What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 514 added, 449 removed, 3032 unchanged (24% of the section changed)

44 unchanged sentences

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2026 2025 2026 2025 2025

(unaudited) (unaudited)

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

Investment income

25 unchanged sentences

Realized and unrealized gains (losses)

Net realized gains (losses) on:

Net realized (losses) gains on:

Non-controlled, non-affiliated investments ( 17,966 ) ( 32,376 ) ( 17,888 ) ( 30,082 ) ( 39,569 )

Non-controlled, affiliated investments — — 159 — —

Net realized gains (losses) 237 2,294 ( 39,569 )

Net change in unrealized (depreciation) appreciation on:

Net realized losses ( 17,966 ) ( 32,376 ) ( 17,729 ) ( 30,082 ) ( 39,569 )

Net change in unrealized appreciation (depreciation) on:

Non-controlled, non-affiliated investments 9,652 20,832 ( 15,859 ) ( 9,830 ) ( 42,242 )

1 unchanged sentence

Controlled investments 13,154 11,378 ( 2,207 ) ( 13,782 ) ( 42,617 )

Net change in unrealized depreciation ( 36,132 ) ( 64,251 ) ( 74,102 )

Net realized and unrealized losses ( 35,895 ) ( 61,957 ) ( 113,671 )

Net decrease in net assets resulting from operations $ ( 23,031 ) $ ( 42,705 ) $ ( 20,631 )

Net change in unrealized appreciation (depreciation) 34,776 42,770 ( 1,356 ) ( 21,481 ) ( 74,102 )

Net realized and unrealized gains (losses) 16,810 10,394 ( 19,085 ) ( 51,563 ) ( 113,671 )

Net increase (decrease) in net assets resulting from operations $ 30,980 $ 27,316 $ 7,949 $ ( 15,389 ) $ ( 20,631 )

Per share information—basic and diluted

Net decrease in net assets per share resulting from operations $ ( 0.45 ) $ ( 0.80 ) $ ( 0.39 )

Net increase (decrease) in net assets per share resulting from operations $ 0.62 $ 0.52 $ 0.16 $ ( 0.29 ) $ ( 0.39 )

Net investment income per share $ 0.29 $ 0.32 $ 0.54 $ 0.68 $ 1.78

42 unchanged sentences

Balance at March 31, 2026 (unaudited) 50,301,813 50 994,778 ( 335,192 ) 659,636

Repurchases of common stock ( 1,099,109 ) ( 1 ) ( 8,001 ) — ( 8,002 )

Net investment income — — — 14,170 14,170

Net realized losses on investments — — — ( 17,966 ) ( 17,966 )

Net unrealized gains on investments — — — 34,776 34,776

Distributions declared and payable ($ 0.30 per share)

— — — ( 14,838 ) ( 14,838 )

Balance at June 30, 2026 (unaudited) 49,202,704 $ 49 $ 986,777 $ ( 319,050 ) $ 667,776

See accompanying notes to consolidated financial statements.

3 unchanged sentences

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2026 2025 2026 2025 2025

(unaudited) (unaudited)

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

Operating activities:

Net decrease in net assets resulting from operations $ ( 23,031 ) $ ( 42,705 ) $ ( 20,631 )

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

Net increase (decrease) in net assets resulting from operations $ 30,980 $ 27,316 $ 7,949 $ ( 15,389 ) $ ( 20,631 )

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

Net accretion of discount on investments ( 2,874 ) ( 2,413 ) ( 4,534 ) ( 4,209 ) ( 25,652 )

2 unchanged sentences

Paid-in-kind interest and dividends capitalized ( 13,057 ) ( 10,489 ) ( 24,551 ) ( 22,542 ) ( 52,178 )

Decrease (increase) in short term investments, net 18,956 14,842 ( 47,192 )

(Increase) decrease in short term investments, net ( 57,880 ) ( 4,697 ) ( 38,924 ) 10,145 ( 47,192 )

Proceeds from sale of investments 53,541 2,071 53,541 15,456 18,517

Net realized (gain) loss on investments ( 237 ) ( 2,294 ) 39,569

Net change in unrealized depreciation on investments 36,132 64,251 74,102

Net realized loss on investments 17,966 32,376 17,729 30,082 39,569

Net change in unrealized (appreciation) depreciation on investments ( 34,776 ) ( 42,770 ) 1,356 21,481 74,102

Amortization of debt issuance costs 2,093 1,864 4,093 3,663 7,523

9 unchanged sentences

Increase (decrease) in share repurchase payable — 134 ( 27 ) 94 ( 13 )

Net cash (used in) provided by operating activities ( 4,553 ) 6,095 76,833

Net cash provided by operating activities 21,591 43,452 17,038 49,547 76,833

Financing activities:

4 unchanged sentences

Debt issuance costs paid ( 335 ) — ( 4,732 ) ( 1,210 ) ( 3,630 )

Net cash provided by (used in) financing activities 5,642 ( 6,045 ) ( 76,344 )

Net increase in cash 1,089 50 489

Net cash used in financing activities ( 23,175 ) ( 44,639 ) ( 17,533 ) ( 50,684 ) ( 76,344 )

Net (decrease) increase in cash ( 1,584 ) ( 1,187 ) ( 495 ) ( 1,137 ) 489

Cash, beginning of period 9,248 7,720 8,159 7,670 7,670

9 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

8 unchanged sentences

Capital Equipment 500 500 492

Adapt Laser Acquisition, Inc.(s) 0.50 % Unfunded

12/31/2029 Capital Equipment 1,500 — ( 24 )

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

1 unchanged sentence

Diversified & Production 8,544 8,537 7,594

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

American Clinical Solutions LLC(s)(v)(aa) 0.00 %

6/30/2027 Healthcare & Pharmaceuticals 32,189 32,439 24,463

9 unchanged sentences

Environmental Industries 9,991 9,895 9,978

Anchor QEA, Inc.(v)

S+ 525 , 1.00 % SOFR Floor

3/25/2032 Environmental Industries 1,029 1,011 1,019

Anchor QEA, Inc.

4 unchanged sentences

3/25/2032 Environmental Industries 1,821 ( 18 ) ( 2 )

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

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

6/11/2026 High Tech Industries 10,063 10,060 11,950

42 unchanged sentences

12/12/2027 Banking, Finance, Insurance & Real Estate 462 462 457

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

S+ 850 , 2.00 % SOFR Floor

12/12/2027 Banking, Finance, Insurance & Real Estate 2,942 2,855 2,931

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

5 unchanged sentences

Business 3,381 3,315 3,381

BDS Solutions Intermediateco, LLC(n)(v) S+ 675 , 2.00 % SOFR Floor

2/7/2027 Services:

Business 1,789 1,760 1,789

BDS Solutions Intermediateco, LLC 0.50 % Unfunded

6 unchanged sentences

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

7/31/2027 Services:

Business 1,615 1,542 1,411

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

Business 503 503 440

Berlitz Holdings, Inc.

0.50 % Unfunded

7/31/2027 Services:

Business 692 — ( 87 )

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

8 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

10 unchanged sentences

Business 16,380 16,369 16,175

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

S+ 675 , 1.00 % SOFR Floor

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

5/4/2029 Services:

12 unchanged sentences

Diversified Financials 36,037 36,037 36,037

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

S+ 800 , 1.00 % SOFR Floor

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

6/17/2027 Construction & Building 24,706 24,712 24,706

23 unchanged sentences

12/21/2027 Retail 10,000 9,694 9,930

David's Bridal, Inc.(s)

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

Retail 1,000 — ( 95 )

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

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

Retail 8,996 8,883 8,452

12 unchanged sentences

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

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

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

12/31/2029 Services:

5 unchanged sentences

Diversified & Production — — 248

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

7/24/2028 Construction & Building 8,467 8,382 8,467

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)(u) S+ 600 , 1.00 % SOFR Floor

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

Diversified & Production 21,951 21,951 13,407

Future Pak, LLC(m)(n)(u) S+ 625 , 2.00 % SOFR Floor

Healthcare & Pharmaceuticals 23,375 23,375 23,433

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

9/30/2027 Media:

Diversified & Production 395 395 395

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

3 unchanged sentences

3/17/2027 Environmental Industries 2,490 2,483 2,487

Gold Medal Holdings, Inc.

1.00 % Unfunded

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

Heritage Power, LLC(t)(u)

12 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

12 unchanged sentences

12/5/2026 Containers, Packaging & Glass 18,576 18,576 18,529

Inotiv, Inc.(t)(v) S+ 650 , 1.00 % SOFR Floor

Inotiv, Inc.(v) S+ 750 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 31,648 24,693 27,574

Inotiv, Inc.(v) S+ 750 , 1.00 % SOFR Floor

10/15/2026 Healthcare & Pharmaceuticals 4,849 4,695 4,849

Inotiv, Inc.(v) S+ 1150 , 2.50 % SOFR Floor

10/15/2026 Healthcare & Pharmaceuticals 2,869 2,795 2,869

Inotiv, Inc.(p) 0.00 % Unfunded

7/17/2026 Healthcare & Pharmaceuticals 145 — —

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

12 unchanged sentences

Advertising, Printing & Publishing 757 — ( 22 )

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

S+ 750 , 1.50 % SOFR Floor

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

Consumer Goods:

3 unchanged sentences

Durable 718 718 584

Ironhorse Purchaser, LLC(m)(n)(u)

S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 6,810 6,785 6,810

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

9/30/2027 Services:

Business 1,775 1,769 1,775

Ironhorse Purchaser, LLC 0.50 % Unfunded

9/30/2027 Services:

Business 816 ( 2 ) —

Isagenix International, LLC(r)(t)(v) S+ 750 , 1.00 % SOFR Floor

Invincible Boat Company LLC 0.50 % Unfunded

Consumer Goods:

Durable 479 — ( 89 )

Isagenix International, LLC(r)(v) S+ 750 , 1.00 % SOFR Floor

4/14/2028 Beverage, Food & Tobacco 10,747 10,747 4,890

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

S+ 550 , 1.00 % SOFR Floor

JP Intermediate B, LLC(s)(v) S+ 550 , 1.00 % SOFR Floor

Beverage, Food & Tobacco 27,159 27,159 23,662

5 unchanged sentences

3/31/2031 Beverage, Food & Tobacco 3,534 217 3,017

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

8/16/2027 Consumer Goods:

Durable 6,095 6,095 5,608

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

S+ 800 , 1.00 % SOFR Floor

K&N Parent, Inc.(u) S+ 550 , 2.00 % SOFR Floor

12/31/2030 Consumer Goods:

9 unchanged sentences

Business 5,252 5,059 5,153

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

S+ 594 , 1.00 % SOFR Floor

LAV Gear Holdings, Inc.(r)(t)(u) S+ 594 , 1.00 % SOFR Floor

Business 147 147 144

2 unchanged sentences

Business 580 ( 73 ) ( 11 )

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

S+ 750 , 1.00 % SOFR Floor

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

9/30/2026 Services:

5 unchanged sentences

Consumer 8,661 8,626 8,672

Live Comfortably Borrower LLC(u)

S+ 1000 , 3.00 % SOFR Floor

Live Comfortably Borrower LLC(t)(u) S+ 1000 , 3.00 % SOFR Floor

9/19/2027 Consumer Goods:

Durable 21,785 21,561 18,817

Lux Credit Consultants LLC(m)(q)(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 19,013 18,508 3,446

Lux Credit Consultants LLC(q)(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 2,045 1,991 371

Lux Credit Consultants LLC(q)(t)(v)

S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 919 895 167

MacNeill Pride Group Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 16,120 16,145 16,120

MacNeill Pride Group Corp.(n)(v)

S+ 600 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 5,945 5,945 5,945

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

18 unchanged sentences

Advertising, Printing & Publishing 14,075 11,238 6,386

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

4/26/2029 Healthcare & Pharmaceuticals 27,091 27,013 27,091

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

3 unchanged sentences

3/21/2030 Healthcare & Pharmaceuticals 658 — ( 11 )

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

S+ 1000 , 2.50 % SOFR Floor

Optio Rx, LLC(r)(v) S+ 1000 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 15,689 15,689 15,434

3 unchanged sentences

Non-Durable 13,468 13,425 13,468

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)

4 unchanged sentences

Diversified & Production 1,208 1,181 962

RA Outdoors, LLC(r)(v)

S+ 675 , 1.00 % SOFR Floor

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

Diversified & Production

RA Outdoors, LLC(r)(p)

0.00 % Unfunded

RA Outdoors, LLC(p)(r) 0.00 % Unfunded

Diversified & Production 330 — ( 67 )

Revolt Media and TV, LLC(n)(r)(u) S+ 800 , 3.00 % SOFR Floor

7/31/2029 Media:

Diversified & Production 13,200 12,894 12,920

Riddell, Inc.

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

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

3/29/2029 Consumer Goods:

15 unchanged sentences

1/22/2030 Beverage, Food & Tobacco 1,739 — —

Sleep Opco, LLC(m)(n)(v) S+ 550 , 1.00 % SOFR Floor

Retail 17,895 17,895 17,895

Sleep Opco, LLC 0.50 % Unfunded

Retail 2,060 — —

Spinal USA, Inc.

1 unchanged sentence

5/29/2028 Healthcare & Pharmaceuticals 19,965 19,965 7,562

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2026

(in thousands)

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

Units(e) Cost(d) Fair

Spinal USA, Inc.

10 unchanged sentences

5/29/2028 Healthcare & Pharmaceuticals 825 825 829

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2026

(in thousands)

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

Units(e) Cost(d) Fair

Spinal USA, Inc.

12 unchanged sentences

0.00 % 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 473

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027

Healthcare & Pharmaceuticals 498 498 1,806

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 188

STATinMED, LLC(r)(aa)

0.00 % 7/1/2027 Healthcare & Pharmaceuticals 218 218 1,102

STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 498 498 1,528

STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 185

STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 218 218 903

Stengel Hill Architecture, LLC(m)(u)

46 unchanged sentences

Non-Durable 21,936 19,288 11,900

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

6/30/2027 Consumer Goods:

Non-Durable 353 346 346

Trademark Global, LLC(r) 0.50 % Unfunded

6/30/2027 Consumer Goods:

Non-Durable 1,588 — ( 30 )

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

16 unchanged sentences

Business 750 747 750

WorkGenius, Inc.(t) 12.00 % 6/7/2027 Services:

Business 7,625 7,625 7,625

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

1 unchanged sentence

Business 4,012 4,012 4,012

WorkGenius, Inc.(t) 12.00 % 6/7/2027 Services:

Business 375 375 375

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

2 unchanged sentences

Senior Secured Second Lien Debt - 0.0 %

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

S+ 900 , 1.00 % SOFR Floor

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

12/31/2027 Media:

1 unchanged sentence

Total Senior Secured Second Lien Debt 2,218 —

Collateralized Securities and Structured Products - Equity - 0.8 %

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 5,033

Total Collateralized Securities and Structured Products - Equity 4,969 5,033

Unsecured Debt - 1.1 %

9 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

11 unchanged sentences

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

11,360 10,473

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

8 unchanged sentences

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

10,820 12,880

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

23,130 11,404

David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 441,441 Units

25 unchanged sentences

12,917 108,798

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

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

Mount Logan Capital Inc., Common Stock(f)(aa) Banking, Finance, Insurance & Real Estate 254,756 Units

New Giving Acquisition, Inc., Common Stock(aa)

2 unchanged sentences

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

New Media Futures LLC, Common Units(p)(r) Media:

Diversified & Production 8,985 Units

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

14 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

47 unchanged sentences

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

The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of March 31, 2026, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2026.

The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of June 30, 2026, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2026.

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

6 unchanged sentences

A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act.

As of March 31, 2026, 96.2 % of the Company’s total assets represented qualifying assets.

As of June 30, 2026, 96.6 % of the Company’s total assets represented qualifying assets.

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of June 30, 2026 was 4.66 %.

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of March 31, 2026 was 4.26 %.

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

7-day effective yield as of March 31, 2026.

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of March 31, 2026 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS AG, or UBS, as of March 31, 2026 (see Note 8).

7-day effective yield as of June 30, 2026.

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

Non-income producing security.

Investment or a portion thereof was on non-accrual status as of March 31, 2026.

Investment or a portion thereof was on non-accrual status as of June 30, 2026.

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, 2025 and March 31, 2026, along with transactions during the three months ended March 31, 2026 in these affiliated investments, were as follows:

Three Months Ended March 31, 2026

Fair value as of December 31, 2025 and June 30, 2026, along with transactions during the six months ended June 30, 2026 in these affiliated investments, were as follows:

Six Months Ended June 30, 2026

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2026

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2026

Net Realized Gain (Loss) Interest

32 unchanged sentences

Revolving Loan ( 7 ) 147 — ( 7 ) 133 — 5 — —

Lift Brands, Inc.

Term Loan A 21,682 — ( 494 ) ( 111 ) 21,077 — 1,204 — 111

Term Loan B 7,212 118 — 130 7,460 — 356 — 34

Term Loan C 8,006 491 — 175 8,672 — 490 — 42

See accompanying notes to consolidated financial statements

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2026

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2026

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Lift Brands, Inc.

Term Loan A 21,682 — ( 247 ) 102 21,537 — 603 — —

Term Loan B 7,212 109 — 102 7,423 — 172 — —

Term Loan C 8,006 240 — 106 8,352 — 240 — —

Live Comfortably Inc.

5 unchanged sentences

Common Stock — — — — — — — — —

New Media Futures LLC

Common Stock — 305 — — 305 — — — —

Online Pharmacy Holdings, LLC

9 unchanged sentences

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

Revolt Media and TV, LLC

First Lien Term Loan — 12,895 — 25 12,920 — 22 — 396

Snap Fitness Holdings, Inc.

19 unchanged sentences

First Lien Term Loan 9,848 — ( 105 ) 2,157 11,900 — ( 105 ) — —

Incremental First Lien Term Loan — 346 — ( 30 ) 316 — 2 — —

White Tiger NewCo, LLC

7 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company.

Fair value as of December 31, 2025 and March 31, 2026, along with transactions during the three months ended March 31, 2026 in these controlled investments, were as follows:

Three Months Ended March 31, 2026

Fair value as of December 31, 2025 and June 30, 2026, along with transactions during the six months ended June 30, 2026 in these controlled investments, were as follows:

Six Months Ended June 30, 2026

Controlled Investments Fair Value at

3 unchanged sentences

Gain (Loss) Fair Value at

March 31, 2026

June 30, 2026

Gain (Loss) Interest

35 unchanged sentences

Consolidated Schedule of Investments (unaudited)

March 31, 2026

June 30, 2026

(in thousands)

As of March 31, 2026, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.

As of June 30, 2026, 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.

1 unchanged sentence

Portfolio Company Investment Type Cash PIK All-in-Rate

American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 3.85 % 10.85 %

Anthem Sports & Entertainment Inc.

15 unchanged sentences

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 7.03 % 5.31 % 12.34 %

Senior Secured First Lien Debt 9.98 % 0.25 % 10.23 %

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

Community Tree Service, LLC Senior Secured First Lien Debt 11.84 % 1.50 % 13.34 %

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

Senior Secured First Lien Debt 4.84 % 5.25 % 10.09 %

FuseFX, LLC Senior Secured First Lien Debt 6.93 % 5.00 % 11.93 %

9 unchanged sentences

Invincible Boat Company LLC Senior Secured First Lien Debt — 11.29 % 11.29 %

Isagenix International, LLC Senior Secured First Lien Debt 2.28 % 8.99 % 11.27 %

K&N Parent, Inc.

Senior Secured First Lien Debt 7.03 % 5.00 % 12.03 %

LAV Gear Holdings, Inc.

2 unchanged sentences

Senior Secured First Lien Debt — 9.50 % 9.50 %

Lux Credit Consultants LLC Senior Secured First Lien Debt — 10.95 % 10.95 %

Live Comfortably Borrower LLC Senior Secured First Lien Debt 11.76 % 2.00 % 13.76 %

Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %

Optio Rx, LLC Senior Secured First Lien Debt — 13.68 % 13.68 %

RA Outdoors, LLC Senior Secured Second Lien Debt — 12.83 % 12.83 %

12 unchanged sentences

Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %

The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.

WorkGenius, Inc.

Senior Secured First Lien Debt — 12.00 % 12.00 %

The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.

The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%.

The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.85%.

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

2 unchanged sentences

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.

983 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

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.

CĪON Investment Corporation, or the Company, was incorporated under the general corporation laws of the State of Maryland on August 9, 2011 and commenced operations on December 17, 2012.

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 elected to be treated and intends to qualify annually for U.S.

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.

1 unchanged sentence

middle-market companies.

The Company is managed by CION Investment Management, LLC, or CIM, a registered investment adviser and an affiliate of the Company.

The Company is managed by CION Investment Management, LLC, or CIM, an affiliate of the Company and a registered investment adviser.

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.

On July 30, 2026, 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 7, 2026.

The Company has also entered into an administration agreement with CIM to provide the Company with administrative services necessary for it to operate.

5 unchanged sentences

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;

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 may perform certain services for CIM, which include, among other services, providing (a) trade and settlement support;

(b) portfolio and cash reconciliation;

8 unchanged sentences

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 7.50% 2031 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICC”.

On October 9, 2024, the Company’s 7.50 % Notes due 2029, or the 7.50 % Public 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 7.50 % Public 2031 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICC”.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

37 unchanged sentences

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

The Company had $ 97,054 and $ 116,010 of such investments at March 31, 2026 and December 31, 2025, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

The Company had $ 154,934 and $ 116,010 of such investments at June 30, 2026 and December 31, 2025, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

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

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.

The Company elected to be treated and intends to qualify annually for U.S.

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 its 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 fund level U.S.

federal income taxes on any net ordinary income or capital gains that the Company timely distributes to its shareholders.

The Company intends to pay distributions in an amount sufficient to maintain RIC status each year and to avoid any U.S.

federal income taxes on income.

The Company will also be subject to nondeductible U.S.

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 U.S.

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.

2 unchanged sentences

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

There were no deferred tax assets or liabilities as of March 31, 2026 or December 31, 2025.

There were no deferred tax assets or liabilities as of June 30, 2026 or December 31, 2025.

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

24 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

34 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

26 unchanged sentences

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

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2026 and December 31, 2025.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of June 30, 2026 and December 31, 2025.

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

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

16 unchanged sentences

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

Net (Decrease) Increase in Net Assets per Share

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

Net Increase (Decrease) in Net Assets per Share

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

Distributions

4 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Share Transactions

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended

2026 2025 2025

Shares Amount Shares Amount Shares Amount

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the six months ended June 30, 2026 and 2025:

Six Months Ended

Shares Amount Shares Amount

Gross shares/proceeds from offerings — $ — — $ —

3 unchanged sentences

Net shares/amounts for share transactions ( 2,215,162 ) $ ( 17,721 ) ( 885,427 ) $ ( 8,728 )

Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2026, the Company sold 50,301,813 shares of common stock for net proceeds of $ 1,095,089 .

Since commencing its initial continuous public offering on July 2, 2012 and through June 30, 2026, the Company sold 49,202,704 shares of common stock for net proceeds of $ 1,087,087 .

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 $ 305,650 , for which the Company repurchased 21,066,663 shares of common stock.

As of March 31, 2026, 19,967,554 shares of common stock repurchased had been retired.

As of June 30, 2026, 21,066,663 shares of common stock repurchased had been retired.

Distribution Reinvestment Plan

3 unchanged sentences

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 .

On June 24, 2022 and August 5, 2025, 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 and by $ 20,000 , respectively, to up to an aggregate of $ 60,000 and $ 80,000 , respectively.

On July 30, 2026, 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 $ 50,000 to up to an aggregate of $ 130,000 .

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.

2 unchanged sentences

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The following table summarizes the share repurchases completed during the year ended December 31, 2025 and the three months ended March 31, 2026:

The following table summarizes the share repurchases completed during the year ended December 31, 2025 and the six months ended June 30, 2026:

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

15 unchanged sentences

March 1 to March 31, 2026 272,856 7.72 272,856 14,915

Total for the three months ended March 31, 2026 1,116,053 1,116,053

April 1 to April 30, 2026 539,836 7.41 539,836 10,925

May 1 to May 31, 2026 164,869 7.66 164,869 9,665

June 1 to June 30, 2026 394,404 6.94 394,404 6,935

Total for the six months ended June 30, 2026 2,215,162 2,215,162

(1) Amounts do not include any commissions paid to Wells 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 April 1, 2026 to April 29, 2026, the Company repurchased 512,603 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 3,790 , or an average purchase price of $ 7.39 per share.

As of April 29, 2026, 20,086,032 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Transactions with Related Parties

For the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

For the three and six months ended June 30, 2026 and 2025, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

Entity Capacity Description 2026 2025 2026 2025

5 unchanged sentences

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

Pursuant to the second amended and restated investment advisory agreement, which became effective upon the Listing on October 5, 2021, CIM is paid an incentive fee based on the Company's performance, as described below, and an annual base management fee equal 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);

Pursuant to the second amended and restated investment advisory agreement, CIM is paid an incentive fee based on the Company's performance, as described below, and an annual base management fee equal 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 is reduced 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 %.

On December 30, 2021, the Company's shareholders approved a proposal to reduce the Company’s asset coverage ratio from 200 % 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 %.

6 unchanged sentences

Under the second amended and restated investment advisory agreement, 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 that exceeds the annualized rate of 7.879 %.

For the three months ended March 31, 2026 and 2025, the Company recorded subordinated incentive fees on income of $ 2,728 and $ 4,084 , respectively.

As of March 31, 2026 and December 31, 2025, the liabilities recorded for subordinated incentive fees were $ 2,728 and $ 3,882 , respectively.

For the three months ended June 30, 2026 and 2025, the Company recorded subordinated incentive fees on income of $ 3,006 and $ 3,589 , respectively.

For the six months ended June 30, 2026 and 2025, the Company recorded subordinated incentive fees on income of $ 5,734 and $ 7,673 , respectively.

As of June 30, 2026 and December 31, 2025, the liabilities recorded for subordinated incentive fees were $ 3,006 and $ 3,882 , respectively.

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

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

1 unchanged sentence

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

For the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, the Company had no liability for and did not record any capital gains incentive fees.

For the three and six months ended June 30, 2026 and 2025 and the year ended December 31, 2025, the Company had no liability for and did not record any capital gains incentive fees.

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

2 unchanged sentences

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 July 30, 2026, 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 7, 2026.

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

1 unchanged sentence

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

As of March 31, 2026 and December 31, 2025, the total liability payable to CIM and its affiliates was $ 10,204 and $ 12,487 , respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the total liability payable to CIM and its affiliates was $ 10,057 and $ 12,487 , respectively, which primarily related to fees earned by CIM during the three months ended June 30, 2026 and December 31, 2025, 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.

6 unchanged sentences

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.

1 unchanged sentence

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 3 record dates during the year ended December 31, 2025 and the three months ended March 31, 2026, respectively.

The Company’s management declared and the Company's board of directors ratified distributions for 4 and 6 record dates during the year ended December 31, 2025 and the six months ended June 30, 2026, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The following table presents distributions per share that were declared during the year ended December 31, 2025 and the three months ended March 31, 2026:

The following table presents distributions per share that were declared during the year ended December 31, 2025 and the six months ended June 30, 2026:

Distributions

8 unchanged sentences

$ 0.30 $ 15,242

Total distributions for the three months ended March 31, 2026 $ 0.30 $ 15,242

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 were paid or will be payable to shareholders as follows:

Declaration Date Record Date Payment Date Amount Per Share

March 9, 2026 April 10, 2026 April 24, 2026 $ 0.10

March 9, 2026 May 15, 2026 May 29, 2026 0.10

March 9, 2026 June 12, 2026 June 26, 2026 0.10

On May 4, 2026, the Company’s co-chief executive officers declared base distributions of $ 0.10 per share for each of July, August and September 2026, which will be payable to shareholders as follows:

June 30, 2026 (three record dates)

Total distributions for the six months ended June 30, 2026 $ 0.60 $ 30,080

On May 4, 2026, the Company’s co-chief executive officers declared base distributions of $0.10 per share for each of July, August and September 2026, which were paid or will be payable to shareholders as follows:

Declaration Date Record Date Payment Date Amount Per Share

2 unchanged sentences

May 4, 2026 September 11, 2026 September 25, 2026 0.10

On August 3, 2026, the Company’s co-chief executive officers declared base distributions of $0.10 per share for each of October, November and December 2026, which will be payable to shareholders as follows:

Declaration Date Record Date Payment Date Amount Per Share

August 3, 2026 October 16, 2026 October 30, 2026 $ 0.10

August 3, 2026 November 13, 2026 November 27, 2026 0.10

August 3, 2026 December 11, 2026 December 28, 2026 0.10

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

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

4 unchanged sentences

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

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2025 and the three months ended March 31, 2026 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2025 and the six months ended June 30, 2026 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

15 unchanged sentences

March 1 to March 31, 2026 58,144 6.83 58,144 (1)

Total for the three months ended March 31, 2026 147,177 $ 7.91 147,177 (1)

April 1 to April 30, 2026 52,506 7.64 52,506 (1)

May 1 to May 31, 2026 56,934 6.89 56,934 (1)

June 1 to June 30, 2026 63,571 6.26 63,571 (1)

Total for the six months ended June 30, 2026 320,188 $ 7.36 320,188 (1)

(1) See the description of the DRP above.

5 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(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 three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:

Six Months Ended

June 30, Year Ended

2026 2025 2025

2 unchanged sentences

Total distributions $ 0.60 $ 30,080 100.0 % $ 0.72 $ 38,083 100.0 % $ 1.44 $ 75,361 100.0 %

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 year ended December 31, 2025.

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.

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 for each taxable year.

federal income tax on investment company taxable income and net capital gains.

Accordingly, no U.S.

federal income tax provision was required for the year ended December 31, 2025.

The Company will also be subject to nondeductible U.S.

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 U.S.

federal income taxes.

Income and capital gain distributions are determined in accordance with the Code and U.S.

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.

2 unchanged sentences

The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

All distributions for 2025 were characterized as ordinary income distributions for federal income tax purposes.

All distributions for 2025 were characterized as ordinary income distributions for U.S.

federal income tax purposes.

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

6 unchanged sentences

(1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 66,847 .

As of March 31, 2026, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 123,878 ;

As of June 30, 2026, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 143,705 ;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 378,919 ;

the net unrealized depreciation was $ 235,214 ;

and the aggregate cost of securities for Federal income tax purposes was $ 2,063,444 .

and the aggregate cost of securities for U.S.

federal income tax purposes was $ 2,035,307 .

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 ;

1 unchanged sentence

the net unrealized depreciation was $ 226,676 ;

and the aggregate cost of securities for Federal income tax purposes was $ 2,039,666 .

and the aggregate cost of securities for U.S.

federal income tax purposes was $ 2,039,666 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The composition of the Company’s investment portfolio as of March 31, 2026 and December 31, 2025 at amortized cost and fair value was as follows:

March 31, 2026 December 31, 2025

The composition of the Company’s investment portfolio as of June 30, 2026 and December 31, 2025 at amortized cost and fair value was as follows:

June 30, 2026 December 31, 2025

Value Percentage of

11 unchanged sentences

(2) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Industry Classification Investments at

4 unchanged sentences

Business $ 241,228 14.7 % $ 250,178 14.7 %

Healthcare & Pharmaceuticals 201,516 11.8 % 191,483 11.3 %

Retail 189,443 11.5 % 187,490 11.0 %

Healthcare & Pharmaceuticals 173,288 10.5 % 191,483 11.3 %

Electricity 146,170 8.9 % 140,223 8.2 %

Diversified & Production 123,581 7.5 % 122,806 7.2 %

Consumer 114,034 6.7 % 113,150 6.8 %

Beverage, Food & Tobacco 97,418 5.7 % 101,153 6.0 %

Consumer Goods:

Durable 102,354 6.2 % 90,696 5.3 %

Beverage, Food & Tobacco 98,592 6.0 % 101,153 6.0 %

Consumer 94,801 5.8 % 113,150 6.8 %

Construction & Building 79,860 4.9 % 65,493 3.9 %

1 unchanged sentence

High Tech Industries 48,275 2.9 % 55,956 3.3 %

Diversified Financials 51,062 3.0 % 54,744 3.2 %

Advertising, Printing & Publishing 47,690 2.9 % 47,644 2.8 %

Diversified Financials 45,121 2.7 % 54,744 3.2 %

Environmental Industries 39,356 2.4 % 27,928 1.6 %

2 unchanged sentences

Non-Durable 28,388 1.7 % 28,876 1.7 %

Hotel, Gaming & Leisure 22,633 1.3 % 22,733 1.3 %

Containers, Packaging & Glass 18,602 1.1 % 18,652 1.1 %

Metals & Mining 24,614 1.5 % 16,637 1.0 %

Containers, Packaging & Glass 18,529 1.1 % 18,652 1.1 %

Aerospace & Defense 14,675 0.9 % 15,075 0.9 %

Automotive 14,648 0.9 % 27,145 1.6 %

Transportation:

Cargo 11,978 0.7 % 11,986 0.7 %

Automotive 10,732 0.7 % 27,145 1.6 %

Oil & Gas 5,287 0.3 % 6,267 0.4 %

Hotel, Gaming & Leisure 4,949 0.3 % 22,733 1.3 %

Subtotal/total percentage 1,645,159 100.0 % 1,696,980 100.0 %

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Geographic Dispersion(1) Investments at

5 unchanged sentences

Canada 33,835 2.1 % 34,704 2.0 %

Cayman Islands 5,033 0.3 % 5,028 0.3 %

Bermuda 2,276 0.1 % 1,508 0.1 %

Cayman Islands — — 5,028 0.3 %

Subtotal/total percentage 1,645,159 100.0 % 1,696,980 100.0 %

2 unchanged sentences

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

As of March 31, 2026 and December 31, 2025, investments on non-accrual status represented 1.5 % and 1.8 %, respectively, of the Company's investment portfolio on a fair value basis.

As of June 30, 2026 and December 31, 2025, investments on non-accrual status represented 1.4 % and 1.8 %, respectively, of the Company's investment portfolio on a fair value basis.

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

As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments amounted to $ 57,488 and $ 47,779 , respectively.

As of April 29, 2026, the Company’s unfunded commitments amounted to $ 53,655 .

As of June 30, 2026 and December 31, 2025, the Company’s unfunded commitments amounted to $ 50,525 and $ 47,779 , respectively.

As of July 29, 2026, the Company’s unfunded commitments amounted to $ 46,427 .

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

16 unchanged sentences

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

As a result, as of March 31, 2026, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.

As a result, as of June 30, 2026, 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.

4 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2026:

The following table sets forth the individual investments in CION/EagleTree's portfolio as of June 30, 2026:

Portfolio Company Interest Industry Principal/

1 unchanged sentence

American Clinical Solutions LLC, Class A Membership Interests(a) Healthcare & Pharmaceuticals 6,030,384 Units

$ 5,200 $ 1,568

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(a) Media:

30 unchanged sentences

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

7-day effective yield as of March 31, 2026.

7-day effective yield as of June 30, 2026.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

47 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2026 and December 31, 2025:

The following table includes selected balance sheet information for CION/EagleTree as of June 30, 2026 and December 31, 2025:

Selected Balance Sheet Information:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Investments, at fair value (amortized cost of $ 55,138 and $ 56,772 , respectively)

9 unchanged sentences

Total liabilities and members' capital $ 50,292 $ 55,209

The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025:

The following table includes selected statement of operations information for CION/EagleTree for the three and six months ended June 30, 2026 and 2025 and for the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended

Six Months Ended

Selected Statement of Operations Information:

3 unchanged sentences

Net realized gain (loss) on investments — — 480 56 ( 273 )

Net change in unrealized (depreciation) appreciation on investments ( 3,723 ) 1,290 ( 925 )

Net change in unrealized appreciation (depreciation) on investments 470 2,288 ( 3,253 ) 3,578 ( 925 )

Net (decrease) increase in net assets $ ( 578 ) $ 1,355 $ ( 4,916 ) $ 1,845 $ ( 5,201 )

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2026:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2026:

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

1 unchanged sentence

$ 200,000 $ — June 15, 2027

7.50 % 2029 Notes(2)

7.50 % Public 2029 Notes(2)

Unsecured Public Bonds 7.50 %

8 unchanged sentences

100,000 25,000 February 13, 2028

7.50 % 2031 Notes(2)

7.50 % Public 2031 Notes(2)

Unsecured Public Bonds 7.50 %

13 unchanged sentences

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

(2) As of March 31, 2026, the fair value of the 7.50 % 2029 Notes was $ 170,982 and the fair value of the 7.50 % 2031 Notes was $ 131,760 , which were based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026.

(3) As of March 31, 2026, the fair value of the 7.70 % 2029 Notes was $ 125,000 , 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 March 31, 2026.

(4) As of March 31, 2026, 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 March 31, 2026.

(5) As of March 31, 2026, the fair value of the Series A Notes was $ 101,810 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026.

(6) As of March 31, 2026, the outstanding amount of these debt obligations approximates their fair value.

(2) As of June 30, 2026, the fair value of the 7.50 % Public 2029 Notes was $ 171,396 and the fair value of the 7.50 % Public 2031 Notes was $ 131,544 , which were based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2026.

(3) As of June 30, 2026, the fair value of the 7.70 % 2029 Notes was $ 125,000 , 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 June 30, 2026.

(4) As of June 30, 2026, 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 June 30, 2026.

(5) As of June 30, 2026, the fair value of the Series A Notes was $ 115,178 , which was based on readily observable, transparent prices.

The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of June 30, 2026.

(6) As of June 30, 2026, the outstanding amount of these debt obligations approximates their fair value.

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

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2026.

JPM Credit Facility

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

17 unchanged sentences

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.

Under the JPM Fifth Amendment, advances to 34th Street remained 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.

2 unchanged sentences

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.

In addition, 34th Street was 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 was not borrowed through June 14, 2026.

The non-usage fees, if any, were 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.

4 unchanged sentences

On March 30, 2026, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 375,000 to $ 275,000 and repaid $ 100,000 of outstanding borrowings.

As of March 31, 2026, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 200,000 and the aggregate unfunded principal amount was $ 75,000 .

The reinvestment period under the Third Amended JPM Credit Facility ended on June 15, 2026, on which the aggregate unfunded principal amount available for borrowing was reduced to zero .

As of June 30, 2026, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 200,000 and the aggregate unfunded principal amount was zero .

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

On July 9, 2026 and July 24, 2026, the Company repaid $ 2,384 and $ 123,000 of outstanding borrowings under the Third Amended JPM Credit Facility, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

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

As of and for the three months ended March 31, 2026, 34th Street was in compliance with all covenants and reporting requirements.

Through March 31, 2026, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 2,457 .

For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

As of and for the three months ended June 30, 2026, 34th Street was in compliance with all covenants and reporting requirements.

Through June 30, 2026, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of June 30, 2026 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 1,950 .

For the three and six months ended June 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

Three Months Ended

March 31, Year Ended December 31,

Six Months Ended

Year Ended December 31,

2026 2025 2026 2025 2025

6 unchanged sentences

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

7.50 % 2029 Notes

On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % notes due 2029, or the 7.50 % 2029 Notes, which included $ 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.

7.50 % Public 2029 Notes

On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % notes due 2029, or the 7.50 % Public 2029 Notes, which included $ 22,500 in aggregate principal amount of the 7.50 % Public 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % Public 2029 Notes to cover overallotments.

The 7.50 % Public 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.

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;

The Company used the net proceeds of the offering of the 7.50 % Public 2029 Notes to pay down borrowings under the Company's senior secured credit facility with JPM.

The 7.50 % Public 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

The 7.50 % Public 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 % Public 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 % Public 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;

senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 7.50 % Public 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 7.50 % Public 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 % Public 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

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 three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2026, 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 March 31, 2026 and will amortize to interest expense over the term of the 7.50 % 2029 Notes.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,082 .

Three Months Ended March 31, Year Ended December 31,

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 % Public 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.

As of and for the three months ended June 30, 2026, the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2026, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 7.50 % Public 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % Public 2029 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2026 and will amortize to interest expense over the term of the 7.50 % Public 2029 Notes.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 2,877 .

Three Months Ended

Six Months Ended

Year Ended December 31,

2026 2025 2026 2025 2025

4 unchanged sentences

Average borrowings $ 172,500 $ 172,500 $ 172,500 $ 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.

(1) Includes the stated interest expense on the 7.50 % Public 2029 Notes and is annualized for periods covering less than one year.

7.41 % 2027 Notes and 7.70 % 2029 Notes

1 unchanged sentence

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 make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes.

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 used the remaining net proceeds to 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.

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 bear interest at a fixed rate equal to 7.70 % and 7.41 % per year, respectively, which will be paid semiannually and which commenced 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.

6 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

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 three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2026, 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 March 31, 2026, the Company incurred debt issuance costs of $ 3,360 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 March 31, 2026 and will amortize to interest expense over the term of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,118 .

For the three months ended March 31, 2026 and 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:

Three Months Ended March 31, For the Period From December 16, 2025 Through December 31, 2025

Through June 30, 2026, the Company incurred debt issuance costs of $ 3,360 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 June 30, 2026 and will amortize to interest expense over the term of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 2,911 .

For the three and six months ended June 30, 2026 and 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:

Three Months Ended Six Months Ended

For the Period From December 16, 2025 Through December 31, 2025

June 30, 2026

Stated interest expense $ 3,286 $ 6,572 $ 548

12 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

5 unchanged sentences

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 sheets and amortized to interest expense over the term of the 2026 Notes.

At March 31, 2026, all upfront fees and other expenses were fully amortized.

At June 30, 2026, all upfront fees and other expenses were fully amortized.

Three Months Ended

March 31, Year Ended December 31,

Six Months Ended

Year Ended December 31,

2026 2025 2026 2025

Stated interest expense $ — $ 1,406 $ — $ 2,812 $ 5,594

15 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

29 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

22 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

11 unchanged sentences

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining and amending the Amended UBS 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 March 31, 2026, all upfront fees and other expenses were fully amortized.

At June 30, 2026, all upfront fees and other expenses were fully amortized.

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2026 2025 2026 2025 2025

17 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

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 three months ended March 31, 2026, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2026, 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 March 31, 2026, the unamortized portion of the debt issuance costs was $ 756 .

For the three months ended March 31, 2026, for the period from February 13, 2025 through March 31, 2025 and 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:

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 655 .

For the three months ended June 30, 2026 and 2025, for the six months ended June 30, 2026, for the period from February 13, 2025 through June 30, 2025 and 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:

Three Months Ended

March 31, 2026 For the Period from February 13, 2025 Through March 31, 2025 For the Period from February 13, 2025 Through December 31, 2025

June 30, Six Months Ended June 30, 2026 For the Period from February 13, 2025 Through June 30, 2025 For the Period from February 13, 2025 Through December 31, 2025

Stated interest expense $ 1,623 $ 1,782 $ 3,226 $ 2,705 $ 6,192

5 unchanged sentences

(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.

7.50 % 2031 Notes

On February 9, 2026, the Company issued and sold $ 135,000 in aggregate principal amount of its 7.50 % 2031 Notes, which included $ 10,000 in aggregate principal amount of the Company’s 7.50 % 2031 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % 2031 Notes to cover overallotments.

The 7.50 % 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.

7.50 % Public 2031 Notes

On February 9, 2026, the Company issued and sold $ 135,000 in aggregate principal amount of its unsecured 7.50 % notes due 2031, or the 7.50 % Public 2031 Notes, which included $ 10,000 in aggregate principal amount of the Company’s 7.50 % Public 2031 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % Public 2031 Notes to cover overallotments.

The 7.50 % Public 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 Company used the net proceeds of the offering of the 7.50 % 2031 Notes to pay down borrowings under the Company's senior secured credit facility with JPM.

The 7.50 % 2031 Notes began trading on the NYSE under the ticker symbol “CICC” on February 12, 2026.

The 7.50 % 2031 Notes will mature on March 31, 2031, unless previously redeemed or repurchased in accordance with their terms.

The interest rate of the 7.50 % 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 commenced on March 30, 2026.

The 7.50 % 2031 Notes are the Company’s direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness;

The Company used the net proceeds of the offering of the 7.50 % Public 2031 Notes to pay down borrowings under the Company's senior secured credit facility with JPM.

The 7.50 % Public 2031 Notes began trading on the NYSE under the ticker symbol “CICC” on February 12, 2026.

The 7.50 % Public 2031 Notes will mature on March 31, 2031, unless previously redeemed or repurchased in accordance with their terms.

The interest rate of the 7.50 % Public 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 commenced on March 30, 2026.

The 7.50 % Public 2031 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 % 2031 Notes;

senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 7.50 % Public 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 7.50 % 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 7.50 % 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 7.50 % Public 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 7.50 % Public 2031 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirement 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 % 2031 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 period from February 9, 2026 through March 31, 2026, the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2026 , the Company incurred debt issuance costs of $ 3,789 in connection with issuing the 7.50 % 2031 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % 2031 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 7.50 % 2031 Notes.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,376 .

For the period from February 9, 2026 through March 31, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50 % 2031 Notes were as follows:

For the Period from February 9, 2026 through March 31, 2026

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirement 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 % Public 2031 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.

As of and for the three months ended June 30, 2026, the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2026 , the Company incurred debt issuance costs of $ 3,795 in connection with issuing the 7.50 % Public 2031 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % Public 2031 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2026 and will amortize to interest expense over the term of the 7.50 % Public 2031 Notes.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 3,554 .

For the three months ended June 30, 2026 and for the period from February 9, 2026 through June 30, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50 % Public 2031 Notes were as follows:

Three Months Ended

June 30, 2026 For the Period from February 9, 2026 through June 30, 2026

Stated interest expense $ 2,532 $ 3,994

3 unchanged sentences

Average borrowings $ 135,000 $ 135,000

(1) Includes the stated interest expense on the 7.50 % 2031 Notes and is annualized for periods covering less than one year.

(1) Includes the stated interest expense on the 7.50 % Public 2031 Notes and is annualized for periods covering less than one year.

Series A Notes

11 unchanged sentences

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

As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2026, the Company was in compliance with all covenants and reporting requirements.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

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

Through March 31, 2026 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 668 .

Through June 30, 2026 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2026 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 271 .

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2026 2025 2026 2025 2025

17 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended June 30, 2026, 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.

4 unchanged sentences

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 March 31, 2026, 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 March 31, 2026 and will amortize to interest expense over the term of the Floating Rate 2027 Notes.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 2,602 .

Through June 30, 2026, 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 June 30, 2026 and will amortize to interest expense over the term of the Floating Rate 2027 Notes.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 2,197 .

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2026 2025 2026 2025 2025

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

11 unchanged sentences

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

As of and for the three months ended March 31, 2026 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2026, the Company 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 March 31, 2026 and will amortize to interest expense over the term of the 2022 Term Loan.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 219 .

As of and for the three months ended June 30, 2026 , the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2026, the Company 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 June 30, 2026 and will amortize to interest expense over the term of the 2022 Term Loan.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 168 .

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2026 2025 2026 2025 2025

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

9 unchanged sentences

In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended March 31, 2026 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2026 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 2024 Term Loan.

At March 31, 2026, the unamortized portion of the debt issuance costs was $ 383 .

For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

Three Months Ended March 31, Year Ended December 31, 2025

As of and for the three months ended June 30, 2026 , the Company was in compliance with all covenants and reporting requirements.

Through June 30, 2026 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of June 30, 2026 and will amortize to interest expense over the term of the 2024 Term Loan.

At June 30, 2026, the unamortized portion of the debt issuance costs was $ 320 .

For the three and six months ended June 30, 2026 and 2025 and for the year ended December 31, 2025 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

Three Months Ended

June 30, Six Months Ended June 30, Year Ended December 31, 2025

2026 2025 2026 2025

Stated interest expense $ 591 $ 614 $ 1,176 $ 1,224 $ 2,442

6 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Fair Value of Financial Instruments

The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy:

March 31, 2026(1) December 31, 2025(2)

The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2026 and December 31, 2025, according to the fair value hierarchy:

June 30, 2026(1) December 31, 2025(2)

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

8 unchanged sentences

(2) Excludes the Company's $ 13,679 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2026 and 2025:

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2026 and 2025:

Three Months Ended

March 31, 2026

June 30, 2026

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

Beginning balance, March 31, 2026 $ 1,375,487 $ — $ 5,033 $ 6,786 $ 300,841 $ 1,688,147

Investments purchased(2)(3) 83,791 — — 48 5,187 89,026

Net realized loss ( 17,898 ) — ( 69 ) — — ( 17,967 )

Net change in unrealized appreciation (depreciation) 20,430 — ( 64 ) 525 15,492 36,383

Accretion of discount 2,874 — — — — 2,874

Sales and principal repayments(3) ( 161,068 ) — ( 4,900 ) — — ( 165,968 )

Ending balance, June 30, 2026 $ 1,303,616 $ — $ — $ 7,359 $ 321,520 $ 1,632,495

Change in net unrealized appreciation on investments still held as of June 30, 2026(1) $ 2,121 $ — $ — $ 525 $ 15,492 $ 18,138

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

(2) Investments purchased includes PIK interest.

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

Six Months Ended

June 30, 2026

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

Beginning balance, December 31, 2025 $ 1,370,525 $ — $ 5,028 $ 6,639 $ 294,841 $ 1,677,033

4 unchanged sentences

Sales and principal repayments(3) ( 234,670 ) — ( 4,900 ) — ( 3,002 ) ( 242,572 )

Ending balance, March 31, 2026 $ 1,375,487 $ — $ 5,033 $ 6,786 $ 300,841 $ 1,688,147

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2026(1) $ ( 32,578 ) $ — $ 5 $ 99 $ 2,101 $ ( 30,373 )

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

Ending balance, June 30, 2026 $ 1,303,616 $ — $ — $ 7,359 $ 321,520 $ 1,632,495

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2026(1) $ ( 16,600 ) $ — $ — $ 624 $ 17,593 $ 1,617

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

(2) Investments purchased includes PIK interest.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2026

(in thousands, except share and per share amounts)

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

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Three Months Ended

March 31, 2025

June 30, 2025

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

Beginning balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543

Investments purchased(2)(3) 74,971 75 — 43 4,576 79,665

Net realized loss ( 32,376 ) — — — — ( 32,376 )

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

Accretion of discount 2,406 7 — — — 2,413

Sales and principal repayments(3) ( 113,585 ) — ( 512 ) ( 4,103 ) — ( 118,200 )

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

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1) $ ( 6,522 ) $ ( 1,664 ) $ ( 73 ) $ ( 127 ) $ 28,919 $ 20,533

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

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

Six Months Ended

June 30, 2025

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

Beginning balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726

Investments purchased(2)(3) 165,408 144 979 87 11,331 177,949

Net realized gain (loss) 2,825 — — — ( 531 ) 2,294

Net realized loss ( 29,551 ) — — — ( 531 ) ( 30,082 )

Net change in unrealized (depreciation) appreciation ( 21,520 ) ( 1,824 ) ( 122 ) 293 350 ( 22,823 )

2 unchanged sentences

Net transfers in and/or (out) of Level 3 — — — — ( 956 ) ( 956 )

Ending balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2025(1) $ ( 35,731 ) $ ( 160 ) $ ( 49 ) $ 420 $ ( 28,569 ) $ ( 64,089 )

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

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

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1) $ ( 31,907 ) $ ( 1,824 ) $ ( 122 ) $ 293 $ 350 $ ( 33,210 )

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

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2026

(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 March 31, 2026 and December 31, 2025 were as follows:

March 31, 2026

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2026 and December 31, 2025 were as follows:

June 30, 2026

Fair Value Valuation Techniques/

8 unchanged sentences

Senior secured second lien debt — Market Comparable Approach Revenue Multiple 1.33 x

Collateralized securities and structured products - equity 5,033 Discounted Cash Flow Discount Rates 7.5 % N/A

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

1,662 Discounted Cash Flow Discount Rates 13.3 % N/A

251 Market Comparable Approach EBITDA Multiple 9.75 x

857 Options Pricing Model

Expected Volatility 30 % N/A

Equity 131,666 Market Comparable Approach EBITDA Multiple 2.75 x

2 unchanged sentences

18,440 Options Pricing Model Expected Volatility 40 % — 76 % 56 %

1,835 Broker Quotes Broker Quotes N/A N/A

2,587 Other(2) Other(2) N/A N/A

101 Broker Quotes Broker Quotes N/A N/A

Total $ 1,632,495

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

29 unchanged sentences

General and Administrative Expense

General and administrative expense consisted of the following items for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:

General and administrative expense consisted of the following items for the three and six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended December 31,

June 30, Six Months Ended

June 30, Year Ended December 31,

2026 2025 2026 2025 2025

1 unchanged sentence

Dues and subscriptions 246 329 497 532 1,021

Valuation expense 231 209 404 439 792

Insurance expense 212 187 396 371 740

Director fees and expenses 174 181 355 353 705

Valuation expense 173 230 792

Transfer agent expense 128 119 501

Accounting and administrative costs 147 169 269 281 555

Transfer agent expense 126 125 254 244 501

Printing and marketing expense 8 82 58 99 151

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.

As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments were as follows:

Unfunded Commitments March 31, 2026(1) December 31, 2025(1)

As of June 30, 2026 and December 31, 2025, the Company’s unfunded commitments were as follows:

Unfunded Commitments June 30, 2026(1) December 31, 2025(1)

Anchor QEA, Inc.

Dependable Acquisition Inc.

APS Acquisition Holdings, LLC 4,809 5,979

Straine Dental Management, LLC

David's Bridal, LLC(2)

American Clinical Solutions LLC 3,000 —

Instant Web, LLC 2,596 2,704

APS Acquisition Holdings, LLC 3,484 5,979

American Health Staffing Group, Inc.

Instant Web, LLC 2,488 2,704

CrossLink Professional Tax Solutions, LLC 2,209 982

Sleep Opco, LLC 2,060 2,060

Tactical Air Support, Inc.

2 unchanged sentences

SHF Holdings, Inc.

Gold Medal Holdings, Inc.

BDS Solutions Intermediateco, LLC 1,619 476

Trademark Global, LLC 1,588 —

Adapt Laser Acquisition, Inc.

Stengel Hill Architecture, LLC 1,425 1,425

ESP Associates, Inc.

Newbury Franklin Industrials, LLC 1,066 1,066

Ironhorse Purchaser, LLC 816 816

David's Bridal, LLC(2)

American Clinical Solutions LLC 1,000 —

TMK Hawk Parent, Corp.

Berlitz Holdings, Inc.

Optio Rx, LLC 658 658

LAV Gear Holdings, Inc.

HW Acquisition, LLC 441 —

Invincible Boat Company LLC

BDS Solutions Intermediateco, LLC 429 476

RA Outdoors, LLC 330 1,083

HW Acquisition, LLC 294 —

Spinal USA, Inc.

/ Precision Medical Inc.

Berlitz Holdings, Inc.

Adapt Laser Acquisition, Inc.

Sleep Opco, LLC — 2,060

Gold Medal Holdings, Inc.

ESP Associates, Inc.

Ironhorse Purchaser, LLC — 816

Avison Young (USA) Inc.

Invincible Boat Company LLC

Total $ 50,525 $ 47,779

2 unchanged sentences

See footnote g.

to the consolidated schedule of investments as of March 31, 2026.

to the consolidated schedule of investments as of June 30, 2026.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

3 unchanged sentences

The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.

For information on the companies to which the Company is committed to fund additional amounts as of March 31, 2026 and December 31, 2025, refer to the table above and the consolidated schedules of investments.

As of April 29, 2026, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 53,655 .

For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2026 and December 31, 2025, refer to the table above and the consolidated schedules of investments.

As of July 29, 2026, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 46,427 .

The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations).

4 unchanged sentences

Fee income consists of amendment fees, capital structuring and other fees, commitment fees and administrative agent fees.

The following table summarizes the Company’s fee income for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:

The following table summarizes the Company’s fee income for the three and six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended

June 30, Six Months Ended

June 30, Year Ended

2026 2025 2026 2025 2025

6 unchanged sentences

Refer to notes r.

to the consolidated schedules of investments as of March 31, 2026 and December 31, 2025 for further details on the sources of our fee income.

to the consolidated schedules of investments as of June 30, 2026 and December 31, 2025 for further details on the sources of our fee income.

Administrative agent fees are recurring income as long as the Company remains the administrative agent for the related investment.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:

Three Months Ended

March 31, Year Ended

The following is a schedule of financial highlights as of and for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025:

Six Months Ended

June 30, Year Ended

2026 2025 2025

4 unchanged sentences

Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 0.37 ) ( 0.97 ) ( 2.18 )

Net decrease in net assets resulting from operations(2) ( 0.46 ) ( 0.80 ) ( 0.40 )

Net increase (decrease) in net assets resulting from operations(2) 0.17 ( 0.29 ) ( 0.40 )

Shareholder distributions:

17 unchanged sentences

Asset coverage ratio(8) 1.57 1.68 1.62

(1) The per share data for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025 was derived by using the weighted average shares of common stock outstanding during each period.

(1) The per share data for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025 was derived by using the weighted average shares of common stock outstanding during each period.

(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule.

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

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

As a result, net increase (decrease) 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2026

June 30, 2026

(in thousands, except share and per share amounts)

(4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period.

4 unchanged sentences

Total returns covering less than a full year are not annualized.

(5) Total investment return-market value for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s DRP.

(5) Total investment return-market value for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025 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.

5 unchanged sentences

(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.

Subsequent Events

On July 15, 2026, the Company entered into (i) a Note Purchase Agreement with a certain institutional investor, or the 7.50 % 2029 Notes Note Purchase Agreement, in connection with the issuance of up to $ 10,000 in aggregate principal amount of the Company’s 7.50 % senior unsecured notes due 2029, or 7.50 % 2029 Notes, and (ii) a Note Purchase Agreement with a certain institutional investor, or the 8.00 % 2031 Notes Note Purchase Agreement, in connection with the issuance of up to $ 50,000 in aggregate principal amount of the Company’s 8.00 % senior unsecured notes due 2031, or the 8.00 % 2031 Notes.

The 7.50 % 2029 Notes and the 8.00 % 2031 Notes will be issued in two closings, with (a) the initial closing on July 15, 2026 totaling $ 30,000 , consisting of an aggregate principal amount of $ 2,000 in 7.50 % 2029 Notes and an aggregate principal amount of $ 28,000 in 8.00 % 2031 Notes and (b) subject to acceptance by the purchasers, a subsequent closing of up to $ 30,000 , consisting of up to an aggregate principal amount of $ 8,000 in 7.50 % 2029 Notes and up to an aggregate principal amount of $ 22,000 in 8.00 % 2031 Notes, with such subsequent closing to occur with notice from the Company to the purchasers within one year following the initial closing date, subject to the conditions set forth in the applicable Note Purchase Agreement.

The 7.50 % 2029 Notes were issued at a purchase price equal to 98.00 % of the principal amount of the 7.50 % 2029 Notes and the 8.00 % 2031 Notes were issued at a purchase price equal to 97.00 % of the principal amount of the 8.00 % 2031 Notes.

The Company intends to use the net proceeds to repay a portion of its outstanding debt and the remainder, if any, for working capital and general corporate purposes.

The 7.50 % 2029 Notes and the 8.00 % 2031 Notes will bear interest at a fixed rate equal to 7.50 % and 8.00 % per year, respectively, which will be paid quarterly commencing on October 15, 2026.

The 7.50 % 2029 Notes and the 8.00 % 2031 Notes will mature on September 30, 2029 and July 15, 2031, respectively.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 7.50 % 2029 Notes and the 8.00 % 2031 Notes on or after June 30, 2029 and July 15, 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, and without any premium or penalty.

The 7.50 % 2029 Notes and the 8.00 % 2031 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2026

(in thousands, except share and per share amounts)

The 7.50 % 2029 Notes Note Purchase Agreement and the 8.00 % 2031 Notes Note Purchase Agreement contain 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 $ 493.1 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00.

The 7.50 % 2029 Notes Note Purchase Agreement and the 8.00 % 2031 Notes Note Purchase Agreement also contain a “most favored lender” provision in favor of the purchasers in respect of any new unsecured indebtedness in excess of $ 25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 7.50 % 2029 Notes Note Purchase Agreement and the 8.00 % 2031 Notes Note Purchase Agreement.

In addition, the 7.50 % 2029 Notes Note Purchase Agreement and the 8.00 % 2031 Notes Note Purchase Agreement contain customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25 million, certain judgments and orders, and certain events of bankruptcy.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements