CION Investment CorpCION

CION Investment Corp Commitments Disclosure

10-KFiled Mar 13, 20253 min read
Commitments and Contingencies
The Company entered into certain contracts with related and other parties that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.
As of December 31, 2024 and 2023, the Company’s unfunded commitments were as follows:
Unfunded CommitmentsDecember 31, 2024(1)December 31, 2023(1)
APS Acquisition Holdings, LLC$7,799 $— 
American Family Care, LLC5,909 — 
Flatworld Intermediate Corp.5,865 5,865 
Rogers Mechanical Contractors, LLC5,426 2,404 
Lux Credit Consultants LLC5,069 — 
American Clinical Solutions LLC4,600 250 
American Health Staffing Group, Inc.3,333 3,333 
Mimeo.com, Inc.2,500 2,500 
Gold Medal Holdings, Inc.2,498 — 
Instant Web, LLC2,488 2,164 
Cennox, Inc.2,334 — 
Moss Holding Company2,232 2,232 
Newbury Franklin Industrials, LLC1,974 — 
Bradshaw International Parent Corp.1,844 1,844 
CrossLink Professional Tax Solutions, LLC1,840 — 
ALM Global, LLC1,800 — 
Sleep Opco, LLC1,750 1,750 
Thrill Holdings LLC1,739 5,000 
Stengel Hill Architecture, LLC1,725 — 
Riddell, Inc. / All American Sports Corp.1,636 — 
HEC Purchaser Corp.1,302 — 
Anthem Sports & Entertainment Inc.1,225 167 
ESP Associates, Inc.1,118 1,316 
TMK Hawk Parent, Corp.779 — 
Ironhorse Purchaser, LLC551 347 
BDS Solutions Intermediateco, LLC524 1,905 
RA Outdoors, LLC348 372 
Dermcare Management, LLC326 671 
HW Acquisition, LLC147 12 
Nova Compression, LLC— 2,609 
Coyote Buyer, LLC— 2,500 
MacNeill Pride Group Corp.— 2,017 
Tactical Air Support, Inc.— 2,000 
Fluid Control II Inc.— 1,765 
OpCo Borrower, LLC— 1,042 
H.W. Lochner, Inc.— 1,036 
Critical Nurse Staffing, LLC— 1,000 
Service Compression, LLC— 419 
Invincible Boat Company LLC— 399 
American Teleconferencing Services, Ltd.— 234 
Homer City Holdings LLC— 196 
Total$70,681 $47,349 
(1)Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.
Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of December 31, 2024 and 2023, refer to the table above and the consolidated schedules of investments. As of March 5, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $69,235 (unaudited).
The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations). The Company will not fund its unfunded commitments from future net proceeds generated by securities offerings, if any. The Company follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments. Specifically, the Company prepares detailed analyses of the level of its unfunded commitments relative to its then available liquidity on a daily basis.  These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.
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About Commitments Disclosures

Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.

Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.

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