What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 455 added, 402 removed, 2924 unchanged (23% of the section changed)

3 unchanged sentences

(in thousands, except share and per share amounts)

September 30,

2025 December 31,

40 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

2025 2024 2025 2024 2024

13 unchanged sentences

Interest income 19,717 2,991 27,976 9,386 12,970

Paid-in-kind interest income 2,436 — 2,436 — —

Fee income 8,863 2,009 9,336 2,309 4,382

8 unchanged sentences

Net investment income before taxes 38,472 21,597 74,656 77,162 95,967

Income tax expense, including excise tax 10 4 10 9 107

Income tax (benefit) expense, including excise tax ( 95 ) ( 21 ) ( 85 ) ( 12 ) 107

Net investment income after taxes 38,567 21,618 74,741 77,174 95,860

Realized and unrealized gains (losses)

Net realized losses on:

Realized and unrealized (losses) gains

Net realized (losses) gains on:

Non-controlled, non-affiliated investments ( 9,605 ) 3,938 ( 39,687 ) ( 18,984 ) ( 24,367 )

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

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

Net realized (losses) gains ( 9,605 ) 3,938 ( 39,687 ) ( 26,075 ) ( 28,313 )

Net change in unrealized appreciation (depreciation) on:

3 unchanged sentences

Net change in unrealized appreciation (depreciation) 6,916 ( 25,935 ) ( 14,565 ) ( 22,655 ) ( 33,645 )

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

Net realized and unrealized losses ( 2,689 ) ( 21,997 ) ( 54,252 ) ( 48,730 ) ( 61,958 )

Net increase (decrease) in net assets resulting from operations $ 35,878 $ ( 379 ) $ 20,489 $ 28,444 $ 33,902

52 unchanged sentences

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

Repurchases of common stock ( 330,324 ) — ( 3,256 ) — ( 3,256 )

Net investment income — — — 38,567 38,567

Net realized losses on investments — — — ( 9,605 ) ( 9,605 )

Net unrealized gains on investments — — — 6,916 6,916

Distributions declared and payable ($ 0.36 per share)

— — — ( 18,726 ) ( 18,726 )

Balance at September 30, 2025 (unaudited) 51,973,518 $ 52 $ 1,009,701 $ ( 237,247 ) $ 772,506

See accompanying notes to consolidated financial statements.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

2025 2024 2025 2024 2024

2 unchanged sentences

Net increase (decrease) in net assets resulting from operations $ 35,878 $ ( 379 ) $ 20,489 $ 28,444 $ 33,902

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

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

Net accretion of discount on investments ( 19,445 ) ( 1,864 ) ( 23,654 ) ( 15,162 ) ( 16,773 )

4 unchanged sentences

Proceeds from sale of investments 3,061 24,356 18,517 41,411 42,868

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

Net realized loss (gain) on investments 9,605 ( 3,938 ) 39,687 26,075 28,313

Net change in unrealized (appreciation) depreciation on investments ( 6,916 ) 25,935 14,565 22,655 33,645

11 unchanged sentences

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

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

Net cash provided by operating activities 44,380 51,996 93,927 131,620 88,191

Financing activities:

12 unchanged sentences

Restructuring of portfolio investment $ 74,226 $ 48,116 $ 121,306 $ 89,058 $ 92,673

Equity investments received in settlement of fee income $ 14,323 $ — $ 14,323 $ — $ —

Cash interest receivable exchanged for additional securities $ 7,884 $ 1,340 $ 12,150 $ 2,971 $ 2,971

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

13 unchanged sentences

6/30/2026 Healthcare & Pharmaceuticals 4,826 — ( 591 )

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(v) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 452 452 452

American Family Care, LLC 1.00 % Unfunded

2/28/2026 Healthcare & Pharmaceuticals 4,091 — —

American Family Care, LLC 0.50 % Unfunded

2/28/2029 Healthcare & Pharmaceuticals 1,818 — —

American Health Staffing Group, Inc.(m) Prime+ 500

14 unchanged sentences

Diversified & Production 26,260 3,663 33

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

Appalachian Resource Company, LLC(t)(u)

S+ 500 , 1.00 % SOFR Floor

12/31/2025 Metals & Mining 14,821 14,827 10,412

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

Appalachian Resource Company, LLC(t)(u)

S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Metals & Mining 6,235 6,235 6,032

16 unchanged sentences

12/12/2027 Banking, Finance, Insurance & Real Estate 4,066 3,889 4,071

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+ 675 , 2.00 % SOFR Floor

23 unchanged sentences

Durable 12,662 12,528 12,520

Bradshaw International Parent Corp.(u)

S+ 575 , 1.00 % SOFR Floor

Consumer Goods:

Durable 154 144 152

Bradshaw International Parent Corp.

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

8 unchanged sentences

Business 15,719 15,711 15,719

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

Cennox, Inc.(m)(n)(w)

S+ 675 , 1.00 % SOFR Floor

5/4/2029 Services:

Business 38,315 38,057 37,980

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

Cennox, Inc.(p)

0.00 % Unfunded

5/4/2029 Services:

Business 432 — ( 4 )

Cennox, Inc.(w)

S+ 675 , 1.00 % SOFR Floor

5/4/2029 Services:

Business 2,989 2,989 2,962

Cennox, Inc.(w)

S+ 675 , 1.00 % SOFR Floor

Business 1,568 1,568 1,554

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)(v) S+ 800 , 1.00 % SOFR Floor

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

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

Community Tree Service, LLC(m)(n)(v)

S+ 800 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 24,901 24,906 24,901

4 unchanged sentences

6/30/2028 High Tech Industries 14,775 14,630 14,775

CrossLink Professional Tax Solutions, LLC(u)

S+ 525 , 1.00 % SOFR Floor

High Tech Industries 368 347 368

CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded

2 unchanged sentences

12/21/2027 Retail 16,947 16,947 16,799

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

David's Bridal, Inc.(m)(s)(t)(v)

S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 81,229 81,229 73,411

1 unchanged sentence

12/21/2027 Retail 10,000 9,558 9,709

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

David's Bridal, Inc.(s)(z)

Retail 2,355 2,340 2,128

David's Bridal, Inc.(s)(z)

Retail 2,200 2,186 1,988

Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor

20 unchanged sentences

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

9/30/2026 Media:

Diversified & Production 21,239 21,239 20,746

8 unchanged sentences

3/17/2027 Environmental Industries 1,632 — —

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)(v) S+ 625 , 1.00 % SOFR Floor

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

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

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

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

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

HEC Purchaser Corp.

0.50 % Unfunded

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

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

14 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

5 unchanged sentences

9/28/2026 Capital Equipment 4,995 4,991 4,008

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 252 — ( 50 )

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

17 unchanged sentences

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

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

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 1,081 — ( 18 )

Invincible Boat Company LLC(m)(t)(u)

S+ 1131 , 1.50 % SOFR Floor

12/31/2026 Consumer Goods:

3 unchanged sentences

Durable 798 798 730

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

Invincible Boat Company LLC 0.50 % Unfunded

12/31/2026 Consumer Goods:

Durable 399 — ( 34 )

INW Manufacturing, LLC(m)(n)(v)

S+ 575 , 0.75 % SOFR Floor

3/25/2027 Services:

11 unchanged sentences

4/14/2028 Beverage, Food & Tobacco 10,038 10,038 5,847

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

JP Intermediate B, LLC(m)(s)(v)

S+ 550 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 27,159 27,159 24,545

JP Intermediate B, LLC(m)(s)(v)

S+ 700 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 6,906 6,906 6,906

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

4 unchanged sentences

Durable 4,156 4,065 4,245

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)(u) S+ 850 , 0.50 % SOFR Floor

1 unchanged sentence

Business 23,129 21,008 20,990

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

10/31/2025 Services:

LAV Gear Holdings, Inc.(m)(r)(t)(v)

S+ 594 , 1.00 % SOFR Floor

Business 16,171 16,171 14,615

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

10/31/2025 Services:

LAV Gear Holdings, Inc.(n)(r)(t)(v)

S+ 594 , 1.00 % SOFR Floor

Business 5,155 4,947 5,142

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

LAV Gear Holdings, Inc.(r)(t)

0.50 % 7/31/2029

Business 726 ( 73 ) ( 2 )

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)(u) S+ 650 , 1.00 % SOFR Floor

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

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

22 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Metrc Inc.(m)(v)

S+ 550 , 1.00 % SOFR Floor

Business 13,500 13,230 13,230

0.50 % Unfunded

Business 2,250 ( 45 ) ( 45 )

0.50 % Unfunded

Business 2,250 ( 45 ) ( 45 )

Moss Holding Company(m)(n)(v) S+ 550 , 1.00 % SOFR Floor

12 unchanged sentences

12/11/2029 Capital Equipment 7,966 7,859 7,886

Newbury Franklin Industrials LLC(v)

S+ 700 , 1.00 % SOFR Floor

12/11/2029 Capital Equipment 908 895 899

Newbury Franklin Industrials LLC 1.00 % Unfunded

3 unchanged sentences

Advertising, Printing & Publishing 14,161 11,848 8,337

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

10/13/2027 Energy:

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

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

2 unchanged sentences

4/26/2029 Healthcare & Pharmaceuticals 27,924 27,831 27,924

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

Optio Rx, LLC(r)(t)(v)

S+ 1000 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 14,354 14,354 14,354

1 unchanged sentence

3/21/2030 Healthcare & Pharmaceuticals 658 — —

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

Optio Rx, LLC(r)(t)(v)

S+ 1000 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 683 683 683

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

Playboy Enterprises, Inc.(h)(v)

S+ 625 , 0.50 % SOFR Floor

5/25/2027 Consumer Goods:

Non-Durable 14,897 14,786 14,897

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

PRA Acquisition, LLC(m)(v)

S+ 650 , 1.00 % SOFR Floor

5/12/2028 Hotel, Gaming & Leisure 17,461 17,461 17,418

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

4/8/2026 Media:

Diversified & Production 11,644 11,644 10,917

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

4/8/2026 Media:

Diversified & Production 1,114 1,096 1,044

RA Outdoors, LLC 0.00 % Unfunded

4/8/2026 Media:

RA Outdoors, LLC(p)

0.00 % Unfunded

Diversified & Production 1,083 — ( 68 )

10 unchanged sentences

Consumer 2,444 2,450 2,407

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(v) S+ 575 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 779 755 779

Rogers Mechanical Contractors, LLC 1.00 % Unfunded

3/28/2026 Construction & Building 2,541 — —

Rogers Mechanical Contractors, LLC 0.50 % Unfunded

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

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

RumbleOn, Inc.(m)(t)(v)

S+ 775 , 1.00 % SOFR Floor

8/31/2026 Automotive 2,415 2,410 2,354

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

RumbleOn, Inc.(m)(t)(v)

S+ 775 , 1.00 % SOFR Floor

8/31/2026 Automotive 8,001 7,863 7,801

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.(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 — —

18 unchanged sentences

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 19,965 19,931 8,161

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

2 unchanged sentences

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 1,774 1,774 725

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 1,141 986 466

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 1,083 1,083 443

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 825 825 825

Spinal USA, Inc.

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

/ Precision Medical Inc.

5/29/2026 Healthcare & Pharmaceuticals 904 904 369

Spinal USA, Inc.

/ Precision Medical Inc.(v)

5/29/2026 Healthcare & Pharmaceuticals 125 125 154

Spinal USA, Inc.

/ Precision Medical Inc.(p)

0.00 % Unfunded

5/29/2026 Healthcare & Pharmaceuticals 125 — —

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

12 unchanged sentences

12/22/2028 Aerospace & Defense 11,400 11,400 11,400

Tactical Air Support, Inc.(m)(u)

S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 1,975 1,975 1,975

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

12/22/2028 Aerospace & Defense 1,900 1,862 1,900

Tactical Air Support, Inc.

0.75 % Unfunded

12/22/2028 Aerospace & Defense 2,000 — —

The Men's Wearhouse, LLC(n)(v) S+ 575 , 0.00 % SOFR Floor

10 unchanged sentences

TMK Hawk Parent, Corp.(p) 0.00 % Unfunded

12/31/2028 Services:

Business 780 — —

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

Trademark Global, LLC(q)(r)(t)(v)

S+ 850 , 1.00 % SOFR Floor

6/30/2027 Consumer Goods:

20 unchanged sentences

Business 7,439 7,439 7,439

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)(v) S+ 575 , 0.75 % SOFR Floor

2 unchanged sentences

Senior Secured Second Lien Debt - 0.0 %

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

RA Outdoors, LLC(q)(t)(v)

S+ 900 , 1.00 % SOFR Floor

12/31/2027 Media:

Diversified & Production 2,218 2,218 —

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

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

Total Senior Secured Second Lien Debt 2,218 —

18 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

9 unchanged sentences

Banking, Finance, Insurance & Real Estate 8,800,606 Units

10,684 10,385

Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units

9 unchanged sentences

David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units

10,820 14,776

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

14 unchanged sentences

Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 757,225 Units

JuicePlus Topco, LLC(p)(s)

Beverage, Food & Tobacco

271,637 Units

31,238 31,510

K&N Holdco, LLC, Membership Units(p) Consumer Goods:

7 unchanged sentences

Durable 8,654 Units

Longview Intermediate Holdings C, LLC, Membership Units(p)(r) Energy:

Longview Intermediate Holdings C, LLC, Membership Units(r)

Oil & Gas 1,491,731 Units

13 unchanged sentences

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

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

Consumer Goods:

Non-Durable 2,868 Units

PLBY Group, Inc., Common Stock(f)(h)(p) Consumer Goods:

4 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

24 unchanged sentences

Cargo 430,540 Units

White Tiger NewCo, LLC, Class A Units(p)(r)

12,664 12,662

WorkGenius, LLC, Class A Units(p) Services:

17 unchanged sentences

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

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.

The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of September 30, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 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 June 30, 2025, 95.6 % of the Company’s total assets represented qualifying assets.

As of September 30, 2025, 95.7 % of the Company’s total assets represented qualifying assets.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

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 %.

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of September 30, 2025 was 4.26 %.

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 June 30, 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 June 30, 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 June 30, 2025 (see Note 8).

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

Investment or a portion thereof was on non-accrual status as of September 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 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

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

Nine Months Ended September 30, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

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

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

Net Realized Gain (Loss) Interest

29 unchanged sentences

Common Shares 6,322 — — ( 6,322 ) — — — — —

Lift Brands, Inc.

Term Loan A 22,814 — ( 1,121 ) 651 22,344 — 1,348 — 518

Term Loan B 6,577 320 ( 44 ) 40 6,893 — 364 — 103

Term Loan C 7,386 368 ( 228 ) 20 7,546 — 455 — 79

See accompanying notes to consolidated financial statements

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

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

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

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

LAV Gear Holdings, Inc.

First Lien Term Loan — 16,171 — ( 1,556 ) 14,615 — 285 — —

First Lien Term Loan — 4,944 — 198 5,142 — 157 — —

Revolving Loan — ( 72 ) 70 ( 2 ) — — — —

Lift Brands, Inc.

Term Loan A 22,814 — ( 1,273 ) 323 21,864 — 2,009 — 518

Term Loan B 6,577 488 ( 26 ) ( 15 ) 7,024 — 463 — 103

Term Loan C 7,386 516 ( 142 ) 33 7,793 — 519 — 79

Live Comfortably Inc.

30 unchanged sentences

First Lien Term Loan 14,831 1,192 — ( 4,688 ) 11,335 — 1,282 — —

White Tiger NewCo, LLC

Common Equity — 12,664 — ( 2 ) 12,662 — — — —

Totals $ 269,205 $ 94,949 $ ( 28,342 ) $ 27,959 $ 363,771 $ — $ 15,934 $ 1,000 $ 700

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 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 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

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

Nine Months Ended September 30, 2025

Controlled Investments Fair Value at

3 unchanged sentences

Gain (Loss) Fair Value at

June 30, 2025

September 30, 2025

Gain (Loss) Interest

9 unchanged sentences

David's Bridal, Inc.

Secured Loan Receivable — 3,180 ( 1,000 ) ( 192 ) 1,988 — 28 — —

Secured Loan Receivable — 2,346 — ( 218 ) 2,128 — 26 — —

Exit First Lien Term Loan 73,181 4,179 — ( 3,949 ) 73,411 — 8,278 — —

5 unchanged sentences

Class B Common Units — 5,943 — 288 6,231 — — — —

JP Intermediate B, LLC

First Lien Term Loan — — — — — — 15,366 — —

First Out New Money Term Loan — 6,906 — — 6,906 — — — —

Second Out Term Loan — 27,159 — ( 2,614 ) 24,545 — 7 — —

Common Shares — 31,238 — 272 31,510 — — — 8,660

Totals $ 171,376 $ 117,422 $ ( 2,217 ) $ ( 13,771 ) $ 272,810 $ — $ 30,412 $ — $ 9,336

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2025

September 30, 2025

(in thousands)

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.

As of September 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.

10 unchanged sentences

Senior Secured First Lien Debt — 1.00 % 1.00 %

Appalachian Resource Company, LLC Senior Secured First Lien Debt — 14.26 % 14.26 %

Appalachian Resource Company, LLC Senior Secured First Lien Debt — 9.26 % 9.26 %

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

3 unchanged sentences

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 2.94 % 12.94 %

Senior Secured First Lien Debt 9.98 % 0.25 % 10.23 %

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

David's Bridal Holdings, LLC Senior Secured First Lien Debt — 10.64 % 10.64 %

FuseFX, LLC Senior Secured First Lien Debt 5.46 % 5.00 % 10.46 %

8 unchanged sentences

Instant Web, LLC Senior Secured First Lien Debt — 11.28 % 11.28 %

Invincible Boat Company LLC Senior Secured First Lien Debt 8.00 % 3.81 % 11.81 %

Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 9.36 % 11.86 %

6 unchanged sentences

Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %

Nova Compression, LLC Senior Secured First Lien Debt 11.57 % 3.25 % 14.82 %

Playboy Enterprises, Inc.

Senior Secured First Lien Debt 5.41 % 5.25 % 10.66 %

Optio Rx, LLC Senior Secured First Lien Debt — 14.16 % 14.16 %

RA Outdoors, LLC Senior Secured Second Lien Debt — 11.25 % 11.25 %

1 unchanged sentence

Senior Secured First Lien Debt — 16.39 % 16.39 %

Securus Technologies Holdings, Inc.

Senior Secured First Lien Debt — 11.80 % 11.80 %

Securus Technologies Holdings, Inc.

Senior Secured First Lien Debt — 9.65 % 9.65 %

Securus Technologies Holdings, Inc.

Senior Secured Second Lien Debt — 13.61 % 13.61 %

Spinal USA, Inc.

/ Precision Medical Inc.

RumbleOn, Inc.

Senior Secured First Lien Debt 11.32 % 1.00 % 12.32 %

1 unchanged sentence

TMK Hawk Parent, Corp.

Senior Secured First Lien Debt 6.28 % 3.25 % 9.53 %

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 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%.

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98% .

The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.

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 $ 12,000 of the funded term loan and commit to another $ 8,000 of the unfunded term loan on March 20, 2026 if certain conditions are satisfied.

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

See accompanying notes to consolidated financial statements.

873 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

31 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

42 unchanged sentences

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

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.

The Company had $ 102,400 and $ 68,818 of such investments at September 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

September 30, 2025

(in thousands, except share and per share amounts)

2 unchanged sentences

If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not be subject to corporate level federal income taxes on any income that the Company distributes to its shareholders.

The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income.

The Company intends to pay distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income.

The Company will also be subject to nondeductible federal excise taxes 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.

3 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 June 30, 2025 or December 31, 2024.

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

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

11 unchanged sentences

Valuation of Portfolio Investments

The fair value of the Company’s investments is determined quarterly in good faith by the Company’s board of directors pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC 820.

In accordance with Rule 2a-5 of the 1940 Act, the Company’s board of directors has designated CIM as the Company’s “valuation designee.” The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.

The fair value of the Company’s investments is determined quarterly in good faith by CIM as the Company’s "valuation designee" designated by the Company's board of directors pursuant to Rule 2a-5 of the 1940 Act and pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC 820.

The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.

ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

9 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

34 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

26 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 June 30, 2025 and December 31, 2024.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 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.

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

25 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Share Transactions

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

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

Nine Months Ended

September 30, Year Ended

2025 2024 2024

5 unchanged sentences

Net shares/amounts for share transactions ( 1,215,751 ) $ ( 11,984 ) ( 824,750 ) $ ( 9,344 ) ( 995,367 ) $ ( 11,347 )

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 .

Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2025, the Company sold 51,973,518 shares of common stock for net proceeds of $ 1,110,014 .

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 $ 282,723 , for which the Company repurchased 18,295,849 shares of common stock.

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

As of September 30, 2025, 18,293,741 shares of common stock repurchased had been retired.

On August 27, 2024, the Company's shareholders approved a proposal that authorized 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.

Through the expiration of such shareholder approval on August 27, 2025, the Company had not issued any such shares.

Distribution Reinvestment Plan

14 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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:

The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the nine months ended September 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)

18 unchanged sentences

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

July 1 to July 31, 2025 230,738 9.86 230,738 10,786

August 1 to August 31, 2025(2) 57,331 9.78 57,331 30,226

September 1 to September 30, 2025 42,255 9.96 42,255 29,806

Total for the nine months ended September 30, 2025 1,215,751 1,215,751

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

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.

(2) Includes an additional $ 20 million of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on August 5, 2025.

From October 1, 2025 to October 29, 2025, the Company repurchased 302,571 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 2,828 , or an average purchase price of $ 9.35 per share.

As of October 29, 2025, 18,293,741 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2025

(in thousands, except share and per share amounts)

Transactions with Related Parties

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:

For the three and nine months ended September 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

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 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.

15 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 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.

For the three months ended September 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 8,181 and $ 4,586 , respectively.

For the nine months ended September 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 15,854 and $ 16,371 , respectively.

As of September 30, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were $ 8,181 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2025

(in thousands, except share and per share amounts)

The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation;

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 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.

For the three and nine months ended September 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 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.

As of September 30, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was $ 16,251 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended September 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.

7 unchanged sentences

On September 15, 2021, management changed the timing of declaring and paying base distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021.

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 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:

On November 3, 2025, management changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026.

Monthly base distributions will be declared quarterly in advance.

Base distributions in respect of future months 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 3 record dates during the year ended December 31, 2024 and the nine months ended September 30, 2025, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 30, 2025:

Distributions

7 unchanged sentences

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)

September 30, 2025 (one record date) 0.36 18,726

Total distributions for the nine months ended September 30, 2025 $ 1.08 $ 56,809

On November 3, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the fourth quarter of 2025 payable on December 15, 2025 to shareholders of record as of December 1, 2025.

On November 3, 2025, the Company’s co-chief executive officers changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026.

Monthly base distributions will be declared quarterly in advance.

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.

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:

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 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

18 unchanged sentences

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 )

July 1 to July 31, 2025 — — — —

August 1 to August 31, 2025 — — — —

September 1 to September 30, 2025 136,868 10.07 136,868 ( 1 )

Total for the nine months ended September 30, 2025 467,018 $ 9.56 467,018 ( 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 six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Six Months Ended

June 30, 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 nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:

Nine Months Ended

September 30, Year Ended

2025 2024 2024

2 unchanged sentences

Total distributions $ 1.08 $ 56,809 100.0 % $ 1.11 $ 59,473 100.0 % $ 1.52 $ 81,308 100.0 %

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2025

(in thousands, except share and per share amounts)

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders.

16 unchanged sentences

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

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 ;

As of September 30, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 114,450 ;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 283,748 ;

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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

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

September 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.

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 June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Industry Classification Investments at

4 unchanged sentences

Business $ 288,127 16.6 % $ 285,960 15.7 %

Healthcare & Pharmaceuticals 197,198 11.2 % 199,733 11.0 %

Retail 179,162 10.3 % 160,093 8.8 %

Healthcare & Pharmaceuticals 174,664 10.1 % 199,733 11.0 %

Oil & Gas 141,373 8.1 % 116,393 6.4 %

Diversified & Production 125,601 7.2 % 129,210 7.1 %

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

Consumer 113,503 6.5 % 111,832 6.2 %

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

Beverage, Food & Tobacco 112,175 6.5 % 100,612 5.5 %

Consumer Goods:

1 unchanged sentence

Banking, Finance, Insurance & Real Estate 70,425 4.1 % 64,422 3.5 %

Construction & Building 66,259 3.8 % 99,383 5.5 %

Diversified Financials 58,147 3.3 % 56,822 3.1 %

1 unchanged sentence

Hotel, Gaming & Leisure 45,838 2.6 % 49,823 2.7 %

Capital Equipment 43,567 2.5 % 52,349 2.9 %

High Tech Industries 40,190 2.3 % 37,665 2.1 %

Capital Equipment 31,612 1.8 % 52,349 2.9 %

Automotive 30,063 1.7 % 31,104 1.7 %

Consumer Goods:

Non-Durable 29,490 1.7 % 35,210 1.9 %

Automotive 30,884 1.7 % 31,104 1.7 %

Environmental Industries 28,000 1.6 % 27,344 1.5 %

Containers, Packaging & Glass 18,632 1.1 % 18,687 1.0 %

Metals & Mining 16,444 1.0 % 13,094 0.7 %

Aerospace & Defense 15,275 0.9 % 13,825 0.8 %

1 unchanged sentence

Cargo 11,370 0.7 % 10,465 0.6 %

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

Telecommunications 2,988 0.2 % 5,222 0.3 %

Chemicals, Plastics & Rubber 73 — 32 —

Telecommunications — — 5,222 0.3 %

Subtotal/total percentage 1,738,184 100.0 % 1,819,870 100.0 %

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

June 30, 2025 December 31, 2024

September 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 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.

As of September 30, 2025 and December 31, 2024, investments on non-accrual status represented 1.8 % 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 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 .

As of September 30, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $ 48,689 and $ 70,681 , respectively.

As of October 29, 2025, the Company’s unfunded commitments amounted to $ 47,816 .

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

As a result, as of September 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)

June 30, 2025

September 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 June 30, 2025:

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

Portfolio Company Interest Maturity Industry Principal/

42 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 June 30, 2025.

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

48 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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

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

Selected Balance Sheet Information:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Investments, at fair value (amortized cost of $ 57,749 and $ 60,756 , respectively)

10 unchanged sentences

Total liabilities and members' capital $ 60,383 $ 60,402

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:

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

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

Selected Statement of Operations Information:

2 unchanged sentences

Total expenses 1,568 1,638 4,717 6,329 7,974

Net realized gain on investments — 3,325 56 3,325 3,641

Net change in unrealized appreciation (depreciation) on investments 2,288 ( 4,291 ) 3,578 ( 9,874 ) ( 8,585 )

Net increase (decrease) in net assets $ 1,355 $ ( 1,996 ) $ 1,845 $ ( 8,795 ) $ ( 8,172 )

Net realized (loss) gain on investments ( 429 ) — ( 373 ) 3,325 3,641

Net change in unrealized (depreciation) appreciation on investments ( 528 ) 2,247 3,050 ( 7,627 ) ( 8,585 )

Net (decrease) increase in net assets $ ( 1,844 ) $ 1,510 $ 1 $ ( 7,285 ) $ ( 8,172 )

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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 June 30, 2025:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 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 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.

(2) As of September 30, 2025, the fair value of the 2029 Notes was $ 174,363 , 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 September 30, 2025.

(3) As of September 30, 2025, the fair value of the 2026 Notes was $ 125,000 , 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 September 30, 2025.

(4) As of September 30, 2025, the fair value of the Series A Notes was $ 106,150 , 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 September 30, 2025.

(5) As of September 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 June 30, 2025.

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

JPM Credit Facility

12 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

3 unchanged sentences

Advances under the Third Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10 % per year.

34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility.

On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment.

1 unchanged sentence

Additional advances of up to $ 100,000 under the JPM First Amendment bore interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %.

34 th Street incurred certain customary costs and expenses in connection with the JPM First Amendment.

On May 15, 2023, 34th Street entered into a Second Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM Second Amendment.

2 unchanged sentences

Also under the JPM Second Amendment, the amount of minimum borrowings required was reduced by $ 50,000 to $ 550,000 with a six-month non-call provision.

34 th Street incurred certain customary costs and expenses in connection with the JPM Second Amendment.

On May 14, 2024 and June 17, 2024, 34th Street entered into a Third Amendment and a Fourth Amendment, respectively, to the Third Amended JPM Credit Agreement with JPM.

3 unchanged sentences

Also under the JPM Fifth Amendment, the reinvestment period was extended from July 15, 2024 to June 15, 2026 and the maturity date was extended from May 15, 2025 to June 15, 2027.

34th Street incurred certain customary costs and expenses in connection with the JPM Fifth Amendment and will pay an annual administrative fee of 0.20 % on JPM's total financing commitment.

34th Street will pay an annual administrative fee of 0.20 % on JPM's total financing commitment.

Interest is payable quarterly in arrears.

7 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 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 .

On September 30, 2025, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 406,250 to $ 375,000 and repaid $ 25,000 of outstanding borrowings.

As of September 30, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 300,000 and the aggregate unfunded principal amount was $ 75,000 .

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 June 30, 2025, 34th Street was in compliance with all covenants and reporting requirements.

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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:

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,471 .

For the three and nine months ended September 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

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2025 2024 2025 2024 2024

20 unchanged sentences

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 June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended September 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)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the 2029 Notes.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,491 .

For the three and nine months ended September 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 September 30, 2025 Nine Months Ended September 30, 2025 For the Period From October 3, 2024 Through December 31, 2024

Stated interest expense $ 3,234 $ 9,703 $ 3,163

8 unchanged sentences

The 2026 Notes bear interest at a rate of 4.50 % per year payable semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes (i) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (ii) after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.

The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

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 June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended September 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 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 .

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the 2026 Notes.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 196 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2025 2024 2025 2024

33 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

26 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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

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

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2025 2024 2025 2024 2024

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

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

As of and for the three months ended September 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 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:

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 957 .

For the three months ended September 30, 2025 and for the period from February 13, 2025 through September 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

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

Stated interest expense $ 1,790 $ 4,495

11 unchanged sentences

After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $ 77,900 , which it used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.

The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s.

The Series A Notes are rated investment grade.

The carrying amount outstanding under the Series A Notes approximates its fair value.

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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 June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended September 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.

1 unchanged sentence

After the deduction of fees and other offering expenses, the Company received net proceeds of $ 32,317 , which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.

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 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 .

The Additional Series A Notes are rated investment grade, and commenced trading on the TASE on October 10, 2023 under the ticker symbol "CION B1".

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 1,462 .

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2025 2024 2025 2024 2024

7 unchanged sentences

The net proceeds to the Company were $ 98,290 , after the deduction of placement agent fees and other financing expenses, which the Company used to primarily repay debt under its senior secured financing arrangements, make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes.

The Tranche A 2027 Notes are rated BBB (low) by DBRS, Inc.

The Tranche A 2027 Notes are rated investment grade.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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 June 30, 2025, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended September 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 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 .

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,412 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 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 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 .

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

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the 2022 Term Loan.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 322 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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:

For the three and nine months ended September 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

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 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 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.

Through September 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 September 30, 2025 and amortized to interest expense over the term of the 2021 Term Loan.

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 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 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 .

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

Through September 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 September 30, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.

At September 30, 2025, the unamortized portion of the debt issuance costs was $ 511 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

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:

For the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 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

June 30, 2025 Six Months Ended

June 30, 2025 For the Period from September 30, 2024 Through December 31, 2024

September 30, Nine Months Ended

September 30, 2025 For the Period from September 30, 2024 Through December 31, 2024

Stated interest expense $ 620 $ 7 $ 1,844 $ 651

5 unchanged sentences

Fair Value of Financial Instruments

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)

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2025 and December 31, 2024, according to the fair value hierarchy:

September 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024:

Three Months Ended

June 30, 2025

September 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

Beginning balance, June 30, 2025 $ 1,501,896 $ 1,011 $ 3,027 $ 8,091 $ 229,488 $ 1,743,513

Investments purchased(2)(3) 128,458 70 985 45 51,308 180,866

Net realized loss ( 5,965 ) ( 3,200 ) ( 440 ) — — ( 9,605 )

Net change in unrealized appreciation (depreciation) 14,413 ( 1,664 ) ( 73 ) ( 127 ) 28,919 41,468

Net change in unrealized (depreciation) appreciation ( 28,647 ) 2,113 462 ( 738 ) 37,376 10,566

Accretion of discount 19,404 41 — — — 19,445

1 unchanged sentence

Net transfers in and/or (out) of Level 3 — — — — ( 4,555 ) ( 4,555 )

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

Ending balance, September 30, 2025 $ 1,389,814 $ — $ 4,009 $ 7,398 $ 313,617 $ 1,714,838

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1) $ ( 14,931 ) $ ( 892 ) $ 462 $ ( 738 ) $ 37,351 $ 21,252

(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.

(3) Includes non-cash restructured securities and equity investments received in settlement of fee income.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

6 unchanged sentences

Net transfers in and/or (out) of Level 3 — — — — ( 5,511 ) ( 5,511 )

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 )

Ending balance, September 30, 2025 $ 1,389,814 $ — $ 4,009 $ 7,398 $ 313,617 $ 1,714,838

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1) $ ( 38,917 ) $ ( 1,507 ) $ 340 $ ( 445 ) $ 37,929 $ ( 2,600 )

(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.

(3) Includes non-cash restructured securities and equity investments received in settlement of fee income.

Three Months Ended

June 30, 2024

September 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

Beginning balance, June 30, 2024 $ 1,536,753 $ 15,050 $ 770 $ 5,493 $ 245,634 $ 1,803,700

Investments purchased(2)(3) 122,203 134 — 5,187 11,326 138,850

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

Net realized (loss) gain ( 1,792 ) — — — 5,730 3,938

Net change in unrealized (depreciation) appreciation ( 6,653 ) 107 ( 64 ) 1,081 ( 21,509 ) ( 27,038 )

Accretion of discount 1,781 83 — — — 1,864

Sales and principal repayments(3) ( 157,768 ) ( 11,501 ) ( 21 ) — ( 19,660 ) ( 188,950 )

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

Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1) $ ( 6,228 ) $ 174 $ ( 64 ) $ 1,081 $ ( 17,503 ) $ ( 22,540 )

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

Six Months Ended

June 30, 2024

Nine Months Ended

September 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) ( 453,257 ) ( 25,486 ) ( 149 ) ( 8,872 ) ( 26,711 ) ( 514,475 )

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 )

Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1) $ ( 10,575 ) $ ( 856 ) $ ( 249 ) $ 985 $ ( 14,229 ) $ ( 24,924 )

(1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.

2 unchanged sentences

Significant Unobservable Inputs

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2025 and December 31, 2024 were as follows:

September 30, 2025

Fair Value Valuation Techniques/

2 unchanged sentences

Senior secured first lien debt $ 1,185,212 Discounted Cash Flow Discount Rates 8.3 % — 35.0 % 12.7 %

110,494 Market Comparable Approach EBITDA Multiple 5.25 x

73,478 Revenue Multiple 0.78 x

110,299 Market Comparable Approach Revenue Multiple 0.76 x

14,184 EBITDA Multiple 4.50 x

33,403 Other(2) Probability Weighted Recovery Rate 15 % — 100 % 97 %

2 unchanged sentences

Senior secured second lien debt — Market Comparable Approach Revenue Multiple 1.43 x

190 EBITDA Multiple 5.75 x

Collateralized securities and structured products - equity 3,027 Discounted Cash Flow Discount Rates 13.5 % — 21.0 % 13.7 %

Collateralized securities and structured products - equity 4,009 Discounted Cash Flow Discount Rates 13.4 % N/A

Unsecured debt 4,840 Other(2) Probability Weighted Recovery Rate 19 % N/A

5 unchanged sentences

14,859 Options Pricing Model Expected Volatility 45 % — 110 % 57 %

6,952 Discounted Cash Flow Discount Rates 25.0 % N/A

2,981 Broker Quotes Broker Quotes N/A N/A

5 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

28 unchanged sentences

General and Administrative Expense

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:

General and administrative expense consisted of the following items for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2025 2024 2025 2024 2024

11 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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 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

As of September 30, 2025 and December 31, 2024, the Company’s unfunded commitments were as follows:

Unfunded Commitments September 30, 2025(1) December 31, 2024(1)

APS Acquisition Holdings, LLC $ 6,629 $ 7,799

American Family Care, LLC 5,909 5,909

Rogers Mechanical Contractors, LLC 5,426 5,426

David’s Bridal, LLC(2) 5,000 —

American Clinical Solutions LLC 4,826 4,600

Berlitz Holdings, Inc.

Instant Web, LLC 2,812 2,488

American Health Staffing Group, Inc.

Moss Holding Company 2,232 2,232

Tactical Air Support, Inc.

CrossLink Professional Tax Solutions, LLC 1,840 1,840

Gold Medal Holdings, Inc.

Newbury Franklin Industrials, LLC 1,974 1,974

Bradshaw International Parent Corp.

Sleep Opco, LLC 1,750 1,750

Thrill Holdings LLC 1,739 1,739

Instant Web, LLC 1,731 2,488

Bradshaw International Parent Corp.

Riddell, Inc.

/ All American Sports Corp.

SHF Holdings, Inc.

HEC Purchaser Corp.

Gold Medal Holdings, Inc.

Stengel Hill Architecture, LLC 1,425 1,725

ESP Associates, Inc.

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

Newbury Franklin Industrials, LLC 1,066 1,974

Ironhorse Purchaser, LLC 816 551

TMK Hawk Parent, Corp.

LAV Gear Holdings, Inc.

Optio Rx, LLC 658 —

Lux Credit Consultants LLC 456 5,069

Invincible Boat Company LLC

SHF Holdings, Inc.

BDS Solutions Intermediateco, LLC 286 524

HW Acquisition, LLC 252 147

Spinal USA, Inc.

/ Precision Medical Inc.

American Family Care, LLC — 5,909

Flatworld Intermediate Corp.

Rogers Mechanical Contractors, LLC — 5,426

Mimeo.com, Inc.

ALM Global, LLC — 1,800

HEC Purchaser Corp.

Anthem Sports & Entertainment Inc.

Dermcare Management, LLC — 326

HW Acquisition, LLC — 147

David's Bridal, LLC(2) — —

Total $ 48,689 $ 70,681

2 unchanged sentences

See footnote y.

to the Consolidated Schedule of Investments as of June 30, 2025.

to the consolidated schedule of investments as of September 30, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 30, 2025

(in thousands, except share and per share amounts)

3 unchanged sentences

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 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 .

For information on the companies to which the Company is committed to fund additional amounts as of September 30, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments.

As of October 29, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 47,816 .

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 and six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended

2025 2024 2025 2024 2024

Amendment fees $ 765 $ 802 $ 5,177 $ 1,950 $ 5,679

Capital structuring and other fees 783 1,430 1,283 3,229 10,253

Commitment fees 5,083 — 5,083 1,760 1,760

Conversion fees — — — 78 78

Capital structuring and other fees 3,731 4,951 5,014 8,180 10,253

Administrative agent fees 50 50 50 50 125

Conversion fees — — — 78 78

Total(1) $ 9,629 $ 5,803 $ 15,324 $ 12,018 $ 17,895

1 unchanged sentence

Refer to notes r.

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.

to the consolidated schedules of investments as of September 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)

June 30, 2025

September 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 six months ended June 30, 2025 and 2024 and the year ended December 31, 2024:

Six Months Ended

June 30, Year Ended

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:

Nine Months Ended

September 30, Year Ended

2025 2024 2024

4 unchanged sentences

Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 1.02 ) ( 0.91 ) ( 1.16 )

Net (decrease) increase in net assets resulting from operations(2) ( 0.29 ) 0.54 0.63

Net increase in net assets resulting from operations(2) 0.40 0.53 0.63

Shareholder distributions:

17 unchanged sentences

Asset coverage ratio(8) 1.71 1.78 1.73

(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.

(1) The per share data for the nine months ended September 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.

The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio.

As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

As a result, net increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2025

September 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 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.

(5) Total investment return-market value for the nine months ended September 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.

6 unchanged sentences

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