Joint Ventures (Tables)

The following table sets forth the individual investments in SLFP's portfolio as of September 30, 2026:


Portfolio Company	Interest(a)	Maturity	Industry	Principal/ Par Amount/ Units		Amortized Cost		Fair Value
Senior Secured First Lien Debt
American Health Staffing Group, Inc.	Prime+525	11/19/2028	Services: Business	$	12,770	$	12,770	$	12,770
Anchor QEA, Inc.(e)	S+525, 1.00% Floor	3/25/2032	Environmental Industries	9,966		9,941		9,941
APS Acquisition Holdings, LLC(e)	S+575, 1.00% Floor	7/11/2029	Construction & Building	4,279		4,253		4,252
APS Acquisition Holdings, LLC(e)	S+575, 1.00% Floor	7/11/2029	Construction & Building	2,089		2,076		2,076
BDS Solutions Intermediateco, LLC(e)	S+675, 2.00% Floor	2/7/2027	Services: Business	11,431		11,431		11,431
BDS Solutions Intermediateco, LLC(e)	S+675, 2.00% Floor	2/7/2027	Services: Business	818		819		818
Community Tree Service, LLC(e)	S+950, 1.00% Floor	6/17/2027	Construction & Building	11,546		11,546		11,546
CrossLink Professional Tax Solutions, LLC(e)	S+500, 1.00% Floor	6/30/2028	High Tech Industries	5,517		5,517		5,517
Dependable Acquisition Inc.(d)	S+650, 2.50% Floor	3/9/2032	Construction & Building	9,125		9,125		9,125
Gold Medal Holdings, Inc.(e)	S+575, 1.00% Floor	9/17/2028	Environmental Industries	7,091		7,083		7,082
Gold Medal Holdings, Inc.(e)	S+575, 1.00% Floor	9/17/2028	Environmental Industries	2,484		2,481		2,481
ICA Foam Holdings, LLC(e)	S+600, 1.00% Floor	12/5/2026	Containers, Packaging & Glass	10,574		10,520		10,508
Lift Brands, Inc.(d)	S+750, 1.00% Floor	9/30/2026	Services: Consumer	3,282		3,282		3,294
Metrc Inc.(e)	S+550, 1.00% Floor	9/30/2031	High Tech Industries	8,390		8,328		8,327
Newbury Franklin Industrials LLC(f)	S+700, 2.00% Floor	12/11/2029	Capital Equipment	4,901		4,849		4,846
Newbury Franklin Industrials LLC(f)	S+700, 2.00% Floor	12/11/2029	Capital Equipment	899		889		889
Playboy Enterprises, Inc.(e)	S+625, 0.50% Floor	5/25/2028	Consumer Goods: Non-Durable	13,468		13,468		13,468
SHF Holdings, Inc.(e)	S+550, 1.00% Floor	1/22/2030	Beverage, Food & Tobacco	9,899		9,899		9,899
Stengel Hill Architecture, LLC(e)	S+675, 1.00% Floor	8/16/2028	Construction & Building	9,928		9,843		9,842
Straine Dental Management, LLC(e)	S+742, 2.00% Floor	11/25/2030	Healthcare & Pharmaceuticals	11,700		11,598		11,597
Tactical Air Support, Inc.(d)	S+850, 1.00% Floor	12/22/2028	Aerospace & Defense	10,800		10,787		10,786
Tactical Air Support, Inc.(d)	S+850, 1.00% Floor	12/22/2028	Aerospace & Defense	1,875		1,873		1,873
WorkGenius, Inc.(e)	S+700, 0.50% Floor	6/7/2027	Services: Business	4,002		3,995		4,002
WorkGenius, Inc.(e)	S+700, 0.50% Floor	6/7/2027	Services: Business	3,920		3,924		3,920
WorkGenius, Inc.(e)	S+700, 0.50% Floor	6/7/2027	Services: Business	2,918		2,920		2,918
Xenon Arc, Inc.(e)	S+600, 0.75% Floor	12/20/2028	High Tech Industries	3,767		3,711		3,701
Total Senior Secured First Lien Debt						176,928		176,909
Short Term Investments(b)
First American Treasury Obligations Fund, Class Z Shares	3.74%(c)					4,768		4,768
Total Short Term Investments						4,768		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 assets	165
Receivable for investments sold and repaid	306

Interest receivable on investments	660
Other assets	280
Total assets	$	183,088

Senior secured notes (net of unamortized debt issuance costs of $2,615)	$	122,385
Interest payable	424
Other liabilities	876
Total liabilities	123,685
Preferred SLFP LLC Interests (temporary equity), liquidation preference of $11,938	11,938
Members’ capital – common	47,465
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 expenses	1,015

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)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2026:


Portfolio Company	Interest	Industry	Principal/ Par Amount/ Units	Cost		Fair 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 Financials	N/A	10,571		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 Equity				51,799		49,511
Short Term Investments(c)
First American Treasury Obligations Fund, Class Z Shares	3.74%(d)			2,185		2,185
Total Short Term Investments				2,185		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 Company	Interest	Maturity	Industry	Principal/ Par Amount/ Units		Cost		Fair Value
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a)	7.03% Estimated Yield	4/28/2039	Diversified Financials	$	5,000	$	4,514	$	5,028
Total Collateralized Securities and Structured Products - Equity						4,514		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 Financials	N/A		9,993		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 Equity						50,804		48,474
Short Term Investments(d)
First American Treasury Obligations Fund, Class Z Shares	3.64%(e)					1,454		1,454
Total Short Term Investments						1,454		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, 2026		December 31, 2025
Investments, at fair value (amortized cost of $53,984 and $56,772, respectively)	$	51,696	$	54,956


Dividend receivable on investments	197		186
Interest receivable on investments	11		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 liabilities	128		137
Total liabilities	39,127		39,116
Members' capital	12,777		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:	2026		2025		2026		2025		2025
Total investment income	$	367	$	681	$	1,332	$	2,041	$	2,329
Total expenses	1,552		1,568		4,660		4,717		6,332
Net realized gain (loss) on investments	3		(429)		483		(373)		(273)
Net change in unrealized appreciation (depreciation) on investments	2,781		(528)		(472)		3,050		(925)
Net increase (decrease) in net assets	$	1,599	$	(1,844)	$	(3,317)	$	1	$	(5,201)