What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-03-12 compared with 2025-03-13 · 1498 added, 1157 removed, 2267 unchanged (54% of the section changed)

4 unchanged sentences

To the extent that a majority of our investments may be in variable rate investments, an increase in interest rates could make it easier for us to meet or exceed our incentive fee hurdle rate, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income, and also to the amount of incentive fees payable to CIM with respect to our pre-incentive fee net investment income.

As of December 31, 2024, under the terms of the JPM Fifth Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.55% per year, and we will pay an annual administration fee of 0.20% on JPM’s total financing commitment.

Pursuant to the terms of the Amended UBS Facility, as of December 31, 2024, we paid a financing fee equal to the three-month SOFR, plus a spread of 3.20% per year.

As of December 31, 2025, under the terms of the JPM Credit Facility, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.55% per year, and we will pay an annual administration fee of 0.20% on JPM’s total financing commitment.

Pursuant to the terms of the UBS Credit Facility, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.75% per year.

Pursuant to the terms of the Deed of Trust, the Series A Notes bear interest at a floating rate equal to average overnight SOFR, plus a credit spread of 3.82% per year.

The 2027 Notes (Tranche A) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and are subject to a 2.00% SOFR floor.

The 2027 Notes (Tranche B) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% per year and are subject to a 2.00% SOFR floor.

The Floating Rate 2027 Notes (Tranche A) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and are subject to a 2.00% SOFR floor.

The Floating Rate 2027 Notes (Tranche B) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% per year and are subject to a 2.00% SOFR floor.

Pursuant to the terms of the 2022 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor.

7 unchanged sentences

Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the JPM Fifth Amendment, the Amended UBS Facility, the Series A Notes, the 2027 Notes, the 2022 Term Loan or the 2024 Term Loan in effect as of December 31, 2024:

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the JPM Credit Facility, the UBS Credit Facility, the Series A Notes, the Floating Rate 2027 Notes, the 2022 Term Loan or the 2024 Term Loan in effect as of December 31, 2025:

Basis Point Change in Interest Rates (Decrease) Increase in Net Interest Income(1) Percentage Change in Net Interest Income

9 unchanged sentences

(1) This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.

The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2029 Notes and the 2026 Notes), or the NAV of our common stock in the event of sudden changes in interest rates.

The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 7.50% 2029 Notes, the 7.70% 2029 Notes, the 7.41% 2027 Notes and the 2031 Notes), or the NAV of our common stock in the event of sudden changes in interest rates.

Approximately 8.2% of our investments paid fixed interest rates as of December 31, 2025.

3 unchanged sentences

Inflation and Market Volatility

Economic activity has continued to accelerate across sectors and regions.

Economic activity has generally remained consistent across sectors and regions.

Nevertheless, due to geopolitical events, a rise in energy prices and strong consumer demand, inflation is showing signs of remaining high in the U.S.

and globally.

inflation rate has fluctuated throughout 2024 and early 2025, and it remains well above the historic levels over the past several decades.

inflation rates have fluctuated in recent periods and remain close to the historic levels over the past several decades.

Although the current outlook is uncertain, heightened inflation may persist in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.

Concerns over future increases in inflation as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility.

Market uncertainty and volatility have also been magnified because of the 2024 U.S.

presidential and congressional elections and resulting uncertainties regarding actual and potential shifts in U.S.

and foreign, trade, economic and other policies, including with respect to treaties and tariffs.

Market uncertainty and volatility have also been magnified because of uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued conflicts and political unrest in the Middle East and South America and concerns over future increases in inflation or adverse investor sentiment generally.

Persistent inflationary pressures, foreign currency exchange volatility, volatility in global capital markets and concerns over actual and potential tariffs and sanctions could affect our portfolio companies' respective profit margins.

10 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation and Subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying consolidated balance sheets of CĪON Investment Corporation and its Subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated March 11, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

5 unchanged sentences

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2024 and 2023, by correspondence with the custodians, loan agents or management of the underlying investments, as applicable, or by other appropriate auditing procedures where replies from these parties, as applicable, were not received.

Our procedures included confirmation of securities owned as of December 31, 2025 and 2024, by correspondence with the custodians, brokers or the underlying investee.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

3 unchanged sentences

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Level 3 Investments

Substantially all of the Company’s investments are recorded at fair value, which represents the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date.

As discussed in Note 2 to the Company’s financial statements, accounting principles generally accepted in the United States of America establish a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used by management in measuring the Company’s investments at fair value.

As discussed in Note 2 to the financial statements, accounting principles generally accepted in the United States of America establish a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used by management in measuring the Company’s investments at fair value.

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

Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments valued using unobservable inputs are classified as Level 3 investments according to the fair value hierarchy discussed in Note 2 to the Company’s financial statements and may require significant management judgment or estimation, including the selection of valuation techniques and the inputs used in those valuation techniques, to estimate fair value.

Investments valued using unobservable inputs are classified as Level 3 investments according to the fair value hierarchy discussed in Note 2 to the financial statements and may require significant management judgment or estimation, including the selection of valuation techniques and the inputs used in those valuation techniques, to estimate fair value.

As discussed in Note 9 to the financial statements, the fair value of the Company’s investments classified as Level 3 investments was approximately $1.677 billion as of December 31, 2025.

21 unchanged sentences

Opinion on Internal Control Over Financial Reporting

We have audited internal control over financial reporting of CĪON Investment Corporation and Subsidiaries’ (the Company) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have audited CĪON Investment Corporation’s and Subsidiaries (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets, including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 12, 2025 expressed an unqualified opinion.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets, including the consolidated schedules of investments, as December 31, 2025 and 2024, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 11, 2026 expressed an unqualified opinion.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting.

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

44 unchanged sentences

Shareholder distribution payable — 2,663

Share repurchase payable 40 —

Share repurchases payable

Total liabilities 1,147,172 1,124,918

40 unchanged sentences

Net investment income before taxes 92,955 95,967 104,968

Income tax expense (benefit), including excise tax 107 ( 54 ) 372

Income tax (benefit) expense, including excise tax

( 85 ) 107 ( 54 )

Net investment income after taxes 93,040 95,860 105,022

3 unchanged sentences

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

Foreign currency — — ( 3 )

Net realized losses ( 39,569 ) ( 28,313 ) ( 31,927 )

5 unchanged sentences

Net realized and unrealized losses ( 113,671 ) ( 61,958 ) ( 9,708 )

Net increase in net assets resulting from operations $ 33,902 $ 95,314 $ 50,141

Net (decrease) increase in net assets resulting from operations

$ ( 20,631 ) $ 33,902 $ 95,314

Per share information—basic and diluted

Net increase in net assets per share resulting from operations $ 0.63 $ 1.74 $ 0.89

Net (decrease) increase in net assets per share resulting from operations

$ ( 0.39 ) $ 0.63 $ 1.74

Net investment income per share $ 1.78 $ 1.79 $ 1.92

10 unchanged sentences

Net realized losses on investments — — — ( 31,927 ) ( 31,927 )

Net unrealized losses on investments — — — ( 5,314 ) ( 5,314 )

Net unrealized gains on investments — — — 22,219 22,219

Distributions declared and payable ($ 1.61 per share)

4 unchanged sentences

Net realized losses on investments — — — ( 28,313 ) ( 28,313 )

Net unrealized gains on investments — — — 22,219 22,219

Net unrealized losses on investments

— — — ( 33,645 ) ( 33,645 )

Distributions declared and payable ($ 1.52 per share)

1 unchanged sentence

Balance at December 31, 2024

53,189,269 53 1,021,684 ( 200,927 ) 820,810

Repurchases of common stock ( 1,771,403 ) ( 2 ) ( 17,188 ) — ( 17,190 )

5 unchanged sentences

Balance at December 31, 2025

51,417,866 $ 51 $ 1,004,496 $ ( 296,919 ) $ 707,628

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Operating activities:

Net increase in net assets resulting from operations $ 33,902 $ 95,314 $ 50,141

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

Net (decrease) increase in net assets resulting from operations

$ ( 20,631 ) $ 33,902 $ 95,314

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

Net accretion of discount on investments ( 25,652 ) ( 16,773 ) ( 13,506 )

2 unchanged sentences

Paid-in-kind interest and dividends capitalized ( 52,178 ) ( 44,540 ) ( 31,739 )

Decrease (increase) in short term investments, net 44,628 ( 102,577 ) 77,048

(Increase) decrease in short term investments, net

( 47,192 ) 44,628 ( 102,577 )

Proceeds from sale of investments 18,517 42,868 12,771

12 unchanged sentences

Increase (decrease) in subordinated incentive fee on income payable ( 82 ) ( 651 ) ( 450 )

Increase (decrease) in shareholder distribution payable 40 — —

Increase (decrease) in share repurchase payable

Net cash provided by (used in) operating activities 76,833 88,191 ( 97,151 )

6 unchanged sentences

Net cash (used in) provided by financing activities ( 76,344 ) ( 88,936 ) 22,827

Net (decrease) increase in cash and restricted cash ( 745 ) ( 74,324 ) 78,965

Cash and restricted cash, beginning of year 8,415 82,739 3,774

Cash and restricted cash, end of year $ 7,670 $ 8,415 $ 82,739

Net increase (decrease) in cash

489 ( 745 ) ( 74,324 )

Cash, beginning of year

7,670 8,415 82,739

Cash, end of year

$ 8,159 $ 7,670 $ 8,415

Supplemental disclosure of cash flow information:

2 unchanged sentences

Restructuring of portfolio investment $ 135,757 $ 92,673 $ 118,256

Equity investments received in settlement of fee income

$ 21,156 $ — $ —

Cash interest receivable exchanged for additional securities $ 16,676 $ 2,971 $ 4,661

7 unchanged sentences

Senior Secured First Lien Debt - 193.7 %

A-AG US Protein Bidco, Inc.(n)(w) S+ 500 , SOFR Floor

Adapt Laser Acquisition, Inc.(s)(v)

S+ 725 , 1.00 % SOFR Floor

Capital Equipment $ 10,148 $ 10,148 $ 10,148

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(s)(v)

S+ 725 , 1.00 % SOFR Floor

Capital Equipment 1,440 1,440 1,440

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(s)

0.50 % Unfunded

Capital Equipment

AHF Parent Holding, Inc.(n)(x) S+ 625 , 0.75 % SOFR Floor

2/1/2028 Construction & Building 7,379 7,306 7,379

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

Allen Media, LLC(v)

S+ 550 , 0.00 % SOFR Floor

2/10/2027 Media:

Diversified & Production 8,590 8,570 7,699

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

2/21/2029 Media:

Advertising, Printing & Publishing 29,502 29,502 29,502

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

2/21/2029 Media:

Advertising, Printing & Publishing 900 900 900

ALM Global, LLC 5.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 230 — —

ALM Global, LLC 0.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 1,570 — —

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

6/30/2025 Healthcare & Pharmaceuticals 13,733 13,733 11,742

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

6/30/2025 Healthcare & Pharmaceuticals 4,600 — ( 667 )

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

2/28/2029 Healthcare & Pharmaceuticals 13,331 13,331 13,331

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

2/28/2029 Healthcare & Pharmaceuticals 455 455 455

American Family Care, LLC 1.00 % Unfunded

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

American Family Care, LLC 0.50 % Unfunded

American Clinical Solutions LLC(s)(t)(v)

S+ 700 , 1.00 % SOFR Floor

Healthcare & Pharmaceuticals 27,871 28,066 23,133

6 unchanged sentences

Business 2,500 ( 4 ) —

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

Ancile Solutions, Inc.(m)(v)

S+ 1000 , 1.00 % SOFR Floor

6/11/2026 High Tech Industries 10,249 10,212 12,107

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

11/15/2026 Media:

Diversified & Production 45,166 45,071 34,778

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

11/15/2026 Media:

Diversified & Production 3,641 3,641 3,641

Anthem Sports & Entertainment Inc.

0.50 % Unfunded

11/15/2026 Media:

Anthem Sports & Entertainment Inc.(t)

10.00 % Fixed

Diversified & Production 27,810 25,213 20,441

Anthem Sports & Entertainment Inc.(p) 0.00 % Unfunded

3/1/2025 Media:

Anthem Sports & Entertainment Inc.(t)(v)

S+ 550 , 1.00 % SOFR Floor

Diversified & Production 12,955 12,955 12,505

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

3/30/2025 Media:

Anthem Sports & Entertainment Inc.(q)(t)

Diversified & Production 26,327 3,663 —

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

Appalachian Resource Company, LLC(t)(u)(x)

S+ 500 , 1.00 % SOFR Floor

Metals & Mining 15,168 15,174 10,466

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

Appalachian Resource Company, LLC(t)(u)(x)

S+ 1000 , 1.00 % SOFR Floor

Metals & Mining 6,462 6,462 6,171

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

APS Acquisition Holdings, LLC(m)(v)

S+ 550 , 1.00 % SOFR Floor

Construction & Building 14,517 14,517 14,517

APS Acquisition Holdings, LLC(m)(v)

S+ 550 , 1.00 % SOFR Floor

Construction & Building 1,812 1,810 1,812

APS Acquisition Holdings, LLC 1.00 % Unfunded

2 unchanged sentences

Construction & Building 2,600 — —

Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,800

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

Atlas Supply LLC(x)(z)

13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 2,709

Avison Young (USA) Inc.(t)(v)

S+ 800 , 2.00 % SOFR Floor

Banking, Finance, Insurance & Real Estate 12,509 10,972 10,804

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

Avison Young (USA) Inc.(n)(v)

S+ 625 , 2.00 % SOFR Floor

Banking, Finance, Insurance & Real Estate 7,983 7,884 7,553

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

Avison Young (USA) Inc.(m)(v)

S+ 850 , 2.00 % SOFR Floor

Banking, Finance, Insurance & Real Estate 4,056 3,897 4,016

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

Avison Young (USA) Inc.(t)(v)

S+ 850 , 2.00 % SOFR Floor

Banking, Finance, Insurance & Real Estate 1,056 1,056 1,038

Avison Young (USA) Inc.(t)(v)

S+ 800 , 2.00 % SOFR Floor

Banking, Finance, Insurance & Real Estate 693 587 587

Avison Young (USA) Inc.(t)(v)

S+ 735 , 2.00 % SOFR Floor

12/12/2027 Banking, Finance, Insurance & Real Estate 2,993 2,993 2,881

Avison Young (USA) Inc.(p)

0.00 % Unfunded

Banking, Finance, Insurance & Real Estate 440 — ( 8 )

BDS Solutions Intermediateco, LLC(m)(n)(v)

S+ 675 , 2.00 % SOFR Floor

2/7/2027 Services:

Business 19,486 19,391 19,486

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

BDS Solutions Intermediateco, LLC(v)

S+ 675 , 2.00 % SOFR Floor

2/7/2027 Services:

3 unchanged sentences

Business 476 ( 25 ) —

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

5/31/2025 Services:

Berlitz Holdings, Inc.(t)(u)

S+ 900 , 1.00 % SOFR Floor

Business 17,277 17,275 16,472

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

Berlitz Holdings, Inc.(t)(u)

S+ 900 , 1.00 % SOFR Floor

Business 1,666 1,643 1,669

Berlitz Holdings, Inc.(t)(u)

S+ 900 , 1.00 % SOFR Floor

Business 472 472 473

Berlitz Holdings, Inc.(t)(u)

0.50 % Unfunded

Business 2,977 — 4

Bradshaw International Parent Corp.(n)(u)

S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

4 unchanged sentences

Durable 1,844 ( 7 ) ( 18 )

Cabi, LLC(m)(u)

S+ 600 , 2.00 % SOFR Floor

2/28/2027 Retail 12,866 12,813 12,770

Carestream Health, Inc.(r)(v)

S+ 750 , 1.00 % SOFR Floor

9/30/2027 Healthcare & Pharmaceuticals 12,913 11,408 12,913

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

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

2/28/2027 Retail 14,366 14,256 14,007

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

9/30/2027 Healthcare & Pharmaceuticals 11,172 10,367 11,172

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

Celerity Acquisition Holdings, LLC(m)(t)(v)

S+ 850 , 1.00 % SOFR Floor

5/28/2026 Services:

Business 15,950 15,944 15,950

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

5/4/2029 Services:

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

S+ 675 , 1.00 % SOFR Floor

Business 38,332 38,086 37,852

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

5/4/2029 Services:

Cennox, Inc.(t)(w)

S+ 675 , 1.00 % SOFR Floor

Business 2,989 2,989 2,951

Cennox, Inc.(p)

0.00 % Unfunded

5/4/2029 Services:

Business 30 — —

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

Community Tree Service, LLC(m)(t)(x) S+ 975 , 1.00 % SOFR Floor

Cennox, Inc.(t)(w)

S+ 675 , 1.00 % SOFR Floor

Business 1,970 1,970 1,945

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)(n)(v)

S+ 800 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 24,835 24,840 24,959

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

Core Health & Fitness, LLC(m)(u)

S+ 800 , 3.00 % SOFR Floor

Consumer Goods:

Durable 19,700 19,474 20,094

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

6/30/2028 High Tech Industries 17,747 17,529 17,525

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

CrossLink Professional Tax Solutions, LLC (m)(v)

S+ 525 , 1.00 % SOFR Floor

High Tech Industries 14,775 14,639 14,775

1 unchanged sentence

High Tech Industries 982 ( 22 ) —

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

CrossLink Professional Tax Solutions, LLC(v)

S+ 525 , 1.00 % SOFR Floor

High Tech Industries 1,227 1,230 1,227

David's Bridal, LLC(s)(u)

S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 92,881 92,881 82,548

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

David's Bridal, LLC(s)(v)

S+ 600 , 0.00 % SOFR Floor

12/21/2027 Retail 16,747 16,747 16,622

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

4/22/2028 Healthcare & Pharmaceuticals 9,168 9,047 9,168

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

David's Bridal, LLC(g)(s)(v)

S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 10,000 9,604 9,792

David's Bridal, LLC(s)(u)

S+ 600 , 0.00 % SOFR Floor

12/21/2027 Retail 11,000 11,000 9,694

David's Bridal, LLC(s)(y)

0.00 % 12/21/2027 Retail 1,795 1,773 1,596

David's Bridal, LLC(s)(y)

0.00 % 12/21/2027 Retail 1,315 1,298 1,169

David's Bridal, LLC(p)(s)

0.00 % Unfunded

Retail 4,000 — ( 475 )

Dermcare Management, LLC(m)(u)

S+ 600 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 9,074 8,986 9,074

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

Dermcare Management, LLC(m)(u)

S+ 600 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 4,131 4,090 4,131

Dermcare Management, LLC 0.50 % Unfunded

Dermcare Management, LLC (u)

S+ 600 , 1.00 % SOFR Floor

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

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

Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(v)

S+ 625 , 1.00 % SOFR Floor

12/29/2027 Services:

Business 2,719 2,697 2,246

Entertainment Studios P&A LLC(x) S+ 800 , 1.00 % SOFR Floor

9/28/2027 Media:

Entertainment Studios P&A LLC(v)

S+ 900 , 1.00 % SOFR Floor

Diversified & Production 34,472 34,473 34,472

Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:

Entertainment Studios P&A LLC(j)(aa)

5.00 % 5/18/2037 Media:

Diversified & Production — — 198

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

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

Units(e) Cost(d) Fair

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

ESP Associates, Inc.(m)(u)

S+ 650 , 1.50 % SOFR Floor

7/24/2028 Construction & Building 8,511 8,414 8,510

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

ESP Associates, Inc.(u)

S+ 650 , 1.50 % SOFR Floor

7/24/2028 Construction & Building 197 171 197

2 unchanged sentences

7/24/2028 Construction & Building 1,118 — —

Flatworld Intermediate Corp.(x) S+ 675 , 1.00 % SOFR Floor

10/3/2027 Services:

Business 22,957 22,957 22,957

Flatworld Intermediate Corp.

0.50 % Unfunded

10/3/2027 Services:

Business 5,865 — —

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

FuseFX, LLC(m)(t)(v)

S+ 600 , 1.00 % SOFR Floor

9/30/2027 Media:

Diversified & Production 21,451 21,451 20,954

Future Pak, LLC(m)(n)(x) S+ 900 , 4.00 % SOFR Floor

Future Pak, LLC(m)(n)(u)

S+ 650 , 2.00 % SOFR Floor

Healthcare & Pharmaceuticals 23,750 23,750 23,750

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

Gold Medal Holdings, Inc.(m)(n)(v)

S+ 575 , 1.00 % SOFR Floor

3/17/2027 Environmental Industries 27,065 26,957 27,065

Gold Medal Holdings, Inc.(v)

S+ 575 , 1.00 % SOFR Floor

3/17/2027 Environmental Industries 863 863 863

Gold Medal Holdings, Inc.

1 unchanged sentence

Environmental Industries 1,632 ( 11 ) —

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

7/2/2027 Construction & Building 8,671 8,630 8,671

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

7/2/2027 Construction & Building 10,216 10,024 10,216

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

7/2/2027 Construction & Building 2,516 2,461 2,516

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

6/17/2029 Healthcare & Pharmaceuticals 11,142 10,989 11,142

HEC Purchaser Corp.

0.50 % Unfunded

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

Heritage Power, LLC(t)(w) S+ 700 , 1.00 % SOFR Floor

7/20/2028 Energy:

Heritage Power, LLC(v)

S+ 550 , 1.00 % SOFR Floor

Oil & Gas 1,192 1,192 1,180

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

2/14/2025 Services:

Hilliard, Martinez & Gonzales, LLP(t)(u)(x)

S+ 1200 , 2.00 % SOFR Floor

Consumer 27,219 27,214 26,811

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

Hollander Intermediate LLC(r)(u)

S+ 300 , 3.00 % SOFR Floor

Consumer Goods:

Durable 18,800 18,490 14,651

Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:

Oil & Gas 15,822 15,853 14,319

Homer City Generation, L.P.(t)

1 unchanged sentence

Oil & Gas 18,331 18,415 17,598

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

11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,095

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

11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,593

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 147 — ( 10 )

HW Acquisition, LLC(r)(t)(x) S+ 600 , 0.00 % SOFR Floor

9/28/2026 Capital Equipment 5,134 5,115 4,794

HW Acquisition, LLC(r)(t) Prime+ 500

9/28/2026 Capital Equipment 3,373 3,363 3,150

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

12/5/2026 Containers, Packaging & Glass 18,876 18,760 18,687

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

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

Homer City Generation, L.P.(t)

17.00 % 4/16/2028 Energy:

Oil & Gas 15,502 15,501 15,657

HW Acquisition, LLC(q)(r)(t)(v)

S+ 600 , 1.00 % SOFR Floor

9/28/2026 Capital Equipment 5,696 5,688 3,033

HW Acquisition, LLC(r)(t)

9/28/2026 Capital Equipment 5,402 5,400 2,877

ICA Foam Holdings, LLC(m)(v)

S+ 600 , 1.00 % SOFR Floor

12/5/2026 Containers, Packaging & Glass 18,676 18,676 18,652

Inotiv, Inc.(t)(v)

S+ 675 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 20,466 20,075 17,652

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

Instant Web, LLC(r)(t)(u)

S+ 700 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 57,142 57,142 35,642

Instant Web, LLC(r)(t) Prime+ 375

Instant Web, LLC(r)(t)(u)

S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 2,559 2,559 2,460

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

Instant Web, LLC(r)(t)(u)

S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 1,699 1,699 1,634

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

Instant Web, LLC(r)(u)

S+ 375 , 4.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 622 622 632

Instant Web, LLC(r) 0.50 % Unfunded

Instant Web, LLC(r)

0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 973 — ( 38 )

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Instant Web, LLC(r)

0.50 % Unfunded

Advertising, Printing & Publishing 1,731 — ( 67 )

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

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

S+ 800 , 1.50 % SOFR Floor

Consumer Goods:

Durable 13,473 13,443 12,160

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

Invincible Boat Company LLC(t)(u)

S+ 750 , 1.50 % SOFR Floor

Consumer Goods:

Durable 1,117 1,117 1,008

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

Invincible Boat Company LLC 0.50 % Unfunded

Consumer Goods:

Durable 80 — ( 8 )

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

S+ 575 , 0.75 % SOFR Floor

3/25/2027 Services:

Business 17,640 17,398 17,464

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

Ironhorse Purchaser, LLC(n)(u)

S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 6,810 6,779 6,810

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

Ironhorse Purchaser, LLC(n)(u)

S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

3 unchanged sentences

Business 816 ( 3 ) —

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

9/30/2027 Services:

Business 265 261 265

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

Isagenix International, LLC(r)(t)(v)

S+ 750 , 1.00 % SOFR Floor

4/14/2028 Beverage, Food & Tobacco 10,279 10,279 4,857

JP Intermediate B, LLC(m)(x) 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 23,561

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

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

S+ 700 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 6,889 6,889 6,889

JP Intermediate B, LLC(s)(v)

S+ 550 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 1,649 130 1,410

K&N Parent, Inc.(t)(u)

S+ 825 , 1.00 % SOFR Floor

8/16/2027 Consumer Goods:

Durable 6,020 6,020 5,524

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

K&N Parent, Inc.(m)(u)

S+ 800 , 1.00 % SOFR Floor

2/16/2027 Consumer Goods:

Durable 4,146 4,074 4,218

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

1/31/2029 Beverage, Food & Tobacco 18,421 18,421 18,582

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

4/27/2028 Services:

Klein Hersh, LLC(i)(u)

S+ 850 , 0.50 % SOFR Floor

Business 23,048 21,121 20,887

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

10/31/2025 Services:

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

S+ 594 , 1.00 % SOFR Floor

Business 16,274 16,274 13,894

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

10/31/2025 Services:

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

S+ 594 , 1.00 % SOFR Floor

Business 5,187 4,984 5,135

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

12/20/2025 Capital Equipment 10,981 10,891 10,981

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

12/20/2025 Capital Equipment 1,980 1,956 1,980

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

6/29/2025 Services:

LAV Gear Holdings, Inc.(r)

0.50 % Unfunded

Business 726 ( 73 ) ( 7 )

Lift Brands, Inc.(m)(n)(r)(u)

S+ 750 , 1.00 % SOFR Floor

Consumer 21,388 21,388 21,682

Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:

Lift Brands, Inc.(n)(r)(t)

9.50 % 9/30/2026

Consumer 7,321 7,292 7,212

Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:

Lift Brands, Inc.(n)(r)(t)

9.50 % 9/30/2026

Consumer 8,245 8,135 8,006

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

4/29/2028 Automotive 17,541 17,541 17,541

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

4/29/2028 Automotive 1,887 1,887 1,887

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

Lux Credit Consultants LLC(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 18,508 18,508 14,436

Lux Credit Consultants LLC 2.25 % Unfunded

Lux Credit Consultants LLC(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 1,936 1,936 1,510

Lux Credit Consultants LLC 1.00 % Unfunded

Lux Credit Consultants LLC(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 883 883 689

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

4/22/2026 Services:

Consumer 16,604 16,574 16,521

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

4/22/2026 Services:

Consumer 6,126 6,106 6,096

Manus Bio Inc.

13.00 % 8/20/2026 Healthcare & Pharmaceuticals 7,044 7,022 7,044

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Mimeo.com, Inc.(m)(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

Advertising, Printing & Publishing 20,925 20,925 20,925

Mimeo.com, Inc.(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

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

Mimeo.com, Inc.

1.00 % Unfunded

1/31/2026 Media:

Advertising, Printing & Publishing 2,500 — —

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

10/17/2026 Services:

Business 21,895 21,586 21,895

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

10/17/2026 Services:

Business 2,654 2,628 2,654

Moss Holding Company 5.75 % Unfunded

MacNeill Pride Group Corp.(m)(v)

S+ 625 , 1.00 % SOFR Floor

4/22/2026 Services:

Business 106 — —

Moss Holding Company 0.50 % Unfunded

Consumer 16,162 16,174 16,162

MacNeill Pride Group Corp.(n)(v)

S+ 625 , 1.00 % SOFR Floor

4/22/2026 Services:

Business 2,126 — —

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

Consumer 5,961 5,956 5,961

Metrc Inc.(m)(v)

S+ 550 , 1.00 % SOFR Floor

High Tech Industries 13,466 13,203 13,466

0.50 % Unfunded

High Tech Industries 2,250 ( 43 ) —

0.50 % Unfunded

High Tech Industries 2,250 ( 45 ) —

Newbury Franklin Industrials LLC(m)(w)

S+ 700 , 2.00 % SOFR Floor

Capital Equipment 7,946 7,846 7,867

Newbury Franklin Industrials LLC(w)

S+ 700 , 1.00 % SOFR Floor

Capital Equipment 906 906 897

Newbury Franklin Industrials LLC 1.00 % Unfunded

Capital Equipment 1,066 ( 11 ) ( 11 )

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

2/27/2024 Media:

NewsCycle Solutions, Inc.(q)(v)

S+ 100 , 1.00 % SOFR Floor

Advertising, Printing & Publishing 14,161 11,663 7,381

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

10/13/2027 Energy:

Oil & Gas 28,297 28,297 28,297

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

10/13/2027 Energy:

Oil & Gas 3,300 3,300 3,300

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

6/18/2026 Hotel, Gaming & Leisure 24,750 24,750 24,750

OpCo Borrower, LLC(m)(n)(x) S+ 600 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 28,875 28,759 28,875

Optio Rx, LLC(u)(z) L+ 900 , 0.00 % LIBOR Floor

OpCo Borrower, LLC(m)(n)(v)

S+ 625 , 1.00 % SOFR Floor

Healthcare & Pharmaceuticals 27,091 27,001 27,091

Optio Rx, LLC(n)(u)(z) L+ 1200 , 0.00 % LIBOR Floor

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

S+ 1000 , 2.50 % SOFR Floor

Healthcare & Pharmaceuticals 14,880 14,880 14,880

Optio Rx, LLC(x)(z) S+ 525 , 5.00 % SOFR Floor

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

S+ 1000 , 2.50 % SOFR Floor

Healthcare & Pharmaceuticals 709 709 709

Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor

Optio Rx, LLC(r)

0.50 % Unfunded

Healthcare & Pharmaceuticals 658 — —

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

Playboy Enterprises, Inc.(h)(u)

S+ 625 , 0.50 % SOFR Floor

5/25/2027 Consumer Goods:

Non-Durable 14,862 14,763 14,862

PRA Acquisition, LLC(x) 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 17,461

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

4/8/2026 Media:

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

S+ 675 , 1.00 % SOFR Floor

Diversified & Production 11,978 11,978 10,885

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

4/8/2026 Media:

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

S+ 675 , 1.00 % SOFR Floor

Diversified & Production 1,145 1,136 1,041

RA Outdoors, LLC(p) 0.50 % Unfunded

4/8/2026 Media:

RA Outdoors, LLC(p)(r)

0.00 % Unfunded

Diversified & Production 1,083 — ( 99 )

Riddell, Inc.

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

3/29/2029 Consumer Goods:

Durable 16,057 15,781 15,936

Riddell, Inc.

/ All American Sports Corp.(p) 0.00 % Unfunded

/ All American Sports Corp.(m)(n)(u)

S+ 600 , 1.00 % SOFR Floor

Consumer Goods:

Durable 15,229 15,026 15,114

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

2/14/2025 Services:

Hilliard, L.L.P.(t)(u)(x)

S+ 1200 , 2.00 % SOFR Floor

Consumer 2,548 2,553 2,509

Rogers Mechanical Contractors, LLC(x) S+ 625 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 1,655 1,627 1,670

Rogers Mechanical Contractors, LLC(m)(x) S+ 625 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 15,763 15,735 15,901

Rogers Mechanical Contractors, LLC 1.00 % Unfunded

3/28/2026 Construction & Building 2,541 — 22

Rogers Mechanical Contractors, LLC 0.50 % Unfunded

9/28/2028 Construction & Building 2,885 ( 5 ) —

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

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

S+ 775 , 1.00 % SOFR Floor

Automotive 7,948 7,850 7,899

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

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

S+ 775 , 1.00 % SOFR Floor

Automotive 2,399 2,396 2,384

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

7/31/2025 Telecommunications 4,049 3,950 3,760

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

7/31/2025 Telecommunications 77 77 75

Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 4,135

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

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

Units(e) Cost(d) Fair

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

10/12/2026 Retail 13,495 13,383 13,495

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

10/12/2026 Retail 393 393 397

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

SHF Holdings, Inc.(m)(n)(v)

S+ 550 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 18,078 18,078 18,078

SHF Holdings, Inc.

0.50 % Unfunded

Beverage, Food & Tobacco 1,739 — —

Sleep Opco, LLC(m)(n)(v)

S+ 650 , 1.00 % SOFR Floor

Retail 17,940 17,940 17,940

1 unchanged sentence

Retail 2,060 — —

Spin Holdco Inc.(n)(v)

S+ 400 , 0.75 % SOFR Floor

Business 11,870 10,512 9,778

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 19,965 19,944 8,136

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,774 1,774 723

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,141 1,058 465

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,083 1,083 441

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 904 838 368

Spinal USA, Inc.

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

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 825 826 825

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

3/4/2028 Services:

Business 9,974 8,603 8,445

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

Spinal USA, Inc.

/ Precision Medical Inc.(aa)

0.00 % 5/29/2026 Healthcare & Pharmaceuticals 125 125 153

STATinMED, LLC(r) 0.00 %

Spinal USA, Inc.

/ Precision Medical Inc.(p)

0.00 % Unfunded

5/29/2026 Healthcare & Pharmaceuticals 125 — —

STATinMED, LLC(r) 0.00 %

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

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

Units(e) Cost(d) Fair

STATinMED, LLC(q)(r)(t)(u)

S+ 950 , 2.00 % SOFR Floor

7/1/2027 Healthcare & Pharmaceuticals 20,612 11,709 4,200

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

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 733

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027

Healthcare & Pharmaceuticals 498 498 2,090

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027

Healthcare & Pharmaceuticals 224 224 199

Stengel Hill Architecture, LLC(m)(v)

S+ 675 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 12,529 12,530 12,529

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

Stengel Hill Architecture, LLC(m)(v)

S+ 675 , 1.00 % SOFR Floor

Construction & Building 1,511 1,511 1,511

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

Stengel Hill Architecture, LLC(u)

S+ 675 , 1.00 % SOFR Floor

Construction & Building 825 825 825

Stengel Hill Architecture, LLC 0.38 % Unfunded

Stengel Hill Architecture, LLC

0.38 % Unfunded

Construction & Building 1,425 — —

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

Straine Dental Management, LLC(m)(u)

S+ 742 , 2.00 % SOFR Floor

11/25/2030 Healthcare & Pharmaceuticals 11,759 11,643 11,641

Straine Dental Management, LLC 0.25 % Unfunded

5/25/2027 Healthcare & Pharmaceuticals 3,741 ( 18 ) ( 37 )

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

S+ 750 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 11,250 11,250 11,250

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

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

S+ 750 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 1,950 1,950 1,950

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

2/26/2029 Retail 1,905 1,896 1,906

Thrill Holdings LLC 0.50 % Unfunded

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

S+ 750 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 1,875 1,840 1,875

Tactical Air Support, Inc.

0.75 % Unfunded

Aerospace & Defense 2,000 — —

The Men's Wearhouse, LLC(n)(v)

S+ 575 , 0.00 % SOFR Floor

1,276 1,271 1,282

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

5/27/2027 Media:

Diversified & Production 18,217 18,217 14,995

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

Thrill Holdings LLC 0.50 % Unfunded

5/27/2027 Media:

Diversified & Production 1,739 — ( 285 )

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

6/30/2029 Services:

TMK Hawk Parent, Corp.(t)(u)

S+ 525 , 1.00 % SOFR Floor

Business 7,505 7,505 7,401

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

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

10/28/2026 Services:

Business 780 — —

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

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

S+ 850 , 1.00 % SOFR Floor

Consumer Goods:

Non-Durable 20,625 19,393 9,848

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

Trammell, P.C.(t)(u)

S+ 1550 , 2.00 % SOFR Floor

4/28/2026 Services:

Consumer 17,714 17,714 17,714

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

Williams Industrial Services Group, Inc.(q)(t)(v)(x)

S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 1,525 1,426 702

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

Williams Industrial Services Group, Inc.(q)(t)(v)(x)

S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 325 304 149

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

Wok Holdings Inc.(m)(n)(v)

S+ 625 , 0.00 % SOFR Floor

Beverage, Food & Tobacco 24,322 23,758 23,076

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

WorkGenius, Inc.(m)(n)(v)

S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 20,805 20,805 20,805

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

WorkGenius, Inc.(v)

S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 750 745 750

WorkGenius, Inc.

WorkGenius, Inc.(m)(v)

S+ 700 , 0.50 % SOFR Floor

1 unchanged sentence

Business 7,430 7,430 7,430

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

Xenon Arc, Inc.(m)(v)

S+ 575 , 0.75 % SOFR Floor

High Tech Industries 3,796 3,778 3,796

1 unchanged sentence

Senior Secured Second Lien Debt - 0.0 %

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

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

S+ 900 , 1.00 % SOFR Floor

12/31/2027 Media:

Diversified & Production 2,295 2,218 —

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

11/1/2025 Telecommunications 3,302 3,183 1,387

Total Senior Secured Second Lien Debt 2,218 —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

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

Units(e) Cost(d) Fair

Collateralized Securities and Structured Products - Equity - 0.7 %

Galaxy XV CLO Ltd.

Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield

10/15/2030 Diversified Financials 4,000 978 693

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(g)(h) 11.84 % Estimated Yield

Subordinated Loan(h)(aa)

5.98 % Estimated Yield

Diversified Financials 5,000 4,969 5,028

1 unchanged sentence

Unsecured Debt - 0.9 %

Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services:

Klein Hersh, LLC(m)(p)

0.00 % 4/27/2032

Business 4,368 988 153

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

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

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

TMK Hawk Parent, Corp.

11.00 % 12/15/2031 Services:

Lucky Bucks Holdings LLC(q)(t)

12.50 % 5/26/2028 Hotel, Gaming & Leisure 25,308 22,860 4,840

TMK Hawk Parent, Corp.(t)

11.00 % 12/15/2031

Business 1,715 1,715 1,646

Total Unsecured Debt 25,563 6,639

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

Portfolio Company(a) Maturity Industry Principal/

Units(e) Cost(d) Fair

Equity - 44.5 %

ACS Holdings LLC, Class A-1 Membership Units(p)(r) Healthcare & Pharmaceuticals 25,115,901 Units

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

38,415,901 Units

ALA Holdco LLC, Class A Units(p)(s) Capital Equipment 9,000 Units

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

Metals & Mining NA — —

Ascent Resources - Marcellus, LLC, Membership Units(p) Energy:

Ascent Resources - Marcellus, LLC, Membership Units(aa)

Oil & Gas 511,255 Units

1 unchanged sentence

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

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

Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units

Avison Young (Canada) Inc., Class F Common Shares(p)

Banking, Finance, Insurance & Real Estate 6,575 Units

Carestream Health Holdings, Inc., Common Stock(p)(r)

Healthcare & Pharmaceuticals 617,927 Units

21,762 18,081

CF Arch Holdings LLC, Class A Units(p) Services:

CF Arch Holdings LLC, Class A Units(p)

Business 380,952 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s)

Diversified Financials 22,072,841 Units

22,073 13,679

CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s)

CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(p)(s)

Diversified Financials NA — —

CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units

David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units

23,130 24,570

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

CTS Ultimate Holdings, LLC, Class A Preferred Units(p)

Construction & Building 849,201 Units

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

Retail 1,000 Units

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

Retail 876,920 Units

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

Retail 441,441 Units

EBSC Holdings LLC, Preferred Units ( 10 % Return)

1 unchanged sentence

Durable 2,000 Units

FWS Parent Holdings, LLC.

Class A Membership Interests(p) Services:

FWS Parent Holdings, LLC, Class A Membership Interests(p)

Business 35,242 Units

GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units

Heritage Litigation Trust, Restricted Stock(p) Energy:

Heritage Litigation Trust, Restricted Stock(p)

Oil & Gas 238,375 Units

Instant Web Holdings, LLC, Class A Common Units(p)(r) Media:

Instant Web Holdings, LLC, Class A Common Units(p)(r)

Advertising, Printing & Publishing 10,819 Units

IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units

IPP Buyer Holdings, LLC, Class A Units(p)(r)

Retail 8,888,354 Units

10,740 10,755

Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 720,420 Units

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

Isagenix Worldwide, Inc., Common Shares(p)(r)

Beverage, Food & Tobacco 787,149 Units

JuicePlus Topco, LLC, Membership Units(p)(s)

Beverage, Food & Tobacco 271,637 Units

31,238 23,282

K&N Holdco, LLC, Membership Units(p)

Consumer Goods:

Durable 743,846 Units

Language Education Holdings GP LLC, Common Units(p) Services:

Language Education Holdings GP LLC, Common Units(p)

Business 366,667 Units

Language Education Holdings LP, Ordinary Common Units(p) Services:

Language Education Holdings LP, Ordinary Common Units(p)

Business 366,667 Units

LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units

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

LB NewHoldco LLC, Voting Units(p)

Hotel, Gaming & Leisure 123,568 Units

Live Comfortably Inc., Common Stock(p)(r)

Consumer Goods:

Durable 8,654 Units

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

Oil & Gas 1,495,714 Units

12,917 105,657

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

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

New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units

New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Portfolio Company(a) Interest Industry Principal/

Units(e) Cost(d) Fair

NS NWN Acquisition, LLC, Class A Preferred Units High Tech Industries 111 Units

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

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

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

Mount Logan Capital Inc., Common Stock(f)(h)(aa)

Banking, Finance, Insurance & Real Estate 254,756 Units

New Giving Acquisition, Inc., Warrants(p)(aa)

Healthcare & Pharmaceuticals 4,630 Units

New HW Holdings Corp., Preferred Stock(p)(r)

Capital Equipment 14 Units

New HW Holdings Corp., Common Stock(p)(r)

Capital Equipment 119 Units

NS NWN Acquisition, LLC, Class A Preferred Units(aa)

High Tech Industries 111 Units

NS NWN Holdco LLC, Non-Voting Units(aa)

High Tech Industries 522 Units

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

Consumer Goods:

Durable 1,575 Units

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

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

Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r)

Healthcare & Pharmaceuticals 3,762,159 Units

Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r)

Healthcare & Pharmaceuticals 1,235 Units

Palmetto Clean Technology, Inc., Warrants(p)

High Tech Industries 724,112 Units

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

Consumer Goods:

Non-Durable 2,216,105 Units

RumbleOn, Inc., Warrants(p) Automotive 60,606 Units

Service Compression Holdings, LLC, Junior Preferred Units(p) Energy:

RumbleOn, Inc., Warrants(p)

8/14/2028 Automotive 60,606 Units

Service Compression Holdings, LLC, Junior Preferred Units(p)

Oil & Gas 389,001 Units

Service Compression, LLC, Warrants(p) Energy:

Service Compression Holdings, LLC, Warrants(p)

Oil & Gas 730,586 Units

Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services:

Snap Fitness Holdings, Inc., Class A Common Stock(p)(r)

Consumer 9,858 Units

Snap Fitness Holdings, Inc., Warrants(p)(r) Services:

Snap Fitness Holdings, Inc., Warrants(p)(r)

Consumer 3,996 Units

Sopris Topco, LLC, Common Units(p)(r)

Diversified & Production 105 Units

SRA Parent, LLC, Preferred Units ( 12 % Return)(r)

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

SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 147,827 Units

11,973 11,971

STATinMed Parent, LLC, Class A Preferred Units(p)(r) Healthcare & Pharmaceuticals 6,182 Units

STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units

TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:

SRA Parent, LLC, Common Units(p)(r)

Banking, Finance, Insurance & Real Estate 167,952 Units

19,985 20,289

STATinMed Parent, LLC, Class A Preferred Units(p)(r)

Healthcare & Pharmaceuticals 6,182 Units

STATinMed Parent, LLC, Class B Preferred Units(p)(r)

Healthcare & Pharmaceuticals 51,221 Units

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

Portfolio Company(a) Interest

Industry Principal/

Units(e) Cost(d) Fair

TG Parent NewCo LLC, Common Units(o)(p)(r)

Consumer Goods:

Non-Durable 9 Units

TMK Hawk Parent, Corp., Common Shares(p) Services:

TMK Hawk Parent, Corp., Common Shares(p)

Business 643,588 Units

TMK Hawk Parent, Corp., Warrants(p) Services:

TMK Hawk Parent, Corp., Warrants(p)

Business 36,734 Units

URS Topco, LLC, Common Equity(p) Transportation:

URS Topco, LLC, Common Equity(p)

Transportation:

Cargo 430,540 Units

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

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

Business 76,140 Units

Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units

WorkGenius, LLC, Class A Units(p)

Business 500 Units

WorkGenius, LLC, Class A Units(p)

Business 5,123 Units

Yak Holding II, LLC, Series A Common Units(aa)

Construction & Building 127,419 Units

Total Equity 299,181 314,788

12 unchanged sentences

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

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

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

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

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

Fair value determined in good faith by CIM, as the Company’s valuation designee, subject to the oversight of the Company’s board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted.

Represents amortized cost for debt securities and cost for equity investments.

2 unchanged sentences

Fair value determined using level 1 inputs.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.

Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses.

The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination.

Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

The Company has entered into an agreement with the other lenders to purchase another $ 20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied.

The investment or a portion thereof is not a qualifying asset under the 1940 Act.

1 unchanged sentence

As of December 31, 2025, 95.9 % of the Company’s total assets represented qualifying assets.

Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of December 31, 2024 was 3.88 %.

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of December 31, 2025 was 4.61 %.

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.

2 unchanged sentences

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 December 31, 2025 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of December 31, 2024 (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 December 31, 2025 (see Note 8).

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

8 unchanged sentences

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

Year Ended December 31, 2024 Year Ended December 31, 2024

Year Ended December 31, 2025

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2023 Gross

December 31, 2024

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

December 31, 2024 Net Realized Gain (Loss) Interest

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

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Afore Insurance Services, LLC

First Lien Term Loan $ 4,583 $ — $ ( 4,583 ) $ — $ — $ — $ 363 $ — $ —

American Clinical Solutions LLC

First Lien Term Loan

$ 11,075 $ — $ ( 11,075 ) $ — $ — $ — $ 436 $ — $ —

Class A-1 Membership Interests

— — — — — — — — —

ARC Financial, LLC

4 unchanged sentences

Common Shares 20,108 — — ( 2,027 ) 18,081 — — — —

DESG Holdings, Inc.

First Lien Term Loan 85 — ( 2,542 ) 2,457 — ( 2,542 ) — — —

GSC Technologies Inc.

First Lien Term Loan A 1,983 25 ( 2,076 ) 68 — — 213 — —

First Lien Term Loan B 942 123 ( 1,108 ) 43 — — 131 — —

Common Shares 32 — — ( 32 ) — — — — —

Hollander Intermediate LLC

First Lien Term Loan

— 17,119 — ( 2,468 ) 14,651 — 1,389 — —

HW Acquisition, LLC

Revolving Loan

3,140 2,037 — ( 2,300 ) 2,877 — 589 — —

First Lien Term Loan

4,794 573 — ( 2,334 ) 3,033 — 577 — —

Instant Web, LLC

11 unchanged sentences

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

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Year Ended December 31, 2024 Year Ended December 31, 2024

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2023 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

December 31, 2024 Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

LAV Gear Holdings, Inc.

First Lien Term Loan

— 16,314 ( 40 ) ( 2,380 ) 13,894 — 697 — —

First Lien Term Loan

— 4,971 ( 8 ) 172 5,135 — 213 — 88

Revolving Loan

— ( 72 ) — 65 ( 7 ) — 2 — —

Lift Brands, Inc.

2 unchanged sentences

Term Loan C 7,386 755 ( 142 ) 7 8,006 — 758 — 120

Live Comfortably Inc.

Common Stock — — — — — — — — —

Longview Intermediate Holdings C, LLC

Membership Units 52,166 — — 53,491 105,657 — — 4,298 —

Mount Logan Capital Inc.

Common Stock 1,624 — ( 1,511 ) ( 113 ) — — — 53 —

New HW Holdings Corp.

Preferred Stock

Common Stock — — — — — — — — —

3,141 — — ( 3,141 ) — — — — —

— — — — — — — — —

Online Pharmacy Holdings, LLC

Series A Preferred Equity

— 3,231 — 682 3,913 — — 146 —

Series D Preferred Equity

— — — — — — — — —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

(in thousands)

Year Ended December 31, 2025

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2024

(Cost)(1) Gross

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

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Optio Rx, LLC

First Lien Term Loan

— 14,880 — — 14,880 — 1,623 — —

Revolving Loan

— 709 — — 709 — 77 — —

RA Outdoors, LLC

Revolving Loan — 1,084 — ( 43 ) 1,041 — 40 — —

First Lien Term Loan — 11,251 — ( 366 ) 10,885 — 332 — —

Delayed Draw Term Loan — ( 68 ) — ( 31 ) ( 99 ) — — — —

Second Lien Term Loan — — — — — — — — —

Snap Fitness Holdings, Inc.

1 unchanged sentence

Warrants 2,038 — — 8 2,046 — — — —

Sopris Topco, LLC

— — — — — — — — —

SRA Holdings, LLC

First Lien Term Loan — 4,158 ( 56 ) 1 4,103 — 146 — —

Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — 3,145 — — —

Unsecured Debt

4,103 — ( 4,103 ) — — — 97 — —

SRA Parent, LLC

Preferred Equity

9,533 2,449 — ( 11 ) 11,971 — — 1,201 —

Common Equity

17,277 2,395 — 617 20,289 — — — —

STATinMED, LLC

1 unchanged sentence

Senior Term Loan

942 — — ( 209 ) 733 — 774 — —

Senior Superpriority Term Loan

243 — — ( 44 ) 199 — 54 — —

Senior Superpriority Term Note

— 498 — 1,592 2,090 — 359 — —

STATinMed Parent, LLC

3 unchanged sentences

Common Equity

— — — — — — — — —

Trademark Global, LLC

First Lien Term Loan

14,831 1,298 — ( 6,281 ) 9,848 — 1,293 — —

White Tiger NewCo, LLC

Common Equity

— 12,664 — ( 5,090 ) 7,574 — — — —

Totals $ 269,205 $ 115,470 $ ( 31,097 ) $ 10,757 $ 364,335 $ — $ 22,177 $ 5,645 $ 975

9 unchanged sentences

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

Year Ended December 31, 2024 Year Ended December 31, 2024

Year Ended December 31, 2025

Controlled Investments Fair Value at

December 31, 2023 Gross

December 31, 2024

(Cost)(1) Gross

(Cost)(2) Net

Gain (Loss) Fair Value at

December 31, 2024 Net Realized

Gain (Loss) Fair Value at December 31, 2025

Gain (Loss) Interest

Income(3) Fee Income

Income(3) Dividend Income Fee Income

Adapt Laser Acquisition, Inc.

Revolving Loan

$ — $ 1,440 $ — $ — $ 1,440 $ — $ 14 $ — $ —

First Lien Term Loan

— 10,148 — — 10,148 — 151 — 290

ALA Holdco LLC

Class A Units

— 5,432 — ( 84 ) 5,348 — — — —

American Clinical Solutions LLC

First Lien Term Loan

— 25,408 — ( 2,275 ) 23,133 — 2,019 — 50

Class A-1 Membership Interests

— — — — — — — — —

CION/EagleTree Partners, LLC

3 unchanged sentences

David's Bridal, Inc.

Secured Loan Receivable

— 3,180 ( 1,407 ) ( 177 ) 1,596 — 46 — —

Secured Loan Receivable

— 2,346 ( 1,047 ) ( 130 ) 1,169 — 19 — —

Incremental First Lien Term Loan 9,910 8,000 ( 1,417 ) 129 16,622 — 1,441 — 273

Fourteenth Amendment Term Loan

— 9,603 — 189 9,792 — 705 — 377

Exit First Lien Term Loan

73,181 15,831 — ( 6,464 ) 82,548 — 11,097 — —

Incremental First Lien Term Loan — 11,000 — ( 1,781 ) 9,219 — 51 — —

1 unchanged sentence

Preferred Units 9,575 — — ( 75 ) 9,500 — — — —

Common Units 41,418 — — ( 16,848 ) 24,570 — — —

Class A Common Units

24,570 — — ( 15,060 ) 9,510 — — — —

Class B Common Units

— 6,978 — ( 2,191 ) 4,787 — — — —

JP Intermediate B, LLC

First Lien Term Loan

— — — — — — 15,280 — —

First Out New Money Term Loan

— 6,906 ( 17 ) — 6,889 — 160 — —

Second Out Term Loan

— 27,159 — ( 3,598 ) 23,561 — 666 — —

Third Out Term Loan

— 130 — 1,280 1,410 — 23 — —

Common Shares

— 31,238 — ( 7,956 ) 23,282 — — — 8,660

Totals $ 171,376 $ 164,799 $ ( 3,888 ) $ ( 42,617 ) $ 289,670 $ — $ 36,717 $ — $ 9,650

7 unchanged sentences

(in thousands)

As of December 31, 2024, the following 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 December 31, 2025, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.

For certain investments, the borrower may toggle between cash and PIK interest payments.

4 unchanged sentences

Senior Secured First Lien Debt — 9.43 % 9.43 %

Anthem Sports & Entertainment Inc.

Senior Secured First Lien Debt — 10.00 % 10.00 %

Anthem Sports & Entertainment Inc.

Senior Secured First Lien Debt — 1.00 % 1.00 %

Appalachian Resource Company, LLC

Senior Secured First Lien Debt — 13.82 % 13.82 %

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

Senior Secured First Lien Debt 7.35 % 3.85 % 11.20 %

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

Senior Secured First Lien Debt — 12.35 % 12.35 %

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

Senior Secured First Lien Debt 5.49 % 6.50 % 11.99 %

Berlitz Holdings, Inc.

Senior Secured First Lien Debt 7.99 % 5.00 % 12.99 %

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 2.64 % 12.64 %

Senior Secured First Lien Debt 10.27 % 0.25 % 10.52 %

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

Community Tree Service, LLC Senior Secured First Lien Debt 13.24 % 1.25 % 14.49 %

FuseFX, LLC Senior Secured First Lien Debt 5.10 % 5.00 % 10.10 %

Heritage Power, LLC Senior Secured First Lien Debt 5.86 % 5.50 % 11.36 %

Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.99 % 15.99 %

Hollander Intermediate LLC Senior Secured First Lien Debt — 13.22 % 13.22 %

Homer City Generation, L.P.

2 unchanged sentences

Senior Secured First Lien Debt — 17.00 % 17.00 %

HW Acquisition, LLC Senior Secured First Lien Debt — 10.59 % 10.59 %

HW Acquisition, LLC Senior Secured First Lien Debt — 12.50 % 12.50 %

HW Acquisition, LLC

Senior Secured First Lien Debt — 9.99 % 9.99 %

HW Acquisition, LLC

Senior Secured First Lien Debt — 11.75 % 11.75 %

Senior Secured First Lien Debt 10.50 % 0.25 % 10.75 %

Instant Web, LLC Senior Secured First Lien Debt — 10.83 % 10.83 %

Invincible Boat Company LLC

Senior Secured First Lien Debt 8.00 % 3.37 % 11.37 %

Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.99 % 11.49 %

6 unchanged sentences

Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %

Nova Compression, LLC Senior Secured First Lien Debt 11.61 % 3.25 % 14.86 %

Playboy Enterprises, Inc.

Lux Credit Consultants LLC Senior Secured First Lien Debt — 10.92 % 10.92 %

Optio Rx, LLC

Senior Secured First Lien Debt — 13.73 % 13.73 %

RA Outdoors, LLC Senior Secured First Lien Debt — 10.89 % 10.89 %

RA Outdoors, LLC Senior Secured Second Lien Debt

— 13.14 % 13.14 %

Hilliard, L.L.P.

2 unchanged sentences

Senior Secured First Lien Debt 10.85 % 1.00 % 11.85 %

Securus Technologies Holdings, Inc.

Senior Secured First Lien Debt 5.87 % 4.09 % 9.96 %

Securus Technologies Holdings, Inc.

Senior Secured Second Lien Debt — 13.64 % 13.64 %

Spinal USA, Inc.

/ Precision Medical Inc.

Senior Secured First Lien Debt — 14.35 % 14.35 %

STATinMED, LLC Senior Secured First Lien Debt — 13.46 % 13.46 %

8 unchanged sentences

Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%.

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2024 was 4.57%.

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

2 unchanged sentences

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

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

No interest is being recognized on this security after the maturity date.

Other income producing investment.

Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based MOICs.

See accompanying notes to consolidated financial statements.

6 unchanged sentences

Senior Secured First Lien Debt - 190.5 %

Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor

A-AG US Protein Bidco, Inc.(n)(w) S+ 500 , 1.00 % SOFR Floor

11/1/2031 Capital Equipment $ 6,000 $ 5,941 $ 6,060

Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 10,495 10,494 10,796

Afore Insurance Services, LLC(m)(q)(w) S+ 600 , 1.00 % SOFR Floor

3/24/2025 Banking, Finance, Insurance & Real Estate 4,583 4,583 4,583

AHF Parent Holding, Inc.(n)(w) S+ 625 , 0.75 % SOFR Floor

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 3,604 3,600 3,581

AHF Parent Holding, Inc.(n)(x) S+ 625 , 0.75 % SOFR Floor

2/1/2028 Construction & Building 7,379 7,306 7,379

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

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

2/10/2027 Media:

Diversified & Production 8,681 8,643 7,683

ALM Media, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

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

2/21/2029 Media:

Advertising, Printing & Publishing 29,502 29,502 29,502

AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor

6/15/2025 Services:

Business 12,117 11,403 11,439

AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor

6/15/2025 Services:

Business 2,843 2,676 2,684

American Clinical Solutions LLC(m)(s)(w) S+ 700 , 1.00 % SOFR Floor

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

2/21/2029 Media:

Advertising, Printing & Publishing 900 900 900

ALM Global, LLC 5.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 230 — —

ALM Global, LLC 0.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 1,570 — —

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

6/30/2025 Healthcare & Pharmaceuticals 13,733 13,733 11,742

American Clinical Solutions LLC(o) 0.00 % Unfunded

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

6/30/2025 Healthcare & Pharmaceuticals 4,600 — ( 667 )

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

2/28/2029 Healthcare & Pharmaceuticals 13,331 13,331 13,331

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

2/28/2029 Healthcare & Pharmaceuticals 455 455 455

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

5 unchanged sentences

Business 3,333 ( 12 ) —

American Teleconferencing Services, Ltd.(p) Prime+ 550

4/7/2023 Telecommunications 3,116 3,116 140

American Teleconferencing Services, Ltd.(o) 0.00 % Unfunded

4/7/2023 Telecommunications 235 — —

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

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

6/11/2026 High Tech Industries 10,775 10,656 11,368

Anthem Sports & Entertainment Inc.(m)(s)(w) S+ 950 , 1.00 % SOFR Floor

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

11/15/2026 Media:

Diversified & Production 45,166 45,071 34,778

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

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

11/15/2026 Media:

4 unchanged sentences

Diversified & Production 167 — —

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

Anthem Sports & Entertainment Inc.(p) 0.00 % Unfunded

3/1/2025 Media:

Diversified & Production 1,059 — 26

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

3/30/2025 Media:

Diversified & Production 2,119 2,119 2,171

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

9/15/2024 Metals & Mining 5,000 5,000 4,863

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

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

9/30/2024 Metals & Mining 11,137 11,137 8,231

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

7/11/2029 Construction & Building 14,664 14,664 14,664

APS Acquisition Holdings, LLC 1.00 % Unfunded

7/11/2029 Construction & Building 5,199 — —

APS Acquisition Holdings, LLC 0.50 % Unfunded

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

Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,800

Avalign Holdings, Inc.(v) S+ 450 , 0.00 % SOFR Floor

12/22/2025 Healthcare & Pharmaceuticals 6,710 6,318 6,268

Avison Young (USA) Inc.(m)(w) S+ 650 , 0.00 % SOFR Floor

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

3/12/2028 Banking, Finance, Insurance & Real Estate 7,463 7,332 7,425

Avison Young (USA) Inc.(w) S+ 700 , 0.00 % SOFR Floor

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

3/12/2029 Banking, Finance, Insurance & Real Estate 8,591 8,591 8,591

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

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

3/12/2029 Banking, Finance, Insurance & Real Estate 2,936 2,936 2,774

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

2/7/2027 Services:

Business 19,689 19,506 19,516

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

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

2/7/2027 Services:

3 unchanged sentences

Business 524 — ( 5 )

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

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

5/31/2025 Services:

Business 15,000 14,839 14,669

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

10/21/2027 Consumer Goods:

Durable 12,761 12,583 12,761

Bradshaw International Parent Corp.

1.00 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,844 ( 17 ) —

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Bradshaw International Parent Corp.(m)(v) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

Durable 12,893 12,662 12,877

Bradshaw International Parent Corp.

0.50 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,844 ( 26 ) ( 2 )

Cabi, LLC(j)(m)(v) S+ 450 , 1.00 % SOFR Floor

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

2/28/2027 Retail 14,366 14,256 14,007

Carestream Health, Inc.(n)(q)(w) S+ 750 , 1.00 % SOFR Floor

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

9/30/2027 Healthcare & Pharmaceuticals 11,172 10,367 11,172

Celerity Acquisition Holdings, LLC(m)(s)(w) S+ 1000 , 1.00 % SOFR Floor

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

5/28/2026 Services:

Business 16,746 16,732 16,746

Cennox, Inc.(m)(s)(w) S+ 625 , 1.00 % SOFR Floor

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

5/4/2029 Services:

Business 38,388 38,090 38,388

Cennox, Inc.(m)(n)(s)(w) S+ 625 , 1.00 % SOFR Floor

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

5/4/2029 Services:

Business 653 653 653

Cennox, Inc.(s)(w) S+ 625 , 1.00 % SOFR Floor

0.50 % Unfunded

5/4/2029 Services:

Business 2,334 — —

CION/EagleTree Partners, LLC(h)(r)(s) 14.00 % 12/21/2026 Diversified Financials 59,598 59,598 59,598

Community Tree Service, LLC(m)(s)(w) S+ 850 , 1.00 % SOFR Floor

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

Community Tree Service, LLC(m)(t)(x) S+ 975 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 12,082 12,083 12,082

Country Fresh Holdings, LLC(p) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 844 645 21

Country Fresh Holdings, LLC(p) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 342 268 9

Coyote Buyer, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

2/6/2026 Chemicals, Plastics & Rubber 33,688 33,569 33,688

Coyote Buyer, LLC(n)(w) S+ 800 , 1.00 % SOFR Floor

8/6/2026 Chemicals, Plastics & Rubber 6,063 5,997 6,063

Coyote Buyer, LLC 0.50 % Unfunded

2/6/2025 Chemicals, Plastics & Rubber 2,500 — —

Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

11/1/2026 Healthcare & Pharmaceuticals 12,797 12,797 12,797

Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

11/1/2026 Healthcare & Pharmaceuticals 989 989 989

Critical Nurse Staffing, LLC 0.50 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 1,000 — —

David's Bridal, LLC(r)(v) S+ 600 , 0.00 % SOFR Floor

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

6/17/2029 Consumer Goods:

Durable 19,900 19,624 19,801

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

6/30/2028 High Tech Industries 17,747 17,529 17,525

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

6/30/2028 High Tech Industries 368 341 363

CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded

6/30/2028 High Tech Industries 1,840 — ( 23 )

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

12/21/2027 Retail 77,050 77,050 73,181

David's Bridal, LLC(m)(r)(w) S+ 650 , 0.00 % SOFR Floor

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

12/21/2027 Retail 10,164 10,164 9,910

Deluxe Entertainment Services, Inc.(m)(p)(q)(s) Prime+ 550

3/25/2024 Media:

Diversified & Production 2,623 2,542 85

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

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

4/22/2028 Healthcare & Pharmaceuticals 9,168 9,047 9,168

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

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

4/22/2028 Healthcare & Pharmaceuticals 4,167 4,110 4,167

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

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

4/22/2028 Healthcare & Pharmaceuticals 1,018 1,018 1,018

4 unchanged sentences

Business 2,794 2,761 2,301

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

Entertainment Studios P&A LLC(x) S+ 800 , 1.00 % SOFR Floor

9/28/2027 Media:

Diversified & Production 28,783 28,722 28,783

Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:

Entertainment Studios P&A LLC(j)(aa) 5.00 % 5/18/2037 Media:

Diversified & Production — — 81

8 unchanged sentences

7/24/2028 Construction & Building 8,597 8,462 8,597

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

7/24/2028 Construction & Building 197 171 197

ESP Associates, Inc.

1 unchanged sentence

7/24/2028 Construction & Building 1,118 — —

Flatworld Intermediate Corp.(n)(w) S+ 700 , 1.00 % SOFR Floor

Flatworld Intermediate Corp.(x) S+ 675 , 1.00 % SOFR Floor

10/3/2027 Services:

4 unchanged sentences

Business 5,865 — —

Fluid Control II Inc.(m)(w) S+ 650 , 1.00 % SOFR Floor

8/3/2029 Chemicals, Plastics & Rubber 13,235 13,235 13,235

Fluid Control II Inc.

0.50 % Unfunded

8/3/2029 Chemicals, Plastics & Rubber 1,765 — —

FuseFX, LLC(m)(n)(s)(v) S+ 600 , 1.00 % SOFR Floor

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

9/30/2026 Media:

Diversified & Production 20,597 20,587 20,140

Future Pak, LLC(m)(v) S+ 900 , 4.00 % SOFR Floor

Future Pak, LLC(m)(n)(x) S+ 900 , 4.00 % SOFR Floor

9/22/2026 Healthcare & Pharmaceuticals 12,649 12,649 12,649

Gold Medal Holdings, Inc.(m)(v) S+ 700 , 1.00 % SOFR Floor

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

3/17/2027 Environmental Industries 27,344 27,157 27,344

GSC Technologies Inc.(q)(v) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 2,099 2,051 1,983

GSC Technologies Inc.(q)(s)(v) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 1,007 985 942

Lochner, Inc.(m)(w) S+ 675 , 1.00 % SOFR Floor

Gold Medal Holdings, Inc.

1.00 % Unfunded

3/17/2027 Environmental Industries 2,498 ( 20 ) —

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

7/2/2027 Construction & Building 8,671 8,630 8,671

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

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

7/2/2027 Construction & Building 10,216 10,024 10,216

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

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

7/2/2027 Construction & Building 2,516 2,461 2,516

Lochner, Inc.

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

6/17/2029 Healthcare & Pharmaceuticals 11,142 10,989 11,142

HEC Purchaser Corp.

0.50 % Unfunded

7/2/2027 Construction & Building 1,036 — —

Harland Clarke Holdings Corp.(m)(w) S+ 775 , 1.00 % SOFR Floor

6/16/2026 Media:

Advertising, Printing & Publishing 9,244 9,239 8,886

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

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

Heritage Power, LLC(t)(w) S+ 700 , 1.00 % SOFR Floor

7/20/2028 Energy:

Oil & Gas 1,192 1,192 1,175

Hilliard, Martinez & Gonzales, LLP(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor

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

2/14/2025 Services:

Consumer 27,849 27,849 27,327

Hollander Intermediate LLC(m)(v) S+ 875 , 3.00 % SOFR Floor

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

9/19/2026 Consumer Goods:

Durable 19,246 17,804 17,611

Homer City Generation, L.P.(m)(p)(s) 15.00 % 4/16/2024 Energy:

Oil & Gas 13,169 12,024 8,889

Homer City Generation, L.P.(s) 17.00 % 4/16/2024 Energy:

Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:

Oil & Gas 15,822 15,853 14,319

Homer City Generation, L.P.(o) 0.00 % Unfunded

Homer City Generation, L.P.(t) 17.00 %

4/16/2025 Energy:

Oil & Gas 13,059 13,060 13,059

Hudson Hospital Opco, LLC(v)(y) S+ 800 , 3.00 % SOFR Floor

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

11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,095

HUMC Holdco, LLC(m)(v)(y) S+ 800 , 3.00 % SOFR Floor

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

11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,593

HW Acquisition, LLC(m) Prime+ 500

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 147 — ( 10 )

HW Acquisition, LLC Prime+ 500

HW Acquisition, LLC(r)(t)(x) S+ 600 , 0.00 % SOFR Floor

9/28/2026 Capital Equipment 5,134 5,115 4,794

HW Acquisition, LLC 0.50 % Unfunded

HW Acquisition, LLC(r)(t) Prime+ 500

9/28/2026 Capital Equipment 3,373 3,363 3,150

ICA Foam Holdings, LLC(m)(w) S+ 725 , 1.00 % SOFR Floor

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

12/5/2026 Containers, Packaging & Glass 18,876 18,760 18,687

IJKG Opco LLC(v)(y) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,457 1,443 1,424

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

11/5/2026 Healthcare & Pharmaceuticals 16,345 16,149 15,773

Instant Web, LLC(q)(s)(v) S+ 700 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 44,968 44,968 28,555

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Instant Web, LLC(q)(s)(v) S+ 650 , 1.00 % SOFR Floor

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

11/5/2026 Healthcare & Pharmaceuticals 20,880 20,040 19,210

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

2/25/2027 Media:

Advertising, Printing & Publishing 50,951 50,951 36,557

Instant Web, LLC(q)(s) Prime+ 375 , 4.00 % Prime Floor

Instant Web, LLC(r)(t) Prime+ 375

2/25/2027 Media:

Advertising, Printing & Publishing 562 562 573

Instant Web, LLC(q)(s) S+ 650 , 1.00 % SOFR Floor

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

2/25/2027 Media:

Advertising, Printing & Publishing 1,515 1,515 1,488

Instant Web, LLC(q) 0.50 % Unfunded

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

2/25/2027 Media:

Advertising, Printing & Publishing 2,494 2,493 2,445

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 1,731 — ( 30 )

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 757 — ( 15 )

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

4 unchanged sentences

Durable 798 798 776

Invincible Boat Company LLC 0.50 % Unfunded

8/28/2025 Consumer Goods:

Durable 399 — —

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

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

3/25/2027 Services:

3 unchanged sentences

Business 6,982 6,936 6,982

Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor

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

9/30/2027 Services:

Business 2,000 1,988 2,000

Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor

Ironhorse Purchaser, LLC 0.50 % Unfunded

9/30/2027 Services:

Business 551 — —

Ironhorse Purchaser, LLC 0.50 % Unfunded

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

9/30/2027 Services:

Business 265 261 265

Isagenix International, LLC(q)(s)(w) S+ 550 , 1.00 % SOFR Floor

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

4/14/2028 Beverage, Food & Tobacco 9,393 9,393 9,229

Jenny C Acquisition, Inc.(p)(v) S+ 900 , 1.75 % SOFR Floor

10/1/2024 Services:

Consumer 534 534 131

JP Intermediate B, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor

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

11/20/2027 Beverage, Food & Tobacco 53,716 21,298 42,704

K&N Parent, Inc.(m)(s)(v) S+ 825 , 1.00 % SOFR Floor

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

8/16/2027 Consumer Goods:

Durable 5,724 5,724 5,410

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

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

2/16/2027 Consumer Goods:

Durable 4,188 4,077 4,314

Klein Hersh, LLC(m)(s)(v) S+ 1313 , 0.50 % SOFR Floor

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

1/31/2029 Beverage, Food & Tobacco 18,421 18,421 18,582

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

4/27/2028 Services:

Business 23,292 20,615 20,380

KNB Holdings Corp.(m)(p)(u) L+ 550 , 1.00 % LIBOR Floor

4/26/2024 Consumer Goods:

Durable 7,634 7,387 229

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

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

10/31/2025 Services:

Business 28,040 28,015 27,553

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

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

10/31/2025 Services:

Business 4,494 4,491 4,421

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

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

12/20/2025 Capital Equipment 10,981 10,891 10,981

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

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

12/20/2025 Capital Equipment 1,980 1,956 1,980

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

6/29/2025 Services:

Consumer 22,814 22,814 22,814

Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:

Consumer 6,056 6,013 5,814

Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:

Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:

Consumer 6,660 6,644 6,577

MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor

4/22/2026 Services:

Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:

Consumer 7,612 7,522 7,386

MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor

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

4/29/2028 Automotive 17,541 17,541 17,541

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

4/29/2028 Automotive 1,887 1,887 1,887

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

4/29/2028 Automotive 405 405 405

Lux Credit Consultants LLC 2.25 % Unfunded

4/29/2025 Automotive 4,612 — —

Lux Credit Consultants LLC 1.00 % Unfunded

4/29/2028 Automotive 457 — —

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

4/22/2026 Services:

Consumer 16,604 16,574 16,521

MacNeill Pride Group Corp.

1.00 % Unfunded

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

4/22/2026 Services:

2 unchanged sentences

13.00 % 8/20/2026 Healthcare & Pharmaceuticals 7,044 7,022 7,044

Medplast Holdings, Inc.(m)(t) L+ 375 , 0.00 % LIBOR Floor

7/2/2025 Healthcare & Pharmaceuticals 4,961 4,801 4,914

Mimeo.com, Inc.(m)(w) L+ 640 , 1.00 % LIBOR Floor

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

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

Units(e) Cost(d) Fair

Mimeo.com, Inc.(m)(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

Advertising, Printing & Publishing 20,925 20,925 20,925

Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor

Mimeo.com, Inc.(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

4 unchanged sentences

Advertising, Printing & Publishing 2,500 — —

Moss Holding Company(m)(n)(w) S+ 625 , 1.00 % SOFR Floor

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

10/17/2026 Services:

Business 21,895 21,586 21,895

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

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

Units(e) Cost(d) Fair

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

10/17/2026 Services:

Business 2,654 2,628 2,654

Moss Holding Company 5.75 % Unfunded

4 unchanged sentences

Business 2,126 — —

NewsCycle Solutions, Inc.(m)(n)(w) S+ 700 , 1.00 % SOFR Floor

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

12/11/2029 Capital Equipment 8,026 7,904 7,906

Newbury Franklin Industrials LLC 1.00 % Unfunded

12/11/2029 Capital Equipment 1,974 ( 15 ) ( 30 )

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

2/27/2024 Media:

Advertising, Printing & Publishing 12,286 12,282 9,521

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

10/13/2027 Energy:

Oil & Gas 27,004 27,004 27,004

Nova Compression, LLC 1.00 % Unfunded

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

10/13/2027 Energy:

Oil & Gas 28,297 28,297 28,297

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

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

10/13/2027 Energy:

Oil & Gas 3,300 3,300 3,300

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

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

6/18/2026 Hotel, Gaming & Leisure 24,750 24,750 24,750

OpCo Borrower, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

OpCo Borrower, LLC(m)(n)(x) S+ 600 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 28,875 28,759 28,875

OpCo Borrower, LLC 0.50 % Unfunded

Optio Rx, LLC(u)(z) L+ 900 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 1,508 1,508 1,508

Optio Rx, LLC(m)(n)(u) L+ 900 , 0.00 % LIBOR Floor

Optio Rx, LLC(n)(u)(z) L+ 1200 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 2,480 2,480 2,480

Optio Rx, LLC(n)(u) L+ 1200 , 0.00 % LIBOR Floor

Optio Rx, LLC(x)(z) S+ 525 , 5.00 % SOFR Floor

10/10/2024 Healthcare & Pharmaceuticals 1,505 1,505 1,505

Pentec Acquisition Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor

Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 9,267 9,250 9,267

PH Beauty Holdings III.

Inc.(m)(w) S+ 500 , 0.00 % SOFR Floor

9/28/2025 Consumer Goods:

Non-Durable 9,475 9,227 9,108

Playboy Enterprises, Inc.(h)(n)(s)(x) S+ 425 , 0.50 % SOFR Floor

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

5/25/2027 Consumer Goods:

Non-Durable 14,228 14,070 14,228

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

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

5/12/2028 Hotel, Gaming & Leisure 18,752 18,752 18,611

Project Castle, Inc.(m)(w) S+ 550 , 0.50 % SOFR Floor

6/1/2029 Capital Equipment 7,890 7,186 7,042

Donnelley & Sons Company(n)(v) S+ 725 , 0.75 % SOFR Floor

3/22/2028 Media:

Advertising, Printing & Publishing 12,821 12,791 12,851

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

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

4/8/2026 Media:

Diversified & Production 11,317 11,317 10,468

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

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

4/8/2026 Media:

Diversified & Production 1,115 1,072 1,032

RA Outdoors, LLC 0.50 % Unfunded

RA Outdoors, LLC(p) 0.50 % Unfunded

4/8/2026 Media:

Diversified & Production 348 — ( 26 )

Retail Services WIS Corp.(m)(w) S+ 835 , 1.00 % SOFR Floor

5/20/2025 Services:

Business 9,046 8,926 8,956

Hilliard, L.L.P.(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor

Riddell, Inc.

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

3/29/2029 Consumer Goods:

Durable 16,057 15,781 15,936

Riddell, Inc.

/ All American Sports Corp.(p) 0.00 % Unfunded

3/29/29 Consumer Goods:

Durable 1,636 — ( 12 )

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

2/14/2025 Services:

Consumer 2,311 2,311 2,268

Rogers Mechanical Contractors, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC(x) S+ 625 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 1,655 1,627 1,670

3 unchanged sentences

3/28/2026 Construction & Building 2,541 — 22

RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC 0.50 % Unfunded

9/28/2028 Construction & Building 2,885 ( 5 ) —

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

8/31/2026 Automotive 8,696 8,432 8,479

RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor

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

8/31/2026 Automotive 2,624 2,615 2,559

Securus Technologies Holdings, Inc.(m)(s)(w) S+ 489 , 1.00 % SOFR Floor

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

7/31/2025 Telecommunications 4,049 3,950 3,760

Sequoia Healthcare Management, LLC(y) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,540 7,289

Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 23,443 23,152 25,553

Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 7,036 6,948 7,669

Service Compression, LLC 0.50 % Unfunded

5/6/2025 Energy:

Oil & Gas 419 — 38

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

10/12/2026 Retail 13,635 13,469 13,635

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

10/12/2026 Retail 397 392 405

Sleep Opco, LLC 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 20 ) —

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

11/29/2024 Healthcare & Pharmaceuticals 15,453 15,398 8,576

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

7/31/2025 Telecommunications 77 77 75

Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 4,135

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

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

10/12/2026 Retail 13,495 13,383 13,495

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

10/12/2026 Retail 393 393 397

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

10/12/2026 Retail 1,408 1,380 1,408

Sleep Opco, LLC 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 13 ) —

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

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

5/29/2025 Healthcare & Pharmaceuticals 17,965 17,948 9,791

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

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

5/29/2025 Healthcare & Pharmaceuticals 1,596 1,596 822

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

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

5/29/2025 Healthcare & Pharmaceuticals 1,026 972 529

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

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

5/29/2025 Healthcare & Pharmaceuticals 975 975 502

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

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

5/29/2025 Healthcare & Pharmaceuticals 813 770 443

STATinMED, LLC(q)(s)(v) S+ 950 , 2.00 % SOFR Floor

Spinal USA, Inc.

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

5/29/2025 Healthcare & Pharmaceuticals 743 743 750

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

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

3/4/2028 Services:

Business 9,974 8,603 8,445

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

7/1/2027 Healthcare & Pharmaceuticals 12,410 11,710 4,592

STATinMED, LLC(r)(aa) 0.00 %

7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 942

STATinMED, LLC(r)(aa) 0.00 %

7/1/2027 Healthcare & Pharmaceuticals 224 224 243

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

8/16/2028 Construction & Building 14,888 14,888 14,887

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

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

8/16/2028 Construction & Building 1,526 1,530 1,526

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

8/16/2028 Construction & Building 525 525 525

Stengel Hill Architecture, LLC 0.38 % Unfunded

8/16/2028 Construction & Building 1,725 — —

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

12/22/2028 Aerospace & Defense 11,850 11,850 11,850

Tactical Air Support, Inc.

0.75 % Unfunded

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

12/22/2028 Aerospace & Defense 1,975 1,928 1,975

Thrill Holdings LLC(m)(v) S+ 650 , 1.00 % SOFR Floor

5/27/2027 Media:

Diversified & Production 20,033 20,033 20,004

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

2/26/2029 Retail 1,905 1,896 1,906

Thrill Holdings LLC 0.50 % Unfunded

1 unchanged sentence

Diversified & Production 1,739 — 28

Thrill Holdings LLC 1.00 % Unfunded

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

5/27/2027 Media:

Diversified & Production 19,081 19,081 19,112

TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor

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

6/30/2029 Services:

Business 7,280 7,280 7,043

TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor

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

12/31/2028 Services:

Business 780 — —

Trademark Global, LLC(m)(s)(v) S+ 750 , 1.00 % SOFR Floor

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

6/30/2027 Consumer Goods:

Non-Durable 18,139 18,095 14,831

Trammell, P.C.(s)(v) S+ 1550 , 2.00 % SOFR Floor

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

4/28/2026 Services:

Consumer 15,777 15,777 15,777

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

10/19/2027 Chemicals, Plastics & Rubber 25,435 25,243 25,435

Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor

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

12/16/2025 Services:

Business 1,525 1,426 641

Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor

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

12/16/2025 Services:

Business 325 304 137

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

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

3/1/2026 Beverage, Food & Tobacco 24,583 24,283 23,775

WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor

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

6/7/2027 Services:

Business 14,651 14,651 14,651

WorkGenius, Inc.(w) S+ 750 , 1.00 % SOFR Floor

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

6/7/2027 Services:

Business 7,465 7,465 7,465

WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor

WorkGenius, Inc.

S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 750 742 750

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

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

12/20/2028 High Tech Industries 3,836 3,810 3,836

Yak Access, LLC(m)(n)(w) S+ 640 , 1.00 % SOFR Floor

3/10/2028 Construction & Building 20,592 18,768 20,618

Total Senior Secured First Lien Debt 1,610,540 1,563,256

Senior Secured Second Lien Debt - 0.3 %

Global Tel*Link Corp.(n)(w) S+ 1000 , 0.00 % SOFR Floor

11/29/2026 Telecommunications 11,500 11,401 11,414

OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,795 11,813

RA Outdoors, LLC(m)(w) S+ 900 , 1.00 % SOFR Floor

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

10/8/2026 Media:

Diversified & Production 2,004 2,004 1,293

Securus Technologies Holdings, Inc.(s)(w) S+ 891 , 1.00 % SOFR Floor

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

11/1/2025 Telecommunications 3,302 3,183 1,387

TMK Hawk Parent, Corp.(p)(w) S+ 800 , 1.00 % SOFR Floor

8/26/2025 Services:

Business 13,393 13,285 1,473

Total Senior Secured Second Lien Debt 5,187 2,680

Collateralized Securities and Structured Products - Equity - 0.1 %

APIDOS CLO XVI Subordinated Notes(g)(h) 0.00 % Estimated Yield

1/19/2025 Diversified Financials 9,000 1,217 20

Galaxy XV CLO Ltd.

Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield

4/15/2025 Diversified Financials 4,000 1,145 1,076

Total Collateralized Securities and Structured Products - Equity 2,362 1,096

Unsecured Debt - 1.5 %

Lucky Bucks Holdings LLC(p)(s) 12.50 % 5/26/2028 Hotel, Gaming & Leisure 25,308 22,860 4,135

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

WPLM Acquisition Corp.(s) 15.00 % 11/24/2025 Media:

Advertising, Printing & Publishing 8,872 8,833 8,739

Collateralized Securities and Structured Products - Equity - 0.3 %

Galaxy XV CLO Ltd.

Class A Subordinated Notes(g)(h)(aa) 19.30 % Estimated Yield

10/15/2030 Diversified Financials 4,000 978 693

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(g)(h)(aa) 11.84 % Estimated Yield

4/28/2039 Diversified Financials 2,000 2,002 1,989

Total Collateralized Securities and Structured Products - Equity 2,980 2,682

Unsecured Debt - 1.4 %

Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services:

Business 4,368 988 1,081

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

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

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

TMK Hawk Parent, Corp.

11.00 % 12/15/2031 Services:

Business 1,536 1,536 1,315

Total Unsecured Debt 29,487 11,814

Equity - 29.2 %

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

ACS Holdings LLC, Class A-1 Membership Units(p)(r) Healthcare & Pharmaceuticals 25,115,901 Units

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

Metals & Mining NA — —

Ascent Resources - Marcellus, LLC, Membership Units(o) Energy:

Ascent Resources - Marcellus, LLC, Membership Units(p) Energy:

Oil & Gas 511,255 Units

Carestream Health Holdings, Inc., Common Stock(o)(q) Healthcare & Pharmaceuticals 614,368 Units

Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return)

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

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

Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units

21,759 20,108

CF Arch Holdings LLC, Class A Units(o) Services:

CF Arch Holdings LLC, Class A Units(p) Services:

Business 380,952 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(r) Diversified Financials 22,072,841 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units

22,073 18,103

CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(r)

CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s)

Diversified Financials NA — —

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

10,820 12,494

David's Bridal Holdings, LLC, Common Units(o)(r) Retail 900,000 Units

CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units

David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units

23,130 24,570

FWS Parent Holdings, LLC, Class A Membership Interests(o) Services:

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

EBSC Holdings LLC, Preferred Units ( 10 % Return)

Consumer Goods:

Durable 2,000 Units

FWS Parent Holdings, LLC.

Class A Membership Interests(p) Services:

Business 35,242 Units

GSC Technologies Inc., Common Shares(o)(q) Chemicals, Plastics & Rubber 807,268 Units

Heritage Litigation Trust, Restricted Stock(o) Energy:

GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units

Heritage Litigation Trust, Restricted Stock(p) Energy:

Oil & Gas 238,375 Units

IPP Buyer Holdings, LLC, Class A Units(o)(q) Retail 8,888,354 Units

10,740 11,910

Instant Web Holdings, LLC, Class A Common Units(o)(q) Media:

Instant Web Holdings, LLC, Class A Common Units(p)(r) Media:

Advertising, Printing & Publishing 10,819 Units

Isagenix Worldwide, Inc., Common Shares(o)(q) Beverage, Food & Tobacco 601,941 Units

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

IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units

10,740 11,644

Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 720,420 Units

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

Durable 743,846 Units

Language Education Holdings GP LLC, Common Units(o) Services:

Language Education Holdings GP LLC, Common Units(p) Services:

Business 366,667 Units

Language Education Holdings LP, Ordinary Common Units(o) Services:

Language Education Holdings LP, Ordinary Common Units(p) Services:

Business 366,667 Units

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

Oil & Gas 653,989 Units

Macquarie Capital Funding LLC(i)(o)

Hotel, Gaming & Leisure 123,568 Units

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

New Giving Acquisition, Inc., Warrants(o) 8/19/2029 Healthcare & Pharmaceuticals 4,630 Units

New HW Holdings Corp., Common Stock(o) Capital Equipment 133 Units

NS NWN Acquisition, LLC, Class A Preferred Units(o) High Tech Industries 111 Units

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

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

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

Durable 1,575 Units

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

Reorganized Heritage TopCo, LLC, Common Stock(o) Energy:

LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units

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

Oil & Gas 1,491,731 Units

RumbleOn, Inc., Warrants(o) 8/14/2028 Automotive 60,606 Units

Service Compression, LLC, Warrants(o) Energy:

Oil & Gas N/A 509 1,426

Snap Fitness Holdings, Inc., Class A Common Stock(o)(q) Services:

Consumer 9,858 Units

Snap Fitness Holdings, Inc., Warrants(o)(q) Services:

Consumer 3,996 Units

SRA Holdings, LLC, Membership Units(m)(o)(q) Banking, Finance, Insurance & Real Estate 224,865 Units

12,835 52,166

STATinMed Parent, LLC, Class A Preferred Units(o)(q) Healthcare & Pharmaceuticals 6,182 Units

STATinMed Parent, LLC, Class B Preferred Units(o)(q) Healthcare & Pharmaceuticals 51,221 Units

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

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

New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units

New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

URS Topco, LLC, Common Equity(o) Transportation:

NS NWN Acquisition, LLC, Class A Preferred Units(aa) High Tech Industries 111 Units

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

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

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

Durable 1,575 Units

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

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

Non-Durable 3,825 Units

RumbleOn, Inc., Warrants(p) Automotive 60,606 Units

Service Compression Holdings, LLC, Junior Preferred Units(p) Energy:

Oil & Gas 389,001 Units

Service Compression, LLC, Warrants(p) Energy:

Oil & Gas 730,586 Units

Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services:

Consumer 9,858 Units

Snap Fitness Holdings, Inc., Warrants(p)(r) Services:

Consumer 3,996 Units

SRA Parent, LLC, Preferred Units ( 12 % Return)(r)

Banking, Finance, Insurance & Real Estate 9,166,827 Units

SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 147,827 Units

17,590 17,277

STATinMed Parent, LLC, Class A Preferred Units(p)(r) Healthcare & Pharmaceuticals 6,182 Units

STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units

TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:

Non-Durable 9 Units

TMK Hawk Parent, Corp., Common Shares(p) Services:

Business 643,588 Units

TMK Hawk Parent, Corp., Warrants(p) Services:

Business 36,734 Units

URS Topco, LLC, Common Equity(p) Transportation:

Cargo 430,540 Units

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

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

Business 500 Units

Yak Holding II, LLC, Series A Preferred Units(o) Construction & Building 4,000,000 Units

Yak Holding II, LLC, Series B-1 Preferred Units(o) Construction & Building 1,966,018 Units

Yak Holding II, LLC, Series A Common Units(o) Construction & Building 127,419 Units

Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units

Total Equity 226,681 239,438

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portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h.

Unless specifically identified in note s.

Unless specifically identified in note t.

below, investments do not contain a PIK interest provision.

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

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2023.

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

Represents amortized cost for debt securities and cost for equity investments.

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Fair value determined using level 1 inputs.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.

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As of December 31, 2024, 95.9 % of the Company’s total assets represented qualifying assets.

The Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan were passed onto the Company.

The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company.

Macquarie's obligations under the proceeds agreement are not secured by any collateral.

The industry and other investment characteristics reflect the terms of the underlying equity security.

Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of December 31, 2024 was 3.88 %.

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.

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Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS as of December 31, 2024 (see Note 8).

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 December 31, 2024.

See accompanying notes to consolidated financial statements.

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(in thousands)

Investment or a portion thereof was on non-accrual status as of December 31, 2023.

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, 2023 and 2024, along with transactions during the year ended December 31, 2024 in these affiliated investments, were as follows:

Year Ended December 31, 2023

Year Ended December 31, 2024 Year Ended December 31, 2024

Non-Controlled, Affiliated Investments Fair Value at

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(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2023

Net Realized Gain (Loss) Interest

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

December 31, 2024 Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

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First Lien Term Loan $ 4,583 $ — $ ( 4,583 ) $ — $ — $ — $ 363 $ — $ —

American Clinical Solutions LLC

First Lien Term Loan — 13,300 — ( 2,225 ) 11,075 — 503 — 50

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

ARC Financial, LLC

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GSC Technologies Inc.

Incremental Term Loan 154 6 ( 160 ) — — — 11 — —

First Lien Term Loan A 1,983 25 ( 2,076 ) 68 — — 213 — —

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Common Shares 1,251 — — ( 1,219 ) 32 — — — —

HW Acquisition, LLC

Revolving Loan — 2,890 — 250 3,140 — 215 — —

First Lien Term Loan — 16,555 ( 14,448 ) 2,687 4,794 ( 4,549 ) 939 — —

Instant Web, LLC

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Common Shares 8,404 — — ( 2,082 ) 6,322 — — — —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Year Ended December 31, 2024 Year Ended December 31, 2024

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2023 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

December 31, 2024 Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Lift Brands, Inc.

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Membership Units 21,726 10,132 — 20,308 52,166 — — — —

Longview Power, LLC

First Lien Term Loan 2,348 6 ( 1,396 ) ( 958 ) — — 1,306 — —

Mount Logan Capital Inc.

Common Stock 1,624 — ( 1,511 ) ( 113 ) — — — 53 —

New HW Holdings Corp.

Preferred Stock — 9,899 — ( 6,758 ) 3,141 — — — —

Common Stock — — — — — — — — —

Snap Fitness Holdings, Inc.

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SRA Holdings, LLC

First Lien Term Loan — 4,158 ( 56 ) 1 4,103 — 146 — —

Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — 3,145 — — —

SRA Parent, LLC

Preferred Equity — 9,525 — 8 9,533 — — 358 —

Common Equity — 17,539 — ( 262 ) 17,277 — — — —

STATinMED, LLC

First Lien Term Loan 10,358 1,032 — ( 6,798 ) 4,592 — 894 — —

Delayed Draw First Lien Term Loan 156 6 ( 159 ) ( 3 ) — — 10 — —

Senior Term Loan — 1,004 — ( 62 ) 942 — 257 — 2,894

Senior Superpriority Term Loan — 224 — 19 243 — — — 704

STATinMed Parent, LLC

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Class B Preferred Units — — — — — — — — —

TG Parent NewCo LLC

Common Equity — — — — — — — — —

Trademark Global, LLC

First Lien Term Loan — 13,341 — 1,490 14,831 — 683 — —

Totals $ 206,301 $ 114,357 $ ( 56,512 ) $ 5,059 $ 269,205 $ ( 3,946 ) $ 18,118 $ 411 $ 3,648

(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3) Includes PIK interest income.

See accompanying notes to consolidated financial statements.

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(in thousands)

(3) Includes PIK interest income.

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.

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(Cost)(2) Net

Gain (Loss) Fair Value at December 31, 2023

Gain (Loss) Fair Value at

December 31, 2024 Net Realized

Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Income(3) Fee Income

CION/EagleTree Partners, LLC

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(in thousands)

As of December 31, 2023, 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.

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Senior Secured First Lien Debt 2.75 % 11.34 % 14.09 %

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 4.05 % 14.05 %

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

Senior Secured First Lien Debt 6.06 % 6.50 % 12.56 %

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 3.24 % 13.24 %

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

Community Tree Service, LLC Senior Secured First Lien Debt 13.24 % 1.25 % 14.49 %

Deluxe Entertainment Services, Inc.

Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %

FuseFX, LLC Senior Secured First Lien Debt 5.78 % 5.00 % 10.78 %

GSC Technologies Inc.

Senior Secured First Lien Debt — 10.51 % 10.51 %

Heritage Power, LLC Senior Secured First Lien Debt 5.86 % 5.50 % 11.36 %

Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 16.67 % 16.67 %

Hollander Intermediate LLC Senior Secured First Lien Debt — 13.22 % 13.22 %

Homer City Generation, L.P.

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Senior Secured First Lien Debt — 17.00 % 17.00 %

HW Acquisition, LLC Senior Secured First Lien Debt — 10.59 % 10.59 %

HW Acquisition, LLC Senior Secured First Lien Debt — 12.50 % 12.50 %

Senior Secured First Lien Debt 11.32 % 0.25 % 11.57 %

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Senior Secured First Lien Debt 7.68 % 5.00 % 12.68 %

Klein Hersh, LLC Senior Secured First Lien Debt 6.74 % 12.00 % 18.74 %

LAV Gear Holdings, Inc.

Senior Secured First Lien Debt — 10.86 % 10.86 %

Lift Brands, Inc.

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Senior Secured First Lien Debt 5.76 % 5.25 % 11.01 %

RA Outdoors, LLC Senior Secured Second Lien Debt — 13.74 % 13.74 %

Hilliard, L.L.P.

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Senior Secured Second Lien Debt — 13.64 % 13.64 %

Service Compression, LLC Senior Secured First Lien Debt 13.46 % 2.00 % 15.46 %

Spinal USA, Inc.

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STATinMED, LLC Senior Secured First Lien Debt — 14.14 % 14.14 %

TMK Hawk Parent, Corp.

Senior Secured First Lien Debt — 9.59 % 9.59 %

TMK Hawk Parent, Corp.

Unsecured Debt — 11.00 % 11.00 %

Trademark Global, LLC Senior Secured First Lien Debt — 13.09 % 13.09 %

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Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %

WPLM Acquisition Corp.

Unsecured Note — 15.00 % 15.00 %

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%.

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

Other income producing investment.

See accompanying notes to consolidated financial statements

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On February 26, 2023, the Company’s shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION” and "CION B1", respectively.

On October 9, 2024, the Company’s 7.50 % Notes due 2029 listed and commenced trading on the NYSE under the ticker symbol “CICB”.

On October 9, 2024, the Company’s 7.50 % Notes due 2029, or the 7.50 % 2029 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICB” and on February 12, 2026, the Company’s 7.50 % Notes due 2031, or the 2031 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICC”.

CĪON Investment Corporation

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Recent Accounting Pronouncements

In June 2022, the Financial Accounting Standards Board, or the FASB, issued ASU 2022-03, Fair Value Measurement (Topic 820):

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , or ASU 2022-03, which clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820.

ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2023.

Effective December 31, 2024, the Company has adopted ASU 2022-03 and concluded that this guidance did not have a material impact on the Company's consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , or ASU 2023-07, which requires specific disclosures related to the title and position of the individual (or the name of the group or committee) identified as the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.

Early adoption is permitted and retrospective adoption is required for all prior periods presented.

Effective December 31, 2024, the Company has adopted ASU 2023-07 and concluded that this guidance did not have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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

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

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ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.

The Company adopted ASU 2023-09 on December 31, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.

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

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

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

Early adoption is permitted.

The Company does not expect that the application of this guidance will have a material impact on its consolidated financial statements.

Cash and Cash Equivalents

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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.

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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 and subject to the oversight of the Company’s board of directors, pursuant to Rule 2a-5 of the 1940 Act and pursuant to CIM's 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.

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

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

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

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

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

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

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

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Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income.

The Company may have investments in its investment portfolio that contain a PIK interest provision.

The Company has investments in its investment portfolio that contain a PIK interest provision.

PIK interest is accrued as interest income if the portfolio company valuation indicates that such PIK interest is collectible and recorded as interest receivable up to the interest payment date.

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

Net Increase (Decrease) in Net Assets per Share

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

Net (Decrease) Increase in Net Assets per Share

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

Distributions

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Share Transactions

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

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

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the years ended December 31, 2025, 2024 and 2023:

2 unchanged sentences

Shares Amount Shares Amount Shares Amount

Gross shares/proceeds from the offering — $ — — $ — — $ —

Gross shares/proceeds from offerings

— $ — — $ — — $ —

Reinvestment of distributions — — — — — —

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As of December 31, 2025, 18,848,738 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 December 31, 2024, the Company has not issued any such shares.

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 did not issue any such shares.

Distribution Reinvestment Plan

In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated its previous fifth amended and restated distribution reinvestment plan, or the Old DRP.

The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021.

On September 15, 2021, the Company adopted a new distribution reinvestment plan, or the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.

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

Listing and Fractional Shares

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

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

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

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

Pre-Listing Share Repurchase Program

Historically, the Company offered to repurchase shares on a quarterly basis on such terms as determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not have been in the best interests of the Company’s shareholders or would have violated applicable law.

On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's pre-Listing share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide.

The pre-Listing share repurchase program ultimately terminated upon the Listing and the Company does not expect to implement a new quarterly share repurchase program in the future.

Historically, the Company generally limited the number of shares to be repurchased during any calendar year to the number of shares it could have repurchased with the proceeds it received from the issuance of shares pursuant to the Old DRP.

At the discretion of the Company’s board of directors, it could have also used cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable period to repurchase shares.

The Company offered to repurchase such shares at a price equal to the estimated NAV per share on each date of repurchase.

Any periodic repurchase offers were subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

Post-Listing Share Repurchase Policy

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

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

On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing.

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

Share Repurchase Policy

On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50,000 of its outstanding common stock after the Listing.

On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 20,000 to up to an aggregate of $ 80,000 .

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

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The following table summarizes the share repurchases completed during the years ended December 31, 2024 and 2025:

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

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)

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January 1 to January 31, 2025

89,466 $ 11.29 89,466 $ 20,758

February 1 to February 28, 2025

63,383 12.01 63,383 19,998

March 1 to March 31, 2025

33,013 12.13 33,013 19,598

April 1 to April 30, 2025

315,943 9.36 315,943 16,648

May 1 to May 31, 2025

95,782 9.76 95,782 15,714

June 1 to June 30, 2025

287,840 9.26 287,840 13,056

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

October 1 to October 31, 2025

348,336 9.33 348,336 26,565

November 1 to November 30, 2025

90,964 9.25 90,964 25,725

December 1 to December 31, 2025

116,352 9.59 116,352 24,611

Total for the year ended December 31, 2025

1,771,403 1,771,403

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

(2) Includes an additional $ 20,000 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 January 1, 2026 to March 4, 2026, the Company repurchased 921,342 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 8,245 , or an average purchase price of $ 8.95 per share.

As of March 4, 2026, 19,446,838 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

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(in thousands, except share and per share amounts)

From January 1, 2025 to March 5, 2025, the Company repurchased 162,575 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 1,891 , or an average purchase price of $ 11.63 per share.

As of March 5, 2025, 17,242,631 shares of common stock repurchased by the Company had been retired.

Transactions with Related Parties

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

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

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

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

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

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Distributions

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

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

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

Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to the Old DRP.

On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020.

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.

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 4 and 6 record dates during the years ended December 31, 2025 and 2024, respectively.

The following table presents distributions per share that were declared during the years ended December 31, 2024, 2023 and 2022:

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

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

Distributions

1 unchanged sentence

March 31, 2024 (one record date)

June 30, 2022 (one record date) 0.28 15,949

$ 0.34 $ 18,279

June 30, 2024 (two record dates)

September 30, 2024 (one record date)

2 unchanged sentences

March 31, 2025 (one record date)

$ 0.36 $ 19,149

June 30, 2025 (one record date)

September 30, 2023 (two record dates) 0.39 21,276

December 31, 2023 (three record dates) 0.54 29,290

Total distributions for the year ended December 31, 2023 $ 1.61 $ 87,867

March 31, 2024 (one record date) $ 0.34 $ 18,279

June 30, 2024 (two record dates) 0.41 21,960

September 30, 2025 (one record date)

December 31, 2024 (two record dates) 0.41 21,835

December 31, 2025 (one record date)

Total distributions for the year ended December 31, 2025 $ 1.44 $ 75,361

On March 10, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the first quarter of 2025 payable on April 11, 2025 to shareholders of record as of March 28, 2025.

In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP.

The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021.

On September 15, 2021, the Company adopted the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.

Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated NAV per share of common stock as of the date of issuance.

Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;

On January 6, 2026, the Company’s co-chief executive officers declared base distributions of $ 0.10 per share for each of January, February, and March 2026, which were paid or will be payable to shareholders as follows:

Declaration Date Record Date Payment Date Amount Per Share

January 6, 2026 January 16, 2026 January 30, 2026 $ 0.10

January 6, 2026 February 13, 2026 February 27, 2026 0.10

January 6, 2026 March 13, 2026 March 27, 2026 0.10

On March 9, 2026, the Company’s co-chief executive officers declared base distributions of $ 0.10 per share for each of April, May, and June 2026, which will be payable to shareholders as follows:

Declaration Date Record Date Payment Date Amount Per Share

March 9, 2026 April 10, 2026 April 24, 2026 $ 0.10

March 9, 2026 May 15, 2026 May 29, 2026 0.10

March 9, 2026 June 12, 2026 June 26, 2026 0.10

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

Shareholders enrolled in the DRP receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;

or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator.

With respect to distributions to participating shareholders under the New DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the New DRP.

Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV.

Pursuant to the terms of the New DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares;

With respect to distributions to participating shareholders under the DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the DRP.

Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV.

Pursuant to the terms of the DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares;

provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.

If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.

If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash.

If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock.

The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder.

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

CĪON Investment Corporation

2 unchanged sentences

(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 years ended December 31, 2023 and 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:

If a shareholder receives distributions in the form of common stock pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the years ended December 31, 2024 and 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 or Programs

January 1 to January 31, 2024

92,108 $ 11.05 92,108 (1)

February 1 to February 29, 2024

March 1 to March 31, 2024

170,571 11.09 170,571 (1)

April 1 to April 30, 2024

1 unchanged sentence

June 1 to June 30, 2024

135,440 12.44 135,440 (1)

July 1 to July 31, 2024

18,789 12.51 18,789 (1)

August 1 to August 31, 2024

September 1 to September 30, 2024

131,659 12.10 131,659 (1)

October 1 to October 31, 2024

1 unchanged sentence

December 1 to December 31, 2024

130,792 11.85 130,792 (1)

Total for the year ended December 31, 2024 679,359 $ 11.74 679,359 (1)

January 1 to January 31, 2025

19,368 $ 11.49 19,368 (1)

February 1 to February 28, 2025

1 unchanged sentence

April 1 to April 30, 2025

159,518 9.13 159,518 (1)

May 1 to May 31, 2025

June 1 to June 30, 2025

151,264 9.29 151,264 (1)

July 1 to July 31, 2025

1 unchanged sentence

September 1 to September 30, 2025

136,868 10.07 136,868 (1)

October 1 to October 31, 2025

1 unchanged sentence

December 1 to December 31, 2025

136,151 10.08 136,151 (1)

Total for the year ended December 31, 2025 603,169 $ 9.67 603,169 (1)

(1) See the description of the New DRP above.

(1) See the description of the DRP above.

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

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 years ended December 31, 2025, 2024 and 2023:

4 unchanged sentences

Total distributions $ 1.44 $ 75,361 100.0 % $ 1.52 $ 81,308 100.0 % $ 1.61 $ 87,867 100.0 %

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

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

27 unchanged sentences

Retail 187,490 11.0 % 160,093 8.8 %

Diversified & Production 129,210 7.1 % 135,037 7.3 %

Oil & Gas 146,490 8.6 % 116,393 6.4 %

Diversified & Production 122,806 7.2 % 129,210 7.1 %

Consumer 113,150 6.8 % 111,832 6.2 %

Advertising, Printing & Publishing 104,622 5.7 % 116,100 6.3 %

Beverage, Food & Tobacco 101,153 6.0 % 100,612 5.5 %

Construction & Building 99,383 5.5 % 104,727 5.7 %

Consumer Goods:

1 unchanged sentence

Banking, Finance, Insurance & Real Estate 69,066 4.1 % 64,422 3.5 %

Construction & Building 65,493 3.9 % 99,383 5.5 %

High Tech Industries 55,956 3.3 % 37,665 2.1 %

Diversified Financials 54,744 3.2 % 56,822 3.1 %

Advertising, Printing & Publishing 47,644 2.8 % 104,622 5.7 %

Capital Equipment 31,599 1.9 % 52,349 2.9 %

Hotel, Gaming & Leisure 49,823 2.7 % 50,906 2.8 %

High Tech Industries 37,665 2.1 % 22,671 1.2 %

Consumer Goods:

Non-Durable 28,876 1.7 % 35,210 1.9 %

Automotive 31,104 1.7 % 12,403 0.7 %

Environmental Industries 27,928 1.6 % 27,344 1.5 %

Automotive 27,145 1.6 % 31,104 1.7 %

Hotel, Gaming & Leisure 22,733 1.3 % 49,823 2.7 %

Containers, Packaging & Glass 18,652 1.1 % 18,687 1.0 %

Aerospace & Defense 13,825 0.8 % 12,000 0.6 %

Metals & Mining 16,637 1.0 % 13,094 0.7 %

Aerospace & Defense 15,075 0.9 % 13,825 0.8 %

Transportation:

46 unchanged sentences

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

On March 4, 2026, CION/EagleTree extended the maturity date of the senior secured notes from December 21, 2026 to December 21, 2027.

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

7 unchanged sentences

Portfolio Company Interest Maturity Industry Principal/

Units Cost(a) Fair

Collateralized Securities and Structured Products - Equity

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(b) 11.84 % Estimated Yield

Subordinated Loan(a)

7.03 % Estimated Yield

4/28/2039 Diversified Financials $ 5,000 $ 4,514 $ 5,028

Total Collateralized Securities and Structured Products - Equity 4,514 5,028

American Clinical Solutions LLC, Class A Membership Interests(c) Healthcare & Pharmaceuticals 6,030,384 Units

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(c) Media:

American Clinical Solutions LLC, Class A Membership Interests(b)

Healthcare & Pharmaceuticals 6,030,384 Units

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b)

Diversified & Production 1,469 Units

Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(c) Media:

Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b)

Diversified & Production 255 Units

Anthem Sports and Entertainment Inc., Common Stock Warrants(c) Media:

Anthem Sports and Entertainment Inc., Common Stock Warrants(b)

Diversified & Production 4,746 Units

1 unchanged sentence

Diversified Financials N/A 9,993 9,218

Carestream Health Holdings, Inc., Common Stock(c) Healthcare & Pharmaceuticals 614,367 Units

Carestream Health Holdings, Inc., Common Stock(b)

Healthcare & Pharmaceuticals 614,367 Units

21,759 17,976

3 unchanged sentences

Healthcare & Pharmaceuticals 183,723 Units

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

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

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

CTS Ultimate Holdings LLC, Class A Preferred Units(b)

Construction & Building 3,578,701 Units

HDNet Holdco LLC, Preferred Unit Call Option(b)

Diversified & Production 1 Unit

Language Education Holdings GP LLC, Common Units(c) Services:

Language Education Holdings GP LLC, Common Units(b)

Business 133,333 Units

Language Education Holdings LP, Ordinary Common Units(c) Services:

Language Education Holdings LP, Ordinary Common Units(b)

Business 133,333 Units

Skillsoft Corp., Class A Common Stock(c) High Tech Industries 12,171 Units

Skillsoft Corp., Class A Common Stock(b)(c)

High Tech Industries 12,171 Units

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(c) Healthcare & Pharmaceuticals 20,667,324 Units

/ Precision Medical Inc., Warrants(b)

Healthcare & Pharmaceuticals 20,667,324 Units

Total Equity 50,804 48,474

3 unchanged sentences

TOTAL INVESTMENTS $ 56,772 $ 54,956

Represents amortized cost for debt securities and cost for equity investments.

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.

3 unchanged sentences

Non-income producing security.

Fair value determined using level 1 inputs.

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.

5 unchanged sentences

The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024:

Portfolio Company Interest(a) Maturity Industry Principal/

Units Cost(b) Fair

Senior Secured First Lien Debt

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

2/14/2025 Services:

Business $ 1,200 $ 1,157 $ 1,194

Community Tree Service, LLC(g) S+ 850 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 463 463 464

Total Senior Secured First Lien Debt 1,620 1,658

Senior Secured Second Lien Debt

Access CIG, LLC(g) L+ 775 , 0.00 % LIBOR Floor

2/27/2026 Services:

Business 7,250 7,229 7,244

MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor

7/2/2026 Healthcare & Pharmaceuticals 6,750 6,276 6,535

Total Senior Secured Second Lien Debt 13,505 13,779

Portfolio Company Interest

Maturity Industry Principal/

Collateralized Securities and Structured Products - Equity

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(c) 11.84 % Estimated Yield

Subordinated Loan(a)

11.84 % Estimated Yield

2/2/2026 Diversified Financials $ 8,000 $ 7,462 $ 7,911

Total Collateralized Securities and Structured Products - Equity 7,462 7,911

American Clinical Solutions LLC, Class A Membership Interests(d) Healthcare & Pharmaceuticals 6,030,384 Units

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d) Media:

American Clinical Solutions LLC, Class A Membership Interests(b)

Healthcare & Pharmaceuticals 6,030,384 Units

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b)

Diversified & Production 1,469 Units

Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d) Media:

Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b)

Diversified & Production 255 Units

Anthem Sports and Entertainment Inc., Common Stock Warrants(d) Media:

Anthem Sports and Entertainment Inc., Common Stock Warrants(b)

Diversified & Production 4,746 Units

1 unchanged sentence

Diversified Financials N/A 11,401 11,382

Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 614,367 Units

Carestream Health Holdings, Inc., Common Stock(b)

Healthcare & Pharmaceuticals 614,367 Units

21,759 20,108

1 unchanged sentence

Healthcare & Pharmaceuticals 2,727,273 Units

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

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

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

CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend

Healthcare & Pharmaceuticals 183,723 Units

CTS Ultimate Holdings LLC, Class A Preferred Units(b)

Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(b)

Construction & Building 37,264 Units

HDNet Holdco LLC, Preferred Unit Call Option(b)

Diversified & Production 1 Unit

Language Education Holdings GP LLC, Common Units(d) Services:

Language Education Holdings GP LLC, Common Units(b)

Business 133,333 Units

Language Education Holdings LP, Ordinary Common Units(d) Services:

Language Education Holdings LP, Ordinary Common Units(b)

Business 133,333 Units

Skillsoft Corp., Class A Common Stock(d) High Tech Industries 12,171 Units

Skillsoft Corp., Class A Common Stock(b)(c)

High Tech Industries 12,171 Units

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units

/ Precision Medical Inc., Warrants(b)

Healthcare & Pharmaceuticals 20,667,324 Units

Total Equity 51,651 50,312

Short Term Investments(h)

First American Treasury Obligations Fund, Class Z Shares 5.24 %(i)

Short Term Investments(d)

First American Treasury Obligations Fund, Class Z Shares 4.36 %(e)

Total Short Term Investments 1,643 1,643

TOTAL INVESTMENTS $ 60,756 $ 59,866

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023.

Represents amortized cost for debt securities and cost for equity investments.

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.

3 unchanged sentences

Non-income producing security.

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.

Fair value determined using level 1 inputs.

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.

9 unchanged sentences

$ 54,956 $ 59,866

Cash and other assets — 14

Dividend receivable on investments 186 342

8 unchanged sentences

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

Years Ended December 31,

Selected Statement of Operations Information:

Year Ended December 31, 2024 Year Ended December 31, 2023

Total revenue $ 4,746 $ 6,230

Total investment income

$ 2,329 $ 4,746

Total expenses 6,332 7,974

Net realized gain (loss) on investments 3,641 ( 2,083 )

Net change in unrealized (depreciation) appreciation on investments ( 8,585 ) 4,338

Net decrease in net assets from operations $ ( 8,172 ) $ ( 1,728 )

Net realized (loss) gain on investments

( 273 ) 3,641

Net change in unrealized depreciation on investments

( 925 ) ( 8,585 )

Net decrease in net assets

$ ( 5,201 ) $ ( 8,172 )

Financing Arrangements

3 unchanged sentences

$ 300,000 $ 75,000 June 15, 2027

2029 Notes(2) U.S.

7.50 % 2029 Notes(2)

Public Bond Offering 7.50 %

172,500 — December 30, 2029

2026 Notes(3) Note Purchase Agreement 4.50 %

7.70 % 2029 Notes(3)

Note Purchase Agreement 7.70 % 125,000 — December 15, 2029

7.41 % 2027 Notes(4)

Note Purchase Agreement 7.41 % 47,500 — December 15, 2027

UBS Credit Facility

Term Loan Credit Facility

SOFR + 2.75 %

100,000 25,000 February 13, 2028

UBS Facility(4) Repurchase Agreement SOFR + 3.20 %

100,000 50,000 January 15, 2025

Series A Notes(5) Israel Public Bond Offering SOFR + 3.82 %

114,844 — August 31, 2026

2027 Notes (Tranche A) Note Purchase Agreement SOFR + 4.75 %

Tranche A Floating Rate 2027 Notes(6)

Note Purchase Agreement SOFR + 4.75 %

100,000 — November 8, 2027

2027 Notes (Tranche B) Amended and Restated Note Purchase Agreement SOFR + 3.90 %

Tranche B Floating Rate 2027 Notes(6)

Amended and Restated Note Purchase Agreement SOFR + 3.90 %

100,000 — November 8, 2027

2022 Term Loan Term Loan Facility Agreement SOFR + 3.50 %

2022 Term Loan(6)

Term Loan Facility Agreement SOFR + 3.50 %

50,000 — April 27, 2027

2024 Term Loan Term Loan Facility Agreement SOFR + 3.80 %

2024 Term Loan(6)

Term Loan Facility Agreement SOFR + 3.80 %

30,000 — September 30, 2027

$ 1,139,844 $ 100,000

(1) 34th Street will pay an annual administration fee of 0.20 % on JPM's total financing commitment.

(1) 34th Street pays an annual administration fee of 0.20 % on JPM's total financing commitment.

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

3 unchanged sentences

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

(4) As described in Note 16, on February 13, 2025, Murray Hill Funding II and UBS terminated the UBS facility and simultaneously entered into the 2025 UBS Credit Facility.

(4) As of December 31, 2025, the fair value of the 7.41 % 2027 Notes was $ 47,500 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

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

(5) As of December 31, 2025, the fair value of the Series A Notes was $ 99,903 , which was based on readily observable, transparent prices.

4 unchanged sentences

(in thousands, except share and per share amounts)

(6) As of December 31, 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 December 31, 2025.

JPM Credit Facility

6 unchanged sentences

Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from $ 225,000 to $ 275,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021.

On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Facility (as described below).

Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.

5 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.

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

Interest is payable quarterly in arrears.

3 unchanged sentences

The non-usage fees, if any, are payable quarterly in arrears.

As of December 31, 2023, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 550,000 .

On September 25, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 675,000 to $ 600,000 and repaid $ 70,000 of outstanding borrowings.

2 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.

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 December 31, 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 .

16 unchanged sentences

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % Notes due 2029, or the 2029 Notes, which includes $ 22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2029 Notes to cover overallotments.

7.50 % 2029 Notes

On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % 2029 Notes, which includes $ 22,500 in aggregate principal amount of the 7.50 % 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % 2029 Notes to cover overallotments.

The 7.50 % 2029 Notes were issued pursuant to an Indenture, or the Base Indenture, and a First Supplemental Indenture, or the First Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S.

2 unchanged sentences

The 7.50 % 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

The 7.50 % 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms.

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The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 7.50 % 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.

For the period from October 3, 2024 through December 31, 2024, the Company was in compliance with all covenants and reporting requirements.

As of and for the year ended December 31, 2025, the Company was in compliance with all covenants and reporting requirements.

The 7.50 % 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

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 3,284 .

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:

For the year ended December 31, 2025 and for the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50 % 2029 Notes were as follows:

December 31, 2025

For the Period From October 3, 2024 Through December 31, 2024

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(1) Includes the stated interest expense on the 7.50 % 2029 Notes and is annualized for periods covering less than one year.

7.41 % 2027 Notes and 7.70 % 2029 Notes

On December 16, 2025, the Company entered into a Note Purchase Agreement with certain institutional investors, or the December 2025 Note Purchase Agreement, in connection with the Company's issuance of $ 172,500 aggregate principal amount of its senior unsecured notes, consisting of (i) $ 125,000 in aggregate principal amount of its senior unsecured notes due 2029, or the 7.70 % 2029 Notes, and (ii) $ 47,500 in aggregate principal amount of its senior unsecured notes due 2027, or the 7.41 % 2027 Notes.

The 7.70 % 2029 Notes were issued at a purchase price equal to 99.75 % of the principal amount of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes were issued at par.

The Company used a portion of the net proceeds to repay debt under its $ 125,000 senior unsecured notes due February 2026 (see 2026 Notes below) and intends to use the remaining net proceeds to 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 7.41 % 2027 Notes and the 7.70 % 2029 Notes are rated investment grade by DBRS, Inc.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes.

The net proceeds to the Company were approximately $ 122,300 , after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.

The 2026 Notes mature on February 11, 2026.

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 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 year ended December 31, 2024, 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 December 31, 2024, 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 December 31, 2024 and will amortize to interest expense over the term of the 2026 Notes.

The 7.70 % 2029 Notes and the 7.41 % 2027 Notes will bear interest at a fixed rate equal to 7.70 % and 7.41 % per year, respectively, which will be paid semiannually commencing on June 15, 2026.

The 7.70 % 2029 Notes and the 7.41 % 2027 Notes will mature on December 15, 2029 and December 15, 2027, respectively.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes (i) on or before September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such Notes to be redeemed plus an applicable “make whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Note that is to be prepaid or becomes due and payable pursuant to the December 2025 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes occurring on or before September 14, 2029 and September 14, 2027, respectively, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on such Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of such Notes, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the December 2025 Note Purchase Agreement.

The 7.70 % 2029 Notes and the 7.41 % 2027 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 December 2025 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 business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 493,100 , (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 period from December 16, 2025 through December 31, 2025, the Company was in compliance with all covenants and reporting requirements.

The December 2025 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured 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 December 2025 Note Purchase Agreement.

In addition, the December 2025 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 December 31, 2025, the Company incurred debt issuance costs of $ 3,285 in connection with issuing the 7.70 % 2029 Notes and the 7.41 % 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2025 and will amortize to interest expense over the term of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes.

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 2,386 .

For the period from December 16, 2025 through December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 7.41 % 2027 Notes and the 7.70 % 2029 Notes were as follows:

For the Period From December 16, 2025 Through December 31, 2025

Stated interest expense $ 548

Amortization of deferred financing costs 36

Total interest expense $ 584

Weighted average interest rate(1) 7.14 %

Average borrowings $ 172,500

(1) Includes the stated interest expense on the 7.70 % 2029 Notes and the 7.41 % 2027 Notes and is annualized for periods covering less than one year.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the February 2021 Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes.

The 2026 Notes were scheduled to mature on February 11, 2026.

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

The Company had 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 were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked 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 ranked 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 February 2021 Note Purchase Agreement contained 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 $ 543,600 , (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 represented 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 represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

As of and through the repayment of the 2026 Notes in full by the Company on December 29, 2025 (see below), the Company was in compliance with all covenants and reporting requirements.

The February 2021 Note Purchase Agreement also contained 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 contained a financial covenant not contained in, or more restrictive against the Company than those contained, in the February 2021 Note Purchase Agreement.

In addition, the February 2021 Note Purchase Agreement contained 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.

On December 29, 2025, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2026 Notes.

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

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

For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:

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(in thousands, except share and per share amounts)

UBS Repurchase Facility

On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to $ 125,000 was made available to the Company.

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

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

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

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

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Bank National Association, or U.S.

Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was $ 192,308 .

Bank, as trustee, or the UBS Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was $ 192,308 .

Murray Hill Funding, LLC, or Murray Hill Funding, purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value.

The Company makes capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.

The Company made capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.

Principal on the Notes was due and payable on the stated maturity date of May 19, 2027.

Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.

The Indenture contained events of default customary for similar transactions, including, without limitation:

(a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure is not cured within three business days;

(b) the failure to disburse amounts in accordance with the priority of payments and such failure is not cured within three business days;

Pursuant to the UBS Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.

The UBS Indenture contained events of default customary for similar transactions, including, without limitation:

(a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure was not cured within three business days;

(b) the failure to disburse amounts in accordance with the priority of payments and such failure was not cured within three business days;

and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.

As of and for the year ended December 31, 2024, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility.

Pursuant to the UBS Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65 % of the principal amount of Notes purchased.

Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Facility was $ 192,308 .

Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not have exceeded $ 125,000 .

Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020.

As of and through the termination of the UBS Indenture on February 13, 2025 (as described below), Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Pursuant to the UBS Repurchase Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65 % of the principal amount of Notes purchased.

Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Repurchase Facility was $ 192,308 .

Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Repurchase Facility would not have exceeded $ 125,000 .

Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Repurchase Facility by no later than May 19, 2020.

The repurchase price paid by Murray Hill Funding to UBS was equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)).

The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period.

On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .

On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility.

The financing fee under the UBS Repurchase Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period.

On December 1, 2017, Murray Hill Funding II amended and restated the UBS Indenture, or the Amended UBS Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .

As part of the Amended Master Confirmation, on December 15, 2017 and April 2, 2018, UBS purchased the increased aggregate principal amount of Notes held by Murray Hill Funding for an aggregate purchase price equal to 75 % of the principal amount of Notes issued.

As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Facility was increased from $ 125,000 to $ 200,000 .

On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year.

As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Repurchase Facility was increased from $ 125,000 to $ 200,000 .

On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year.

On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $ 133,333 from UBS for an aggregate repurchase price of $ 100,000 , which was then repaid by Murray Hill Funding II.

The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020.

As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .

The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Repurchase Facility as of May 19, 2020.

On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding was required to repurchase the Notes to December 18, 2020.

On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year.

On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year.

CĪON Investment Corporation

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The Class A-R Notes were issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S.

Bank, as trustee, or the Second Amended Indenture.

Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was $ 150,000 .

Bank, as trustee, or the Second Amended UBS Indenture.

Under the Second Amended UBS Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was $ 150,000 .

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

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

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

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

On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation.

Under both Confirmations, the date that Murray Hill Funding was required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2023 to November 19, 2024.

Under both Confirmations, the date that Murray Hill Funding was required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase Facility was extended from November 19, 2023 to November 19, 2024.

Also under both Confirmations, the financing fee payable to UBS was revised from a floating rate equal to the three-month LIBOR, plus a spread of 3.375 % per year, to a floating rate equal to the three-month SOFR , plus a spread of (a) to (but excluding) November 19, 2023, 3.525 % per year, and (b) thereafter, 3.20 % per year.

2 unchanged sentences

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

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

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

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

Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Facility.

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

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

On February 13, 2025, Murray Hill Funding II and UBS terminated the Amended UBS Facility and simultaneously entered into the 2025 UBS Credit Facility.

See Note 16 for a detailed discussion on the termination of the Amended UBS Facility and the new 2025 UBS Credit Facility.

UBS could have required Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, was less than the required margin amount under the Amended UBS Facility;

Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Repurchase Facility.

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

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

On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the Amended UBS Repurchase Facility, including, without limitation, the Global Master Repurchase Agreement (2000 version) dated as of May 15, 2017, as well as the annexes thereto and each confirmation and transaction supplement thereunder, the Second Amended and Restated UBS Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements.

Simultaneously with terminating the Amended UBS Repurchase Facility, Murray Hill Funding II entered into the UBS Credit Facility with UBS (as described below).

Prior to entering into the Termination Agreement, UBS could have required Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, was less than the required margin amount under the Amended UBS Repurchase Facility;

provided, however, that Murray Hill Funding would not have been required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets.

4 unchanged sentences

The Company had no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.

The Company could have, but was not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding became obligated in connection with the Amended UBS Facility.

The Company’s exposure under the Amended UBS Facility was limited to the value of the Company’s investment in Murray Hill Funding.

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

The Amended UBS Facility contained events of default customary for similar financing transactions, including, without limitation:

The Company’s exposure under the Amended UBS Repurchase Facility was limited to the value of the Company’s investment in Murray Hill Funding.

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

The Amended UBS Repurchase Facility contained events of default customary for similar financing transactions, including, without limitation:

(a) failure to transfer the Notes to UBS on the applicable purchase date or repurchase the Notes from UBS on the applicable repurchase date;

2 unchanged sentences

(d) the occurrence of insolvency events with respect to Murray Hill Funding;

and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility.

As of and for the year ended December 31, 2024, Murray Hill Funding was in compliance with all covenants and reporting requirements.

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.

and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Repurchase Facility.

As of and through the termination of the Amended UBS Repurchase Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements.

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 Repurchase Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Repurchase Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Repurchase Facility.

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

As of December 31, 2024, Notes in the aggregate principal amount of $ 100,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .

The carrying amount outstanding under the Amended UBS Facility approximated its fair value.

The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.

As of December 31, 2024, the amount due at maturity under the Amended UBS Facility was $ 100,000 .

The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminated in consolidation on the Company’s consolidated financial statements.

As of December 31, 2024, the fair value of assets held by Murray Hill Funding II was $ 190,924 .

For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:

For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Repurchase Facility were as follows:

Years Ended December 31,

4 unchanged sentences

Average borrowings $ 11,781 $ 105,287

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Repurchase Facility and is annualized for periods covering less than one year.

UBS Credit Facility

Simultaneously with terminating the Amended UBS Repurchase Facility on February 13, 2025 (as described above), Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the UBS Credit Facility, with UBS, as administrative agent, Murray Hill Funding, as equity holder, CIM, as collateral manager, each of the lenders from time-to-time party thereto, and US Bank, as collateral agent and document custodian.

Under the UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to $ 125,000 is SOFR plus a credit spread of 2.75 % per year.

All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028.

Murray Hill Funding II may prepay advances pursuant to the terms and conditions of the UBS Credit Facility, subject to a 2.0 % premium in certain circumstances.

In addition, Murray Hill Funding II will be subject to a non-usage fee of 0.75 % per year on the amount, if any, of the aggregate principal amount available under the UBS Credit Facility that has not been borrowed up to the minimum utilization amount of $ 100,000 .

Interest and non-usage fees, if any, are payable monthly in arrears.

Pursuant to the UBS Credit Facility, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II, which secure the obligations of Murray Hill Funding II under the UBS Credit Facility.

UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the UBS Credit Facility;

provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets.

The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.

The Company may, but is not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding becomes obligated in connection with the UBS Credit Facility.

The Company’s exposure under the UBS Credit Facility is limited to the value of the Company’s investment in Murray Hill Funding.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

Pursuant to the 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 year ended December 31, 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 UBS Credit Facility, which were recorded as a direct reduction to the outstanding balance of the UBS Credit Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the UBS Credit Facility.

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 855 .

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

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

Stated interest expense $ 6,192

Non-usage fee 168

Amortization of deferred financing costs 355

Total interest expense $ 6,715

Weighted average interest rate(1) 7.11 %

Average borrowings $ 100,000

(1) Includes the stated interest expense and non-usage fee on the unused portion of the UBS Credit Facility and is annualized for periods covering less than one year.

Series A Notes

4 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.

2 unchanged sentences

The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, 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 the Company's subsidiaries, financing vehicles or similar facilities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

The Deed of Trust 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 within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.

The Deed of Trust 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 within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525,000 , (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.

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 year ended December 31, 2025, the Company was in compliance with all covenants and reporting requirements.

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

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.

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".

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

Through December 31, 2025, the Company incurred debt 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 December 31, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 1,061 .

For the year ended December 31, 2024 and for the period from February 28, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:

December 31, 2024 For the Period From February 28, 2023 Through December 31, 2023

For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:

Years Ended December 31,

Stated interest expense $ 9,277 $ 10,378

4 unchanged sentences

(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.

On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes, tranche A, due 2027, or the 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the 2027 Notes.

Floating Rate 2027 Notes

On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes, tranche A, due 2027, or the Tranche A Floating Rate 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the Tranche A Floating Rate 2027 Notes.

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

The 2027 Notes mature on November 8, 2027.

The 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % 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, commencing on February 15, 2024.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the 2027 Notes, or if there are no such U.S.

The Tranche A Floating Rate 2027 Notes are rated investment grade.

The Tranche A Floating Rate 2027 Notes mature on November 8, 2027.

The Tranche A Floating Rate 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % 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 February 15, 2024.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the Tranche A Floating Rate 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of Tranche A Floating Rate 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Tranche A Floating Rate 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the Tranche A Floating Rate 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the Tranche A Floating Rate 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the Tranche A Floating Rate 2027 Notes, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement.

The Tranche A Floating Rate 2027 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.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

The 2027 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 2027 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 business development company within the meaning of the 1940 Act, (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.

The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new credit facilities, loans, notes or unsecured indebtedness in excess of $ 25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement.

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.

The 2027 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 business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (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.

The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans, notes 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 2027 Note Purchase Agreement.

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 $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the year ended December 31, 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.

The Tranche B 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the 2027 Notes that were issued by the Company in November 2023.

The Tranche B Floating Rate 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the Tranche A Floating Rate 2027 Notes that were issued by the Company in November 2023.

The net proceeds to the Company were approximately $ 96,200 , after the deduction of a commitment fee of $ 2,875 , placement agent fees and other financing expenses.

The Tranche B 2027 Notes are rated investment grade.

The Tranche B 2027 Notes also mature on November 8, 2027.

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 December 31, 2024, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes and the Tranche B 2027 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2027 Notes and the Tranche B 2027 Notes.

The Tranche B Floating Rate 2027 Notes are rated investment grade.

The Tranche B Floating Rate 2027 Notes also mature on November 8, 2027.

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

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 3,002 .

For the year ended December 31, 2024 and for the period from November 8, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2027 Notes and the Tranche B 2027 Notes were as follows:

December 31, 2024 For the Period From November 8, 2023 Through December 31, 2023

For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Floating Rate 2027 Notes were as follows:

Years Ended December 31,

Stated interest expense $ 17,173 $ 12,453

3 unchanged sentences

Average borrowings $ 200,000 $ 128,689

(1) Includes the stated interest expense on the 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.

(1) Includes the stated interest expense on the Floating Rate 2027 Notes and is annualized for periods covering less than one year.

2022 Term Loan

3 unchanged sentences

The carrying amount outstanding under the 2022 Term Loan approximates its fair value.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2024

(in thousands, except share and per share amounts)

Advances under the 2022 Term Loan bear interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.50 % per year and subject to a 1.0 % SOFR floor, payable quarterly in arrears.

2 unchanged sentences

The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00 %.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2025

(in thousands, except share and per share amounts)

Advances under the 2022 Term Loan 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.

5 unchanged sentences

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

Year Ended December 31,

Years Ended December 31,

Stated interest expense $ 3,918 $ 4,391

6 unchanged sentences

On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2021 Term Loan Agreement, with an Israeli institutional investor, as lender.

The Term Loan Agreement with such lender, or the 2021 Term Loan, provided for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 .

The 2021 Term Loan Agreement provided for an unsecured term loan, or the 2021 Term Loan, to the Company in an aggregate principal amount of $ 30,000 .

On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 Term Loan.

5 unchanged sentences

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2021 Term Loan Agreement.

Advances under the 2021 Term Loan were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to 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 ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

The 2021 Term Loan Agreement contained 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 within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2020 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represented 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 represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

2 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 December 31, 2024 , 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 December 31, 2024 and was to amortize to interest expense over the term of the 2021 Term Loan.

Through December 31, 2025 , the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2025 and amortized to interest expense over the term of the 2021 Term Loan.

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

14 unchanged sentences

Advances under the 2024 Term Loan 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.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

The 2024 Term Loan 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 business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) an interest coverage ratio of not less than 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.

The 2024 Term Loan 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 business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) an interest coverage ratio of not less than 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.

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 December 31, 2024 , the Company was in compliance with all covenants and reporting requirements.

As of and for the year ended December 31, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through December 31, 2025 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.

At December 31, 2025, the unamortized portion of the debt issuance costs was $ 446 .

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 year ended December 31, 2025 and for the period from September 30, 2024 through December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

December 31, 2025

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

26 unchanged sentences

Beginning balance, December 31, 2024

$ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726

Investments purchased(2)(3) 392,220 214 2,967 179 73,031 468,611

Net realized (loss) gain ( 25,105 ) ( 11,809 ) ( 1,210 ) — 9,811 ( 28,313 )

Net realized loss

( 35,473 ) ( 3,124 ) ( 441 ) — ( 531 ) ( 39,569 )

Net change in unrealized (depreciation) appreciation ( 76,345 ) 289 357 ( 1,251 ) 8,558 ( 68,392 )

1 unchanged sentence

Sales and principal repayments(3) ( 498,809 ) ( 35 ) ( 537 ) ( 4,103 ) — ( 503,484 )

Net transfers in and/or (out) of Level 3

— — — — ( 5,511 ) ( 5,511 )

Ending balance, December 31, 2025 $ 1,370,525 $ — $ 5,028 $ 6,639 $ 294,841 $ 1,677,033

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(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.

Year Ended December 31, 2024

2 unchanged sentences

Investments purchased(2)(3) 520,073 393 2,002 6,682 61,470 590,620

Net realized loss ( 24,261 ) — — — ( 7,666 ) ( 31,927 )

Net change in unrealized appreciation (depreciation) 20,543 ( 9,901 ) 242 ( 11,035 ) 28,815 28,664

Net realized (loss) gain

( 25,105 ) ( 11,809 ) ( 1,210 ) — 9,811 ( 28,313 )

Net change in unrealized (depreciation) appreciation

( 8,344 ) 9,662 968 1,146 ( 30,558 ) ( 27,126 )

Accretion of discount 15,925 809 — 39 — 16,773

1 unchanged sentence

Ending balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726

Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2023(1) $ 5,416 $ ( 9,901 ) $ 242 $ ( 11,035 ) $ 26,333 $ 11,055

Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2024(1) $ ( 11,576 ) $ ( 2,120 ) $ ( 229 ) $ 1,052 $ ( 23,153 ) $ ( 36,026 )

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

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43,583 EBITDA Multiple 1.50 x

34,919 Other(2) Probability Weighted Recovery Rate

23,133 Insurance Claim Recovery Rate 38.3 %

20,114 Broker Quotes Broker Quotes N/A N/A

15,209 Other(2) Insurance Claim Recovery Rate 28 % — 55 % 35 %

15,096 Other(2) N/A N/A

Senior secured second lien debt 2,680 Market Comparable Approach EBITDA Multiple 5.75 x

Collateralized securities and structured products - equity 2,682 Discounted Cash Flow Discount Rates 14.3 % — 21.0 % 16.0 %

Unsecured debt 5,418 Discounted Cash Flow Discount Rates 11.3 % — 14.0 % 11.9 %

5,315 Other(2) Other(2) N/A N/A

1,081 Options Pricing Model Expected Volatility 35 % N/A

Senior secured second lien debt — Market Comparable Approach Revenue Multiple

Collateralized securities and structured products - equity 5,028 Discounted Cash Flow Discount Rates 13.5 % N/A

Unsecured debt 4,840 Other(2) Probability Weighted Recovery Rate

1,646 Discounted Cash Flow Discount Rates 12.3 % N/A

153 Market Comparable Approach

EBITDA Multiple

Equity 127,094 Market Comparable Approach EBITDA Multiple 4.00 x

62,171 Revenue Multiple 0.36 x

105,657 $ per kW $ 1,000.00 N/A

34,934 Revenue Multiple 0.35 x

16,775 Options Pricing Model Expected Volatility 43.3 % — 112.5 % 57.3 %

7,965 Discounted Cash Flow Discount Rates 19.0 % N/A

930 Other(2) Other(2) N/A N/A

9,571 Broker Quotes Broker Quotes N/A N/A

810 Other(2) Other(2) N/A N/A

Total $ 1,677,033

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims or other factors.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

CĪON Investment Corporation

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Senior secured first lien debt $ 1,305,445 Discounted Cash Flow Discount Rates 9.4 % — 30.0 % 13.4 %

108,992 Broker Quotes Broker Quotes N/A N/A

117,665 Market Comparable Approach Revenue Multiple 0.70 x

41,891 EBITDA Multiple 5.50 x

1,695 Other(2) Other(2) N/A N/A

Senior secured second lien debt 27,638 Discounted Cash Flow Discount Rates 13.4 % — 25.0 % 16.1 %

1,473 Market Comparable Approach EBITDA Multiple 9.00 x

67,950 Broker Quotes Broker Quotes N/A N/A

15,209 Other(2) Insurance Claim Recovery Rate

15,096 Other(2) N/A N/A

Senior secured second lien debt 2,680 Market Comparable Approach EBITDA Multiple 5.75 x

Collateralized securities and structured products - equity 2,682 Discounted Cash Flow Discount Rates 14.3 % — 21.0 % 16.0 %

Unsecured debt 8,739 Discounted Cash Flow Discount Rates 16.0 % N/A

Unsecured debt 5,418 Discounted Cash Flow Discount Rates 11.3 % — 14.0 %

5,315 Other(2) Other(2) N/A N/A

1,081 Options Pricing Model Expected Volatility 35 % N/A

Equity 79,142 Market Comparable Approach EBITDA Multiple 4.75 x

62,171 Revenue Multiple 0.36 x

29,463 $ per kW $ 161.16 — $ 400.00 $ 337.28

52,166 $ per kW $ 450.00 N/A

16,061 Options Pricing Model Expected Volatility 47.5 % — 95.0 % 67.0 %

7,965 Discounted Cash Flow

Discount Rates

930 Other(2) Other(2) N/A N/A

859 Broker Quotes Broker Quotes N/A N/A

376 Options Pricing Model Expected Volatility 115.0 % N/A

Total $ 1,799,726

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively.

A significant increase or decrease in the EBITDA multiples, revenue multiples, expected proceeds from proposed corporate transactions, broker quotes and expected volatility would result in a significantly higher or lower fair value measurement, respectively.

A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively.

General and Administrative Expense

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APS Acquisition Holdings, LLC $ 5,979 $ 7,799

David's Bridal, LLC(2)

Straine Dental Management, LLC

Berlitz Holdings, Inc.

Instant Web, LLC 2,704 2,488

American Health Staffing Group, Inc.

Sleep Opco, LLC 2,060 1,750

Tactical Air Support, Inc.

Bradshaw International Parent Corp.

SHF Holdings, Inc.

Thrill Holdings LLC 1,739 1,739

Gold Medal Holdings, Inc.

Stengel Hill Architecture, LLC 1,425 1,725

ESP Associates, Inc.

RA Outdoors, LLC 1,083 348

Newbury Franklin Industrials, LLC 1,066 1,974

CrossLink Professional Tax Solutions, LLC 982 1,840

Ironhorse Purchaser, LLC 816 551

TMK Hawk Parent, Corp.

LAV Gear Holdings, Inc.

Optio Rx, LLC

Adapt Laser Acquisition, Inc.

BDS Solutions Intermediateco, LLC 476 524

Avison Young (USA) Inc.

Spinal USA, Inc.

/ Precision Medical Inc.

Invincible Boat Company LLC 80 —

American Family Care, LLC — 5,909

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American Clinical Solutions LLC — 4,600

American Health Staffing Group, Inc.

Mimeo.com, Inc.

Gold Medal Holdings, Inc.

Instant Web, LLC 2,488 2,164

Moss Holding Company — 2,232

Newbury Franklin Industrials, LLC 1,974 —

Bradshaw International Parent Corp.

CrossLink Professional Tax Solutions, LLC 1,840 —

ALM Global, LLC — 1,800

Sleep Opco, LLC 1,750 1,750

Thrill Holdings LLC 1,739 5,000

Stengel Hill Architecture, LLC 1,725 —

Riddell, Inc.

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Anthem Sports & Entertainment Inc.

ESP Associates, Inc.

TMK Hawk Parent, Corp.

Ironhorse Purchaser, LLC 551 347

BDS Solutions Intermediateco, LLC 524 1,905

RA Outdoors, LLC 348 372

Dermcare Management, LLC — 326

HW Acquisition, LLC — 147

Nova Compression, LLC — 2,609

Coyote Buyer, LLC — 2,500

MacNeill Pride Group Corp.

Tactical Air Support, Inc.

Fluid Control II Inc.

OpCo Borrower, LLC — 1,042

Lochner, Inc.

Critical Nurse Staffing, LLC — 1,000

Service Compression, LLC — 419

Invincible Boat Company LLC — 399

American Teleconferencing Services, Ltd.

Homer City Holdings LLC — 196

Total $ 47,779 $ 70,681

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(in thousands, except share and per share amounts)

(2) The Company may be required to fund an additional $ 20,000 if certain conditions are satisfied.

See footnote g.

to the consolidated schedule of investments as of December 31, 2025.

Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets.

To the extent that interest rates on unfunded commitments are below market, a liability is recorded in the consolidated schedule of investments.

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

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2025 2024 2023

Capital structuring and other fees $ 10,253 $ 4,309 $ 4,446

Amendment fees $ 9,606 $ 5,679 $ 6,415

Capital structuring and other fees 5,283 10,253 4,309

Commitment fees 5,083 1,760 308

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Refer to notes r.

to the consolidated schedule of investments as of December 31, 2024 for further details on the sources of our fee income.

to the consolidated schedules of investments as of December 31, 2025 and 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.

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Net realized (loss) gain and net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency(2) ( 2.18 ) ( 1.16 ) ( 0.18 ) ( 0.68 ) 0.79

Net increase (decrease) in net assets resulting from operations(2) 0.63 1.74 0.88 2.10 ( 0.18 )

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

( 0.40 ) 0.63 1.74 0.88 2.10

Shareholder distributions:

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Ratio of net investment income to average net assets(6)

12.00 % 11.13 % 12.14 % 9.61 % 8.09 %

Ratio of net operating expenses to average net assets 19.06 % 18.18 % 16.88 % 11.63 % 9.04 %

Portfolio turnover rate(7)

14.92 % 25.85 % 17.43 % 26.81 % 52.04 %

Total amount of senior securities outstanding $ 1,139,844 $ 1,117,344 $ 1,092,344 $ 957,500 $ 830,000

Asset coverage ratio(8)

1.62 1.73 1.81 1.92 2.12

(1) The per share data for the years ended December 31, 2025, 2024, 2023, 2022 and 2021 was derived by using the weighted average shares of common stock outstanding during each period.

The share information utilized to determine per share data for 2021 and 2020 in this table has been retroactively adjusted to reflect the reverse stock split effective on September 21, 2021, under which every two shares of our common stock then issued and outstanding were automatically combined into one share.

The share information utilized to determine per share data for 2021 in this table has been retroactively adjusted to reflect the reverse stock split effective on September 21, 2021, under which every two shares of the Company's common stock then issued and outstanding were automatically combined into one share.

CĪON Investment Corporation

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

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

(3) Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date.

The per share impact of repurchases of common stock was a decrease to net asset value of less than $ 0.01 per share during the years ended December 31, 2021 and 2020.

(4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period.

4 unchanged sentences

Total returns covering less than a full year are not annualized.

(5) Total investment return-market value for the years ended December 31, 2024, 2023, 2022 and 2021 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 New DRP.

(5) Total investment return-market value for the years ended December 31, 2025, 2024, 2023, 2022 and 2021 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s DRP.

Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

1 unchanged sentence

As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(6) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments, and is not annualized.

(6) Ratios are annualized.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments.

Portfolio turnover rate is not annualized.

(8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.

54 unchanged sentences

Net investment income 19,252 16,922 38,567 18,299

Net realized and unrealized loss on investments and foreign currency ( 26,148 ) ( 585 ) ( 21,997 ) ( 13,228 )

Net increase (decrease) in net assets resulting from operations 6,445 22,378 ( 379 ) 5,458

Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.12 0.42 ( 0.01 ) 0.10

Net realized and unrealized (loss) gain on investments

( 61,957 ) 10,394 ( 2,689 ) ( 59,419 )

Net (decrease) increase in net assets resulting from operations

( 42,705 ) 27,316 35,878 ( 41,120 )

Net (decrease) increase in net assets resulting from operations per share of common stock(1)

( 0.80 ) 0.52 0.69 ( 0.80 )

Net asset value per share of common stock at end of quarter 14.28 14.50 14.86 13.76

4 unchanged sentences

Net investment income 32,593 22,963 21,618 18,686

Net realized and unrealized (loss) gain on investments and foreign currency ( 60,903 ) 4,478 17,483 29,234

Net (decrease) increase in net assets resulting from operations ( 31,045 ) 27,894 47,473 50,992

Net (decrease) increase in net assets resulting from operations per share of common stock(1) ( 0.56 ) 0.51 0.87 0.94

Net realized and unrealized loss on investments and foreign currency ( 26,148 ) ( 585 ) ( 21,997 ) ( 13,228 )

Net increase (decrease) in net assets resulting from operations 6,445 22,378 ( 379 ) 5,458

Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.12 0.42 ( 0.01 ) 0.10

Net asset value per share of common stock at end of quarter 16.05 16.08 15.73 15.43

3 unchanged sentences

Subsequent Event

On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the UBS Facility, including, without limitation, the Global Master Repurchase Agreement (2000 version) dated as of May 15, 2017, as well as the annexes thereto and each confirmation and transaction supplement thereunder, the Second Amended and Restated Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements.

Simultaneously with terminating the Amended UBS Facility, Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the 2025 UBS Credit Facility, with UBS, as administrative agent, Murray Hill Funding, as equity holder, CIM, as collateral manager, each of the lenders from time-to-time party thereto, and US Bank, as collateral agent and document custodian.

Under the 2025 UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to $ 125,000 was reduced by 0.45 % per year, from the three-month SOFR plus a credit spread of 3.20 % per year to SOFR plus a credit spread of 2.75 % per year.

All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028.

Murray Hill Funding II may prepay advances pursuant to the terms and conditions of the 2025 UBS Credit Facility, subject to a 2.0 % premium in certain circumstances.

In addition, Murray Hill Funding II will be subject to a non-usage fee of 0.75 % per year on the amount, if any, of the aggregate principal amount available under the 2025 UBS Credit Facility that has not been borrowed up to the minimum utilization amount of $ 100,000 .

In connection with 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 facilities.

Murray Hill Funding II incurred certain customary costs and expenses in connection with the Termination Agreement and the 2025 UBS Credit Facility.

On February 9, 2026, the Company issued and sold $ 135,000 in aggregate principal amount of its 2031 Notes, which includes $ 10,000 in aggregate principal amount of the Company’s 2031 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2031 Notes to cover overallotments.

The 2031 Notes were issued pursuant to an Indenture, or the Base Indenture, and a Second Supplemental Indenture, or the Second Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S.

Bank Trust Company, National Association, as trustee, or the Trustee.

The 2031 Notes began trading on the NYSE under the ticker symbol “CICC” on February 12, 2026.

The 2031 Notes will mature on March 31, 2031, unless previously redeemed or repurchased in accordance with their terms.

The interest rate of the 2031 Notes is 7.50 % per year and will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, which will commence on March 30, 2026.

The 2031 Notes are the Company’s direct unsecured obligations and rank pari passu with its existing and future unsecured, unsubordinated indebtedness;

senior to any series of preferred stock that the Company may issue in the future;

senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2031 Notes;

effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness;

and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s existing or future subsidiaries.

The 2031 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after March 31, 2028, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of $ 25 per 2031 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

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 2031 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.

The 2031 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.

333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated February 2, 2026 and a final prospectus supplement dated February 2, 2026.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

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-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk