CION Investment Corp 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are subject to financial market risks, including changes in interest rates. As of December 31, 2025, 73.5% of our investments paid variable interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments, especially to the extent that we hold variable rate investments, and to declines in the value of any fixed rate investments we may hold. 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, 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 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. Pursuant to the terms of the 2024 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% SOFR floor. In addition, we may seek to further borrow funds in order to make additional investments. Our net investment income will be impacted, in part, by the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we would be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have debt outstanding, our cost of funds would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments. We expect that our long-term investments will be financed primarily with equity and long-term debt. Our interest rate risk management techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. 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 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 Down 300 basis points $ (10,949) (14.4) % Down 200 basis points (9,200) (12.1) % Down 100 basis points (4,923) (6.5) % Down 50 basis points (2,497) (3.3) % No change to current base rate (3.85% as of December 31, 2025) — — Up 50 basis points 2,497 3.3 % Up 100 basis points 4,994 6.6 % Up 200 basis points 9,987 13.2 % Up 300 basis points 14,981 19.7 % (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 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. Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and fixed interest rate borrowings and a decline in the NAV of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and fixed interest rate borrowings and an increase in the NAV of our common stock. In addition, we may have risk regarding portfolio valuation. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Valuation of Portfolio Investments” and Note 2 to our consolidated financial statements included in this report. 93 Inflation and Market Volatility 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. U.S. 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 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. 94 Item 8. Consolidated Financial Statements and Supplementary Data Page Reports of Independent Registered Public Accounting Firm (RSM US LLP, New York, New York, PCAOB ID 49 ) 96 Consolidated Balance Sheets 99 Consolidated Statements of Operations 100 Consolidated Statements of Shareholders' Equity 101 Consolidated Statements of Cash Flows 102 Consolidated Schedules of Investments 114 Notes to Consolidated Financial Statements 127 95 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of CĪON Investment Corporation Opinion on the Financial Statements 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. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. 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, 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. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (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 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 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 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. We identified the valuation of Level 3 investments as a critical audit matter because of the management judgment necessary to select the valuation techniques used to estimate the fair value of the investments and to estimate the significant unobservable inputs used in those valuation techniques. Auditing management’s estimates and judgments involved a high degree of auditor judgment and increased audit effort, including the use of valuation specialists, due to the impact these estimates and judgments have on the fair value of the investments. 96 Our audit procedures related to estimates and judgments used by management to select the valuation techniques and unobservable inputs used in the estimation of the fair value of Level 3 investments included the following, among others: • We obtained an understanding of the relevant controls related to management’s valuation of Level 3 investments and tested such controls for design and operating effectiveness, including those related to management’s selection of valuation techniques and estimates of significant unobservable inputs. • We selected a sample of investments and evaluated the appropriateness of the valuation techniques used by management to value the Level 3 investments by considering the reasonableness of any significant changes in valuation techniques from prior periods, if applicable, and comparing the valuation techniques to those used by market participants. • For a sample of investments, we evaluated both the reasonableness of the significant unobservable inputs and the reasonableness of any significant changes in significant unobservable inputs from prior periods, when applicable, by comparing the unobservable inputs to external sources, including, but not limited to: – Historical operating results of the investee. – Available market data for comparable companies. – Subsequent events and transactions, where available. • For a sample of investments, we tested the completeness and accuracy of the underlying data used by management to determine the unobservable input by agreeing it to underlying source information, and we tested the mathematical accuracy of the calculation used to compute the unobservable input. • For a sample of investments, we utilized valuation specialists to perform the following procedures, among others: – Evaluated the appropriateness of management’s valuation techniques by comparing them to those used by a market participant. – Developed an independent range of certain unobservable inputs such as market yield, comparable financial performance multiples and discount rates, among others, and compared them to the assumptions used by management. – Developed an independent estimate of the fair value and compared our estimate to management’s estimate. • We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to transactions subsequent to the measurement date, considering changes in market or investment specific factors, among others, when applicable. /s/ RSM US LLP We have served as the Company’s auditor since 2019. New York, New York March 11, 2026 97 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of CĪON Investment Corporation Opinion on Internal Control Over Financial Reporting 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 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. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ RSM US LLP New York, New York March 11, 2026 98 CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts) December 31, 2025 December 31, 2024 Assets Investments, at fair value: Non-controlled, non-affiliated investments (amortized cost of $ 1,238,358 and $ 1,489,777 , respectively) $ 1,158,985 $ 1,448,107 Non-controlled, affiliated investments (amortized cost of $ 360,895 and $ 274,642 , respectively) 364,335 269,205 Controlled investments (amortized cost of $ 342,843 and $ 179,274 , respectively) 289,670 171,376 Total investments, at fair value (amortized cost of $ 1,942,096 and $ 1,943,693 , respectively) 1,812,990 1,888,688 Cash 8,159 7,670 Interest and fees receivable on investments 27,979 45,140 Receivable due on investments sold and repaid 3,699 2,965 Prepaid expenses and other assets 1,973 1,265 Total assets $ 1,854,800 $ 1,945,728 Liabilities and Shareholders' Equity Liabilities Financing arrangements (net of unamortized debt issuance costs of $ 14,263 and $ 18,156 , respectively) $ 1,125,580 $ 1,099,187 Payable for investments purchased 2,529 1,019 Accounts payable and accrued expenses 785 1,034 Interest payable 5,764 8,244 Accrued management fees 6,423 6,761 Accrued subordinated incentive fee on income 3,882 3,964 Accrued administrative services expense 2,182 2,006 Shareholder distribution payable — 2,663 Share repurchases payable 27 40 Total liabilities 1,147,172 1,124,918 Commitments and contingencies (Note 4 and Note 11) Shareholders' Equity Common stock, $ 0.001 par value; 500,000,000 shares authorized; 51,420,629 and 53,192,808 shares issued and 51,417,866 and 53,189,269 shares outstanding, respectively 51 53 Capital in excess of par value 1,004,496 1,021,684 Accumulated distributable losses ( 296,919 ) ( 200,927 ) Total shareholders' equity 707,628 820,810 Total liabilities and shareholders' equity $ 1,854,800 $ 1,945,728 Net asset value per share of common stock at end of year $ 13.76 $ 15.43 See accompanying notes to consolidated financial statements. 99 CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts) Years Ended December 31, 2025 2024 2023 Investment income Non-controlled, non-affiliated investments Interest income $ 123,768 $ 165,786 $ 184,013 Paid-in-kind interest income 29,782 31,397 22,317 Fee income 9,447 9,865 7,871 Dividend income 2,660 5,855 210 Non-controlled, affiliated investments Interest income 8,550 6,426 7,068 Paid-in-kind interest income 13,627 11,692 8,372 Fee income 975 3,648 2,432 Dividend income 5,645 411 3,946 Controlled investments Interest income 30,896 12,970 8,090 Paid-in-kind interest income 5,821 — 1,050 Fee income 9,650 4,382 1,391 Dividend income — — 4,250 Total investment income 240,821 252,432 251,010 Operating expenses Management fees 26,076 27,321 26,856 Administrative services expense 5,180 4,783 3,971 Subordinated incentive fee on income 19,736 20,334 22,277 General and administrative 6,334 7,157 7,382 Interest expense 90,540 96,870 85,556 Total operating expenses 147,866 156,465 146,042 Net investment income before taxes 92,955 95,967 104,968 Income tax (benefit) expense, including excise tax ( 85 ) 107 ( 54 ) Net investment income after taxes 93,040 95,860 105,022 Realized and unrealized (losses) gains Net realized losses on: Non-controlled, non-affiliated investments ( 39,569 ) ( 24,367 ) ( 31,927 ) Non-controlled, affiliated investments — ( 3,946 ) — Net realized losses ( 39,569 ) ( 28,313 ) ( 31,927 ) Net change in unrealized (depreciation) appreciation on: Non-controlled, non-affiliated investments ( 42,242 ) ( 8,218 ) 15,658 Non-controlled, affiliated investments 10,757 5,059 ( 7,335 ) Controlled investments ( 42,617 ) ( 30,486 ) 13,896 Net change in unrealized (depreciation) appreciation ( 74,102 ) ( 33,645 ) 22,219 Net realized and unrealized losses ( 113,671 ) ( 61,958 ) ( 9,708 ) Net (decrease) increase in net assets resulting from operations $ ( 20,631 ) $ 33,902 $ 95,314 Per share information—basic and diluted 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 Weighted average shares of common stock outstanding 52,341,612 53,564,788 54,685,327 See accompanying notes to consolidated financial statements. 100 CĪON Investment Corporation Consolidated Statements of Shareholders' Equity (in thousands, except share and per share amounts) Common Stock Capital in Excess of Par Value Accumulated Undistributed (Overdistributed) Earnings Total Shareholders' Equity Shares Amount Balance at December 31, 2022 55,299,484 $ 55 $ 1,044,547 $ ( 160,968 ) $ 883,634 Repurchases of common stock ( 1,114,848 ) ( 1 ) ( 11,517 ) — ( 11,518 ) Net investment income — — — 105,022 105,022 Net realized losses on investments — — — ( 31,927 ) ( 31,927 ) Net unrealized gains on investments — — — 22,219 22,219 Distributions declared and payable ($ 1.61 per share) — — — ( 87,867 ) ( 87,867 ) Balance at December 31, 2023 54,184,636 54 1,033,030 ( 153,521 ) 879,563 Repurchases of common stock ( 995,367 ) ( 1 ) ( 11,346 ) — ( 11,347 ) Net investment income — — — 95,860 95,860 Net realized losses on investments — — — ( 28,313 ) ( 28,313 ) Net unrealized losses on investments — — — ( 33,645 ) ( 33,645 ) Distributions declared and payable ($ 1.52 per share) — — — ( 81,308 ) ( 81,308 ) 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 ) Net investment income — — — 93,040 93,040 Net realized losses on investments — — — ( 39,569 ) ( 39,569 ) Net unrealized losses on investments — — — ( 74,102 ) ( 74,102 ) Distributions declared and payable ($ 1.44 per share) — — — ( 75,361 ) ( 75,361 ) Balance at December 31, 2025 51,417,866 $ 51 $ 1,004,496 $ ( 296,919 ) $ 707,628 See accompanying notes to consolidated financial statements. 101 CĪON Investment Corporation Consolidated Statements of Cash Flows (in thousands) Years Ended December 31, 2025 2024 2023 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 ) Proceeds from principal repayment of investments 349,209 443,595 287,480 Purchase of investments ( 263,997 ) ( 464,054 ) ( 350,203 ) Paid-in-kind interest and dividends capitalized ( 52,178 ) ( 44,540 ) ( 31,739 ) (Increase) decrease in short term investments, net ( 47,192 ) 44,628 ( 102,577 ) Proceeds from sale of investments 18,517 42,868 12,771 Net realized loss on investments 39,569 28,313 31,927 Net change in unrealized depreciation (appreciation) on investments 74,102 33,645 ( 22,219 ) Amortization of debt issuance costs 7,523 5,593 4,073 (Increase) decrease in interest receivable on investments 481 ( 10,516 ) ( 16,372 ) (Increase) decrease in dividends receivable on investments — — 1,275 (Increase) decrease in receivable due on investments sold and repaid ( 734 ) ( 1,998 ) 49 (Increase) decrease in prepaid expenses and other assets ( 708 ) 83 ( 523 ) Increase (decrease) in payable for investments purchased 1,510 ( 3,673 ) 4,692 Increase (decrease) in accounts payable and accrued expenses ( 249 ) ( 2 ) 24 Increase (decrease) in interest payable ( 2,480 ) ( 1,987 ) 2,411 Increase (decrease) in accrued management fees ( 338 ) ( 132 ) ( 31 ) Increase (decrease) in accrued administrative services expense 176 ( 150 ) 453 Increase (decrease) in subordinated incentive fee on income payable ( 82 ) ( 651 ) ( 450 ) Increase (decrease) in share repurchase payable ( 13 ) 40 — Net cash provided by (used in) operating activities 76,833 88,191 ( 97,151 ) Financing activities: Repurchase of common stock ( 17,190 ) ( 11,347 ) ( 11,518 ) Shareholders' distributions paid ( 78,024 ) ( 89,482 ) ( 91,961 ) Repayments under financing arrangements ( 170,000 ) ( 277,500 ) ( 102,500 ) Borrowings under financing arrangements 192,500 302,500 237,344 Debt issuance costs paid ( 3,630 ) ( 13,107 ) ( 8,538 ) Net cash (used in) provided by financing activities ( 76,344 ) ( 88,936 ) 22,827 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: Cash paid for interest $ 85,442 $ 93,312 $ 79,032 Supplemental non-cash operating activities: 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 See accompanying notes to consolidated financial statements. 102 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Senior Secured First Lien Debt - 193.7 % Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 Capital Equipment $ 10,148 $ 10,148 $ 10,148 Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 Capital Equipment 1,440 1,440 1,440 Adapt Laser Acquisition, Inc.(s) 0.50 % Unfunded 12/31/2029 Capital Equipment 560 — — Allen Media, LLC(v) S+ 550 , 0.00 % SOFR Floor 2/10/2027 Media: Diversified & Production 8,590 8,570 7,699 American Clinical Solutions LLC(s)(t)(v) S+ 700 , 1.00 % SOFR Floor 6/30/2026 Healthcare & Pharmaceuticals 27,871 28,066 23,133 American Health Staffing Group, Inc.(m) Prime+ 500 11/19/2026 Services: Business 13,999 13,972 13,999 American Health Staffing Group, Inc. 0.50 % Unfunded 11/19/2026 Services: Business 2,500 ( 4 ) — 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) 10.00 % Fixed 11/15/2027 Media: Diversified & Production 27,810 25,213 20,441 Anthem Sports & Entertainment Inc.(t)(v) S+ 550 , 1.00 % SOFR Floor 11/15/2027 Media: Diversified & Production 12,955 12,955 12,505 Anthem Sports & Entertainment Inc.(q)(t) 1.00 % Fixed 11/15/2027 Media: Diversified & Production 26,327 3,663 — Appalachian Resource Company, LLC(t)(u)(x) S+ 500 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 15,168 15,174 10,466 Appalachian Resource Company, LLC(t)(u)(x) S+ 1000 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 6,462 6,462 6,171 APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 14,517 14,517 14,517 APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 1,812 1,810 1,812 APS Acquisition Holdings, LLC 1.00 % Unfunded 7/11/2026 Construction & Building 3,380 ( 4 ) — APS Acquisition Holdings, LLC 0.50 % Unfunded 7/11/2029 Construction & Building 2,600 — — 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 3/12/2029 Banking, Finance, Insurance & Real Estate 12,509 10,972 10,804 Avison Young (USA) Inc.(n)(v) S+ 625 , 2.00 % SOFR Floor 3/12/2028 Banking, Finance, Insurance & Real Estate 7,983 7,884 7,553 Avison Young (USA) Inc.(m)(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 4,056 3,897 4,016 Avison Young (USA) Inc.(t)(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 1,056 1,056 1,038 Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor 3/12/2029 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 1/31/2026 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(v) S+ 675 , 2.00 % SOFR Floor 2/7/2027 Services: Business 3,333 3,271 3,333 BDS Solutions Intermediateco, LLC 0.50 % Unfunded 2/7/2027 Services: Business 476 ( 25 ) — Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 17,277 17,275 16,472 Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 1,666 1,643 1,669 Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 472 472 473 Berlitz Holdings, Inc.(t)(u) 0.50 % Unfunded 7/31/2026 Services: Business 2,977 — 4 Bradshaw International Parent Corp.(n)(u) S+ 575 , 1.00 % SOFR Floor 10/21/2027 Consumer Goods: Durable 12,630 12,510 12,503 Bradshaw International Parent Corp. 0.50 % Unfunded 10/21/2026 Consumer Goods: 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. 103 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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)(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 38,332 38,086 37,852 Cennox, Inc.(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 2,989 2,989 2,951 Cennox, Inc.(p) 0.00 % Unfunded 5/4/2029 Services: Business 30 — — Cennox, Inc.(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: 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)(u) S+ 800 , 3.00 % SOFR Floor 6/17/2029 Consumer Goods: Durable 19,700 19,474 20,094 CrossLink Professional Tax Solutions, LLC (m)(v) S+ 525 , 1.00 % SOFR Floor 6/30/2028 High Tech Industries 14,775 14,639 14,775 CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded 6/30/2028 High Tech Industries 982 ( 22 ) — CrossLink Professional Tax Solutions, LLC(v) S+ 525 , 1.00 % SOFR Floor 6/30/2028 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)(v) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 16,747 16,747 16,622 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 12/31/2026 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(m)(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 4,131 4,090 4,131 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)(v) S+ 625 , 1.00 % SOFR Floor 12/29/2027 Services: Business 2,719 2,697 2,246 Entertainment Studios P&A LLC(v) S+ 900 , 1.00 % SOFR Floor 9/30/2030 Media: Diversified & Production 34,472 34,473 34,472 Entertainment Studios P&A LLC(j)(aa) 5.00 % 5/18/2037 Media: Diversified & Production — — 198 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.(u) S+ 650 , 1.50 % SOFR Floor 7/24/2028 Construction & Building 197 171 197 ESP Associates, Inc. 0.50 % Unfunded 7/24/2028 Construction & Building 1,118 — — 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)(u) S+ 650 , 2.00 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 23,750 23,750 23,750 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. 1.00 % Unfunded 3/17/2027 Environmental Industries 1,632 ( 11 ) — Heritage Power, LLC(v) S+ 550 , 1.00 % SOFR Floor 7/20/2028 Energy: Oil & Gas 1,192 1,192 1,180 Hilliard, Martinez & Gonzales, LLP(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 27,219 27,214 26,811 Hollander Intermediate LLC(r)(u) S+ 300 , 3.00 % SOFR Floor 9/19/2027 Consumer Goods: Durable 18,800 18,490 14,651 Homer City Generation, L.P.(t) 15.00 % 4/16/2028 Energy: Oil & Gas 18,331 18,415 17,598 See accompanying notes to consolidated financial statements. 104 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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) Prime+ 500 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)(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)(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)(u) S+ 650 , 1.00 % SOFR Floor 2/25/2027 Media: Advertising, Printing & Publishing 1,699 1,699 1,634 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 2/25/2027 Media: Advertising, Printing & Publishing 973 — ( 38 ) Instant Web, LLC(r) 0.50 % Unfunded 2/25/2027 Media: Advertising, Printing & Publishing 1,731 — ( 67 ) Invincible Boat Company LLC(m)(t)(u) S+ 800 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 13,473 13,443 12,160 Invincible Boat Company LLC(t)(u) S+ 750 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 1,117 1,117 1,008 Invincible Boat Company LLC 0.50 % Unfunded 8/31/2027 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)(u) S+ 525 , 1.00 % SOFR Floor 9/30/2027 Services: Business 6,810 6,779 6,810 Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor 9/30/2027 Services: Business 1,857 1,849 1,857 Ironhorse Purchaser, LLC 0.50 % Unfunded 9/30/2027 Services: Business 816 ( 3 ) — 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)(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 Beverage, Food & Tobacco 27,159 27,159 23,561 JP Intermediate B, LLC(m)(s)(v) S+ 700 , 1.00 % SOFR Floor 9/30/2030 Beverage, Food & Tobacco 6,889 6,889 6,889 JP Intermediate B, LLC(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 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.(m)(u) S+ 800 , 1.00 % SOFR Floor 2/16/2027 Consumer Goods: Durable 4,146 4,074 4,218 Klein Hersh, LLC(i)(u) S+ 850 , 0.50 % SOFR Floor 4/27/2028 Services: Business 23,048 21,121 20,887 LAV Gear Holdings, Inc.(m)(r)(t)(u) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 16,274 16,274 13,894 LAV Gear Holdings, Inc.(n)(r)(t)(u) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 5,187 4,984 5,135 LAV Gear Holdings, Inc.(r) 0.50 % Unfunded 7/31/2029 Services: Business 726 ( 73 ) ( 7 ) Lift Brands, Inc.(m)(n)(r)(u) S+ 750 , 1.00 % SOFR Floor 9/30/2026 Services: Consumer 21,388 21,388 21,682 Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services: Consumer 7,321 7,292 7,212 Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services: Consumer 8,245 8,135 8,006 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(t)(v) S+ 725 , 1.50 % SOFR Floor 4/29/2028 Automotive 1,936 1,936 1,510 Lux Credit Consultants LLC(t)(v) S+ 725 , 1.50 % SOFR Floor 4/29/2028 Automotive 883 883 689 See accompanying notes to consolidated financial statements. 105 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) MacNeill Pride Group Corp.(m)(v) S+ 625 , 1.00 % SOFR Floor 4/22/2026 Services: Consumer 16,162 16,174 16,162 MacNeill Pride Group Corp.(n)(v) S+ 625 , 1.00 % SOFR Floor 4/22/2026 Services: Consumer 5,961 5,956 5,961 Metrc Inc.(m)(v) S+ 550 , 1.00 % SOFR Floor 9/30/2031 High Tech Industries 13,466 13,203 13,466 Metrc Inc. 0.50 % Unfunded 9/30/2027 High Tech Industries 2,250 ( 43 ) — Metrc Inc. 0.50 % Unfunded 9/30/2031 High Tech Industries 2,250 ( 45 ) — Newbury Franklin Industrials LLC(m)(w) S+ 700 , 2.00 % SOFR Floor 12/11/2029 Capital Equipment 7,946 7,846 7,867 Newbury Franklin Industrials LLC(w) S+ 700 , 1.00 % SOFR Floor 12/11/2029 Capital Equipment 906 906 897 Newbury Franklin Industrials LLC 1.00 % Unfunded 12/11/2029 Capital Equipment 1,066 ( 11 ) ( 11 ) NewsCycle Solutions, Inc.(q)(v) S+ 100 , 1.00 % SOFR Floor 9/30/2026 Media: Advertising, Printing & Publishing 14,161 11,663 7,381 OpCo Borrower, LLC(m)(n)(v) S+ 625 , 1.00 % SOFR Floor 4/26/2029 Healthcare & Pharmaceuticals 27,091 27,001 27,091 Optio Rx, LLC(r)(t)(u) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 14,880 14,880 14,880 Optio Rx, LLC(r)(t)(u) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 709 709 709 Optio Rx, LLC(r) 0.50 % Unfunded 3/21/2030 Healthcare & Pharmaceuticals 658 — — 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(m)(v) S+ 650 , 1.00 % SOFR Floor 5/12/2028 Hotel, Gaming & Leisure 17,461 17,461 17,461 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 11,978 11,978 10,885 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 1,145 1,136 1,041 RA Outdoors, LLC(p)(r) 0.00 % Unfunded 6/30/2027 Media: Diversified & Production 1,083 — ( 99 ) Riddell, Inc. / All American Sports Corp.(m)(n)(u) S+ 600 , 1.00 % SOFR Floor 3/29/2029 Consumer Goods: Durable 15,229 15,026 15,114 Robert C. Hilliard, L.L.P.(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 2,548 2,553 2,509 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 7,948 7,850 7,899 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 2,399 2,396 2,384 SHF Holdings, Inc.(m)(n)(v) S+ 550 , 1.00 % SOFR Floor 1/22/2030 Beverage, Food & Tobacco 18,078 18,078 18,078 SHF Holdings, Inc. 0.50 % Unfunded 1/22/2030 Beverage, Food & Tobacco 1,739 — — Sleep Opco, LLC(m)(n)(v) S+ 650 , 1.00 % SOFR Floor 11/7/2030 Retail 17,940 17,940 17,940 Sleep Opco, LLC 0.50 % Unfunded 11/7/2030 Retail 2,060 — — Spin Holdco Inc.(n)(v) S+ 400 , 0.75 % SOFR Floor 3/4/2028 Services: Business 11,870 10,512 9,778 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 19,965 19,944 8,136 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,774 1,774 723 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,141 1,058 465 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,083 1,083 441 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 904 838 368 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 825 826 825 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 125 125 153 Spinal USA, Inc. / Precision Medical Inc.(p) 0.00 % Unfunded 5/29/2026 Healthcare & Pharmaceuticals 125 — — See accompanying notes to consolidated financial statements. 106 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) STATinMED, LLC(q)(r)(t)(u) S+ 950 , 2.00 % SOFR Floor 7/1/2027 Healthcare & Pharmaceuticals 20,612 11,709 4,200 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(m)(v) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 1,511 1,511 1,511 Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 825 825 825 Stengel Hill Architecture, LLC 0.38 % Unfunded 8/16/2028 Construction & Building 1,425 — — 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.(m)(v) S+ 750 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,950 1,950 1,950 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 12/22/2028 Aerospace & Defense 2,000 — — The Men's Wearhouse, LLC(n)(v) S+ 575 , 0.00 % SOFR Floor 2/26/2029 Retail 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 0.50 % Unfunded 5/27/2027 Media: Diversified & Production 1,739 — ( 285 ) TMK Hawk Parent, Corp.(t)(u) S+ 525 , 1.00 % SOFR Floor 6/30/2029 Services: Business 7,505 7,505 7,401 TMK Hawk Parent, Corp.(p) 0.00 % Unfunded 10/28/2026 Services: Business 780 — — Trademark Global, LLC(q)(r)(t)(v) S+ 850 , 1.00 % SOFR Floor 6/30/2027 Consumer Goods: Non-Durable 20,625 19,393 9,848 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)(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)(v)(x) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 325 304 149 Wok Holdings Inc.(m)(n)(v) S+ 625 , 0.00 % SOFR Floor 9/3/2029 Beverage, Food & Tobacco 24,322 23,758 23,076 WorkGenius, Inc.(m)(n)(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 20,805 20,805 20,805 WorkGenius, Inc.(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 750 745 750 WorkGenius, Inc.(m)(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 7,430 7,430 7,430 Xenon Arc, Inc.(m)(v) S+ 575 , 0.75 % SOFR Floor 12/20/2028 High Tech Industries 3,796 3,778 3,796 Total Senior Secured First Lien Debt 1,494,155 1,370,525 Senior Secured Second Lien Debt - 0.0 % RA Outdoors, LLC(q)(r)(t)(v) S+ 900 , 1.00 % SOFR Floor 12/31/2027 Media: Diversified & Production 2,295 2,218 — Total Senior Secured Second Lien Debt 2,218 — Collateralized Securities and Structured Products - Equity - 0.7 % Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(h)(aa) 5.98 % Estimated Yield 4/28/2039 Diversified Financials 5,000 4,969 5,028 Total Collateralized Securities and Structured Products - Equity 4,969 5,028 Unsecured Debt - 0.9 % Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services: Business 4,368 988 153 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 Services: Business 1,715 1,715 1,646 Total Unsecured Debt 25,563 6,639 See accompanying notes to consolidated financial statements. 107 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Equity - 44.5 % 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 5,432 5,348 ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r) Metals & Mining NA — — Ascent Resources - Marcellus, LLC, Membership Units(aa) Energy: Oil & Gas 511,255 Units 1,642 2,173 Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return) Banking, Finance, Insurance & Real Estate 8,800,606 Units 11,021 7,833 Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units 3,183 — 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: Business 380,952 Units 381 705 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)(o)(p)(s) Diversified Financials NA — — CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units 237 626 David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units 10,820 9,500 David's Bridal Holdings, LLC, Class A Common Units(p)(s) Retail 876,920 Units 23,130 9,510 David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 441,441 Units 6,978 4,787 EBSC Holdings LLC, Preferred Units ( 10 % Return) Consumer Goods: Durable 2,000 Units 2,349 2,454 FWS Parent Holdings, LLC, Class A Membership Interests(p) Services: Business 35,242 Units 800 614 Heritage Litigation Trust, Restricted Stock(p) Energy: Oil & Gas 238,375 Units 100 131 Instant Web Holdings, LLC, Class A Common Units(p)(r) Media: Advertising, Printing & Publishing 10,819 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 787,149 Units 8,988 — 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 8,927 1,488 Language Education Holdings GP LLC, Common Units(p) Services: Business 366,667 Units — — Language Education Holdings LP, Ordinary Common Units(p) Services: Business 366,667 Units 825 381 LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units 4,200 432 Live Comfortably Inc., Common Stock(p)(r) Consumer Goods: Durable 8,654 Units — — Longview Intermediate Holdings C, LLC, Membership Units(r)(aa) Energy: Oil & Gas 1,495,714 Units 12,917 105,657 Mount Logan Capital Inc., Common Stock(f)(h)(aa) Banking, Finance, Insurance & Real Estate 254,756 Units 3,534 2,102 New Giving Acquisition, Inc., Warrants(p)(aa) Healthcare & Pharmaceuticals 4,630 Units 633 2,167 New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units 9,899 — 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 — 521 NS NWN Holdco LLC, Non-Voting Units(aa) High Tech Industries 522 Units — 158 NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods: Durable 1,575 Units 1,000 1,508 Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r) Healthcare & Pharmaceuticals 3,762,159 Units 3,231 3,913 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 472 9,906 PLBY Group, Inc., Common Stock(f)(h)(p) Consumer Goods: Non-Durable 2,216,105 Units 5,511 4,166 RumbleOn, Inc., Warrants(p) 8/14/2028 Automotive 60,606 Units 502 227 Service Compression Holdings, LLC, Junior Preferred Units(p) Energy: Oil & Gas 389,001 Units 1,327 1,712 Service Compression Holdings, LLC, Warrants(p) Energy: Oil & Gas 730,586 Units 1,426 2,382 Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services: Consumer 9,858 Units 3,078 5,047 Snap Fitness Holdings, Inc., Warrants(p)(r) Services: Consumer 3,996 Units 1,247 2,046 Sopris Topco, LLC, Common Units(p)(r) Media: Diversified & Production 105 Units — — SRA Parent, LLC, Preferred Units ( 12 % Return)(r) Banking, Finance, Insurance & Real Estate 10,414,785 Units 11,973 11,971 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 6,182 — STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units 3,193 — See accompanying notes to consolidated financial statements. 108 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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 8,579 5,470 TMK Hawk Parent, Corp., Warrants(p) Services: Business 36,734 Units — 94 URS Topco, LLC, Common Equity(p) Transportation: Cargo 430,540 Units 9,669 11,986 White Tiger NewCo, LLC, Class A Units(p)(r) Services: Business 76,140 Units 12,664 7,574 WorkGenius, LLC, Class A Units(p) Services: Business 500 Units 500 365 WorkGenius, LLC, Class A Units(p) Services: Business 5,123 Units 6,833 3,741 Yak Holding II, LLC, Series A Common Units(aa) Construction & Building 127,419 Units — 7 Total Equity 299,181 314,788 Short Term Investments - 16.4 %(k) First American Treasury Obligations Fund, Class Z Shares 3.64 %(l) 116,010 116,010 Total Short Term Investments 116,010 116,010 TOTAL INVESTMENTS - 256.2 % $ 1,942,096 1,812,990 LIABILITIES IN EXCESS OF OTHER ASSETS - ( 156.2 )% ( 1,105,362 ) NET ASSETS - 100.0 % $ 707,628 a. All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a paid-in-kind, or PIK, interest provision. b. 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. c. 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. d. Represents amortized cost for debt securities and cost for equity investments. e. Denominated in U.S. dollars unless otherwise noted. f. Fair value determined using level 1 inputs. g. 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. h. The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2025, 95.9 % of the Company’s total assets represented qualifying assets. i. 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 %. j. 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. k. 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. l. 7-day effective yield as of December 31, 2025. m. 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). n. 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). o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company. p. Non-income producing security. q. Investment or a portion thereof was on non-accrual status as of December 31, 2025. See accompanying notes to consolidated financial statements. 109 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) r. Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these affiliated investments, were as follows: Year Ended December 31, 2025 Year Ended December 31, 2025 Non-Controlled, Affiliated Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2025 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income American Clinical Solutions LLC First Lien Term Loan $ 11,075 $ — $ ( 11,075 ) $ — $ — $ — $ 436 $ — $ — Class A-1 Membership Interests — — — — — — — — — ARC Financial, LLC Membership Interests — — — — — — — — — Carestream Health, Inc. First Lien Term Loan 11,172 1,394 ( 353 ) 700 12,913 — 1,699 — — Carestream Health Holdings Inc. Common Shares 20,108 — — ( 2,027 ) 18,081 — — — — GSC Technologies Inc. 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 Revolving Loan 2,430 14,017 ( 13,950 ) ( 75 ) 2,422 — 283 — — Priming Term Loan 573 61 — ( 2 ) 632 — 67 — — First Lien Term Loan 36,557 6,191 — ( 7,106 ) 35,642 — 6,192 — — First Lien Delayed Draw Term Loan 1,458 185 — ( 76 ) 1,567 — 183 — — Instant Web Holdings, LLC Class A Common Units — — — — — — — — — IPP Buyer Holdings, LLC Class A Units 11,644 — — ( 889 ) 10,755 — — — — Isagenix International, LLC First Lien Term Loan 9,229 886 — ( 5,258 ) 4,857 — 1,146 — — Isagenix Worldwide, Inc. Common Shares 6,322 — — ( 6,322 ) — — — — — 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. Term Loan A 22,814 — ( 1,426 ) 294 21,682 — 2,649 — 629 Term Loan B 6,577 648 — ( 13 ) 7,212 — 648 — 138 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 — New HW Holdings Corp. Preferred Stock 3,141 — — ( 3,141 ) — — — — — Common Stock — — — — — — — — — 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. 110 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Year Ended December 31, 2025 Year Ended December 31, 2025 Non-Controlled, Affiliated Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (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. Class A Stock 5,028 — — 19 5,047 — — — — Warrants 2,038 — — 8 2,046 — — — — Sopris Topco, LLC Common Units — — — — — — — — — SRA Holdings, LLC 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 First Lien Term Loan 4,592 — — ( 392 ) 4,200 — — — — 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 Class A Preferred Units — — — — — — — — — Class B Preferred Units — — — — — — — — — TG Parent NewCo LLC 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 (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. 111 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) s. Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these controlled investments, were as follows: Year Ended December 31, 2025 Year Ended December 31, 2025 Controlled Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2025 Net Realized Gain (Loss) Interest 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 Senior Secured Note 36,037 — — — 36,037 — 5,045 — — Participating Preferred Shares 18,103 — — ( 4,424 ) 13,679 — — — — Common Shares — — — — — — — — — 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 — — David's Bridal Holdings, LLC Preferred Units 9,575 — — ( 75 ) 9,500 — — — — 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 (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. 112 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) t. 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. Interest Rate Portfolio Company Investment Type Cash PIK All-in-Rate American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 3.82 % 10.82 % Anthem Sports & Entertainment Inc. 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 % Cennox, Inc. Senior Secured First Lien Debt 10.27 % 0.25 % 10.52 % CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 % FuseFX, LLC Senior Secured First Lien Debt 5.10 % 5.00 % 10.10 % Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.99 % 15.99 % Homer City Generation, L.P. Senior Secured First Lien Debt — 15.00 % 15.00 % Homer City Generation, L.P. Senior Secured First Lien Debt — 17.00 % 17.00 % HW Acquisition, LLC Senior Secured First Lien Debt — 9.99 % 9.99 % HW Acquisition, LLC Senior Secured First Lien Debt — 11.75 % 11.75 % Inotiv, Inc. 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 % K&N Parent, Inc. Senior Secured First Lien Debt 7.08 % 5.00 % 12.08 % LAV Gear Holdings, Inc. Senior Secured First Lien Debt 6.21 % 3.44 % 9.65 % Lift Brands, Inc. Senior Secured First Lien Debt — 9.50 % 9.50 % Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 % 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 % Robert C. Hilliard, L.L.P. Senior Secured First Lien Debt — 15.99 % 15.99 % RumbleOn, Inc. Senior Secured First Lien Debt 10.85 % 1.00 % 11.85 % STATinMED, LLC Senior Secured First Lien Debt — 13.46 % 13.46 % TMK Hawk Parent, Corp. Senior Secured First Lien Debt 5.72 % 3.25 % 8.97 % TMK Hawk Parent, Corp. Unsecured Debt — 11.00 % 11.00 % Trademark Global, LLC Senior Secured First Lien Debt — 12.43 % 12.43 % Trammell, P.C. Senior Secured First Lien Debt — 19.33 % 19.33 % Williams Industrial Services Group, Inc. Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 % u. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%. v. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%. w. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%. x. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected. y. Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company. z. No interest is being recognized on this security after the maturity date. aa. 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. 113 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Senior Secured First Lien Debt - 190.5 % 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.(x) S+ 1000 , 1.00 % SOFR Floor 12/31/2025 Capital Equipment 10,495 10,494 10,796 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(x) S+ 550 , 0.00 % SOFR Floor 2/10/2027 Media: Diversified & Production 8,681 8,643 7,683 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 2/28/2029 Healthcare & Pharmaceuticals 1,818 — — American Health Staffing Group, Inc.(m) Prime+ 500 11/19/2026 Services: Business 15,405 15,339 15,405 American Health Staffing Group, Inc. 0.50 % Unfunded 11/19/2026 Services: Business 3,333 ( 12 ) — 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.(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: Diversified & Production 167 — — 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(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 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.(t)(x) S+ 800 , 2.00 % SOFR Floor 3/12/2029 Banking, Finance, Insurance & Real Estate 8,591 8,591 8,591 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(x) S+ 700 , 2.00 % SOFR Floor 2/7/2027 Services: Business 2,333 2,254 2,313 BDS Solutions Intermediateco, LLC 0.50 % Unfunded 2/7/2027 Services: Business 524 — ( 5 ) 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. 114 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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 5/28/2026 Services: Business 16,746 16,732 16,746 Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor 5/4/2029 Services: Business 38,388 38,090 38,388 Cennox, Inc.(y) S+ 550 , 1.00 % SOFR Floor 5/4/2029 Services: Business 653 653 653 Cennox, Inc. 0.50 % Unfunded 5/4/2029 Services: Business 2,334 — — 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 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(s)(x) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 10,164 10,164 9,910 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 4/22/2028 Healthcare & Pharmaceuticals 4,167 4,110 4,167 Dermcare Management, LLC(w) S+ 575 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 1,018 1,018 1,018 Dermcare Management, LLC 0.50 % Unfunded 4/22/2028 Healthcare & Pharmaceuticals 326 — — Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w) S+ 625 , 1.00 % SOFR Floor 12/29/2027 Services: Business 2,794 2,761 2,301 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)(aa) 5.00 % 5/18/2037 Media: Diversified & Production — — 81 See accompanying notes to consolidated financial statements. 115 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) ESP Associates, Inc.(m)(w) S+ 650 , 1.50 % SOFR Floor 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. 0.50 % Unfunded 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 9/30/2026 Media: Diversified & Production 20,597 20,587 20,140 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)(x) S+ 575 , 1.00 % SOFR Floor 3/17/2027 Environmental Industries 27,344 27,157 27,344 Gold Medal Holdings, Inc. 1.00 % Unfunded 3/17/2027 Environmental Industries 2,498 ( 20 ) — H.W. Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor 7/2/2027 Construction & Building 8,671 8,630 8,671 H.W. Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor 7/2/2027 Construction & Building 10,216 10,024 10,216 H.W. 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: Oil & Gas 1,192 1,192 1,175 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(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.(t) 15.00 % 4/16/2025 Energy: Oil & Gas 15,822 15,853 14,319 Homer City Generation, L.P.(t) 17.00 % 4/16/2025 Energy: Oil & Gas 13,059 13,060 13,059 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. 116 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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(r)(t) Prime+ 375 2/25/2027 Media: Advertising, Printing & Publishing 562 562 573 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(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 12/31/2026 Consumer Goods: Durable 13,444 13,416 13,074 Invincible Boat Company LLC(w) S+ 750 , 1.50 % SOFR Floor 12/31/2026 Consumer Goods: Durable 798 798 776 INW Manufacturing, LLC(n)(x) S+ 575 , 0.75 % SOFR Floor 3/25/2027 Services: Business 16,750 16,518 15,975 Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor 9/30/2027 Services: Business 6,982 6,936 6,982 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 0.50 % Unfunded 9/30/2027 Services: Business 551 — — 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 4/14/2028 Beverage, Food & Tobacco 9,393 9,393 9,229 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.(t)(w) S+ 825 , 1.00 % SOFR Floor 8/16/2027 Consumer Goods: Durable 5,724 5,724 5,410 K&N Parent, Inc.(w) S+ 800 , 1.00 % SOFR Floor 2/16/2027 Consumer Goods: Durable 4,188 4,077 4,314 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 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)(t)(x) S+ 628 , 1.00 % SOFR Floor 10/31/2025 Services: Business 4,494 4,491 4,421 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: Consumer 22,814 22,814 22,814 Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services: Consumer 6,660 6,644 6,577 Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services: Consumer 7,612 7,522 7,386 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.(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. 117 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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 10/17/2026 Services: Business 106 — — Moss Holding Company 0.50 % Unfunded 10/17/2026 Services: Business 2,126 — — 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)(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 6/28/2024 Healthcare & Pharmaceuticals 1,508 1,508 1,508 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(x)(z) S+ 525 , 5.00 % SOFR Floor 10/10/2024 Healthcare & Pharmaceuticals 1,505 1,505 1,505 Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor 6/28/2024 Healthcare & Pharmaceuticals 9,267 9,250 9,267 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(x) S+ 650 , 1.00 % SOFR Floor 5/12/2028 Hotel, Gaming & Leisure 18,752 18,752 18,611 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(x) S+ 675 , 1.00 % SOFR Floor 4/8/2026 Media: Diversified & Production 1,115 1,072 1,032 RA Outdoors, LLC(p) 0.50 % Unfunded 4/8/2026 Media: Diversified & Production 348 — ( 26 ) 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 ) Robert C. 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(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 8/31/2026 Automotive 8,696 8,432 8,479 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)(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. 118 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 17,965 17,948 9,791 Spinal USA, Inc. / Precision Medical Inc.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 1,596 1,596 822 Spinal USA, Inc. / Precision Medical Inc.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 1,026 972 529 Spinal USA, Inc. / Precision Medical Inc.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 975 975 502 Spinal USA, Inc. / Precision Medical Inc.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 813 770 443 Spinal USA, Inc. / Precision Medical Inc.(t)(v) L+ 950 5/29/2025 Healthcare & Pharmaceuticals 743 743 750 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 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.(w) S+ 850 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,975 1,928 1,975 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 5/27/2027 Media: Diversified & Production 1,739 — 28 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.(t)(w) S+ 525 , 1.00 % SOFR Floor 6/30/2029 Services: Business 7,280 7,280 7,043 TMK Hawk Parent, Corp.(p)(t) 0.00 % Unfunded 12/31/2028 Services: Business 780 — — 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.(t)(w) S+ 1550 , 2.00 % SOFR Floor 4/28/2026 Services: Consumer 15,777 15,777 15,777 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.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 325 304 137 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)(x) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 14,651 14,651 14,651 WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 7,465 7,465 7,465 WorkGenius, Inc. S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 750 742 750 Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor 12/20/2028 High Tech Industries 3,836 3,810 3,836 Total Senior Secured First Lien Debt 1,610,540 1,563,256 Senior Secured Second Lien Debt - 0.3 % 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.(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 5,187 2,680 See accompanying notes to consolidated financial statements. 119 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) 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 % 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(p) Energy: Oil & Gas 511,255 Units 1,642 652 Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return) Banking, Finance, Insurance & Real Estate 8,800,606 Units 9,734 7,965 Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units 3,183 4,713 Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units 21,759 20,108 CF Arch Holdings LLC, Class A Units(p) Services: Business 380,952 Units 381 689 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)(p)(s) Diversified Financials NA — — CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units 237 323 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 10,820 9,575 EBSC Holdings LLC, Preferred Units ( 10 % Return) Consumer Goods: Durable 2,000 Units 2,129 2,460 FWS Parent Holdings, LLC. Class A Membership Interests(p) Services: Business 35,242 Units 800 596 GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units — 32 Heritage Litigation Trust, Restricted Stock(p) Energy: Oil & Gas 238,375 Units 100 117 Instant Web Holdings, LLC, Class A Common Units(p)(r) Media: Advertising, Printing & Publishing 10,819 Units — — 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 8,987 6,322 K&N Holdco, LLC, Membership Units(p) Consumer Goods: Durable 743,846 Units 8,927 2,849 Language Education Holdings GP LLC, Common Units(p) Services: Business 366,667 Units — — Language Education Holdings LP, Ordinary Common Units(p) Services: Business 366,667 Units 825 2,776 LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units 4,200 1,147 Longview Intermediate Holdings C, LLC, Membership Units(p)(r) Energy: Oil & Gas 1,491,731 Units 12,835 52,166 Mount Logan Capital Inc., Common Stock(f)(h)(r)(aa) Banking, Finance, Insurance & Real Estate 1,075,557 Units 3,534 2,041 New Giving Acquisition, Inc., Common Stock(aa) Healthcare & Pharmaceuticals 4,630 Units 633 2,322 New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units 9,899 3,141 New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units — — See accompanying notes to consolidated financial statements. 120 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) Portfolio Company(a) Interest Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) NS NWN Acquisition, LLC, Class A Preferred Units(aa) High Tech Industries 111 Units — 599 NS NWN Acquisition, LLC, Common Equity High Tech Industries 346 Units — — NS NWN Holdco LLC, Non-Voting Units(aa) High Tech Industries 522 Units — 181 NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods: Durable 1,575 Units 1,000 988 Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units 472 3,816 PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods: Non-Durable 3,825 Units 5,948 6,151 RumbleOn, Inc., Warrants(p) Automotive 60,606 Units 378 233 Service Compression Holdings, LLC, Junior Preferred Units(p) Energy: Oil & Gas 389,001 Units 1,326 1,350 Service Compression, LLC, Warrants(p) Energy: Oil & Gas 730,586 Units 1,426 1,958 Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services: Consumer 9,858 Units 3,078 5,028 Snap Fitness Holdings, Inc., Warrants(p)(r) Services: Consumer 3,996 Units 1,247 2,038 SRA Parent, LLC, Preferred Units ( 12 % Return)(r) Banking, Finance, Insurance & Real Estate 9,166,827 Units 9,524 9,533 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 6,182 — STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units 3,193 — 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 8,579 4,463 TMK Hawk Parent, Corp., Warrants(p) Services: Business 36,734 Units — 94 URS Topco, LLC, Common Equity(p) Transportation: Cargo 430,540 Units 9,669 10,465 WorkGenius, LLC, Class A Units(p) Services: Business 500 Units 500 746 Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units — 207 Total Equity 226,681 239,438 Short Term Investments - 8.4 %(k) First American Treasury Obligations Fund, Class Z Shares 4.36 %(l) 68,818 68,818 Total Short Term Investments 68,818 68,818 TOTAL INVESTMENTS - 230.1 % $ 1,943,693 1,888,688 LIABILITIES IN EXCESS OF OTHER ASSETS - ( 130.1 )% ( 1,067,878 ) NET ASSETS - 100.0 % $ 820,810 a. All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a PIK interest provision. b. The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2024. The actual London Interbank Offered Rate, or LIBOR, 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. c. 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. d. Represents amortized cost for debt securities and cost for equity investments. e. Denominated in U.S. dollars unless otherwise noted. f. Fair value determined using level 1 inputs. See accompanying notes to consolidated financial statements. 121 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) g. 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. h. The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2024, 95.9 % of the Company’s total assets represented qualifying assets. i. 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 %. j. 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. k. 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. l. 7-day effective yield as of December 31, 2024. m. Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2024 (see Note 8). n. 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). o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company. p. Non-income producing security. q. Investment or a portion thereof was on non-accrual status as of December 31, 2024. See accompanying notes to consolidated financial statements. 122 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) r. 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, 2024 Year Ended December 31, 2024 Non-Controlled, Affiliated Investments Fair Value at December 31, 2023 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2024 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 — 13,300 — ( 2,225 ) 11,075 — 503 — 50 Class A-1 Membership Interests — — — — — — — — — ARC Financial, LLC Membership Interests — — — — — — — — — Carestream Health, Inc. First Lien Term Loan 11,423 195 ( 285 ) ( 161 ) 11,172 — 1,694 — — Carestream Health Holdings Inc. Common Shares 21,386 — — ( 1,278 ) 20,108 — — — — 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 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 Revolving Loan 2,832 5,641 ( 6,056 ) 13 2,430 — 339 — — Priming Term Loan 513 65 — ( 5 ) 573 — 64 — — First Lien Term Loan 28,555 5,983 — 2,019 36,557 — 5,952 — — First Lien Delayed Draw Term Loan 1,013 433 — 12 1,458 — 189 — — Instant Web Holdings, LLC Class A Common Units — — — — — — — — — IPP Buyer Holdings, LLC Class A Units 11,910 — — ( 266 ) 11,644 — — — — Isagenix International, LLC First Lien Term Loan 8,518 811 — ( 100 ) 9,229 — 1,081 — — Isagenix Worldwide, Inc. Common Shares 8,404 — — ( 2,082 ) 6,322 — — — — See accompanying notes to consolidated financial statements. 123 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 Additions (Cost)(1) Gross Reductions (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. Term Loan A 23,050 — ( 236 ) — 22,814 — 2,980 — — Term Loan B 5,814 631 — 132 6,577 — 628 — — Term Loan C 6,259 851 — 276 7,386 — 847 — — Longview Intermediate Holdings C, LLC Membership Units 21,726 10,132 — 20,308 52,166 — — — — 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. Class A Stock 4,653 — — 375 5,028 — — — — Warrants 1,886 — — 152 2,038 — — — — 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 — — Senior Term Loan — 1,004 — ( 62 ) 942 — 257 — 2,894 Senior Superpriority Term Loan — 224 — 19 243 — — — 704 STATinMed Parent, LLC Class A Preferred Units 2,018 — — ( 2,018 ) — — — — — 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. 124 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) s. Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2023 and 2024, along with transactions during the year ended December 31, 2024 in these controlled investments, were as follows: Year Ended December 31, 2024 Year Ended December 31, 2024 Controlled Investments Fair Value at December 31, 2023 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2024 Net Realized Gain (Loss) Interest Income(3) Fee Income CION/EagleTree Partners, LLC Senior Secured Note $ 59,598 $ — $ ( 23,561 ) $ — $ 36,037 $ — $ 6,535 $ — Participating Preferred Shares 25,039 — — ( 6,936 ) 18,103 — — — Common Shares — — — — — — — — David's Bridal, Inc. Exit First Lien Term Loan 22,050 55,000 — ( 3,869 ) 73,181 — 4,774 4,382 Incremental First Lien Term Loan 16,694 — ( 6,870 ) 86 9,910 — 1,661 — David's Bridal Holdings, LLC Preferred Units 12,494 — — ( 2,919 ) 9,575 — — — Common Units 41,418 — — ( 16,848 ) 24,570 — — — Totals $ 177,293 $ 55,000 $ ( 30,431 ) $ ( 30,486 ) $ 171,376 $ — $ 12,970 $ 4,382 (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. 125 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2024 (in thousands) t. 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. For certain investments, the borrower may toggle between cash and PIK interest payments. Interest Rate Portfolio Company Investment Type Cash PIK All-in-Rate American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 4.48 % 11.48 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt 2.75 % 11.34 % 14.09 % 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 % FuseFX, LLC Senior Secured First Lien Debt 5.78 % 5.00 % 10.78 % 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. Senior Secured First Lien Debt — 15.00 % 15.00 % Homer City Generation, L.P. 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 % Inotiv, Inc. Senior Secured First Lien Debt 11.32 % 0.25 % 11.57 % Instant Web, LLC Senior Secured First Lien Debt — 10.97 % 10.97 % Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.75 % 11.25 % K&N Parent, Inc. Senior Secured First Lien Debt 7.68 % 5.00 % 12.68 % LAV Gear Holdings, Inc. Senior Secured First Lien Debt — 10.86 % 10.86 % Lift Brands, Inc. Senior Secured First Lien Debt — 9.50 % 9.50 % 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. Senior Secured First Lien Debt 5.76 % 5.25 % 11.01 % RA Outdoors, LLC Senior Secured Second Lien Debt — 13.74 % 13.74 % Robert C. Hilliard, L.L.P. Senior Secured First Lien Debt — 16.67 % 16.67 % RumbleOn, Inc. Senior Secured First Lien Debt 12.10 % 1.50 % 13.60 % 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 — 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 % Trammell, P.C. Senior Secured First Lien Debt — 19.97 % 19.97 % Williams Industrial Services Group, Inc. Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 % u. The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%. v. The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2024 was 4.57%. w. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%. x. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%. y. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%. z. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected. aa. 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 126 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 1. Organization and Principal Business CĪON Investment Corporation, or the Company, was incorporated under the general corporation laws of the State of Maryland on August 9, 2011. On December 17, 2012, the Company successfully raised gross proceeds from unaffiliated outside investors of at least $ 2,500 , or the minimum offering requirement, and commenced operations. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the 1940 Act. The Company elected to be treated for federal income tax purposes as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. The Company’s portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies. The Company is managed by CION Investment Management, LLC, or CIM, a registered investment adviser and an affiliate of the Company. Pursuant to an investment advisory agreement with the Company, CIM oversees the management of the Company’s activities and is responsible for making investment decisions for the Company’s investment portfolio. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months , commencing August 9, 2025. The Company has also entered into an administration agreement with CIM to provide the Company with administrative services necessary for it to operate. The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, Inc., or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company’s investment sub-adviser. On July 11, 2017, the members of CIM entered into a third amended and restated limited liability company agreement of CIM, or the Third Amended CIM LLC Agreement, for the purpose of creating a joint venture between AIM and CION Investment Group, LLC, or CIG, an affiliate of the Company. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50 % economic interest in CIM. On July 10, 2017, the Company’s independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017. Although the investment sub-advisory agreement and AIM's engagement as the Company’s investment sub-adviser were terminated, AIM continues to perform certain services for CIM and the Company. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above. On December 4, 2017, the members of CIM entered into a fourth amended and restated limited liability company agreement of CIM, or the Fourth Amended CIM LLC Agreement, under which AIM performs certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide the Company with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel. The amended and restated investment advisory agreement was approved by shareholders on August 9, 2021 at the Company’s reconvened 2021 annual meeting of shareholders. As a result, on August 10, 2021, the Company and CIM entered into the amended and restated investment advisory agreement in order to implement the change to the calculation of the subordinated incentive fee payable from the Company to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company’s net assets rather than adjusted capital. On October 5, 2021, the Company's shares of common stock commenced trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "CION", or the Listing. As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4). 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, 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”. 127 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and include the accounts of the Company and its wholly-owned subsidiaries. The Company is considered an investment company as defined in Accounting Standards Codification Topic 946, Financial Services – Investment Companies , or ASC 946. Accordingly, the required disclosures as outlined in ASC 946 are included in the Company’s consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation. The Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree. See Note 7 for a description of the Company’s investment in CION/EagleTree. The Company evaluates subsequent events through the date that the consolidated financial statements are issued. Segment Reporting The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation for investors. The chief operating decision makers, or CODMs, are comprised of the Company’s co-chief executive officers, chief investment officer and chief financial officer. The CODMs assess the performance and make operating decisions for the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in making investment policy decisions, managing the Company’s portfolio and evaluating the Company’s distribution policy. As the Company’s operations comprise a single operating and reporting segment, the Company's segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations. Recent Accounting Pronouncements 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. Under this new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also further disaggregate income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. 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 Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. The Company’s cash and cash equivalents are held principally at one financial institution and at times may exceed insured limits. The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits. 128 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Foreign Currency Translations The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation, unless otherwise noted. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. Short Term Investments Short term investments include an investment in a U.S. Treasury obligations fund, which seeks to provide current income and daily liquidity by purchasing U.S. Treasury securities and repurchase agreements that are collateralized by such securities. The Company had $ 116,010 and $ 68,818 of such investments at December 31, 2025 and 2024, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments. Income Taxes The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. To qualify and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to shareholders, for each taxable year, at least 90% of the Company’s “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. 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 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. One of the Company’s wholly-owned consolidated subsidiaries, CIC Holdco, LLC, or CIC Holdco, has elected to be treated as a taxable entity for U.S. federal income tax purposes. As a result, CIC Holdco is not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements. There were no deferred tax assets or liabilities as of December 31, 2025 or 2024. Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate. Additionally, the tax character of distributions is determined in accordance with income tax regulations that may differ from GAAP (see Note 14). Uncertainty in Income Taxes The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold for the purposes of measuring and recognizing tax liabilities in the consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by the taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. The Company did not have any uncertain tax positions during the periods presented herein. The Company is subject to examination by U.S. federal, New York State, New York City and Maryland income tax jurisdictions for 2022, 2023 and 2024. 129 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may materially differ from those estimates. Valuation of Portfolio Investments 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. ASC 820 also establishes a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Inputs used to measure these fair values are classified into the following hierarchy: Level 1 - Quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date. Level 2 - Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3 - Unobservable inputs for the asset or liability. The inputs used in the determination of fair value may require significant management judgment or estimation. Such information may be the result of consensus pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence. 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. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The level in the fair value hierarchy for each fair value measurement has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the value that would be received upon an actual sale of such investments. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned. A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments. CIM attempts to obtain market quotations from at least two brokers or dealers for each investment (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). CIM typically uses the average midpoint of the broker bid/ask price to determine fair value unless a different point within the range is more representative. Because of the private nature of this marketplace (meaning actual transactions are not publicly reported) and the non-binding nature of consensus pricing and/or quotes, the Company believes that these valuation inputs result in Level 3 classification within the fair value hierarchy. As these quotes are only indicative of fair value, CIM benchmarks the implied fair value yield and leverage against what has been observed in the market. If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value. 130 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment’s fair value and report such change in the valuation to the board of directors or its designee as soon as practicable. Investments that carry certain restrictions on sale will typically be valued at a discount from the public market value of the investment. Any investments that are not publicly traded or for which a market price is not otherwise readily available are valued at a price that reflects its fair value. With respect to such investments, if CIM is unable to obtain market quotations, the investments are reviewed and valued using one or more of the following types of analyses: i. Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and other factors for companies with similar characteristics. ii. Valuations implied by third-party investments in the applicable portfolio companies. iii. A benchmarking analysis to compare implied fair value and leverage to comparable market investments. iv. Discounted cash flow analysis, including a terminal value or exit multiple. Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s consolidated financial statements. Below is a description of factors that CIM may consider when valuing the Company’s equity and debt investments where a market price is not readily available: • the size and scope of a portfolio company and its specific strengths and weaknesses; • prevailing interest rates for like securities; • expected volatility in future interest rates; • leverage; • call features, put features, fees and other relevant terms of the debt; • the borrower’s ability to adequately service its debt; • the fair market value of the portfolio company in relation to the face amount of its outstanding debt; • the quality of collateral securing the Company’s debt investments; • multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in some cases, book value or liquidation value; and • other factors deemed applicable. All of these factors may be subject to adjustment based upon the particular circumstances of a portfolio company or the Company’s actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners, or acquisition, recapitalization, and restructuring expenses or other related or non-recurring items. The choice of analyses and the weight assigned to such factors may vary across investments and may change within an investment if events occur that warrant such a change. When CIM uses the discounted cash flow model to value the Company's investments, such model deemed appropriate by CIM is prepared for the applicable investments and reviewed by designated members of CIM’s management team. Such models are prepared at least quarterly or on an as needed basis. 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. 131 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value. The Company periodically benchmarks the broker quotes from the brokers or dealers against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Company believes that these quotes are reliable indicators of fair value. The Company may also use other methods to determine fair value for securities for which it cannot obtain market quotations through brokers or dealers, including the use of an independent valuation firm. Designated members of CIM’s management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process. 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. Revenue Recognition Securities transactions are accounted for on the trade date. The Company records interest and dividend income on an accrual basis beginning on the trade settlement date or the ex-dividend date, respectively, to the extent that the Company expects to collect such amounts. For investments in equity tranches of collateralized loan obligations, the Company records income based on the effective interest rate determined using the amortized cost and estimated cash flows, which is updated periodically. Loan origination fees, original issue discounts, or OID, and market discounts/premiums are recorded and such amounts are amortized as adjustments to interest income over the respective term of the loan using the effective interest rate method. 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 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. On the interest payment dates, the Company will capitalize the accrued interest receivable attributable to PIK as additional principal due from the borrower. Additional PIK securities typically have the same terms, including maturity dates and interest rates, as the original securities. In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash. For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of December 31, 2025 and 2024. Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables , or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more. Interest accrued but not collected at the date a loan or security is placed on non-accrual status is reversed against interest income. Interest income is recognized on non-accrual loans or debt securities only to the extent received in cash. However, where there is doubt regarding the ultimate collectability of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security. Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. For full PIK loans, accrual status is restored if future interest and principal payments are reasonably assured. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investment, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that CIM provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the estimated life of the loan as interest income. Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the transaction. Other income also includes fees for managerial assistance and other consulting services, loan guarantees, commitments, and other services rendered by the Company to its portfolio companies. Such fees are fixed based on contractual terms and are recognized as fee income when earned. 132 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Gains or losses on the sale of investments are calculated by using the weighted-average method. The Company measures realized gains or losses by the difference between the net proceeds from the sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Capital Gains Incentive Fee Pursuant to the terms of the investment advisory agreement the Company entered into with CIM, the incentive fee on capital gains earned on liquidated investments of the Company’s investment portfolio during operations is determined and payable in arrears as of the end of each calendar year. Prior to October 5, 2021 and under the investment advisory agreement, such fee equaled 20 % of the Company’s incentive fee capital gains (i.e., the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. Pursuant to the second amended and restated investment advisory agreement, the incentive fee on capital gains was reduced to 17.5 %, which became effective on October 5, 2021. On a cumulative basis and to the extent that all realized capital losses and unrealized capital depreciation exceed realized capital gains as well as the aggregate realized net capital gains for which a fee has previously been paid, the Company would not be required to pay CIM a capital gains incentive fee. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. While the investment advisory agreement with CIM neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of the American Institute for Certified Public Accountants, or AICPA, Technical Practice Aid for investment companies, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Net (Decrease) Increase in Net Assets per Share Net (decrease) increase in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period. Distributions Distributions to shareholders are recorded as of the record date. The amount paid as a distribution is declared by the Company's co-chief executive officers and ratified by the board of directors on a quarterly basis. Net realized capital gains, if any, are distributed at least annually. Note 3. Share Transactions 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: Years Ended December 31, 2025 2024 2023 Shares Amount Shares Amount Shares Amount Gross shares/proceeds from offerings — $ — — $ — — $ — Reinvestment of distributions — — — — — — Total gross shares/proceeds — — — — — — Share repurchase program ( 1,771,403 ) ( 17,190 ) ( 995,367 ) ( 11,347 ) ( 1,114,848 ) ( 11,518 ) Net shares/amounts for share transactions ( 1,771,403 ) $ ( 17,190 ) ( 995,367 ) $ ( 11,347 ) ( 1,114,848 ) $ ( 11,518 ) 133 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Since commencing its initial continuous public offering on July 2, 2012 and through December 31, 2025, the Company sold 51,417,866 shares of common stock for net proceeds of $ 1,104,808 . The net proceeds include gross proceeds received from reinvested shareholder distributions of $ 237,451 , for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $ 287,929 , for which the Company repurchased 18,851,501 shares of common stock. 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 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 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 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 $ 10,000 to up to an aggregate of $ 60,000 . 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. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock. On August 15, 2025, as part of the share repurchase policy, the Company entered into a new trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 15, 2026, and is subject to price, market volume and timing restrictions. The following table summarizes the share repurchases completed during the years ended December 31, 2024 and 2025: 134 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) 2024 January 1 to January 31, 2024 125,304 $ 11.14 125,304 $ 31,700 February 1 to February 29, 2024 165,876 10.97 165,876 29,883 March 1 to March 31, 2024 132,851 10.95 132,851 28,431 April 1 to April 30, 2024 168,002 11.14 168,002 26,564 May 1 to May 31, 2024 27,449 11.67 27,449 26,244 June 1 to June 30, 2024 39,531 12.14 39,531 25,765 July 1 to July 31, 2024 71,305 12.35 71,305 24,885 August 1 to August 31, 2024 26,874 11.93 26,874 24,565 September 1 to September 30, 2024 67,558 11.86 67,558 23,764 October 1 to October 31, 2024 77,367 11.91 77,367 22,846 November 1 to November 30, 2024 24,104 11.63 24,104 22,566 December 1 to December 31, 2024 69,146 11.59 69,146 21,766 Total for the year ended December 31, 2024 995,367 995,367 2025 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. 135 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 4. Transactions with Related Parties For the years ended December 31, 2025, 2024 and 2023, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows: Years Ended December 31, Entity Capacity Description 2025 2024 2023 CIM Investment adviser Management fees(1) $ 26,076 $ 27,321 $ 26,856 CIM Investment adviser Incentive fees(1) 19,736 20,334 22,277 CIM Administrative services provider Administrative services expense(1) 5,180 4,783 3,971 $ 50,992 $ 52,438 $ 53,104 (1) Amounts charged directly to operations. The Company has entered into an investment advisory agreement with CIM. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months , commencing August 9, 2025. Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0 % of the average value of the Company’s gross assets, less cash and cash equivalents, and an incentive fee based on the Company’s performance, as described below. Pursuant to the second amended and restated investment advisory agreement, which was effective upon the Listing on October 5, 2021, the annual base management fee was reduced to 1.5 % of the average value of the Company’s gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company’s asset coverage ratio is greater than or equal to 200 % (i.e., $1 of debt outstanding for each $1 of equity); provided that, the annual base management fee will be reduced further to 1.0 % for any such gross assets purchased with leverage resulting in the Company’s asset coverage ratio dropping below 200 %. On December 30, 2021, shareholders approved a proposal to reduce the Company’s asset coverage ratio to 150 %. As a result, commencing on December 31, 2021, the Company is required to maintain asset coverage for its senior securities of 150 % (i.e., $2 of debt outstanding for each $1 of equity) rather than 200 %. The base management fee is payable quarterly in arrears and is calculated based on the two most recently completed calendar quarters. The incentive fee consists of two parts. 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 %. Under the amended and restated investment advisory agreement also in effect prior to the Listing, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented. Under the second amended and restated investment advisory agreement, the hurdle rate was reduced to 1.625 % per quarter, or an annualized rate of 6.5 %, and the Company pays to CIM 100 % of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879 % is exceeded, at which point the Company pays to CIM 17.5 % of all pre-incentive fee net investment income. These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021. For the years ended December 31, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 19,736 and $ 20,334 , respectively. As of December 31, 2025 and 2024, the liabilities recorded for subordinated incentive fees were $ 3,882 and $ 3,964 , respectively. The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2. The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation; however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized. For the years ended December 31, 2025, 2024 and 2023, the Company had no liability for and did not record any capital gains incentive fees. 136 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) On April 1, 2018, the Company entered into an administration agreement with CIM pursuant to which CIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations. CIM is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is for the lower of CIM’s actual costs or the amount that the Company would have been required to pay for comparable administrative services in the same geographic location. Such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other reasonable methods. The Company does not reimburse CIM for any services for which it receives a separate fee or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a person with a controlling interest in CIM. On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing August 9, 2025. On January 1, 2019, the Company entered into a servicing agreement with Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnished the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information. AIA was reimbursed for administrative expenses it incurred on the Company’s behalf in performing its obligations, provided that such reimbursement was reasonable, and costs and expenses incurred were documented. The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party. As of December 31, 2025 and 2024, the total liability payable to CIM and its affiliates was $ 12,487 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended December 31, 2025 and 2024, respectively. In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team. However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company. Indemnifications The investment advisory agreement and the administration agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements. The Company’s maximum exposure under these agreements is unknown. However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote. Note 5. Distributions 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. 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. 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. 137 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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 Three Months Ended Per Share Amount 2024 March 31, 2024 (one record date) $ 0.34 $ 18,279 June 30, 2024 (two record dates) 0.41 21,960 September 30, 2024 (one record date) 0.36 19,234 December 31, 2024 (two record dates) 0.41 21,835 Total distributions for the year ended December 31, 2024 $ 1.52 $ 81,308 2025 March 31, 2025 (one record date) $ 0.36 $ 19,149 June 30, 2025 (one record date) 0.36 18,934 September 30, 2025 (one record date) 0.36 18,726 December 31, 2025 (one record date) 0.36 18,552 Total distributions for the year ended December 31, 2025 $ 1.44 $ 75,361 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 $ 0.30 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 $ 0.30 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 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. 138 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) 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. 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. 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 2024 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 — — — — May 1 to May 31, 2024 — — — — 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 — — — — November 1 to November 30, 2024 — — — — 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) 2025 January 1 to January 31, 2025 19,368 $ 11.49 19,368 (1) February 1 to February 28, 2025 — — — — March 1 to March 31, 2025 — — — — 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 — — — — August 1 to August 31, 2025 — — — — September 1 to September 30, 2025 136,868 10.07 136,868 (1) October 1 to October 31, 2025 — — — — November 1 to November 30, 2025 — — — — 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 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. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. The Company has not established limits on the amount of funds it may use from available sources to make distributions. 139 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: Years Ended December 31, 2025 2024 2023 Source of Distribution Per Share Amount Percentage Per Share Amount Percentage Per Share Amount Percentage Net investment income $ 1.44 $ 75,361 100.0 % $ 1.52 $ 81,308 100.0 % $ 1.61 $ 87,867 100.0 % Total distributions $ 1.44 $ 75,361 100.0 % $ 1.52 $ 81,308 100.0 % $ 1.61 $ 87,867 100.0 % Note 6. Investments The composition of the Company’s investment portfolio as of December 31, 2025 and 2024 at amortized cost and fair value was as follows: December 31, 2025 December 31, 2024 Cost(1) Fair Value Percentage of Investment Portfolio Cost(1) Fair Value Percentage of Investment Portfolio Senior secured first lien debt $ 1,494,155 $ 1,370,525 80.8 % $ 1,610,540 $ 1,563,256 86.0 % Senior secured second lien debt 2,218 — — 5,187 2,680 0.1 % Collateralized securities and structured products - equity 4,969 5,028 0.3 % 2,980 2,682 0.1 % Unsecured debt 25,563 6,639 0.4 % 29,487 11,814 0.6 % Equity 299,181 314,788 18.5 % 226,681 239,438 13.2 % Subtotal/total percentage 1,826,086 1,696,980 100.0 % 1,874,875 1,819,870 100.0 % Short term investments(2) 116,010 116,010 68,818 68,818 Total investments $ 1,942,096 $ 1,812,990 $ 1,943,693 $ 1,888,688 (1) Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments. (2) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. 140 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Industry Classification Investments at Fair Value Percentage of Investment Portfolio Investments at Fair Value Percentage of Investment Portfolio Services: Business $ 250,178 14.7 % $ 285,960 15.7 % Healthcare & Pharmaceuticals 191,483 11.3 % 199,733 11.0 % Retail 187,490 11.0 % 160,093 8.8 % Energy: Oil & Gas 146,490 8.6 % 116,393 6.4 % Media: Diversified & Production 122,806 7.2 % 129,210 7.1 % Services: Consumer 113,150 6.8 % 111,832 6.2 % Beverage, Food & Tobacco 101,153 6.0 % 100,612 5.5 % Consumer Goods: Durable 90,696 5.3 % 95,968 5.3 % 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 % Media: Advertising, Printing & Publishing 47,644 2.8 % 104,622 5.7 % Capital Equipment 31,599 1.9 % 52,349 2.9 % Consumer Goods: Non-Durable 28,876 1.7 % 35,210 1.9 % 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 % Metals & Mining 16,637 1.0 % 13,094 0.7 % Aerospace & Defense 15,075 0.9 % 13,825 0.8 % Transportation: Cargo 11,986 0.7 % 10,465 0.6 % Telecommunications — — 5,222 0.3 % Chemicals, Plastics & Rubber — — 32 — Subtotal/total percentage 1,696,980 100.0 % 1,819,870 100.0 % Short term investments 116,010 68,818 Total investments $ 1,812,990 $ 1,888,688 December 31, 2025 December 31, 2024 Geographic Dispersion(1) Investments at Fair Value Percentage of Investment Portfolio Investments at Fair Value Percentage of Investment Portfolio United States $ 1,655,740 97.6 % $ 1,782,659 98.0 % Canada 34,704 2.0 % 33,541 1.8 % Cayman Islands 5,028 0.3 % 2,682 0.1 % Bermuda 1,508 0.1 % 988 0.1 % Subtotal/total percentage 1,696,980 100.0 % 1,819,870 100.0 % Short term investments 116,010 68,818 Total investments $ 1,812,990 $ 1,888,688 (1) The geographic dispersion is determined by the portfolio company's country of domicile. As of December 31, 2025 and 2024, investments on non-accrual status represented 1.8 % and 1.4 %, respectively, of the Company's investment portfolio on a fair value basis. The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of December 31, 2025 and 2024, the Company’s unfunded commitments amounted to $ 47,779 and $ 70,681 , respectively. As of March 4, 2026, the Company’s unfunded commitments amounted to $ 49,174 (unaudited). 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. Refer to Note 11 for further details on the Company’s unfunded commitments. 141 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 7. Joint Venture CION/EagleTree Partners, LLC On December 21, 2021, the Company formed CION/EagleTree, an off-balance sheet joint venture partnership with ET-BC Debt Opportunities, LP, or ET-BC, which is an affiliate of EagleTree Capital, LP, or EagleTree. EagleTree made a Firm-level investment with proprietary capital. CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities. The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85 % and 15 %, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree. The Company and ET-BC are not required to make any additional capital contributions to CION/EagleTree. The Company’s equity investment in CION/EagleTree is not redeemable. All portfolio and other material decisions regarding CION/EagleTree must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by ET-BC. Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from ET-BC. The Company also serves as administrative agent to CION/EagleTree to provide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM. Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services. On December 21, 2021, CION/EagleTree issued senior secured notes of $ 61,629 to the Company and $ 10,875 to ET-BC, or the CION/EagleTree Notes. The CION/EagleTree Notes bear interest at a fixed rate of 14.0 % per year and are secured by a first priority security interest in all of the assets of CION/EagleTree. On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC. 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. In accordance with ASU 2015-02, Consolidation, the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree. The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree. 142 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2025: Portfolio Company Interest Maturity Industry Principal/ Par Amount/ Units Cost Fair Value Collateralized Securities and Structured Products - Equity Ivy Hill Middle Market Credit Fund VIII, Ltd. 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 Equity American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units 5,200 2,292 Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) Media: Diversified & Production 1,469 Units 486 — Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) Media: Diversified & Production 255 Units — — Anthem Sports and Entertainment Inc., Common Stock Warrants(b) Media: Diversified & Production 4,746 Units — — BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership) Diversified Financials N/A 9,993 9,218 Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units 21,759 17,976 CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend Healthcare & Pharmaceuticals 2,727,273 Units 9,728 15,300 CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend Healthcare & Pharmaceuticals 183,723 Units 338 798 CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units 1,000 2,638 HDNet Holdco LLC, Preferred Unit Call Option(b) Media: Diversified & Production 1 Unit — — Language Education Holdings GP LLC, Common Units(b) Services: Business 133,333 Units — — Language Education Holdings LP, Ordinary Common Units(b) Services: Business 133,333 Units 300 139 Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units 2,000 113 Spinal USA, Inc. / Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units — — Total Equity 50,804 48,474 Short Term Investments(d) First American Treasury Obligations Fund, Class Z Shares 3.64 %(e) 1,454 1,454 Total Short Term Investments 1,454 1,454 TOTAL INVESTMENTS $ 56,772 $ 54,956 a. 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. b. Non-income producing security. c. Fair value determined using level 1 inputs. d. 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. e. 7-day effective yield as of December 31, 2025. 143 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024: Portfolio Company Interest Maturity Industry Principal/ Par Amount/ Units Cost Fair Value Collateralized Securities and Structured Products - Equity Ivy Hill Middle Market Credit Fund VIII, Ltd. 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 Equity American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units 5,200 1,628 Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) Media: Diversified & Production 1,469 Units 486 — Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) Media: Diversified & Production 255 Units — — Anthem Sports and Entertainment Inc., Common Stock Warrants(b) Media: Diversified & Production 4,746 Units — — BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership) Diversified Financials N/A 11,401 11,382 Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units 21,759 20,108 CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend Healthcare & Pharmaceuticals 2,727,273 Units 9,191 13,800 CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend Healthcare & Pharmaceuticals 183,723 Units 314 711 CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units 1,000 1,360 Dayton HoldCo, LLC, Membership Units(b) Construction & Building 37,264 Units — 21 HDNet Holdco LLC, Preferred Unit Call Option(b) Media: Diversified & Production 1 Unit — — Language Education Holdings GP LLC, Common Units(b) Services: Business 133,333 Units — — Language Education Holdings LP, Ordinary Common Units(b) Services: Business 133,333 Units 300 1,010 Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units 2,000 292 Spinal USA, Inc. / Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units — — Total Equity 51,651 50,312 Short Term Investments(d) First American Treasury Obligations Fund, Class Z Shares 4.36 %(e) 1,643 1,643 Total Short Term Investments 1,643 1,643 TOTAL INVESTMENTS $ 60,756 $ 59,866 a. 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. b. Non-income producing security. c. Fair value determined using level 1 inputs. d. 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. e. 7-day effective yield as of December 31, 2024. 144 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) The following table includes selected balance sheet information for CION/EagleTree as of December 31, 2025 and 2024: Selected Balance Sheet Information: December 31, 2025 December 31, 2024 Investments, at fair value (amortized cost of $ 56,772 and $ 60,756 , respectively) $ 54,956 $ 59,866 Dividend receivable on investments 186 342 Interest receivable on investments 67 194 Total assets $ 55,209 $ 60,402 Senior secured notes (net of unamortized debt issuance costs of $ 23 and $ 47 , respectively) $ 38,979 $ 38,956 Other liabilities 137 152 Total liabilities 39,116 39,108 Members' capital 16,093 21,294 Total liabilities and members' capital $ 55,209 $ 60,402 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: 2025 2024 Total investment income $ 2,329 $ 4,746 Total expenses 6,332 7,974 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 ) Note 8. Financing Arrangements The following table presents summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2025: Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date JPM Credit Facility Term Loan Credit Facility SOFR + 2.55 %(1) $ 300,000 $ 75,000 June 15, 2027 7.50 % 2029 Notes(2) U.S. Public Bond Offering 7.50 % 172,500 — December 30, 2029 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 Series A Notes(5) Israel Public Bond Offering SOFR + 3.82 % 114,844 — August 31, 2026 Tranche A Floating Rate 2027 Notes(6) Note Purchase Agreement SOFR + 4.75 % 100,000 — November 8, 2027 Tranche B Floating Rate 2027 Notes(6) Amended and Restated Note Purchase Agreement SOFR + 3.90 % 100,000 — November 8, 2027 2022 Term Loan(6) Term Loan Facility Agreement SOFR + 3.50 % 50,000 — April 27, 2027 2024 Term Loan(6) Term Loan Facility Agreement SOFR + 3.80 % 30,000 — September 30, 2027 $ 1,139,844 $ 100,000 (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. (2) As of December 31, 2025, the fair value of the 7.50 % 2029 Notes was $ 173,673 , which was based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2025. (3) As of December 31, 2025, the fair value of the 7.70 % 2029 Notes was $ 124,688 , 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. (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. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2025. 145 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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 On August 26, 2016, 34th Street entered into a senior secured credit facility with JPM. The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of $ 150,000 , of which $ 25,000 could have been funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility. On August 26, 2016, 34th Street drew down $ 57,000 of borrowings under the JPM Credit Facility. On September 30, 2016, July 11, 2017, November 28, 2017 and May 23, 2018, 34th Street amended and restated the JPM Credit Facility, or the Amended JPM Credit Facility, with JPM. Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $ 150,000 to $ 225,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility. Under the Amended JPM Credit Facility entered into on July 11, 2017 and November 28, 2017, certain immaterial administrative amendments were made as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1. 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 Repurchase 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. Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023. Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25 % per year. On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM. Under the Third Amended JPM Credit Facility, the aggregate principal amount available for borrowings was reduced from $ 700,000 to $ 575,000 , subject to conditions described in the Third Amended JPM Credit Facility. In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024. 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. 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. Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from $ 575,000 to $ 675,000 , subject to conditions described in the JPM First Amendment. 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 %. 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. Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to $ 675,000 but all such advances bore interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.05 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %. The reinvestment period was extended from May 15, 2023 to May 15, 2024 and the maturity date was extended from May 15, 2024 to May 15, 2025. 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. 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. Under these amendments, the reinvestment period was extended from May 15, 2024 to June 17, 2024 and from June 17, 2024 to July 15, 2024, respectively, as a bridge to the parties entering into a broader amendment to the Third Amended JPM Credit Facility. On July 15, 2024, 34th Street entered into a Fifth Amendment to the Third Amended JPM Credit Agreement with JPM, or the JPM Fifth Amendment. Under the JPM Fifth Amendment, advances to 34th Street remain unchanged of up to $ 675,000 , but the credit spread on the floating interest rate payable by 34th Street on all such advances was reduced from the three-month SOFR plus a credit spread of 3.20 % per year to SOFR plus a credit spread of 2.55 % per year. 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 will pay an annual administrative fee of 0.20 % on JPM's total financing commitment. 146 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. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1.0 % premium in certain circumstances. In addition, 34th Street will be subject to a non-usage fee of 0.8 % per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility that has not been borrowed through June 14, 2026. This non-usage fee of 0.8 % was reduced from 1.0 % in the JPM Fifth Amendment. The non-usage fees, if any, are payable quarterly in arrears. 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. On September 30, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 600,000 to $ 562,500 and repaid $ 30,000 of outstanding borrowings. On November 15, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 562,500 to $ 468,750 and repaid $ 75,000 of outstanding borrowings. 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 . The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value. The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100 % of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future. 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street. The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street. In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities. As of and for the year ended December 31, 2025, 34th Street was in compliance with all covenants and reporting requirements. Through December 31, 2025, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of December 31, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility. At December 31, 2025, the unamortized portion of the debt issuance costs was $ 2,959 . For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows: Years Ended December 31, 2025 2024 Stated interest expense $ 23,037 $ 42,934 Amortization of deferred financing costs 2,034 2,013 Non-usage fee 767 1,211 Total interest expense $ 25,838 $ 46,158 Weighted average interest rate(1) 7.26 % 8.47 % Average borrowings $ 322,630 $ 513,866 (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. 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. Bank Trust Company, National Association, as trustee, or the Trustee. The Company used the net proceeds of the offering of the 7.50 % 2029 Notes to pay down borrowings under the Company's senior secured credit facility with JPM. The 7.50 % 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024. 147 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. The interest rate of the 7.50 % 2029 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 commenced on December 30, 2024. The 7.50 % 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's 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 7.50 % 2029 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 7.50 % 2029 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 December 30, 2026, 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 7.50 % 2029 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 7.50 % 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. As of and for the 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. 333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 26, 2024 and a final prospectus supplement dated September 26, 2024. Through December 31, 2025, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 7.50 % 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % 2029 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 7.50 % 2029 Notes. At December 31, 2025, the unamortized portion of the debt issuance costs was $ 3,284 . 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: Year Ended December 31, 2025 For the Period From October 3, 2024 Through December 31, 2024 Stated interest expense $ 12,937 $ 3,163 Amortization of deferred financing costs 811 210 Total interest expense $ 13,748 $ 3,373 Weighted average interest rate(1) 7.50 % 7.50 % Average borrowings $ 172,500 $ 172,500 (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. 148 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) 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. 149 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) 2026 Notes 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 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 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: Years Ended December 31, 2025 2024 Stated interest expense $ 5,594 $ 5,625 Amortization of deferred financing costs 594 535 Total interest expense $ 6,188 $ 6,160 Weighted average interest rate(1) 4.50 % 4.50 % Average borrowings $ 123,973 $ 125,000 (1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year. 150 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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 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. Pursuant to an Indenture, dated May 19, 2017, between Murray Hill Funding II and U.S. Bank National Association, or U.S. 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 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 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 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. 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 Repurchase Facility. 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 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 . 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 Repurchase Facility. 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 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 Repurchase 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 Repurchase Facility for aggregate proceeds of $ 100,000 . 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 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. 151 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S. Bank, as note agent and trustee, which provided for a revolving credit facility in an aggregate principal amount of $ 50,000 , subject to compliance with a borrowing base. Murray Hill Funding II issued Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement. Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes. 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 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 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 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. The effective date of both Confirmations was June 15, 2023. On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 , $ 17,500 and $ 22,500 , respectively. 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, 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 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. 152 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) 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 Repurchase Facility. 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; (b) failure to pay certain fees and make-whole amounts when due; (c) failure to post cash collateral as required; (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 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. 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, 2025 2024 Stated interest expense $ 919 $ 8,974 Non-usage fee 45 341 Total interest expense $ 964 $ 9,315 Weighted average interest rate(1) 8.07 % 8.70 % Average borrowings $ 11,781 $ 105,287 (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. 153 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 On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued $ 80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes. The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023. The Series A Notes are denominated in New Israeli Shekels, or NIS, but payment is linked to the US dollar based on an NIS conversion rate from February 20, 2023. As a result, the Series A Notes do not result in any foreign currency translation. 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 investment grade. The carrying amount outstanding under the Series A Notes approximates its fair value. The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust. The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023. 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. 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 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. The Additional Series A Notes were issued pursuant to the Deed of Trust and were issued by way of expanding, and have the same terms and conditions as, the existing Series A Notes that were issued by the Company on February 28, 2023. 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 investment grade and commenced trading on the TASE on October 10, 2023 under the ticker symbol "CION B1". 154 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 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, 2025 2024 Stated interest expense $ 9,277 $ 10,378 Amortization of deferred financing costs 1,594 1,598 Total interest expense $ 10,871 $ 11,976 Weighted average interest rate(1) 7.97 % 8.91 % Average borrowings $ 114,844 $ 114,844 (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. 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 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. 155 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) 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 Floating Rate 2027 Notes, at a purchase price equal to par. 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 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 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, 2025 2024 Stated interest expense $ 17,173 $ 12,453 Amortization of deferred financing costs 1,623 772 Total interest expense $ 18,796 $ 13,225 Weighted average interest rate(1) 8.59 % 9.68 % Average borrowings $ 200,000 $ 128,689 (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 On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2022 Term Loan Agreement, with an Israeli institutional investor, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $ 50,000 , or the 2022 Term Loan. On April 27, 2022, the Company drew down $ 50,000 of borrowings under the 2022 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 49,000 , which it used for working capital and other general corporate purposes. The carrying amount outstanding under the 2022 Term Loan approximates its fair value. 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. Advances under the 2022 Term Loan mature on April 27, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2022 Term Loan Agreement. 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 %. 156 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. The 2022 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 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, 2021 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, 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 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 2022 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy. As of and for the year ended December 31, 2025, the Company was in compliance with all covenants and reporting requirements. Through December 31, 2025, the C ompany incurred debt issuance costs of $ 1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2025 and will amortize to interest expense over the term of the 2022 Term Loan. At December 31, 2025, the unamortized portion of the debt issuance costs was $ 270 . 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: Years Ended December 31, 2025 2024 Stated interest expense $ 3,918 $ 4,391 Amortization of deferred financing costs 205 205 Total interest expense $ 4,123 $ 4,596 Weighted average interest rate(1) 7.73 % 8.64 % Average borrowings $ 50,000 $ 50,000 (1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year. 2021 Term Loan 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 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. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,000 , which the Company used for working capital and other general corporate purposes. Advances under the 2021 Term Loan were scheduled to mature on September 30, 2024, and bore interest at a rate of 5.20 % per year payable quarterly in arrears. The Company had the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that was to be prepaid or became due and payable pursuant to the Term Loan Agreement. The discounted present value portion of the prepayment fee was calculated by applying a discount rate on the same periodic basis as that on which interest on advances was payable equal to the sum of 2.00 % 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 2021 Term Loan, or if there were no such U.S. 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. 157 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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. In addition, the 2021 Term Loan 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 ba nkruptcy. As of the Company's repayment in full of the 2021 Term Loan on September 24, 2024, the Company was in compliance with all covenants and reporting requirements. 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, 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. For the years ended December 31, 2025 and 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows: Years Ended December 31, 2025 2024 Stated interest expense $ — $ 1,157 Amortization of deferred financing costs — 209 Total interest expense $ — $ 1,366 Weighted average interest rate(1) — 5.20 % Average borrowings $ — $ 21,885 (1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year. 2024 Term Loan On September 30, 2024, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2024 Term Loan Agreement, with an Israeli institutional investor, as lender, which provides for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 , or the 2024 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,400 less customary legal fees and other expenses, which the Company used for working capital and other general corporate purposes. Advances under the 2024 Term Loan bear interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.80 % per year and subject to a 4.0 % SOFR floor, payable quarterly in arrears. Advances under the 2024 Term Loan mature on September 30, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2024 Term Loan Agreement. 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 %. 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. 158 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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 $ 543,600 , (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 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 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: Year Ended December 31, 2025 For the Period from September 30, 2024 Through December 31, 2024 Stated interest expense $ 2,442 $ 651 Amortization of deferred financing costs 271 50 Total interest expense $ 2,713 $ 701 Weighted average interest rate(1) 8.03 % 8.40 % Average borrowings $ 30,000 $ 30,000 (1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year. Note 9. Fair Value of Financial Instruments The following table presents fair value measurements of the Company’s portfolio investments as of December 31, 2025 and 2024, according to the fair value hierarchy: December 31, 2025(1) December 31, 2024(2) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior secured first lien debt $ — $ — $ 1,370,525 $ 1,370,525 $ — $ — $ 1,563,256 $ 1,563,256 Senior secured second lien debt — — — — — — 2,680 2,680 Collateralized securities and structured products - equity — — 5,028 5,028 — — 2,682 2,682 Unsecured debt — — 6,639 6,639 — — 11,814 11,814 Equity 6,268 — 294,841 301,109 2,041 — 219,294 221,335 Short term investments 116,010 — — 116,010 68,818 — — 68,818 Total Investments $ 122,278 $ — $ 1,677,033 $ 1,799,311 $ 70,859 $ — $ 1,799,726 $ 1,870,585 (1) Excludes the Company's $ 13,679 investment in CION/EagleTree, which is measured at NAV. (2) Excludes the Company's $ 18,103 investment in CION/EagleTree, which is measured at NAV. 159 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total Beginning balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726 Investments purchased(2)(3) 392,220 214 2,967 179 73,031 468,611 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 ) Accretion of discount 25,676 ( 24 ) — — — 25,652 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 Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2025(1) $ ( 68,724 ) $ ( 1,507 ) $ 72 $ ( 1,251 ) $ 8,797 $ ( 62,613 ) (1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations. (2) Investments purchased includes PIK interest. (3) Includes non-cash restructured securities and equity investments received in settlement of fee income. Year Ended December 31, 2024 Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total Beginning balance, December 31, 2023 $ 1,565,171 $ 29,111 $ 1,096 $ 12,874 $ 205,909 $ 1,814,161 Investments purchased(2)(3) 520,073 393 2,002 6,682 61,470 590,620 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 Sales and principal repayments(3) ( 504,464 ) ( 25,486 ) ( 174 ) ( 8,927 ) ( 27,338 ) ( 566,389 ) Ending balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726 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. (2) Investments purchased includes PIK interest. (3) Includes non-cash restructured securities. 160 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Significant Unobservable Inputs The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of December 31, 2025 and 2024 were as follows: December 31, 2025 Fair Value Valuation Techniques/ Methodologies Unobservable Inputs Range Weighted Average(1) Senior secured first lien debt $ 1,125,658 Discounted Cash Flow Discount Rates 8.3 % — 56.1 % 13.3 % 123,118 Market Comparable Approach Revenue Multiple 0.75 x — 4.00 x 1.71 x 43,583 EBITDA Multiple 1.50 x — 5.00 x 3.33 x 34,919 Other(2) Probability Weighted Recovery Rate 15.0 % — 100 % 97 % 23,133 Insurance Claim Recovery Rate 38.3 % N/A 20,114 Broker Quotes Broker Quotes N/A N/A Senior secured second lien debt — Market Comparable Approach Revenue Multiple 1.43 x N/A 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 25 % N/A 1,646 Discounted Cash Flow Discount Rates 12.3 % N/A 153 Market Comparable Approach EBITDA Multiple 9.75 x N/A Equity 127,094 Market Comparable Approach EBITDA Multiple 4.00 x — 26.38 x 12.49 x 105,657 $ per kW $ 1,000.00 N/A 34,934 Revenue Multiple 0.35 x — 4.00 x 0.63 x 16,775 Options Pricing Model Expected Volatility 43.3 % — 112.5 % 57.3 % 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 and/or other factors. 161 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) December 31, 2024 Fair Value Valuation Techniques/ Methodologies Unobservable Inputs Range Weighted Average(1) Senior secured first lien debt $ 1,305,445 Discounted Cash Flow Discount Rates 9.4 % — 30.0 % 13.4 % 117,665 Market Comparable Approach Revenue Multiple 0.70 x — 6.13 x 1.77 x 41,891 EBITDA Multiple 5.50 x — 10.25 x 7.59 x 67,950 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 — 6.75 x 6.23 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 Equity 79,142 Market Comparable Approach EBITDA Multiple 4.75 x — 18.75 x 11.73 x 62,171 Revenue Multiple 0.36 x — 6.13 x 0.50 x 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 19.0 % N/A 930 Other(2) Other(2) N/A N/A 859 Broker Quotes Broker Quotes N/A 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, recovery of insurance claims and/or other factors. The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively. Note 10. General and Administrative Expense General and administrative expense consisted of the following items for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 Professional fees $ 1,759 $ 2,348 $ 2,178 Dues and subscriptions 1,021 1,001 800 Valuation expense 792 751 853 Insurance expense 740 721 675 Director fees and expenses 705 696 696 Accounting and administrative costs 555 639 637 Transfer agent expense 501 488 911 Printing and marketing expense 151 308 351 Other expenses 110 205 281 Total general and administrative expense $ 6,334 $ 7,157 $ 7,382 162 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 11. Commitments and Contingencies The Company entered into certain contracts with related and other parties that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote. As of December 31, 2025 and 2024, the Company’s unfunded commitments were as follows: Unfunded Commitments December 31, 2025(1) December 31, 2024(1) APS Acquisition Holdings, LLC $ 5,979 $ 7,799 Metrc Inc. 4,500 — David's Bridal, LLC(2) 4,000 — Straine Dental Management, LLC 3,741 — Berlitz Holdings, Inc. 2,977 — Instant Web, LLC 2,704 2,488 American Health Staffing Group, Inc. 2,500 3,333 Sleep Opco, LLC 2,060 1,750 Tactical Air Support, Inc. 2,000 — Bradshaw International Parent Corp. 1,844 1,844 SHF Holdings, Inc. 1,739 — Thrill Holdings LLC 1,739 1,739 Gold Medal Holdings, Inc. 1,632 2,498 Stengel Hill Architecture, LLC 1,425 1,725 ESP Associates, Inc. 1,118 1,118 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. 779 779 LAV Gear Holdings, Inc. 726 — Optio Rx, LLC 658 — Adapt Laser Acquisition, Inc. 560 — BDS Solutions Intermediateco, LLC 476 524 Avison Young (USA) Inc. 440 — Spinal USA, Inc. / Precision Medical Inc. 125 — Invincible Boat Company LLC 80 — Cennox, Inc. 30 2,334 American Family Care, LLC — 5,909 Flatworld Intermediate Corp. — 5,865 Rogers Mechanical Contractors, LLC — 5,426 Lux Credit Consultants LLC — 5,069 American Clinical Solutions LLC — 4,600 Mimeo.com, Inc. — 2,500 Moss Holding Company — 2,232 ALM Global, LLC — 1,800 Riddell, Inc. / All American Sports Corp. — 1,636 HEC Purchaser Corp. — 1,302 Anthem Sports & Entertainment Inc. — 1,225 Dermcare Management, LLC — 326 HW Acquisition, LLC — 147 Total $ 47,779 $ 70,681 (1) Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated. 163 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (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. The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of December 31, 2025 and 2024, refer to the table above and the consolidated schedules of investments. As of March 4, 2026, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 49,174 (unaudited). The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations). The Company will not fund its unfunded commitments from future net proceeds generated by securities offerings, if any. The Company follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments. Specifically, the Company prepares detailed analyses of the level of its unfunded commitments relative to its then available liquidity on a daily basis. These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments. Note 12. Fee Income Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees. The following table summarizes the Company’s fee income for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 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 Administrative agent fees 100 125 185 Conversion fees — 78 477 Total(1) $ 20,072 $ 17,895 $ 11,694 (1) A portion of our fee income is derived from non-controlled, affiliated investments and controlled investments. Refer to notes r. and s. 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. Income from all other fees was non-recurring. 164 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 13. Financial Highlights The following is a schedule of financial highlights as of and for the years ended December 31, 2025, 2024, 2023, 2022 and 2021: Years Ended December 31, 2025 2024 2023 2022 2021 Per share data:(1) Net asset value at beginning of period $ 15.43 $ 16.23 $ 15.98 $ 16.34 $ 15.50 Results of operations: Net investment income 1.78 1.79 1.92 1.56 1.31 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 (decrease) increase in net assets resulting from operations(2) ( 0.40 ) 0.63 1.74 0.88 2.10 Shareholder distributions: Distributions from net investment income ( 1.44 ) ( 1.52 ) ( 1.61 ) ( 1.44 ) ( 1.26 ) Net decrease in net assets resulting from shareholders' distributions ( 1.44 ) ( 1.52 ) ( 1.61 ) ( 1.44 ) ( 1.26 ) Capital share transactions: Repurchases of common stock below net asset value(3) 0.17 0.09 0.12 0.20 — Net increase in net assets resulting from capital share transactions 0.17 0.09 0.12 0.20 — Net asset value at end of period $ 13.76 $ 15.43 $ 16.23 $ 15.98 $ 16.34 Shares of common stock outstanding at end of period 51,417,866 53,189,269 54,184,636 55,299,484 56,958,440 Total investment return-net asset value(4) 3.29 % 7.71 % 17.00 % 10.44 % 14.43 % Total investment return-market value(5) ( 1.75 ) % 14.37 % 34.33 % ( 14.87 ) % 3.87 % Net assets at beginning of period $ 820,810 $ 879,563 $ 883,634 $ 930,512 $ 878,256 Net assets at end of period $ 707,628 $ 820,810 $ 879,563 $ 883,634 $ 930,512 Average net assets $ 775,218 $ 861,376 $ 864,886 $ 917,781 $ 918,824 Ratio/Supplemental data: 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 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. 165 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) (2) The amount shown for net realized (loss) gain, net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio. As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations. (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. (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. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized. (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. The historical calculation of total investment return-market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. (6) Ratios are 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. 166 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 14. Income Taxes It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders. In addition, by distributing during each calendar year at least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, the Company intends not to be subject to corporate level federal income tax. Accordingly, no federal income tax provision was required for the years ended December 31, 2025 or 2024. The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP. These book/tax differences, which could be material, are primarily due to differing treatments of income and gains on various investments held by the Company. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments. As of December 31, 2025 and 2024, the Company made the following reclassifications of permanent book and tax basis differences: Capital Accounts December 31, 2025 December 31, 2024 Paid-in-capital in excess of par value $ 46 $ ( 671 ) Accumulated losses ( 46 ) 671 These permanent differences are primarily due to the reclassification of nondeductible expenses. These reclassifications had no effect on net assets. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV and were as follows for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 Amount Percentage Amount Percentage Amount Percentage Ordinary income(1) $ 75,361 100.0 % $ 81,308 100.0 % $ 87,867 100.0 % Total $ 75,361 100.0 % $ 81,308 100.0 % $ 87,867 100.0 % (1) Includes net short term capital gains of $ 0 , $ 0 and $ 0 for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 5, Distributions, for further information. As of December 31, 2025 and 2024, the components of accumulated earnings on a tax basis were as follows: December 31, 2025 December 31, 2024 Undistributed ordinary income $ 1,856 $ 2,607 Other accumulated losses(1) ( 70,218 ) ( 85,546 ) Net unrealized depreciation on investments ( 226,676 ) ( 116,078 ) Total accumulated losses $ ( 295,038 ) $ ( 199,017 ) (1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 66,847 as of December 31, 2025. Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 82,446 as of December 31, 2024. As of December 31, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 109,542 ; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 336,218 ; the net unrealized depreciation was $ 226,676 ; and the aggregate cost of securities for Federal income tax purposes was $ 2,039,666 . As of December 31, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 76,109 ; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 192,187 ; the net unrealized depreciation was $ 116,078 ; and the aggregate cost of securities for Federal income tax purposes was $ 2,004,766 . 167 CĪON Investment Corporation Notes to Consolidated Financial Statements December 31, 2025 (in thousands, except share and per share amounts) Note 15. Selected Quarterly Financial Data (unaudited) The following is the selected quarterly financial data as of and for the years ended December 31, 2025 and 2024. The following information reflects all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation. The operating results for any quarter are not necessarily indicative of results for any future period: Quarter Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investment income $ 56,074 $ 52,244 $ 78,711 $ 53,792 Net investment income 19,252 16,922 38,567 18,299 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 Weighted average shares of common stock outstanding 53,073,211 52,628,784 52,065,707 51,616,723 Quarter Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Investment income $ 73,554 $ 61,357 $ 59,627 $ 57,894 Net investment income 32,593 22,963 21,618 18,686 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 Weighted average shares of common stock outstanding 53,960,698 53,595,624 53,439,316 53,268,577 (1) The sum of the quarterly amounts may not equal amounts reported for the years ended December 31, 2025 and 2024. This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period. Note 16. Subsequent Event 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. 168 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None.