Fair value determined in good faith by CION Investment Management, LLC, or CIM, as the Company’s valuation designee, subject to oversight of the Company's board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted.

[4]

Fair value determined in good faith by CIM, as the Company's valuation designee, subject to the oversight of the Company's board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted.

[5]

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.

[6]

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.

[7]

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.

[8]

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.

[9]

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2025.

[10]

Other income producing investment. Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based MOICs.

[11]

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, 2025, 95.9% of the Company’s total assets represented qualifying assets.

[12]

Denominated in U.S. dollars unless otherwise noted.

[13]

Denominated in U.S. dollars unless otherwise noted.

[14]

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, 2025 and September 30, 2026, along with transactions during the nine months ended September 30, 2026 in these controlled investments, were as follows:


			Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2026
Controlled Investments	Fair Value at December 31, 2025		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at September 30, 2026		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Adapt Laser Acquisition, Inc.
Revolving Loan	$	1,440	$	560	$	(2,000)	$	(3)	$	(3)	$	—	$	103	$	—	$	—
First Lien Term Loan	10,148		—		(75)		(13)		10,060		—		840		—		—
ALA Holdco LLC
Class A Units	5,348		—		—		958		6,306		—		—		—		—
American Clinical Solutions LLC
First Lien Term Loan	23,133		4,972		—		(3,309)		24,796		—		1,472		—		—
Delayed Draw Term Loan	—		—		—		(98)		(98)		—		4		—		—
Class A-1 Membership Interests	—		—		—		—		—		—		—		—		—
CION/EagleTree Partners, LLC
Senior Secured Note	36,037		—		—		—		36,037		—		3,774		—		—
Participating Preferred Shares	13,679		—		—		(2,819)		10,860		—		—		—		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Secured Loan Receivable	2,765		9,044		(5,646)		85		6,248		—		142		—		—
Exit First Lien Term Loan	82,548		—		—		3,251		85,799		—		7,237		—		—
Incremental First Lien Term Loan	16,622		1,200		(908)		61		16,975		—		1,265		—		—
Fourteenth Amendment Term Loan	9,792		136		—		39		9,967		—		920		—		—
Incremental First Lien Term Loan	9,219		24,000		—		(1,019)		32,200		—		1,268		—		—
David's Bridal Holdings, LLC
Preferred Units	9,500		—		—		9,500		19,000		—		—		—		—
Class A Common Units	9,510		—		—		5,691		15,201		—		—		—		—
Class B Common Units	4,787		—		—		2,865		7,652		—		—		—		—
JP Intermediate B, LLC
First Out New Money Term Loan	6,889		—		(52)		17		6,854		—		557		—		—
Second Out Term Loan	23,561		—		—		407		23,968		—		1,896		—		—
Third Out Term Loan	1,410		89		—		1,558		3,057		—		218		—		—
Common Shares	23,282		—		—		(827)		22,455		—		—		—		—
Senior Loan Fund Partners, LLC
Common LLC Interests	—		49,180		—		(1,657)		47,523		—		—		—		—
Totals	$	289,670	$	89,181	$	(8,681)	$	14,687	$	384,857	$	—	$	19,696	$	—	$	—

(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.

[15]

Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.

[16]

Non-income producing security.

[17]

Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these controlled investments, were as follows:


			Year Ended December 31, 2025								Year Ended December 31, 2025
Controlled Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Adapt Laser Acquisition, Inc.
Revolving Loan	$	—	$	1,440	$	—	$	—	$	1,440	$	—	$	14	$	—	$	—
First Lien Term Loan	—		10,148		—		—		10,148		—		151		—		290
ALA Holdco LLC
Class A Units	—		5,432		—		(84)		5,348		—		—		—		—
American Clinical Solutions LLC
First Lien Term Loan	—		25,408		—		(2,275)		23,133		—		2,019		—		50
Class A-1 Membership Interests	—		—		—		—		—		—		—		—		—
CION/EagleTree Partners, LLC
Senior Secured Note	36,037		—		—		—		36,037		—		5,045		—		—
Participating Preferred Shares	18,103		—		—		(4,424)		13,679		—		—		—		—
Common Shares	—		—		—		—		—		—		—		—		—
David's Bridal, Inc.
Secured Loan Receivable	—		3,180		(1,407)		(177)		1,596		—		46		—		—
Secured Loan Receivable	—		2,346		(1,047)		(130)		1,169		—		19		—		—
Incremental First Lien Term Loan	9,910		8,000		(1,417)		129		16,622		—		1,441		—		273
Fourteenth Amendment Term Loan	—		9,603		—		189		9,792		—		705		—		377
Exit First Lien Term Loan	73,181		15,831		—		(6,464)		82,548		—		11,097		—		—
Incremental First Lien Term Loan	—		11,000		—		(1,781)		9,219		—		51		—		—
David's Bridal Holdings, LLC
Preferred Units	9,575		—		—		(75)		9,500		—		—		—		—
Class A Common Units	24,570		—		—		(15,060)		9,510		—		—		—		—
Class B Common Units	—		6,978		—		(2,191)		4,787		—		—		—		—
JP Intermediate B, LLC
First Lien Term Loan	—		—		—		—		—		—		15,280		—		—
First Out New Money Term Loan	—		6,906		(17)		—		6,889		—		160		—		—
Second Out Term Loan	—		27,159		—		(3,598)		23,561		—		666		—		—
Third Out Term Loan	—		130		—		1,280		1,410		—		23		—		—
Common Shares	—		31,238		—		(7,956)		23,282		—		—		—		8,660
Totals	$	171,376	$	164,799	$	(3,888)	$	(42,617)	$	289,670	$	—	$	36,717	$	—	$	9,650

(3)Includes PIK interest income.

[18]

Non-income producing security.

[19]

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, 2025 and September 30, 2026, along with transactions during the nine months ended September 30, 2026 in these affiliated investments, were as follows:


			Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2026
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2025		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at September 30, 2026		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income

Appalachian Resource Company, LLC
First Lien Term Loan	$	—	$	11,380	$	—	$	4,708	$	16,088	$	—	$	1,036	$	—	$	—
First Lien Delayed Draw Term Loan	—		7,502		—		291		7,793		—		720		—		—
ARC Financial, LLC
Membership Interests	—		—		—		1,167		1,167		—		—		—		—
Carestream Health, Inc.
First Lien Term Loan	12,913		127		(11,535)		(1,505)		—		(1,079)		414		—		—
First Lien Term Loan	—		8,686		(8,686)		—		—		(452)		338		—		—
Carestream Health Holdings Inc.
Common Shares	18,081		3,076		—		24,842		45,999		—		—		—		—
Hollander Intermediate LLC
First Lien Term Loan	14,651		2,361		(20,851)		3,839		—		—		1,143		—		—
HW Acquisition, LLC
Revolving Loan	2,877		1,183		(4)		2,868		6,924		—		559		—		—
First Lien Term Loan	3,033		—		—		(3,033)		—		—		(4)		—		—
Inotiv Holdings, LLC
First Lien Term Loan	—		17,753		—		—		17,753		—		468		—		—
First Lien Delayed Draw Term Loan	—		1,619		—		—		1,619		—		32		—		—
Inotiv Parent, LLC
Common Shares	—		16,521		—		(444)		16,077		—		—		—		—
Instant Web, LLC
Revolving Loan	2,422		12,444		(12,221)		45		2,690		—		223		—		—
Priming Term Loan	632		—		(33)		(3)		596		—		48		—		—
First Lien Term Loan	35,642		4,848		—		(5,311)		35,179		—		4,850		—		—
First Lien Delayed Draw Term Loan	1,567		144		—		43		1,754		—		139		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	10,755		—		—		(711)		10,044		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	4,857		467		—		(837)		4,487		—		913		—		—
Isagenix Worldwide, Inc.
Common Shares	—		—		—		—		—		—		—		—		—
LAV Gear Holdings, Inc.
First Lien Term Loan	13,894		428		(121)		(211)		13,990		—		1,197		—		—
First Lien Term Loan	5,135		151		(39)		(34)		5,213		—		397		—		—
Revolving Loan	(7)		293		—		(3)		283		—		10		—		—
Lift Brands, Inc.
Term Loan A	21,682		12		(3,789)		(228)		17,677		—		1,799		—		111
Term Loan B	7,212		138		—		54		7,404		—		554		—		34
Term Loan C	8,006		1,272		—		69		9,347		—		864		—		42

See accompanying notes to consolidated financial statements

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2026

(in thousands)


			Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2026
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2025		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at September 30, 2026		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Live Comfortably Inc.
Common Stock	—		—		—		—		—		1,238		—		—		—
Longview Intermediate Holdings C, LLC
Membership Units	105,657		—		—		(6,416)		99,241		—		—		19,444		—
New HW Holdings Corp.
Preferred Stock	—		—		—		—		—		—		—		—		—
Common Stock	—		—		—		—		—		—		—		—		—
New Media Futures LLC
Common Stock	—		305		—		(195)		110		—		—		—		—
New Thrill TopCo LLC
Common Stock	—		10,436		(3,360)		(302)		6,774		—		—		—		—
Online Pharmacy Holdings, LLC
Series A Preferred Equity	3,913		92		—		(2,086)		1,919		—		—		92		—
Series D Preferred Equity	—		—		—		—		—		—		—		—		—
Optio Rx, LLC
First Lien Term Loan	14,880		1,060		(250)		(276)		15,414		—		1,455		—		—
Revolving Loan	709		79		—		(26)		762		—		76		—		—
RA Outdoors, LLC
Revolving Loan	1,041		102		(18)		(142)		983		—		79		—		—
First Lien Term Loan	10,885		996		—		(1,598)		10,283		—		1,016		—		—
Delayed Draw Term Loan	(99)		776		—		(130)		547		—		41		—		—
Second Lien Term Loan	—		—		—		—		—		—		—		—		—
Revolt Media and TV, LLC
First Lien Term Loan	—		12,916		(165)		(466)		12,285		—		447		—		396
Snap Fitness Holdings, Inc.
Class A Stock	5,047		—		—		385		5,432		—		—		—		—
Warrants	2,046		—		—		156		2,202		—		—		—		—
Sopris Topco, LLC
Common Units	—		—		—		—		—		—		—		—		—
SRA Parent, LLC
Preferred Equity	11,971		935		—		4		12,910		—		—		683		—
Common Equity	20,289		—		—		(842)		19,447		—		—		—		—
STATinMED, LLC
First Lien Term Loan	4,200		—		—		(4,200)		—		—		—		—		—
Senior Term Loan	733		—		—		(733)		—		—		(899)		—		(2,894)
Senior Superpriority Term Loan	199		—		—		87		286		—		(45)		—		—
Senior Superpriority Term Note	2,090		—		—		(742)		1,348		—		547		—		—
Senior Superpriority Term Note	—		218		—		518		736		—		251		—		—
Senior Superpriority Term Note	—		785		—		2,667		3,452		—		102		—		—
STATinMed Parent, LLC
Class A Preferred Units	—		—		—		—		—		—		—		—		—
Class B Preferred Units	—		—		—		—		—		—		—		—		—
TG Parent NewCo LLC
Common Equity	—		—		—		—		—		—		—		—		—
Trademark Global, LLC
First Lien Term Loan	9,848		—		(105)		2,792		12,535		—		(105)		—		—
Incremental First Lien Term Loan	—		1,911		(5)		4		1,910		—		55		—		—
White Tiger NewCo, LLC
Common Equity	7,574		—		—		(5,522)		2,052		—		—		—		—
Totals	$	364,335	$	121,016	$	(61,182)	$	8,543	$	432,712	$	(293)	$	18,720	$	20,219	$	(2,311)

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2026

(in thousands)

(3)Includes PIK interest income.

[20]

Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.

[21]

Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these affiliated investments, were as follows:


			Year Ended December 31, 2025								Year Ended December 31, 2025
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income

American Clinical Solutions LLC
First Lien Term Loan	$	11,075	$	—	$	(11,075)	$	—	$	—	$	—	$	436	$	—	$	—
Class A-1 Membership Interests	—		—		—		—		—		—		—		—		—
ARC Financial, LLC
Membership Interests	—		—		—		—		—		—		—		—		—
Carestream Health, Inc.
First Lien Term Loan	11,172		1,394		(353)		700		12,913		—		1,699		—		—
Carestream Health Holdings Inc.
Common Shares	20,108		—		—		(2,027)		18,081		—		—		—		—









GSC Technologies Inc.
Common Shares	32		—		—		(32)		—		—		—		—		—
Hollander Intermediate LLC
First Lien Term Loan	—		17,119		—		(2,468)		14,651		—		1,389		—		—
HW Acquisition, LLC
Revolving Loan	3,140		2,037		—		(2,300)		2,877		—		589		—		—
First Lien Term Loan	4,794		573		—		(2,334)		3,033		—		577		—		—
Instant Web, LLC
Revolving Loan	2,430		14,017		(13,950)		(75)		2,422		—		283		—		—
Priming Term Loan	573		61		—		(2)		632		—		67		—		—
First Lien Term Loan	36,557		6,191		—		(7,106)		35,642		—		6,192		—		—
First Lien Delayed Draw Term Loan	1,458		185		—		(76)		1,567		—		183		—		—
Instant Web Holdings, LLC
Class A Common Units	—		—		—		—		—		—		—		—		—
IPP Buyer Holdings, LLC
Class A Units	11,644		—		—		(889)		10,755		—		—		—		—
Isagenix International, LLC
First Lien Term Loan	9,229		886		—		(5,258)		4,857		—		1,146		—		—
Isagenix Worldwide, Inc.
Common Shares	6,322		—		—		(6,322)		—		—		—		—		—
LAV Gear Holdings, Inc.
First Lien Term Loan	—		16,314		(40)		(2,380)		13,894		—		697		—		—
First Lien Term Loan	—		4,971		(8)		172		5,135		—		213		—		88
Revolving Loan	—		(72)		—		65		(7)		—		2		—		—
Lift Brands, Inc.
Term Loan A	22,814		—		(1,426)		294		21,682		—		2,649		—		629
Term Loan B	6,577		648		—		(13)		7,212		—		648		—		138
Term Loan C	7,386		755		(142)		7		8,006		—		758		—		120
Live Comfortably Inc.
Common Stock	—		—		—		—		—		—		—		—		—
Longview Intermediate Holdings C, LLC
Membership Units	52,166		—		—		53,491		105,657		—		—		4,298		—
New HW Holdings Corp.
Preferred Stock	3,141		—		—		(3,141)		—		—		—		—		—
Common Stock	—		—		—		—		—		—		—		—		—
Online Pharmacy Holdings, LLC
Series A Preferred Equity	—		3,231		—		682		3,913		—		—		146		—
Series D Preferred Equity	—		—		—		—		—		—		—		—		—

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands)


			Year Ended December 31, 2025								Year Ended December 31, 2025
Non-Controlled, Affiliated Investments	Fair Value at December 31, 2024		Gross Additions (Cost)(1)		Gross Reductions (Cost)(2)		Net Unrealized Gain (Loss)		Fair Value at December 31, 2025		Net Realized Gain (Loss)		Interest Income(3)		Dividend Income		Fee Income
Optio Rx, LLC
First Lien Term Loan	—		14,880		—		—		14,880		—		1,623		—		—
Revolving Loan	—		709		—		—		709		—		77		—		—
RA Outdoors, LLC
Revolving Loan	—		1,084		—		(43)		1,041		—		40		—		—
First Lien Term Loan	—		11,251		—		(366)		10,885		—		332		—		—
Delayed Draw Term Loan	—		(68)		—		(31)		(99)		—		—		—		—
Second Lien Term Loan	—		—		—		—		—		—		—		—		—
Snap Fitness Holdings, Inc.
Class A Stock	5,028		—		—		19		5,047		—		—		—		—
Warrants	2,038		—		—		8		2,046		—		—		—		—
Sopris Topco, LLC
Common Units	—		—		—		—		—		—		—		—		—
SRA Holdings, LLC
Unsecured Debt	4,103		—		(4,103)		—		—		—		97		—		—
SRA Parent, LLC
Preferred Equity	9,533		2,449		—		(11)		11,971		—		—		1,201		—
Common Equity	17,277		2,395		—		617		20,289		—		—		—		—
STATinMED, LLC
First Lien Term Loan	4,592		—		—		(392)		4,200		—		—		—		—
Senior Term Loan	942		—		—		(209)		733		—		774		—		—
Senior Superpriority Term Loan	243		—		—		(44)		199		—		54		—		—
Senior Superpriority Term Note	—		498		—		1,592		2,090		—		359		—		—
STATinMed Parent, LLC
Class A Preferred Units	—		—		—		—		—		—		—		—		—
Class B Preferred Units	—		—		—		—		—		—		—		—		—
TG Parent NewCo LLC
Common Equity	—		—		—		—		—		—		—		—		—
Trademark Global, LLC
First Lien Term Loan	14,831		1,298		—		(6,281)		9,848		—		1,293		—		—
White Tiger NewCo, LLC
Common Equity	—		12,664		—		(5,090)		7,574		—		—		—		—
Totals	$	269,205	$	115,470	$	(31,097)	$	10,757	$	364,335	$	—	$	22,177	$	5,645	$	975

(3)Includes PIK interest income.

[22]

[23]

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, 2026, 93.6% of the Company’s total assets represented qualifying assets.

[24]

Fair value determined using level 1 inputs.

[25]

Fair value determined using level 1 inputs.

[26]

The actual Secured Overnight Financing Rate, or SOFR, 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.

[27]

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS AG, or UBS, as of September 30, 2026 (see Note 8).

[28]

The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2026 was 4.11%.

[29]

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

[30]

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 December 31, 2025 (see Note 8).

[31]

As of December 31, 2025, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.


		Interest Rate
Portfolio Company	Investment Type	Cash	PIK	All-in-Rate
American Clinical Solutions LLC	Senior Secured First Lien Debt	7.00%	3.82%	10.82%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	9.43%	9.43%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	10.00%	10.00%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	1.00%	1.00%
Appalachian Resource Company, LLC	Senior Secured First Lien Debt	—	13.82%	13.82%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	7.35%	3.85%	11.20%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	—	12.35%	12.35%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	5.49%	6.50%	11.99%
Berlitz Holdings, Inc.	Senior Secured First Lien Debt	7.99%	5.00%	12.99%
Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	2.64%	12.64%
Cennox, Inc.	Senior Secured First Lien Debt	10.27%	0.25%	10.52%
CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
FuseFX, LLC	Senior Secured First Lien Debt	5.10%	5.00%	10.10%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	15.99%	15.99%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	15.00%	15.00%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	17.00%	17.00%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	9.99%	9.99%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	11.75%	11.75%
Inotiv, Inc.	Senior Secured First Lien Debt	10.50%	0.25%	10.75%
Instant Web, LLC	Senior Secured First Lien Debt	—	10.83%	10.83%



Invincible Boat Company LLC	Senior Secured First Lien Debt	8.00%	3.37%	11.37%
Isagenix International, LLC	Senior Secured First Lien Debt	2.50%	8.99%	11.49%
K&N Parent, Inc.	Senior Secured First Lien Debt	7.08%	5.00%	12.08%

LAV Gear Holdings, Inc.	Senior Secured First Lien Debt	6.21%	3.44%	9.65%
Lift Brands, Inc.	Senior Secured First Lien Debt	—	9.50%	9.50%
Lucky Bucks Holdings LLC	Unsecured Note	—	12.50%	12.50%
Lux Credit Consultants LLC	Senior Secured First Lien Debt	—	10.92%	10.92%
Optio Rx, LLC	Senior Secured First Lien Debt	—	13.73%	13.73%
RA Outdoors, LLC	Senior Secured First Lien Debt	—	10.89%	10.89%
RA Outdoors, LLC	Senior Secured Second Lien Debt	—	13.14%	13.14%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	15.99%	15.99%
RumbleOn, Inc.	Senior Secured First Lien Debt	10.85%	1.00%	11.85%
STATinMED, LLC	Senior Secured First Lien Debt	—	13.46%	13.46%
TMK Hawk Parent, Corp.	Senior Secured First Lien Debt	5.72%	3.25%	8.97%
TMK Hawk Parent, Corp.	Unsecured Debt	—	11.00%	11.00%
Trademark Global, LLC	Senior Secured First Lien Debt	—	12.43%	12.43%
Trammell, P.C.	Senior Secured First Lien Debt	—	19.33%	19.33%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%

[32]

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

[33]

As of September 30, 2026, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.


		Interest Rate
Portfolio Company	Investment Type	Cash	PIK	All-in-Rate




Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	12.00%	12.00%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	9.49%	9.49%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	10.00%	10.00%
Anthem Sports & Entertainment Inc.	Senior Secured First Lien Debt	—	1.00%	1.00%
Appalachian Resource Company, LLC	Senior Secured First Lien Debt	—	14.00%	14.00%
Appalachian Resource Company, LLC	Senior Secured First Lien Debt	—	9.00%	9.00%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	5.30%	5.85%	11.15%
Avison Young (Canada) Inc./Avison Young (USA) Inc.	Senior Secured First Lien Debt	—	12.30%	12.30%

Berlitz Holdings, Inc.	Senior Secured First Lien Debt	7.80%	5.00%	12.80%

Celerity Acquisition Holdings, LLC	Senior Secured First Lien Debt	10.00%	2.38%	12.38%

CION/EagleTree Partners, LLC	Senior Secured Note	—	14.00%	14.00%
Community Tree Service, LLC	Senior Secured First Lien Debt	7.38%	6.00%	13.38%

Emerald Technologies (U.S.) Acquisitionco, Inc.	Senior Secured First Lien Debt	4.88%	5.25%	10.13%
FuseFX, LLC	Senior Secured First Lien Debt	7.03%	5.00%	12.03%

Heritage Power, LLC	Senior Secured First Lien Debt	5.23%	5.50%	10.73%
Hilliard, Martinez & Gonzales, LLP	Senior Secured First Lien Debt	—	15.80%	15.80%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	15.00%	15.00%
Homer City Generation, L.P.	Senior Secured First Lien Debt	—	17.00%	17.00%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	9.73%	9.73%
HW Acquisition, LLC	Senior Secured First Lien Debt	—	11.75%	11.75%
Inotiv Holdings I, LLC	Senior Secured First Lien Debt	—	11.51%	11.51%
Instant Web, LLC	Senior Secured First Lien Debt	—	10.52%	10.52%
Instant Web, LLC	Senior Secured First Lien Debt	—	11.02%	11.02%
Invincible Boat Company LLC	Senior Secured First Lien Debt	—	11.55%	11.55%







LAV Gear Holdings, Inc.	Senior Secured First Lien Debt	6.40%	3.44%	9.84%
Lift Brands, Inc.	Senior Secured First Lien Debt	—	9.50%	9.50%
Live Comfortably Borrower LLC	Senior Secured First Lien Debt	12.02%	2.00%	14.02%
Lucky Bucks Holdings LLC	Unsecured Note	—	12.50%	12.50%




RA Outdoors, LLC	Senior Secured Second Lien Debt	—	12.88%	12.88%
RA Outdoors, LLC	Senior Secured First Lien Debt	—	10.92%	10.92%
RA Outdoors, LLC	Senior Secured First Lien Debt	—	10.63%	10.63%
Robert C. Hilliard, L.L.P.	Senior Secured First Lien Debt	—	15.80%	15.80%


STATinMED, LLC	Senior Secured First Lien Debt	—	13.32%	13.32%

TMK Hawk Parent, Corp.	Unsecured Debt	—	11.00%	11.00%
Trademark Global, LLC	Senior Secured First Lien Debt	—	12.84%	12.84%
Trammell, P.C.	Senior Secured First Lien Debt	—	19.30%	19.30%
Williams Industrial Services Group, Inc.	Senior Secured First Lien Debt	10.00%	6.18%	16.18%
WorkGenius, Inc.	Senior Secured First Lien Debt	—	12.00%	12.00%

[34]

Investment or a portion thereof was on non-accrual status as of December 31, 2025.

[35]

Investment or a portion thereof was on non-accrual status as of September 30, 2026.

[36]

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2026 was 3.96%.

[37]

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

[38]

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

[39]

No interest is being recognized on this security after the maturity date.

[40]

No interest is being recognized on this security after the maturity date.

[41]

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 credit facility with UBS as of December 31, 2025 (see Note 8).

[42]

The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2026 was 4.27%.

[43]

The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

[44]

Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company.

[45]

The Company has entered into an agreement with the other lenders to purchase another $20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied.

[46]

Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company.

[47]

The Company has entered into an agreement with the other lenders to purchase another $20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied.

[48]

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.

[49]

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.

[50]

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of September 30, 2026 was 5.07%.

[51]

Due to an annual cap in interest in the loan agreement, the all-in rate on this loan as of December 31, 2025 was 4.61%.

[52]

7-day effective yield as of December 31, 2025.

[53]

7-day effective yield as of September 30, 2026.