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EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS - CION Investment Corpcionex-32_3.htm
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-32_2.htm
EX-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-32_1.htm
EX-31.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CION Investment Corpcionex-31_3.htm
EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-31_2.htm
EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-31_1.htm


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, 2017
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
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)
 
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 submitted electronically and 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, 2017 was 114,398,359.




CĪON INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
 
 
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
 
 
 
 
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,
 
 
2017

2016
 
2017
 
2016
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Investment income
 
 
 
 
 
 
 
 
Interest income
 
$
37,212

 
$
18,579

 
$
99,117

 
$
53,385

Fee and other income
 
1,166

 
154

 
2,651

 
449

Total investment income
 
38,378

 
18,733

 
101,768

 
53,834

Operating expenses
 
 
 
 
 
 
 
 
Management fees
 
7,820

 
5,187

 
21,724

 
14,311

Administrative services expense
 
433

 
425

 
1,204

 
1,151

General and administrative(1)
 
1,803

 
1,892

 
5,220

 
4,944

Interest expense
 
6,920

 
534

 
15,543

 
761

Total operating expenses
 
16,976

 
8,038

 
43,691

 
21,167

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

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 increase in net assets resulting from operations
 
$
20,381

 
$
43,737

 
$
65,801

 
$
90,290

Per share information—basic and diluted
 
 
 
 
 
 
 
 
Net increase in net assets per share resulting from operations
 
$
0.18

 
$
0.41

 
$
0.59

 
$
0.86

Weighted average shares of common stock outstanding
 
112,954,234

 
106,581,390

 
111,504,552

 
105,130,208

(1)  See Note 10 for details of the Company's general and administrative expenses.
(2)  See Note 4 for 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.
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)
 
 
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)
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)
 
 
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, 2017
(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

See accompanying notes to consolidated financial statements.

5



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(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

See accompanying notes to consolidated financial statements.

6



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(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

See accompanying notes to consolidated financial statements.

7



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(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

See accompanying notes to consolidated financial statements.

8



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(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

See accompanying notes to consolidated financial statements.

9



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(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

See accompanying notes to consolidated financial statements.

10



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
September 30, 2017
(in thousands)