Attached files

file filename
EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-311.htm
EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-312.htm
EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS - CION Investment Corpcionex-323.htm
EX-31.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CION Investment Corpcionex-313.htm
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-322.htm
EX-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-321.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 June 30, 2018
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 August 2, 2018 was 113,471,640.




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)
 
 
June 30, 2018
 
December 31, 2017
 
 
(unaudited)
 
 
Assets
Investments, at fair value:
 
 
 
 
     Non-controlled, non-affiliated investments (amortized cost of $1,954,893 and $1,692,978, respectively)
 
$
1,962,848

 
$
1,698,662

     Non-controlled, affiliated investments (amortized cost of $24,540 and $19,422, respectively)
 
19,757

 
15,533

          Total investments, at fair value (amortized cost of $1,979,433 and $1,712,400, respectively)
 
1,982,605

 
1,714,195

Cash
 
8,963

 
56,354

Interest receivable on investments
 
14,012

 
12,433

Receivable due on investments sold
 
4,560

 
29,524

Prepaid expenses and other assets
 

 
3,417

   Total assets
 
$
2,010,140

 
$
1,815,923

Liabilities and Shareholders' Equity
Liabilities
 
 
 
 
Financing arrangements (net of unamortized debt issuance costs of $7,631 and $6,018, respectively)
 
$
891,334

 
$
705,447

Payable for investments purchased
 
53,044

 
36,439

Accounts payable and accrued expenses
 
1,195

 
1,432

Interest payable
 
3,184

 
2,311

Accrued management fees
 
8,602

 
7,821

Accrued subordinated incentive fee on income
 

 
3,222

Accrued administrative services expense
 
156

 
556

Due to CIG - offering costs
 
6

 
4

Total liabilities
 
957,521

 
757,232

 
 
 
 
 
Commitments and contingencies (Note 4 and Note 11)
 
 
 
 
 
 
 
 
 
Shareholders' Equity
 
 
 
 
Common stock, $0.001 par value; 500,000,000 shares authorized;
 
 
 
 
115,570,125 and 115,781,751 shares issued and outstanding, respectively
 
116

 
116

Capital in excess of par value
 
1,074,314

 
1,076,131

Undistributed net investment income
 
7,793

 
10,368

Accumulated net realized loss from investments
 
(13,442
)
 
(10,385
)
Accumulated net unrealized appreciation on investments
 
3,172

 
1,795

Accumulated net realized loss from total return swap(1)
 
(19,334
)
 
(19,334
)
Total shareholders' equity
 
1,052,619

 
1,058,691

Total liabilities and shareholders' equity
 
$
2,010,140

 
$
1,815,923

Net asset value per share of common stock at end of period
 
$
9.11

 
$
9.14

(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
June 30,
 
Six Months Ended
June 30,
 
 
2018

2017
 
2018
 
2017
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Investment income
 
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
 
     Non-controlled, non-affiliated investments
 
$
41,017

 
$
34,407

 
$
79,090

 
$
61,905

     Non-controlled, affiliated investments
 
249

 

 
348

 

          Total interest income
 
41,266

 
34,407

 
79,438

 
61,905

Fee and other income
 
667

 
938

 
881

 
1,485

Total investment income
 
41,933

 
35,345

 
80,319

 
63,390

Operating expenses
 
 
 
 
 
 
 
 
Management fees
 
8,602

 
7,422

 
16,541

 
13,904

Administrative services expense
 
531

 
425

 
992

 
771

General and administrative(1)
 
1,604

 
1,671

 
3,586

 
3,417

Interest expense
 
10,851

 
5,697

 
19,769

 
8,623

Total operating expenses
 
21,588

 
15,215

 
40,888

 
26,715

Net investment income
 
20,345

 
20,130

 
39,431

 
36,675

Realized and unrealized (losses) gains
 
 
 
 
 
 
 
 
Net realized (loss) gain on:
 
 
 
 
 
 
 
 
     Non-controlled, non-affiliated investments
 
(5,181
)
 
(3,082
)
 
(3,103
)
 
(2,342
)
     Non-controlled, affiliated investments
 
20

 

 
37

 

     Total return swap(2)
 

 
413

 

 
(13,856
)
     Foreign currency
 
7

 
3

 
9

 
147

Net realized losses
 
(5,154
)
 
(2,666
)
 
(3,057
)
 
(16,051
)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
     Non-controlled, non-affiliated investments
 
3,604

 
12,211

 
2,271

 
9,394

     Non-controlled, affiliated investments
 
(777
)
 

 
(894
)
 

     Total return swap(2)
 

 
(134
)
 

 
15,402

Net change in unrealized appreciation
 
2,827

 
12,077

 
1,377

 
24,796

Net realized and unrealized (losses) gains
 
(2,327
)
 
9,411

 
(1,680
)
 
8,745

Net increase in net assets resulting from operations
 
$
18,018

 
$
29,541

 
$
37,751

 
$
45,420

Per share information—basic and diluted
 
 
 
 
 
 
 
 
Net increase in net assets per share resulting from operations
 
$
0.16

 
$
0.27

 
$
0.33

 
$
0.41

Weighted average shares of common stock outstanding
 
114,830,847

 
111,447,448

 
114,840,350

 
110,767,684

(1)  See Note 10 for details of the Company's general and administrative expenses.
(2)  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)
 
 
Six Months Ended
June 30,
 
 
2018
 
2017
 
 
(unaudited)
 
(unaudited)
Changes in net assets from operations:
 
 
 
 
Net investment income
 
$
39,431

 
$
36,675

Net realized loss on investments
 
(3,066
)
 
(2,342
)
Net realized gain on foreign currency
 
9

 
147

Net change in unrealized appreciation on investments
 
1,377

 
9,394

Net realized loss on total return swap(1)
 

 
(13,856
)
Net change in unrealized appreciation on total return swap(1)
 

 
15,402

Net increase in net assets resulting from operations
 
37,751

 
45,420

Changes in net assets from shareholders' distributions:(2)
 
 
 
 
Net investment income
 
(42,006
)
 
(31,128
)
Net realized gain on total return swap
 
 
 
 
Net interest and other income from TRS portfolio
 

 
(3,594
)
Net gain on TRS loan sales(3)
 

 
(3,539
)
Net realized gain on investments and foreign currency
 

 
(2,233
)
Net decrease in net assets from shareholders' distributions
 
(42,006
)
 
(40,494
)
Changes in net assets from capital share transactions:
 
 
 
 
Issuance of common stock, net of issuance costs of $708 and $1,047, respectively
 
18,460

 
26,998

Reinvestment of shareholders' distributions
 
19,627

 
19,791

Repurchase of common stock
 
(39,904
)
 
(17,742
)
Net (decrease) increase in net assets resulting from capital share transactions
 
(1,817
)
 
29,047

 
 
 
 
 
Total (decrease) increase in net assets
 
(6,072
)
 
33,973

Net assets at beginning of period
 
1,058,691

 
999,763

Net assets at end of period
 
$
1,052,619

 
$
1,033,736

 
 
 
 
 
Net asset value per share of common stock at end of period
 
$
9.11

 
$
9.15

Shares of common stock outstanding at end of period
 
115,570,125

 
112,958,698

 
 
 
 
 
Undistributed net investment income at end of period
 
$
7,793

 
$
6,975

(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 six months ended June 30, 2017, the Company realized losses of $25,417, which were not then deductible on a tax-basis. 
See accompanying notes to consolidated financial statements.

3



CĪON Investment Corporation
Consolidated Statements of Cash Flows
(in thousands)
 
 
Six Months Ended
June 30,
 
 
2018

2017
 
 
(unaudited)
 
(unaudited)
Operating activities:
 
 
 
 
Net increase in net assets resulting from operations
 
$
37,751

 
$
45,420

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
 
 
 
 
Net accretion of discount on investments
 
(4,339
)
 
(4,269
)
Proceeds from principal repayment of investments
 
321,081

 
259,729

Purchase of investments
 
(706,858
)
 
(854,156
)
Paid-in-kind interest
 
(802
)
 
(1,389
)
Decrease (increase) in short term investments, net
 
23,779

 
(64,000
)
Proceeds from sale of investments
 
96,932

 
87,116

Net realized loss on investments
 
3,066

 
2,342

Net unrealized appreciation on investments
 
(1,377
)
 
(9,394
)
Net unrealized appreciation on total return swap(1)
 

 
(15,402
)
Amortization of debt issuance costs
 
1,469

 
729

(Increase) decrease in due from counterparty(1)
 

 
139,715

(Increase) decrease in interest receivable on investments
 
(1,471
)
 
(1,049
)
(Increase) decrease in receivable due on investments sold
 
24,964

 

(Increase) decrease in receivable due on total return swap(1)
 

 
4,036

(Increase) decrease in prepaid expenses and other assets
 
843

 
(774
)
Increase (decrease) in payable for investments purchased
 
16,605

 
70,583

Increase (decrease) in accounts payable and accrued expenses
 
(237
)
 
(638
)
Increase (decrease) in interest payable
 
873

 
928

Increase (decrease) in accrued management fees
 
781

 
1,641

Increase (decrease) in accrued administrative services expense
 
(400
)
 
(587
)
Increase (decrease) in due to CIG - offering costs
 
2

 
(39
)
Increase (decrease) in subordinated incentive fee on income payable
 
(3,222
)
 

Net cash used in operating activities
 
(190,560
)
 
(339,458
)
 
 
 
 
 
Financing activities:
 
 
 
 
Gross proceeds from issuance of common stock
 
19,168

 
28,045

Commissions and dealer manager fees paid
 
(708
)
 
(1,049
)
Repurchase of common stock
 
(39,904
)
 
(17,742
)
Shareholders' distributions paid(2)
 
(22,379
)
 
(20,703
)
Borrowings under financing arrangements(3)
 
187,500

 
356,698

Debt issuance costs paid
 
(508
)
 
(3,364
)
Net cash provided by financing activities
 
143,169

 
341,885

Net (decrease) increase in cash and restricted cash
 
(47,391
)
 
2,427

Cash and restricted cash, beginning of period
 
56,354

 
17,046

Cash and restricted cash, end of period
 
$
8,963

 
$
19,473

 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest
 
$
17,417

 
$
6,923

Supplemental non-cash financing activities:
 
 
 
 
Reinvestment of shareholders' distributions(2)
 
$
19,627

 
$
19,791

(1)
See Note 7 for a discussion of the Company’s total return swap agreement.
(2)
See Note 5 for a discussion of the sources of distributions paid by the Company.
(3)
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)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
Senior Secured First Lien Debt - 130.9%
 
 
 
 
 
 
 
 
 
 
Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(q)
 
1 Month LIBOR
 
Retail
 
$
14,491

 
$
11,925

 
$
12,078

Accommodations Plus Technologies LLC, L+500, 1.00% LIBOR Floor, 5/11/2024
 
2 Month LIBOR
 
Services: Business
 
8,588

 
8,420

 
8,416

Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020(p)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
4,760

 
4,726

 
4,760

Advanced Integration Technology LP, L+475, 1.00% LIBOR Floor, 4/3/2023(q)
 
6 Month LIBOR
 
Aerospace & Defense
 
3,950

 
3,980

 
3,950

Allen Media, LLC, L+925, 1.00% LIBOR Floor, 3/22/2025(p)(r)(s)
 
3 Month LIBOR
 
Media: Diversified & Production
 
58,800

 
57,369

 
59,241

ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020(q)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
13,272

 
12,231

 
11,829

American Clinical Solutions LLC, 12.50%, 6/11/2020(u)(w)
 
None
 
Healthcare & Pharmaceuticals
 
9,199

 
9,064

 
7,451

American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021(q)(s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,694

 
10,285

 
10,708

American Media, Inc., 0.50% Unfunded, 8/24/2020
 
None
 
Media: Advertising, Printing & Publishing
 
1,067

 

 
21

American Media, Inc., L+800, 1.00% LIBOR Floor, 8/24/2020(p)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
20,910

 
20,809

 
21,329

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(p)(q)(r)(s)
 
3 Month LIBOR
 
Telecommunications
 
20,738

 
19,128

 
20,133

Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024(s)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
30,000

 
29,402

 
29,400

AP Exhaust Acquisition, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(q)
 
3 Month LIBOR
 
Automotive
 
5,584

 
5,409

 
5,494

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(q)
 
1 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
12,000

 
11,881

 
12,075

Ascent Resources - Marcellus, LLC, L+650, 1.00% LIBOR Floor, 3/30/2023
 
1 Month LIBOR
 
Energy: Oil & Gas
 
712

 
712

 
715

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(q)
 
1 Month LIBOR
 
Construction & Building
 
10,896

 
10,714

 
10,692

Avetta, LLC, L+525, 1.00% LIBOR Floor, 4/10/2024
 
1 Month LIBOR
 
High Tech Industries
 
4,748

 
4,657

 
4,653

Avetta, LLC, 0.50% Unfunded, 4/11/2020
 
None
 
High Tech Industries
 
1,672

 
(20
)
 
(33
)
Azure Midstream Energy, LLC, L+750, 1.00% LIBOR Floor, 12/31/2019(q)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
1,964

 
1,942

 
1,964

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(r)(s)
 
3 Month LIBOR
 
Aerospace & Defense
 
19,900

 
19,718

 
19,701

Caraustar Industries, Inc., L+550, 1.00% LIBOR Floor, 3/14/2022(q)
 
3 Month LIBOR
 
Forest Products & Paper
 
5,549

 
5,603

 
5,591

Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(q)
 
3 Month LIBOR
 
Services: Business
 
8,436

 
7,902

 
8,246

CB URS Holdings Corp., L+525, 1.00% LIBOR Floor, 9/1/2024(q)(s)
 
1 Month LIBOR
 
Transportation: Cargo
 
14,663

 
14,592

 
14,837

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(q)(s)
 
1 Month LIBOR
 
Services: Consumer
 
24,788

 
24,816

 
24,912

Charming Charlie LLC, L+1000, 1.00% LIBOR Floor, 4/24/2023(v)(w)
 
3 Month LIBOR
 
Retail
 
2,619

 
2,619

 
1,951

Charming Charlie LLC, L+1000, 1.00% LIBOR Floor, 4/24/2023(v)(w)
 
3 Month LIBOR
 
Retail
 
3,142

 
1,832

 
2,294

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(r)(s)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
22,222

 
20,251

 
22,000

CircusTrix Holdings, LLC, 1.00% Unfunded, 12/27/2019
 
None
 
Hotel, Gaming & Leisure
 
2,675

 
1,783

 
(27
)
Confie Seguros Holding II Co., L+525, 1.00% LIBOR Floor, 4/16/2022(q)
 
3 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
15,822

 
15,720

 
15,693

Covenant Surgical Partners, Inc., 4.50% Unfunded, 10/4/2018(q)
 
None
 
Healthcare & Pharmaceuticals
 
226

 

 
1

Covenant Surgical Partners, Inc., L+450, 0.00% LIBOR Floor, 10/4/2024(q)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
2,200

 
2,194

 
2,211

CSP Technologies North America, LLC, L+525, 1.00% LIBOR Floor, 1/29/2022(r)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
13,448

 
13,243

 
13,515

Datix Bidco Ltd., L+450, 0.00% LIBOR Floor, 4/28/2025(i)
 
6 Month LIBOR
 
High Tech Industries
 
1,511

 
1,482

 
1,481

David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019(q)
 
1 Month LIBOR
 
Retail
 
3,406

 
3,091

 
3,021

See accompanying notes to consolidated financial statements.

5



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
Dayton Superior Corp., L+800, 1.00% LIBOR Floor, 11/15/2021(q)
 
3 Month LIBOR
 
Construction & Building
 
6,236

 
5,698

 
5,005

DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022(i)(q)
 
3 Month LIBOR
 
Services: Business
 
5,877

 
5,709

 
5,884

Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020(q)
 
3 Month LIBOR
 
Media: Diversified & Production
 
16,299

 
16,217

 
15,830

DFC Global Facility Borrower II LLC, 0.50% Unfunded, 9/27/2019
 
None
 
Services: Consumer
 
8,437

 

 

DFC Global Facility Borrower II LLC, L+1075, 1.00% LIBOR Floor, 9/27/2022
 
1 Month LIBOR
 
Services: Consumer
 
21,563

 
21,435

 
21,563

Discovery DJ Services LLC, 0.50% Unfunded, 10/25/2022
 
None
 
Energy: Oil & Gas
 
353

 

 
(5
)
Discovery DJ Services LLC, 0.50% Unfunded, 4/25/2019
 
None
 
Energy: Oil & Gas
 
392

 

 
(6
)
Discovery DJ Services LLC, L+725, 1.00% LIBOR Floor, 10/25/2022
 
1 Month LIBOR
 
Energy: Oil & Gas
 
9,255

 
9,077

 
9,116

DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(k)(q)(s)
 
1 Month LIBOR
 
Services: Business
 
20,000

 
19,400

 
20,000

Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019(p)
 
3 Month LIBOR
 
Construction & Building
 
9,562

 
9,495

 
9,407

DXP Enterprises, Inc., L+475, 1.00% LIBOR Floor, 8/29/2023(i)(q)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
9,925

 
9,835

 
9,999

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(s)
 
1 Month LIBOR
 
Beverage, Food & Tobacco
 
15,000

 
14,665

 
14,662

EagleTree-Carbide Acquisition Corp., L+475, 1.00% LIBOR Floor, 8/28/2024(q)
 
3 Month LIBOR
 
Consumer Goods: Durable
 
19,900

 
19,761

 
20,105

Eastman Kodak Company, L+625, 1.00% LIBOR Floor, 9/3/2019(i)(q)
 
2 Month LIBOR
 
Consumer Goods: Durable
 
1,965

 
1,961

 
1,840

Elemica, Inc., 0.50% Unfunded, 7/7/2021
 
None
 
High Tech Industries
 
2,500

 
(38
)
 
(13
)
Elemica, Inc., L+700, 1.00% LIBOR Floor, 7/7/2021(p)(r)
 
1 Month LIBOR
 
High Tech Industries
 
17,150

 
16,856

 
17,064

Emmis Operating Company, L+700, 1.00% LIBOR Floor, 4/18/2019(q)
 
1 Month LIBOR
 
Media: Broadcasting & Subscription
 
1,364

 
1,299

 
1,344

Entertainment Studios P&A LLC, 10.49%, 5/18/2037
 
None
 
Media: Diversified & Production
 
18,121

 
17,764

 
17,804

Entertainment Studios P&A LLC, 5.00%, 5/18/2037(m)
 
None
 
Media: Diversified & Production
 
2,598

 
2,547

 
4,175

EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020(r)
 
1 Month LIBOR
 
Capital Equipment
 
12,187

 
10,038

 
12,187

ES Chappaquiddick LLC, 10.00%, 5/18/2022
 
None
 
Media: Diversified & Production
 
9,828

 
9,828

 
9,828

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(i)(q)
 
1 Month LIBOR
 
High Tech Industries
 
10,236

 
9,691

 
9,673

F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(p)(u)(v)(w)
 
1 Month LIBOR
 
Media: Diversified & Production
 
2,875

 
2,751

 
1,006

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(v)(w)
 
1 Month LIBOR
 
Media: Diversified & Production
 
1,061

 
1,061

 
1,115

Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019(l)(r)
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
14,097

 
13,928

 
14,097

Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023
 
None
 
Healthcare & Pharmaceuticals
 
4,211

 
(32
)
 

Foundation Consumer Healthcare, LLC, L+650, 1.00% LIBOR Floor, 11/2/2023(p)(r)(s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
45,561

 
45,244

 
45,560

Frontline Technologies Group Holding LLC, 1.00% Unfunded, 9/18/2019
 
None
 
High Tech Industries
 
540

 

 
(6
)
Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(i)(p)(s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
35,000

 
34,667

 
34,650

Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(q)(s)
 
3 Month LIBOR
 
Services: Business
 
14,444

 
14,380

 
14,128

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(q)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
4,825

 
4,597

 
4,553

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018(p)
 
3 Month LIBOR
 
Services: Business
 
7,480

 
7,339

 
7,705

InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(q)(r)(s)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
16,004

 
15,989

 
15,785

Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
324

 
324

 
324

Instant Web, LLC, 0.50% Unfunded, 12/15/2022
 
None
 
Media: Advertising, Printing & Publishing
 
2,379

 

 

Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022(p)(r)(s)
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
39,493

 
39,401

 
39,493

See accompanying notes to consolidated financial statements.

6



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
International Seaways, Inc., L+600, 1.00% LIBOR Floor, 6/22/2022(i)(q)
 
1 Month LIBOR
 
Transportation: Cargo
 
9,813

 
9,647

 
9,818

Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019(i)(l)
 
1 Month LIBOR
 
Capital Equipment
 
1,163

 
1,165

 
1,163

Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019(l)(r)
 
1 Month LIBOR
 
Capital Equipment
 
7,568

 
7,523

 
7,568

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(q)
 
3 Month LIBOR
 
Beverage, Food & Tobacco
 
15,000

 
14,851

 
15,037

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(r)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
12,022

 
11,890

 
11,180

ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021(l)(p)
 
1 Month LIBOR
 
High Tech Industries
 
11,250

 
11,099

 
10,969

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(s)
 
1 Month LIBOR
 
Telecommunications
 
19,950

 
19,950

 
19,950

Jackson Hewitt Tax Service Inc., L+625, 0.00% LIBOR Floor, 5/30/2023(s)
 
1 Month LIBOR
 
Services: Consumer
 
18,000

 
18,000

 
18,000

KLO Intermediate Holdings, LLC, L+975, 1.50% LIBOR Floor, 4/7/2022(r)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
7,477

 
7,403

 
7,290

KLO Intermediate Holdings, LLC, L+975, 1.50% LIBOR Floor, 4/7/2022(r)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
4,329

 
4,286

 
4,221

KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(q)(s)
 
3 Month LIBOR
 
Consumer Goods: Durable
 
15,700

 
15,426

 
15,700

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(r)
 
1 Month LIBOR
 
High Tech Industries
 
4,505

 
4,476

 
4,505

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(i)
 
1 Month EURIBOR
 
High Tech Industries
 
4,180

 
4,669

 
4,883

Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023(p)(r)(s)
 
1 Month LIBOR
 
Services: Consumer
 
44,888

 
43,931

 
44,102

Lift Brands, Inc., 1.00% Unfunded, 4/16/2023
 
None
 
Services: Consumer
 
5,000

 

 
(88
)
Logix Holding Company, LLC, L+575, 1.00% LIBOR Floor, 12/22/2024(q)
 
1 Month LIBOR
 
Telecommunications
 
5,014

 
4,966

 
4,964

LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020(q)
 
1 Month LIBOR
 
Services: Business
 
5,911

 
5,667

 
5,882

Mayfield Agency Borrower Inc., L+450, 0.00% LIBOR Floor, 2/28/2025(q)
 
1 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
3,981

 
3,962

 
3,991

Ministry Brands, LLC, L+400, 1.00% LIBOR Floor, 12/2/2022(r)
 
1 Month LIBOR
 
Services: Business
 
10,660

 
10,608

 
10,660

Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, 10/18/2020
 
1 Month LIBOR
 
Services: Business
 
4,313

 
(10
)
 

Moss Holding Company, 0.50% Unfunded, 4/17/2023
 
None
 
Services: Business
 
2,232

 

 
(22
)
Moss Holding Company, L+675, 1.00% LIBOR Floor, 4/17/2023(p)(r)
 
3 Month LIBOR
 
Services: Business
 
18,687

 
18,403

 
18,501

MRO Holdings, Inc., L+525, 1.00% LIBOR Floor, 10/25/2023(q)
 
3 Month LIBOR
 
Aerospace & Defense
 
4,467

 
4,427

 
4,501

Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(q)
 
1 Month LIBOR
 
Metals & Mining
 
3,610

 
3,544

 
3,400

Navex Global, Inc., L+425, 1.00% LIBOR Floor, 11/19/2021(q)(s)
 
1 Month LIBOR
 
High Tech Industries
 
17,818

 
17,860

 
17,896

NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(r)(s)
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
21,426

 
21,215

 
21,105

NM GRC Holdco, LLC, 1.00% Unfunded, 2/9/2020
 
None
 
High Tech Industries
 
2,654

 

 
(27
)
NM GRC Holdco, LLC, L+550, 1.00% LIBOR Floor, 2/9/2024
 
3 Month LIBOR
 
High Tech Industries
 
8,934

 
8,695

 
8,845

Ocean Bidco, Inc., L+500, 1.00% LIBOR Floor, 3/21/2025(q)
 
3 Month LIBOR
 
High Tech Industries
 
4,554

 
4,532

 
4,580

One Call Corp., L+400, 1.00% LIBOR Floor, 11/27/2022(q)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
8,052

 
7,575

 
7,750

Orbcomm Inc., 8.00%, 4/1/2024(p)
 
None
 
Telecommunications
 
9,237

 
9,237

 
9,687

P.F. Chang's China Bistro, Inc., L+500, 1.00% LIBOR Floor, 9/1/2022(q)
 
6 Month LIBOR
 
Beverage, Food & Tobacco
 
14,912

 
14,585

 
14,866

Paris Presents Inc., L+500, 1.00% LIBOR Floor, 12/31/2020(r)
 
1 Month LIBOR
 
Consumer Goods: Durable
 
11,064

 
11,013

 
11,119

Pathway Partners Vet Management Company LLC, L+425, 0.00% LIBOR Floor, 10/10/2024
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
904

 
904

 
906

PDI TA Holdings, Inc., L+475, 1.00% LIBOR Floor, 8/25/2023(p)
 
3 Month LIBOR
 
High Tech Industries
 
2,601

 
2,584

 
2,582

PDI TA Holdings, Inc., 0.75% Unfunded, 4/11/2019
 
None
 
High Tech Industries
 
1,522

 

 
(11
)
See accompanying notes to consolidated financial statements.

7



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019(p)(u)(v)(w)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
3,229

 
2,983

 
2,841

PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021
 
1 Month LIBOR
 
Retail
 
3,146

 
2,375

 
1,788

Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019(i)(q)
 
3 Month LIBOR
 
Aerospace & Defense
 
6,397

 
5,843

 
5,630

Phylogeny, LLC / Conversant Biologics, LLC, 1.00% Unfunded, 3/30/2020
 
None
 
Healthcare & Pharmaceuticals
 
1,299

 
(19
)
 
(13
)
Phylogeny, LLC / Conversant Biologics, LLC, L+650, 1.00% LIBOR Floor, 3/30/2024
 
6 Month LIBOR
 
Healthcare & Pharmaceuticals
 
6,477

 
6,322

 
6,412

Plano Molding Company, LLC, L+800, 1.00% LIBOR Floor, 5/12/2021(p)
 
1 Month LIBOR
 
Consumer Goods: Non-Durable
 
7,913

 
7,835

 
7,162

Project Leopard Holdings, Inc., L+400, 1.00% LIBOR Floor, 7/7/2023(q)
 
1 Month LIBOR
 
High Tech Industries
 
3,970

 
3,961

 
3,985

Radio One, Inc., L+400, 1.00% LIBOR Floor, 4/18/2023(q)
 
1 Month LIBOR
 
Media: Broadcasting & Subscription
 
2,950

 
2,926

 
2,895

Reddy Ice Corp., L+550, 1.25% LIBOR Floor, 5/1/2019(q)
 
3 Month LIBOR
 
Beverage, Food & Tobacco
 
10,848

 
10,866

 
10,848

Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2020(s)
 
1 Month LIBOR
 
Metals & Mining
 
7,445

 
7,024

 
7,370

Rimini Street, Inc., 15.00%, 6/24/2020(p)(w)
 
None
 
High Tech Industries
 
16,545

 
16,397

 
18,199

Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019(p)(w)
 
None
 
Healthcare & Pharmaceuticals
 
5,066

 
5,031

 
5,040

SG Acquisition, Inc., L+500, 1.00% LIBOR Floor, 3/29/2024(q)
 
3 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
3,853

 
3,822

 
3,868

Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021(r)
 
(y)
 
High Tech Industries
 
4,564

 
4,474

 
4,564

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020(p)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
12,635

 
12,589

 
12,572

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020(p)(w)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
440

 
439

 
438

Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019(p)
 
3 Month LIBOR
 
Energy: Oil & Gas
 
7,982

 
7,773

 
7,762

STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022(q)
 
1 Month LIBOR
 
Services: Business
 
3,929

 
3,835

 
3,929

Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020(f)(p)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
20,069

 
19,985

 
20,069

TDG Group Holding Company, L+550, 0.00% LIBOR Floor, 5/31/2024
 
3 Month LIBOR
 
Services: Consumer
 
2,165

 
2,117

 
2,116

TDG Group Holding Company, 1.00% Unfunded, 5/31/2020
 
None
 
Services: Consumer
 
657

 
(7
)
 
(15
)
Teladoc, Inc., 0.50% Unfunded, 7/14/2020(i)
 
None
 
High Tech Industries
 
1,250

 
(34
)
 

Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(l)(p)
 
3 Month LIBOR
 
High Tech Industries
 
8,597

 
8,436

 
8,339

Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(p)(r)
 
3 Month LIBOR
 
Capital Equipment
 
31,280

 
31,060

 
30,498

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(q)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
12,980

 
12,328

 
12,850

The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(r)
 
2 Month LIBOR
 
Transportation: Cargo
 
7,519

 
7,308

 
7,632

The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(h)(p)
 
3 Month LIBOR
 
Services: Consumer
 
23,000

 
22,788

 
22,770

TherapeuticsMD, Inc., L+775, 1.50% LIBOR Floor, 5/1/2023(i)(s)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
15,000

 
14,853

 
14,850

TherapeuticsMD, Inc., 0.00% Unfunded, 5/31/2019(i)(t)
 
None
 
Healthcare & Pharmaceuticals
 
15,000

 
(147
)
 
(150
)
TherapeuticsMD, Inc., 0.00% Unfunded, 12/31/2019(i)(t)
 
None
 
Healthcare & Pharmaceuticals
 
10,000

 
(98
)
 
(100
)
Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(i)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
15,000

 
14,944

 
15,675

U.S. Renal Care, Inc., L+425, 1.00% LIBOR Floor, 12/30/2022(q)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
7,906

 
7,743

 
7,806

Vero Parent, Inc., L+500, 1.00% LIBOR Floor, 8/16/2024(q)(s)
 
1 Month LIBOR
 
High Tech Industries
 
14,888

 
14,752

 
14,962

Vertex Aerospace Services Corp., L+475, 0.00% LIBOR Floor, 6/29/2025(k)(q)(s)
 
1 Month LIBOR
 
Aerospace & Defense
 
25,000

 
24,875

 
25,187

Vince, LLC, L+700, 1.00% LIBOR Floor, 11/27/2019(i)(q)
 
3 Month LIBOR
 
Retail
 
776

 
755

 
730

See accompanying notes to consolidated financial statements.

8



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
Visual Edge Technology, Inc., L+575, 1.00% LIBOR Floor, 8/31/2022
 
1 Month LIBOR
 
Services: Business
 
1,734

 
1,718

 
1,726

Visual Edge Technology, Inc., 1.00% Unfunded, 2/28/2019
 
None
 
Services: Business
 
3,368

 

 
(17
)
VLS Recovery Services, LLC, 1.00% Unfunded, 10/17/2019
 
None
 
Services: Business
 
949

 

 
(9
)
VLS Recovery Services, LLC, L+600, 1.00% LIBOR Floor, 10/17/2023
 
3 Month LIBOR
 
Services: Business
 
159

 
102

 
157

West Dermatology, LLC, L+550, 1.00% LIBOR Floor, 4/28/2023
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
1,010

 
993

 
1,000

West Dermatology, LLC, 1.00% Unfunded, 4/4/2020
 
None
 
Healthcare & Pharmaceuticals
 
784

 

 
(8
)
Woodstream Corp., L+625, 1.00% LIBOR Floor, 5/29/2022(s)
 
3 Month LIBOR
 
Consumer Goods: Non-Durable
 
14,542

 
14,542

 
14,542

Woodstream Corp., 0.50% Unfunded, 5/29/2021
 
None
 
Consumer Goods: Non-Durable
 
559

 

 

Zemax Software Holdings, LLC, L+575, 1.00% LIBOR Floor, 6/25/2024(s)
 
3 Month LIBOR
 
High Tech Industries
 
2,660

 
2,607

 
2,607

Total Senior Secured First Lien Debt
 
 
 
 
 
 
 
1,368,546

 
1,378,155

Senior Secured Second Lien Debt - 34.7%
 
 
 
 
 
 
 
 
 
 
1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(p)
 
1 Month LIBOR
 
High Tech Industries
 
17,800

 
17,461

 
17,444

ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025(k)(p)
 
1 Month LIBOR
 
Retail
 
8,985

 
8,935

 
9,008

ABG Intermediate Holdings 2 LLC, 7.75% Unfunded, 10/30/2018
 
None
 
Retail
 
912

 

 
2

Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(k)(r)
 
1 Month LIBOR
 
Services: Business
 
16,434

 
16,297

 
16,537

Accruent, LLC, 1.50% Unfunded, 7/28/2018
 
None
 
High Tech Industries
 
64

 

 
(1
)
Accruent, LLC, L+875, 1.00% LIBOR Floor, 7/28/2024
 
3 Month LIBOR
 
High Tech Industries
 
1,601

 
1,576

 
1,585

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021(p)(r)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
10,344

 
10,259

 
8,611

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(p)
 
1 Month LIBOR
 
Construction & Building
 
4,933

 
4,901

 
4,835

Argon Medical Devices Holdings, Inc., L+800, 0.00% LIBOR Floor, 1/23/2026(p)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
14,400

 
14,330

 
14,589

Avalign Technologies, Inc., L+825, 1.00% LIBOR Floor, 7/15/2022(s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
5,500

 
5,454

 
5,459

Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021(i)(p)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
9,500

 
9,470

 
9,571

EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(r)
 
3 Month LIBOR
 
Consumer Goods: Durable
 
20,000

 
19,720

 
20,100

Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022(i)(p)
 
3 Month LIBOR
 
Environmental Industries
 
3,000

 
2,983

 
2,955

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(i)(p)
 
1 Month LIBOR
 
High Tech Industries
 
9,999

 
7,471

 
8,416

Flexera Software LLC, L+725, 1.00% LIBOR Floor, 2/26/2026(r)
 
1 Month LIBOR
 
High Tech Industries
 
3,462

 
3,445

 
3,470

Global Tel*Link Corp., L+825, 1.25% LIBOR Floor, 11/23/2020(r)
 
3 Month LIBOR
 
Telecommunications
 
11,500

 
11,488

 
11,557

GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022(r)
 
1 Month LIBOR
 
Retail
 
4,000

 
4,018

 
4,040

LSCS Holdings, Inc., 1.00% Unfunded, 9/16/2018
 
None
 
Services: Business
 
409

 

 
(2
)
LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(p)
 
(z)
 
Services: Business
 
14,591

 
14,265

 
14,518

Mayfield Agency Borrower Inc., L+850, 0.00% LIBOR Floor, 3/2/2026(p)(r)(s)
 
1 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
20,000

 
19,704

 
19,912

Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025(p)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,000

 
9,862

 
10,044

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(k)(s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
6,750

 
6,682

 
6,801

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(p)
 
6 Month LIBOR
 
Services: Business
 
5,488

 
5,398

 
5,488

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023
 
6 Month LIBOR
 
Services: Business
 
2,429

 
2,411

 
2,429

Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, 10/18/2020
 
6 Month LIBOR
 
Services: Business
 
544

 
(5
)
 

See accompanying notes to consolidated financial statements.

9



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2018
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(e)
 
Cost(d)
 
Fair
Value(c)
Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(i)
 
1 Month EURIBOR
 
Chemicals, Plastics & Rubber
 
7,489

 
7,937

 
8,575

Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019(r)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,557

 
9,941

 
10,557

Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023(p)(q)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
12,249

 
12,149

 
11,605

Osmose Utilities Services, Inc., L+775, 1.00% LIBOR Floor, 8/21/2023
 
3 Month LIBOR
 
Construction & Building
 
4,363

 
4,301

 
4,298

Paris Presents Inc., L+875, 1.00% LIBOR Floor, 12/31/2021(p)
 
1 Month LIBOR
 
Consumer Goods: Durable
 
7,000

 
6,961

 
7,087

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(p)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
13,500

 
13,395

 
12,960

PDI TA Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/25/2024
 
6 Month LIBOR
 
High Tech Industries
 
1,349

 
1,326

 
1,336

PDI TA Holdings, Inc., 1.00% Unfunded, 4/11/2019
 
None
 
High Tech Industries
 
905

 

 
(9
)
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(p)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
15,000

 
14,721

 
14,737

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(q)
 
1 Month LIBOR
 
Retail
 
4,998

 
4,727

 
375

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022(p)
 
3 Month LIBOR
 
Telecommunications
 
3,000

 
2,907

 
2,865

PT Intermediate Holdings III, LLC, L+800, 1.00% LIBOR Floor, 12/8/2025(r)
 
3 Month LIBOR
 
Services: Business
 
9,375

 
9,288

 
9,516

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(r)
 
1 Month LIBOR
 
Telecommunications
 
2,942

 
2,914

 
2,955

STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(p)(r)
 
1 Month LIBOR
 
Services: Business
 
10,000

 
9,891

 
9,600

TexOak Petro Holdings LLC, 8.00%, 12/29/2019(u)(v)(w)
 
None
 
Energy: Oil & Gas
 
7,544

 
2,592

 

TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(p)
 
1 Month LIBOR
 
Services: Business
 
13,393

 
13,080

 
13,259

TouchTunes Interactive Networks, Inc, L+825, 1.00% LIBOR Floor, 5/29/2022(r)
 
1 Month LIBOR
 
Hotel, Gaming & Leisure
 
6,000

 
5,955

 
6,007

U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023(p)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
5,000

 
4,925

 
5,025

Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022(p)
 
1 Month LIBOR
 
Automotive
 
16,000

 
15,897

 
16,080

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(p)
 
1 Month LIBOR
 
Beverage, Food & Tobacco
 
12,823

 
12,611

 
11,477

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/13/2026(r)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
15,000

 
14,855

 
14,925

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(p)
 
3 Month LIBOR
 
High Tech Industries
 
5,000

 
4,938

 
5,000

Total Senior Secured Second Lien Debt
 
 
 
 
 
 
 
371,436

 
365,598

Collateralized Securities and Structured Products - Debt - 1.4%
 
 
 
 
 
 
 
 
 
 
Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(i)
 
3 Month LIBOR
 
Diversified Financials
 
14,903

 
14,903

 
14,903

Total Collateralized Securities and Structured Products - Debt
 
 
 
 
 
 
 
14,903

 
14,903

Collateralized Securities and Structured Products - Equity - 1.5%
 
 
 
 
 
 
 
 
 
 
APIDOS CLO XVI Subordinated Notes, 4.79% Estimated Yield, 1/19/2025(i)
 
(g)
 
Diversified Financials
 
9,000

 
3,897

 
3,137

CENT CLO 19 Ltd. Subordinated Notes, 4.57% Estimated Yield, 10/29/2025(i)
 
(g)
 
Diversified Financials
 
2,000

 
1,257

 
1,100

Galaxy XV CLO Ltd. Class A Subordinated Notes, 12.35% Estimated Yield, 4/15/2025(i)
 
(g)
 
Diversified Financials
 
4,000

 
2,298

 
2,047

Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026(f)(i)
 
(g)
 
Diversified Financials
 
10,000

 
9,553

 
9,766

Total Collateralized Securities and Structured Products - Equity
 
 
 
 
 
 
 
17,005