access CIG, LLC, L+500, 1.00% LIBOR Floor, 10/18/2021 3 Month LIBOR Services: Business 6,751
 6,798
 47
ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020 3 Month LIBOR Media: Advertising, Printing & Publishing 7,679
 7,328
 (351)
Alvogen Pharma US, Inc., L+500, 1.00% LIBOR Floor, 4/1/2022 3 Month LIBOR Healthcare & Pharmaceuticals 9,430
 9,150
 (280)
American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021 3 Month LIBOR Healthcare & Pharmaceuticals 12,158
 12,219
 61
American Energy - Marcellus, LLC, L+425, 1.00% LIBOR Floor, 8/4/2020 3 Month LIBOR Energy: Oil & Gas 4,254
 2,370
 (1,884)
American Residential Services, LLC, L+450, 1.00% LIBOR Floor, 6/30/2021 3 Month LIBOR Construction & Building 14,067
 14,269
 202
Aquilex, LLC, L+400, 1.00% LIBOR Floor, 12/31/2020 3 Month LIBOR Chemicals, Plastics & Rubber 1,810
 1,778
 (32)
Avaya Inc., L+525, 1.00% LIBOR Floor, 5/29/2020 3 Month LIBOR Telecommunications 14,542
 12,798
 (1,744)
Azure Midstream Energy, LLC, L+650, 1.00% LIBOR Floor, 11/15/2018 1 Month LIBOR Energy: Oil & Gas 2,375
 2,200
 (175)
Caraustar Industries, Inc., L+675, 1.25% LIBOR Floor, 5/1/2019 3 Month LIBOR Forest Products & Paper 11,954
 12,521
 567
Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2020 1 Month LIBOR Services: Consumer 12,915
 13,058
 143
Charming Charlie, LLC, L+800, 1.00% LIBOR Floor, 12/24/2019 3 Month LIBOR Retail 7,723
 4,314
 (3,409)
CSP Technologies North America, LLC, L+600, 1.00% LIBOR Floor, 1/29/2022 3 Month LIBOR Chemicals, Plastics & Rubber 13,385
 13,590
 205
CT Technologies Intermediate Holdings, Inc., L+425, 1.00% LIBOR Floor, 12/1/2021 1 Month LIBOR Healthcare & Pharmaceuticals 14,681
 14,160
 (521)
David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019 3 Month LIBOR Retail 3,339
 3,095
 (244)
DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022(d) 3 Month LIBOR Services: Business 12,874
 12,094
 (780)
EIG Investors Corp., L+548, 1.00% LIBOR Floor, 11/9/2019(d) 3 Month LIBOR Services: Business 1,773
 1,772
 (1)
Emmis Operating Company, L+600, 1.00% LIBOR Floor, 6/10/2021 3 Month LIBOR Media: Broadcasting & Subscription 7,508
 7,075
 (433)
Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(d) 6 Month LIBOR High Tech Industries 7,174
 6,821
 (353)
Global Cash Access, Inc., L+525, 1.00% LIBOR Floor, 12/18/2020 2 Month LIBOR Hotel, Gaming & Leisure 10,483
 10,406
 (77)
Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021 3 Month LIBOR Healthcare & Pharmaceuticals 4,829
 4,520
 (309)
IMG Worldwide Holdings, LLC, L+425, 1.00% LIBOR Floor, 5/6/2021 3 Month LIBOR Media: Diversified & Production 7,111
 7,277
 166
LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020 1 Month LIBOR Services: Business 5,882
 5,409
 (473)
Murray Energy Corp., L+725, 1.00% LIBOR Floor, 4/16/2020 3 Month LIBOR Metals & Mining 3,588
 3,528
 (60)
Navex Global, Inc, L+475, 1.00% LIBOR Floor, 11/19/2021 6 Month LIBOR High Tech Industries 13,597
 13,617
 20
Nielsen & Bainbridge, LLC, L+500, 1.00% LIBOR Floor, 8/15/2020 6 Month LIBOR Consumer Goods: Durable 15,843
 15,942
 99
Oasis Outsourcing Holdings, Inc., L+475, 1.00% LIBOR Floor, 12/26/2021 1 Month LIBOR Services: Business 9,319
 9,472
 153
Onex TSG Holdings II Corp., L+400, 1.00% LIBOR Floor, 7/29/2022 3 Month LIBOR Healthcare & Pharmaceuticals 3,408
 3,441
 33
Opal Acquisition, Inc., L+400, 1.00% LIBOR Floor, 11/27/2020 3 Month LIBOR Healthcare & Pharmaceuticals 10,236
 9,802
 (434)
Pelican Products, Inc., L+425, 1.00% LIBOR Floor, 4/10/2020 3 Month LIBOR Chemicals, Plastics & Rubber 2,493
 2,503
 10
Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019(d) 3 Month LIBOR Aerospace & Defense 6,337
 5,564
 (773)
PSC Industrial Holdings Corp., L+475, 1.00% LIBOR Floor, 12/5/2020 3 Month LIBOR Services: Business 4,851
 4,741
 (110)
Scientific Games International, Inc., L+500, 1.00% LIBOR Floor, 10/1/2021(d) Various Hotel, Gaming & Leisure 10,400
 10,665
 265
SESAC Holdco II LLC, L+425, 1.00% LIBOR Floor, 2/7/2019 1 Month LIBOR Media: Broadcasting & Subscription 2,935
 2,938
 3
SG Acquisition, Inc., L+525, 1.00% LIBOR Floor, 8/19/2021 3 Month LIBOR Banking, Finance, Insurance & Real Estate 11,414
 11,547
 133
SI Organization, Inc., L+475, 1.00% LIBOR Floor, 11/23/2019 3 Month LIBOR Services: Business 7,746
 7,866
 120
STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022 3 Month LIBOR Services: Business 3,845
 3,840
 (5)
Survey Sampling International, LLC, L+500, 1.00% LIBOR Floor, 12/16/2020 3 Month LIBOR Services: Business 7,781
 7,899
 118
TIBCO Software Inc., L+550, 1.00% LIBOR Floor, 12/4/2020 1 Month LIBOR High Tech Industries 16,827
 17,319
 492
Travel Leaders Group, LLC, L+600, 1.00% LIBOR Floor, 12/7/2020 1 Month LIBOR Services: Consumer 5,169
 5,176
 7
Vince, LLC, L+500, 1.00% LIBOR Floor, 11/27/2019(d) 3 Month LIBOR Retail 1,124
 1,093
 (31)
Western Dental Services, Inc., L+650, 1.00% LIBOR Floor, 11/1/2018 3 Month LIBOR Healthcare & Pharmaceuticals 5,573
 5,566
 (7)
Total Senior Secured First Lien Debt     351,747
 341,194
 (10,553)
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2022 and for the period from December 21, 2021 (commencement of operations) through December 31, 2021:
Selected Statement of Operations Information:Three Months Ended March 31, 2022Period From December 21, 2021 (Commencement of Operations) Through December 31, 2021
Total revenues$1,884 $688 
Total expenses2,720 800 
Net change in unrealized appreciation on investments542 9,197 
Net (decrease) increase in net assets$(294)$9,085 
CION SOF Funding, LLC
CION SOF was organized on May 21, 2019 as a Delaware limited liability company and commenced operations on October 2, 2019 when the Company and BCP Special Opportunities Fund I, LP, or BCP, entered into the limited liability company agreement of CION SOF for purposes of establishing the manner in which the parties would invest in and co-manage CION SOF. CION SOF invested primarily in senior secured loans of U.S. middle-market companies. The Company and BCP contributed a portfolio of loans to CION SOF representing membership equity of $31,289 and $4,470, respectively, in exchange for 87.5% and 12.5% of the membership interests of CION SOF, respectively. 
In December 2020, the Company and BCP elected to wind-down the operations of CION SOF. On January 28, 2021, CION SOF sold all of its remaining debt and equity investments to the Company. On March 18, 2021, CION SOF declared final distributions and on March 19, 2021, distributed all remaining capital to the Company and BCP.
The Company and BCP were not required to make any additional capital contributions to CION SOF. The Company’s equity investment in CION SOF was not redeemable. All portfolio and other material decisions regarding CION SOF required approval of its board of managers, which was comprised of four members, two of whom were selected by the Company and the other two were selected by BCP. Further, all portfolio and other material decisions required the affirmative vote of at least one board member from the Company and one board member from BCP.
The Company also served as administrative agent to CION SOF to provide loan servicing functions and other administrative services. In certain cases, these loan servicing functions and other administrative services were performed by CIM.
On October 2, 2019, CION SOF entered into a senior secured credit facility, or the SOF Credit Facility, with Morgan Stanley Bank, N.A., or MS, for borrowings of up to a maximum amount of $75,000. Advances under the SOF Credit Facility were available through October 2, 2022 and bore interest at a floating rate equal to the three-month LIBOR, plus a spread of (i) 3.0% per year through October 1, 2022 and (i) 3.5% per year thereafter through October 2, 2024. CION SOF's obligations to MS under the SOF Credit Facility were secured by a first priority security interest in all of the assets of CION SOF. The obligations of CION SOF under the SOF Credit Facility were non-recourse to the Company. On October 2, 2019, CION SOF drew down $64,702 of borrowings under the SOF Credit Facility. On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.
The Company did not record any dividend income from its equity interest in CION SOF for the year ended December 31, 2021 or the three months ended March 31, 2022.
In accordance with ASU 2015-02, Consolidation, the Company determined that CION SOF was a VIE. However, the Company was not the primary beneficiary and therefore did not consolidate CION SOF. The Company's maximum exposure to losses from CION SOF was limited to its equity contribution to CION SOF.
The following table includes selected statement of operations information for CION SOF for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021:
Three Months Ended
March 31,		Year Ended December 31,
Selected Statement of Operations Information:202220212021
Total revenues$— $29 $29 
Total expenses— 29 29 
Net increase in net assets$— $— $— 
43
Underlying Loans(a) Index Rate(b) Industry 
Notional
Amount
 
Fair
Value(c)
 
Unrealized
Appreciation /
(Depreciation)
Senior Secured Second Lien Debt          
Asurion, LLC, L+750, 1.00% LIBOR Floor, 3/3/2021 1 Month LIBOR Services: Consumer 7,772
 8,044
 272
Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(d) 6 Month LIBOR High Tech Industries 9,798
 7,594
 (2,204)
GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022 3 Month LIBOR Retail 3,940
 4,010
 70
Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022 3 Month LIBOR Services: Business 6,965
 6,842
 (123)
Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019 3 Month LIBOR Healthcare & Pharmaceuticals 13,600
 11,318
 (2,282)
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021 3 Month LIBOR Chemicals, Plastics & Rubber 8,050
 7,830
 (220)
PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022 1 Month LIBOR Retail 4,973
 4,636
 (337)
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 3 Month LIBOR Telecommunications 1,002
 977
 (25)
Total Senior Secured Second Lien Debt     56,100
 51,251
 (4,849)
Total     $407,847
 $392,445
 $(15,402)
(a)All of the underlying loans subject to the TRS were issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note (d) below. The Company did not control and was not an affiliate of any of the companies that were issuers of the underlying loans subject to the TRS.
(b)The 1, 2, 3, and 6 month LIBOR rates were 0.77%, 0.82%, 1.00% and 1.32%, respectively, as of December 31, 2016. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2016, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2016.
(c)Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.
(d)All or a portion of the underlying loan subject to the TRS was 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, 2016, 90.5% of the Company’s total assets represented qualifying assets. In addition, as described in this Note 7, the Company calculated its compliance with the qualifying asset test on a “look through” basis by treating each loan underlying the TRS as either a qualifying asset or non-qualifying asset based on whether the obligor was an eligible portfolio company. On this basis, 89.1% of the Company’s total assets represented qualifying assets as of December 31, 2016.
(e)For the year ended December 31, 2016, the following underlying loans subject to the TRS contained a PIK interest provision whereby the issuer had either the option or the obligation to make interest payments with the issuance of additional securities:
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
    Interest Rate Interest Amount
Issuer of Underlying Loan Investment Type Cash PIK All-in-Rate Cash PIK Total
Smile Brands Group, Inc.(f) Senior Secured First Lien Debt 7.50% 1.50% 9.00% $233
 $41
 $274
Southcross Holdings Borrower LP(g) Senior Secured First Lien Debt 3.50% 5.50% 9.00% $1
 $1
 $2
(f)Outstanding principal and accrued interest of the underlying loan was fully repaid on August 17, 2016.
(g)Prior to December 31, 2016, the underlying loan was assigned to the Company and removed from the TRS.
Note 8. Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2017:March 31, 2022: 
Financing ArrangementType of Financing ArrangementRateAmount OutstandingAmount AvailableMaturity Date
JPM Credit FacilityTerm Loan Credit FacilityL+3.10%$550,000 $25,000 May 15, 2024
SOFR+3.10%45,000 55,000 
2026 Notes(1)Note Purchase Agreement4.50%125,000 — February 11, 2026
UBS FacilityRepurchase AgreementL+3.375%125,000 25,000 November 19, 2023
More Term Loan(2)Term Loan Facility Agreement5.20%30,000 — September 30, 2024
$875,000 $105,000 
Arrangement Type of Arrangement Rate Amount Outstanding Amount Available Maturity Date
Citibank Credit Facility Revolving Credit Facility L+2.00% $281,698
 $43,302
 March 29, 2019
JPM Credit Facility Term Loan Credit Facility L+3.50% 224,423
 577
 August 23, 2020
UBS Facility Repurchase Agreement L+3.50% 125,000
 —
 May 19, 2020
(1)As of March 31, 2022, the fair value of the 2026 Notes was $125,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2022.

(2)As of March 31, 2022, the fair value of the More Term Loan was $30,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2022.
CitibankJPM Credit Facility
On March 29, 2017, Flatiron Funding IIAugust 26, 2016, 34th Street entered into a senior secured credit facility with Citibank. The senior secured credit facility with Citibank, or the Citibank Credit Facility, provides for a revolving credit facility in an aggregate principal amount of $325,000, subject to compliance with a borrowing base. On March 29, 2017 and September 26, 2017, Flatiron Funding II drew down $231,698 and $50,000 of borrowings under the Citibank Credit Facility, respectively.

On July 11, 2017, Flatiron Funding II amended the Citibank Credit Facility, or the Amended Citibank Credit Facility, with Citibank to make certain immaterial administrative amendments as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

Advances under the Amended Citibank Credit Facility bear interest at a floating rate equal to (1) the higher of (a) the Citibank prime rate, (b) the federal funds rate plus 1.5% or (c) the three-month LIBOR plus 1.0%, plus (2) a spread of (a) 2% per year during the period from and including March 29, 2017 and the earlier of March 29, 2019 and the date the Amended Citibank Credit Facility matures, or (b) 3% per year during the period from the date the Amended Citibank Credit Facility matures until all obligations under the Amended Citibank Credit Facility have been paid in full. Interest is payable quarterly in arrears. All advances under the Amended Citibank Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, by no later than March 30, 2020. Flatiron Funding II may prepay advances pursuant to the terms and conditions of the credit and security agreement, subject to a 0.75% or 0.50% premium if the amount of the Amended Citibank Credit Facility is reduced or terminated on or prior to March 29, 2018 or March 29, 2019, respectively. In addition, Flatiron Funding II will be subject to a non-usage fee of 0.75% per year (subject to an increase to 2% in certain circumstances) on the amount, if any, of the aggregate principal amount available under the Amended Citibank Credit Facility that has not been borrowed. The non-usage fees, if any, are payable quarterly in arrears. Flatiron Funding II incurred certain customary costs and expenses in connection with obtaining the Citibank Credit Facility.

The Company incurred debt issuance costs of $1,945 in connection with obtaining the Citibank Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Amended Citibank Credit Facility, which is included in the Company’s consolidated balance sheet as of September 30, 2017 and will amortize to interest expense over the term of the Amended Citibank Credit Facility. At September 30, 2017, the unamortized portion of the debt issuance costs was $1,615.

Flatiron Funding II purchased loans and other corporate debt securities with a fair value of $354,967 on the closing date pursuant to master participation and assignment agreements between Flatiron Funding II and each of 15th Street Loan Funding LLC and 15th Street Loan Funding 2 LLC, each a special purpose subsidiary of Citibank. 15th Street Loan Funding LLC and 15th Street Loan Funding 2 LLC held loans and other corporate debt securities in connection with the TRS Agreement between Citibank and Flatiron. Flatiron Funding II’s obligations to Citibank under the Amended Citibank Credit Facility are secured by a first priority security interest in all of the assets of Flatiron Funding II. The obligations of Flatiron Funding II under the Amended Citibank Credit Facility are non-recourse to the Company, and the Company’s exposure under the Amended Citibank Credit Facility is limited to the value of the Company’s investment in Flatiron Funding II. 

In connection with the Amended Citibank Credit Facility, Flatiron Funding II has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. From the inception of the Citibank Credit Facility on March 29, 2017 to September 30, 2017, Flatiron Funding II was in compliance with all covenants and reporting requirements.

For the three months ended September 30, 2017 and the period from March 29, 2017 through September 30, 2017, the components of interest expense, average borrowings, and weighted average interest rate for the Amended Citibank Credit Facility were as follows:
  Three Months Ended
September 30, 2017		 Period from March 29, 2017 to September 30, 2017
Stated interest expense $1,953
 $3,860
Non-usage fee 173
 356
Amortization of deferred financing costs 174
 330
Total interest expense $2,300
 $4,546
Weighted average interest rate(1) 3.54% 3.50%
Average borrowings $234,416
 $233,042
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended Citibank Credit Facility and is annualized for periods covering less than one year.

JPM Credit Facility

On August 26, 2016, 34th Street Funding, LLC, or 34th Street, a newly-formed, wholly-owned, consolidated, special purpose financing subsidiary of the Company, entered into a senior secured credit facility with JPMorgan Chase Bank, National Association, or 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 may becould 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 August 21, 2018, 34th Street drew down $25,577 of additional borrowings under the Amended JPM Credit Facility (as defined below).
On September 30, 2016, and 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 may becould have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility. On September 30, 2016, 34th Street drew down $167,423 of additional borrowings under the Amended JPM Credit Facility, a portion of which was used to purchase the portfolio of loans from Credit Suisse Park View BDC, Inc. 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 sub-adviser as discussed in Note 1. No other material terms of the JPM Credit Facility were revised in connection withUnder the Amended JPM Credit Facility.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.
CĪON Investment Corporation
NotesOn 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 Consolidated Financial Statements(unaudited)
September 30, 2017
(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 may be funded as a revolving credit facility, subject to conditions described in thousands, except sharethe 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 per share amounts)

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 bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.50%3.10% per year, which was reduced from a spread of 3.25% per year. 34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility. No other material terms of the Second JPM Credit Facility were revised in connection with the Third Amended JPM Credit Facility. On February 17, 2021, 34th Street repaid $125,000 of borrowings under the Third Amended JPM Credit Facility.
On June 2, 2021 and October 19, 2021, 34th Street drew down $50,000 and $25,000 of borrowings under the Third Amended JPM Credit Facility, respectively. On December 13, 2021, 34th Street repaid $25,000 of borrowings under the Third Amended JPM Credit Facility.
44
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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 bear 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%. 34th Street incurred certain customary costs and expenses in connection with the JPM First Amendment. No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.
Interest is payable quarterly in arrears. All advances under the Amended JPM Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, by no later than August 23, 2020. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility and the JPM First Amendment, subject to a 1% premium in certain circumstances. In addition, 34th Street will be subject to a non-usage fee of 0.5% and 1.0% per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility and the JPM First Amendment that has not been borrowed during the period from the closing date and ending on, but excluding,through May 23, 2017, or the Ramp-Up Period, and from the termination of the Ramp-Up Period and ending on, but excluding, August 23, 2019, respectively.14, 2023. The non-usage fees, if any, are payable quarterly in arrears.

As of March 31, 2022 and December 31, 2021, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility and the JPM First Amendment was $595,000 and $550,000, respectively.
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 and the JPM First Amendment 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 and the JPM First Amendment are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility and the JPM First Amendment is limited to the value of the Company’s investment in 34th Street.

In connection with the Third Amended JPM Credit Facility and the JPM First Amendment, 34th Street has 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 ninethree months ended September 30, 2017,March 31, 2022, 34th Street was in compliance with all covenants and reporting requirements.

TheThrough March 31, 2022, the Company incurred debt issuance costs of $3,515$12,102 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 and the JPM First Amendment, which is included in the Company’s consolidated balance sheetssheet as of March 31, 2022 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.Facility and the JPM First Amendment. At September 30, 2017,March 31, 2022, the unamortized portion of the debt issuance costs was $2,554.

$4,859.
For the three and nine months ended September 30, 2017,March 31, 2022 and 2021 and the year ended December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, were as follows:
Three Months Ended March 31,Year Ended December 31,
202220212021
Stated interest expense$4,707 $4,818 $18,299 
Amortization of deferred financing costs490 677 2,119 
Non-usage fee70 219 457 
Total interest expense$5,267 $5,714 $20,875 
Weighted average interest rate(1)3.44 %3.56 %3.36 %
Average borrowings$551,333 $565,278 $549,110 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment, the Third Amended JPM redit Facility and the Second Amended JPM Credit Facility, as applicable, 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.
45
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
  Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017
Stated interest expense $2,770
 $7,978
Amortization of deferred financing costs 222
 660
Non-usage fee 1
 3
Total interest expense $2,993
 $8,641
Weighted average interest rate(1) 4.74% 4.61%
Average borrowings $224,423
 $224,423
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) on or before February 11, 2024, at a redemption price equal to 100% of the principal amount of 2026 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 2026 Note that is to be prepaid or becomes due and payable pursuant to the Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, (ii) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (iii) 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 (iv) 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. For any redemptions occurring on or before February 11, 2024, 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 2026 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 2026 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 Note Purchase Agreement.
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended JPM Credit Facility and is annualized for periods covering less than one year.

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 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 February 11, 2021, if any, (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 March 31, 2022, 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.
As of March 31, 2022, the aggregate principal amount of 2026 Notes outstanding was $125,000.
Through March 31, 2022, 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 March 31, 2022 and will amortize to interest expense over the term of the 2026 Notes. At March 31, 2022, the unamortized portion of the debt issuance costs was $2,064.
For the three months ended March 31, 2022, for the period from February 11, 2021 through March 31, 2021 and for the period from February 11, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended March 31, 2022For the Period From February 11, 2021 Through March 31, 2021For the Period From February 11, 2021 Through December 31, 2021
Stated interest expense$1,406 $766 $5,062 
Amortization of deferred financing costs131 72 473 
Total interest expense$1,537 $838 $5,535 
Weighted average interest rate(1)4.50 %4.50 %4.50 %
Average borrowings$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.
46
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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 AG, London Branch, or UBS, pursuant to which up to $125,000 will bewas made available to the Company.

Pursuant to the financing arrangement, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II, LLC, or Murray Hill Funding II through Murray Hill Funding, LLC, or Murray Hill Funding, each a newly-formed, wholly-owned, special-purpose financing subsidiary of the Company. On May 19, 2017, the Company contributed assets to Murray Hill Funding II. The assets held by Murray Hill Funding II secure the obligations of Murray Hill Funding II under Class AA-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 may be issued by Murray Hill Funding II from time to time iswas $192,308. Murray Hill Funding purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value. Murray Hill Funding makes 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 will be due and payable on the stated maturity date of May 19, 2027. Pursuant to the Indenture, Murray Hill Funding II has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Indenture contains 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.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
( As of and for the three months ended March 31, 2022, Murray Hill Funding II was in thousands, except sharecompliance with all covenants and per share amounts)

reporting requirements.
Murray Hill Funding, in turn, has 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 may be purchased under the UBS Facility iswas $192,308. Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility willwould not exceed $125,000. Murray Hill Funding willwas 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 will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)). If the UBS Facility is accelerated prior to May 19, 2020 due to an event of default or a mandatory or voluntary full payment by Murray Hill Funding, then Murray Hill Funding must pay to UBS a fee equal to the present value of the spread portion of the financing fees that would have been payable to UBS from the date of acceleration through May 19, 2020 had the acceleration not occurred. The financing fee under the UBS Facility iswas 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 may be 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 sets 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. No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.
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 will be 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 will be required to repurchase the Notes to December 18, 2020.
47
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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 will be 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. No other material terms of the Amended UBS Facility were revised in connection with the Fourth Amended Master Confirmation.
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 provides for a revolving credit facility in an aggregate principal amount of $50,000, subject to compliance with a borrowing base. Murray Hill Funding II will issue 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 will be due and payable on the stated maturity date of May 19, 2027, which is the same stated maturity date as the Notes.
The Class A-R Notes will be 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 may be issued by Murray Hill Funding II from time to time is $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 is required to repurchase the Class A-R Notes that will be sold to UBS by no later than November 19, 2023. The financing fee for the funded Class A-R Notes is 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 is equal to 0.75% per year.
Pursuant to the Amended UBS Facility, on July 1, 2021 and December 14, 2021, 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 and $25,000, respectively. On August 20, 2021, Murray Hill Funding repurchased Class A-R Notes in the aggregate principal amount of $21,000 from UBS for an aggregate repurchase price of $21,000, which was then repaid by Murray Hill Funding II. The repurchase of the A-R Notes on August 20, 2021 resulted in a repayment of $21,000 of the outstanding amount of borrowings under the Amended UBS 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 Amended UBS Facility; provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value has 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 Amended UBS Facility. The Company’s exposure under the Amended UBS Facility is limited to the value of the Company’s investment in Murray Hill Funding.  

Pursuant to the Amended UBS Facility, Murray Hill Funding has 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. The Amended UBS Facility contains 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 for the three months ended March 31, 2022, 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 $1,786$2,637 in connection with obtaining 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 will amortizeamortized to interest expense over the term of the Amended UBS Facility. At September 30, 2017, the unamortized portion of theMarch 31, 2022, all upfront feefees and other expenses was $1,567.

were fully amortized.
As of September 30, 2017,March 31, 2022, Notes in the aggregate principal amount of $192,308$125,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $125,000. The carrying amount outstanding under the Amended UBS Facility approximates its fair value. The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding. As of September 30, 2017,March 31, 2022, the amount due at maturity under the Amended UBS Facility was $125,000. The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.

As of September 30, 2017,March 31, 2022, the fair value of assets held by Murray Hill Funding II was $248,916.$232,772.

48
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
For the period from May 19, 2017 through September 30, 2017,three months ended March 31, 2022 and 2021 and the year ended December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
Three Months Ended March 31,Year Ended December 31,
202220212021
Stated interest expense$1,147 $902 $3,731 
Non-usage fee47 94 349 
Total interest expense$1,194 $996 $4,080 
Weighted average interest rate(1)3.82 %3.98 %3.86 %
Average borrowings$125,000 $100,000 $104,110 
  Three Months Ended September 30, 2017 Period from May 19, 2017 to September 30, 2017
Stated interest expense $1,480
 $2,009
Amortization of deferred financing costs 147
 219
Total interest expense $1,627
 $2,228
Weighted average interest rate(1) 4.74% 4.72%
Average borrowings $125,000
 $113,519
(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.
(1)Includes the stated interest expense and non-usage fee, if any, on the unused portion of the UBS Facility and is annualized for periods covering less than one year.
East West Bank Credit Facility2021 More Term Loan
On April 30, 2015,14, 2021, the Company entered into a revolving credit facility,an Unsecured Term Loan Facility Agreement, or the EWB Credit Facility,Term Loan Agreement, with East West Bank,More Provident Funds Ltd., or EWB.More, as lender. The EWB Credit FacilityTerm Loan Agreement with More, or the More Term Loan, provided for borrowingsan unsecured term loan to the Company in an aggregate principal amount of up to $40,000, subject to certain conditions, and$30,000. On April 20, 2021, the Company was requireddrew down $30,000 of borrowings under the More 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 More Term Loan mature on September 30, 2024, and bear interest at a rate of 5.20% per year payable quarterly in arrears. The Company has the right to, maintain $2,000 inat its option, prepay all or any portion of advances then outstanding together with a demand deposit accountprepayment 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 EWB at all times. On April 27, 2017,respect to the EWB Credit Facility expiredprincipal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 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 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 More Term Loan, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with its terms. Through the expiration date,terms of the Term Loan Agreement.
Advances under the More 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 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 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, 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 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 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 March 31, 2022, the Company was in compliance with all covenants and reporting requirements underrequirements.
Through March 31, 2022, the EWB Credit Facility.Company incurred debt issuance costs of $992 in connection with obtaining the More Term Loan, which were recorded as a direct reduction to the outstanding balance of the More Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2022 and will amortize to interest expense over the term of the More Term Loan. At March 31, 2022, the unamortized portion of the debt issuance costs was $713.
49
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 2017March 31, 2022 and 2016,for the period from April 14, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the EWB Credit FacilityMore Term Loan were as follows:
Three Months Ended March 31, 2022For the Period From April 14, 2021 Through December 31, 2021
Stated interest expenseStated interest expense$390 $1,109 
Three Months Ended
September 30,
 Nine Months Ended
September 30,
2017 2016 2017 2016
Non-usage fee$—
 $46
 $65
 $147
Amortization of deferred financing costs—
 51
 63
 177
Amortization of deferred financing costs71 208 
Stated interest expense—
 44
 —
 44
Total interest expense$—
 $141
 $128
 $368
Total interest expense$461 $1,317 
Weighted average interest rate(1)—
 8.62% —
 18.25%Weighted average interest rate(1)5.20 %5.20 %
Average borrowings$—
 $4,109
 $—
 $1,380
Average borrowings$30,000 $30,000 
(1) Includes the stated interest expense and non-usage fee on the unused portion of the EWB Credit Facility.More Term Loan and is annualized for periods covering less than one year.
Note 9. Fair Value of Financial Instruments
The following table presents fair value measurements of the Company’s portfolio investments and TRS as of September 30, 2017March 31, 2022 and December 31, 2016,2021, according to the fair value hierarchy: 
 September 30, 2017 December 31, 2016
 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Senior secured first lien debt$—
 $—
 $1,079,520
 $1,079,520
 $—
 $—
 $489,913
 $489,913
Senior secured second lien debt—
 —
 402,459
 402,459
 —
 —
 434,347
 434,347
Collateralized securities and structured products - debt—
 —
 28,284
 28,284
 —
 —
 38,114
 38,114
Collateralized securities and structured products - equity—
 —
 29,588
 29,588
 —
 —
 34,648
 34,648
Unsecured debt—
 —
 7,331
 7,331
 —
 —
 16,851
 16,851
Equity—
 —
 3,863
 3,863
 —
 —
 5,107
 5,107
Short term investments140,810
 —
 —
 140,810
 70,498
 —
 —
 70,498
Total Investments$140,810
 $—
 $1,551,045
 $1,691,855
 $70,498
 $—
 $1,018,980
 $1,089,478
Total return swap$—
 $—
 $—
 $—
 $—
 $—
 $(15,402) $(15,402)
Credit default swap—
 —
 —
 —
 —
 46
 —
 46
Total Derivatives$—
 $—
 $—
 $—
 $—
 $46
 $(15,402) $(15,356)
Total Investments and Derivatives$140,810
 $—
 $1,551,045
 $1,691,855
 $70,498
 $46
 $1,003,578
 $1,074,122
CĪON Investment Corporation
March 31, 2022(1)December 31, 2021(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$— $— $1,597,364 $1,597,364 $— $— $1,526,989 $1,526,989 
Senior secured second lien debt— — 36,875 36,875 — — 38,583 38,583 
Collateralized securities and structured products - equity— — 2,632 2,632 — — 2,998 2,998 
Unsecured debt— — 27,280 27,280 — — 26,616 26,616 
Equity3,432 — 42,405 45,837 3,404 — 37,736 41,140 
Short term investments15,763 — — 15,763 87,917 — — 87,917 
Total Investments$19,195 $— $1,706,556 $1,725,751 $91,321 $— $1,632,922 $1,724,243 
Notes to Consolidated Financial Statements(1)(unaudited)Excludes the Company's $29,546 investment in CION/EagleTree, which is measured at NAV.
September 30, 2017
((2)Excludes the Company's $29,796 investment in thousands, except share and per share amounts)

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 nine months ended September 30, 2017March 31, 2022 and 2016:2021:
Three Months Ended
March 31, 2022
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2021$1,526,989 $38,583 $2,998 $26,616 $37,736 $1,632,922 
Investments purchased(2)141,792 — — 623 1,125 143,540 
Net realized (loss) gain(73)4 — — — (69)
Net change in unrealized (depreciation) appreciation(12,906)(1,800)(176)37 3,544 (11,301)
Accretion of discount2,404 88 — 4 — 2,496 
Sales and principal repayments(60,842)— (190)— — (61,032)
Ending balance, March 31, 2022$1,597,364 $36,875 $2,632 $27,280 $42,405 $1,706,556 
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2022(1)$(12,710)$(1,800)$(176)$37 $3,544 $(11,105)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased includes PIK interest.
50
 Three Months Ended
September 30, 2017
 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity 
Total Return
Swap
 Total
Beginning balance, June 30, 2017$1,062,513
 $413,690
 $29,113
 $30,190
 $—
 $3,554
 $—
 $1,539,060
Investments purchased215,514
 61,505
 —
 —
 7,331
 853
 —
 285,203
Net realized (loss) gain(5,600) 2,805
 (5) —
 —
 —
 67
 (2,733)
Net change in unrealized appreciation (depreciation)5,400
 (3,079) 253
 (328) (2) (544) —
 1,700
Accretion of discount1,825
 690
 13
 —
 2
 —
 —
 2,530
Sales and principal repayments(200,132) (73,152) (1,090) (274) —
 —
 (67) (274,715)
Ending balance, September 30, 2017$1,079,520
 $402,459
 $28,284
 $29,588
 $7,331
 $3,863
 $—
 $1,551,045
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2017(1)$1,205
 $(1,434) $253
 $(328) $(2) $(544) $—
 $(850)
(1)Included in net change in unrealized appreciation on investments in the consolidated statements of operations except where related to the total return swap, which is included in net change in unrealized appreciation on total return swap.
 Nine Months Ended
September 30, 2017
 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity 
Total Return
Swap
 Total
Beginning balance, December 31, 2016$489,913
 $434,347
 $38,114
 $34,648
 $16,851
 $5,107
 $(15,402) $1,003,578
Investments purchased951,502
 179,814
 —
 —
 8,420
 1,025
 —
 1,140,761
Net realized (loss) gain(8,883) 4,256
 2
 (451) 163
 —
 (13,789) (18,702)
Net change in unrealized appreciation (depreciation)10,240
 564
 823
 1,116
 437
 (2,269) 15,402
 26,313
Accretion of discount4,768
 1,940
 60
 —
 31
 —
 —
 6,799
Sales and principal repayments(368,020) (218,462) (10,715) (5,725) (18,571) —
 13,789
 (607,704)
Ending balance, September 30, 2017$1,079,520
 $402,459
 $28,284
 $29,588
 $7,331
 $3,863
 $—
 $1,551,045
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2017(1)$10,033
 $1,612
 $596
 $1,116
 $(2) $(2,269) $—
 $11,086
(1)Included in net change in unrealized appreciation on investments in the consolidated statements of operations except where related to the total return swap, which is included in net change in unrealized appreciation on total return swap.

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

 Three Months Ended
September 30, 2016
 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity 
Total Return
Swap
 Total
Beginning balance, June 30, 2016$168,798
 $431,875
 $40,288
 $34,397
 $28,275
 $72
 $(27,601) $676,104
Investments purchased255,919
 40,108
 —
 —
 —
 5,540
 —
 301,567
Net realized gain153
 226
 —
 —
 —
 —
 8,188
 8,567
Net change in unrealized appreciation (depreciation)2,372
 8,736
 1,625
 848
 1,369
 (2) 9,527
 24,475
Accretion of discount339
 208
 27
 —
 32
 —
 —
 606
Sales and principal repayments(14,022) (21,721) (5,000) (856) —
 —
 (8,188) (49,787)
Ending balance, September 30, 2016$413,559
 $459,432
 $36,940
 $34,389
 $29,676
 $5,610
 $(18,074) $961,532
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2016(1)$1,987
 $8,712
 $1,625
 $848
 $1,369
 $(2) $9,868
 $24,407
(1)Included in net change in unrealized appreciation on investments in the consolidated statements of operations except where related to the total return swap, which is included in net change in unrealized appreciation on total return swap.
 Nine Months Ended
September 30, 2016
 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity 
Total Return
Swap
 Total
Beginning balance, December 31, 2015$104,187
 $453,713
 $41,663
 $24,604
 $26,740
 $—
 $(34,900) $616,007
Investments purchased337,712
 94,931
 —
 10,000
 2,704
 5,615
 —
 450,962
Net realized gain268
 799
 —
 —
 11
 —
 23,799
 24,877
Net change in unrealized appreciation (depreciation)991
 10,395
 195
 2,169
 2,842
 (5) 16,826
 33,413
Accretion of discount692
 574
 82
 —
 94
 —
 —
 1,442
Sales and principal repayments(30,291) (100,980) (5,000) (2,384) (2,715) —
 (23,799) (165,169)
Ending balance, September 30, 2016$413,559
 $459,432
 $36,940
 $34,389
 $29,676
 $5,610
 $(18,074) $961,532
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2016(1)$(421) $8,495
 $135
 $2,169
 $2,842
 $(5) $14,399
 $27,614
(1)Included in net change in unrealized appreciation on investments in the consolidated statements of operations except where related to the total return swap, which is included in net change in unrealized appreciation on total return swap.
CĪON Investment Corporation
Three Months Ended
March 31, 2021
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2020$1,223,268 $151,506 $12,131 $5,464 $75,913 $1,468,282 
Investments purchased(2)189,026 1,027 — — 1,298 191,351 
Net realized loss(1,073)— — — — (1,073)
Net change in unrealized appreciation14,918 1,930 1,862 26 14,198 32,934 
Accretion of discount3,002 167 — 3 — 3,172 
Sales and principal repayments(173,715)(4)(153)— — (173,872)
Ending balance, March 31, 2021$1,255,426 $154,626 $13,840 $5,493 $91,409 $1,520,794 
Change in net unrealized depreciation on investments still held as of March 31, 2021(1)$12,423 $1,930 $1,862 $26 $14,198 $30,439 
Notes to Consolidated Financial Statements(1)(unaudited)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
September 30, 2017
(in thousands, except share and per share amounts)

(2)Investments purchased includes PIK interest.
Significant Unobservable Inputs
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2017March 31, 2022 and December 31, 20162021 were as follows:
March 31, 2022
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,406,429 Discounted Cash FlowDiscount Rates5.5%—26.6%9.8%
127,421 Broker QuotesBroker QuotesN/AN/A
28,346 Market Comparable ApproachEBITDA Multiple5.00x—6.25x6.13x
19,534 Revenue Multiple1.60x—2.25x1.81x
15,634 Other(2)Other(2)N/AN/A
Senior secured second lien debt24,781 Discounted Cash FlowDiscount Rates9.2%—18.1%13.6%
12,094 Market Comparable ApproachEBITDA Multiple8.50xN/A
Collateralized securities and structured products - equity2,632 Discounted Cash FlowDiscount Rates16.0%N/A
Unsecured debt27,280 Discounted Cash FlowDiscount Rates13.5%—16.1%14.1%
Equity18,662 Market Comparable ApproachEBITDA Multiple3.40x—12.00x7.54x
17,828 $ per kW$387.50N/A
5,359 Revenue Multiple0.50x—2.25x1.74x
556 Options Pricing ModelExpected Volatility66.2%—84.2%66.3%
Total$1,706,556 
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.
51
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
  September 30, 2017
  Fair Value 
Valuation Techniques/
Methodologies
 
Unobservable
Inputs
 Range Weighted Average(1)
Senior secured first lien debt $697,598
 Discounted Cash Flow Discount Rates 5.7% - 51.9% 9.8%
  361,263
 Broker Quotes Broker Quotes N/A N/A
  20,659
 Market Comparable Approach EBITDA Multiple 3.50x - 9.00x 6.45x
     Revenue Multiple 0.75x - 1.00x 0.88x
Senior secured second lien debt 204,912
 Broker Quotes Broker Quotes N/A N/A
  188,147
 Discounted Cash Flow Discount Rates 8.3% - 26.8% 10.4%
  9,400
 Market Comparable Approach EBITDA Multiple 7.50x - 8.50x 7.74x
Collateralized securities and structured products - debt 28,284
 Discounted Cash Flow Discount Rates 7.5% - 11.0% 9.9%
Collateralized securities and structured products - equity 29,588
 Discounted Cash Flow Discount Rates 14.0% - 15.0% 14.7%
Unsecured debt 7,331
 Discounted Cash Flow Discount Rates N/A 13.1%
Equity 3,827
 Market Comparable Approach EBITDA Multiple 4.75x - 20.00x 7.82x
  

  Revenue Multiple 0.50x - 0.75x 0.57x
  36
 Options Pricing Model Expected Volatility 31.0% - 32.0% 31.5%
Total $1,551,045
            
(1)Weighted average amounts are based on the estimated fair values.
December 31, 2021
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,292,635 Discounted Cash FlowDiscount Rates5.5%—24.7%9.9%
183,768 Broker QuotesBroker QuotesN/AN/A
27,557 Market Comparable ApproachEBITDA Multiple3.50x—6.00x4.98x
6,327 Revenue Multiple2.25xN/A
16,702 Other(2)Other(2)N/AN/A
Senior secured second lien debt24,408 Discounted Cash FlowDiscount Rates8.5%—18.6%12.7%
14,175 Broker QuotesBroker QuotesN/AN/A
Collateralized securities and structured products - equity2,998 Discounted Cash FlowDiscount Rates16.0%N/A
Unsecured debt26,616 Discounted Cash FlowDiscount Rates12.7%16.2%13.6%
Equity17,596 Market Comparable ApproachEBITDA Multiple3.25x—21.50x9.88x
15,127 $ per kW$325N/A
4,032 Revenue Multiple0.68x—2.00x1.87x
981 Options Pricing ModelExpected Volatility73.0%—84.2%73.0%
Total$1,632,922 
  December 31, 2016
  Fair Value 
Valuation Techniques/
Methodologies
 
Unobservable
Inputs
 Range Weighted Average(1)
Senior secured first lien debt $417,736
 Discounted Cash Flow Discount Rates 6.0% - 21.3% 16.5%
  61,846
 Broker Quotes Broker Quotes N/A N/A
  10,331
 Market Comparable Approach EBITDA Multiple 4.00x - 6.00x 4.78x
Senior secured second lien debt 291,189
 Discounted Cash Flow Discount Rates 8.5% - 20.6% 10.5%
  129,219
 Broker Quotes Broker Quotes N/A N/A
  13,939
 Market Comparable Approach EBITDA Multiple 6.50x - 9.50x 8.09x
     Revenue Multiple 0.65x - 0.90x 0.65x
Collateralized securities and structured products - debt 38,114
 Discounted Cash Flow Discount Rates 7.8% - 11.0% 10.1%
Collateralized securities and structured products - equity 34,648
 Discounted Cash Flow Discount Rates 9.3% - 17.0% 13.8%
Unsecured debt 16,851
 Broker Quotes Broker Quotes N/A N/A
Equity 4,946
 Market Comparable Approach EBITDA Multiple 3.75x - 10.50x 7.23x
  161
 Options Pricing Model Expected Volatility N/A 36.2%
Total return swap (1,002) Discounted Cash Flow Discount Rates 5.1% - 14.6% 7.3%
  (14,400) Broker Quotes Broker Quotes N/A N/A
Total $1,003,578
            
(1)Weighted average amounts are based on the estimated fair values.
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions 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 equity, and total return swapequity are discount rates, EBITDA multiples, revenue multiples, broker quotes 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, expected proceeds from proposed corporate transactions, broker quotes and expected volatility would result in a significantly higher or lower fair value measurement, respectively.
CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
September 30, 2017
(in thousands, except share and per share amounts)

Note 10. General and Administrative Expense
General and administrative expense consisted of the following items for the three and nine months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
Three Months Ended March 31,Year Ended December 31,
202220212021
Professional fees$633 $1,265 $4,214 
Dues and subscriptions535 169 411 
Transfer agent expense291 422 1,290 
Insurance expense251 132 612 
Valuation expense179 252 904 
Accounting and administrative costs157 237 759 
Director fees and expenses154 103 516 
Printing and marketing expense5 44 990 
Other expenses17 54 109 
Total general and administrative expense$2,222 $2,678 $9,805 
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2017 2016 2017 2016
Valuation expense$463
 $125
 $989
 $350
Transfer agent expense321
 307
 947
 926
Professional fees147
 680
 943
 1,284
Dues and subscriptions223
 177
 630
 621
Director fees and expenses125
 69
 327
 207
Insurance expense102
 105
 309
 271
Printing and other related costs59
 177
 291
 520
Due diligence fees87
 120
 145
 401
Other expenses276
 132
 639
 364
Total general and administrative expense$1,803
 $1,892
 $5,220
 $4,944
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 September 30, 2017 and December 31, 2016, the Company’s unfunded commitments were as follows:
52
Unfunded Commitments September 30, 2017(1) December 31, 2016(1)
DFC Global Facility Borrower II LLC(2) $22,800
 $—
Lonestar Prospects, Ltd.(2) 18,985
 —
CF Entertainment Inc. 5,000
 —
Accruent, LLC(2) 4,238
 —
Ministry Brands, LLC(2) 3,537
 5,274
Moss Holding Company(2) 3,278
 —
Visual Edge Technology, Inc.(2) 2,878
 —
Elemica Holdings, Inc.(2) 2,500
 2,500
Studio Movie Grill Holdings, LLC(2) 2,156
 4,127
PDI TA Holdings, Inc.(2) 1,833
 —
Woodstream Corporation(2) 1,553
 —
Teledoc, Inc.(2) 1,250
 —
Island Medical Management Holdings, LLC(2) 1,188
 —
Adams Publishing Group, LLC 1,136
 —
Ivy Hill Middle Market Credit Fund VIII, Ltd.(2) 1,111
 1,111
GTCR-Ultra Acquisition, Inc.(2) 992
 —
Covenant Surgical Partners, Inc.(2) 562
 —
Frontline Technologies Group Holdings LLC(2) 540
 —
American Media, Inc.(2) 296
 711
Tennessee Merger Sub, Inc.(3) —
 10,254
ABG Intermediate Holdings 2 LLC —
 1,119
Total $75,833
 $25,096
(1)Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

As of March 31, 2022 and December 31, 2021, the Company’s unfunded commitments were as follows:

Unfunded CommitmentsMarch 31, 2022(1)December 31, 2021(1)
Cennox, Inc.$14,286 $— 
West Dermatology Management Holdings, LLC6,255 6,308 
Critical Nurse Staffing, LLC5,899 5,899 
Instant Web, LLC5,845 2,704 
Mimeo.com, Inc.5,000 5,000 
Williams Industrial Services Group, Inc.5,000 5,000 
Novum Orthopedic Partners Management, LLC4,891 — 
Rogers Mechanical Contractors, LLC4,808 4,808 
MacNeill Pride Group Corp.4,783 — 
Trademark Global, LLC4,615 4,615 
Molded Devices, Inc.3,807 4,426 
American Health Staffing Group, Inc.3,333 2,333 
Coyote Buyer, LLC2,500 2,500 
Moss Holding Company2,232 2,232 
HW Acquisition, LLC2,200 2,933 
Inotiv, Inc.2,100 2,100 
Foundation Consumer Healthcare, LLC2,094 2,094 
Bradshaw International Parent Corp.1,844 1,445 
RumbleOn, Inc.1,775 6,000 
Sleep Opco, LLC1,750 1,750 
Extreme Reach, Inc.1,744 1,744 
BDS Solutions Intermediateco, LLC1,619 — 
Optio Rx, LLC1,530 — 
NWN Parent Holdings LLC1,380 1,380 
Anthem Sports & Entertainment Inc.1,167 1,167 
Homer City Holdings LLC1,000 — 
Invincible Boat Company LLC798 798 
RA Outdoors, LLC630 1,049 
Appalachian Resource Company, LLC500 500 
H.W. Lochner, Inc.375 275 
American Teleconferencing Services, Ltd.235 235 
Genesis Healthcare, Inc.— 35,000 
American Media, Inc.— 1,702 
Marble Point Credit Management LLC— 1,250 
Total$95,995 $107,247 
(2)As of November 9, 2017, the Company's unfunded commitments were to portfolio companies DFC Global Facility Borrower II LLC, Lonestar Prospects, Ltd., Discovery DJ Holdings, LLC, Moss Holding Company, Elemica Holdings, Inc., Ministry Brands, LLC, Studio Movie Grill Holdings, LLC, Woodstream Corp., Teladoc, Inc., Island Medical Management Holdings, LLC, Visual Edge Technology, Inc., Ivy Hill Middle Market Credit Fund VIII, Ltd., VLS Recovery Services, LLC, GTCR-Ultra Acquisition, Inc., Pathway Partners Vet Management Company, LLC, PDI TA Holdings, Inc., Frontline Technologies Group Holdings LLC, Covenant Surgical Partners, Inc., Accruent, LLC and American Media, Inc., in the amount of $22,800, $18,985, $4,706, $3,278, $2,500, $1,865, $1,608, $1,553, $1,250, $1,188, $1,151, $1,111, $1,108, $992, $906, $815, $540, $459, $157 and $154, respectively. In addition, subsequent to September 30, 2017, the Company entered into unfunded commitments of $12,171 and $3,780 to Centene Corp. and Itron, Inc., respectively.
(3)
(1)Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.
As of December 31, 2016, such commitment was subject to the execution of a definitive loan agreement and the consummation of the underlying corporate transaction, and conditional upon receipt of all necessary shareholder, regulatory and other applicable approvals. Prior to September 30, 2017, the unfunded commitment was terminated.
Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets. 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 September 30, 2017March 31, 2022 and December 31, 2016,2021, refer to the table above and the consolidated schedules of investments. As of May 5, 2022, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $105,147.
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CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
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.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’sCompany'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 commitmentamendment fees, capital structuring and other fees, and amendmentadministrative agent fees. The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
Capital structuring and other fees$1,022 $294 $4,973 
Amendment fees395 584 869 
Administrative agent fees25 55 85 
Total$1,442 $933 $5,927 
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2017 2016 2017 2016
Amendment fees$984
 $112
 $1,979
 $156
Commitment fees182
 42
 672
 293
Total$1,166
 $154
 $2,651
 $449
ForAdministrative agent fees are recurring income as long as the three and nine months ended September 30, 2017 and 2016,Company remains the administrative agent for the related investment. Income from all fee incomeother fees was non-recurring.
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CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

Note 13. Financial Highlights

The following is a schedule of financial highlights as of and for the ninethree months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
Three Months Ended
March 31,		Year Ended
December 31,
202220212021
Per share data:(1)
Net asset value at beginning of period$16.34 $15.50 $15.50 
Results of operations:
Net investment income0.34 0.31 1.31 
Net realized (loss) gain and net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency(2)(0.20)0.57 0.79 
Net increase in net assets resulting from operations(2)0.14 0.88 2.10 
Shareholder distributions:
Distributions from net investment income(0.28)(0.26)(1.26)
Net decrease in net assets resulting from shareholders' distributions(0.28)(0.26)(1.26)
Capital share transactions:
Issuance of common stock above net asset value(3)— — — 
Repurchases of common stock(4)— — — 
Net increase in net assets resulting from capital share transactions— — — 
Net asset value at end of period$16.20 $16.12 $16.34 
Shares of common stock outstanding at end of period(5)56,958,440 56,649,901 56,958,440 
Total investment return-net asset value(6)1.01 %5.73 %14.43 %
Total investment return-market value(7)15.38 %— 3.87 %
Net assets at beginning of period$930,512 $878,256 $878,256 
Net assets at end of period$922,453 $912,942 $930,512 
Average net assets$931,165 $891,806 $918,824 
Ratio/Supplemental data:
Ratio of net investment income to average net assets2.09 %1.97 %8.09 %
Ratio of gross operating expenses to average net assets(8)2.38 %2.10 %9.04 %
Ratio of net operating expenses to average net assets2.38 %2.10 %9.04 %
Portfolio turnover rate(9)3.60 %12.20 %52.04 %
Total amount of senior securities outstanding$875,000 $725,000 $830,000 
Asset coverage ratio(10)2.05 2.26 2.12 
(1)The per share data for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021 was derived by using the weighted average shares of common stock outstanding during each period. The share information utilized to determine per share data in this table has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.
(2)The amount shown for net realized (loss) gain and net change in unrealized (depreciation) appreciation on investments 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 increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
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  Nine Months Ended
September 30,
  2017 2016
Per share data:(1)    
Net asset value at beginning of period $9.11
 $8.71
Results of operations:    
Net investment income(2) 0.52
 0.30
Net realized gain and net change in unrealized appreciation on investments(3) 0.06
 0.17
Net realized gain and net change in unrealized appreciation on total return swap 0.01
 0.39
Net increase in net assets resulting from operations(3) 0.59
 0.86
Shareholder distributions:    
Distributions from net investment income (0.50) (0.30)
Distributions from net realized gains (0.05) (0.25)
Net decrease in net assets from shareholders' distributions (0.55) (0.55)
Capital share transactions:    
Issuance of common stock above net asset value(4) —
 —
Repurchases of common stock(5) —
 —
Net increase in net assets resulting from capital share transactions —
 —
Net asset value at end of period $9.15
 $9.02
Shares of common stock outstanding at end of period 114,440,741
 107,920,075
Total investment return-net asset value(6) 6.68% 10.25%
Net assets at beginning of period $999,763
 $904,326
Net assets at end of period $1,047,187
 $973,191
Average net assets $1,020,019
 $922,031
Ratio/Supplemental data:    
Ratio of net investment income to average net assets(7) 5.69% 3.47%
Ratio of gross operating expenses to average net assets(8) 4.28% 2.37%
Ratio of expenses (before recoupment of expense support) to average net assets(9) 4.28% 2.30%
Ratio of net expense recoupments to average net assets(10) —
 0.07%
Ratio of net operating expenses to average net assets 4.28% 2.37%
Portfolio turnover rate(11) 46.07% 20.04%
Asset coverage ratio(12) 2.66
 2.85
(1)The per share data for the nine months ended September 30, 2017 and 2016 was derived by using the weighted average shares of common stock outstanding during each period.
(2)Net investment income per share includes expense support recoupments to CIG of $0.01 per share for the nine months ended September 30, 2016.
(3)The amount shown for net realized gain and net change in unrealized appreciation on investments 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 increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
(4)The continuous issuance of shares of common stock may cause an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date. The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the nine months ended September 30, 2017 and 2016.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
September 30, 2017March 31, 2022
(in thousands, except share and per share amounts)

(5)Repurchases of common stock may cause an incremental decrease in net asset value per share due to the repurchase of shares at a price in excess of net asset value per share on each repurchase date. The per share impact of repurchases of common stock was a decrease to net asset value of less than $0.01 per share during the nine months ended September 30, 2017 and 2016.
(6)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 monthly 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 monthly cash 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.
(7)Excluding the impact of the recoupment of expense support by CIG during the period, the ratio of net investment income to average net assets would have been 5.69% and 3.54% for the nine months ended September 30, 2017 and 2016, respectively.
(8)Ratio of gross operating expenses to average net assets does not include expense support provided by CIG and/or AIM, if any.
(9)The ratio of gross expense recoupments to CIG to average net assets for the nine months ended September 30, 2017 and 2016 was 0.00% and (0.07%), respectively.
(10)In order to record an obligation to reimburse CIG for expense support provided, the ratio of gross operating expenses to average net assets, when considering the recoupment, in the period in which recoupment is sought, cannot exceed the ratio of gross operating expenses to average net assets for the period when the expense support was provided. For purposes of this calculation, gross operating expenses include all expenses borne by the Company, except for offering and organizational costs, base management fees, incentive fees, administrative services expenses, other general and administrative expenses owed to CIM and its affiliates and interest expense. For the nine months ended September 30, 2017 and 2016, the ratio of gross operating expenses to average net assets, when considering recoupment of expense support to CIG, if any, was 0.46% and 0.43%, respectively.
(11)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, and is not annualized.
(12)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. For purposes of the asset coverage ratio test applicable to the Company as a BDC, the Company treated the outstanding TRS notional amount at the end of the period, less the total amount of cash collateral posted by Flatiron under the TRS, as senior securities. 

(3)The continuous issuance of shares of common stock may have caused an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date. The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the three months ended March 31, 2021 and the year ended December 31, 2021. The Company's follow-on continuous public offering ended on January 25, 2019.
(4)Repurchases of common stock may have caused an incremental decrease in net asset value per share due to the repurchase of shares at a price in excess of net asset value per share on each repurchase date. The per share impact of repurchases of common stock was a decrease to net asset value of less than $0.01 per share during the three months ended March 31, 2021 and the year ended December 31, 2021.
(5)Shares of common stock outstanding has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.
(6)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.
(7)Total investment return-market value for the three months ended March 31, 2022 was calculated by taking the change in the market price of the Company's common stock since the Company’s Listing on October 5, 2021, and including the impact of distributions reinvested in accordance with the Company’s New 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.
(8)Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any.
(9)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, and is not annualized.
(10)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.
Note 14. Subsequent Event
2022 More Term Loan
On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the More Term Loan Agreement, with More Provident Funds and Pension Ltd., or More Provident, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $50,000, or the 2022 More Term Loan. On April 27, 2022, the Company drew down $50,000 of borrowings under the 2022 More 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.
Advances under the 2022 More 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 More 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 More 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%.
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CĪON Investment Corporation
Notes to Consolidated Financial Statements(unaudited)
March 31, 2022
(in thousands, except share and per share amounts)
Advances under the 2022 More 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 More 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 Investment Company Act of 1940, as amended, (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 More 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.
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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, 2016.2021. 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. In addition, all share and per share amounts have been retroactively adjusted to reflect the Reverse Stock Split discussed below and in Note 3 to our consolidated financial statements included in this report.
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 may includeinvolve numerous risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;companies, including our and their ability to achieve our respective objectives as a result of COVID-19;
•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 Apollo and their respectiveits affiliates;
•the ability of CIM and AIMCIM'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 AIM and their respectiveits 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;invest, including COVID-19 and the related economic disruptions caused thereby;
•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; and
•the timing and amount of distributions and dividends from the companies in which we invest.
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In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking 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; and
•future changes in laws or regulations and conditions in our operating areas.areas;
•the price at which shares of our common stock 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 Apollo.its affiliates. We are an externally managed, non-diversified 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, including corporate bonds and long-term subordinated loans, referred to as mezzanine loans, and equity, of private and thinly tradedthinly-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 minorityequity interests in the form of common or preferred equitystock 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, shares of our 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.
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. We and CIM previously engaged AIM to act as our investment sub-adviser. On November 1, 2017,April 5, 2021, our board of directors, including a majority of directors who are not interested persons, approved the renewal of theamended and restated investment advisory agreement with CIM for a period of twelvetwenty four months, commencing December 17, 2017. On November 1, 2016,which was subsequently approved by shareholders on August 9, 2021 (as described in further detail below). We and CIM previously engaged AIM to act as our board of directors, including a majority of directors who are not interested persons, approved the renewal of the investment sub-advisory agreement with AIM for a period of twelve months commencing December 17, 2016.sub-adviser.
On July 11, 2017, the members of CIM entered into the Third Amended CIM LLC Agreement with AIM 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, will shareshares 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 will ultimately resultresults 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, 2017.2017, 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 identicalcertain services for CIM and us, including, without limitation, identifying investment opportunities for approval by CIM.us. AIM willis not be paid a separate fee in exchange for such services, but will beis entitled to receive distributions as a member of CIM as described above.
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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 personnel.
The amended and restated investment advisory agreement was approved by shareholders on August 9, 2021 at our reconvened 2021 annual meeting of shareholders. As a result, on August 10, 2021, we 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 us to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of our net assets rather than adjusted capital.
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). Also, a complete description of the second amended and restated investment advisory agreement is set forth in Proposal No. 3 in our definitive proxy statement filed on May 13, 2021.

On September 21, 2021, we effected a two to one reverse split of our shares of common stock under which every two shares of our common stock issued and outstanding were automatically combined into one share of our common stock, with the number of issued and outstanding shares reduced from 113,916,869 to 56,958,440. The Reverse Stock Split Amendment also provided that there was no change in the par value of $0.001 per share as a result of the Reverse Stock Split. The Reverse Stock Split did not modify the rights or preferences of our common stock.
We seek to meet our investment objective by utilizing the experienced management teamsteam of both CIM, and AIM, which includes theirits access to the relationships and human capital of Apollo, CIG and ICON Capital,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 $50$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 or diligence 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 advisorymanagement fees and subordinated incentive fees on income under the investment advisory agreement and interest expense on our financing arrangements. Our investment advisory fee compensatesfees 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
First Amendment to the Third Amended JPM Credit Facility
On March 28, 2022, 34th Street entered into 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 bear 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%. 34th Street incurred certain customary costs and expenses in connection with the JPM First Amendment. No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.
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2022 More Term Loan
On April 27, 2022, we entered into the More Term Loan Agreement with More Provident, which provided for an unsecured term loan to us in an aggregate principal amount of $50,000. On April 27, 2022, we drew down $50,000 of borrowings under the 2022 More Term Loan. After the deduction of fees and other financing expenses, we received net borrowings of approximately $49,000, which we used for working capital and other general corporate purposes.
Advances under the 2022 More 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 More Term Loan mature on April 27, 2027. We have the right to, at our 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 us 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 More 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 More Term Loan are our general unsecured obligations that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) 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 our subsidiaries, financing vehicles or similar facilities.
The More Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of our status as a BDC within the meaning of the Investment Company Act of 1940, as amended, (iii) minimum shareholders’ equity of 60% of our 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 us 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 us 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 us for purposes of the ratio. In addition, the More 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 our other indebtedness or derivative securities in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy.

COVID-19
The rapid spread of COVID-19, and associated impacts on the U.S. and global economies and the financial and credit markets, initially had negatively impacted, and may again negatively impact, our business operations and the business operations of some of our portfolio companies. We cannot at this time fully predict the impact of COVID-19, including new variants, such as Delta and Omicron, on our business or the business of our portfolio companies, its duration or magnitude or the extent to which it will negatively impact our portfolio companies’ operating results or our own results of operations or financial condition, including, without limitation, our ability to pay distributions to our shareholders. We expect that certain of our portfolio companies will continue to experience economic distress for the foreseeable future and may significantly limit business operations if subjected to prolonged economic distress. These developments could result in a decrease in the value of certain of our investments.
COVID-19 initially had adverse effects on our investment income and may again have adverse effects in the future. These adverse effects may require us to restructure certain of our investments, which could result in reductions to our investment income or in impairments on our investments. In addition, disruptions in the capital markets have resulted in illiquidity in certain market areas. These market disruptions and illiquidity initially had an adverse effect on our business, financial condition, results of operations and cash flows. These events initially limited our investment originations, which may occur again in the future, and may also have a material negative impact on our operating results.
We will continue to carefully monitor the impact of COVID-19 on our business and the business of our portfolio companies. Because the full effects of COVID-19 are not capable of being known at this time, we cannot estimate the impacts of COVID-19 on our future financial condition, results of operations or cash flows, including its effects on us with respect to our compliance with covenants in our financing arrangements with lenders.
61

Portfolio Investment Activity for the Three Months Ended September 30, 2017March 31, 2022 and 20162021 and the Year Ended December 31, 2021
The following table summarizes our investment activity, excluding short term investments and PIK securities, for the three months ended September 30, 2017March 31, 2022 and 2016:2021 and the year ended December 31, 2021:
 Three Months Ended
September 30,
 2017 2016Three Months Ended
March 31,		Year Ended
December 31,
Net Investment Activity Investment Portfolio Total Return Swap Total Investment Portfolio Total Return Swap TotalNet Investment Activity202220212021
Purchases and drawdowns 
 
 
 
 
 
Purchases and drawdowns
Senior secured first lien debt $215,196
 $—
 $215,196
 $255,919
 $211
 $256,130
 Senior secured first lien debt$136,698 $181,990 $868,031 
Senior secured second lien debt 61,464
 —
 61,464
 40,108
 —
 40,108
Unsecured debt 7,331
 —
 7,331
 —
 —
 —
 Unsecured debt— — 20,000 
Equity 853
 —
 853
 5,540
 —
 5,540
 Equity1,125 1,644 32,008 
Sales and principal repayments (274,648) —
 (274,648) (41,599) (245,657) (287,256)Sales and principal repayments(61,031)(189,274)(827,958)
Net portfolio activity $10,196
 $—
 $10,196
 $259,968
 $(245,446) $14,522
Net portfolio activity$76,792 $(5,640)$92,081 
The following table summarizestables summarize the composition of our investment portfolio at amortized cost and fair value as of September 30, 2017:March 31, 2022 and December 31, 2021:
March 31, 2022
Investments Cost(1)Investments Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,648,172 $1,597,364 91.8 %
Senior secured second lien debt55,547 36,875 2.1 %
Collateralized securities and structured products - equity3,695 2,632 0.2 %
Unsecured debt27,404 27,280 1.6 %
Equity54,504 75,383 4.3 %
Subtotal/total percentage1,789,322 1,739,534 100.0 %
Short term investments(2)15,763 15,763 
Total investments$1,805,085 $1,755,297 
Number of portfolio companies115 
Average annual EBITDA of portfolio companies$48.9 million
Median annual EBITDA of portfolio companies$32.8 million
Purchased at a weighted average price of par98.06 %
Gross annual portfolio yield based upon the purchase price(3)8.64 %
  September 30, 2017
  Investments Cost(1) 
Investments Fair
Value
 
Percentage of
Investment
Portfolio
Senior secured first lien debt $1,069,271
 $1,079,520
 69.6%
Senior secured second lien debt 404,788
 402,459
 26.0%
Collateralized securities and structured products - debt 28,818
 28,284
 1.8%
Collateralized securities and structured products - equity 31,537
 29,588
 1.9%
Unsecured debt 7,333
 7,331
 0.5%
Equity 5,857
 3,863
 0.2%
Subtotal/total percentage 1,547,604
 1,551,045
 100.0%
Short term investments(2) 140,810
 140,810
  
Total investments $1,688,414
 $1,691,855
  
Number of portfolio companies   161
Average annual EBITDA of portfolio companies $82.9 million 
Median annual EBITDA of portfolio companies $49.0 million 
Purchased at a weighted average price of par     95.95%
Gross annual portfolio yield based upon the purchase price(3)     9.15%
(1)(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 at amortized cost for debt investments and fair valuecost 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 underlying TRS loans portfolio at notional amountexpenses and fair value asall sales commissions and dealer manager fees and does not consider the cost of December 31, 2016:leverage.
62

December 31, 2016
Investment Portfolio Total Return Swap TotalDecember 31, 2021
Investments Cost(1) 
Investments Fair
Value
 
Percentage of
Investment
Portfolio
 Notional Amount of Underlying TRS Loans Fair Value of Underlying TRS Loans Percentage of Underlying TRS Loans Cost/Notional Amount(1) Fair Value PercentageInvestments Cost(1)Investments Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$489,904
 $489,913
 48.1% $351,747
 $341,194
 86.9% $841,651
 $831,107
 58.9%Senior secured first lien debt$1,564,891 $1,526,989 91.6 %
Senior secured second lien debt437,240
 434,347
 42.6% 56,100
 51,251
 13.1% 493,340
 485,598
 34.4%Senior secured second lien debt55,455 38,583 2.3 %
Collateralized securities and structured products - debt39,471
 38,114
 3.7% —
 —
 —
 39,471
 38,114
 2.7%
Collateralized securities and structured products - equity37,713
 34,648
 3.4% —
 —
 —
 37,713
 34,648
 2.5%Collateralized securities and structured products - equity3,885 2,998 0.2 %
Unsecured debt17,290
 16,851
 1.7% —
 —
 —
 17,290
 16,851
 1.1%Unsecured debt26,777 26,616 1.6 %
Equity4,832
 5,107
 0.5% —
 —
 —
 4,832
 5,107
 0.4%Equity53,379 70,936 4.3 %
Subtotal/total percentage1,026,450
 1,018,980
 100.0% 407,847
 392,445
 100.0% 1,434,297
 1,411,425
 100.0%Subtotal/total percentage1,704,387 1,666,122 100.0 %
Short term investments(2)70,498
 70,498
  
 —
 —
  
 70,498
 70,498
  
Short term investments(2)87,917 87,917  
Total investments$1,096,948
 $1,089,478
   $407,847
 $392,445
   $1,504,795
 $1,481,923
  Total investments$1,792,304 $1,754,039 
Number of portfolio companiesNumber of portfolio companies  
 103
     49
     141(3)
Number of portfolio companies 113 
Average annual EBITDA of portfolio companiesAverage annual EBITDA of portfolio companies $49.9 million    $200.7 million    $94.7 million Average annual EBITDA of portfolio companies$50.4 million
Median annual EBITDA of portfolio companiesMedian annual EBITDA of portfolio companies $42.7 million    $66.0 million    $50.4 million Median annual EBITDA of portfolio companies$36.3 million
Purchased at a weighted average price of parPurchased at a weighted average price of par 95.87%     98.96%     96.73%Purchased at a weighted average price of par98.13 %
Gross annual portfolio yield based upon the purchase price(4) 9.99%     6.73%     9.07%
Gross annual portfolio yield based upon the purchase price(3)Gross annual portfolio yield based upon the purchase price(3)8.62 %
(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 sum of investment portfolio and TRS portfolio companies does not equal the total number of portfolio companies. This is due to 11 portfolio companies being in both the investment and TRS portfolios.
(4)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.
(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 September 30, 2017,March 31, 2022 and December 31, 2021, excluding short term investments of $140,810:$15,763 and $87,917, respectively:
March 31, 2022December 31, 2021
Interest Rate AllocationInvestments CostInvestments Fair ValuePercentage of
Investment
Portfolio		Investments CostInvestments Fair ValuePercentage of
Investment
Portfolio
Floating interest rate investments$1,539,482 $1,474,698 84.8 %$1,454,429 $1,403,097 84.2 %
Fixed interest rate investments175,308 170,264 9.8 %176,326 172,162 10.3 %
Non-income producing investments50,970 71,863 4.1 %49,845 67,532 4.1 %
Other income producing investments23,562 22,709 1.3 %23,787 23,331 1.4 %
Total investments$1,789,322 $1,739,534 100.0 %$1,704,387 $1,666,122 100.0 %
63
  September 30, 2017
Interest Rate Allocation Investments Cost 
Investments Fair
Value
 
Percentage of
Investment
Portfolio
Floating interest rate investments $1,444,100
 $1,446,737
 93.3%
Fixed interest rate investments 66,474
 71,233
 4.6%
Other income producing investments 31,537
 29,588
 1.9%
Non-income producing equity 5,493
 3,487
 0.2%
Total investments $1,547,604
 $1,551,045
 100.0%


The following table summarizes the composition of our investment portfolio and our underlying TRS loans portfolio by the type of interest rate as of December 31, 2016, excluding short term investments of $70,498:

  December 31, 2016
  Investment Portfolio Total Return Swap Total
Interest Rate Allocation Investments Cost 
Investments Fair
Value
 
Percentage of
Investment
Portfolio
 Notional Amount of Underlying TRS Loans Fair Value of Underlying TRS Loans Percentage of Underlying TRS Loans Cost/Notional Amount Fair Value Percentage
Floating interest rate investments $936,846
 $931,214
 91.4% $407,847
 $392,445
 100.0% $1,344,693
 $1,323,659
 93.8%
Fixed interest rate investments 47,059
 48,011
 4.7% —
 —
 —
 47,059
 48,011
 3.4%
Other income producing investments 37,713
 34,648
 3.4% —
 —
 —
 37,713
 34,648
 2.4%
Non-income producing equity 4,832
 5,107
 0.5% —
 —
 —
 4,832
 5,107
 0.4%
Total investments $1,026,450
 $1,018,980
 100.0% $407,847
 $392,445
 100.0% $1,434,297
 $1,411,425
 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 September 30, 2017:
  September 30, 2017
Industry Classification 
Investments at
Fair Value
 
Percentage of
Investment Portfolio
High Tech Industries $229,022
 14.8%
Healthcare & Pharmaceuticals 222,843
 14.4%
Services: Business 209,615
 13.5%
Media: Diversified & Production 116,013
 7.5%
Chemicals, Plastics & Rubber 89,142
 5.8%
Telecommunications 72,967
 4.7%
Services: Consumer 64,137
 4.1%
Media: Advertising, Printing & Publishing 61,147
 3.9%
Consumer Goods: Durable 60,992
 3.9%
Diversified Financials 57,872
 3.7%
Beverage, Food & Tobacco 54,846
 3.5%
Capital Equipment 51,899
 3.3%
Hotel, Gaming & Leisure 45,990
 3.0%
Automotive 40,347
 2.6%
Retail 32,052
 2.1%
Aerospace & Defense 28,811
 1.9%
Banking, Finance, Insurance & Real Estate 27,296
 1.8%
Energy: Oil & Gas 25,904
 1.7%
Consumer Goods: Non-Durable 16,056
 1.0%
Construction & Building 16,048
 1.0%
Transportation: Cargo 9,844
 0.6%
Media: Broadcasting & Subscription 6,450
 0.4%
Forest Products & Paper 5,598
 0.4%
Metals & Mining 3,341
 0.2%
Environmental Industries 2,813
 0.2%
Subtotal/total percentage 1,551,045
 100.0%
Short term investments 140,810
  
Total investments $1,691,855
  


The following table shows the composition of our investment portfolioMarch 31, 2022 and our underlying TRS loans portfolio by industry classification and the percentage, by fair value, of the total assets in such industries as of December 31, 2016:2021:
  December 31, 2016
  Investment Portfolio Total Return Swap Total
Industry Classification Investments Fair Value 
Percentage of
Investment Portfolio
 
Fair Value of
Underlying
TRS Loans
 
Percentage of
Underlying
TRS Loans
 Fair Value Percentage
High Tech Industries $217,339
 21.3% $45,351
 11.6% $262,690
 18.6%
Services: Business 126,869
 12.5% 66,733
 17.0% 193,602
 13.7%
Healthcare & Pharmaceuticals 118,337
 11.6% 70,176
 17.9% 188,513
 13.4%
Diversified Financials 72,762
 7.1% —
 —
 72,762
 5.2%
Media: Advertising, Printing & Publishing 54,354
 5.3% 7,328
 1.9% 61,682
 4.4%
Beverage, Food & Tobacco 53,658
 5.3% —
 —
 53,658
 3.8%
Construction & Building 39,137
 3.8% 14,269
 3.6% 53,406
 3.8%
Chemicals, Plastics & Rubber 27,253
 2.7% 25,701
 6.5% 52,954
 3.7%
Capital Equipment 51,155
 5.0% —
 —
 51,155
 3.6%
Hotel, Gaming & Leisure 28,974
 2.8% 21,071
 5.4% 50,045
 3.5%
Retail 18,852
 1.9% 30,801
 7.8% 49,653
 3.5%
Telecommunications 35,411
 3.5% 13,775
 3.5% 49,186
 3.5%
Automotive 39,192
 3.9% —
 —
 39,192
 2.8%
Services: Consumer 9,477
 0.9% 26,278
 6.7% 35,755
 2.5%
Media: Diversified & Production 23,100
 2.3% 7,277
 1.8% 30,377
 2.1%
Banking, Finance, Insurance & Real Estate 17,636
 1.7% 11,547
 2.9% 29,183
 2.1%
Aerospace & Defense 21,780
 2.1% 5,564
 1.4% 27,344
 1.9%
Media: Broadcasting & Subscription 9,776
 1.0% 10,013
 2.6% 19,789
 1.4%
Energy: Oil & Gas 12,803
 1.3% 4,570
 1.2% 17,373
 1.2%
Consumer Goods: Durable 1,000
 0.1% 15,942
 4.1% 16,942
 1.2%
Metals & Mining 11,349
 1.1% 3,528
 0.9% 14,877
 1.1%
Energy: Electricity 13,715
 1.3% —
 —
 13,715
 1.0%
Forest Products & Paper —
 —
 12,521
 3.2% 12,521
 0.9%
Consumer Goods: Non-Durable 8,611
 0.8% —
 —
 8,611
 0.6%
Containers, Packaging & Glass 3,845
 0.4% —
 —
 3,845
 0.3%
Environmental Industries 2,595
 0.3% —
 —
 2,595
 0.2%
Subtotal/total percentage 1,018,980
 100.0% 392,445
 100.0% 1,411,425
 100.0%
Short term investments 70,498
   —
   70,498
  
Total investments $1,089,478
   $392,445
   $1,481,923
  
We do not “control” and are not an “affiliate” of any of our portfolio companies, each as defined in the 1940 Act. In general, under the 1940 Act, we would be presumed to “control” a portfolio company or issuer if we owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company or issuer if we owned 5% or more of its voting securities.
March 31, 2022December 31, 2021
Industry ClassificationInvestments Fair ValuePercentage of
Investment Portfolio		Investments Fair ValuePercentage of
Investment Portfolio
Services: Business$320,042 18.4 %$240,316 14.4 %
Healthcare & Pharmaceuticals244,993 14.1 %250,049 15.0 %
Media: Diversified & Production134,373 7.7 %139,399 8.4 %
Services: Consumer121,488 7.0 %119,365 7.2 %
Chemicals, Plastics & Rubber107,079 6.2 %109,860 6.6 %
Diversified Financials101,597 5.8 %101,032 6.1 %
High Tech Industries84,764 4.9 %65,544 3.9 %
Capital Equipment83,305 4.8 %82,795 5.0 %
Media: Advertising, Printing & Publishing81,747 4.7 %94,610 5.7 %
Consumer Goods: Durable57,098 3.3 %58,124 3.5 %
Retail57,066 3.3 %56,726 3.4 %
Hotel, Gaming & Leisure51,909 3.0 %50,855 3.0 %
Beverage, Food & Tobacco47,319 2.7 %49,054 2.9 %
Banking, Finance, Insurance & Real Estate40,233 2.3 %40,634 2.4 %
Aerospace & Defense38,484 2.2 %38,279 2.3 %
Energy: Oil & Gas37,073 2.1 %32,164 1.9 %
Consumer Goods: Non-Durable36,984 2.1 %45,682 2.7 %
Construction & Building27,270 1.6 %27,585 1.7 %
Telecommunications24,710 1.4 %24,649 1.5 %
Automotive17,851 1.0 %14,367 0.9 %
Transportation: Cargo13,141 0.8 %14,106 0.8 %
Metals & Mining11,008 0.6 %10,927 0.7 %
Subtotal/total percentage1,739,534 100.0 %1,666,122 100.0 %
Short term investments15,763  87,917 
Total investments$1,755,297 $1,754,039 
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 September 30, 2017March 31, 2022 and December 31, 2016,2021, ourunfunded commitments amounted to$75,833 and $25,096, respectively. As of November 9, 2017, our unfunded commitments amounted to $83,077.$95,995 and $107,247, respectively. As of May 5, 2022, our unfunded commitments amounted to $105,147. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. For additional informationRefer to the section “Commitments and Contingencies” for further details on our unfunded commitments, refer to Note 11 to our consolidated financial statements included in this report.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.
64


The following is a description of the conditions associated with each investment rating used in this ratings system:
Investment RatingDescription
1Indicates 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.
2Indicates 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.
3Indicates 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.
4Indicates 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.
5Indicates 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 September 30, 2017,March 31, 2022 and December 31, 2021, excluding short term investments of $140,810:$15,763 and $87,917, respectively:    
  September 30, 2017
Investment Rating 
Investments
Fair Value
 
Percentage of
Investment Portfolio
1 $—
 —
2 1,282,461
 82.7%
3 207,746
 13.4%
4 53,223
 3.4%
5 7,615
 0.5%
  $1,551,045
 100.0%
The following table summarizes the composition of our investment portfolio and our underlying TRS loans portfolio based on the 1 to 5 investment rating scale at fair value as of December 31, 2016, excluding short term investments of $70,498:
 December 31, 2016
 Investment Portfolio Total Return Swap TotalMarch 31, 2022December 31, 2021
Investment Rating 
Investments
Fair Value
 
Percentage of
Investment Portfolio
 Fair Value of Underlying TRS Loans Percentage of Underlying TRS Loans Fair Value PercentageInvestment RatingInvestments
Fair Value		Percentage of
Investment Portfolio		Investments
Fair Value		Percentage of
Investment Portfolio
1 $—
 —
 $—
 —
 $—
 —
1$45,685 2.6 %$47,221 2.8 %
2 963,477
 94.6% 342,620
 87.3% 1,306,097
 92.5%21,499,344 86.2 %1,373,509 82.5 %
3 50,942
 5.0% 34,657
 8.8% 85,599
 6.1%3183,674 10.6 %233,223 14.0 %
4 4,561
 0.4% 12,798
 3.3% 17,359
 1.2%46,952 0.4 %8,201 0.5 %
5 —
 —
 2,370
 0.6% 2,370
 0.2%53,879 0.2 %3,968 0.2 %
 $1,018,980
 100.0% $392,445
 100.0% $1,411,425
 100.0%$1,739,534 100.0 %$1,666,122 100.0 %
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.

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Current Investment Portfolio

AsThe following table summarizes the composition of November 9, 2017, our investment portfolio excluding our shortat fair value as of May 5, 2022:
Investments Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,666,700 92.2 %
Senior secured second lien debt36,875 2.0 %
Collateralized securities and structured products - equity2,631 0.2 %
Unsecured debt26,657 1.5 %
Equity74,241 4.1 %
Subtotal/total percentage1,807,104 100.0 %
Short term investments(2)22,417 
Total investments$1,829,521 
Number of portfolio companies119 
Average annual EBITDA of portfolio companies$45.2 million
Median annual EBITDA of portfolio companies$31.6 million
Purchased at a weighted average price of par98.15 %
Gross annual portfolio yield based upon the purchase price(2)8.83 %
(1)Short term investments consistedrepresent an investment in a fund that invests in highly liquid investments with average original maturity dates of interests in 161 portfolio companies (72% in senior secured first lien debt, 24% in senior secured second lien debt, 1% in collateralized securities and structured products (comprised of 1% invested in rated debt, 1% invested in non-rated debt and 1% invested in non-rated equity of such securities and products), less than 1% in unsecured debt, and less than 1% in equity) with a total fair value of $1,568,392 with an average and median portfolio company annual EBITDA of $90.0 million and $50.0 million, respectively, at initial investment. As of November 9, 2017, investments in our portfolio, excluding our short term investments, were purchased at a weighted average price of 96.15% of par value. Our estimatedthree months or less.
(2)The gross annual portfolio yield was 9.14% based upon the purchase price of such investments. The estimated gross 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. For the quarter ended September 30, 2017, our total investment return-net asset value was 6.68%. Total investment return-net asset valuefees and does not represent and may be higher than an actual investment return to shareholders because it excludes all sales commissions and dealer manager fees. Total investment return-net asset value is a measureconsider the cost of the change in total value for shareholders who held our common stock at the beginning and end of the period, including distributions paid or payable during the period, and is described further in Note 13 of our consolidated financial statements.leverage.
As of November 9, 2017, our only short term investment was an investment in a U.S. Treasury Obligations Fund of $123,448.
Results of Operations for the Three Months Ended September 30, 2017March 31, 2022 and 20162021
Our results of operations for the three months ended September 30, 2017March 31, 2022 and 20162021 were as follows:
 Three Months Ended
September 30,
 2017 2016
Investment income$38,378
 $18,733
Net operating expenses16,976
 8,038
Net investment income21,402
 10,695
Net realized (loss) gain on investments and foreign currency(2,788) 379
Net change in unrealized appreciation on investments1,700
 14,948
Net realized gain on total return swap67
 8,188
Net change in unrealized appreciation on total return swap—
 9,527
Net increase in net assets resulting from operations$20,381
 $43,737
Three Months Ended
March 31,
20222021
Investment income$41,683 $36,303 
Operating expenses and income taxes22,200 18,704 
Net investment income after taxes19,483 17,599 
Net realized loss on investments and foreign currency(69)(4,128)
Net change in unrealized (depreciation) appreciation on investments(11,525)36,243 
Net increase in net assets resulting from operations$7,889 $49,714 
Investment Income
For the three months ended September 30, 2017March 31, 2022 and 2016,2021, we generated investment income of $38,378$41,683 and $18,733,$36,303, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 176112 and 108107 portfolio companies held during each respective period. Our average investment portfolio size, excluding our short term investments, and TRS, increased $703,397,$187,917, from $841,656$1,514,911 for the three months ended September 30, 2016March 31, 2021 to $1,545,053$1,702,828 for the three months ended September 30, 2017, as we deployed the net proceeds from our financing arrangements and the net proceeds from our follow-on continuous public offering, which commenced on January 25, 2016. We expect our investment portfolio to continue to grow due to the anticipated equity available to us for investment from our follow-on continuous public offering and amounts available under our financing arrangements. As a result, we believe that reported investment income for the three months ended September 30, 2017 and 2016 is not representative of our stabilized or future performance. Interest income earned by loans underlying the TRS was not included in investment income in the consolidated statements of operations, but rather it was recorded as part of net realized gain (loss) on total return swap. In lieu of extending the expiration date of the TRS beyond April 18, 2017, we entered into a traditional credit facility with Citibank on March 29, 2017.31, 2022.
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Operating Expenses and Income Taxes
The composition of our operating expenses and income taxes for the three months ended September 30, 2017March 31, 2022 and 20162021 was as follows:
Three Months Ended
March 31,
20222021
Management fees$6,655 $7,783 
Administrative services expense720 684 
Subordinated incentive fee on income4,133 — 
General and administrative2,222 2,678 
Interest expense8,459 7,548 
Income tax expense, including excise tax11 11 
Total operating expenses and income taxes$22,200 $18,704 
 Three Months Ended
September 30,
 2017 2016
Management fees$7,820
 $5,187
Administrative services expense433
 425
General and administrative1,803
 1,892
Interest expense6,920
 534
Total operating expenses16,976
 8,038
Recoupment of expense support from CIG—
 —
Net operating expenses$16,976
 $8,038



DuringThe increase in subordinated incentive fee on income was primarily the three months ended September 30, 2017,result of entering into the increase(i) amended and restated investment advisory agreement in August 2021, which changed the calculation of the subordinated incentive fee to express the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of our net assets rather than adjusted capital, and (ii) the second amended and restated investment advisory agreement in October 2021, which reduced the hurdle rate applicable to the subordinated incentive fee. The decrease in management fees was a direct result ofalso primarily due to entering into the increasesecond amended and restated investment advisory agreement in our total assets less cash and cash equivalents, whileOctober 2021, which reduced the annual rate from 2.0% to 1.5%. The increase in interest expense was primarily the result of entering into new financing arrangements.

higher average borrowings during the three months ended March 31, 2022 compared to the three months ended March 31, 2021.
The composition of our general and administrative expenses for the three months ended September 30, 2017March 31, 2022 and 20162021 was as follows:
Three Months Ended
March 31,
20222021
Professional fees$633 $1,265 
Dues and subscriptions535 169 
Transfer agent expense291 422 
Insurance expense251 132 
Valuation expense179 252 
Accounting and administrative costs157 237 
Director fees and expenses154 103 
Printing and marketing expense5 44 
Other expenses17 54 
Total general and administrative expense$2,222 $2,678 
 Three Months Ended
September 30,
 2017 2016
Valuation expense$463
 $125
Transfer agent expense321
 307
Dues and subscriptions223
 177
Professional fees147
 680
Director fees and expenses125
 69
Insurance expense102
 105
Due diligence fees87
 120
Printing and other related costs59
 177
Other expenses276
 132
Total general and administrative expense$1,803
 $1,892

Expense Support and Recoupment of Expense Support

For the three months ended September 30, 2017 and 2016, CIG and AIM did not provide any expense support or recoup any previously provided expense support. 
Net Investment Income After Taxes

Our net investment income after taxes totaled $21,402$19,483 and $10,695$17,599 for the three months ended September 30, 2017March 31, 2022 and 2016,2021, respectively. The increase in netour investment income after taxes during the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 was partially offset by an increase in our operating expenses during the same period, which was driven primarily due toby an increase in the size of our investment portfolio relative to our expenses as we continued to achieve economies of scale due to proceeds received from our follow-on continuous public offering and our financing arrangements.subordinated incentive fee on income.
Net Realized (Loss) GainLoss on Investments and Foreign Currency
Our net realized (loss) gainloss on investments and foreign currency totaled ($2,788)$(69) and $379$(4,128) for the three months ended September 30, 2017March 31, 2022 and 2016, respectively. This change2021, respectively, which was mainly due todriven primarily by realized losses realized on the liquidation of our investments in certain investments, which were partially offset by an increase in sales and principal repayment activityportfolio companies during the three months ended September 30, 2017 compared to the three months ended September 30, 2016. During the three months ended September 30, 2017, we received sale proceeds of $131,279 and principal repayments of $143,369, resulting in net realized losses of ($2,800). During the three months ended September 30, 2016, we received sale proceeds of $2,047 and principal repayments of $39,552, resulting in net realized gains of $379.March 31, 2021.
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Net Change in Unrealized (Depreciation) Appreciation on Investments
The net change in unrealized (depreciation) appreciation on our investments totaled $1,700$(11,525) and $14,948$36,243 for the three months ended September 30, 2017March 31, 2022 and 2016,2021, respectively. This change was driven primarily by a greater degreewidening credit spreads and decreased multiples in equity markets as well as the underperformance of credit spread tightening for middle market loanscertain portfolio companies during the three months ended September 30, 2016March 31, 2022 that negatively impacted the fair value of certain of our investments, as compared to tightening credit spreads and increased multiples in equity markets during the three months ended September 30, 2017March 31, 2021 that positively impacted the fair value of certain investments.

Net Realized Gain on TRS
Our net realized gain on the TRS totaled $67 and $8,188 for the three months ended September 30, 2017 and 2016, respectively. The components of net realized gain on the TRS are summarized below:
 Three Months Ended
September 30,
 2017 2016
Interest and other income from TRS portfolio$67
 $9,426
Interest and other expense from TRS portfolio—
 (3,265)
Net gain on TRS loan sales—
 2,027
   Total$67
 $8,188
The net realized gain on TRS decreased primarily due to the sale of a majority of loans underlying the TRS to Flatiron Funding II on March 29, 2017 in connection with the refinancing of the TRS into a new credit facility.


Net Change in Unrealized Appreciation on TRS
The net change in unrealized appreciation on the TRS totaled $0 and $9,527 for the three months ended September 30, 2017 and 2016, respectively. This change was driven primarily by the sale of a majority of loans underlying the TRS to Flatiron Funding II on March 29, 2017 in connection with the refinancing of the TRS into a new credit facility.our investments.
Net Increase in Net Assets Resulting from Operations
For the three months ended September 30, 2017March 31, 2022 and 2016,2021, we recorded a net increase in net assets resulting from operations of $20,381$7,889 and $43,737,$49,714, respectively, as a result of our operating activity for the respective periods.
Results of Operations for the Nine Months Ended September 30, 2017 and 2016
Our results of operations for the nine months ended September 30, 2017 and 2016 were as follows:
 Nine Months Ended
September 30,
 2017 2016
Investment income$101,768
 $53,834
Net operating expenses43,691
 21,834
Net investment income58,077
 32,000
Net realized (loss) gain on investments and foreign currency(4,983) 1,078
Net change in unrealized appreciation on investments11,094
 16,587
Net realized (loss) gain on total return swap(13,789) 23,799
Net change in unrealized appreciation on total return swap15,402
 16,826
Net increase in net assets resulting from operations$65,801
 $90,290
Investment Income
For the nine months ended September 30, 2017 and 2016, we generated investment income of $101,768 and $53,834, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities, structured products, and unsecured debt of 205 and 120 portfolio companies held during each respective period. Our average investment portfolio size, excluding our short term investments and TRS, increased $469,756, from $815,257 for the nine months ended September 30, 2016 to $1,285,013 for the nine months ended September 30, 2017, as we deployed the net proceeds from our financing arrangements and the net proceeds from our follow-on continuous public offering, which commenced on January 25, 2016. We expect our investment portfolio to continue to grow due to the anticipated equity available to us for investment from our follow-on continuous public offering and amounts available under our financing arrangements. As a result, we believe that reported investment income for the nine months ended September 30, 2017 and 2016 is not representative of our stabilized or future performance. Interest income earned by loans underlying the TRS is not included in investment income in the consolidated statements of operations, but rather was recorded as part of net realized gain (loss) on total return swap. In lieu of extending the expiration date of the TRS beyond April 18, 2017, we entered into a traditional credit facility with Citibank on March 29, 2017.

Operating Expenses
The composition of our operating expenses for the nine months ended September 30, 2017 and 2016 was as follows:
 Nine Months Ended
September 30,
 2017 2016
Management fees$21,724
 $14,311
Administrative services expense1,204
 1,151
General and administrative5,220
 4,944
Interest expense15,543
 761
Total operating expenses43,691
 21,167
Recoupment of expense support from CIG—
 667
Net operating expenses$43,691
 $21,834
During the nine months ended September 30, 2017, the increase in management fees was a direct result of the increase in our total assets less cash and cash equivalents, while the increase in interest expense was primarily the result of entering into new financing arrangements.


The composition of our general and administrative expenses for the nine months ended September 30, 2017 and 2016 was as follows:
 Nine Months Ended
September 30,
 2017 2016
Valuation expense$989
 $350
Transfer agent expense947
 926
Professional fees943
 1,284
Dues and subscriptions630
 621
Director fees and expenses327
 207
Insurance expense309
 271
Printing and other related costs291
 520
Due diligence fees145
 401
Other expenses639
 364
Total general and administrative expense$5,220
 $4,944

Expense Support and Recoupment of Expense Support

For the nine months ended September 30, 2017, CIG and AIM did not provide any expense support or recoup any previously provided expense support. For the nine months ended September 30, 2016, CIG recouped $667 of expense support made during the three months ended December 31, 2014 in connection with the expense support and conditional reimbursement agreement. 

Recoupment of such support will be determined as appropriate to meet the objectives of the expense support and conditional reimbursement agreement. As a result, we may or may not be requested to reimburse CIG and AIM for any expense support that may be received from CIG and AIM in the future.
Net Investment Income
Our net investment income totaled $58,077 and $32,000 for the nine months ended September 30, 2017 and 2016, respectively. The increase in net investment income was primarily due to an increase in the size of our investment portfolio relative to our expenses as we continued to achieve economies of scale due to proceeds received from our follow-on continuous public offering and our financing arrangements.
Net Realized (Loss) Gain on Investments and Foreign Currency
Our net realized (loss) gain on investments and foreign currency totaled ($4,983) and $1,078 for the nine months ended September 30, 2017 and 2016, respectively. This change was mainly due to losses realized on certain investments, which were partially offset by an increase in sales and principal repayment activity during the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016. During the nine months ended September 30, 2017, we received sale proceeds of $218,395 and principal repayments of $403,098, resulting in net realized losses of ($5,142). During the nine months ended September 30, 2016, we received sale proceeds of $14,462 and principal repayments of $126,908, resulting in net realized gains of $1,078.

Net Change in Unrealized Appreciation on Investments
The net change in unrealized appreciation on our investments totaled $11,094 and $16,587 for the nine months ended September 30, 2017 and 2016, respectively. This change was driven primarily by a tightening of credit spreads during the nine months ended September 30, 2017 as well as the reversal of unrealized depreciation for certain investments that were realized during the nine months ended September 30, 2017. 
Net Realized (Loss) Gain on TRS
Our net realized (loss) gain on the TRS totaled ($13,789) and $23,799 for the nine months ended September 30, 2017 and 2016, respectively. The components of net realized (loss) gain on the TRS are summarized below:
 Nine Months Ended
September 30,
 2017 2016
Interest and other income from TRS portfolio$6,610
 $32,693
Interest and other expense from TRS portfolio(2,949) (10,307)
Net (loss) gain on TRS loan sales(17,450) 1,413
   Total$(13,789) $23,799


Net Change in Unrealized Appreciation on TRS
The net change in unrealized appreciation on the TRS totaled $15,402 and $16,826 for the nine months ended September 30, 2017 and 2016, respectively. This change was driven primarily by a reversal of unrealized depreciation on the loans underlying the TRS upon the refinancing of the TRS.
Net Increase in Net Assets Resulting from Operations
For the nine months ended September 30, 2017 and 2016, we recorded a net increase in net assets resulting from operations of $65,801 and $90,290, respectively, as a result of our operating activity for the respective periods.
Net Asset Value per Share, Annual Investment Return and Total Return Since Inception
Our net asset value per share was $9.15 and $9.11 on September 30, 2017 and December 31, 2016, respectively. After considering (i) the overall changes in net asset value per share, (ii) paid distributions of approximately $0.5487 per share during the nine months ended September 30, 2017, and (iii) the assumed reinvestment of those distributions in accordance with our distribution reinvestment plan then in effect, the total investment return was 6.68% for the nine month period ended September 30, 2017. Total investment return-net asset value does not represent and may be higher than an actual return to shareholders because it excludes all sales commissions and dealer manager fees. Total investment return-net asset value is a measure of the change in total value for shareholders who held our common stock at the beginning and end of the period, including distributions paid or payable during the period, and is described further in Note 13 to our consolidated financial statements included in this report.
Initial shareholders who subscribed to the offering in December 2012 with an initial investment of $10,000 and an initial purchase price equal to $9.00 per share (public offering price net of sales load) have seen an annualized return of 8.46% and a cumulative total return of 47.58% through September 30, 2017 (see chart below). Initial shareholders who subscribed to the offering in December 2012 with an initial investment of $10,000 and an initial purchase price equal to $10.00 per share (the initial public offering price including sales load) have seen an annualized return of 6.10% and a cumulative total return of 32.82% through September 30, 2017. Over the same time period, the S&P/LSTA Leveraged Loan Index, a primary measure of senior debt covering the U.S. leveraged loan market, which currently consists of approximately 1,000 credit facilities throughout numerous industries, recorded an annualized return of 4.14% and a cumulative total return of 21.45%. In addition, the BofA Merrill Lynch US High Yield Index, a primary measure of short-term US dollar denominated below investment grade corporate debt publicly issued in the US domestic market, recorded an annualized return of 6.01% and a cumulative total return of 32.27% over the same period.
capturea04.jpg
(1) Cumulative performance: December 17, 2012 to September 30, 2017


The calculations for the Growth of $10,000 Initial Investment are based upon (i) an initial investment of $10,000 in our common stock at the beginning of the period, at a share price of $10.00 per share (including sales load) and $9.00 per share (excluding sales load), (ii) assumes reinvestment of monthly distributions in accordance with our distribution reinvestment plan then in effect, (iii) the sale of the entire investment position at the net asset value per share on the last day of the period, and (iv) the distributions declared and payable to shareholders, if any, on the last day of the period.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds from our follow-on continuous public offering and 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 but in no event will leverage employed exceed 50% of the value of our total assets, as required byand pursuant to the 1940 Act. 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. At our Special Meeting of Shareholders on December 30, 2021, shareholders approved a proposal to reduce our asset coverage ratio to 150%. As a result, commencing on December 31, 2021, we are required to maintain asset coverage for our senior securities of 150% (i.e., $2 of debt outstanding for each $1 of equity) rather than 200% (i.e., $1 of debt outstanding for each $1 of equity), which allows us to increase the maximum amount of leverage that we are permitted to incur.

On July 30, 2021, our board of directors, including the independent directors, determined to suspend our pre-Listing share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing. The pre-Listing share repurchase program terminated upon the Listing on October 5, 2021.

On August 9, 2021, our shareholders approved a proposal that authorizes us to issue shares of our common stock at prices below the then current NAV per share of our common stock in one or more offerings for a 12-month period following such shareholder approval. As of the date of this report, we have not issued any shares at prices below our NAV per share pursuant to this authorization.

On September 15, 2021, our co-chief executive officers changed the timing of declaring and paying regular distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021. On March 8, 2022, our co-chief executive officers declared a regular quarterly distribution of $0.28 per share for the second quarter of 2022 payable on June 8, 2022 to shareholders of record as of June 1, 2022. 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 regular distributions on a quarterly basis. Regular and 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. 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.

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. 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 are engaged in a follow-on continuous public offeringexpected to 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. Our initial continuous public offering commenced

As part of the share repurchase policy, we intend to enter into a trading plan in the near future adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on July 2, 2012 and ended on December 31, 2015. Our follow-on continuous public offering commenced on January 25, 2016historical trading data with respect to our shares. The 10b5-1 trading plan would permit 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 will be administered by an independent broker and will continue until no later than January 25, 2019. We accept subscriptions onbe subject to price, market volume and timing restrictions. Since we have not yet entered into a continuous basis and issue shares at weekly closings at prices that, after deducting selling commissions and dealer manager fees, are at or above our net asset value per share.
We will sell our shares on a continuous basis at our latest public offering price of $9.70 per share; however,10b5-1 trading plan, during the period from September 15, 2021 to the extent that our net asset value fluctuates,May 5, 2022, we will sell at a price necessary to ensure that shares are sold at a price, after deduction of selling commissions and dealer manager fees, that is above and within 2.5% of net asset value per share.
Since commencing our initial continuous public offering on July 2, 2012 and through September 30, 2017, we sold 114,440,741did not repurchase any shares of common stock for net proceeds of $1,162,041 at an average price per share of $10.15. The net proceeds include gross proceeds received from reinvested shareholder distributions of $114,174, for which we issued 12,532,914 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $55,581, for which we repurchased 6,143,717 shares of common stock. Since commencing our initial continuous public offering on July 2, 2012 and through September 30, 2017, sales commissions and dealer manager fees relatedpursuant to the saleshare repurchase policy.
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As further described in Note 1 and Note 4 to our consolidated financial statements included in this report, the second amended and restated investment advisory agreement (i) reduced the annual base management fees payable by us to CIM and (ii) amended the way the subordinated incentive fee on income and the capital gains incentive fee is payable by us to CIM by reducing the hurdle and incentive fee rates and expressing the hurdle rate as a percentage of our common stocknet assets rather than our adjusted capital. These changes were $64,186effective upon the Listing on October 5, 2021, except for the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and $31,776, respectively.be paid, the incentive fee as a percentage of our net assets rather than adjusted capital, which was effective on August 10, 2021. These changes, in the aggregate, may lead to the payment of higher advisory fees to CIM depending upon our performance.

As of November 8, 2017, we sold 114,398,359 shares of common stock for net proceeds of $1,161,927 at an average price per share of $10.16. The net proceeds include gross proceeds received from reinvested shareholder distributions of $117,998, for which we issued 12,950,612 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $65,821, for which we repurchased 7,261,847 shares of common stock. Since commencing our initial continuous public offering on July 2, 2012 and through November 8, 2017, sales commissions and dealer manager fees related to the sale of our common stock were $64,317 and $31,878, respectively.
The net proceeds from our follow-on continuous public offering will be invested primarily in cash, cash equivalents, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less prior to being invested in debt securities of private U.S. middle-market companies.
As of September 30, 2017March 31, 2022 and December 31, 2016,2021, we had $140,810$15,763 and $70,498$87,917 in short term investments, respectively, invested in a fund that primarily invests in U.S. government securities.

CitibankJPM Credit Facility

As of September 30, 2017March 31, 2022 and November 9, 2017,May 5, 2022, our aggregate outstanding borrowings under the CitibankThird Amended JPM Credit Facility and the JPM First Amendment were $281,698$595,000 and $600,000, respectively, and the aggregate unfunded principal amount in connection with the CitibankThird Amended JPM Credit Facility and the JPM First Amendment was $43,302.$80,000 and $75,000, respectively. For a detailed discussion of our CitibankThird Amended JPM Credit Facility and the JPM First Amendment, refer to Note 8 to our consolidated financial statements included in this report.

JPM CreditUBS Facility
As of September 30, 2017March 31, 2022 and November 9, 2017,May 5, 2022, our outstanding borrowings under the JPM CreditAmended UBS Facility were $224,423$125,000 and $142,500, respectively, and the aggregate unfunded principal amount available in connection with the JPM CreditAmended UBS Facility was $577.$25,000 and $7,500, respectively. For a detailed discussion of our JPM Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

UBS Facility
As of September 30, 2017 and November 9, 2017, our outstanding borrowings under the UBS Facility were $125,000 and no additional principal amount was available in connection with the UBS Facility. For a detailed discussion of ourAmended UBS Facility, refer to Note 8 to our consolidated financial statements included in this report.
2026 Notes

As of March 31, 2022 and May 5, 2022, 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.
2021 More Term Loan
As of March 31, 2022 and May 5, 2022, our outstanding borrowings under the 2021 More Term Loan were $30,000 and there was no unfunded principal amount in connection with the 2021 More Term Loan. For a detailed discussion of our 2021 More Term Loan, refer to Note 8 to our consolidated financial statements included in this report.
2022 More Term Loan
As of May 5, 2022, our outstanding borrowings under the 2022 More Term Loan were $50,000 and there was no unfunded principal amount in connection with the 2022 More Term Loan. For a detailed discussion of our 2022 More Term Loan, refer to Note 14 to our consolidated financial statements included in this report.
Unfunded Commitments
As of September 30, 2017March 31, 2022 and November 9, 2017,May 5, 2022, our unfunded commitments amounted to $75,833 and $83,077,$95,995 and $105,147, respectively. For a detailed discussion of our unfunded commitments, refer to Note 11 to our consolidated financial statements included in this report.


RIC Status and Distributions
PriorTo 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 certain excise taxes imposed on RICs to the refinancingextent 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 TRS, our total investment portfolio includes loanscalendar year and other securities(3) any net ordinary income and capital gain net income from preceding years that were not distributed during such years and on our consolidated balance sheets and loans underlying the TRS. Accordingly,which we treat net interest and otherpaid no federal income earned on all investments, including the loans underlying the TRS, as a component of investment company taxable income when determining our sources of distributions. The sources of our distributions for the nine months ended September 30, 2017 were as follows:tax.
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  Three Months Ended
September 30, 2017		 Nine Months Ended
September 30, 2017
  Investment Portfolio Total Return Swap Portfolio Total Investment Portfolio Percentage Investment Portfolio Total Return Swap Portfolio Total Investment Portfolio Percentage
Net investment income $20,577
 $67
 $20,644
 100.0% $55,191
 $3,661
 $58,852
 96.3%
Capital gains from the sale of assets(1)(2) —
 —
 —
 —
 —
 2,286
 2,286
 3.7%
Total $20,577
 $67
 $20,644
 100.0% $55,191
 $5,947
 $61,138
 100.0%

(1)For the three and nine months ended September 30, 2017, we estimate that we had no net capital gains classified as long-term. The final determination of the tax attributes of our distributions is made annually as of the end of the year.
(2)During the nine months ended September 30, 2017, the Company realized losses of $24,164 primarily in connection with the refinancing of the TRS, which are not currently deductible on a tax-basis.
For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, toof 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, we undertakeCIM, as the valuation designee of our board of directors, undertakes a multi-step valuation process each quarter, as described below:
our•the 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, and AIM, if applicable;
•preliminary valuation conclusions are then documented and discussed withby members of CIM’s valuation committee;management team;


•designated members of CIM’s valuation committee reviewsmanagement team review the preliminary valuation, and, if applicable, deliversdeliver such preliminary valuation to an independent valuation firm for its review;
•designated members of CIM’s valuation committee, or its designee,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 firmfirms to discuss the assistance provided and the results of the independent valuation firm’sfirms' review; and
•our board of directors discussesand our audit committee provide oversight with respect to this valuation process, including requesting such materials as they may determine appropriate.
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We shall promptly (but no later than five business days after we become aware) report to our board of directors in writing on the valuation and determinesoccurrence of matters that materially affect the fair value of each investmentthe designated portfolio of investments. Material matters in our portfoliothis instance include a significant deficiency or material weakness in good faith based on various statistical and other factors, including the input and recommendationdesign or effectiveness of CIM,CIM’s fair value determination process resulting in a material error in the audit committee and any third-party valuation firm, if applicable.calculation of net asset value 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 once over a twelve-month period by an independent valuation firm. Finally, certain investments are not evaluated by an independent valuation firm unless the net asset value and othercertain aspects of such investments in the aggregate exceedmeet certain thresholds.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 CION Securities, CIM, ICON Capital, CIG, and AIMAIA and amounts incurred under agreements with such related parties, refer to Note 4 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 and restated on September 30, 2016, and July 11, 2017.2017, November 28, 2017, May 23, 2018, May 15, 2020, February 26, 2021 and March 28, 2022. See Note 8 to our consolidated financial statements for a more detailed description of the JPM Credit Facility.

On March 29, 2017, Flatiron Funding II entered into the Citibank Credit Facility with Citibank, as amended on July 11, 2017. See Note 8 to our consolidated financial statements for a more detailed description of the Citibank Credit Facility.

On May 19, 2017, Murray Hill Funding II entered into the UBS Facility with UBS.UBS, as amended on December 1, 2017, May 19, 2020, November 12, 2020 and December 17, 2020. See Note 8 to our consolidated financial statements for a more detailed description of the UBS Facility.

Commitments and Contingencies and Off-Balance Sheet ArrangementsOn February 11, 2021, we entered into the 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 14, 2021, we entered into the 2021 More Term Loan with More. See Note 8 to our consolidated financial statements for a more detailed description of the 2021 More Term Loan.

On April 27, 2022, we entered into the 2022 More Term Loan with More Provident. See Note 8 to our consolidated financial statements for a more detailed description of the 2022 More Term Loan.
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 agreement.agreements. For further details on such debt investments, refer to Note 11 to our consolidated financial statements included in this report.
Off-Balance Sheet Arrangements
    
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.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. As of September 30, 2017, 93.3%March 31, 2022, 84.8% 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.
Under
As of March 31, 2022, under the terms of the Third Amended JPM Credit Facility, advances currently bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.50%3.10% per year. Under the terms of the Citibank Credit Facility,JPM First Amendment, additional advances currentlyof up to $100,000 bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR plus 2.0%to SOFR credit spread adjustment of 0.15%. Pursuant to the terms of the Amended UBS Facility, we currently pay a financing fee equal to the three-month LIBOR, plus a spread of 3.50%.3.375% per year. 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 Citibank Credit Facility, theThird Amended JPM Credit Facility (including the JPM First Amendment) or the Amended UBS Facility in effect as of September 30, 2017:March 31, 2022:
Basis Point Change in Interest RatesIncrease (Decrease) in Net Interest Income(1)Percentage Change in Net Interest Income
Down 50 basis points2,960 2.6 %
No change to current base rate (0.60% as of March 31, 2022)— — 
Up 50 basis points(643)(0.6)%
Up 100 basis points2,702 2.4 %
Up 200 basis points10,321 9.0 %
Up 300 basis points18,334 16.0 %
Change in Interest Rates Increase (Decrease) in Net Interest Income(1) Percentage Change in Net Interest Income
Down 100 basis points $1,290
 1.2 %
Down 50 basis points (1,585) (1.5)%
Current base interest rate —
 —
Up 50 basis points 4,276
 4.0 %
Up 100 basis points 8,560
 8.1 %
Up 200 basis points 17,126
 16.1 %
Up 300 basis points 25,693
 24.2 %
(1)This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.
(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 2026 Notes and the 2021 More Term Loan), or the net asset value of our common stock in the event of sudden changes in interest rates. Approximately 4.6%9.8% of our investments paid fixed interest rates as of September 30, 2017.March 31, 2022. 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 net asset value 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 net asset value 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.


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 September 30, 2017,March 31, 2022, 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.
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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 decision-making, 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 September 30, 2017March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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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
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, 2016.2021.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our registration statement on Form N-2, as amended, in connection with our follow-on continuous public offering was declared effective by the SEC on January 25, 2016 (SEC File No. 333-203683). Our follow-on continuous public offering commenced on January 25, 2016.
We did not engage in any unregistered sales of equity securities during the three months ended September 30, 2017.March 31, 2022.
The table below provides information concerning our repurchases of shares of our common stock duringDuring the three months ended September 30, 2017March 31, 2022, we did not repurchase any shares of common stock pursuant to our share repurchase program.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
July 1 to July 31, 2017 1,365,168
 $9.10
 1,365,168
 (1)
August 1 to August 31, 2017 —
 —
 —
 —
September 1 to September 30, 2017 —
 —
 —
 —
Total 1,365,168
 $9.10
 1,365,168
 (1)
(1)A description of the maximum number of shares of our common stock that may be repurchased is set forth in a detailed discussion of the terms of our share repurchase program in Note 3 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
Not applicable.

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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)(2) to Pre-Effective Amendment No. 4A to Registrant’s RegistrationDefinitive Proxy Statement on Form N-2Schedule 14A filed with the SEC on June 29, 2012May 13, 2021 (File No. 333-178646)814-00941)).
3.2
SecondArticles 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 August 27, 2012 (FileSeptember 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
Form of Follow-On Subscription Agreement (Incorporated by reference to Appendix A to Post-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on April 26, 2017 (File No. 333-203683)).
4.2
Fifth Amended and Restated 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 December 8, 2016 (File No. 814-00941)).
4.2
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)).
4.3
Description of Registrant’s Securities (Incorporated by reference to Exhibit 4.4 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 10, 2022 (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 (G)(1)10.1 to Pre-Effective Amendment No. 4 tothe Registrant’s Registration StatementCurrent Report on Form N-28-K filed with the SEC on June 29, 2012October 5, 2021 (File No. 333-178646)814-00941)).
10.2
Investment Sub-AdvisoryThird Amended and Restated Expense Support and Conditional Reimbursement Agreement, by and among CION Investment Management, LLC, CĪON Investment Corporation and Apollo Investment Management, L.P. (Incorporated by reference to Exhibit (G)(2) 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
Administration Agreementdated as of December 9, 2020, by and between CĪON Investment Corporation and ICON Capital Corp. (Incorporated by reference to Exhibit (K)(2) 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)).
10.4
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)).
10.5
Escrow Agreement by and among CĪON Investment Corporation, UMB Bank, N.A., and ICON Securities Corp. (Incorporated by reference to Exhibit (K)(1) 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)).
10.6
Dealer Manager Agreement by and among CĪON Investment Corporation, CION Investment Management, LLC and ICON Securities Corp. (Incorporated by reference to Exhibit (H)(1) 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)).
10.7
ISDA 2002 Master Agreement, together with the Schedule thereto and Credit Support Annex to such Schedule, each dated as of December 17, 2012, by and between Flatiron Funding, LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 19, 201215, 2020 (File No. 814-00941)).
10.8
Thirteenth Amended and Restated Confirmation Letter Agreement, dated as of February 18, 2017, by and between Flatiron Funding, LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 23, 2017 (File No. 814-00941)).
10.9
Third Amended and Restated Expense Support and Conditional Reimbursement Agreement, dated as of December 14, 2016, by and among CĪON Investment Corporation, Apollo Investment Management, L.P. and CION Investment Group, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on December 14, 2016 (File No. 814-00941)).
10.10
Amended and Restated Follow-On Dealer Manager Agreement, dated as of December 28, 2016, by and among CĪON Investment Corporation, CION Investment Management, LLC and CION Securities, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on January 4, 2017 (File No. 814-00941)).
10.11
Form of Follow-On Selected Dealer Agreement (Incorporated by reference to Exhibit (H)(4) to Registrant’s Registration Statement on Form N-2 filed with the SEC on April 28, 2015 (File No. 333-203683)).
10.12
Loan and Security Agreement, dated as of April 30, 2015, by and between CĪON Investment Corporation and East West Bank (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 6, 2015 (File No. 814-00941)).
10.13
First Amendment to Loan and Security Agreement, dated as of January 28, 2016, by and between CĪON Investment Corporation and East West Bank (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on February 3, 2016 (File No. 814-00941)).
10.14
Second Amendment to Loan and Security Agreement, dated as of April 21, 2016, by and between CĪON Investment Corporation and East West Bank (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on April 27, 2016 (File No. 814-00941)).
10.15
Custody Control Agreement, dated as of April 30, 2015, by and among CĪON Investment Corporation, East West Bank and U.S. Bank National Association (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on May 6, 2015 (File No. 814-00941)).
10.16
Limited Liability Company Agreement of CION / Capitala Senior Loan Fund I, LLC, dated as of June 24, 2015, by and between CĪON Investment Corporation and Capitala Finance Corp. (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on June 26, 2015 (File No. 814-00941)).



Exhibit
Number
10.3		Description of Document
10.17
Loan and Security Agreement, dated as of August 26, 2016, 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 September 1, 2016 (File No. 814-00941)).
10.18
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)).
10.1910.4
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)).

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10.20Exhibit
Number
Portfolio Management Agreement, dated asDescription of August 26, 2016, by and between 34th Street 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 September 1, 2016 (File No. 814-00941)).
Document
10.2110.5
Guarantee of CĪON Investment Corporation dated as of August 26, 2016 (Incorporated by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)).
10.22
Amended and Restated Loan and Security Agreement, dated as of September 30, 2016, 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 October 4, 2016 (File No. 814-00941)).
10.23
Release and Termination Agreement, dated as of September 30, 2016, by and among CĪON Investment Corporation, 34th Street Funding, LLC and JPMorgan Chase Bank, National Association (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)).
10.24
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)).
10.25
Credit and Security Agreement, dated as of March 29, 2017, by and among Flatiron Funding II, LLC, CION Investment Management, LLC, CĪON Investment Corporation, Citibank, N.A. and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)).
10.26
Account Control Agreement, dated as of March 29, 2017, by and among Flatiron Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)).
10.27
Master Participation and Assignment Agreement, dated as of March 29, 2017, by and between 15th Street Loan Funding LLC and Flatiron Funding II, LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)).
10.28
Master Participation and Assignment Agreement, dated as of March 29, 2017, by and between 15th Street Loan Funding 2 LLC and Flatiron Funding II, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)).
10.29
10.6
Contribution Agreement, dated as of May 19, 2017, by and among CÎONCION 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)).
10.3010.7
Indenture, dated as of May 19, 2017, by and between Murray Hill Funding II, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.31
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)).
10.3210.8
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)).
10.3310.9
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)).
10.3410.10
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)).
10.3510.11
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)).
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)).

76

Exhibit
Number		Description of Document
10.14
Second Amended and Restated Loan and Security Agreement, dated as of May 15, 2020, 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 May 21, 2020 (File No. 814-00941)).
10.15
Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, dated as of December 17, 2020, 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 December 23, 2020 (File No. 814-00941)).
10.16
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)).
10.17
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)).
10.18
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)).
10.19
Master Confirmation to the Global Master Repurchase Agreement (Class A-R Notes), dated as of December 17, 2020, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.20
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)).
10.21
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)).
10.22
Unsecured Term Loan Facility Agreement, dated as of April 14, 2021, by and between CĪON Investment Corporation and More Provident Funds Ltd. (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on April 20, 2021 (File No. 814-00941)).
10.23
First Amendment to Third Amended and Restated Loan and Security Agreement, dated as of March 28, 2022, 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 March 29, 2022 (File No. 814-00941)).
10.24
Unsecured Term Loan Facility Agreement, dated as of April 27, 2022, by and between CĪON Investment Corporation and More Provident Funds and Pension Ltd. (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)).
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.
31.2
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.*


* Filed herewith.

77

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: November 13, 2017May 11, 2022
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)


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