What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 567 added, 527 removed, 2759 unchanged (28% of the section changed)

45 unchanged sentences

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2025 2024 2025 2024 2024

(unaudited) (unaudited)

(unaudited) (unaudited) (unaudited) (unaudited)

Investment income

24 unchanged sentences

Realized and unrealized gains (losses)

Net realized gains (losses) on:

Net realized losses on:

Non-controlled, non-affiliated investments ( 32,376 ) ( 13,186 ) ( 30,082 ) ( 22,922 ) ( 24,367 )

Non-controlled, affiliated investments — ( 7,091 ) — ( 7,091 ) ( 3,946 )

Net realized gains (losses) 2,294 ( 9,736 ) ( 28,313 )

Net change in unrealized (depreciation) appreciation on:

Net realized losses ( 32,376 ) ( 20,277 ) ( 30,082 ) ( 30,013 ) ( 28,313 )

Net change in unrealized appreciation (depreciation) on:

Non-controlled, non-affiliated investments 20,832 1,417 ( 9,830 ) ( 5,100 ) ( 8,218 )

1 unchanged sentence

Controlled investments 11,378 ( 4,927 ) ( 13,782 ) ( 8,576 ) ( 30,486 )

Net change in unrealized depreciation ( 64,251 ) ( 16,412 ) ( 33,645 )

Net realized and unrealized losses ( 61,957 ) ( 26,148 ) ( 61,958 )

Net (decrease) increase in net assets resulting from operations $ ( 42,705 ) $ 6,445 $ 33,902

Net change in unrealized appreciation (depreciation) 42,770 19,692 ( 21,481 ) 3,280 ( 33,645 )

Net realized and unrealized gains (losses) 10,394 ( 585 ) ( 51,563 ) ( 26,733 ) ( 61,958 )

Net increase (decrease) in net assets resulting from operations $ 27,316 $ 22,378 $ ( 15,389 ) $ 28,823 $ 33,902

Per share information—basic and diluted

Net (decrease) increase in net assets per share resulting from operations $ ( 0.80 ) $ 0.12 $ 0.63

Net increase (decrease) in net assets per share resulting from operations $ 0.52 $ 0.42 $ ( 0.29 ) $ 0.54 $ 0.63

Net investment income per share $ 0.32 $ 0.43 $ 0.68 $ 1.03 $ 1.79

42 unchanged sentences

Balance at March 31, 2025 (unaudited) 53,003,407 53 1,019,512 ( 262,781 ) 756,784

Repurchases of common stock ( 699,565 ) ( 1 ) ( 6,555 ) — ( 6,556 )

Net investment income — — — 16,922 16,922

Net realized losses on investments — — — ( 32,376 ) ( 32,376 )

Net unrealized gains on investments — — — 42,770 42,770

Distributions declared and payable ($ 0.36 per share)

— — — ( 18,934 ) ( 18,934 )

Balance at June 30, 2025 (unaudited) 52,303,842 $ 52 $ 1,012,957 $ ( 254,399 ) $ 758,610

See accompanying notes to consolidated financial statements.

3 unchanged sentences

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2025 2024 2025 2024 2024

(unaudited) (unaudited)

(unaudited) (unaudited) (unaudited) (unaudited)

Operating activities:

Net (decrease) increase in net assets resulting from operations $ ( 42,705 ) $ 6,445 $ 33,902

Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by operating activities:

Net increase (decrease) in net assets resulting from operations $ 27,316 $ 22,378 $ ( 15,389 ) $ 28,823 $ 33,902

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Net accretion of discount on investments ( 2,413 ) ( 1,633 ) ( 4,209 ) ( 13,298 ) ( 16,773 )

2 unchanged sentences

Paid-in-kind interest and dividends capitalized ( 10,489 ) ( 10,178 ) ( 22,542 ) ( 19,709 ) ( 44,540 )

Decrease (increase) in short term investments, net 14,842 ( 16,691 ) 44,628

(Increase) decrease in short term investments, net ( 4,697 ) 46,975 10,145 30,284 44,628

Proceeds from sale of investments 2,071 8 15,456 17,055 42,868

Net realized (gain) loss on investments ( 2,294 ) 9,736 28,313

Net change in unrealized depreciation on investments 64,251 16,412 33,645

Net realized loss on investments 32,376 20,277 30,082 30,013 28,313

Net change in unrealized (appreciation) depreciation on investments ( 42,770 ) ( 19,692 ) 21,481 ( 3,280 ) 33,645

Amortization of debt issuance costs 1,864 1,255 3,663 2,509 5,593

(Increase) decrease in interest receivable on investments ( 4,334 ) ( 4,945 ) ( 4,514 ) ( 5,400 ) ( 10,516 )

(Increase) decrease in dividends receivable on investments — ( 129 ) — ( 129 ) —

(Increase) decrease in receivable due on investments sold and repaid ( 2,361 ) 8,821 ( 443 ) ( 1,664 ) ( 1,998 )

7 unchanged sentences

Increase (decrease) in share repurchase payable 134 — 94 — 40

Net cash provided by operating activities 6,095 96,353 88,191

Net cash provided by (used in) operating activities 43,452 ( 16,729 ) 49,547 79,624 88,191

Financing activities:

5 unchanged sentences

Net cash used in financing activities ( 44,639 ) ( 21,955 ) ( 50,684 ) ( 78,241 ) ( 88,936 )

Net increase (decrease) in cash and restricted cash 50 40,067 ( 745 )

Cash and restricted cash, beginning of period 7,670 8,415 8,415

Cash and restricted cash, end of period $ 7,720 $ 48,482 $ 7,670

Net (decrease) increase in cash and restricted cash ( 1,187 ) ( 38,684 ) ( 1,137 ) 1,383 ( 745 )

Cash, beginning of period 7,720 48,482 7,670 8,415 8,415

Cash, end of period $ 6,533 $ 9,798 $ 6,533 $ 9,798 $ 7,670

Supplemental disclosure of cash flow information:

6 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

2 unchanged sentences

Senior Secured First Lien Debt - 198.0 %

Adapt Laser Acquisition, Inc.(t)(x) S+ 1200 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(t)(v) S+ 1200 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment $ 10,481 $ 10,481 $ 10,757

Adapt Laser Acquisition, Inc.(t)(x) S+ 1200 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(t)(v) S+ 1200 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 3,651 3,651 3,610

Allen Media, LLC(x) S+ 550 , 0.00 % SOFR Floor

Allen Media, LLC(v) S+ 550 , 0.00 % SOFR Floor

2/10/2027 Media:

Diversified & Production 8,636 8,610 7,815

ALM Global, LLC(m)(n)(x) S+ 550 , 1.00 % SOFR Floor

2/21/2029 Media:

Advertising, Printing & Publishing 29,428 29,428 29,428

ALM Global, LLC(x) S+ 550 , 1.00 % SOFR Floor

2/21/2029 Media:

Advertising, Printing & Publishing 360 360 360

ALM Global, LLC 0.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 2,110 — —

ALM Global, LLC 5.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 230 — —

American Clinical Solutions LLC(r)(t)(x) S+ 700 , 1.00 % SOFR Floor

American Clinical Solutions LLC(s)(t)(v) S+ 700 , 1.00 % SOFR Floor

6/30/2026 Healthcare & Pharmaceuticals 18,696 18,696 16,406

American Clinical Solutions LLC(p)(r) 0.00 % Unfunded

American Clinical Solutions LLC(p)(s) 0.00 % Unfunded

6/30/2026 Healthcare & Pharmaceuticals 7,424 — ( 909 )

American Family Care, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

American Family Care, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 13,263 13,263 13,263

American Family Care, LLC(x) S+ 600 , 1.00 % SOFR Floor

American Family Care, LLC(v) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 452 452 452

10 unchanged sentences

Business 3,333 ( 9 ) —

Ancile Solutions, Inc.(m)(x) S+ 1000 , 1.00 % SOFR Floor

Ancile Solutions, Inc.(m)(v) S+ 1000 , 1.00 % SOFR Floor

6/11/2026 High Tech Industries 10,364 10,289 11,595

Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor

11/15/2026 Media:

Diversified & Production 46,418 46,350 25,066

Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor

Anthem Sports & Entertainment Inc.(t)(v) S+ 550 , 1.00 % SOFR Floor

11/15/2027 Media:

Diversified & Production 12,441 12,441 12,004

Anthem Sports & Entertainment Inc.(x)(z) S+ 700 , 1.00 % SOFR Floor

3/30/2025 Media:

Anthem Sports & Entertainment Inc.(t) 10.00 % 11/15/2027 Media:

Diversified & Production 26,165 23,006 22,895

Anthem Sports & Entertainment Inc.

0.50 % Unfunded

11/15/2026 Media:

Anthem Sports & Entertainment Inc.(q)(t) 1.00 % 11/15/2027 Media:

Diversified & Production 26,165 3,673 3,401

Appalachian Resource Company, LLC(w)(z) S+ 500 , 1.00 % SOFR Floor

Appalachian Resource Company, LLC(u) S+ 500 , 1.00 % SOFR Floor

12/31/2025 Metals & Mining 11,137 11,137 5,581

Appalachian Resource Company, LLC(w)(z) S+ 1000 , 1.00 % SOFR Floor

Appalachian Resource Company, LLC(u) S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Metals & Mining 5,000 5,000 4,769

APS Acquisition Holdings, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor

APS Acquisition Holdings, LLC(m)(v) S+ 575 , 1.00 % SOFR Floor

7/11/2029 Construction & Building 14,591 14,591 14,591

1 unchanged sentence

7/11/2026 Construction & Building 4,029 — —

APS Acquisition Holdings, LLC(v) S+ 575 , 1.00 % SOFR Floor

7/11/2029 Construction & Building 1,170 1,163 1,170

APS Acquisition Holdings, LLC 0.50 % Unfunded

7/11/2029 Construction & Building 2,600 — —

Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 3,775

Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor

Atlas Supply LLC(x) 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 3,306

Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor

3/12/2029 Banking, Finance, Insurance & Real Estate 8,876 8,876 7,389

Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor

Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor

3/12/2029 Banking, Finance, Insurance & Real Estate 3,017 3,017 2,398

Avison Young (Canada) Inc./Avison Young (USA) Inc.(n)(x) S+ 625 , 2.00 % SOFR Floor

Avison Young (Canada) Inc./Avison Young (USA) Inc.(n)(v) S+ 625 , 2.00 % SOFR Floor

3/12/2028 Banking, Finance, Insurance & Real Estate 7,425 7,313 6,497

BDS Solutions Intermediateco, LLC(m)(x) S+ 700 , 2.00 % SOFR Floor

Avison Young (Canada) Inc./Avison Young (USA) Inc.(v) S+ 850 , 2.00 % SOFR Floor

12/12/2027 Banking, Finance, Insurance & Real Estate 2,971 2,832 2,941

Avison Young (Canada) Inc./Avison Young (USA) Inc.(p) 0.00 % Unfunded

12/12/2027 Banking, Finance, Insurance & Real Estate 1,103 — ( 11 )

BDS Solutions Intermediateco, LLC(m)(v) S+ 700 , 2.00 % SOFR Floor

2/7/2027 Services:

Business 19,587 19,456 19,587

BDS Solutions Intermediateco, LLC(x) S+ 700 , 2.00 % SOFR Floor

BDS Solutions Intermediateco, LLC(v) S+ 700 , 2.00 % SOFR Floor

2/7/2027 Services:

Business 2,000 1,934 2,000

Berlitz Holdings, Inc.(w) S+ 900 , 1.00 % SOFR Floor

BDS Solutions Intermediateco, LLC 0.50 % Unfunded

2/7/2027 Services:

Business 857 ( 17 ) —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Berlitz Holdings, Inc.(p) 0.00 % Unfunded

Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor

5/31/2026 Services:

Business 16,846 16,846 16,012

Bradshaw International Parent Corp.(n)(w) S+ 575 , 1.00 % SOFR Floor

Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor

5/31/2026 Services:

Business 1,638 1,587 1,618

Berlitz Holdings, Inc.

0.50 % Unfunded

5/31/2026 Services:

Business 2,977 — ( 37 )

Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor

5/31/2026 Services:

Business 462 462 456

Bradshaw International Parent Corp.(n)(u) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

4 unchanged sentences

Durable 1,844 ( 12 ) —

Cabi, LLC(w) S+ 600 , 2.00 % SOFR Floor

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Cabi, LLC(u) S+ 600 , 2.00 % SOFR Floor

2/28/2027 Retail 14,366 14,284 14,025

Carestream Health, Inc.(n)(r)(x) S+ 750 , 1.00 % SOFR Floor

Carestream Health, Inc.(r)(v) S+ 750 , 1.00 % SOFR Floor

9/30/2027 Healthcare & Pharmaceuticals 10,991 10,319 10,991

Celerity Acquisition Holdings, LLC(m)(t)(x) S+ 850 , 1.00 % SOFR Floor

5/28/2026 Services:

Business 16,870 16,858 16,870

Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor

Celerity Acquisition Holdings, LLC(m)(t)(v) S+ 850 , 1.00 % SOFR Floor

5/28/2026 Services:

Business 16,995 16,987 16,995

0.50 % Unfunded

Cennox, Inc.(m)(n)(t)(w) S+ 575 , 1.00 % SOFR Floor

5/4/2029 Services:

Business 38,315 38,040 38,315

Cennox, Inc.(y) S+ 5.50 %, 1.00 % SOFR Floor

Cennox, Inc.(t)(w) S+ 575 , 1.00 % SOFR Floor

5/4/2029 Services:

1 unchanged sentence

CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037

Community Tree Service, LLC(m)(t)(x) S+ 850 , 1.00 % SOFR Floor

Community Tree Service, LLC(m)(v) S+ 800 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 12,055 12,061 12,055

Core Health & Fitness, LLC(m)(w) S+ 800 , 3.00 % SOFR Floor

Community Tree Service, LLC(n)(v) S+ 800 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 1,882 1,882 1,882

Core Health & Fitness, LLC(m)(u) S+ 800 , 3.00 % SOFR Floor

6/17/2029 Consumer Goods:

Durable 19,800 19,555 19,850

CrossLink Professional Tax Solutions, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor

CrossLink Professional Tax Solutions, LLC(m)(u) S+ 550 , 1.00 % SOFR Floor

6/30/2028 High Tech Industries 16,431 16,261 16,431

1 unchanged sentence

6/30/2028 High Tech Industries 2,209 ( 23 ) —

David's Bridal, Inc.(s)(x) S+ 600 , 0.00 % SOFR Floor

David's Bridal, Inc.(s)(v) S+ 600 , 0.00 % SOFR Floor

12/21/2027 Retail 16,947 16,947 16,429

David's Bridal, Inc.(m)(s)(x) S+ 650 , 0.00 % SOFR Floor

David's Bridal, Inc.(m)(s)(v) S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 79,050 79,050 68,523

David's Bridal, Inc.(s)(x) S+ 650 , 0.00 % SOFR Floor

David's Bridal, Inc.(s)(v)(y) S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 5,000 4,666 4,663

David's Bridal, Inc.(p)(s) 0.00 % Unfunded

David's Bridal, Inc.(p)(s)(y) 0.00 % Unfunded

12/21/2027 Retail 5,000 — ( 338 )

Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor

Dermcare Management, LLC(m)(u) S+ 575 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 9,121 9,019 9,121

Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor

Dermcare Management, LLC(m)(u) S+ 575 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 4,149 4,101 4,149

Dermcare Management, LLC (w) S+ 575 , 1.00 % SOFR Floor

Dermcare Management, LLC (u) S+ 575 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343

Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w) S+ 625 , 1.00 % SOFR Floor

Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(u) S+ 625 , 1.00 % SOFR Floor

12/29/2027 Services:

Business 2,756 2,729 2,260

Entertainment Studios P&A LLC(m)(x) S+ 900 , 1.00 % SOFR Floor

Entertainment Studios P&A LLC(u) S+ 900 , 1.00 % SOFR Floor

9/28/2027 Media:

2 unchanged sentences

Diversified & Production — — 192

ESP Associates, Inc.(m)(w) S+ 650 , 1.50 % SOFR Floor

ESP Associates, Inc.(m)(u) S+ 650 , 1.50 % SOFR Floor

7/24/2028 Construction & Building 8,554 8,441 8,554

ESP Associates, Inc.(w) S+ 650 , 1.50 % SOFR Floor

ESP Associates, Inc.(u) S+ 650 , 1.50 % SOFR Floor

7/24/2028 Construction & Building 197 197 197

2 unchanged sentences

7/24/2028 Construction & Building 1,118 ( 26 ) —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

FuseFX, LLC(m)(t)(x) S+ 600 , 1.00 % SOFR Floor

FuseFX, LLC(m)(t)(u) S+ 600 , 1.00 % SOFR Floor

9/30/2026 Media:

Diversified & Production 21,024 21,019 20,535

Future Pak, LLC(m)(n)(x) S+ 600 , 2.00 % SOFR Floor

Future Pak, LLC(m)(n)(u) S+ 600 , 2.00 % SOFR Floor

9/22/2026 Healthcare & Pharmaceuticals 24,500 24,500 24,500

Gold Medal Holdings, Inc.(m)(x) S+ 575 , 1.00 % SOFR Floor

Gold Medal Holdings, Inc.(m)(v) S+ 575 , 1.00 % SOFR Floor

3/17/2027 Environmental Industries 27,204 27,059 27,204

Gold Medal Holdings, Inc.(v) S+ 575 , 1.00 % SOFR Floor

3/17/2027 Environmental Industries 366 366 366

Gold Medal Holdings, Inc.

1 unchanged sentence

3/17/2027 Environmental Industries 2,131 ( 16 ) —

Lochner, Inc.(m)(n)(x) S+ 625 , 1.00 % SOFR Floor

Lochner, Inc.(m)(n)(v) S+ 625 , 1.00 % SOFR Floor

7/2/2027 Construction & Building 16,186 15,933 16,186

Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor

Lochner, Inc.(m)(v) S+ 625 , 1.00 % SOFR Floor

7/2/2027 Construction & Building 8,626 8,597 8,626

Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor

Lochner, Inc.(m)(v) S+ 625 , 1.00 % SOFR Floor

7/2/2027 Construction & Building 2,504 2,460 2,504

HEC Purchaser Corp.(x) S+ 550 , 1.00 % SOFR Floor

HEC Purchaser Corp.(n)(v) S+ 550 , 1.00 % SOFR Floor

6/17/2029 Healthcare & Pharmaceuticals 11,086 10,950 11,086

2 unchanged sentences

6/17/2029 Healthcare & Pharmaceuticals 1,302 ( 15 ) —

Heritage Power, LLC(w) S+ 550 , 1.00 % SOFR Floor

Heritage Power, LLC(u) S+ 550 , 1.00 % SOFR Floor

7/20/2028 Energy:

Oil & Gas 1,192 1,192 1,186

Hilliard, Martinez & Gonzales, LLP(t)(w) S+ 1200 , 2.00 % SOFR Floor

Hilliard, Martinez & Gonzales, LLP(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor

4/30/2025 Services:

Consumer 25,319 25,245 24,844

Hollander Intermediate LLC(r)(w) S+ 875 , 3.00 % SOFR Floor

Hollander Intermediate LLC(r)(u) S+ 300 , 3.00 % SOFR Floor

9/19/2027 Consumer Goods:

4 unchanged sentences

Oil & Gas 14,217 14,217 14,288

Hudson Hospital Opco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,072

HUMC Holdco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,544

HW Acquisition, LLC(r)(t)(x) S+ 600 , 1.00 % SOFR Floor

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

HW Acquisition, LLC(r)(t)(v) S+ 600 , 1.00 % SOFR Floor

9/28/2026 Capital Equipment 5,409 5,396 4,685

1 unchanged sentence

9/28/2026 Capital Equipment 4,479 4,474 3,880

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 294 — ( 34 )

ICA Foam Holdings, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

ICA Foam Holdings, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor

12/5/2026 Containers, Packaging & Glass 18,776 18,736 18,682

Inotiv, Inc.(t)(x) S+ 675 , 1.00 % SOFR Floor

Inotiv, Inc.(t)(v) S+ 675 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 20,602 19,998 17,544

Instant Web, LLC(r)(t)(w) S+ 700 , 1.00 % SOFR Floor

Instant Web, LLC(r)(t)(u) S+ 700 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 53,953 53,953 36,014

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor

Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

3 unchanged sentences

Advertising, Printing & Publishing 594 594 603

Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor

Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

3 unchanged sentences

Advertising, Printing & Publishing 1,731 — ( 28 )

Invincible Boat Company LLC(m)(w) S+ 750 , 1.50 % SOFR Floor

Invincible Boat Company LLC(m)(u) S+ 750 , 1.50 % SOFR Floor

12/31/2026 Consumer Goods:

Durable 13,258 13,220 12,811

Invincible Boat Company LLC(w) S+ 750 , 1.50 % SOFR Floor

Invincible Boat Company LLC(u) S+ 750 , 1.50 % SOFR Floor

12/31/2026 Consumer Goods:

Durable 798 798 771

INW Manufacturing, LLC(n)(x) S+ 575 , 0.75 % SOFR Floor

3/25/2027 Services:

Business 16,500 16,300 15,778

Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor

INW Manufacturing, LLC(n)(v) S+ 575 , 0.75 % SOFR Floor

3/25/2027 Services:

Business 16,250 16,073 15,519

Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor

Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 6,861 6,823 6,861

Ironhorse Purchaser, LLC(w) S+ 525 , 1.00 % SOFR Floor

Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

3 unchanged sentences

Business 816 ( 4 ) —

Isagenix International, LLC(r)(t)(x) S+ 650 , 1.00 % SOFR Floor

Isagenix International, LLC(r)(t)(v) S+ 760 , 1.00 % SOFR Floor

4/14/2028 Beverage, Food & Tobacco 9,806 9,806 7,796

JP Intermediate B, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

JP Intermediate B, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor

11/20/2027 Beverage, Food & Tobacco 66,727 23,432 46,041

K&N Parent, Inc.(t)(w) S+ 825 , 1.00 % SOFR Floor

K&N Parent, Inc.(t)(u) S+ 825 , 1.00 % SOFR Floor

8/16/2027 Consumer Goods:

Durable 5,869 5,869 5,568

K&N Parent, Inc.(w) S+ 800 , 1.00 % SOFR Floor

K&N Parent, Inc.(u) S+ 800 , 1.00 % SOFR Floor

2/16/2027 Consumer Goods:

Durable 4,167 4,070 4,271

KeyImpact Holdings, Inc.(m)(x) S+ 650 , 1.00 % SOFR Floor

KeyImpact Holdings, Inc.(m)(v) S+ 650 , 1.00 % SOFR Floor

1/31/2029 Beverage, Food & Tobacco 16,886 16,886 17,139

Klein Hersh, LLC(i)(t)(w) S+ 850 , 0.50 % SOFR Floor

Klein Hersh, LLC(i)(u) S+ 850 , 0.50 % SOFR Floor

4/27/2028 Services:

Business 23,185 20,877 21,040

LAV Gear Holdings, Inc.(m)(n)(x) S+ 628 , 1.00 % SOFR Floor

LAV Gear Holdings, Inc.(m)(n)(v) S+ 628 , 1.00 % SOFR Floor

10/31/2025 Services:

Business 28,854 28,850 21,717

LAV Gear Holdings, Inc.(m)(n)(x) S+ 628 , 1.00 % SOFR Floor

LAV Gear Holdings, Inc.(m)(n)(v) S+ 628 , 1.00 % SOFR Floor

10/31/2025 Services:

Business 4,671 4,671 3,521

LAV Gear Holdings, Inc.(x) 10.00 % 10/31/2025 Services:

LAV Gear Holdings, Inc.(t) 10.00 % 10/31/2025 Services:

Business 2,167 2,097 2,782

LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

LGC US Finco, LLC(m)(u) S+ 650 , 1.00 % SOFR Floor

12/20/2025 Capital Equipment 10,858 10,816 10,831

LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

LGC US Finco, LLC(m)(u) S+ 650 , 1.00 % SOFR Floor

12/20/2025 Capital Equipment 1,960 1,949 1,955

Lift Brands, Inc.(m)(n)(r)(w) S+ 750 , 1.00 % SOFR Floor

Lift Brands, Inc.(m)(n)(r)(u) S+ 750 , 1.00 % SOFR Floor

9/30/2026 Services:

4 unchanged sentences

Consumer 7,836 7,663 7,546

Lux Credit Consultants LLC(m)(x) S+ 725 , 1.50 % SOFR Floor

Lux Credit Consultants LLC(m)(v) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 17,475 17,475 17,475

Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor

Lux Credit Consultants LLC(v) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 1,880 1,880 1,880

Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor

Lux Credit Consultants LLC(v) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 406 406 406

1 unchanged sentence

4/29/2028 Automotive 456 — —

MacNeill Pride Group Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor

MacNeill Pride Group Corp.(m)(v) S+ 675 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 16,518 16,515 16,518

MacNeill Pride Group Corp.(x) S+ 675 , 1.00 % SOFR Floor

MacNeill Pride Group Corp.(v) S+ 675 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 6,093 6,083 6,093

Manus Bio Inc.

15.00 % 8/20/2026 Healthcare & Pharmaceuticals 6,706 6,690 7,435

Mimeo.com, Inc.(m)(x) S+ 640 , 1.00 % SOFR Floor

1/31/2026 Media:

Advertising, Printing & Publishing 20,752 20,752 20,752

Mimeo.com, Inc.(x) S+ 800 , 1.00 % SOFR Floor

1/31/2026 Media:

Advertising, Printing & Publishing 2,756 2,756 2,756

Mimeo.com, Inc.

1.00 % Unfunded

1/31/2026 Media:

Advertising, Printing & Publishing 2,500 — —

Moss Holding Company(m)(n)(x) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 21,831 21,628 21,831

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Moss Holding Company(m)(x) S+ 575 , 1.00 % SOFR Floor

Moss Holding Company(m)(n)(v) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 21,764 21,574 21,764

Moss Holding Company(m)(v) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 3,705 3,673 3,705

Moss Holding Company 5.75 % Unfunded

4 unchanged sentences

Business 2,126 — —

Newbury Franklin Industrials LLC(m)(x) S+ 700 , 2.00 % SOFR Floor

Newbury Franklin Industrials LLC(m)(v) S+ 700 , 2.00 % SOFR Floor

12/11/2029 Capital Equipment 7,986 7,875 7,876

1 unchanged sentence

12/11/2029 Capital Equipment 1,974 ( 13 ) ( 27 )

NewsCycle Solutions, Inc.(q)(x) S+ 700 , 1.00 % SOFR Floor

NewsCycle Solutions, Inc.(q)(v) S+ 100 , 1.00 % SOFR Floor

9/30/2026 Media:

Advertising, Printing & Publishing 14,184 12,088 8,953

Nova Compression, LLC(m)(t)(x) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 28,616 28,616 28,616

Nova Compression, LLC(t)(x) S+ 1050 , 2.00 % SOFR Floor

Nova Compression, LLC(m)(t)(v) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 28,942 28,942 28,942

Nova Compression, LLC 1.00 % Unfunded

Nova Compression, LLC(t)(v) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 3,617 3,617 3,617

NTM Acquisition Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor

NTM Acquisition Corp.(m)(v) S+ 675 , 1.00 % SOFR Floor

6/18/2026 Hotel, Gaming & Leisure 22,823 22,823 22,823

OpCo Borrower, LLC(m)(n)(x) S+ 575 , 1.00 % SOFR Floor

OpCo Borrower, LLC(m)(n)(v) S+ 575 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 27,924 27,833 27,924

Optio Rx, LLC(r) 0.50 % Unfunded

Optio Rx, LLC(r)(v) S+ 800 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 13,795 13,795 13,795

Optio Rx, LLC(r)(x) S+ 800 , 2.50 % SOFR Floor

Optio Rx, LLC(r) 0.50 % Unfunded

3/21/2030 Healthcare & Pharmaceuticals 658 — —

Optio Rx, LLC(r)(x) S+ 800 , 2.50 % SOFR Floor

Optio Rx, LLC(r)(v) S+ 800 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 658 658 658

Playboy Enterprises, Inc.(h)(t)(x) S+ 625 , 0.50 % SOFR Floor

Playboy Enterprises, Inc.(h)(t)(v) S+ 625 , 0.50 % SOFR Floor

5/25/2027 Consumer Goods:

Non-Durable 14,734 14,611 14,734

PRA Acquisition, LLC(x) S+ 650 , 1.00 % SOFR Floor

PRA Acquisition, LLC(v) S+ 650 , 1.00 % SOFR Floor

5/12/2028 Hotel, Gaming & Leisure 18,106 18,107 18,016

RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor

RA Outdoors, LLC(v) S+ 675 , 1.00 % SOFR Floor

4/8/2026 Media:

Diversified & Production 11,644 11,644 10,698

RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor

RA Outdoors, LLC(v) S+ 675 , 1.00 % SOFR Floor

4/8/2026 Media:

4 unchanged sentences

Riddell, Inc.

/ All American Sports Corp.(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

/ All American Sports Corp.(m)(n)(u) S+ 600 , 1.00 % SOFR Floor

3/29/2029 Consumer Goods:

4 unchanged sentences

Durable 1,636 — ( 27 )

Hilliard, L.L.P.(t)(w) S+ 1200 , 2.00 % SOFR Floor

Hilliard, L.L.P.(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor

4/30/2025 Services:

Consumer 2,364 2,370 2,320

Rogers Mechanical Contractors, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC(m)(v) S+ 575 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 15,737 15,713 15,737

Rogers Mechanical Contractors, LLC(x) S+ 575 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC(v) S+ 575 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 779 755 779

3 unchanged sentences

9/28/2028 Construction & Building 2,885 ( 7 ) —

RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor

RumbleOn, Inc.(m)(v) S+ 825 , 1.00 % SOFR Floor

8/31/2026 Automotive 8,751 8,560 8,532

RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor

RumbleOn, Inc.(m)(v) S+ 825 , 1.00 % SOFR Floor

8/31/2026 Automotive 2,641 2,634 2,575

Securus Technologies Holdings, Inc.(m)(t)(x) S+ 509 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 4,137 4,081 3,889

Securus Technologies Holdings, Inc.(t)(x) S+ 750 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(m)(t)(v) S+ 509 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 4,228 4,215 2,717

Securus Technologies Holdings, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(t)(v) S+ 750 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 81 81 81

Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 — —

SHF Holdings, Inc.(n)(x) S+ 550 , 1.00 % SOFR Floor

SHF Holdings, Inc.(n)(v) S+ 550 , 1.00 % SOFR Floor

1/22/2030 Beverage, Food & Tobacco 18,170 18,170 18,170

SHF Holdings, Inc.(v) S+ 550 , 1.00 % SOFR Floor

1/22/2030 Beverage, Food & Tobacco 348 348 348

SHF Holdings, Inc.

1 unchanged sentence

1/22/2030 Beverage, Food & Tobacco 1,391 — —

Sleep Opco, LLC(m)(n)(x) S+ 650 , 1.00 % SOFR Floor

Sleep Opco, LLC(m)(n)(v) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 13,321 13,257 13,321

Sleep Opco, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor

Sleep Opco, LLC(m)(v) S+ 700 , 1.00 % SOFR Floor

10/12/2026 Retail 388 376 388

Sleep Opco, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

Sleep Opco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 1,391 1,365 1,391

1 unchanged sentence

10/12/2026 Retail 1,750 ( 9 ) —

Spin Holdco Inc.(n)(x) S+ 400 , 0.75 % SOFR Floor

Spin Holdco Inc.(n)(v) S+ 400 , 0.75 % SOFR Floor

3/4/2028 Services:

1 unchanged sentence

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 19,279 19,278 8,194

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

2 unchanged sentences

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 1,713 1,713 694

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 1,101 1,101 446

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 1,046 1,046 424

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 873 873 371

Spinal USA, Inc.

/ Precision Medical Inc.(t)(x) S+ 950

/ Precision Medical Inc.(t)(v) S+ 950

5/29/2026 Healthcare & Pharmaceuticals 797 797 803

STATinMED, LLC(q)(r)(t)(w) S+ 950 , 2.00 % SOFR Floor

STATinMED, LLC(q)(r)(t)(u) S+ 950 , 2.00 % SOFR Floor

7/1/2027 Healthcare & Pharmaceuticals 13,313 11,796 5,525

1 unchanged sentence

STATinMED, LLC(r) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 243

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 14,775 14,775 14,775

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 1,519 1,519 1,519

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 1,425 1,425 1,425

1 unchanged sentence

8/16/2028 Construction & Building 825 — —

Tactical Air Support, Inc.(m)(w) S+ 850 , 1.00 % SOFR Floor

Tactical Air Support, Inc.(m)(u) S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 11,550 11,550 11,550

Tactical Air Support, Inc.(w) S+ 850 , 1.00 % SOFR Floor

Tactical Air Support, Inc.(u) S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 1,925 1,884 1,925

The Men's Wearhouse, LLC(n)(x) S+ 650 , 0.00 % SOFR Floor

The Men's Wearhouse, LLC(n)(v) S+ 650 , 0.00 % SOFR Floor

2/26/2029 Retail 1,592 1,587 1,594

Thrill Holdings LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

Thrill Holdings LLC(m)(v) S+ 600 , 1.00 % SOFR Floor

5/27/2027 Media:

3 unchanged sentences

Diversified & Production 1,739 — 26

TMK Hawk Parent, Corp.(t)(w) S+ 525 , 1.00 % SOFR Floor

TMK Hawk Parent, Corp.(t)(u) S+ 525 , 1.00 % SOFR Floor

6/30/2029 Services:

3 unchanged sentences

Business 780 — —

Trademark Global, LLC(r)(t)(x) S+ 850 , 1.00 % SOFR Floor

Trademark Global, LLC(r)(t)(v) S+ 850 , 1.00 % SOFR Floor

6/30/2027 Consumer Goods:

Non-Durable 19,328 19,286 12,838

Trammell, P.C.(t)(w) S+ 1550 , 2.00 % SOFR Floor

Trammell, P.C.(t)(u) S+ 1550 , 2.00 % SOFR Floor

4/28/2026 Services:

Consumer 17,403 17,403 17,403

Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor

Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 1,525 1,426 641

Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor

Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 325 304 137

Wok Holdings Inc.(m)(w) S+ 625 , 0.00 % SOFR Floor

Wok Holdings Inc.(m)(n)(u) S+ 625 , 0.00 % SOFR Floor

3/1/2026 Beverage, Food & Tobacco 24,452 23,821 24,300

WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor

WorkGenius, Inc.(m)(v) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 14,557 14,557 14,557

WorkGenius, Inc.(x) S+ 700 , 0.50 % SOFR Floor

WorkGenius, Inc.(v) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 750 744 750

WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor

WorkGenius, Inc.(m)(v) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 7,448 7,448 7,447

WorkGenius, Inc.(n)(x) S+ 700 , 0.50 % SOFR Floor

WorkGenius, Inc.(n)(v) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 2,355 2,355 2,355

Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor

Xenon Arc, Inc.(m)(v) S+ 575 , 0.75 % SOFR Floor

12/20/2028 High Tech Industries 3,816 3,794 3,816

1 unchanged sentence

Senior Secured Second Lien Debt - 0.1 %

RA Outdoors, LLC(t)(x) S+ 900 , 1.00 % SOFR Floor

RA Outdoors, LLC(t)(v) S+ 900 , 1.00 % SOFR Floor

10/8/2026 Media:

Diversified & Production 2,147 2,147 821

Securus Technologies Holdings, Inc.(q)(t)(x) S+ 931 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(q)(t)(v) S+ 931 , 1.00 % SOFR Floor

11/1/2025 Telecommunications 3,532 3,195 190

12 unchanged sentences

Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 5,315

SRA Holdings, LLC(r)(x) S+ 600 , 0.00 % SOFR Floor

3/24/2025 Banking, Finance, Insurance & Real Estate 4,103 4,103 4,103

TMK Hawk Parent, Corp.(t) 11.00 %

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

2 unchanged sentences

Equity - 33.2 %

ACS Holdings LLC, Class A-1 Membership Units(o)(p)(r) Healthcare & Pharmaceuticals 27,115,901 Units

ACS Holdings LLC, Class A-1 Membership Units(o)(p)(s) Healthcare & Pharmaceuticals 29,715,901 Units

ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r)

16 unchanged sentences

David's Bridal Holdings, LLC, Class A Common Units(p)(s) Retail 876,920 Units

23,130 15,758

David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 49,677 Units

24 unchanged sentences

12,835 70,155

Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units

Mount Logan Capital Inc., Common Stock(f)(h) Banking, Finance, Insurance & Real Estate 1,075,557 Units

New Giving Acquisition, Inc., Common Stock Healthcare & Pharmaceuticals 4,630 Units

3 unchanged sentences

NS NWN Acquisition, LLC, Common Equity(p) High Tech Industries 346 Units

NS NWN Holdco LLC, Non-Voting Units(p) High Tech Industries 522 Units

NS NWN Holdco LLC, Non-Voting Units High Tech Industries 522 Units

NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods:

4 unchanged sentences

Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units

PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods:

PLBY Group, Inc., Series B Preferred Stock (12% Return)(h)(p)

Consumer Goods:

Non-Durable 2,868 Units

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

11 unchanged sentences

Banking, Finance, Insurance & Real Estate 10,414,785 Units

11,350 11,352

SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 167,952 Units

17 unchanged sentences

Short Term Investments - 7.7 %(k)

First American Treasury Obligations Fund, Class Z Shares 4.22 %(l)

First American Treasury Obligations Fund, Class Z Shares(m)(n) 4.20 %(l)

58,673 58,673

9 unchanged sentences

below, investments do not contain a paid-in-kind, or PIK, interest provision.

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

The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of June 30, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2025.

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

9 unchanged sentences

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 March 31, 2025, 95.7 % of the Company’s total assets represented qualifying assets.

As of June 30, 2025, 95.6 % of the Company’s total assets represented qualifying assets.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of March 31, 2025 was 4.16 %.

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of June 30, 2025 was 4.11 %.

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.

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.

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

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 March 31, 2025 (see Note 8).

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 March 31, 2025 (see Note 8).

7-day effective yield as of June 30, 2025.

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

Non-income producing security.

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

Investment or a portion thereof was on non-accrual status as of June 30, 2025.

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 March 31, 2025, along with transactions during the three months ended March 31, 2025 in these affiliated investments, were as follows:

Three Months Ended March 31, 2025

Fair value as of December 31, 2024 and June 30, 2025, along with transactions during the six months ended June 30, 2025 in these affiliated investments, were as follows:

Six Months Ended June 30, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2025

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2025

Net Realized Gain (Loss) Interest

36 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2025

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2025

Net Realized Gain (Loss) Interest

39 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

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 March 31, 2025, along with transactions during the three months ended March 31, 2025 in these controlled investments, were as follows:

Three Months Ended March 31, 2025

Fair value as of December 31, 2024 and June 30, 2025, along with transactions during the six months ended June 30, 2025 in these controlled investments, were as follows:

Six Months Ended June 30, 2025

Controlled Investments Fair Value at

3 unchanged sentences

Gain (Loss) Fair Value at

March 31, 2025

June 30, 2025

Gain (Loss) Interest

Income(3) Dividend Income Fee Income

American Clinical Solutions LLC

First Lien Term Loan $ — $ 16,039 $ — $ 367 $ 16,406 $ — $ 198 $ — $ —

Delayed Draw Term Loan — — — ( 909 ) ( 909 ) — — — —

Class A-1 Membership Interests — — — 297 297 — — — —

CION/EagleTree Partners, LLC

17 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2025

June 30, 2025

(in thousands)

As of March 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.

As of June 30, 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.

6 unchanged sentences

Senior Secured First Lien Debt — 10.05 % 10.05 %

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 %

Avison Young (Canada) Inc./Avison Young (USA) Inc.

Senior Secured First Lien Debt 6.08 % 6.50 % 12.58 %

Berlitz Holdings, Inc.

Senior Secured First Lien Debt 8.44 % 5.00 % 13.44 %

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 2.95 % 12.95 %

Senior Secured First Lien Debt 9.98 % 0.25 % 10.23 %

CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %

Community Tree Service, LLC Senior Secured First Lien Debt 12.96 % 1.25 % 14.21 %

FuseFX, LLC Senior Secured First Lien Debt 5.36 % 5.00 % 10.36 %

11 unchanged sentences

Senior Secured First Lien Debt 7.69 % 5.00 % 12.69 %

LAV Gear Holdings, Inc.

Senior Secured First Lien Debt — 10.00 % 10.00 %

Lift Brands, Inc.

7 unchanged sentences

Senior Secured First Lien Debt — 16.44 % 16.44 %

RumbleOn, Inc.

Senior Secured First Lien Debt 11.80 % 1.00 % 12.80 %

Securus Technologies Holdings, Inc.

9 unchanged sentences

TMK Hawk Parent, Corp.

Senior Secured First Lien Debt — 9.57 % 9.57 %

TMK Hawk Parent, Corp.

Unsecured Debt — 11.00 % 11.00 %

4 unchanged sentences

Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %

The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29% .

The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.

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

The Company has entered into an agreement with the other lenders to purchase another $ 10,000 of the funded term loan and commit to another $ 10,000 of the unfunded term loan on March 20, 2026 if certain conditions are satisfied.

See accompanying notes to consolidated financial statements.

651 unchanged sentences

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2024.

The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2024.

The actual London Interbank Offered Rate, or LIBOR, for each loan listed may not be the applicable LIBOR rate as of December 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2024.

219 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

31 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

17 unchanged sentences

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board, or the FASB, issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , or ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.

2 unchanged sentences

The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures , or ASU 2024-03.

ASU 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions.

ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

Cash and Cash Equivalents

2 unchanged sentences

The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Foreign Currency Translations

9 unchanged sentences

Treasury securities and repurchase agreements that are collateralized by such securities.

The Company had $ 53,976 and $ 68,818 of such investments at March 31, 2025 and December 31, 2024, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

The Company had $ 58,673 and $ 68,818 of such investments at June 30, 2025 and December 31, 2024, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code.

7 unchanged sentences

The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.

There were no deferred tax assets or liabilities as of March 31, 2025 or December 31, 2024.

There were no deferred tax assets or liabilities as of June 30, 2025 or December 31, 2024.

Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.

7 unchanged sentences

federal, New York State, New York City and Maryland income tax jurisdictions for 2021, 2022 and 2023.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Use of Estimates

13 unchanged sentences

The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.

6 unchanged sentences

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments.

23 unchanged sentences

• multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in some cases, book value or liquidation value;

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

• other factors deemed applicable.

4 unchanged sentences

Such models are prepared at least quarterly or on an as needed basis.

The model uses the estimated cash flow projections for the underlying investments and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs.

The model uses the estimated cash flow projections for the underlying investment and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs.

The model, key assumptions, inputs, and results are reviewed by designated members of CIM’s management team with final approval from the board of directors or its designee.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value.

4 unchanged sentences

As a practical expedient, the Company uses net asset value, or NAV, as the fair value for its equity investment in CION/EagleTree.

Investments valued using NAV as a practical expedient are excluded from the three-tier fair value hierarchy.

CION/EagleTree records its underlying investments at fair value on a quarterly basis in accordance with ASC 820.

10 unchanged sentences

In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2025 and December 31, 2024.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of June 30, 2025 and December 31, 2024.

Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables , or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more.

6 unchanged sentences

Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investment, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment.

4 unchanged sentences

Such fees are fixed based on contractual terms and are recognized as fee income when earned.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

10 unchanged sentences

This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

Net (Decrease) Increase in Net Assets per Share

Net (decrease) increase in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Net Increase (Decrease) in Net Assets per Share

Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Distributions

2 unchanged sentences

Net realized capital gains, if any, are distributed at least annually.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

Share Transactions

The Company’s initial continuous public offering commenced on July 2, 2012 and ended on December 31, 2015.

The Company’s follow-on continuous public offering commenced on January 25, 2016 and ended on January 25, 2019.

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Six Months Ended

June 30, Year Ended

2025 2024 2024

5 unchanged sentences

Net shares/amounts for share transactions ( 885,427 ) $ ( 8,728 ) ( 659,013 ) $ ( 7,341 ) ( 995,367 ) $ ( 11,347 )

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2025, the Company sold 53,003,407 shares of common stock for net proceeds of $ 1,119,826 .

Since commencing its initial continuous public offering on July 2, 2012 and through June 30, 2025, the Company sold 52,303,842 shares of common stock for net proceeds of $ 1,113,270 .

The net proceeds include gross proceeds received from reinvested shareholder distributions of $ 237,451 , for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $ 279,467 , for which the Company repurchased 17,965,525 shares of common stock.

As of March 31, 2025, 17,265,960 shares of common stock repurchased had been retired.

As of June 30, 2025, 17,951,631 shares of common stock repurchased had been retired.

On August 27, 2024, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period following such shareholder approval.

As of March 31, 2025, the Company has not issued any such shares.

As of June 30, 2025, the Company had not issued any such shares.

Distribution Reinvestment Plan

1 unchanged sentence

For additional information regarding the terms of the DRP, see Note 5.

Listing and Fractional Shares

On October 5, 2021, the Company's shares of common stock commenced trading on the NYSE under the ticker symbol “CION”.

As approved by shareholders on September 7, 2021, the Listing was staggered such that (i) up to 1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares were available for trading starting 270 days after Listing, or July 5, 2022.

The Company eliminated all then outstanding fractional shares of its common stock in connection with the Listing, as permitted by the Maryland General Corporation Law, on July 14, 2022.

On February 26, 2023, the Company’s shares of common stock also listed and commenced trading in Israel on the TASE under the ticker symbol “CION”.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Post-Listing Share Repurchase Policy

Share Repurchase Policy

On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50 million of its outstanding common stock after the Listing.

On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 10 million to up to an aggregate of $ 60 million.

On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 20 million to up to an aggregate of $ 80 million.

Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions.

5 unchanged sentences

The 10b5-1 trading plan expires on August 19, 2025, and is subject to price, market volume and timing restrictions.

The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the three months ended March 31, 2025:

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the six months ended June 30, 2025:

Period Total Number of Shares Repurchased Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)

15 unchanged sentences

March 1 to March 31, 2025 33,013 12.13 33,013 19,598

Total for the three months ended March 31, 2025 185,862 185,862

April 1 to April 30, 2025 315,943 9.36 315,943 16,648

May 1 to May 31, 2025 95,782 9.76 95,782 15,714

June 1 to June 30, 2025 287,840 9.26 287,840 13,056

Total for the six months ended June 30, 2025 885,427 885,427

(1) Amounts do not include any commissions paid to Wells Fargo on shares repurchased.

From April 1, 2025 to April 30, 2025, the Company repurchased 315,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 2,957 , or an average purchase price of $ 9.36 per share.

As of April 30, 2025, 17,265,960 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

From July 1, 2025 to July 30, 2025, the Company repurchased 217,040 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 2,142 , or an average purchase price of $ 9.87 per share.

As of July 30, 2025, 17,951,631 shares of common stock repurchased by the Company had been retired.

Transactions with Related Parties

For the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

For the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

Entity Capacity Description 2025 2024 2025 2024 2024

4 unchanged sentences

(1) Amounts charged directly to operations.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The Company has entered into an investment advisory agreement with CIM.

8 unchanged sentences

The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement in effect prior to the Listing, equal to 1.875 % per quarter, or an annualized rate of 7.5 %.

“Pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the period, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the investment advisory agreement and the administration agreement with CIM, and any other operating expenses but excluding the applicable incentive fees).

Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon securities, and any other income accrued that the Company has not yet received in cash.

CIM is not under any obligation to reimburse the Company for any part of the subordinated incentive fee on income CIM received that was based on accrued income that the Company never actually received.

Under the investment advisory agreement in effect prior to the Listing, the Company paid to CIM 100 % of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375 % was exceeded, at which point the Company paid to CIM 20 % of all pre-incentive fee net investment income that exceeded the annualized rate of 9.375 %.

2 unchanged sentences

These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021.

For the three months ended March 31, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 4,084 and $ 6,914 , respectively.

As of March 31, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were $ 4,084 and $ 3,964 , respectively.

For the three months ended June 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 3,589 and $ 4,871 , respectively.

For the six months ended June 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 7,673 and $ 11,785 , respectively.

As of June 30, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were $ 3,589 and $ 3,964 , respectively.

The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

1 unchanged sentence

however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized.

For the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024, the Company had no liability for and did not record any capital gains incentive fees.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

For the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024, the Company had no liability for and did not record any capital gains incentive fees.

On April 1, 2018, the Company entered into an administration agreement with CIM pursuant to which CIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations.

3 unchanged sentences

On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing August 9, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

On January 1, 2019, the Company entered into a servicing agreement with Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnished the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information.

1 unchanged sentence

The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party.

As of March 31, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was $ 11,253 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was $ 11,349 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended June 30, 2025 and December 31, 2024, respectively.

In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team.

5 unchanged sentences

Distributions

From February 1, 2014 through July 17, 2017, the Company’s board of directors authorized and declared on a monthly basis a weekly distribution amount per share of common stock.

On July 18, 2017, the Company's board of directors authorized and declared on a quarterly basis a weekly distribution amount per share of common stock.

Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis.

1 unchanged sentence

Base distributions in respect of future quarters and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.

The Company’s management declared and the Company's board of directors ratified distributions for 6 and 1 record dates during the year ended December 31, 2024 and the three months ended March 31, 2025, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the three months ended March 31, 2025:

The Company’s management declared and the Company's board of directors ratified distributions for 6 and 2 record dates during the year ended December 31, 2024 and the six months ended June 30, 2025, respectively.

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the six months ended June 30, 2025:

Distributions

6 unchanged sentences

March 31, 2025 (one record date) $ 0.36 $ 19,149

Total distributions for the three months ended March 31, 2025 $ 0.36 $ 19,149

On May 5, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the second quarter of 2025 payable on June 16, 2025 to shareholders of record as of June 2, 2025.

June 30, 2025 (one record date) 0.36 18,934

Total distributions for the six months ended June 30, 2025 $ 0.72 $ 38,083

On August 4, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the third quarter of 2025 payable on September 16, 2025 to shareholders of record as of September 2, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing.

10 unchanged sentences

Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2024 and the three months ended March 31, 2025 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2024 and the six months ended June 30, 2025 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs

15 unchanged sentences

March 1 to March 31, 2025 — — — —

Total for the three months ended March 31, 2025 19,368 $ 11.49 19,368 ( 1 )

April 1 to April 30, 2025 159,518 9.13 159,518 ( 1 )

May 1 to May 31, 2025 — — — —

June 1 to June 30, 2025 151,264 9.29 151,264 ( 1 )

Total for the six months ended June 30, 2025 330,150 $ 9.34 330,150 ( 1 )

(1) See the description of the DRP above.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies.

2 unchanged sentences

The Company has not established limits on the amount of funds it may use from available sources to make distributions.

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Six Months Ended

June 30, Year Ended

2025 2024 2024

6 unchanged sentences

The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP.

5 unchanged sentences

The tax components of accumulated earnings or losses for the current year will be determined at year end.

As of December 31, 2024, the components of accumulated losses on a tax basis were as follows:

As of December 31, 2024, the components of accumulated income (losses) on a tax basis were as follows:

December 31, 2024

4 unchanged sentences

(1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 82,446 .

As of March 31, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 70,503 ;

As of June 30, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 91,198 ;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 264,630 ;

5 unchanged sentences

and the aggregate cost of securities for Federal income tax purposes was $ 2,004,766 .

The composition of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024 at amortized cost and fair value was as follows:

March 31, 2025 December 31, 2024

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

The composition of the Company’s investment portfolio as of June 30, 2025 and December 31, 2024 at amortized cost and fair value was as follows:

June 30, 2025 December 31, 2024

Value Percentage of

11 unchanged sentences

(2) 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of March 31, 2025 and December 31, 2024:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Industry Classification Investments at

6 unchanged sentences

Retail 157,658 8.9 % 160,093 8.8 %

Diversified & Production 127,001 7.1 % 129,210 7.1 %

Oil & Gas 138,635 7.8 % 116,393 6.4 %

Consumer 114,767 6.5 % 111,832 6.2 %

Diversified & Production 132,760 7.5 % 129,210 7.1 %

Beverage, Food & Tobacco 113,794 6.4 % 100,612 5.5 %

Advertising, Printing & Publishing 106,095 5.9 % 104,622 5.7 %

Consumer 112,369 6.4 % 111,832 6.2 %

Construction & Building 100,534 5.7 % 99,383 5.5 %

3 unchanged sentences

Diversified Financials 58,732 3.3 % 56,822 3.1 %

Advertising, Printing & Publishing 50,463 2.9 % 104,622 5.7 %

Hotel, Gaming & Leisure 46,803 2.6 % 49,823 2.7 %

7 unchanged sentences

Aerospace & Defense 13,475 0.8 % 13,825 0.8 %

Metals & Mining 10,974 0.6 % 13,094 0.7 %

Transportation:

Cargo 11,024 0.6 % 10,465 0.6 %

Metals & Mining 10,350 0.6 % 13,094 0.7 %

Telecommunications 2,988 0.2 % 5,222 0.3 %

3 unchanged sentences

Total investments $ 1,824,628 $ 1,888,688

March 31, 2025 December 31, 2024

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

June 30, 2025 December 31, 2024

Geographic Dispersion(1) Investments at

11 unchanged sentences

(1) The geographic dispersion is determined by the portfolio company's country of domicile.

As of March 31, 2025 and December 31, 2024, investments on non-accrual status represented 1.2 % and 1.4 %, respectively, of the Company's investment portfolio on a fair value basis.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

As of June 30, 2025 and December 31, 2024, investments on non-accrual status represented 1.4 % and 1.4 %, respectively, of the Company's investment portfolio on a fair value basis.

The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements.

As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $ 65,130 and $ 70,681 , respectively.

As of April 30, 2025, the Company’s unfunded commitments amounted to $ 61,793 .

As of June 30, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $ 64,793 and $ 70,681 , respectively.

As of July 30, 2025, the Company’s unfunded commitments amounted to $ 67,075 .

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.

16 unchanged sentences

On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC.

As a result, as of March 31, 2025, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.

As a result, as of June 30, 2025, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.

The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2025:

The following table sets forth the individual investments in CION/EagleTree's portfolio as of June 30, 2025:

Portfolio Company Interest Maturity Industry Principal/

21 unchanged sentences

CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(b) Construction & Building 37,264 Units

HDNet Holdco LLC, Preferred Unit Call Option(b) Media:

19 unchanged sentences

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.

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

7-day effective yield as of June 30, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

48 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2025 and December 31, 2024:

The following table includes selected balance sheet information for CION/EagleTree as of June 30, 2025 and December 31, 2024:

Selected Balance Sheet Information:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Investments, at fair value (amortized cost of $ 59,177 and $ 60,756 , respectively)

10 unchanged sentences

Total liabilities and members' capital $ 62,227 $ 60,402

The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024:

The following table includes selected statement of operations information for CION/EagleTree for the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

Selected Statement of Operations Information:

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2025:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2025:

Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date

21 unchanged sentences

The administration fee is included in interest expense in the consolidated statements of operations.

(2) As of March 31, 2025, the fair value of the 2029 Notes was $ 172,086 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2025.

(3) As of March 31, 2025, the outstanding amount of this debt instrument approximates its fair value.

(2) As of June 30, 2025, the fair value of the 2029 Notes was $ 169,602 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2025.

(3) As of June 30, 2025, the fair value of the 2026 Notes was $ 124,063 , which was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

(4) As of June 30, 2025, the fair value of the Series A Notes was $ 109,802 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2025.

(5) As of June 30, 2025, the outstanding amount of these debt obligations approximates their fair value.

The fair value was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2025.

(4) As of March 31, 2025, the fair value of the Series A Notes was $ 120,711 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2025.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

JPM Credit Facility

12 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

28 unchanged sentences

On December 31, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 468,750 to $ 406,250 and repaid $ 50,000 of outstanding borrowings.

As of March 31, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 325,000 and the aggregate unfunded principal amount was $ 81,250 .

As of June 30, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 325,000 and the aggregate unfunded principal amount was $ 81,250 .

The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value.

3 unchanged sentences

In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.

As of and for the three months ended March 31, 2025, 34th Street was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2025, 34th Street was in compliance with all covenants and reporting requirements.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Through March 31, 2025, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 4,491 .

For the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

Through June 30, 2025, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 3,984 .

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

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The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

The 2029 Notes were offered and sold in an offering registered under the Securities Act pursuant to the Company's shelf registration statement on Form N-2 (Registration No.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Through March 31, 2025, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 2029 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the 2029 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 3,903 .

For the three months ended March 31, 2025 and for the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2029 Notes were as follows:

Three Months Ended March 31, 2025 For the Period From October 3, 2024 Through December 31, 2024

Through June 30, 2025, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 2029 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2029 Notes.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 3,698 .

For the three and six months ended June 30, 2025 and for the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2029 Notes were as follows:

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 For the Period From October 3, 2024 Through December 31, 2024

Stated interest expense $ 3,235 $ 6,469 $ 3,163

11 unchanged sentences

The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

The Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $ 25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement.

In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

Through March 31, 2025, the Company incurred debt issuance costs of $ 2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the 2026 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 463 .

Through June 30, 2025, the Company incurred debt issuance costs of $ 2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2026 Notes.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 330 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024

Stated interest expense $ 1,406 $ 1,406 $ 2,812 $ 2,812 $ 5,625

6 unchanged sentences

Pursuant to the financing arrangement, assets in the Company's portfolio were contributed from time to time to Murray Hill Funding II.

On May 19, 2017, the Company contributed assets to Murray Hill Funding II.

The assets held by Murray Hill Funding II secured the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II.

24 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

13 unchanged sentences

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes.

Murray Hill Funding was required to repurchase the Class A-R Notes that was sold to UBS by no later than November 19, 2023.

Murray Hill Funding was required to repurchase the Class A-R Notes that were sold to UBS by no later than November 19, 2023.

The financing fee for the funded Class A-R Notes was equal to the three-month LIBOR plus a spread of 3.375 % per year while the financing fee for the unfunded Class A-R Notes was equal to 0.75 % per year.

5 unchanged sentences

On August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, for an aggregate repurchase price of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, which was then repaid by Murray Hill Funding II.

The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023 and April 14, 2023 resulted in repayments of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.

The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024 resulted in repayments of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.

On November 13, 2024, Murray Hill Funding entered into (i) a Sixth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the November 2024 Confirmations.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations.

On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations.

Under the January 2025 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from January 15, 2025 to February 15, 2025 as a further bridge to the parties entering into a broader amendment to the Amended UBS Facility.

15 unchanged sentences

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining and amending the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.

At March 31, 2025, all upfront fees and other expenses were fully amortized.

At June 30, 2025, all upfront fees and other expenses were fully amortized.

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

13 unchanged sentences

Pursuant to the 2025 UBS Credit Facility, Murray Hill Funding II made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.

As of March 31, 2025 and for the period from February 13, 2025 to March 31, 2025, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2025, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding II paid an upfront fee and incurred certain other customary costs and expenses totaling $ 1,210 in connection with obtaining the 2025 UBS Credit Facility, which were recorded as a direct reduction to the outstanding balance of the 2025 UBS Credit Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the 2025 UBS Credit Facility.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 1,159 .

For the period from February 13, 2025 through March 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:

For the Period from February 13, 2025 Through March 31, 2025

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 1,059 .

For the three months ended June 30, 2025 and for the period from February 13, 2025 through June 30, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:

Three Months Ended

June 30, 2025 For the Period from February 13, 2025 Through June 30, 2025

Stated interest expense $ 1,782 $ 2,705

15 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

4 unchanged sentences

In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company’s other indebtedness in an outstanding aggregate principal amount of at least $ 50,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.

As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

On October 10, 2023, the Company issued $ 34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel.

2 unchanged sentences

The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s, and commenced trading on the TASE on October 10, 2023 under the ticker symbol "CION B1".

Through March 31, 2025 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 2,262 .

Through June 30, 2025 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 1,864 .

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

10 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

9 unchanged sentences

In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25 million, certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

On September 18, 2024, the Company entered into an Amended and Restated Note Purchase Agreement with certain institutional investors, or the AR Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its floating rate senior unsecured notes, tranche B, due 2027, or the Tranche B 2027 Notes, at a purchase price equal to par.

4 unchanged sentences

The Tranche B 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on November 15, 2024.

Through March 31, 2025, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the Tranche A 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the Tranche A 2027 Notes and the Tranche B 2027 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 4,226 .

Through June 30, 2025, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the Tranche A 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the Tranche A 2027 Notes and the Tranche B 2027 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 3,821 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

17 unchanged sentences

In addition, the 2022 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2025, the Company incurred debt is suance costs of $ 1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the 2022 Term Loan.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 425 .

As of and for the three months ended June 30, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2025, the Company incurred debt is suance costs of $ 1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2022 Term Loan.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 373 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

For the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:

For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

20 unchanged sentences

On September 24, 2024, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2021 Term Loan.

Through March 31, 2025, the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and amortized to interest expense over the term of the 2021 Term Loan.

At March 31, 2025, all upfront fees and other expenses were fully amortized.

Through June 30, 2025, the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and amortized to interest expense over the term of the 2021 Term Loan.

At June 30, 2025, all upfront fees and other expenses were fully amortized.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

15 unchanged sentences

In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2025 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 639 .

As of and for the three months ended June 30, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2025 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of June 30, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.

At June 30, 2025, the unamortized portion of the debt issuance costs was $ 575 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

For the three months ended March 31, 2025 and for the period from September 30, 2024 through December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

For the three and six months ended June 30, 2025 and for the period from September 30, 2024 through December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

Three Months Ended

March 31, 2025 For the Period from September 30, 2024 Through December 31, 2024

June 30, 2025 Six Months Ended

June 30, 2025 For the Period from September 30, 2024 Through December 31, 2024

Stated interest expense $ 614 $ 1,224 $ 651

5 unchanged sentences

Fair Value of Financial Instruments

The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2025 and December 31, 2024, according to the fair value hierarchy:

March 31, 2025(1) December 31, 2024(2)

The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2025 and December 31, 2024, according to the fair value hierarchy:

June 30, 2025(1) December 31, 2024(2)

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

8 unchanged sentences

(2) Excludes the Company's $ 18,103 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025 and 2024:

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2025 and 2024:

Three Months Ended

March 31, 2025

June 30, 2025

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543

Investments purchased(2)(3) 74,971 75 — 43 4,576 79,665

Net realized loss ( 32,376 ) — — — — ( 32,376 )

Net change in unrealized appreciation (depreciation) 14,413 ( 1,664 ) ( 73 ) ( 127 ) 28,919 41,468

Accretion of discount 2,406 7 — — — 2,413

Sales and principal repayments(3) ( 113,585 ) — ( 512 ) ( 4,103 ) — ( 118,200 )

Net transfers in and/or (out) of Level 3 — — — — — —

Ending balance, June 30, 2025 $ 1,501,896 $ 1,011 $ 3,027 $ 8,091 $ 229,488 $ 1,743,513

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1) $ ( 6,522 ) $ ( 1,664 ) $ ( 73 ) $ ( 127 ) $ 28,919 $ 20,533

(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

(in thousands, except share and per share amounts)

Six Months Ended

June 30, 2025

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726

Investments purchased(2)(3) 165,408 144 979 87 11,331 177,949

Net realized gain (loss) 2,825 — — — ( 531 ) 2,294

Net realized loss ( 29,551 ) — — — ( 531 ) ( 30,082 )

Net change in unrealized (depreciation) appreciation ( 21,520 ) ( 1,824 ) ( 122 ) 293 350 ( 22,823 )

2 unchanged sentences

Net transfers in and/or (out) of Level 3 — — — — ( 956 ) ( 956 )

Ending balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2025(1) $ ( 35,731 ) $ ( 160 ) $ ( 49 ) $ 420 $ ( 28,569 ) $ ( 64,089 )

(1) Included in net change in unrealized depreciation on investments in the consolidated statements of operations.

Ending balance, June 30, 2025 $ 1,501,896 $ 1,011 $ 3,027 $ 8,091 $ 229,488 $ 1,743,513

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1) $ ( 31,907 ) $ ( 1,824 ) $ ( 122 ) $ 293 $ 350 $ ( 33,210 )

(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

Three Months Ended

June 30, 2024

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, March 31, 2024 $ 1,465,051 $ 28,460 $ 1,004 $ 5,506 $ 219,697 $ 1,719,718

Investments purchased(2)(3) 147,863 129 — 33 20,047 168,072

Net realized loss ( 18,406 ) — — — ( 1,871 ) ( 20,277 )

Net change in unrealized appreciation (depreciation) 13,089 ( 1,707 ) ( 170 ) ( 46 ) 10,249 21,415

Accretion of discount 961 672 — — — 1,633

Sales and principal repayments(3) ( 71,805 ) ( 12,504 ) ( 64 ) — ( 2,488 ) ( 86,861 )

Ending balance, June 30, 2024 $ 1,536,753 $ 15,050 $ 770 $ 5,493 $ 245,634 $ 1,803,700

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1) $ ( 167 ) $ ( 665 ) $ ( 170 ) $ ( 46 ) $ 12,268 $ 11,220

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

March 31, 2024

Six Months Ended

June 30, 2024

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

5 unchanged sentences

Sales and principal repayments(3) ( 295,489 ) ( 13,985 ) ( 128 ) ( 8,872 ) ( 7,051 ) ( 325,525 )

Ending balance, March 31, 2024 $ 1,465,051 $ 28,460 $ 1,004 $ 5,506 $ 219,697 $ 1,719,718

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2024(1) $ ( 3,822 ) $ 714 $ ( 15 ) $ ( 50 ) $ ( 9,456 ) $ ( 12,629 )

(1) Included in net change in depreciation on investments in the consolidated statements of operations.

Ending balance, June 30, 2024 $ 1,536,753 $ 15,050 $ 770 $ 5,493 $ 245,634 $ 1,803,700

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1) $ ( 3,988 ) $ ( 975 ) $ ( 186 ) $ ( 96 ) $ 2,813 $ ( 2,432 )

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

1 unchanged sentence

Significant Unobservable Inputs

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025

Fair Value Valuation Techniques/

2 unchanged sentences

Senior secured first lien debt $ 1,238,793 Discounted Cash Flow Discount Rates 9.0 % — 35.0 % 13.1 %

107,713 Market Comparable Approach Revenue Multiple 0.68 x

69,347 EBITDA Multiple 5.25 x

53,283 Broker Quotes Broker Quotes N/A N/A

110,494 Market Comparable Approach EBITDA Multiple 5.25 x

73,478 Revenue Multiple 0.78 x

31,637 Other(2) Probability Weighted Recovery Rate 15 % — 100 % 96 %

15,497 Insurance Claim Recovery Rate 31 % N/A

31,997 Broker Quotes Broker Quotes N/A N/A

Senior secured second lien debt 821 Market Comparable Approach Revenue Multiple 1.58 x

1 unchanged sentence

Collateralized securities and structured products - equity 3,027 Discounted Cash Flow Discount Rates 13.5 % — 21.0 % 13.7 %

Unsecured debt 5,461 Discounted Cash Flow Discount Rates 11.0 % — 14.0 % 11.7 %

5,315 Other(2) Probability Weighted Recovery Rate 19 % N/A

Unsecured debt 5,315 Other(2) Probability Weighted Recovery Rate 21 % N/A

1,487 Discounted Cash Flow Discount Rates 13.0 % N/A

1,289 Options Pricing Model Expected Volatility 35 % N/A

11 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

24 unchanged sentences

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility.

A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively.

A significant increase or decrease in the EBITDA multiples, revenue multiples, expected proceeds from proposed corporate transactions, broker quotes and expected volatility would result in a significantly higher or lower fair value measurement, respectively.

A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively.

General and Administrative Expense

General and administrative expense consisted of the following items for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

General and administrative expense consisted of the following items for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2025 2024 2025 2024 2024

Professional fees $ 87 $ 455 $ 855 $ 976 $ 2,348

Valuation expense 230 144 751

Dues and subscriptions 329 97 532 532 1,001

Valuation expense 209 229 439 373 751

Insurance expense 187 169 371 338 721

Director fees and expenses 181 177 353 348 696

Transfer agent expense 119 123 488

Accounting and administrative costs 169 160 281 322 639

Transfer agent expense 125 124 244 247 488

Printing and marketing expense 82 162 99 165 308

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

3 unchanged sentences

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 March 31, 2025 and December 31, 2024, the Company’s unfunded commitments were as follows:

Unfunded Commitments March 31, 2025(1) December 31, 2024(1)

As of June 30, 2025 and December 31, 2024, the Company’s unfunded commitments were as follows:

Unfunded Commitments June 30, 2025(1) December 31, 2024(1)

American Clinical Solutions LLC $ 7,424 $ 4,600

APS Acquisition Holdings, LLC 6,629 7,799

David’s Bridal, LLC 6,000 —

American Family Care, LLC 5,909 5,909

Rogers Mechanical Contractors, LLC 5,426 5,426

David’s Bridal, LLC(2) 5,000 —

Berlitz Holdings, Inc.

American Health Staffing Group, Inc.

American Clinical Solutions LLC 2,600 4,600

Mimeo.com, Inc.

Gold Medal Holdings, Inc.

ALM Global, LLC 2,340 1,800

Moss Holding Company 2,232 2,232

CrossLink Professional Tax Solutions, LLC 2,209 1,840

Gold Medal Holdings, Inc.

Newbury Franklin Industrials, LLC 1,974 1,974

2 unchanged sentences

Thrill Holdings LLC 1,739 1,739

SHF Holdings, Inc.

Instant Web, LLC 1,731 2,488

Stengel Hill Architecture, LLC 1,725 1,725

Riddell, Inc.

/ All American Sports Corp.

SHF Holdings, Inc.

HEC Purchaser Corp.

ESP Associates, Inc.

Optio Rx, LLC 988 —

TMK Hawk Parent, Corp.

Avison Young (Canada) Inc./Avison Young (USA) Inc.

RA Outdoors, LLC 1,083 348

BDS Solutions Intermediateco, LLC 857 524

Stengel Hill Architecture, LLC 825 1,725

Ironhorse Purchaser, LLC 816 551

Berlitz Holdings, Inc.

TMK Hawk Parent, Corp.

Optio Rx, LLC 658 —

Lux Credit Consultants LLC 456 5,069

Nova Compression, LLC 326 —

HW Acquisition, LLC 294 147

Anthem Sports & Entertainment Inc.

Flatworld Intermediate Corp.

BDS Solutions Intermediateco, LLC — 524

Mimeo.com, Inc.

ALM Global, LLC — 1,800

Anthem Sports & Entertainment Inc.

Dermcare Management, LLC — 326

HW Acquisition, LLC — 147

Total $ 64,793 $ 70,681

(1) Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.

(2) The Company may be required to fund an additional $ 20,000 if certain conditions are satisfied.

See footnote y.

to the Consolidated Schedule of Investments as of June 30, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets.

Unfunded commitments to provide funds to companies are not recorded as liabilities on the Company’s consolidated balance sheets.

To the extent that interest rates on unfunded commitments are below market, a liability is recorded in the Consolidated Schedule of Investments.

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 March 31, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments.

As of April 30, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 61,793 .

For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments.

As of July 30, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 67,075 .

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).

4 unchanged sentences

Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees.

The following table summarizes the Company’s fee income for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

The following table summarizes the Company’s fee income for the three and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2025 2024 2025 2024 2024

7 unchanged sentences

Refer to notes r.

to the consolidated schedules of investments as of March 31, 2025 and December 31, 2024 for further details on the sources of our fee income.

to the consolidated schedules of investments as of June 30, 2025 and December 31, 2024 for further details on the sources of our fee income.

Administrative agent fees are recurring income as long as the Company remains the administrative agent for the related investment.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

The following is a schedule of financial highlights as of and for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Six Months Ended

June 30, Year Ended

2025 2024 2024

24 unchanged sentences

Asset coverage ratio(8) 1.68 1.80 1.73

(1) The per share data for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024 was derived by using the weighted average shares of common stock outstanding during each period.

(1) The per share data for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024 was derived by using the weighted average shares of common stock outstanding during each period.

(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule.

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

June 30, 2025

(in thousands, except share and per share amounts)

6 unchanged sentences

Total returns covering less than a full year are not annualized.

(5) Total investment return-market value for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s DRP.

(5) Total investment return-market value for the six months ended June 30, 2025 and 2024 and the year ended December 31, 2024 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s DRP.

Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

1 unchanged sentence

As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(6) Ratios are not annualized.

(6) Ratios are annualized.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments.

Portfolio turnover rate is not annualized.

(8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements