CION INVESTMENT CORPORATION UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
-
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024
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)
Maryland | 45-3058280 | ||
(State or other jurisdiction of | (I.R.S. Employer | ||
incorporation or organization) | Identification No.) | ||
100 Park Avenue, 25th Floor | 10017 | ||
New York, New York | |||
(Address of principal executive offices) | (Zip Code) | ||
(212) 418-4700 | |||
(Registrant's telephone number, including area code) |
Not applicable
(Former name, former address and former fiscal year, if changed since last
report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.001 per share | CION | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of shares of the registrant's common stock, $0.001 par value, outstanding as of May 1, 2024 was 53,589,124.
CĪON INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION | 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 | 28 |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 64 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 78 |
Item 4. Controls and Procedures | 79 |
PART II - OTHER INFORMATION | |
Item 1. Legal Proceedings | 80 |
Item 1A. Risk Factors | 80 |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 80 |
Item 3. Defaults Upon Senior Securities | 80 |
Item 4. Mine Safety Disclosures | 80 |
Item 5. Other Information | 80 |
Item 6. Exhibits | 81 |
Signatures | 84 |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
March 31, | December 31, | |||||
2024 | 2023 | |||||
Assets | (unaudited) | |||||
Investments, at fair value: | ||||||
Non-controlled,non-affiliated investments (amortized cost of $1,541,138 and $1,610,822, | $ | 1,494,478 | $ | 1,570,676 | ||
respectively) | ||||||
Non-controlled, affiliated investments (amortized cost of $212,966 and $210,103, respectively) | 202,915 | 206,301 | ||||
Controlled investments (amortized cost of $154,505 and $154,705, respectively) | 173,444 | 177,293 | ||||
Total investments, at fair value (amortized cost of $1,908,609 and $1,975,630, respectively) | 1,870,837 | 1,954,270 | ||||
Cash | 48,482 | 8,415 | ||||
Interest receivable on investments | 36,366 | 36,724 | ||||
Receivable due on investments sold and repaid | 11,452 | 967 | ||||
Prepaid expenses and other assets | 1,137 | 1,348 | ||||
Total assets | $ | 1,968,274 | $ | 2,001,724 | ||
Liabilities and Shareholders' Equity | ||||||
Liabilities | ||||||
Financing arrangements (net of unamortized debt issuance costs of $9,388 and $10,643, respectively) | $ | 1,060,455 | $ | 1,081,701 | ||
Payable for investments purchased | 21,041 | 4,692 | ||||
Accounts payable and accrued expenses | 743 | 1,036 | ||||
Interest payable | 8,556 | 10,231 | ||||
Accrued management fees | 6,864 | 6,893 | ||||
Accrued subordinated incentive fee on income | 6,914 | 4,615 | ||||
Accrued administrative services expense | 642 | 2,156 | ||||
Shareholder distribution payable | - | 10,837 | ||||
Total liabilities | 1,105,215 | 1,122,161 | ||||
Commitments and contingencies (Note 4 and Note 11) | ||||||
Shareholders' Equity | ||||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 53,760,605 | ||||||
and 54,184,636 shares issued and 53,760,605 and 54,184,636 shares outstanding, respectively | 54 | 54 | ||||
Capital in excess of par value | 1,028,360 | 1,033,030 | ||||
Accumulated distributable losses | (165,355) | (153,521) | ||||
Total shareholders' equity | 863,059 | 879,563 | ||||
Total liabilities and shareholders' equity | $ | 1,968,274 | $ | 2,001,724 | ||
Net asset value per share of common stock at end of period | $ | 16.05 | $ | 16.23 | ||
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 | Year Ended | ||||||||
March 31, | December 31, | ||||||||
2024 | 2023 | 2023 | |||||||
Investment income | (unaudited) | (unaudited) | |||||||
Non-controlled,non-affiliated investments | |||||||||
Interest income | $ | 55,372 | $ | 42,768 | $ | 184,013 | |||
Paid-in-kind interest income | 7,049 | 4,831 | 22,317 | ||||||
Fee income | 3,873 | 1,143 | 7,871 | ||||||
Dividend income | - | - | 210 | ||||||
Non-controlled, affiliated investments | |||||||||
Interest income | 1,519 | 2,474 | 7,068 | ||||||
Paid-in-kind interest income | 2,482 | 1,731 | 8,372 | ||||||
Fee income | - | 1,920 | 2,432 | ||||||
Dividend income | 27 | 3,881 | 3,946 | ||||||
Controlled investments | |||||||||
Interest income | 3,232 | 1,977 | 8,090 | ||||||
Paid-in-kind interest income | - | - | 1,050 | ||||||
Fee income | - | - | 1,391 | ||||||
Dividend income | - | 4,250 | 4,250 | ||||||
Total investment income | 73,554 | 64,975 | 251,010 | ||||||
Operating expenses | |||||||||
Management fees | 6,864 | 6,676 | 26,856 | ||||||
Administrative services expense | 1,092 | 837 | 3,971 | ||||||
Subordinated incentive fee on income | 6,914 | 6,335 | 22,277 | ||||||
General and administrative | 1,784 | 1,955 | 7,382 | ||||||
Interest expense | 24,302 | 19,309 | 85,556 | ||||||
Total operating expenses | 40,956 | 35,112 | 146,042 | ||||||
Net investment income before taxes | 32,598 | 29,863 | 104,968 | ||||||
Income tax expense (benefit), including excise tax | 5 | 5 | (54) | ||||||
Net investment income after taxes | 32,593 | 29,858 | 105,022 | ||||||
Realized and unrealized (losses) gains | |||||||||
Net realized losses on: | |||||||||
Non-controlled,non-affiliated investments | (9,736) | (4,525) | (31,927) | ||||||
Non-controlled, affiliated investments | - | - | - | ||||||
Controlled investments | - | - | - | ||||||
Net realized losses | (9,736) | (4,525) | (31,927) | ||||||
Net change in unrealized (depreciation) appreciation on: | |||||||||
Non-controlled,non-affiliated investments | (6,517) | (41,086) | 15,658 | ||||||
Non-controlled, affiliated investments | (6,246) | (10,290) | (7,335) | ||||||
Controlled investments | (3,649) | (5,002) | 13,896 | ||||||
Net change in unrealized (depreciation) appreciation | (16,412) | (56,378) | 22,219 | ||||||
Net realized and unrealized losses | (26,148) | (60,903) | (9,708) | ||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,445 | $ | (31,045) | $ | 95,314 | |||
Per share information-basic and diluted | |||||||||
Net increase (decrease) in net assets per share resulting from operations | $ | 0.12 | $ | (0.56) | $ | 1.74 | |||
Net investment income per share | $ | 0.60 | $ | 0.54 | $ | 1.92 | |||
Weighted average shares of common stock outstanding | 53,960,698 | 55,109,482 | 54,685,327 | ||||||
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 | Year Ended | ||||||||
March 31, | December 31, | ||||||||
2024 | 2023 | 2023 | |||||||
Changes in net assets from operations: | (unaudited) | (unaudited) | |||||||
Net investment income | $ | 32,593 | $ | 29,858 | $ | 105,022 | |||
Net realized loss on investments | (9,736) | (4,525) | (31,927) | ||||||
Net change in unrealized (depreciation) appreciation on investments | (16,412) | (56,378) | 22,219 | ||||||
Net increase (decrease) in net assets resulting from operations | 6,445 | (31,045) | 95,314 | ||||||
Changes in net assets from shareholders' distributions: | |||||||||
Distributions to shareholders | (18,279) | (18,687) | (87,867) | ||||||
Net decrease in net assets resulting from shareholders' distributions | (18,279) | (18,687) | (87,867) | ||||||
Changes in net assets from capital share transactions: | |||||||||
Repurchase of common stock | (4,670) | (3,592) | (11,518) | ||||||
Net decrease in net assets resulting from capital share transactions | (4,670) | (3,592) | (11,518) | ||||||
Total decrease in net assets | (16,504) | (53,324) | (4,071) | ||||||
Net assets at beginning of period | 879,563 | 883,634 | 883,634 | ||||||
Net assets at end of period | $ | 863,059 | $ | 830,310 | $ | 879,563 | |||
Net asset value per share of common stock at end of period | $ | 16.05 | $ | 15.11 | $ | 16.23 | |||
Shares of common stock outstanding at end of period | 53,760,605 | 54,961,455 | 54,184,636 | ||||||
See accompanying notes to consolidated financial statements.
3
CĪON Investment Corporation
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended | Year Ended | ||||||||
March 31, | December 31, | ||||||||
2024 | 2023 | 2023 | |||||||
Operating activities: | (unaudited) | (unaudited) | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,445 | $ | (31,045) | $ | 95,314 | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash | |||||||||
provided by (used in) operating activities: | |||||||||
Net accretion of discount on investments | (11,665) | (4,342) | (13,506) | ||||||
Proceeds from principal repayment of investments | 190,574 | 57,462 | 287,480 | ||||||
Purchase of investments | (111,636) | (23,048) | (350,203) | ||||||
Paid-in-kind interest and dividends capitalized | (9,531) | (6,562) | (31,739) | ||||||
Increase in short term investments, net | (16,691) | (55,457) | (102,577) | ||||||
Proceeds from sale of investments | 17,047 | 8,812 | 12,771 | ||||||
Net realized loss on investments | 9,736 | 4,525 | 31,927 | ||||||
Net change in unrealized depreciation (appreciation) on investments | 16,412 | 56,378 | (22,219) | ||||||
Amortization of debt issuance costs | 1,254 | 895 | 4,073 | ||||||
(Increase) decrease in interest receivable on investments | (455) | (1,897) | (16,372) | ||||||
(Increase) decrease in dividends receivable on investments | - | 1,275 | 1,275 | ||||||
(Increase) decrease in receivable due on investments sold and repaid | (10,485) | (2,223) | 49 | ||||||
(Increase) decrease in prepaid expenses and other assets | 211 | (3,727) | (523) | ||||||
Increase (decrease) in payable for investments purchased | 16,349 | - | 4,692 | ||||||
Increase (decrease) in accounts payable and accrued expenses | (293) | 63 | 24 | ||||||
Increase (decrease) in interest payable | (1,675) | (813) | 2,411 | ||||||
Increase (decrease) in accrued management fees | (29) | (248) | (31) | ||||||
Increase (decrease) in accrued administrative services expense | (1,514) | (1,009) | 453 | ||||||
Increase (decrease) in subordinated incentive fee on income payable | 2,299 | 1,269 | (450) | ||||||
Net cash provided by (used in) operating activities | 96,353 | 308 | (97,151) | ||||||
Financing activities: | |||||||||
Repurchase of common stock | (4,670) | (3,592) | (11,518) | ||||||
Shareholders' distributions paid | (29,116) | (33,618) | (91,961) | ||||||
Repayments under financing arrangements | (22,500) | (27,500) | (102,500) | ||||||
Borrowings under financing arrangements | - | 80,712 | 237,344 | ||||||
Debt issuance costs paid | - | (3,033) | (8,538) | ||||||
Net cash (used in) provided by financing activities | (56,286) | 12,969 | 22,827 | ||||||
Net increase (decrease) in cash | 40,067 | 13,277 | (74,324) | ||||||
Cash, beginning of period | 8,415 | 82,739 | 82,739 | ||||||
Cash, end of period | $ | 48,482 | $ | 96,016 | $ | 8,415 | |||
Supplemental disclosure of cash flow information: | |||||||||
Cash paid for interest | $ | 24,703 | $ | 19,214 | $ | 79,032 | |||
Supplemental non-cash operating activities: | |||||||||
Restructuring of portfolio investment | $ | 31,043 | $ | 45,986 | $ | 118,256 | |||
Cash interest receivable exchanged for additional securities | $ | 1,631 | $ | 912 | $ | 4,661 | |||
See accompanying notes to consolidated financial statements.
4
CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Principal/ | Fair | ||||||||||||
Portfolio Company(a) | Interest(b) | Maturity | Industry | Par Amount/ | Cost(d) | ||||||||
Units(e) | Value(c) | ||||||||||||
Senior Secured First Lien Debt - 169.8% | |||||||||||||
Adapt Laser Acquisition, Inc.(x) | S+1000, 1.00% SOFR Floor | 12/31/2025 | Capital Equipment | $ | 10,765 | $ 10,765 | $ 11,088 | ||||||
Adapt Laser Acquisition, Inc.(x) | S+1000, 1.00% SOFR Floor | 12/31/2025 | Capital Equipment | 2,104 | 2,104 | 2,093 | |||||||
Afore Insurance Services, LLC(m)(r)(x) | S+600, 1.00% SOFR Floor | 3/24/2025 | Banking, Finance, Insurance & Real | ||||||||||
Estate | 4,583 | 4,583 | 4,583 | ||||||||||
AHF Parent Holding, Inc.(n)(x) | S+625, 0.75% SOFR Floor | 2/1/2028 | Construction & Building | 2,700 | 2,662 | 2,688 | |||||||
Allen Media, LLC(n)(x) | S+550, 0.00% SOFR Floor | 2/10/2027 | Media: Diversified & Production | 8,749 | 8,700 | 8,356 | |||||||
ALM Global, LLC(m)(n)(x) | S+625, 1.00% SOFR Floor | 2/21/2029 | Media: Advertising, Printing & | 29,726 | 29,726 | 29,727 | |||||||
Publishing | |||||||||||||
ALM Global, LLC | 0.50% Unfunded | 2/21/2029 | Media: Advertising, Printing & | 2,700 | - | - | |||||||
Publishing | |||||||||||||
American Clinical Solutions LLC(m)(t)(x) | S+700, 1.00% SOFR Floor | 6/30/2025 | Healthcare & Pharmaceuticals | 7,914 | 7,914 | 7,598 | |||||||
American Clinical Solutions LLC(p) | 0.00% Unfunded | 6/30/2025 | Healthcare & Pharmaceuticals | 3,500 | - | (140) | |||||||
American Family Care, LLC(m)(x) | S+600, 1.00% SOFR Floor | 2/28/2029 | Healthcare & Pharmaceuticals | 13,636 | 13,636 | 13,636 | |||||||
American Family Care, LLC(x) | S+600, 1.00% SOFR Floor | 2/28/2029 | Healthcare & Pharmaceuticals | 227 | 227 | 227 | |||||||
American Family Care, LLC | 1.00% Unfunded | 2/28/2026 | Healthcare & Pharmaceuticals | 4,545 | - | - | |||||||
American Family Care, LLC | 0.50% Unfunded | 2/28/2029 | Healthcare & Pharmaceuticals | 1,591 | - | - | |||||||
American Health Staffing Group, Inc.(m)(x) | S+600, 1.00% SOFR Floor | 11/19/2026 | Services: Business | 16,333 | 16,239 | 16,333 | |||||||
American Health Staffing Group, Inc. | 0.50% Unfunded | 11/19/2026 | Services: Business | 3,333 | (17) | - | |||||||
American Teleconferencing Services, Ltd.(q) | Prime+550 | 4/7/2023 | Telecommunications | 3,116 | 3,116 | 140 | |||||||
American Teleconferencing Services, Ltd.(p) | 0.00% Unfunded | 4/7/2023 | Telecommunications | 235 | - | - | |||||||
Ancile Solutions, Inc.(m)(x) | S+1000, 1.00% SOFR Floor | 6/11/2026 | High Tech Industries | 11,126 | 10,947 | 11,001 | |||||||
Anthem Sports & Entertainment Inc.(m)(t)(x) | S+950, 1.00% SOFR Floor | 11/15/2026 | Media: Diversified & Production | 41,366 | 41,250 | 38,988 | |||||||
Anthem Sports & Entertainment Inc.(t)(x) | S+950, 1.00% SOFR Floor | 11/15/2026 | Media: Diversified & Production | 3,359 | 3,359 | 3,166 | |||||||
Anthem Sports & Entertainment Inc. | 0.50% Unfunded | 11/15/2026 | Media: Diversified & Production | 167 | - | (10) | |||||||
Appalachian Resource Company, LLC(w) | S+500, 1.00% SOFR Floor | 9/30/2024 | Metals & Mining | 11,137 | 11,129 | 10,804 | |||||||
Appalachian Resource Company, LLC(w) | S+1000, 1.00% SOFR Floor | 9/15/2024 | Metals & Mining | 5,000 | 5,000 | 5,000 | |||||||
Atlas Supply LLC | 11.00% | 4/29/2025 | Healthcare & Pharmaceuticals | 5,000 | 5,000 | 4,400 | |||||||
Avison Young (Canada) Inc./Avison Young | S+800, 2.00% SOFR Floor | 3/12/2029 | Banking, Finance, Insurance & Real | ||||||||||
(USA) Inc.(m)(x) | Estate | 8,178 | 8,178 | 7,749 | |||||||||
Avison Young (Canada) Inc./Avison Young | S+800, 2.00% SOFR Floor | 3/12/2029 | Banking, Finance, Insurance & Real | 2,795 | 2,795 | 2,494 | |||||||
(USA) Inc.(x) | Estate | ||||||||||||
Avison Young (Canada) Inc./Avison Young | S+750, 2.00% SOFR Floor | 3/12/2028 | Banking, Finance, Insurance & Real | 3,320 | 3,221 | 3,320 | |||||||
(USA) Inc.(x) | Estate | ||||||||||||
BDS Solutions Intermediateco, LLC(m)(x) | S+700, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 19,841 | 19,602 | 19,270 | |||||||
BDS Solutions Intermediateco, LLC(x) | S+700, 1.00% SOFR Floor | 2/7/2027 | Services: Business | 762 | 761 | 740 | |||||||
BDS Solutions Intermediateco, LLC | 0.50% Unfunded | 2/7/2027 | Services: Business | 2,095 | (73) | (60) | |||||||
Berlitz Holdings, Inc.(w) | S+900, 1.00% SOFR Floor | 2/14/2025 | Services: Business | 13,800 | 13,438 | 13,267 |
See accompanying notes to consolidated financial statements.
5
CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Principal/ | Fair | |||||||||||
Portfolio Company(a) | Interest(b) | Maturity | Industry | Par Amount/ | Cost(d) | |||||||
Units(e) | Value(c) | |||||||||||
Bradshaw International Parent Corp.(m)(w) | S+575, 1.00% SOFR Floor | 10/21/2027 | Consumer Goods: Durable | 12,860 | 12,645 | 12,860 | ||||||
Bradshaw International Parent Corp. | 1.00% Unfunded | 10/21/2026 | Consumer Goods: Durable | 1,844 | (24) | - | ||||||
Cabi, LLC(j)(m)(w) | S+450, 1.00% SOFR Floor | 2/28/2027 | Retail | 16,477 | 16,315 | 16,394 | ||||||
Carestream Health, Inc.(n)(r)(x) | S+750, 1.00% SOFR Floor | 9/30/2027 | Healthcare & Pharmaceuticals | 11,432 | 10,458 | 11,432 | ||||||
Celerity Acquisition Holdings, LLC(m)(t)(x) | S+1000, 1.00% SOFR Floor | 5/28/2026 | Services: Business | 16,278 | 16,259 | 16,278 | ||||||
Cennox, Inc.(m)(t)(x) | S+625, 1.00% SOFR Floor | 5/4/2026 | Services: Business | 22,382 | 22,381 | 22,354 | ||||||
Cennox, Inc.(m)(n)(t)(x) | S+625, 1.00% SOFR Floor | 5/4/2026 | Services: Business | 11,441 | 11,438 | 11,427 | ||||||
Cennox, Inc.(t)(x) | S+625, 1.00% SOFR Floor | 5/4/2026 | Services: Business | 2,987 | 2,987 | 2,983 | ||||||
CION/EagleTree Partners, LLC(h)(s)(t) | 14.00% | 12/21/2026 | Diversified Financials | 59,598 | 59,598 | 59,598 | ||||||
Community Tree Service, LLC(m)(t)(x) | S+1100, 1.00% SOFR Floor | 6/17/2027 | Construction & Building | 11,608 | 11,608 | 11,667 | ||||||
Country Fresh Holdings, LLC(q) | Prime+600 | 4/30/2024 | Beverage, Food & Tobacco | 844 | 645 | 11 | ||||||
Country Fresh Holdings, LLC(q) | Prime+600 | 4/30/2024 | Beverage, Food & Tobacco | 342 | 268 | 5 | ||||||
Critical Nurse Staffing, LLC(m)(x) | S+650, 1.00% SOFR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 12,764 | 12,764 | 12,764 | ||||||
Critical Nurse Staffing, LLC(m)(x) | S+650, 1.00% SOFR Floor | 11/1/2026 | Healthcare & Pharmaceuticals | 986 | 986 | 986 | ||||||
Critical Nurse Staffing, LLC | 0.50% Unfunded | 11/1/2026 | Healthcare & Pharmaceuticals | 1,000 | - | - | ||||||
David's Bridal, LLC(s)(x) | S+600, 0.00% SOFR Floor | 12/21/2027 | Retail | 16,834 | 16,834 | 16,623 | ||||||
David's Bridal, LLC(m)(s)(x) | S+650, 0.00% SOFR Floor | 12/21/2027 | Retail | 22,050 | 22,050 | 21,831 | ||||||
Deluxe Entertainment Services, Inc.(m)(q)(r)(t) | Prime+550 | 3/25/2024 | Media: Diversified & Production | 2,621 | 2,531 | 85 | ||||||
Dermcare Management, LLC(m)(w) | S+575, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 9,238 | 9,098 | 9,238 | ||||||
Dermcare Management, LLC(m)(w) | S+575, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 4,193 | 4,127 | 4,193 | ||||||
Dermcare Management, LLC (w) | S+575, 1.00% SOFR Floor | 4/22/2028 | Healthcare & Pharmaceuticals | 896 | 896 | 896 | ||||||
Dermcare Management, LLC | 0.50% Unfunded | 4/22/2028 | Healthcare & Pharmaceuticals | 448 | - | - | ||||||
Emerald Technologies (U.S.) Acquisitionco, Inc. | S+625, 1.00% SOFR Floor | 12/29/2027 | Services: Business | |||||||||
(n)(x) | 2,850 | 2,810 | 2,622 | |||||||||
Entertainment Studios P&A LLC(m)(x) | S+900, 1.00% SOFR Floor | 9/28/2027 | Media: Diversified & Production | 30,931 | 30,858 | 30,931 | ||||||
Entertainment Studios P&A LLC(j) | 5.00% | 5/18/2037 | Media: Diversified & Production | - | - | 265 | ||||||
ESP Associates, Inc.(m)(x) | S+650, 1.50% SOFR Floor | 7/24/2028 | Construction & Building | 8,663 | 8,507 | 8,576 | ||||||
ESP Associates, Inc. | 0.50% Unfunded | 7/24/2028 | Construction & Building | 1,316 | (26) | (13) |
See accompanying notes to consolidated financial statements.
6
CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Principal/ | Fair | |||||||||||
Portfolio Company(a) | Interest(b) | Maturity | Industry | Par Amount/ | Cost(d) | |||||||
Units(e) | Value(c) | |||||||||||
Flatworld Intermediate Corp.(n)(x) | S+700, 1.00% SOFR Floor | 10/3/2027 | Services: Business | 23,145 | 23,145 | 23,145 | ||||||
Flatworld Intermediate Corp. | 0.50% Unfunded | 10/3/2027 | Services: Business | 5,865 | - | - | ||||||
Fluid Control II Inc.(m)(x) | S+650, 1.00% SOFR Floor | 8/3/2029 | Chemicals, Plastics & Rubber | 13,202 | 13,202 | 13,153 | ||||||
Fluid Control II Inc. | 0.50% Unfunded | 8/3/2029 | Chemicals, Plastics & Rubber | 1,765 | - | (7) | ||||||
FuseFX, LLC(m)(n)(t)(w) | S+600, 1.00% SOFR Floor | 9/30/2026 | Media: Diversified & Production | 19,987 | 19,944 | 19,437 | ||||||
Future Pak, LLC(m)(w) | S+900, 4.00% SOFR Floor | 9/22/2026 | Healthcare & Pharmaceuticals | 18,070 | 18,070 | 18,070 | ||||||
Gold Medal Holdings, Inc.(m)(w) | S+700, 1.00% SOFR Floor | 3/17/2027 | Environmental Industries | 15,297 | 15,188 | 15,297 | ||||||
GSC Technologies Inc.(r)(w) | S+500, 1.00% SOFR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 2,093 | 2,052 | 1,998 | ||||||
GSC Technologies Inc.(r)(t)(w) | S+500, 1.00% SOFR Floor | 9/30/2025 | Chemicals, Plastics & Rubber | 1,034 | 1,015 | 977 | ||||||
H.W. Lochner, Inc.(m)(x) | S+675, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 10,295 | 10,053 | 10,295 | ||||||
H.W. Lochner, Inc.(m)(x) | S+625, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 8,738 | 8,687 | 8,738 | ||||||
H.W. Lochner, Inc.(m)(x) | S+675, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 2,536 | 2,466 | 2,504 | ||||||
H.W. Lochner, Inc.(x) | S+625, 1.00% SOFR Floor | 7/2/2027 | Construction & Building | 1,464 | 1,414 | 1,464 | ||||||
H.W. Lochner, Inc. | 0.50% Unfunded | 7/2/2027 | Construction & Building | 536 | - | - | ||||||
Heritage Power, LLC(x) | S+550, 1.00% SOFR Floor | 7/20/2026 | Energy: Oil & Gas | 1,159 | 1,159 | 1,159 | ||||||
Hilliard, Martinez & Gonzales, LLP(m)(t)(w) | S+1200, 2.00% SOFR Floor | 9/16/2024 | Services: Consumer | 25,872 | 25,855 | 25,613 | ||||||
Hollander Intermediate LLC(m)(w) | S+875, 3.00% SOFR Floor | 9/19/2026 | Consumer Goods: Durable | 16,846 | 16,519 | 16,173 | ||||||
Homer City Generation, L.P.(m)(q)(t) | 15.00% | 4/16/2024 | Energy: Oil & Gas | 13,667 | 12,024 | 9,225 | ||||||
Homer City Generation, L.P.(t) | 17.00% | 4/16/2024 | Energy: Oil & Gas | 2,226 | 2,226 | 2,226 | ||||||
Hudson Hospital Opco, LLC(w)(z) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 2,186 | 2,176 | 2,060 | ||||||
HUMC Holdco, LLC(w)(z) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 7,780 | 7,780 | 7,780 | ||||||
HW Acquisition, LLC(m)(t) | Prime+500 | 9/28/2026 | Capital Equipment | 18,781 | 18,677 | 15,564 | ||||||
HW Acquisition, LLC | Prime+500 | 9/28/2026 | Capital Equipment | 2,933 | 2,904 | 2,431 | ||||||
HW Acquisition, LLC | 0.50% Unfunded | 9/28/2026 | Capital Equipment | - | 15 | - | ||||||
ICA Foam Holdings, LLC(m)(x) | S+725, 1.00% SOFR Floor | 11/5/2025 | Containers, Packaging & Glass | 19,026 | 18,815 | 18,455 | ||||||
IJKG Opco LLC(w)(z) | S+800, 3.00% SOFR Floor | 11/4/2023 | Healthcare & Pharmaceuticals | 1,457 | 1,443 | 1,373 | ||||||
Inotiv, Inc.(m)(t)(y) | S+675, 1.00% SOFR Floor | 11/5/2026 | Healthcare & Pharmaceuticals | 16,311 | 16,129 | 15,801 | ||||||
Instant Web, LLC(r)(t)(w) | S+700, 1.00% SOFR Floor | 2/25/2027 | Media: Advertising, Printing & | 46,383 | 46,384 | 30,613 | ||||||
Publishing |
See accompanying notes to consolidated financial statements.
7
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CION Investment Corporation published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 10:26:24 UTC.
