v3.26.3
Joint Ventures
 9 Months Ended
Sep. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Joint Ventures Joint Ventures
Senior Loan Fund Partners, LLC
On September 17, 2026, the Company entered into an Amended and Restated Limited Liability Company Agreement of SLFP, a newly formed Delaware limited liability company, with certain institutional investors as members, or the SLFP Investors. SLFP invests primarily in senior secured first lien loans to U.S. middle-market companies.
SLFP was capitalized with two investment tranches: (i) $125,000 in senior secured notes, or the SLFP Notes, issued by SLFP solely to certain SLFP Investors at a purchase price of 98.25% and (ii) $59,688 in membership interests in SLFP, or the SLFP LLC Interests, with the Company holding 80.0% as common SLFP LLC Interests and certain SLFP Investors holding 20.0% as preferred SLFP LLC Interests. The preferred SLFP LLC Interests carry an 11.50% cumulative annual preferred return (13.50% if paid in kind), payable quarterly 45 days after quarter-end, and have a priority claim over distributions to common SLFP LLC Interests. The combined proceeds were used by SLFP to acquire a portfolio of senior secured first lien loans from the Company at fair market value consisting of 20 first lien loans with an aggregate par of approximately $180,300 and an aggregate fair value of $180,000, resulting in an implied purchase price of 99.8% of par. The net proceeds to the Company were used to repay a portion of the Company's outstanding debt and the remainder was used for general corporate purposes.
The SLFP Notes bear interest at the three-month SOFR plus 4.75% per year (subject to a 1.00% SOFR floor), carry a seven-year final maturity and are rated investment grade. SLFP has a two-year investment period. The SLFP Notes include a 100% cash flow sweep directing all excess cash after the investment period to repay principal on the SLFP Notes until repaid in full. During the investment period, quarterly excess collections are applied to SLFP Notes interest, expenses, preferred SLFP LLC Interest distributions, and then board-approved reinvestment or distributions.
The business and affairs of SLFP are managed by a board of managers, or the SLFP Board, which consists of four managers, with the Company and the SLFP Investors each designating two managers. All material decisions relating to SLFP, including all investment, governance, and valuation decisions, are vested in the SLFP Board. All SLFP Board actions require the unanimous approval of all SLFP Board members present, which must consist of at least one board member appointed by each of the Company and the SLFP Investors. CIM serves as administrator for SLFP providing administrative services including portfolio management, valuation, accounting, reporting, and tax-related services.
The preferred SLFP LLC Interests are redeemable in cash through the SLFP distribution waterfall out of SLFP’s future earnings, which is outside of SLFP’s control. Accordingly, SLFP presents the preferred SLFP LLC Interests as temporary equity, outside of members’ capital, at their redemption amount, which equals their liquidation preference plus any accrued and unpaid preferred return, and recognizes changes in the redemption amount immediately as they occur. Upon an early dissolution of SLFP, the preferred SLFP LLC Interests are entitled to a minimum return of 1.20x their invested capital. SLFP has not adjusted the carrying amount for this feature because an early dissolution is not considered probable. Distributions to the preferred SLFP LLC Interests are presented as distributions to members and are not included in SLFP’s net investment income.
Under the contribution and sale agreement between the Company and SLFP, the purchase price for the loans sold by the Company to SLFP was based on their estimated fair value as of September 17, 2026, subject to a true-up to their fair value as of September 30, 2026, as approved by the SLFP Board, with any difference settled in cash or as otherwise agreed between the parties. The final fair value of the purchased loans as of September 30, 2026 was $179,754, resulting in a true-up amount of $246 due from the Company to SLFP, which was settled by the Company by increasing SLFP's exposure to one loan in an amount equal to the true-up amount. The Company recognized the true-up as a realized loss for the three and nine months ended September 30, 2026.
As of September 30, 2026, the Company’s investment in the common SLFP LLC Interests had an amortized cost of $49,180 and a fair value of $47,523. The amortized cost includes $1,430 of transaction costs, primarily placement agent fees, incurred by the Company in connection with its investment in SLFP.
The Company does not consolidate SLFP because the Company does not have a controlling financial interest in SLFP, as all material decisions require the approval of the SLFP Board, on which the Company and the SLFP Investors have equal representation, and SLFP is not a substantially wholly owned investment company subsidiary of the Company.
The following table sets forth the individual investments in SLFP's portfolio as of September 30, 2026:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Amortized
Cost		Fair
Value
Senior Secured First Lien Debt
American Health Staffing Group, Inc.
Prime+525
11/19/2028Services: Business$12,770 $12,770 $12,770 
Anchor QEA, Inc.(e)
S+525, 1.00% Floor
3/25/2032Environmental Industries9,966 9,941 9,941 
APS Acquisition Holdings, LLC(e)
S+575, 1.00% Floor
7/11/2029Construction & Building4,279 4,253 4,252 
APS Acquisition Holdings, LLC(e)
S+575, 1.00% Floor
7/11/2029Construction & Building2,089 2,076 2,076 
BDS Solutions Intermediateco, LLC(e)
S+675, 2.00% Floor
2/7/2027Services: Business11,431 11,431 11,431 
BDS Solutions Intermediateco, LLC(e)
S+675, 2.00% Floor
2/7/2027Services: Business818 819 818 
Community Tree Service, LLC(e)
S+950, 1.00% Floor
6/17/2027Construction & Building11,546 11,546 11,546 
CrossLink Professional Tax Solutions, LLC(e)
S+500, 1.00% Floor
6/30/2028High Tech Industries5,517 5,517 5,517 
Dependable Acquisition Inc.(d)
S+650, 2.50% Floor
3/9/2032Construction & Building9,125 9,125 9,125 
Gold Medal Holdings, Inc.(e)
S+575, 1.00% Floor
9/17/2028Environmental Industries7,091 7,083 7,082 
Gold Medal Holdings, Inc.(e)
S+575, 1.00% Floor
9/17/2028Environmental Industries2,484 2,481 2,481 
ICA Foam Holdings, LLC(e)
S+600, 1.00% Floor
12/5/2026Containers, Packaging & Glass10,574 10,520 10,508 
Lift Brands, Inc.(d)
S+750, 1.00% Floor
9/30/2026Services: Consumer3,282 3,282 3,294 
Metrc Inc.(e)
S+550, 1.00% Floor
9/30/2031High Tech Industries8,390 8,328 8,327 
Newbury Franklin Industrials LLC(f)
S+700, 2.00% Floor
12/11/2029Capital Equipment4,901 4,849 4,846 
Newbury Franklin Industrials LLC(f)
S+700, 2.00% Floor
12/11/2029Capital Equipment899 889 889 
Playboy Enterprises, Inc.(e)
S+625, 0.50% Floor
5/25/2028Consumer Goods: Non-Durable13,468 13,468 13,468 
SHF Holdings, Inc.(e)
S+550, 1.00% Floor
1/22/2030Beverage, Food & Tobacco9,899 9,899 9,899 
Stengel Hill Architecture, LLC(e)
S+675, 1.00% Floor
8/16/2028Construction & Building9,928 9,843 9,842 
Straine Dental Management, LLC(e)
S+742, 2.00% Floor
11/25/2030Healthcare & Pharmaceuticals11,700 11,598 11,597 
Tactical Air Support, Inc.(d)
S+850, 1.00% Floor
12/22/2028Aerospace & Defense10,800 10,787 10,786 
Tactical Air Support, Inc.(d)
S+850, 1.00% Floor
12/22/2028Aerospace & Defense1,875 1,873 1,873 
WorkGenius, Inc.(e)
S+700, 0.50% Floor
6/7/2027Services: Business4,002 3,995 4,002 
WorkGenius, Inc.(e)
S+700, 0.50% Floor
6/7/2027Services: Business3,920 3,924 3,920 
WorkGenius, Inc.(e)
S+700, 0.50% Floor
6/7/2027Services: Business2,918 2,920 2,918 
Xenon Arc, Inc.(e)
S+600, 0.75% Floor
12/20/2028High Tech Industries3,767 3,711 3,701 
Total Senior Secured First Lien Debt176,928 176,909 
Short Term Investments(b)
First American Treasury Obligations Fund, Class Z Shares
3.74%(c)
4,768 4,768 
Total Short Term Investments4,768 4,768 
TOTAL INVESTMENTS$181,696 $181,677 
a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of September 30, 2026, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2026.
b.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.
c.7-day effective yield as of September 30, 2026.
d.The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2026 was 3.96%.
e.The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2026 was 4.11%.
f.The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2026 was 4.27%.
The following table includes selected balance sheet information for SLFP as of September 30, 2026:
Selected Balance Sheet Information:September 30, 2026
Investments, at fair value (amortized cost of $181,696)
$181,677 
Cash and other assets165 
Receivable for investments sold and repaid306 
Interest receivable on investments660 
Other assets280 
   Total assets$183,088 
Senior secured notes (net of unamortized debt issuance costs of $2,615)
$122,385 
Interest payable424 
Other liabilities876 
   Total liabilities123,685 
Preferred SLFP LLC Interests (temporary equity), liquidation preference of $11,938
11,938 
Members’ capital – common47,465 
   Total liabilities, temporary equity and members’ capital$183,088 
The following table includes selected statement of operations information for SLFP for the period from September 17, 2026 through September 30, 2026:
Period from September 17, 2026 through September 30, 2026
Selected Statement of Operations Information:
Total investment income$803 
Total expenses1,015 
Net change in unrealized depreciation on investments(19)
Net decrease in net assets$(231)
Less: distributions to preferred members
(53)
Net decrease in net assets attributable to common members
$(284)
CION/EagleTree Partners, LLC
On December 21, 2021, the Company formed CION/EagleTree, an off-balance sheet joint venture partnership with ET-BC Debt Opportunities, LP, or ET-BC, which is an affiliate of EagleTree Capital, LP, or EagleTree. EagleTree made a Firm-level investment with proprietary capital. CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.
The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85% and 15%, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree. The Company and ET-BC are not required to make any additional capital contributions to CION/EagleTree. The Company’s equity investment in CION/EagleTree is not redeemable. All portfolio and other material decisions regarding CION/EagleTree must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by ET-BC. Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from ET-BC.
The Company also serves as administrative agent to CION/EagleTree to provide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM. Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services.
On December 21, 2021, CION/EagleTree issued senior secured notes of $61,629 to the Company and $10,875 to ET-BC, or the CION/EagleTree Notes. The CION/EagleTree Notes bear interest at a fixed rate of 14.0% per year and are secured by a first priority security interest in all of the assets of CION/EagleTree. On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC. As a result, as of September 30, 2026, the Company held $36,037 and ET-BC held $2,965 of the CION/EagleTree Notes. On March 4, 2026, CION/EagleTree extended the maturity date of the senior secured notes from December 21, 2026 to December 21, 2027. The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.
In accordance with ASU 2015-02, Consolidation, the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree. The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree.

The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2026:
Portfolio CompanyInterestIndustryPrincipal/
Par Amount/
Units		CostFair
Value
Equity
American Clinical Solutions LLC, Class A Membership Interests(a)Healthcare & Pharmaceuticals
6,030,384 Units
$5,200 $— 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(a)Media: Diversified & Production
1,469 Units
486 — 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(a)Media: Diversified & Production
255 Units
— — 
Anthem Sports and Entertainment Inc., Common Stock Warrants(a)Media: Diversified & Production
4,746 Units
— — 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A10,571 9,557 
Carestream Health Holdings, Inc., Common Stock(a)Healthcare & Pharmaceuticals
614,367 Units
21,759 18,879 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
10,127 17,714 
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend
Healthcare & Pharmaceuticals
183,723 Units
356 965 
CTS Ultimate Holdings LLC, Class A Preferred Units(a)Construction & Building
3,578,701 Units
1,000 2,326 
HDNet Holdco LLC, Preferred Unit Call Option(a)Media: Diversified & Production
1 Unit
— — 
Language Education Holdings GP LLC, Common Units(a)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(a)Services: Business
133,333 Units
300 — 
Skillsoft Corp., Class A Common Stock(a)(b)High Tech Industries
12,171 Units
2,000 70 
Spinal USA, Inc. / Precision Medical Inc., Warrants(a)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity51,799 49,511 
Short Term Investments(c)
First American Treasury Obligations Fund, Class Z Shares
3.74%(d)
2,185 2,185 
Total Short Term Investments2,185 2,185 
TOTAL INVESTMENTS$53,984 $51,696 
a.Non-income producing security.
b.Fair value determined using level 1 inputs.
c.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.
d.7-day effective yield as of September 30, 2026.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2025:
Portfolio CompanyInterestMaturityIndustryPrincipal/
Par Amount/
Units		CostFair
Value
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a)
7.03% Estimated Yield
4/28/2039Diversified Financials$5,000 $4,514 $5,028 
Total Collateralized Securities and Structured Products - Equity4,514 5,028 
Equity
American Clinical Solutions LLC, Class A Membership Interests(b)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 2,292 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b)Media: Diversified & Production
1,469 Units
486 — 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b)Media: Diversified & Production
255 Units
— — 
Anthem Sports and Entertainment Inc., Common Stock Warrants(b)Media: Diversified & Production
4,746 Units
— — 
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A9,993 9,218 
Carestream Health Holdings, Inc., Common Stock(b)Healthcare & Pharmaceuticals
614,367 Units
21,759 17,976 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
9,728 15,300 
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend
Healthcare & Pharmaceuticals
183,723 Units
338 798 
CTS Ultimate Holdings LLC, Class A Preferred Units(b)Construction & Building
3,578,701 Units
1,000 2,638 
HDNet Holdco LLC, Preferred Unit Call Option(b)Media: Diversified & Production
1 Unit
— — 
Language Education Holdings GP LLC, Common Units(b)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(b)Services: Business
133,333 Units
300 139 
Skillsoft Corp., Class A Common Stock(b)(c)High Tech Industries
12,171 Units
2,000 113 
Spinal USA, Inc. / Precision Medical Inc., Warrants(b)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity50,804 48,474 
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares
3.64%(e)
1,454 1,454 
Total Short Term Investments1,454 1,454 
TOTAL INVESTMENTS$56,772 $54,956 
a.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
b.Non-income producing security.
c.Fair value determined using level 1 inputs.
d.Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
e.7-day effective yield as of December 31, 2025.
The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2026 and December 31, 2025:
Selected Balance Sheet Information:September 30, 2026December 31, 2025
Investments, at fair value (amortized cost of $53,984 and $56,772, respectively)
$51,696 $54,956 
Dividend receivable on investments197 186 
Interest receivable on investments11 67 
   Total assets$51,904 $55,209 
Senior secured notes (net of unamortized debt issuance costs of $3 and $23, respectively)
$38,999 $38,979 
Other liabilities128 137 
   Total liabilities39,127 39,116 
Members' capital12,777 16,093 
   Total liabilities and members' capital$51,904 $55,209 
The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025:
Three Months Ended
September 30,
Nine Months Ended
September 30,
Year Ended
December 31,
Selected Statement of Operations Information:20262025202620252025
Total investment income$367 $681 $1,332 $2,041 $2,329 
Total expenses1,552 1,568 4,660 4,717 6,332 
Net realized gain (loss) on investments3 (429)483 (373)(273)
Net change in unrealized appreciation (depreciation) on investments2,781 (528)(472)3,050 (925)
Net increase (decrease) in net assets$1,599 $(1,844)$(3,317)$1 $(5,201)