CION Investment Corp 10-Q

Item 1. Financial Statements CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 (unaudited) Assets Investments, at fair value: Non-controlled, non-affiliated investments (amortized cost of $ 1,182,506 and $ 1,238,358 , respectively) $ 1,092,285 $ 1,158,985 Non-controlled, affiliated investments (amortized cost of $ 387,844 and $ 360,895 , respectively) 402,986 364,335 Controlled investments (amortized cost of $ 360,206 and $ 342,843 , respectively) 304,822 289,670 Total investments, at fair value (amortized cost of $ 1,930,556 and $ 1,942,096 , respectively) 1,800,093 1,812,990 Cash 7,664 8,159 Interest and fees receivable on investments 34,571 27,979 Receivable due on investments sold and repaid 1,590 3,699 Prepaid expenses and other assets 2,770 1,973 Total assets $ 1,846,688 $ 1,854,800 Liabilities and Shareholders' Equity Liabilities Financing arrangements (net of unamortized debt issuance costs of $ 14,903 and $ 14,263 , respectively) $ 1,159,941 $ 1,125,580 Payable for investments purchased 3,076 2,529 Accounts payable and accrued expenses 727 785 Interest payable 5,111 5,764 Accrued management fees 6,040 6,423 Accrued subordinated incentive fee on income 3,006 3,882 Accrued administrative services expense 1,011 2,182 Share repurchases payable — 27 Total liabilities 1,178,912 1,147,172 Commitments and contingencies (Note 4 and Note 11) Shareholders' Equity Common stock, $ 0.001 par value; 500,000,000 shares authorized; 49,202,704 and 51,420,629 shares issued and 49,202,704 and 51,417,866 shares outstanding, respectively 49 51 Capital in excess of par value 986,777 1,004,496 Accumulated distributable losses ( 319,050 ) ( 296,919 ) Total shareholders' equity 667,776 707,628 Total liabilities and shareholders' equity $ 1,846,688 $ 1,854,800 Net asset value per share of common stock at end of period $ 13.57 $ 13.76 See accompanying notes to consolidated financial statements. 1 CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 (unaudited) (unaudited) (unaudited) (unaudited) Investment income Non-controlled, non-affiliated investments Interest income $ 22,460 $ 32,478 $ 46,146 $ 66,598 $ 123,768 Paid-in-kind interest income 7,868 6,289 13,356 14,648 29,782 Fee income 2,327 739 5,201 4,522 9,447 Dividend income 899 1,212 1,352 1,718 2,660 Non-controlled, affiliated investments Interest income 2,605 2,305 4,665 4,280 8,550 Paid-in-kind interest income 3,747 3,342 8,733 6,490 13,627 Fee income 583 700 583 700 975 Dividend income 2,602 439 5,947 630 5,645 Controlled investments Interest income 6,042 4,467 12,420 8,259 30,896 Paid-in-kind interest income 660 — 927 — 5,821 Fee income — 273 — 473 9,650 Total investment income 49,793 52,244 99,330 108,318 240,821 Operating expenses Management fees 6,040 6,497 12,145 13,122 26,076 Administrative services expense 1,194 1,196 2,570 2,475 5,180 Subordinated incentive fee on income 3,006 3,589 5,734 7,673 19,736 General and administrative 1,543 1,393 3,505 3,229 6,334 Interest expense 23,836 22,637 48,249 45,635 90,540 Total operating expenses 35,619 35,312 72,203 72,134 147,866 Net investment income before taxes 14,174 16,932 27,127 36,184 92,955 Income tax expense (benefit), including excise tax 4 10 93 10 ( 85 ) Net investment income after taxes 14,170 16,922 27,034 36,174 93,040 Realized and unrealized gains (losses) 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 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 ) Non-controlled, affiliated investments 11,970 10,560 16,710 2,131 10,757 Controlled investments 13,154 11,378 ( 2,207 ) ( 13,782 ) ( 42,617 ) 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 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 Weighted average shares of common stock outstanding 49,660,843 52,628,784 50,229,113 52,848,420 52,341,612 See accompanying notes to consolidated financial statements. 2 CĪON Investment Corporation Consolidated Statements of Shareholders' Equity (in thousands, except share and per share amounts) Common Stock Capital in Excess of Par Value Accumulated Undistributed (Overdistributed) Earnings Total Shareholders' Equity Shares Amount Balance at December 31, 2024 (audited) 53,189,269 $ 53 $ 1,021,684 $ ( 200,927 ) $ 820,810 Repurchases of common stock ( 185,862 ) — ( 2,172 ) — ( 2,172 ) Net investment income — — — 19,252 19,252 Net realized gains on investments — — — 2,294 2,294 Net unrealized losses on investments — — — ( 64,251 ) ( 64,251 ) Distributions declared and payable ($ 0.36 per share) — — — ( 19,149 ) ( 19,149 ) Balance at March 31, 2025 (unaudited) 53,003,407 53 1,019,512 ( 262,781 ) 756,784 Repurchases of common stock ( 699,565 ) ( 1 ) ( 6,555 ) — ( 6,556 ) Net investment income — — — 16,922 16,922 Net realized losses on investments — — — ( 32,376 ) ( 32,376 ) Net unrealized gains on investments — — — 42,770 42,770 Distributions declared and payable ($ 0.36 per share) — — — ( 18,934 ) ( 18,934 ) Balance at June 30, 2025 (unaudited) 52,303,842 52 1,012,957 ( 254,399 ) 758,610 Repurchases of common stock ( 330,324 ) — ( 3,256 ) — ( 3,256 ) Net investment income — — — 38,567 38,567 Net realized losses on investments — — — ( 9,605 ) ( 9,605 ) Net unrealized gains on investments — — — 6,916 6,916 Distributions declared and payable ($ 0.36 per share) — — — ( 18,726 ) ( 18,726 ) Balance at September 30, 2025 (unaudited) 51,973,518 52 1,009,701 ( 237,247 ) 772,506 Repurchases of common stock ( 555,652 ) ( 1 ) ( 5,205 ) — ( 5,206 ) Net investment income — — — 18,299 18,299 Net realized gains on investments — — — 118 118 Net unrealized losses on investments — — — ( 59,537 ) ( 59,537 ) Distributions declared and payable ($ 0.36 per share) — — — ( 18,552 ) ( 18,552 ) Balance at December 31, 2025 (audited) 51,417,866 51 1,004,496 ( 296,919 ) 707,628 Repurchases of common stock ( 1,116,053 ) ( 1 ) ( 9,718 ) — ( 9,719 ) Net investment income — — — 12,864 12,864 Net realized gains on investments — — — 237 237 Net unrealized losses on investments — — — ( 36,132 ) ( 36,132 ) Distributions declared and payable ($ 0.30 per share) — — — ( 15,242 ) ( 15,242 ) 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 CĪON Investment Corporation Consolidated Statements of Cash Flows (in thousands) Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 (unaudited) (unaudited) (unaudited) (unaudited) 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 ) Proceeds from principal repayment of investments 103,324 85,929 140,760 121,974 349,209 Purchase of investments ( 66,807 ) ( 39,024 ) ( 132,386 ) ( 103,919 ) ( 263,997 ) Paid-in-kind interest and dividends capitalized ( 13,057 ) ( 10,489 ) ( 24,551 ) ( 22,542 ) ( 52,178 ) (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 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 (Increase) decrease in interest receivable on investments ( 1,565 ) ( 4,334 ) ( 6,686 ) ( 4,514 ) 481 (Increase) decrease in receivable due on investments sold and repaid ( 1,363 ) ( 2,361 ) 2,109 ( 443 ) ( 734 ) (Increase) decrease in prepaid expenses and other assets ( 820 ) 67 ( 797 ) 299 ( 708 ) Increase (decrease) in payable for investments purchased ( 3,560 ) ( 1,892 ) 547 ( 1,015 ) 1,510 Increase (decrease) in accounts payable and accrued expenses ( 86 ) 188 ( 58 ) 144 ( 249 ) Increase (decrease) in interest payable ( 3,378 ) 1,391 ( 653 ) ( 378 ) ( 2,480 ) Increase (decrease) in accrued management fees ( 64 ) ( 128 ) ( 383 ) ( 264 ) ( 338 ) Increase (decrease) in accrued administrative services expense ( 361 ) 719 ( 1,171 ) ( 743 ) 176 Increase (decrease) in subordinated incentive fee on income payable 278 ( 495 ) ( 876 ) ( 375 ) ( 82 ) Increase (decrease) in share repurchase payable — 134 ( 27 ) 94 ( 13 ) Net cash provided by operating activities 21,591 43,452 17,038 49,547 76,833 Financing activities: Repurchase of common stock ( 8,002 ) ( 6,556 ) ( 17,721 ) ( 8,728 ) ( 17,190 ) Shareholders' distributions paid ( 14,838 ) ( 38,083 ) ( 30,080 ) ( 40,746 ) ( 78,024 ) Repayments under financing arrangements — — ( 100,000 ) ( 20,000 ) ( 170,000 ) Borrowings under financing arrangements — — 135,000 20,000 192,500 Debt issuance costs paid ( 335 ) — ( 4,732 ) ( 1,210 ) ( 3,630 ) 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 Cash, end of period $ 7,664 $ 6,533 $ 7,664 $ 6,533 $ 8,159 Supplemental disclosure of cash flow information: Cash paid for interest $ 25,099 $ 19,380 $ 45,000 $ 42,348 $ 85,442 Supplemental non-cash operating activities: Restructuring of portfolio investment $ 9,107 $ 30,200 $ 48,271 $ 47,080 $ 135,757 Investments received in settlement of fee income $ 2,122 $ — $ 4,468 $ — $ 21,156 Cash interest receivable exchanged for additional securities $ — $ — $ — $ 4,266 $ 16,676 See accompanying notes to consolidated financial statements. 4 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Senior Secured First Lien Debt - 195.2 % Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 Capital Equipment $ 10,123 $ 10,123 $ 9,958 Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 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 2/10/2027 Media: Diversified & Production 8,544 8,537 7,594 American Clinical Solutions LLC(s)(v)(aa) 0.00 % 6/30/2027 Healthcare & Pharmaceuticals 32,189 32,439 24,463 American Clinical Solutions LLC(p)(s) 0.00 % Unfunded 6/30/2027 Healthcare & Pharmaceuticals 1,000 — ( 240 ) American Health Staffing Group, Inc.(m) Prime+ 500 11/19/2028 Services: Business 13,439 13,397 13,439 American Health Staffing Group, Inc. 0.50 % Unfunded 11/19/2028 Services: Business 2,500 ( 2 ) — Anchor QEA, Inc.(m)(v) S+ 525 , 1.00 % SOFR Floor 3/25/2032 Environmental Industries 9,991 9,895 9,978 Anchor QEA, Inc. 1.00 % Unfunded 3/25/2028 Environmental Industries 5,463 ( 26 ) ( 7 ) Anchor QEA, Inc. 0.50 % Unfunded 3/25/2032 Environmental Industries 1,821 ( 18 ) ( 2 ) Ancile Solutions, Inc.(m)(v)(x) S+ 1000 , 1.00 % SOFR Floor 6/11/2026 High Tech Industries 10,063 10,060 11,950 Anthem Sports & Entertainment Inc.(t)(v) S+ 550 , 1.00 % SOFR Floor 11/15/2027 Media: Diversified & Production 13,328 13,328 12,818 Anthem Sports & Entertainment Inc.(t) 10.00 % 11/15/2027 Media: Diversified & Production 29,226 27,262 20,641 Anthem Sports & Entertainment Inc.(q)(t) 1.00 % 11/15/2027 Media: Diversified & Production 26,460 3,663 — Appalachian Resource Company, LLC(r)(t)(u)(x) S+ 500 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 15,726 15,710 15,726 Appalachian Resource Company, LLC(r)(t)(u)(x) S+ 1000 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 7,145 7,145 7,145 APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 14,444 14,444 14,353 APS Acquisition Holdings, LLC 1.00 % Unfunded 7/11/2026 Construction & Building 884 ( 4 ) ( 6 ) APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 4,290 4,294 4,263 APS Acquisition Holdings, LLC 0.50 % Unfunded 7/11/2029 Construction & Building 2,600 — ( 16 ) Atlas Supply LLC(x)(z) 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,177 Avison Young (Canada) Inc./Avison Young (USA) Inc.(v) S+ 750 , 2.00 % SOFR Floor 3/12/2029 Banking, Finance, Insurance & Real Estate 12,450 11,036 11,127 Avison Young (Canada) Inc./Avison Young (USA) Inc.(v) S+ 800 , 2.00 % SOFR Floor 3/12/2029 Banking, Finance, Insurance & Real Estate 688 589 604 Avison Young (Canada) Inc./Avison Young (USA) Inc.(n)(v) S+ 625 , 2.00 % SOFR Floor 3/12/2028 Banking, Finance, Insurance & Real Estate 7,942 7,865 7,614 Avison Young (Canada) Inc./Avison Young (USA) Inc.(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 1,123 1,123 1,110 Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 1,094 1,060 1,090 Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 735 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 3,087 3,087 3,006 Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 850 , 2.00 % SOFR Floor 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) S+ 675 , 2.00 % SOFR Floor 2/7/2027 Services: Business 19,384 19,343 19,384 BDS Solutions Intermediateco, LLC(v) S+ 675 , 2.00 % SOFR Floor 2/7/2027 Services: 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 2/7/2027 Services: Business 429 ( 25 ) — Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 18,416 18,416 15,264 Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 4,788 4,754 4,184 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 7/31/2026 Services: 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 10/21/2027 Consumer Goods: Durable 12,564 12,477 12,532 Bradshaw International Parent Corp. 0.50 % Unfunded 10/21/2026 Consumer Goods: Durable 1,844 ( 3 ) ( 5 ) See accompanying notes to consolidated financial statements. 5 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Cabi, LLC(m)(u) S+ 600 , 2.00 % SOFR Floor 7/31/2028 Retail 11,865 11,842 11,776 Carestream Health, Inc.(r)(t)(v) S+ 450 , 1.00 % SOFR Floor 3/31/2031 Healthcare & Pharmaceuticals 8,749 8,686 8,749 Celerity Acquisition Holdings, LLC(m)(t)(v) S+ 850 , 1.00 % SOFR Floor 4/30/2027 Services: Business 16,380 16,369 16,175 Cennox, Inc.(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 38,364 38,162 35,822 Cennox, Inc.(p) 0.00 % Unfunded 5/4/2029 Services: Business 30 — ( 2 ) Cennox, Inc.(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 2,989 2,989 2,791 Cennox, Inc.(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 1,970 1,970 1,840 CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2027 Diversified Financials 36,037 36,037 36,037 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 Core Health & Fitness, LLC(m)(n)(u) S+ 800 , 3.00 % SOFR Floor 6/17/2029 Consumer Goods: Durable 19,600 19,405 21,094 CrossLink Professional Tax Solutions, LLC(m)(u) S+ 525 , 1.00 % SOFR Floor 6/30/2028 High Tech Industries 13,548 13,451 13,514 CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded 6/30/2028 High Tech Industries 2,209 ( 15 ) ( 6 ) CSC ServiceWorks East, LLC(n)(v) S+ 543 , 0.50 % SOFR Floor 9/4/2030 Services: Business 1,869 1,869 1,873 CSC ServiceWorks East, LLC(n)(v) S+ 400 , 0.50 % SOFR Floor 9/4/2030 Services: Business 19,816 17,071 16,546 David's Bridal, Inc.(s)(v) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 19,000 19,000 17,195 David's Bridal, Inc.(s)(v) S+ 650 , 0.00 % SOFR Floor 12/21/2027 Retail 92,881 92,881 84,522 David's Bridal, Inc.(s)(v) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 16,747 16,747 16,705 David's Bridal, Inc.(g)(s)(v) S+ 650 , 0.00 % SOFR Floor 12/21/2027 Retail 10,000 9,694 9,930 David's Bridal, Inc.(p)(s) 0.00 % 12/31/2026 Retail 1,000 — ( 95 ) David's Bridal, Inc.(s)(y)(aa) 0.00 % 12/21/2027 Retail 8,996 8,883 8,452 Dependable Acquisition Inc.(m)(n)(v) S+ 650 , 2.50 % SOFR Floor 3/9/2032 Construction & Building 18,250 18,250 18,250 Dependable Acquisition Inc. 0.50 % Unfunded 3/9/2032 Construction & Building 5,000 — — Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 9,027 8,959 9,027 Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 4,113 4,081 4,113 Dermcare Management, LLC(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343 Emerald Technologies (U.S.) Acquisitionco, Inc.(t)(u) S+ 625 , 1.00 % SOFR Floor 12/31/2029 Services: Business 2,804 2,787 2,009 Entertainment Studios P&A LLC(u) S+ 900 , 1.00 % SOFR Floor 9/30/2030 Media: Diversified & Production 33,258 33,258 33,258 Entertainment Studios P&A LLC(j)(aa) 5.00 % 5/18/2037 Media: Diversified & Production — — 248 FuseFX, LLC(t)(u) S+ 600 , 1.00 % SOFR Floor 9/30/2027 Media: Diversified & Production 21,951 21,951 13,407 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) S+ 575 , 1.00 % SOFR Floor 3/17/2027 Environmental Industries 26,934 26,870 26,900 Gold Medal Holdings, Inc.(v) S+ 575 , 1.00 % SOFR Floor 3/17/2027 Environmental Industries 2,490 2,483 2,487 Heritage Power, LLC(t)(u) S+ 550 , 1.00 % SOFR Floor 7/20/2028 Energy: Electricity 1,226 1,226 1,216 Hilliard, Martinez & Gonzales, LLP(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 29,464 29,397 28,985 Homer City Generation, L.P.(t) 15.00 % 4/16/2028 Energy: Electricity 19,720 19,796 18,882 Homer City Generation, L.P.(t) 17.00 % 4/16/2028 Energy: Electricity 16,875 16,874 17,128 See accompanying notes to consolidated financial statements. 6 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) HW Acquisition, LLC(q)(r)(t)(v) S+ 600 , 1.00 % SOFR Floor 9/28/2026 Capital Equipment 5,982 5,685 — HW Acquisition, LLC(r)(t) Prime+ 500 9/28/2026 Capital Equipment 6,422 6,321 7,321 HW Acquisition, LLC(p)(r) 0.00 % Unfunded 9/28/2026 Capital Equipment 294 — 41 ICA Foam Holdings, LLC(m)(n)(v) S+ 600 , 1.00 % SOFR Floor 12/5/2026 Containers, Packaging & Glass 18,576 18,576 18,529 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 2/23/2029 Media: Advertising, Printing & Publishing 60,310 60,310 36,186 Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor 2/23/2029 Media: Advertising, Printing & Publishing 2,925 2,925 2,840 Instant Web, LLC(r) Prime+ 375 , 4.00 % Prime Floor 2/23/2029 Media: Advertising, Printing & Publishing 600 600 608 Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor 2/23/2029 Media: Advertising, Printing & Publishing 1,794 1,794 1,742 Instant Web, LLC(r) 0.50 % Unfunded 2/23/2029 Media: Advertising, Printing & Publishing 1,731 — ( 50 ) Instant Web, LLC(r) 0.50 % Unfunded 2/23/2029 Media: Advertising, Printing & Publishing 757 — ( 22 ) Invincible Boat Company LLC(t)(u) S+ 750 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 13,978 13,942 11,374 Invincible Boat Company LLC(u) S+ 750 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 718 718 584 Invincible Boat Company LLC 0.50 % Unfunded 3/31/2028 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(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 Beverage, Food & Tobacco 27,159 27,159 23,662 JP Intermediate B, LLC(m)(s)(v) S+ 700 , 1.00 % SOFR Floor 9/30/2030 Beverage, Food & Tobacco 6,855 6,855 6,872 JP Intermediate B, LLC(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 Beverage, Food & Tobacco 3,534 217 3,017 K&N Parent, Inc.(u) S+ 550 , 2.00 % SOFR Floor 12/31/2030 Consumer Goods: Durable 6,393 6,211 6,201 Klein Hersh, LLC(i)(u) S+ 800 , 0.50 % SOFR Floor 4/27/2028 Services: Business 22,927 21,391 21,666 LAV Gear Holdings, Inc.(m)(r)(t)(v) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 16,476 16,476 13,593 LAV Gear Holdings, Inc.(n)(r)(t)(v) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 5,252 5,059 5,153 LAV Gear Holdings, Inc.(r)(t)(u) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 147 147 144 LAV Gear Holdings, Inc.(r) 0.50 % Unfunded 7/31/2029 Services: Business 580 ( 73 ) ( 11 ) Lift Brands, Inc.(m)(n)(r)(u) S+ 750 , 1.00 % SOFR Floor 9/30/2026 Services: Consumer 20,894 20,894 21,077 Lift Brands, Inc.(n)(r) 9.50 % 9/30/2026 Services: Consumer 7,432 7,410 7,460 Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services: Consumer 8,661 8,626 8,672 Live Comfortably Borrower LLC(t)(u) S+ 1000 , 3.00 % SOFR Floor 9/19/2027 Consumer Goods: Durable 21,785 21,561 18,817 See accompanying notes to consolidated financial statements. 7 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Metrc Inc.(m)(v) S+ 550 , 1.00 % SOFR Floor 9/30/2031 High Tech Industries 8,411 8,261 8,348 Metrc Inc. 0.50 % Unfunded 9/30/2031 High Tech Industries 2,250 ( 39 ) ( 17 ) Metrc Inc. 0.50 % Unfunded 9/30/2027 High Tech Industries 2,250 ( 45 ) ( 17 ) Newbury Franklin Industrials LLC(m)(v) S+ 700 , 2.00 % SOFR Floor 12/11/2029 Capital Equipment 4,914 4,859 4,877 Newbury Franklin Industrials LLC(v) S+ 700 , 2.00 % SOFR Floor 12/11/2029 Capital Equipment 901 901 894 Newbury Franklin Industrials LLC 1.00 % Unfunded 12/11/2029 Capital Equipment 1,066 ( 10 ) ( 8 ) NewsCycle Solutions, Inc.(q)(v) S+ 100 , 1.00 % SOFR Floor 9/30/2026 Media: Advertising, Printing & Publishing 14,075 11,238 6,386 Optio Rx, LLC(r)(t)(v) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 761 761 748 Optio Rx, LLC(r) 0.50 % Unfunded 3/21/2030 Healthcare & Pharmaceuticals 658 — ( 11 ) Optio Rx, LLC(r)(v) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 15,689 15,689 15,434 Playboy Enterprises, Inc.(h)(v) S+ 625 , 0.50 % SOFR Floor 5/25/2028 Consumer Goods: Non-Durable 13,468 13,425 13,468 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 12,637 12,637 10,062 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 1,208 1,181 962 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 756 756 602 RA Outdoors, LLC(p)(r) 0.00 % Unfunded 6/30/2027 Media: 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)(t)(u) S+ 600 , 1.00 % SOFR Floor 3/29/2029 Consumer Goods: Durable 21,546 21,314 21,546 Robert C. Hilliard, L.L.P.(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 2,765 2,770 2,720 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 2,411 2,406 2,411 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 7,988 7,830 7,988 SHF Holdings, Inc.(m)(n)(v) S+ 550 , 1.00 % SOFR Floor 1/22/2030 Beverage, Food & Tobacco 17,987 17,987 17,987 SHF Holdings, Inc. 0.50 % Unfunded 1/22/2030 Beverage, Food & Tobacco 1,739 — — Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 19,965 19,965 7,562 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 1,774 1,774 672 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 1,141 2,044 432 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 1,083 1,083 410 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 825 825 829 See accompanying notes to consolidated financial statements. 8 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 904 — 342 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2028 Healthcare & Pharmaceuticals 125 125 126 Spinal USA, Inc. / Precision Medical Inc.(p) 0.00 % Unfunded 5/29/2028 Healthcare & Pharmaceuticals 125 — — STATinMED, LLC(q)(r)(t)(u) S+ 950 , 2.00 % SOFR Floor 7/1/2027 Healthcare & Pharmaceuticals 22,039 11,709 — STATinMED, LLC(r)(aa) 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 1,528 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) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 12,454 12,454 12,454 Stengel Hill Architecture, LLC(n)(u) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 2,993 2,992 2,993 Stengel Hill Architecture, LLC(m)(u) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 1,503 1,503 1,503 Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 825 825 825 Stengel Hill Architecture, LLC 0.38 % Unfunded 8/16/2028 Construction & Building 1,425 — — Straine Dental Management, LLC(m)(u) S+ 742 , 2.00 % SOFR Floor 11/25/2030 Healthcare & Pharmaceuticals 11,729 11,627 11,627 Straine Dental Management, LLC 0.25 % Unfunded 5/25/2027 Healthcare & Pharmaceuticals 3,618 ( 18 ) ( 32 ) Straine Dental Management, LLC(u) S+ 724 , 2.00 % SOFR Floor 11/25/2030 Healthcare & Pharmaceuticals 123 124 122 Tactical Air Support, Inc.(m)(u) S+ 850 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 10,950 10,950 10,950 Tactical Air Support, Inc.(m)(u) S+ 850 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,900 1,900 1,900 Tactical Air Support, Inc.(m)(u) S+ 850 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,825 1,796 1,825 Tactical Air Support, Inc. 0.75 % Unfunded 12/22/2028 Aerospace & Defense 2,000 — — Thrill Holdings LLC(v) S+ 600 , 1.00 % SOFR Floor 5/27/2027 Media: Diversified & Production 18,217 18,217 10,436 Thrill Holdings LLC 0.50 % Unfunded 5/27/2027 Media: Diversified & Production 1,739 — — TMK Hawk Parent, Corp.(u) S+ 400 , 1.00 % SOFR Floor 6/30/2029 Services: Business 7,472 7,472 7,313 TMK Hawk Parent, Corp.(p) 0.00 % Unfunded 10/28/2026 Services: Business 780 — — Trademark Global, LLC(q)(r)(t)(v) S+ 850 , 1.00 % SOFR Floor 6/30/2027 Consumer Goods: Non-Durable 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 5/29/2028 Services: Consumer 18,557 18,557 18,557 Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 1,525 1,426 473 Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 325 304 101 Wok Holdings Inc.(m)(n)(u) S+ 625 , 0.00 % SOFR Floor 9/3/2029 Beverage, Food & Tobacco 24,192 23,698 23,194 WorkGenius, Inc.(m)(n)(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 26,150 26,150 26,150 WorkGenius, Inc.(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: 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 6/7/2027 Services: 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 12/20/2028 High Tech Industries 3,777 3,761 3,777 Total Senior Secured First Lien Debt 1,439,478 1,303,616 Senior Secured Second Lien Debt - 0.0 % RA Outdoors, LLC(q)(r)(t)(v) S+ 900 , 1.00 % SOFR Floor 12/31/2027 Media: Diversified & Production 2,448 2,218 — Total Senior Secured Second Lien Debt 2,218 — Unsecured Debt - 1.1 % Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services: Business 4,368 988 857 Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 4,840 TMK Hawk Parent, Corp.(t) 11.00 % 12/15/2031 Services: Business 1,811 1,811 1,662 Total Unsecured Debt 25,659 7,359 See accompanying notes to consolidated financial statements. 9 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Equity - 50.0 % ACS Holdings LLC, Class A-1 Membership Units(o)(p)(s) Healthcare & Pharmaceuticals 40,415,901 Units — — ALA Holdco LLC, Class A Units(p)(s) Capital Equipment 9,000 Units 5,432 5,797 ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r) Metals & Mining NA — 1,743 Ascent Resources - Marcellus, LLC, Membership Units(aa) Energy: Oil & Gas 511,255 Units — 102 Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return) Banking, Finance, Insurance & Real Estate 8,800,606 Units 11,718 5,896 Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units 3,183 — Carestream Health Holdings, Inc., Common Stock(p)(r) Healthcare & Pharmaceuticals 1,496,886 Units 24,839 40,872 CF Arch Holdings LLC, Class A Units Services: Business 380,952 Units 381 724 CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units 22,073 9,084 CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s) Diversified Financials NA — — CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units 237 535 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 6,978 5,741 EBSC Holdings LLC, Preferred Units ( 10 % Return) Consumer Goods: Durable 2,000 Units 2,468 2,835 FWS Parent Holdings, LLC, Class A Membership Interests(p) Services: Business 35,242 Units 800 525 Heritage Litigation Trust, Restricted Stock(p) Energy: Electricity 238,375 Units 100 146 Instant Web Holdings, LLC, Class A Common Units(p)(r) Media: Advertising, Printing & Publishing 10,819 Units — — IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units 10,740 10,933 Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 787,149 Units 8,988 — JuicePlus Topco, LLC, Membership Units(p)(s) Beverage, Food & Tobacco 271,637 Units 31,238 18,970 K&N Holdco, LLC, Membership Units(p) Consumer Goods: Durable 2,050,824 Units 11,826 5,189 Language Education Holdings GP LLC, Common Units(p) Services: Business 366,667 Units — — Language Education Holdings LP, Ordinary Common Units(p) Services: Business 366,667 Units 825 — LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units 4,200 109 Longview Intermediate Holdings C, LLC, Membership Units(r)(aa) Energy: Electricity 1,495,714 Units 12,917 108,798 Mount Logan Capital Inc., Common Stock(f)(aa) Banking, Finance, Insurance & Real Estate 254,756 Units 3,534 876 New Giving Acquisition, Inc., Common Stock(aa) Healthcare & Pharmaceuticals 4,630 Units 633 2,148 New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units 9,899 — New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units — — New Media Futures LLC, Common Units(p)(r) Media: Diversified & Production 8,985 Units 305 305 NS NWN Acquisition, LLC, Class A Preferred Units(aa) High Tech Industries 111 Units — 535 NS NWN Holdco LLC, Non-Voting Units(aa) High Tech Industries 522 Units — 162 NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods: Durable 1,575 Units 1,000 2,276 Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r) Healthcare & Pharmaceuticals 3,762,159 Units 3,325 1,994 Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r) Healthcare & Pharmaceuticals 1,235 Units — — Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units 472 10,029 PLBY Group, Inc., Common Stock(f)(h)(p) Consumer Goods: Non-Durable 2,216,105 Units 5,511 2,704 RumbleOn, Inc., Warrants(p) 8/14/2028 Automotive 60,606 Units 502 333 See accompanying notes to consolidated financial statements. 10 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Portfolio Company(a) Interest Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Service Compression Holdings, LLC, Junior Preferred Units(p) Energy: Oil & Gas 389,001 Units 1,326 2,124 Service Compression Holdings, LLC, Warrants(p) Energy: Oil & Gas 730,586 Units 1,425 3,061 Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services: Consumer 9,858 Units 3,078 5,216 Snap Fitness Holdings, Inc., Warrants(p)(r) Services: Consumer 3,996 Units 1,247 2,114 Sopris Topco, LLC, Common Units(p)(r) Media: Diversified & Production 105 Units — — SRA Parent, LLC, Preferred Units ( 12 % Return)(r) Banking, Finance, Insurance & Real Estate 10,414,785 Units 12,597 12,602 SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 167,952 Units 19,985 19,587 STATinMed Parent, LLC, Class A Preferred Units(p)(r) Healthcare & Pharmaceuticals 6,182 Units 6,182 — STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units 3,193 — TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods: Non-Durable 9 Units — — TMK Hawk Parent, Corp., Common Shares(p) Services: Business 643,588 Units 8,579 4,399 TMK Hawk Parent, Corp., Warrants(p) Services: Business 36,734 Units — 58 URS Topco, LLC, Common Equity(p) Transportation: Cargo 430,540 Units 9,669 11,978 White Tiger NewCo, LLC, Class A Units(p)(r) Services: Business 76,140 Units 12,664 1,603 WorkGenius, LLC, Class A Units(p) Services: Business 500 Units 500 380 WorkGenius, LLC, Class A-1 Units(p) Services: Business 9,033 Units 9,748 7,417 Yak Holding II, LLC, Series A Common Units(aa) Construction & Building 127,419 Units — — Total Equity 308,267 334,184 Short Term Investments - 23.2 %(k) First American Treasury Obligations Fund, Class Z Shares(m)(n) 3.53 %(l) 154,934 154,934 Total Short Term Investments 154,934 154,934 TOTAL INVESTMENTS - 269.6 % $ 1,930,556 1,800,093 LIABILITIES IN EXCESS OF OTHER ASSETS - ( 169.6 )% ( 1,132,317 ) NET ASSETS - 100.0 % $ 667,776 a. All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a paid-in-kind, or PIK, interest provision. b. The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of 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. c. 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. d. Represents amortized cost for debt securities and cost for equity investments. e. Denominated in U.S. dollars unless otherwise noted. f. Fair value determined using level 1 inputs. g. The Company has entered into an agreement with the other lenders to purchase another $ 20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied. h. The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of June 30, 2026, 96.6 % of the Company’s total assets represented qualifying assets. i. Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of June 30, 2026 was 4.66 %. j. In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts. k. Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. See accompanying notes to consolidated financial statements. 11 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) l. 7-day effective yield as of June 30, 2026. m. Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of June 30, 2026 (see Note 8). n. Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS AG, or UBS, as of June 30, 2026 (see Note 8). o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company. p. Non-income producing security. q. Investment or a portion thereof was on non-accrual status as of June 30, 2026. r. Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 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 Six Months Ended June 30, 2026 Non-Controlled, Affiliated Investments Fair Value at December 31, 2025 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2026 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income Appalachian Resource Company, LLC First Lien Term Loan $ — $ 11,002 $ — $ 4,724 $ 15,726 $ — $ 662 $ — $ — First Lien Delayed Draw Term Loan — 6,854 — 291 7,145 — 466 — — ARC Financial, LLC Membership Interests — — — 1,743 1,743 — — — — Carestream Health, Inc. First Lien Term Loan 12,913 127 ( 11,535 ) ( 1,505 ) — ( 1,079 ) 414 — — First Lien Term Loan — 8,686 — 63 8,749 — 232 — — Carestream Health Holdings Inc. Common Shares 18,081 3,076 — 19,715 40,872 — — — — Hollander Intermediate LLC First Lien Term Loan 14,651 2,361 ( 20,851 ) 3,839 — — 1,143 — — HW Acquisition, LLC Revolving Loan 2,877 922 ( 4 ) 3,567 7,362 — 359 — — First Lien Term Loan 3,033 — — ( 3,033 ) — — ( 4 ) — — Instant Web, LLC Revolving Loan 2,422 8,260 ( 7,894 ) 30 2,818 — 149 — — Priming Term Loan 632 — ( 22 ) ( 2 ) 608 — 32 — — First Lien Term Loan 35,642 3,168 — ( 2,624 ) 36,186 — 3,169 — — First Lien Delayed Draw Term Loan 1,567 94 — 31 1,692 — 89 — — Instant Web Holdings, LLC Class A Common Units — — — — — — — — — IPP Buyer Holdings, LLC Class A Units 10,755 — — 178 10,933 — — — — Isagenix International, LLC First Lien Term Loan 4,857 467 — ( 434 ) 4,890 — 625 — — Isagenix Worldwide, Inc. Common Shares — — — — — — — — — LAV Gear Holdings, Inc. First Lien Term Loan 13,894 283 ( 81 ) ( 503 ) 13,593 — 791 — — First Lien Term Loan 5,135 100 ( 26 ) ( 56 ) 5,153 — 262 — — 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 12 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2026 Non-Controlled, Affiliated Investments Fair Value at December 31, 2025 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2026 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income Live Comfortably Inc. Common Stock — — — — — 1,238 — — — Longview Intermediate Holdings C, LLC Membership Units 105,657 — — 3,141 108,798 — — 5,235 — New HW Holdings Corp. Preferred Stock — — — — — — — — — Common Stock — — — — — — — — — New Media Futures LLC Common Stock — 305 — — 305 — — — — Online Pharmacy Holdings, LLC Series A Preferred Equity 3,913 92 — ( 2,011 ) 1,994 — — 92 — Series D Preferred Equity — — — — — — — — — Optio Rx, LLC First Lien Term Loan 14,880 1,060 ( 250 ) ( 256 ) 15,434 — 1,066 — — Revolving Loan 709 52 — ( 24 ) 737 — 52 — — RA Outdoors, LLC Revolving Loan 1,041 63 ( 18 ) ( 124 ) 962 — 38 — — First Lien Term Loan 10,885 658 — ( 1,481 ) 10,062 — 663 — — Delayed Draw Term Loan ( 99 ) 756 — ( 122 ) 535 — 20 — — Second Lien Term Loan — — — — — — — — — Revolt Media and TV, LLC First Lien Term Loan — 12,895 — 25 12,920 — 22 — 396 Snap Fitness Holdings, Inc. Class A Stock 5,047 — — 169 5,216 — — — — Warrants 2,046 — — 68 2,114 — — — — Sopris Topco, LLC Common Units — — — — — — — — — SRA Parent, LLC Preferred Equity 11,971 620 — 11 12,602 — — 620 — Common Equity 20,289 — — ( 702 ) 19,587 — — — — STATinMED, LLC First Lien Term Loan 4,200 — — ( 4,200 ) — — — — — Senior Term Loan 733 — — ( 260 ) 473 — 186 — — Senior Superpriority Term Loan 199 — — ( 14 ) 185 — 71 — — Senior Superpriority Term Note 2,090 — — ( 562 ) 1,528 — 706 — — Senior Superpriority Term Note — 218 — 685 903 — 233 — — STATinMed Parent, LLC Class A Preferred Units — — — — — — — — — Class B Preferred Units — — — — — — — — — TG Parent NewCo LLC Common Equity — — — — — — — — — Trademark Global, LLC 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 Common Equity 7,574 — — ( 5,971 ) 1,603 — — — — Totals $ 364,335 $ 63,221 $ ( 41,280 ) $ 16,710 $ 402,986 $ 159 $ 13,398 $ 5,947 $ 583 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Includes PIK interest income. See accompanying notes to consolidated financial statements. 13 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) s. Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 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 Six Months Ended June 30, 2026 Controlled Investments Fair Value at December 31, 2025 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2026 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income Adapt Laser Acquisition, Inc. Revolving Loan $ 1,440 $ 560 $ ( 1,500 ) $ ( 32 ) $ 468 $ — $ 93 $ — $ — First Lien Term Loan 10,148 — ( 25 ) ( 165 ) 9,958 — 557 — — ALA Holdco LLC Class A Units 5,348 — — 449 5,797 — — — — American Clinical Solutions LLC First Lien Term Loan 23,133 4,372 — ( 3,042 ) 24,463 — 1,481 — — Delayed Draw Term Loan — — — ( 240 ) ( 240 ) — 4 — — Class A-1 Membership Interests — — — — — — — — — CION/EagleTree Partners, LLC Senior Secured Note 36,037 — — — 36,037 — 2,502 — — Participating Preferred Shares 13,679 — — ( 4,595 ) 9,084 — — — — Common Shares — — — — — — — — — David's Bridal, Inc. Secured Loan Receivable 2,765 9,000 ( 3,189 ) ( 124 ) 8,452 — 61 — — Exit First Lien Term Loan 82,548 — — 1,974 84,522 — 4,795 — — Incremental First Lien Term Loan 16,622 — — 83 16,705 — 829 — — Fourteenth Amendment Term Loan 9,792 90 — 48 9,930 — 609 — — Incremental First Lien Term Loan 9,219 8,000 — ( 119 ) 17,100 — 660 — — David's Bridal Holdings, LLC Preferred Units 9,500 — — 3,380 12,880 — — — — Class A Common Units 9,510 — — 1,894 11,404 — — — — Class B Common Units 4,787 — — 954 5,741 — — — — JP Intermediate B, LLC First Out New Money Term Loan 6,889 — ( 35 ) 18 6,872 — 369 — — Second Out Term Loan 23,561 — — 101 23,662 — 1,255 — — Third Out Term Loan 1,410 86 — 1,521 3,017 — 132 — — Common Shares 23,282 — — ( 4,312 ) 18,970 — — — — Totals $ 289,670 $ 22,108 $ ( 4,749 ) $ ( 2,207 ) $ 304,822 $ — $ 13,347 $ — $ — (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Includes PIK interest income . See accompanying notes to consolidated financial statements. 14 CĪON Investment Corporation Consolidated Schedule of Investments (unaudited) June 30, 2026 (in thousands) t. 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. Interest Rate Portfolio Company Investment Type Cash PIK All-in-Rate Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 9.49 % 9.49 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 10.00 % 10.00 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 1.00 % 1.00 % Appalachian Resource Company, LLC Senior Secured First Lien Debt — 13.72 % 13.72 % Appalachian Resource Company, LLC Senior Secured First Lien Debt — 8.72 % 8.72 % Avison Young (Canada) Inc./Avison Young (USA) Inc. Senior Secured First Lien Debt 5.26 % 5.85 % 11.11 % Avison Young (Canada) Inc./Avison Young (USA) Inc. Senior Secured First Lien Debt — 12.26 % 12.26 % Berlitz Holdings, Inc. Senior Secured First Lien Debt — 12.73 % 12.73 % Carestream Health, Inc. Senior Secured First Lien Debt — 8.27 % 8.27 % Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 7.03 % 5.31 % 12.34 % Cennox, Inc. 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 % Heritage Power, LLC Senior Secured First Lien Debt 3.73 % 5.50 % 9.23 % Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.73 % 15.73 % Homer City Generation, L.P. Senior Secured First Lien Debt — 15.00 % 15.00 % Homer City Generation, L.P. Senior Secured First Lien Debt — 17.00 % 17.00 % HW Acquisition, LLC Senior Secured First Lien Debt — 9.69 % 9.69 % HW Acquisition, LLC Senior Secured First Lien Debt — 11.75 % 11.75 % Instant Web, LLC Senior Secured First Lien Debt — 10.76 % 10.76 % Invincible Boat Company LLC Senior Secured First Lien Debt — 11.29 % 11.29 % LAV Gear Holdings, Inc. Senior Secured First Lien Debt 6.14 % 3.44 % 9.58 % Lift Brands, Inc. Senior Secured First Lien Debt — 9.50 % 9.50 % 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 % RA Outdoors, LLC Senior Secured Second Lien Debt — 12.83 % 12.83 % RA Outdoors, LLC Senior Secured First Lien Debt — 10.58 % 10.58 % Robert C. Hilliard, L.L.P. Senior Secured First Lien Debt — 15.73 % 15.73 % RumbleOn, Inc. Senior Secured First Lien Debt 10.68 % 1.00 % 11.68 % STATinMED, LLC Senior Secured First Lien Debt — 13.23 % 13.23 % TMK Hawk Parent, Corp. Unsecured Debt — 11.00 % 11.00 % Trademark Global, LLC Senior Secured First Lien Debt — 12.46 % 12.46 % Trammell, P.C. Senior Secured First Lien Debt — 19.23 % 19.23 % Williams Industrial Services Group, Inc. Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 % WorkGenius, Inc. Senior Secured First Lien Debt — 12.00 % 12.00 % u. The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%. v. The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%. w. The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.85%. x. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected. y. Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company. z. No interest is being recognized on this security after the maturity date. aa. Other income producing investment. Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based multiples of invested capital, or MOICs. See accompanying notes to consolidated financial statements. 15 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Senior Secured First Lien Debt - 193.7 % Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 Capital Equipment $ 10,148 $ 10,148 $ 10,148 Adapt Laser Acquisition, Inc.(s)(v) S+ 725 , 1.00 % SOFR Floor 12/31/2029 Capital Equipment 1,440 1,440 1,440 Adapt Laser Acquisition, Inc.(s) 0.50 % Unfunded 12/31/2029 Capital Equipment 560 — — Allen Media, LLC(v) S+ 550 , 0.00 % SOFR Floor 2/10/2027 Media: Diversified & Production 8,590 8,570 7,699 American Clinical Solutions LLC(s)(t)(v) S+ 700 , 1.00 % SOFR Floor 6/30/2026 Healthcare & Pharmaceuticals 27,871 28,066 23,133 American Health Staffing Group, Inc.(m) Prime+ 500 11/19/2026 Services: Business 13,999 13,972 13,999 American Health Staffing Group, Inc. 0.50 % Unfunded 11/19/2026 Services: Business 2,500 ( 4 ) — Ancile Solutions, Inc.(m)(v) S+ 1000 , 1.00 % SOFR Floor 6/11/2026 High Tech Industries 10,249 10,212 12,107 Anthem Sports & Entertainment Inc.(t) 10.00 % Fixed 11/15/2027 Media: Diversified & Production 27,810 25,213 20,441 Anthem Sports & Entertainment Inc.(t)(v) S+ 550 , 1.00 % SOFR Floor 11/15/2027 Media: Diversified & Production 12,955 12,955 12,505 Anthem Sports & Entertainment Inc.(q)(t) 1.00 % Fixed 11/15/2027 Media: Diversified & Production 26,327 3,663 — Appalachian Resource Company, LLC(t)(u)(x) S+ 500 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 15,168 15,174 10,466 Appalachian Resource Company, LLC(t)(u)(x) S+ 1000 , 1.00 % SOFR Floor 12/31/2025 Metals & Mining 6,462 6,462 6,171 APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 14,517 14,517 14,517 APS Acquisition Holdings, LLC(m)(v) S+ 550 , 1.00 % SOFR Floor 7/11/2029 Construction & Building 1,812 1,810 1,812 APS Acquisition Holdings, LLC 1.00 % Unfunded 7/11/2026 Construction & Building 3,380 ( 4 ) — APS Acquisition Holdings, LLC 0.50 % Unfunded 7/11/2029 Construction & Building 2,600 — — Atlas Supply LLC(x)(z) 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 2,709 Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor 3/12/2029 Banking, Finance, Insurance & Real Estate 12,509 10,972 10,804 Avison Young (USA) Inc.(n)(v) S+ 625 , 2.00 % SOFR Floor 3/12/2028 Banking, Finance, Insurance & Real Estate 7,983 7,884 7,553 Avison Young (USA) Inc.(m)(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 4,056 3,897 4,016 Avison Young (USA) Inc.(t)(v) S+ 850 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 1,056 1,056 1,038 Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor 3/12/2029 Banking, Finance, Insurance & Real Estate 693 587 587 Avison Young (USA) Inc.(t)(v) S+ 735 , 2.00 % SOFR Floor 12/12/2027 Banking, Finance, Insurance & Real Estate 2,993 2,993 2,881 Avison Young (USA) Inc.(p) 0.00 % Unfunded 1/31/2026 Banking, Finance, Insurance & Real Estate 440 — ( 8 ) BDS Solutions Intermediateco, LLC(m)(n)(v) S+ 675 , 2.00 % SOFR Floor 2/7/2027 Services: Business 19,486 19,391 19,486 BDS Solutions Intermediateco, LLC(v) S+ 675 , 2.00 % SOFR Floor 2/7/2027 Services: Business 3,333 3,271 3,333 BDS Solutions Intermediateco, LLC 0.50 % Unfunded 2/7/2027 Services: Business 476 ( 25 ) — Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 17,277 17,275 16,472 Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 1,666 1,643 1,669 Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor 7/31/2026 Services: Business 472 472 473 Berlitz Holdings, Inc.(t)(u) 0.50 % Unfunded 7/31/2026 Services: Business 2,977 — 4 Bradshaw International Parent Corp.(n)(u) S+ 575 , 1.00 % SOFR Floor 10/21/2027 Consumer Goods: Durable 12,630 12,510 12,503 Bradshaw International Parent Corp. 0.50 % Unfunded 10/21/2026 Consumer Goods: Durable 1,844 ( 7 ) ( 18 ) Cabi, LLC(m)(u) S+ 600 , 2.00 % SOFR Floor 2/28/2027 Retail 12,866 12,813 12,770 Carestream Health, Inc.(r)(v) S+ 750 , 1.00 % SOFR Floor 9/30/2027 Healthcare & Pharmaceuticals 12,913 11,408 12,913 See accompanying notes to consolidated financial statements. 16 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Celerity Acquisition Holdings, LLC(m)(t)(v) S+ 850 , 1.00 % SOFR Floor 5/28/2026 Services: Business 15,950 15,944 15,950 Cennox, Inc.(m)(n)(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 38,332 38,086 37,852 Cennox, Inc.(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 2,989 2,989 2,951 Cennox, Inc.(p) 0.00 % Unfunded 5/4/2029 Services: Business 30 — — Cennox, Inc.(t)(w) S+ 675 , 1.00 % SOFR Floor 5/4/2029 Services: Business 1,970 1,970 1,945 CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037 Community Tree Service, LLC(m)(n)(v) S+ 800 , 1.00 % SOFR Floor 6/17/2027 Construction & Building 24,835 24,840 24,959 Core Health & Fitness, LLC(m)(u) S+ 800 , 3.00 % SOFR Floor 6/17/2029 Consumer Goods: Durable 19,700 19,474 20,094 CrossLink Professional Tax Solutions, LLC (m)(v) S+ 525 , 1.00 % SOFR Floor 6/30/2028 High Tech Industries 14,775 14,639 14,775 CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded 6/30/2028 High Tech Industries 982 ( 22 ) — CrossLink Professional Tax Solutions, LLC(v) S+ 525 , 1.00 % SOFR Floor 6/30/2028 High Tech Industries 1,227 1,230 1,227 David's Bridal, LLC(s)(u) S+ 650 , 0.00 % SOFR Floor 12/21/2027 Retail 92,881 92,881 82,548 David's Bridal, LLC(s)(v) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 16,747 16,747 16,622 David's Bridal, LLC(g)(s)(v) S+ 650 , 0.00 % SOFR Floor 12/21/2027 Retail 10,000 9,604 9,792 David's Bridal, LLC(s)(u) S+ 600 , 0.00 % SOFR Floor 12/21/2027 Retail 11,000 11,000 9,694 David's Bridal, LLC(s)(y) 0.00 % 12/21/2027 Retail 1,795 1,773 1,596 David's Bridal, LLC(s)(y) 0.00 % 12/21/2027 Retail 1,315 1,298 1,169 David's Bridal, LLC(p)(s) 0.00 % Unfunded 12/31/2026 Retail 4,000 — ( 475 ) Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 9,074 8,986 9,074 Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 4,131 4,090 4,131 Dermcare Management, LLC (u) S+ 600 , 1.00 % SOFR Floor 4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343 Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(v) S+ 625 , 1.00 % SOFR Floor 12/29/2027 Services: Business 2,719 2,697 2,246 Entertainment Studios P&A LLC(v) S+ 900 , 1.00 % SOFR Floor 9/30/2030 Media: Diversified & Production 34,472 34,473 34,472 Entertainment Studios P&A LLC(j)(aa) 5.00 % 5/18/2037 Media: Diversified & Production — — 198 ESP Associates, Inc.(m)(u) S+ 650 , 1.50 % SOFR Floor 7/24/2028 Construction & Building 8,511 8,414 8,510 ESP Associates, Inc.(u) S+ 650 , 1.50 % SOFR Floor 7/24/2028 Construction & Building 197 171 197 ESP Associates, Inc. 0.50 % Unfunded 7/24/2028 Construction & Building 1,118 — — FuseFX, LLC(m)(t)(v) S+ 600 , 1.00 % SOFR Floor 9/30/2027 Media: Diversified & Production 21,451 21,451 20,954 Future Pak, LLC(m)(n)(u) S+ 650 , 2.00 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 23,750 23,750 23,750 Gold Medal Holdings, Inc.(m)(n)(v) S+ 575 , 1.00 % SOFR Floor 3/17/2027 Environmental Industries 27,065 26,957 27,065 Gold Medal Holdings, Inc.(v) S+ 575 , 1.00 % SOFR Floor 3/17/2027 Environmental Industries 863 863 863 Gold Medal Holdings, Inc. 1.00 % Unfunded 3/17/2027 Environmental Industries 1,632 ( 11 ) — Heritage Power, LLC(v) S+ 550 , 1.00 % SOFR Floor 7/20/2028 Energy: Electricity 1,192 1,192 1,180 Hilliard, Martinez & Gonzales, LLP(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 27,219 27,214 26,811 Hollander Intermediate LLC(r)(u) S+ 300 , 3.00 % SOFR Floor 9/19/2027 Consumer Goods: Durable 18,800 18,490 14,651 Homer City Generation, L.P.(t) 15.00 % 4/16/2028 Energy: Electricity 18,331 18,415 17,598 See accompanying notes to consolidated financial statements. 17 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Homer City Generation, L.P.(t) 17.00 % 4/16/2028 Energy: Electricity 15,502 15,501 15,657 HW Acquisition, LLC(q)(r)(t)(v) S+ 600 , 1.00 % SOFR Floor 9/28/2026 Capital Equipment 5,696 5,688 3,033 HW Acquisition, LLC(r)(t) Prime+ 500 9/28/2026 Capital Equipment 5,402 5,400 2,877 ICA Foam Holdings, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor 12/5/2026 Containers, Packaging & Glass 18,676 18,676 18,652 Inotiv, Inc.(t)(v) S+ 675 , 1.00 % SOFR Floor 11/5/2026 Healthcare & Pharmaceuticals 20,466 20,075 17,652 Instant Web, LLC(r)(t)(u) S+ 700 , 1.00 % SOFR Floor 2/25/2027 Media: Advertising, Printing & Publishing 57,142 57,142 35,642 Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor 2/25/2027 Media: Advertising, Printing & Publishing 2,559 2,559 2,460 Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor 2/25/2027 Media: Advertising, Printing & Publishing 1,699 1,699 1,634 Instant Web, LLC(r)(u) Prime+ 375 , 4.00 % Prime Floor 2/25/2027 Media: Advertising, Printing & Publishing 622 622 632 Instant Web, LLC(r) 0.50 % Unfunded 2/25/2027 Media: Advertising, Printing & Publishing 973 — ( 38 ) Instant Web, LLC(r) 0.50 % Unfunded 2/25/2027 Media: Advertising, Printing & Publishing 1,731 — ( 67 ) Invincible Boat Company LLC(m)(t)(u) S+ 800 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 13,473 13,443 12,160 Invincible Boat Company LLC(t)(u) S+ 750 , 1.50 % SOFR Floor 3/31/2028 Consumer Goods: Durable 1,117 1,117 1,008 Invincible Boat Company LLC 0.50 % Unfunded 8/31/2027 Consumer Goods: Durable 80 — ( 8 ) INW Manufacturing, LLC(m)(n)(v) S+ 575 , 0.75 % SOFR Floor 3/25/2027 Services: Business 17,640 17,398 17,464 Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor 9/30/2027 Services: Business 6,810 6,779 6,810 Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor 9/30/2027 Services: Business 1,857 1,849 1,857 Ironhorse Purchaser, LLC 0.50 % Unfunded 9/30/2027 Services: Business 816 ( 3 ) — Isagenix International, LLC(r)(t)(v) S+ 750 , 1.00 % SOFR Floor 4/14/2028 Beverage, Food & Tobacco 10,279 10,279 4,857 JP Intermediate B, LLC(m)(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 Beverage, Food & Tobacco 27,159 27,159 23,561 JP Intermediate B, LLC(m)(s)(v) S+ 700 , 1.00 % SOFR Floor 9/30/2030 Beverage, Food & Tobacco 6,889 6,889 6,889 JP Intermediate B, LLC(s)(v) S+ 550 , 1.00 % SOFR Floor 3/31/2031 Beverage, Food & Tobacco 1,649 130 1,410 K&N Parent, Inc.(t)(u) S+ 825 , 1.00 % SOFR Floor 8/16/2027 Consumer Goods: Durable 6,020 6,020 5,524 K&N Parent, Inc.(m)(u) S+ 800 , 1.00 % SOFR Floor 2/16/2027 Consumer Goods: Durable 4,146 4,074 4,218 Klein Hersh, LLC(i)(u) S+ 850 , 0.50 % SOFR Floor 4/27/2028 Services: Business 23,048 21,121 20,887 LAV Gear Holdings, Inc.(m)(r)(t)(u) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 16,274 16,274 13,894 LAV Gear Holdings, Inc.(n)(r)(t)(u) S+ 594 , 1.00 % SOFR Floor 7/31/2029 Services: Business 5,187 4,984 5,135 LAV Gear Holdings, Inc.(r) 0.50 % Unfunded 7/31/2029 Services: Business 726 ( 73 ) ( 7 ) Lift Brands, Inc.(m)(n)(r)(u) S+ 750 , 1.00 % SOFR Floor 9/30/2026 Services: Consumer 21,388 21,388 21,682 Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services: Consumer 7,321 7,292 7,212 Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services: Consumer 8,245 8,135 8,006 Lux Credit Consultants LLC(t)(v) S+ 725 , 1.50 % SOFR Floor 4/29/2028 Automotive 18,508 18,508 14,436 Lux Credit Consultants LLC(t)(v) S+ 725 , 1.50 % SOFR Floor 4/29/2028 Automotive 1,936 1,936 1,510 Lux Credit Consultants LLC(t)(v) S+ 725 , 1.50 % SOFR Floor 4/29/2028 Automotive 883 883 689 See accompanying notes to consolidated financial statements. 18 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) MacNeill Pride Group Corp.(m)(v) S+ 625 , 1.00 % SOFR Floor 4/22/2026 Services: Consumer 16,162 16,174 16,162 MacNeill Pride Group Corp.(n)(v) S+ 625 , 1.00 % SOFR Floor 4/22/2026 Services: Consumer 5,961 5,956 5,961 Metrc Inc.(m)(v) S+ 550 , 1.00 % SOFR Floor 9/30/2031 High Tech Industries 13,466 13,203 13,466 Metrc Inc. 0.50 % Unfunded 9/30/2027 High Tech Industries 2,250 ( 43 ) — Metrc Inc. 0.50 % Unfunded 9/30/2031 High Tech Industries 2,250 ( 45 ) — Newbury Franklin Industrials LLC(m)(w) S+ 700 , 2.00 % SOFR Floor 12/11/2029 Capital Equipment 7,946 7,846 7,867 Newbury Franklin Industrials LLC(w) S+ 700 , 1.00 % SOFR Floor 12/11/2029 Capital Equipment 906 906 897 Newbury Franklin Industrials LLC 1.00 % Unfunded 12/11/2029 Capital Equipment 1,066 ( 11 ) ( 11 ) NewsCycle Solutions, Inc.(q)(v) S+ 100 , 1.00 % SOFR Floor 9/30/2026 Media: Advertising, Printing & Publishing 14,161 11,663 7,381 OpCo Borrower, LLC(m)(n)(v) S+ 625 , 1.00 % SOFR Floor 4/26/2029 Healthcare & Pharmaceuticals 27,091 27,001 27,091 Optio Rx, LLC(r)(t)(u) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 14,880 14,880 14,880 Optio Rx, LLC(r)(t)(u) S+ 1000 , 2.50 % SOFR Floor 3/21/2030 Healthcare & Pharmaceuticals 709 709 709 Optio Rx, LLC(r) 0.50 % Unfunded 3/21/2030 Healthcare & Pharmaceuticals 658 — — Playboy Enterprises, Inc.(h)(u) S+ 625 , 0.50 % SOFR Floor 5/25/2027 Consumer Goods: Non-Durable 14,862 14,763 14,862 PRA Acquisition, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor 5/12/2028 Hotel, Gaming & Leisure 17,461 17,461 17,461 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 11,978 11,978 10,885 RA Outdoors, LLC(r)(t)(v) S+ 675 , 1.00 % SOFR Floor 6/30/2027 Media: Diversified & Production 1,145 1,136 1,041 RA Outdoors, LLC(p)(r) 0.00 % Unfunded 6/30/2027 Media: Diversified & Production 1,083 — ( 99 ) Riddell, Inc. / All American Sports Corp.(m)(n)(u) S+ 600 , 1.00 % SOFR Floor 3/29/2029 Consumer Goods: Durable 15,229 15,026 15,114 Robert C. Hilliard, L.L.P.(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor 4/30/2025 Services: Consumer 2,548 2,553 2,509 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 7,948 7,850 7,899 RumbleOn, Inc.(m)(t)(v) S+ 775 , 1.00 % SOFR Floor 9/30/2027 Automotive 2,399 2,396 2,384 SHF Holdings, Inc.(m)(n)(v) S+ 550 , 1.00 % SOFR Floor 1/22/2030 Beverage, Food & Tobacco 18,078 18,078 18,078 SHF Holdings, Inc. 0.50 % Unfunded 1/22/2030 Beverage, Food & Tobacco 1,739 — — Sleep Opco, LLC(m)(n)(v) S+ 650 , 1.00 % SOFR Floor 11/7/2030 Retail 17,940 17,940 17,940 Sleep Opco, LLC 0.50 % Unfunded 11/7/2030 Retail 2,060 — — Spin Holdco Inc.(n)(v) S+ 400 , 0.75 % SOFR Floor 3/4/2028 Services: Business 11,870 10,512 9,778 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 19,965 19,944 8,136 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,774 1,774 723 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,141 1,058 465 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 1,083 1,083 441 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 904 838 368 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 825 826 825 Spinal USA, Inc. / Precision Medical Inc.(aa) 0.00 % 5/29/2026 Healthcare & Pharmaceuticals 125 125 153 Spinal USA, Inc. / Precision Medical Inc.(p) 0.00 % Unfunded 5/29/2026 Healthcare & Pharmaceuticals 125 — — See accompanying notes to consolidated financial statements. 19 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest(b) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) STATinMED, LLC(q)(r)(t)(u) S+ 950 , 2.00 % SOFR Floor 7/1/2027 Healthcare & Pharmaceuticals 20,612 11,709 4,200 STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 733 STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 498 498 2,090 STATinMED, LLC(r)(aa) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 199 Stengel Hill Architecture, LLC(m)(v) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 12,529 12,530 12,529 Stengel Hill Architecture, LLC(m)(v) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 1,511 1,511 1,511 Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor 8/16/2028 Construction & Building 825 825 825 Stengel Hill Architecture, LLC 0.38 % Unfunded 8/16/2028 Construction & Building 1,425 — — Straine Dental Management, LLC(m)(u) S+ 742 , 2.00 % SOFR Floor 11/25/2030 Healthcare & Pharmaceuticals 11,759 11,643 11,641 Straine Dental Management, LLC 0.25 % Unfunded 5/25/2027 Healthcare & Pharmaceuticals 3,741 ( 18 ) ( 37 ) Tactical Air Support, Inc.(m)(v) S+ 750 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 11,250 11,250 11,250 Tactical Air Support, Inc.(m)(v) S+ 750 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,950 1,950 1,950 Tactical Air Support, Inc.(m)(v) S+ 750 , 1.00 % SOFR Floor 12/22/2028 Aerospace & Defense 1,875 1,840 1,875 Tactical Air Support, Inc. 0.75 % Unfunded 12/22/2028 Aerospace & Defense 2,000 — — The Men's Wearhouse, LLC(n)(v) S+ 575 , 0.00 % SOFR Floor 2/26/2029 Retail 1,276 1,271 1,282 Thrill Holdings LLC(m)(v) S+ 600 , 1.00 % SOFR Floor 5/27/2027 Media: Diversified & Production 18,217 18,217 14,995 Thrill Holdings LLC 0.50 % Unfunded 5/27/2027 Media: Diversified & Production 1,739 — ( 285 ) TMK Hawk Parent, Corp.(t)(u) S+ 525 , 1.00 % SOFR Floor 6/30/2029 Services: Business 7,505 7,505 7,401 TMK Hawk Parent, Corp.(p) 0.00 % Unfunded 10/28/2026 Services: Business 780 — — Trademark Global, LLC(q)(r)(t)(v) S+ 850 , 1.00 % SOFR Floor 6/30/2027 Consumer Goods: Non-Durable 20,625 19,393 9,848 Trammell, P.C.(t)(u) S+ 1550 , 2.00 % SOFR Floor 4/28/2026 Services: Consumer 17,714 17,714 17,714 Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 1,525 1,426 702 Williams Industrial Services Group, Inc.(q)(t)(v) S+ 1100 , 1.00 % SOFR Floor 12/16/2025 Services: Business 325 304 149 Wok Holdings Inc.(m)(n)(v) S+ 625 , 0.00 % SOFR Floor 9/3/2029 Beverage, Food & Tobacco 24,322 23,758 23,076 WorkGenius, Inc.(m)(n)(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 20,805 20,805 20,805 WorkGenius, Inc.(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 750 745 750 WorkGenius, Inc.(m)(v) S+ 700 , 0.50 % SOFR Floor 6/7/2027 Services: Business 7,430 7,430 7,430 Xenon Arc, Inc.(m)(v) S+ 575 , 0.75 % SOFR Floor 12/20/2028 High Tech Industries 3,796 3,778 3,796 Total Senior Secured First Lien Debt 1,494,155 1,370,525 Senior Secured Second Lien Debt - 0.0 % RA Outdoors, LLC(q)(r)(t)(v) S+ 900 , 1.00 % SOFR Floor 12/31/2027 Media: Diversified & Production 2,295 2,218 — Total Senior Secured Second Lien Debt 2,218 — Collateralized Securities and Structured Products - Equity - 0.7 % Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(h)(aa) 5.98 % Estimated Yield 4/28/2039 Diversified Financials 5,000 4,969 5,028 Total Collateralized Securities and Structured Products - Equity 4,969 5,028 Unsecured Debt - 0.9 % Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services: Business 4,368 988 153 Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/26/2028 Hotel, Gaming & Leisure 25,308 22,860 4,840 TMK Hawk Parent, Corp.(t) 11.00 % 12/15/2031 Services: Business 1,715 1,715 1,646 Total Unsecured Debt 25,563 6,639 See accompanying notes to consolidated financial statements. 20 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Maturity Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) Equity - 44.5 % ACS Holdings LLC, Class A-1 Membership Units(p)(s) Healthcare & Pharmaceuticals 38,415,901 Units — — ALA Holdco LLC, Class A Units(p)(s) Capital Equipment 9,000 Units 5,432 5,348 ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r) Metals & Mining NA — — Ascent Resources - Marcellus, LLC, Membership Units(aa) Energy: Oil & Gas 511,255 Units 1,642 2,173 Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return) Banking, Finance, Insurance & Real Estate 8,800,606 Units 11,021 7,833 Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units 3,183 — Carestream Health Holdings, Inc., Common Stock(p)(r) Healthcare & Pharmaceuticals 617,927 Units 21,762 18,081 CF Arch Holdings LLC, Class A Units(p) Services: Business 380,952 Units 381 705 CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units 22,073 13,679 CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(p)(s) Diversified Financials NA — — CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units 237 626 David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units 10,820 9,500 David's Bridal Holdings, LLC, Class A Common Units(p)(s) Retail 876,920 Units 23,130 9,510 David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 441,441 Units 6,978 4,787 EBSC Holdings LLC, Preferred Units ( 10 % Return) Consumer Goods: Durable 2,000 Units 2,349 2,454 FWS Parent Holdings, LLC, Class A Membership Interests(p) Services: Business 35,242 Units 800 614 Heritage Litigation Trust, Restricted Stock(p) Energy: Electricity 238,375 Units 100 131 Instant Web Holdings, LLC, Class A Common Units(p)(r) Media: Advertising, Printing & Publishing 10,819 Units — — IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units 10,740 10,755 Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 787,149 Units 8,988 — JuicePlus Topco, LLC, Membership Units(p)(s) Beverage, Food & Tobacco 271,637 Units 31,238 23,282 K&N Holdco, LLC, Membership Units(p) Consumer Goods: Durable 743,846 Units 8,927 1,488 Language Education Holdings GP LLC, Common Units(p) Services: Business 366,667 Units — — Language Education Holdings LP, Ordinary Common Units(p) Services: Business 366,667 Units 825 381 LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units 4,200 432 Live Comfortably Inc., Common Stock(p)(r) Consumer Goods: Durable 8,654 Units — — Longview Intermediate Holdings C, LLC, Membership Units(r)(aa) Energy: Electricity 1,495,714 Units 12,917 105,657 Mount Logan Capital Inc., Common Stock(f)(h)(aa) Banking, Finance, Insurance & Real Estate 254,756 Units 3,534 2,102 New Giving Acquisition, Inc., Warrants(aa) Healthcare & Pharmaceuticals 4,630 Units 633 2,167 New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units 9,899 — New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units — — NS NWN Acquisition, LLC, Class A Preferred Units(aa) High Tech Industries 111 Units — 521 NS NWN Holdco LLC, Non-Voting Units(aa) High Tech Industries 522 Units — 158 NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods: Durable 1,575 Units 1,000 1,508 Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r) Healthcare & Pharmaceuticals 3,762,159 Units 3,231 3,913 Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r) Healthcare & Pharmaceuticals 1,235 Units — — Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units 472 9,906 PLBY Group, Inc., Common Stock(f)(h)(p) Consumer Goods: Non-Durable 2,216,105 Units 5,511 4,166 RumbleOn, Inc., Warrants(p) 8/14/2028 Automotive 60,606 Units 502 227 Service Compression Holdings, LLC, Junior Preferred Units(p) Energy: Oil & Gas 389,001 Units 1,327 1,712 Service Compression Holdings, LLC, Warrants(p) Energy: Oil & Gas 730,586 Units 1,426 2,382 Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services: Consumer 9,858 Units 3,078 5,047 Snap Fitness Holdings, Inc., Warrants(p)(r) Services: Consumer 3,996 Units 1,247 2,046 Sopris Topco, LLC, Common Units(p)(r) Media: Diversified & Production 105 Units — — SRA Parent, LLC, Preferred Units ( 12 % Return)(r) Banking, Finance, Insurance & Real Estate 10,414,785 Units 11,973 11,971 SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 167,952 Units 19,985 20,289 STATinMed Parent, LLC, Class A Preferred Units(p)(r) Healthcare & Pharmaceuticals 6,182 Units 6,182 — STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units 3,193 — See accompanying notes to consolidated financial statements. 21 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Portfolio Company(a) Interest Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c) TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods: Non-Durable 9 Units — — TMK Hawk Parent, Corp., Common Shares(p) Services: Business 643,588 Units 8,579 5,470 TMK Hawk Parent, Corp., Warrants(p) Services: Business 36,734 Units — 94 URS Topco, LLC, Common Equity(p) Transportation: Cargo 430,540 Units 9,669 11,986 White Tiger NewCo, LLC, Class A Units(p)(r) Services: Business 76,140 Units 12,664 7,574 WorkGenius, LLC, Class A-1 Units(p) Services: Business 5,123 Units 6,833 3,741 WorkGenius, LLC, Class A Units(p) Services: Business 500 Units 500 365 Yak Holding II, LLC, Series A Common Units(aa) Construction & Building 127,419 Units — 7 Total Equity 299,181 314,788 Short Term Investments - 16.4 %(k) First American Treasury Obligations Fund, Class Z Shares 3.64 %(l) 116,010 116,010 Total Short Term Investments 116,010 116,010 TOTAL INVESTMENTS - 256.2 % $ 1,942,096 1,812,990 LIABILITIES IN EXCESS OF OTHER ASSETS - ( 156.2 )% ( 1,105,362 ) NET ASSETS - 100.0 % $ 707,628 a. All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a PIK interest provision. b. The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2025. c. Fair value determined in good faith by CIM, as the Company's valuation designee, subject to the oversight of the Company's board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted. d. Represents amortized cost for debt securities and cost for equity investments. e. Denominated in U.S. dollars unless otherwise noted. f. Fair value determined using level 1 inputs. g. The Company has entered into an agreement with the other lenders to purchase another $ 20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied. h. The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2025, 95.9 % of the Company’s total assets represented qualifying assets. i. Due to an annual cap in interest in the loan agreement, the all-in rate on this loan as of December 31, 2025 was 4.61 %. j. In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts. k. Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. l. 7-day effective yield as of December 31, 2025. m. Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2025 (see Note 8). n. Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS as of December 31, 2025 (see Note 8). o. Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company. p. Non-income producing security. q. Investment or a portion thereof was on non-accrual status as of December 31, 2025. See accompanying notes to consolidated financial statements. 22 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) r. Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these affiliated investments, were as follows: Year Ended December 31, 2025 Year Ended December 31, 2025 Non-Controlled, Affiliated Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2025 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income American Clinical Solutions LLC First Lien Term Loan $ 11,075 $ — $ ( 11,075 ) $ — $ — $ — $ 436 $ — $ — Class A-1 Membership Interests — — — — — — — — — ARC Financial, LLC Membership Interests — — — — — — — — — Carestream Health, Inc. First Lien Term Loan 11,172 1,394 ( 353 ) 700 12,913 — 1,699 — — Carestream Health Holdings Inc. Common Shares 20,108 — — ( 2,027 ) 18,081 — — — — GSC Technologies Inc. Common Shares 32 — — ( 32 ) — — — — — Hollander Intermediate LLC First Lien Term Loan — 17,119 — ( 2,468 ) 14,651 — 1,389 — — HW Acquisition, LLC Revolving Loan 3,140 2,037 — ( 2,300 ) 2,877 — 589 — — First Lien Term Loan 4,794 573 — ( 2,334 ) 3,033 — 577 — — Instant Web, LLC Revolving Loan 2,430 14,017 ( 13,950 ) ( 75 ) 2,422 — 283 — — Priming Term Loan 573 61 — ( 2 ) 632 — 67 — — First Lien Term Loan 36,557 6,191 — ( 7,106 ) 35,642 — 6,192 — — First Lien Delayed Draw Term Loan 1,458 185 — ( 76 ) 1,567 — 183 — — Instant Web Holdings, LLC Class A Common Units — — — — — — — — — IPP Buyer Holdings, LLC Class A Units 11,644 — — ( 889 ) 10,755 — — — — Isagenix International, LLC First Lien Term Loan 9,229 886 — ( 5,258 ) 4,857 — 1,146 — — Isagenix Worldwide, Inc. Common Shares 6,322 — — ( 6,322 ) — — — — — LAV Gear Holdings, Inc. First Lien Term Loan — 16,314 ( 40 ) ( 2,380 ) 13,894 — 697 — — First Lien Term Loan — 4,971 ( 8 ) 172 5,135 — 213 — 88 Revolving Loan — ( 72 ) — 65 ( 7 ) — 2 — — Lift Brands, Inc. Term Loan A 22,814 — ( 1,426 ) 294 21,682 — 2,649 — 629 Term Loan B 6,577 648 — ( 13 ) 7,212 — 648 — 138 Term Loan C 7,386 755 ( 142 ) 7 8,006 — 758 — 120 Live Comfortably Inc. Common Stock — — — — — — — — — Longview Intermediate Holdings C, LLC Membership Units 52,166 — — 53,491 105,657 — — 4,298 — New HW Holdings Corp. Preferred Stock 3,141 — — ( 3,141 ) — — — — — Common Stock — — — — — — — — — Online Pharmacy Holdings, LLC Series A Preferred Equity — 3,231 — 682 3,913 — — 146 — Series D Preferred Equity — — — — — — — — — See accompanying notes to consolidated financial statements. 23 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) Year Ended December 31, 2025 Year Ended December 31, 2025 Non-Controlled, Affiliated Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2025 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income Optio Rx, LLC First Lien Term Loan — 14,880 — — 14,880 — 1,623 — — Revolving Loan — 709 — — 709 — 77 — — RA Outdoors, LLC Revolving Loan — 1,084 — ( 43 ) 1,041 — 40 — — First Lien Term Loan — 11,251 — ( 366 ) 10,885 — 332 — — Delayed Draw Term Loan — ( 68 ) — ( 31 ) ( 99 ) — — — — Second Lien Term Loan — — — — — — — — — Snap Fitness Holdings, Inc. Class A Stock 5,028 — — 19 5,047 — — — — Warrants 2,038 — — 8 2,046 — — — — Sopris Topco, LLC Common Units — — — — — — — — — SRA Holdings, LLC Unsecured Debt 4,103 — ( 4,103 ) — — — 97 — — SRA Parent, LLC Preferred Equity 9,533 2,449 — ( 11 ) 11,971 — — 1,201 — Common Equity 17,277 2,395 — 617 20,289 — — — — STATinMED, LLC First Lien Term Loan 4,592 — — ( 392 ) 4,200 — — — — Senior Term Loan 942 — — ( 209 ) 733 — 774 — — Senior Superpriority Term Loan 243 — — ( 44 ) 199 — 54 — — Senior Superpriority Term Note — 498 — 1,592 2,090 — 359 — — STATinMed Parent, LLC Class A Preferred Units — — — — — — — — — Class B Preferred Units — — — — — — — — — TG Parent NewCo LLC Common Equity — — — — — — — — — Trademark Global, LLC First Lien Term Loan 14,831 1,298 — ( 6,281 ) 9,848 — 1,293 — — White Tiger NewCo, LLC Common Equity — 12,664 — ( 5,090 ) 7,574 — — — — Totals $ 269,205 $ 115,470 $ ( 31,097 ) $ 10,757 $ 364,335 $ — $ 22,177 $ 5,645 $ 975 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Includes PIK interest income. See accompanying notes to consolidated financial statements. 24 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) s. Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2024 and 2025, along with transactions during the year ended December 31, 2025 in these controlled investments, were as follows: Year Ended December 31, 2025 Year Ended December 31, 2025 Controlled Investments Fair Value at December 31, 2024 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2025 Net Realized Gain (Loss) Interest Income(3) Dividend Income Fee Income Adapt Laser Acquisition, Inc. Revolving Loan $ — $ 1,440 $ — $ — $ 1,440 $ — $ 14 $ — $ — First Lien Term Loan — 10,148 — — 10,148 — 151 — 290 ALA Holdco LLC Class A Units — 5,432 — ( 84 ) 5,348 — — — — American Clinical Solutions LLC First Lien Term Loan — 25,408 — ( 2,275 ) 23,133 — 2,019 — 50 Class A-1 Membership Interests — — — — — — — — — CION/EagleTree Partners, LLC Senior Secured Note 36,037 — — — 36,037 — 5,045 — — Participating Preferred Shares 18,103 — — ( 4,424 ) 13,679 — — — — Common Shares — — — — — — — — — David's Bridal, Inc. Secured Loan Receivable — 3,180 ( 1,407 ) ( 177 ) 1,596 — 46 — — Secured Loan Receivable — 2,346 ( 1,047 ) ( 130 ) 1,169 — 19 — — Incremental First Lien Term Loan 9,910 8,000 ( 1,417 ) 129 16,622 — 1,441 — 273 Fourteenth Amendment Term Loan — 9,603 — 189 9,792 — 705 — 377 Exit First Lien Term Loan 73,181 15,831 — ( 6,464 ) 82,548 — 11,097 — — Incremental First Lien Term Loan — 11,000 — ( 1,781 ) 9,219 — 51 — — David's Bridal Holdings, LLC Preferred Units 9,575 — — ( 75 ) 9,500 — — — — Class A Common Units 24,570 — — ( 15,060 ) 9,510 — — — — Class B Common Units — 6,978 — ( 2,191 ) 4,787 — — — — JP Intermediate B, LLC First Lien Term Loan — — — — — — 15,280 — — First Out New Money Term Loan — 6,906 ( 17 ) — 6,889 — 160 — — Second Out Term Loan — 27,159 — ( 3,598 ) 23,561 — 666 — — Third Out Term Loan — 130 — 1,280 1,410 — 23 — — Common Shares — 31,238 — ( 7,956 ) 23,282 — — — 8,660 Totals $ 171,376 $ 164,799 $ ( 3,888 ) $ ( 42,617 ) $ 289,670 $ — $ 36,717 $ — $ 9,650 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Includes PIK interest income . See accompanying notes to consolidated financial statements. 25 CĪON Investment Corporation Consolidated Schedule of Investments December 31, 2025 (in thousands) t. As of December 31, 2025, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments. Interest Rate Portfolio Company Investment Type Cash PIK All-in-Rate American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 3.82 % 10.82 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 9.43 % 9.43 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 10.00 % 10.00 % Anthem Sports & Entertainment Inc. Senior Secured First Lien Debt — 1.00 % 1.00 % Appalachian Resource Company, LLC Senior Secured First Lien Debt — 13.82 % 13.82 % Avison Young (Canada) Inc./Avison Young (USA) Inc. Senior Secured First Lien Debt 7.35 % 3.85 % 11.20 % Avison Young (Canada) Inc./Avison Young (USA) Inc. Senior Secured First Lien Debt — 12.35 % 12.35 % Avison Young (Canada) Inc./Avison Young (USA) Inc. Senior Secured First Lien Debt 5.49 % 6.50 % 11.99 % Berlitz Holdings, Inc. Senior Secured First Lien Debt 7.99 % 5.00 % 12.99 % Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 2.64 % 12.64 % Cennox, Inc. Senior Secured First Lien Debt 10.27 % 0.25 % 10.52 % CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 % FuseFX, LLC Senior Secured First Lien Debt 5.10 % 5.00 % 10.10 % Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.99 % 15.99 % Homer City Generation, L.P. Senior Secured First Lien Debt — 15.00 % 15.00 % Homer City Generation, L.P. Senior Secured First Lien Debt — 17.00 % 17.00 % HW Acquisition, LLC Senior Secured First Lien Debt — 9.99 % 9.99 % HW Acquisition, LLC Senior Secured First Lien Debt — 11.75 % 11.75 % Inotiv, Inc. Senior Secured First Lien Debt 10.50 % 0.25 % 10.75 % Instant Web, LLC Senior Secured First Lien Debt — 10.83 % 10.83 % Invincible Boat Company LLC Senior Secured First Lien Debt 8.00 % 3.37 % 11.37 % Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.99 % 11.49 % K&N Parent, Inc. Senior Secured First Lien Debt 7.08 % 5.00 % 12.08 % LAV Gear Holdings, Inc. Senior Secured First Lien Debt 6.21 % 3.44 % 9.65 % Lift Brands, Inc. Senior Secured First Lien Debt — 9.50 % 9.50 % Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 % Lux Credit Consultants LLC Senior Secured First Lien Debt — 10.92 % 10.92 % Optio Rx, LLC Senior Secured First Lien Debt — 13.73 % 13.73 % RA Outdoors, LLC Senior Secured First Lien Debt — 10.89 % 10.89 % RA Outdoors, LLC Senior Secured Second Lien Debt — 13.14 % 13.14 % Robert C. Hilliard, L.L.P. Senior Secured First Lien Debt — 15.99 % 15.99 % RumbleOn, Inc. Senior Secured First Lien Debt 10.85 % 1.00 % 11.85 % STATinMED, LLC Senior Secured First Lien Debt — 13.46 % 13.46 % TMK Hawk Parent, Corp. Senior Secured First Lien Debt 5.72 % 3.25 % 8.97 % TMK Hawk Parent, Corp. Unsecured Debt — 11.00 % 11.00 % Trademark Global, LLC Senior Secured First Lien Debt — 12.43 % 12.43 % Trammell, P.C. Senior Secured First Lien Debt — 19.33 % 19.33 % Williams Industrial Services Group, Inc. Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 % u. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%. v. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%. w. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%. x. While the maturity date of this loan has passed, the Company expects all interest and principal to be collected. y. Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company. z. No interest is being recognized on this security after the maturity date. aa. Other income producing investment. Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based MOICs. See accompanying notes to consolidated financial statements. 26 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 1. Organization and Principal Business CĪON Investment Corporation, or the Company, was incorporated under the general corporation laws of the State of Maryland on August 9, 2011 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 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. The Company’s portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies. The Company is managed by CION Investment Management, LLC, or CIM, 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 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. The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, Inc., or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company’s investment sub-adviser. On July 11, 2017, the members of CIM entered into a third amended and restated limited liability company agreement of CIM, or the Third Amended CIM LLC Agreement, for the purpose of creating a joint venture between AIM and CION Investment Group, LLC, or CIG, an affiliate of the Company. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50 % economic interest in CIM. On July 10, 2017, the Company’s independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017. Although the investment sub-advisory agreement and AIM's engagement as the Company’s investment sub-adviser were terminated, AIM continues to perform certain services for CIM and the Company. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above. On December 4, 2017, the members of CIM entered into a fourth amended and restated limited liability company agreement of CIM, or the Fourth Amended CIM LLC Agreement, under which AIM may perform certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide the Company with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel. The amended and restated investment advisory agreement was approved by shareholders on August 9, 2021 at the Company’s reconvened 2021 annual meeting of shareholders. As a result, on August 10, 2021, the Company and CIM entered into the amended and restated investment advisory agreement in order to implement the change to the calculation of the subordinated incentive fee payable from the Company to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company’s net assets rather than adjusted capital. On October 5, 2021, the Company's shares of common stock commenced trading on the New York Stock Exchange, or the NYSE, under the ticker symbol “CION”, or the Listing. As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4). On February 26, 2023, the Company’s shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION” and “CION B1”, respectively. On October 9, 2024, the Company’s 7.50 % Notes due 2029, or the 7.50 % 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”. 27 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and include the accounts of the Company and its wholly-owned subsidiaries. The Company is considered an investment company as defined in Accounting Standards Codification Topic 946, Financial Services – Investment Companies , or ASC 946. Accordingly, the required disclosures as outlined in ASC 946 are included in the Company’s consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation. The Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree. See Note 7 for a description of the Company’s investment in CION/EagleTree. The Company evaluates subsequent events through the date that the consolidated financial statements are issued. Segment Reporting The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation for investors. The chief operating decision makers, or CODMs, are comprised of the Company’s co-chief executive officers, chief investment officer and chief financial officer. The CODMs assess the performance and make operating decisions for the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in making investment policy decisions, managing the Company’s portfolio and evaluating the Company’s distribution policy. As the Company’s operations comprise a single operating and reporting segment, the Company's segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations. Recent Accounting Pronouncement In November 2024, the Financial Accounting Standards Board, or FASB, issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures , or ASU 2024-03. ASU 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect that the application of this guidance will have a material effect on its consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. The Company’s cash and cash equivalents are held principally at one financial institution and at times may exceed insured limits. The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits. Foreign Currency Translations The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation, unless otherwise noted. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. Short Term Investments Short term investments include an investment in a U.S. Treasury obligations fund, which seeks to provide current income and daily liquidity by purchasing U.S. Treasury securities and repurchase agreements that are collateralized by such securities. The Company had $ 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. 28 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) 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. federal income tax purposes. As a result, CIC Holdco is not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements. There were no deferred tax assets or liabilities as of June 30, 2026 or December 31, 2025. Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate. Additionally, the tax character of distributions is determined in accordance with income tax regulations that may differ from GAAP (see Note 5). Uncertainty in Income Taxes The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold for the purposes of measuring and recognizing tax liabilities in the consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by the taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. The Company did not have any uncertain tax positions during the periods presented herein. The Company is subject to examination by U.S. federal, New York State, New York City and Maryland income tax jurisdictions for 2022, 2023 and 2024. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may materially differ from those estimates. Valuation of Portfolio Investments The fair value of the Company’s investments is determined quarterly in good faith by CIM, as the Company’s valuation designee, designated by and subject to the oversight of the Company's board of directors pursuant to Rule 2a-5 of the 1940 Act and pursuant to CIM's consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC 820. The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Inputs used to measure these fair values are classified into the following hierarchy: Level 1 - Quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date. Level 2 - Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3 - Unobservable inputs for the asset or liability. The inputs used in the determination of fair value may require significant management judgment or estimation. Such information may be the result of consensus pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence. 29 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The level in the fair value hierarchy for each fair value measurement has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the value that would be received upon an actual sale of such investments. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned. A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments. CIM attempts to obtain market quotations from at least two brokers or dealers for each investment (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). CIM typically uses the average midpoint of the broker bid/ask price to determine fair value unless a different point within the range is more representative. Because of the private nature of this marketplace (meaning actual transactions are not publicly reported) and the non-binding nature of consensus pricing and/or quotes, the Company believes that these valuation inputs result in Level 3 classification within the fair value hierarchy. As these quotes are only indicative of fair value, CIM benchmarks the implied fair value yield and leverage against what has been observed in the market. If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value. Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment’s fair value and report such change in the valuation to the board of directors or its designee as soon as practicable. Investments that carry certain restrictions on sale will typically be valued at a discount from the public market value of the investment. Any investments that are not publicly traded or for which a market price is not otherwise readily available are valued at a price that reflects its fair value. With respect to such investments, if CIM is unable to obtain market quotations, the investments are reviewed and valued using one or more of the following types of analyses: i. Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and other factors for companies with similar characteristics. ii. Valuations implied by third-party investments in the applicable portfolio companies. iii. A benchmarking analysis to compare implied fair value and leverage to comparable market investments. iv. Discounted cash flow analysis, including a terminal value or exit multiple. Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s consolidated financial statements. Below is a description of factors that CIM may consider when valuing the Company’s equity and debt investments where a market price is not readily available: • the size and scope of a portfolio company and its specific strengths and weaknesses; • prevailing interest rates for like securities; • expected volatility in future interest rates; • leverage; • call features, put features, fees and other relevant terms of the debt; • the borrower’s ability to adequately service its debt; • the fair market value of the portfolio company in relation to the face amount of its outstanding debt; • the quality of collateral securing the Company’s debt investments; • multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in some cases, book value or liquidation value; and 30 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) • other factors deemed applicable. All of these factors may be subject to adjustment based upon the particular circumstances of a portfolio company or the Company’s actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners, or acquisition, recapitalization, and restructuring expenses or other related or non-recurring items. The choice of analyses and the weight assigned to such factors may vary across investments and may change within an investment if events occur that warrant such a change. When CIM uses the discounted cash flow model to value the Company's investments, such model deemed appropriate by CIM is prepared for the applicable investments and reviewed by designated members of CIM’s management team. Such models are prepared at least quarterly or on an as needed basis. The model uses the estimated cash flow projections for the underlying investment and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs. The model, key assumptions, inputs, and results are reviewed by designated members of CIM’s management team with final approval from the board of directors or its designee. Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value. The Company periodically benchmarks the broker quotes from the brokers or dealers against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Company believes that these quotes are reliable indicators of fair value. The Company may also use other methods to determine fair value for securities for which it cannot obtain market quotations through brokers or dealers, including the use of an independent valuation firm. Designated members of CIM’s management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process. As a practical expedient, the Company uses net asset value, or NAV, as the fair value for its equity investment in CION/EagleTree. Investments valued using NAV as a practical expedient are excluded from the three-tier fair value hierarchy. CION/EagleTree records its underlying investments at fair value on a quarterly basis in accordance with ASC 820. Revenue Recognition Securities transactions are accounted for on the trade date. The Company records interest and dividend income on an accrual basis beginning on the trade settlement date or the ex-dividend date, respectively, to the extent that the Company expects to collect such amounts. For investments in equity tranches of collateralized loan obligations, the Company records income based on the effective interest rate determined using the amortized cost and estimated cash flows, which is updated periodically. Loan origination fees, original issue discounts, or OID, and market discounts/premiums are recorded and such amounts are amortized as adjustments to interest income over the respective term of the loan using the effective interest rate method. Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income. The Company has investments in its investment portfolio that contain a PIK interest provision. PIK interest is accrued as interest income if the portfolio company valuation indicates that such PIK interest is collectible and recorded as interest receivable up to the interest payment date. On the interest payment dates, the Company will capitalize the accrued interest receivable attributable to PIK as additional principal due from the borrower. Additional PIK securities typically have the same terms, including maturity dates and interest rates, as the original securities. In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash. For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of 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. Interest accrued but not collected at the date a loan or security is placed on non-accrual status is reversed against interest income. Interest income is recognized on non-accrual loans or debt securities only to the extent received in cash. However, where there is doubt regarding the ultimate collectability of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security. Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured. For full PIK loans, accrual status is restored if future interest and principal payments are reasonably assured. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. 31 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investment, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that CIM provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the estimated life of the loan as interest income. Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the transaction. Other income also includes fees for managerial assistance and other consulting services, loan guarantees, commitments, and other services rendered by the Company to its portfolio companies. Such fees are fixed based on contractual terms and are recognized as fee income when earned. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Gains or losses on the sale of investments are calculated by using the weighted-average method. The Company measures realized gains or losses by the difference between the net proceeds from the sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Capital Gains Incentive Fee Pursuant to the terms of the investment advisory agreement the Company entered into with CIM, the incentive fee on capital gains earned on liquidated investments of the Company’s investment portfolio during operations is determined and payable in arrears as of the end of each calendar year. Under the investment advisory agreement, such fee equals 17.5 % of the Company’s incentive fee capital gains (i.e., the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a cumulative basis and to the extent that all realized capital losses and unrealized capital depreciation exceed realized capital gains as well as the aggregate realized net capital gains for which a fee has previously been paid, the Company would not be required to pay CIM a capital gains incentive fee. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. While the investment advisory agreement with CIM neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of the American Institute for Certified Public Accountants, or AICPA, Technical Practice Aid for investment companies, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Net 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 Distributions to shareholders are recorded as of the record date. The amount paid as a distribution is declared by the Company's co-chief executive officers and ratified by the board of directors on a quarterly basis. Net realized capital gains, if any, are distributed at least annually. 32 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 3. Share Transactions The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 Shares Amount Shares Amount Gross shares/proceeds from offerings — $ — — $ — Reinvestment of distributions — — — — Total gross shares/proceeds — — — — Share repurchase program ( 2,215,162 ) ( 17,721 ) ( 885,427 ) ( 8,728 ) 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 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 June 30, 2026, 21,066,663 shares of common stock repurchased had been retired. Distribution Reinvestment Plan On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing. For additional information regarding the terms of the DRP, see Note 5. Share Repurchase Policy On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50,000 of its outstanding common stock after the Listing. On June 24, 2022 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. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock. 33 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 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) 2025 January 1 to January 31, 2025 89,466 $ 11.29 89,466 $ 20,758 February 1 to February 28, 2025 63,383 12.01 63,383 19,998 March 1 to March 31, 2025 33,013 12.13 33,013 19,598 April 1 to April 30, 2025 315,943 9.36 315,943 16,648 May 1 to May 31, 2025 95,782 9.76 95,782 15,714 June 1 to June 30, 2025 287,840 9.26 287,840 13,056 July 1 to July 31, 2025 230,738 9.86 230,738 10,786 August 1 to August 31, 2025(2) 57,331 9.78 57,331 30,226 September 1 to September 30, 2025 42,255 9.96 42,255 29,806 October 1 to October 31, 2025 348,336 9.33 348,336 26,565 November 1 to November 30, 2025 90,964 9.25 90,964 25,725 December 1 to December 31, 2025 116,352 9.59 116,352 24,611 Total for the year ended December 31, 2025 1,771,403 1,771,403 2026 January 1 to January 31, 2026 382,472 $ 9.45 382,472 $ 21,005 February 1 to February 28, 2026 460,725 8.68 460,725 17,015 March 1 to March 31, 2026 272,856 7.72 272,856 14,915 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. 34 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 4. Transactions with Related Parties 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 June 30, Six Months Ended June 30, Entity Capacity Description 2026 2025 2026 2025 CIM Investment adviser Management fees(1) $ 6,040 $ 6,497 $ 12,145 $ 13,122 CIM Investment adviser Incentive fees(1) 3,006 3,589 5,734 7,673 CIM Administrative services provider Administrative services expense(1) 1,194 1,196 2,570 2,475 $ 10,240 $ 11,282 $ 20,449 $ 23,270 (1) Amounts charged directly to operations. The Company has entered into an investment advisory agreement with CIM. 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. 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, 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 %. The base management fee is payable quarterly in arrears and is calculated based on the two most recently completed calendar quarters. The incentive fee consists of two parts. The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, measured quarterly and expressed as a rate of return on the Company's net assets, equal to 1.625 % per quarter, or an annualized rate of 6.5 %. “Pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the period, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the investment advisory agreement and the administration agreement with CIM, and any other operating expenses but excluding the applicable incentive fees). Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon securities, and any other income accrued that the Company has not yet received in cash. CIM is not under any obligation to reimburse the Company for any part of the subordinated incentive fee on income CIM received that was based on accrued income that the Company never actually received. Under the 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 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. 35 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation; however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized. For the three and six months ended June 30, 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. CIM is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is for the lower of CIM’s actual costs or the amount that the Company would have been required to pay for comparable administrative services in the same geographic location. Such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other reasonable methods. The Company does not reimburse CIM for any services for which it receives a separate fee or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a person with a controlling interest in CIM. On 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. AIA was reimbursed for administrative expenses it incurred on the Company’s behalf in performing its obligations, provided that such reimbursement was reasonable, and costs and expenses incurred were documented. The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party. As of 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. However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company. Indemnifications The investment advisory agreement and the administration agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements. The Company’s maximum exposure under these agreements is unknown. However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote. Note 5. Distributions Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis. On November 3, 2025, management changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026. Monthly base distributions will be declared quarterly in advance. Base distributions in respect of future months and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration. The Company’s management declared and the Company's board of directors ratified distributions for 4 and 6 record dates during the year ended December 31, 2025 and the six months ended June 30, 2026, respectively. 36 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 six months ended June 30, 2026: Distributions Three Months Ended Per Share Amount 2025 March 31, 2025 (one record date) $ 0.36 $ 19,149 June 30, 2025 (one record date) 0.36 18,934 September 30, 2025 (one record date) 0.36 18,726 December 31, 2025 (one record date) 0.36 18,552 Total distributions for the year ended December 31, 2025 $ 1.44 $ 75,361 2026 March 31, 2026 (three record dates) $ 0.30 $ 15,242 June 30, 2026 (three record dates) 0.30 14,838 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 May 4, 2026 July 17, 2026 July 31, 2026 $ 0.10 May 4, 2026 August 14, 2026 August 28, 2026 0.10 May 4, 2026 September 11, 2026 September 25, 2026 0.10 $ 0.30 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 $ 0.30 On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing. Shareholders enrolled in the DRP receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser; or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator. With respect to distributions to participating shareholders under the DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV. Pursuant to the terms of the DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution. 37 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) If a shareholder receives distributions in the form of common stock pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash. If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account. The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the 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 2025 January 1 to January 31, 2025 19,368 $ 11.49 19,368 (1) February 1 to February 28, 2025 — — — — March 1 to March 31, 2025 — — — — April 1 to April 30, 2025 159,518 9.13 159,518 (1) May 1 to May 31, 2025 — — — — June 1 to June 30, 2025 151,264 9.29 151,264 (1) July 1 to July 31, 2025 — — — — August 1 to August 31, 2025 — — — — September 1 to September 30, 2025 136,868 10.07 136,868 (1) October 1 to October 31, 2025 — — — — November 1 to November 30, 2025 — — — — December 1 to December 31, 2025 136,151 10.08 136,151 (1) Total for the year ended December 31, 2025 603,169 $ 9.67 603,169 (1) 2026 January 1 to January 31, 2026 41,483 $ 9.21 41,483 (1) February 1 to February 28, 2026 47,550 8.11 47,550 (1) March 1 to March 31, 2026 58,144 6.83 58,144 (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. The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. The Company has not established limits on the amount of funds it may use from available sources to make distributions. 38 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 six months ended June 30, 2026 and 2025 and the year ended December 31, 2025: Six Months Ended June 30, Year Ended December 31, 2026 2025 2025 Source of Distribution Per Share Amount Percentage Per Share Amount Percentage Per Share Amount Percentage Net investment income $ 0.60 $ 30,080 100.0 % $ 0.72 $ 38,083 100.0 % $ 1.44 $ 75,361 100.0 % 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 for each taxable year. 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 fund level U.S. 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. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. 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. As of December 31, 2025, the components of accumulated income (losses) on a tax basis were as follows: December 31, 2025 Undistributed ordinary income $ 1,856 Other accumulated losses(1) ( 70,218 ) Net unrealized depreciation on investments ( 226,676 ) Total accumulated losses $ ( 295,038 ) (1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 66,847 . 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 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 ; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 336,218 ; the net unrealized depreciation was $ 226,676 ; and the aggregate cost of securities for U.S. federal income tax purposes was $ 2,039,666 . 39 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 6. Investments 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 Cost(1) Fair Value Percentage of Investment Portfolio Cost(1) Fair Value Percentage of Investment Portfolio Senior secured first lien debt $ 1,439,478 $ 1,303,616 79.2 % $ 1,494,155 $ 1,370,525 80.8 % Senior secured second lien debt 2,218 — — 2,218 — — Collateralized securities and structured products - equity — — — 4,969 5,028 0.3 % Unsecured debt 25,659 7,359 0.5 % 25,563 6,639 0.4 % Equity 308,267 334,184 20.3 % 299,181 314,788 18.5 % Subtotal/total percentage 1,775,622 1,645,159 100.0 % 1,826,086 1,696,980 100.0 % Short term investments(2) 154,934 154,934 116,010 116,010 Total investments $ 1,930,556 $ 1,800,093 $ 1,942,096 $ 1,812,990 (1) Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments. (2) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Industry Classification Investments at Fair Value Percentage of Investment Portfolio Investments at Fair Value Percentage of Investment Portfolio Services: Business $ 241,228 14.7 % $ 250,178 14.7 % Retail 189,443 11.5 % 187,490 11.0 % Healthcare & Pharmaceuticals 173,288 10.5 % 191,483 11.3 % Energy: Electricity 146,170 8.9 % 140,223 8.2 % Media: Diversified & Production 123,581 7.5 % 122,806 7.2 % Consumer Goods: Durable 102,354 6.2 % 90,696 5.3 % Beverage, Food & Tobacco 98,592 6.0 % 101,153 6.0 % Services: Consumer 94,801 5.8 % 113,150 6.8 % Construction & Building 79,860 4.9 % 65,493 3.9 % Banking, Finance, Insurance & Real Estate 66,900 4.1 % 69,066 4.1 % High Tech Industries 48,275 2.9 % 55,956 3.3 % Media: 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 % Capital Equipment 29,348 1.8 % 31,599 1.9 % Consumer Goods: Non-Durable 28,388 1.7 % 28,876 1.7 % 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 % Transportation: Cargo 11,978 0.7 % 11,986 0.7 % Automotive 10,732 0.7 % 27,145 1.6 % Energy: 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 % Short term investments 154,934 116,010 Total investments $ 1,800,093 $ 1,812,990 40 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) June 30, 2026 December 31, 2025 Geographic Dispersion(1) Investments at Fair Value Percentage of Investment Portfolio Investments at Fair Value Percentage of Investment Portfolio United States $ 1,609,048 97.8 % $ 1,655,740 97.6 % Canada 33,835 2.1 % 34,704 2.0 % 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 % Short term investments 154,934 116,010 Total investments $ 1,800,093 $ 1,812,990 (1) The geographic dispersion is determined by the portfolio company's country of domicile. 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 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. Refer to Note 11 for further details on the Company’s unfunded commitments. Note 7. Joint Venture CION/EagleTree Partners, LLC On December 21, 2021, the Company formed CION/EagleTree, an off-balance sheet joint venture partnership with ET-BC Debt Opportunities, LP, or ET-BC, which is an affiliate of EagleTree Capital, LP, or EagleTree. EagleTree made a Firm-level investment with proprietary capital. CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities. The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85 % and 15 %, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree. The Company and ET-BC are not required to make any additional capital contributions to CION/EagleTree. The Company’s equity investment in CION/EagleTree is not redeemable. All portfolio and other material decisions regarding CION/EagleTree must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by ET-BC. Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from ET-BC. The Company also serves as administrative agent to CION/EagleTree to provide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM. Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services. On December 21, 2021, CION/EagleTree issued senior secured notes of $ 61,629 to the Company and $ 10,875 to ET-BC, or the CION/EagleTree Notes. The CION/EagleTree Notes bear interest at a fixed rate of 14.0 % per year and are secured by a first priority security interest in all of the assets of CION/EagleTree. On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC. As a result, as of 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. The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company. In accordance with ASU 2015-02, Consolidation , the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree. The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree. 41 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 June 30, 2026: Portfolio Company Interest Industry Principal/ Par Amount/ Units Cost Fair Value Equity American Clinical Solutions LLC, Class A Membership Interests(a) Healthcare & Pharmaceuticals 6,030,384 Units $ 5,200 $ — Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(a) Media: Diversified & Production 1,469 Units 486 — Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(a) Media: Diversified & Production 255 Units — — Anthem Sports and Entertainment Inc., Common Stock Warrants(a) Media: Diversified & Production 4,746 Units — — BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership) Diversified Financials N/A 10,571 9,472 Carestream Health Holdings, Inc., Common Stock(a) Healthcare & Pharmaceuticals 614,367 Units 21,759 16,775 CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend Healthcare & Pharmaceuticals 2,727,273 Units 9,994 17,100 CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend Healthcare & Pharmaceuticals 183,723 Units 350 927 CTS Ultimate Holdings LLC, Class A Preferred Units(a) Construction & Building 3,578,701 Units 1,000 2,255 HDNet Holdco LLC, Preferred Unit Call Option(a) Media: Diversified & Production 1 Unit — — Language Education Holdings GP LLC, Common Units(a) Services: Business 133,333 Units — — Language Education Holdings LP, Ordinary Common Units(a) Services: Business 133,333 Units 300 — Skillsoft Corp., Class A Common Stock(a)(b) High Tech Industries 12,171 Units 2,000 63 Spinal USA, Inc. / Precision Medical Inc., Warrants(a) Healthcare & Pharmaceuticals 20,667,324 Units — — Total Equity 51,660 46,592 Short Term Investments(c) First American Treasury Obligations Fund, Class Z Shares 3.53 %(d) 3,478 3,478 Total Short Term Investments 3,478 3,478 TOTAL INVESTMENTS $ 55,138 $ 50,070 a. Non-income producing security. b. Fair value determined using level 1 inputs. c. 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. d. 7-day effective yield as of June 30, 2026. 42 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 December 31, 2025: Portfolio Company Interest Maturity Industry Principal/ Par Amount/ Units Cost Fair Value Collateralized Securities and Structured Products - Equity Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(a) 7.03 % Estimated Yield 4/28/2039 Diversified Financials $ 5,000 $ 4,514 $ 5,028 Total Collateralized Securities and Structured Products - Equity 4,514 5,028 Equity American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units 5,200 2,292 Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) Media: Diversified & Production 1,469 Units 486 — Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) Media: Diversified & Production 255 Units — — Anthem Sports and Entertainment Inc., Common Stock Warrants(b) Media: Diversified & Production 4,746 Units — — BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership) Diversified Financials N/A 9,993 9,218 Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units 21,759 17,976 CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend Healthcare & Pharmaceuticals 2,727,273 Units 9,728 15,300 CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend Healthcare & Pharmaceuticals 183,723 Units 338 798 CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units 1,000 2,638 HDNet Holdco LLC, Preferred Unit Call Option(b) Media: Diversified & Production 1 Unit — — Language Education Holdings GP LLC, Common Units(b) Services: Business 133,333 Units — — Language Education Holdings LP, Ordinary Common Units(b) Services: Business 133,333 Units 300 139 Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units 2,000 113 Spinal USA, Inc. / Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units — — Total Equity 50,804 48,474 Short Term Investments(d) First American Treasury Obligations Fund, Class Z Shares 3.64 %(e) 1,454 1,454 Total Short Term Investments 1,454 1,454 TOTAL INVESTMENTS $ 56,772 $ 54,956 a. The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized. b. Non-income producing security. c. Fair value determined using level 1 inputs. d. Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. e. 7-day effective yield as of December 31, 2025. 43 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The following table includes selected balance sheet information for CION/EagleTree as of June 30, 2026 and December 31, 2025: Selected Balance Sheet Information: June 30, 2026 December 31, 2025 Investments, at fair value (amortized cost of $ 55,138 and $ 56,772 , respectively) $ 50,070 $ 54,956 Dividend receivable on investments 208 186 Interest receivable on investments 14 67 Total assets $ 50,292 $ 55,209 Senior secured notes (net of unamortized debt issuance costs of $ 9 and $ 23 , respectively) $ 38,993 $ 38,979 Other liabilities 122 137 Total liabilities 39,115 39,116 Members' capital 11,177 16,093 Total liabilities and members' capital $ 50,292 $ 55,209 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 June 30, Six Months Ended June 30, Year Ended December 31, Selected Statement of Operations Information: 2026 2025 2026 2025 2025 Total investment income $ 507 $ 638 $ 965 $ 1,360 $ 2,329 Total expenses 1,555 1,571 3,108 3,149 6,332 Net realized gain (loss) on investments — — 480 56 ( 273 ) 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 ) 44 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 8. Financing Arrangements 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 JPM Credit Facility Secured Term Loan Credit Facility SOFR+ 2.55 %(1) $ 200,000 $ — June 15, 2027 7.50 % Public 2029 Notes(2) U.S. Unsecured Public Bonds 7.50 % 172,500 — December 30, 2029 7.70 % 2029 Notes(3) Unsecured Notes 7.70 % 125,000 — December 15, 2029 7.41 % 2027 Notes(4) Unsecured Notes 7.41 % 47,500 — December 15, 2027 UBS Credit Facility Secured Term Loan Credit Facility SOFR+ 2.75 % 100,000 25,000 February 13, 2028 7.50 % Public 2031 Notes(2) U.S. Unsecured Public Bonds 7.50 % 135,000 — March 31, 2031 Series A Notes(5) Israel Unsecured Public Bonds SOFR+ 3.82 % 114,844 — August 31, 2026 Tranche A Floating Rate 2027 Notes(6) Unsecured Notes SOFR+ 4.75 % 100,000 — November 8, 2027 Tranche B Floating Rate 2027 Notes(6) Unsecured Notes SOFR+ 3.90 % 100,000 — November 8, 2027 2022 Term Loan(6) Unsecured Term Loan Facility SOFR+ 3.50 % 50,000 — April 27, 2027 2024 Term Loan(6) Unsecured Term Loan Facility SOFR+ 3.80 % 30,000 — September 30, 2027 $ 1,174,844 $ 25,000 (1) 34th Street pays an annual administration fee of 0.20 % on JPM's total financing commitment. The administration fee is included in interest expense in the consolidated statements of operations. (2) As of 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 June 30, 2026. JPM Credit Facility On August 26, 2016, 34th Street entered into a senior secured credit facility with JPM. The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of $ 150,000 , of which $ 25,000 could have been funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility. On August 26, 2016, 34th Street drew down $ 57,000 of borrowings under the JPM Credit Facility. On September 30, 2016, July 11, 2017, November 28, 2017 and May 23, 2018, 34th Street amended and restated the JPM Credit Facility, or the Amended JPM Credit Facility, with JPM. Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $ 150,000 to $ 225,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility. Under the Amended JPM Credit Facility entered into on July 11, 2017 and November 28, 2017, certain immaterial administrative amendments were made as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1. Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from $ 225,000 to $ 275,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021. 45 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Repurchase Facility (as described below). Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period. Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023. Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25 % per year. On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM. Under the Third Amended JPM Credit Facility, the aggregate principal amount available for borrowings was reduced from $ 700,000 to $ 575,000 , subject to conditions described in the Third Amended JPM Credit Facility. In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024. Advances under the Third Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10 % per year. On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment. Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from $ 575,000 to $ 675,000 , subject to conditions described in the JPM First Amendment. Additional advances of up to $ 100,000 under the JPM First Amendment bore interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.10 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %. On May 15, 2023, 34th Street entered into a Second Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM Second Amendment. Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to $ 675,000 but all such advances bore interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.05 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %. The reinvestment period was extended from May 15, 2023 to May 15, 2024 and the maturity date was extended from May 15, 2024 to May 15, 2025. Also under the JPM Second Amendment, the amount of minimum borrowings required was reduced by $ 50,000 to $ 550,000 with a six-month non-call provision. On May 14, 2024 and June 17, 2024, 34th Street entered into a Third Amendment and a Fourth Amendment, respectively, to the Third Amended JPM Credit Agreement with JPM. Under these amendments, the reinvestment period was extended from May 15, 2024 to June 17, 2024 and from June 17, 2024 to July 15, 2024, respectively, as a bridge to the parties entering into a broader amendment to the Third Amended JPM Credit Facility. On July 15, 2024, 34th Street entered into a Fifth Amendment to the Third Amended JPM Credit Agreement with JPM, or the JPM Fifth Amendment. Under the JPM Fifth Amendment, advances to 34th Street 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. 34th Street will pay an annual administrative fee of 0.20 % on JPM's total financing commitment. Interest is payable quarterly in arrears. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1.0 % premium in certain circumstances. In addition, 34th Street 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. On September 30, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 600,000 to $ 562,500 and repaid $ 30,000 of outstanding borrowings. On November 15, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 562,500 to $ 468,750 and repaid $ 75,000 of outstanding borrowings. On December 31, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 468,750 to $ 406,250 and repaid $ 50,000 of outstanding borrowings. On September 30, 2025, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 406,250 to $ 375,000 and repaid $ 25,000 of outstanding borrowings. 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. 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. 46 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100 % of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future. 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street. The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street. In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities. As of and for the 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 June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ 3,166 $ 5,774 $ 7,991 $ 11,947 $ 23,037 Amortization of deferred financing costs 508 508 1,009 1,009 2,034 Non-usage fee 190 205 377 368 767 Total interest expense $ 3,864 $ 6,487 $ 9,377 $ 13,324 $ 25,838 Weighted average interest rate(1) 6.69 % 7.32 % 6.78 % 7.35 % 7.26 % Average borrowings $ 200,000 $ 325,000 $ 248,619 $ 333,066 $ 322,630 (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 % 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 % 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 % 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 % 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. 47 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 % 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 . 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 7.50 % Public 2029 Notes were as follows: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ 3,235 $ 3,235 $ 6,469 $ 6,469 $ 12,937 Amortization of deferred financing costs 205 204 407 397 811 Total interest expense $ 3,440 $ 3,439 $ 6,876 $ 6,866 $ 13,748 Weighted average interest rate(1) 7.50 % 7.50 % 7.50 % 7.50 % 7.50 % Average borrowings $ 172,500 $ 172,500 $ 172,500 $ 172,500 $ 172,500 (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 On December 16, 2025, the Company entered into a Note Purchase Agreement with certain institutional investors, or the December 2025 Note Purchase Agreement, in connection with the Company's issuance of $ 172,500 aggregate principal amount of its senior unsecured notes, consisting of (i) $ 125,000 in aggregate principal amount of its senior unsecured notes due 2029, or the 7.70 % 2029 Notes, and (ii) $ 47,500 in aggregate principal amount of its senior unsecured notes due 2027, or the 7.41 % 2027 Notes. The 7.70 % 2029 Notes were issued at a purchase price equal to 99.75 % of the principal amount of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes were issued at par. The Company used a portion of the net proceeds to repay debt under its $ 125,000 senior unsecured notes due February 2026 (see 2026 Notes below) and 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 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. The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes (i) on or before September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such Notes to be redeemed plus an applicable “make whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Note that is to be prepaid or becomes due and payable pursuant to the December 2025 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest, if any. For any redemptions of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes occurring on or before September 14, 2029 and September 14, 2027, respectively, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on such Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of such Notes, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the December 2025 Note Purchase Agreement. The 7.70 % 2029 Notes and the 7.41 % 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities. 48 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 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 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 June 30, 2026 Stated interest expense $ 3,286 $ 6,572 $ 548 Amortization of deferred financing costs 207 412 36 Total interest expense $ 3,493 $ 6,984 $ 584 Weighted average interest rate(1) 7.62 % 7.62 % 7.14 % Average borrowings $ 172,500 $ 172,500 $ 172,500 (1) Includes the stated interest expense on the 7.70 % 2029 Notes and the 7.41 % 2027 Notes and is annualized for periods covering less than one year. 2026 Notes On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the February 2021 Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes. The net proceeds to the Company were approximately $ 122,300 , after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements. The 2026 Notes were scheduled to mature on February 11, 2026. The 2026 Notes bore interest at a rate of 4.50 % per year paid semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021. The Company had the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any. The 2026 Notes were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities. 49 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The February 2021 Note Purchase Agreement contained other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represented more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio. As of and through the repayment of the 2026 Notes in full by the Company on December 29, 2025 (see below), the Company was in compliance with all covenants and reporting requirements. The February 2021 Note Purchase Agreement also contained a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $ 25,000 incurred by the Company, which indebtedness contained a financial covenant not contained in, or more restrictive against the Company than those contained, in the February 2021 Note Purchase Agreement. In addition, the February 2021 Note Purchase Agreement contained customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy. On December 29, 2025, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2026 Notes. 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 June 30, 2026, all upfront fees and other expenses were fully amortized. 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 2026 Notes 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 $ — $ 1,406 $ — $ 2,812 $ 5,594 Amortization of deferred financing costs — 133 — 264 594 Total interest expense $ — $ 1,539 $ — $ 3,076 $ 6,188 Weighted average interest rate(1) — 4.50 % — 4.50 % 4.50 % Average borrowings $ — $ 125,000 $ — $ 125,000 $ 123,973 (1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year. UBS Repurchase Facility On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to $ 125,000 was made available to the Company, or as amended, the UBS Repurchase Facility. Pursuant to the financing arrangement, assets in the Company's portfolio were contributed from time to time to Murray Hill Funding II. The assets held by Murray Hill Funding II secured the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II. Pursuant to an Indenture, dated May 19, 2017, between Murray Hill Funding II and U.S. Bank National Association, or U.S. Bank, as trustee, or the UBS Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was $ 192,308 . Murray Hill Funding, LLC, or Murray Hill Funding, purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value. The Company made capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II. 50 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Principal on the Notes was due and payable on the stated maturity date of May 19, 2027. Pursuant to the UBS Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The UBS Indenture contained events of default customary for similar transactions, including, without limitation: (a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure was not cured within three business days; (b) the failure to disburse amounts in accordance with the priority of payments and such failure was not cured within three business days; and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding. As of and through the termination of the UBS Indenture on February 13, 2025 (as described below), Murray Hill Funding II was in compliance with all covenants and reporting requirements. Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Repurchase Facility. Pursuant to the UBS Repurchase Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65 % of the principal amount of Notes purchased. Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Repurchase Facility was $ 192,308 . Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Repurchase Facility would not have exceeded $ 125,000 . Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Repurchase Facility by no later than May 19, 2020. The repurchase price paid by Murray Hill Funding to UBS was equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)). The financing fee under the UBS Repurchase Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period. On December 1, 2017, Murray Hill Funding II amended and restated the UBS Indenture, or the Amended UBS Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 . On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Repurchase Facility. As part of the Amended Master Confirmation, on December 15, 2017 and April 2, 2018, UBS purchased the increased aggregate principal amount of Notes held by Murray Hill Funding for an aggregate purchase price equal to 75 % of the principal amount of Notes issued. As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Repurchase Facility was increased from $ 125,000 to $ 200,000 . On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year. On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $ 133,333 from UBS for an aggregate repurchase price of $ 100,000 , which was then repaid by Murray Hill Funding II. The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Repurchase Facility as of May 19, 2020. As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Repurchase Facility for aggregate proceeds of $ 100,000 . On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding was required to repurchase the Notes to December 18, 2020. On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year. On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S. Bank, as note agent and trustee, which provided for a revolving credit facility in an aggregate principal amount of $ 50,000 , subject to compliance with a borrowing base. Murray Hill Funding II issued Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement. Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes. 51 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Class A-R Notes were issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S. Bank, as trustee, or the Second Amended UBS Indenture. Under the Second Amended UBS Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was $ 150,000 . Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes. Murray Hill Funding was required to repurchase the Class A-R Notes that were sold to UBS by no later than November 19, 2023. The financing fee for the funded Class A-R Notes was equal to the three-month LIBOR plus a spread of 3.375 % per year while the financing fee for the unfunded Class A-R Notes was equal to 0.75 % per year. On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation. Under both Confirmations, the date that Murray Hill Funding was required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase Facility was extended from November 19, 2023 to November 19, 2024. Also under both Confirmations, the financing fee payable to UBS was revised from a floating rate equal to the three-month LIBOR, plus a spread of 3.375 % per year, to a floating rate equal to the three-month SOFR , plus a spread of (a) to (but excluding) November 19, 2023, 3.525 % per year, and (b) thereafter, 3.20 % per year. The effective date of both Confirmations was June 15, 2023. On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 , $ 17,500 and $ 22,500 , respectively. On August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, for an aggregate repurchase price of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, which was then repaid by Murray Hill Funding II. The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024 resulted in repayments of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Repurchase Facility. On November 13, 2024, Murray Hill Funding entered into (i) a Sixth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the November 2024 Confirmations. Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Repurchase Facility. On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations. Under the January 2025 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase Facility was extended from January 15, 2025 to February 15, 2025 as a further bridge to the parties entering into a broader amendment to the Amended UBS Repurchase Facility. On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the Amended UBS Repurchase Facility, including, without limitation, the Global Master Repurchase Agreement (2000 version) dated as of May 15, 2017, as well as the annexes thereto and each confirmation and transaction supplement thereunder, the Second Amended and Restated UBS Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements. Simultaneously with terminating the Amended UBS Repurchase Facility, Murray Hill Funding II entered into the UBS Credit Facility with UBS (as described below). Prior to entering into the Termination Agreement, UBS could have required Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, was less than the required margin amount under the Amended UBS Repurchase Facility; provided, however, that Murray Hill Funding would not have been required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets. 52 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Company had no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding. The Company could have, but was not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding became obligated in connection with the Amended UBS Repurchase Facility. The Company’s exposure under the Amended UBS Repurchase Facility was limited to the value of the Company’s investment in Murray Hill Funding. Pursuant to the Amended UBS Repurchase Facility, Murray Hill Funding made certain representations and warranties and was required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions. The Amended UBS Repurchase Facility contained events of default customary for similar financing transactions, including, without limitation: (a) failure to transfer the Notes to UBS on the applicable purchase date or repurchase the Notes from UBS on the applicable repurchase date; (b) failure to pay certain fees and make-whole amounts when due; (c) failure to post cash collateral as required; (d) the occurrence of insolvency events with respect to Murray Hill Funding; and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Repurchase Facility. As of and through the termination of the Amended UBS Repurchase Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements. Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining and amending the Amended UBS Repurchase Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Repurchase Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Repurchase Facility. At June 30, 2026, all upfront fees and other expenses were fully amortized. 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 Amended UBS Repurchase Facility were as follows: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ — $ — $ — $ 919 $ 919 Non-usage fee — — — 45 45 Total interest expense $ — $ — $ — $ 964 $ 964 Weighted average interest rate(1) — — — 8.07 % 8.07 % Average borrowings $ — $ — $ — $ 12,757 $ 11,781 (1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Repurchase Facility and is annualized for periods covering less than one year. UBS Credit Facility Simultaneously with terminating the Amended UBS Repurchase Facility on February 13, 2025 (as described above), Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the UBS Credit Facility, with UBS, as administrative agent, Murray Hill Funding, as equity holder, CIM, as collateral manager, each of the lenders from time-to-time party thereto, and US Bank, as collateral agent and document custodian. Under the UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to $ 125,000 is SOFR plus a credit spread of 2.75 % per year. All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028. Murray Hill Funding II may prepay advances pursuant to the terms and conditions of the UBS Credit Facility, subject to a 2.0 % premium in certain circumstances. In addition, Murray Hill Funding II will be subject to a non-usage fee of 0.75 % per year on the amount, if any, of the aggregate principal amount available under the UBS Credit Facility that has not been borrowed up to the minimum utilization amount of $ 100,000 . Interest and non-usage fees, if any, are payable monthly in arrears. Pursuant to the UBS Credit Facility, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II, which secure the obligations of Murray Hill Funding II under the UBS Credit Facility. UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the UBS Credit Facility; provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets. 53 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding. The Company may, but is not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding becomes obligated in connection with the UBS Credit Facility. The Company’s exposure under the UBS Credit Facility is limited to the value of the Company’s investment in Murray Hill Funding. 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 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 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 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 2026 2025 Stated interest expense $ 1,623 $ 1,782 $ 3,226 $ 2,705 $ 6,192 Non-usage fee 47 48 94 72 168 Amortization of deferred financing costs 101 100 200 151 355 Total interest expense $ 1,771 $ 1,930 $ 3,520 $ 2,928 $ 6,715 Weighted average interest rate(1) 6.61 % 7.24 % 6.60 % 7.24 % 7.11 % Average borrowings $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 (1) Includes the stated interest expense and non-usage fee on the unused portion of the UBS Credit Facility and is annualized for periods covering less than one year. 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 % 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 % 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 % 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. 54 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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 % 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 Amortization of deferred financing costs 157 241 Total interest expense $ 2,689 $ 4,235 Weighted average interest rate(1) 7.50 % 7.50 % Average borrowings $ 135,000 $ 135,000 (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 On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued $ 80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes. The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023. The Series A Notes are denominated in New Israeli Shekels, or NIS, but payment is linked to the US dollar based on an NIS conversion rate from February 20, 2023. As a result, the Series A Notes do not result in any foreign currency translation. After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $ 77,900 , which it used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Series A Notes are rated investment grade. The carrying amount outstanding under the Series A Notes approximates its fair value. The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust. The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023. The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities. The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525,000 , (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00. In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company’s other indebtedness in an outstanding aggregate principal amount of at least $ 50,000 , certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended June 30, 2026, the Company was in compliance with all covenants and reporting requirements. 55 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) On October 10, 2023, the Company issued $ 34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel. The Additional Series A Notes were issued pursuant to the Deed of Trust and were issued by way of expanding, and have the same terms and conditions as, the existing Series A Notes that were issued by the Company on February 28, 2023. After the deduction of fees and other offering expenses, the Company received net proceeds of $ 32,317 , which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Additional Series A Notes are rated investment grade, and commenced trading on the TASE on October 10, 2023 under the ticker symbol “CION B1”. 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 . 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 Series A Notes were as follows: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ 2,161 $ 2,452 $ 4,419 $ 4,753 $ 9,277 Amortization of deferred financing costs 397 397 790 790 1,594 Total interest expense $ 2,558 $ 2,849 $ 5,209 $ 5,543 $ 10,871 Weighted average interest rate(1) 7.45 % 8.44 % 7.65 % 8.23 % 7.97 % Average borrowings $ 114,844 $ 114,844 $ 114,844 $ 114,844 $ 114,844 (1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year. Floating Rate 2027 Notes On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes, tranche A, due 2027, or the Tranche A Floating Rate 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the Tranche A Floating Rate 2027 Notes. The net proceeds to the Company were $ 98,290 , after the deduction of placement agent fees and other financing expenses, which the Company used to primarily repay debt under its senior secured financing arrangements, make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes. The Tranche A Floating Rate 2027 Notes are rated investment grade. The Tranche A Floating Rate 2027 Notes mature on November 8, 2027. The Tranche A Floating Rate 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on February 15, 2024. The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the Tranche A Floating Rate 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of Tranche A Floating Rate 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Tranche A Floating Rate 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the Tranche A Floating Rate 2027 Notes to be redeemed, plus accrued and unpaid interest, if any. For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the Tranche A Floating Rate 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of the Tranche A Floating Rate 2027 Notes, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement. 56 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) The Tranche A Floating Rate 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities. The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio. The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans, notes or indebtedness in excess of $ 25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement. In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy. As of and for the 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. The Tranche B Floating Rate 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the Tranche A Floating Rate 2027 Notes that were issued by the Company in November 2023. The net proceeds to the Company were approximately $ 96,200 , after the deduction of a commitment fee of $ 2,875 , placement agent fees and other financing expenses. The Tranche B Floating Rate 2027 Notes are rated investment grade. The Tranche B Floating Rate 2027 Notes also mature on November 8, 2027. The Tranche B Floating Rate 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on November 15, 2024. Through 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 . 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 Floating Rate 2027 Notes were as follows: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ 3,999 $ 4,273 $ 8,031 $ 8,697 $ 17,173 Amortization of deferred financing costs 405 405 805 805 1,623 Total interest expense $ 4,404 $ 4,678 $ 8,836 $ 9,502 $ 18,796 Weighted average interest rate(1) 7.98 % 8.65 % 8.03 % 8.70 % 8.59 % Average borrowings $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 (1) Includes the stated interest expense on the Floating Rate 2027 Notes and is annualized for periods covering less than one year. 57 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) 2022 Term Loan On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2022 Term Loan Agreement, with an Israeli institutional investor, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $ 50,000 , or the 2022 Term Loan. On April 27, 2022, the Company drew down $ 50,000 of borrowings under the 2022 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 49,000 , which it used for working capital and other general corporate purposes. The carrying amount outstanding under the 2022 Term Loan approximates its fair value. Advances under the 2022 Term Loan bear interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.50 % per year and subject to a 1.0 % SOFR floor, payable quarterly in arrears. Advances under the 2022 Term Loan mature on April 27, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2022 Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00 %. Advances under the 2022 Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities. The 2022 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2021 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the 2022 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy. As of and for the 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 . 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 2022 Term Loan were as follows: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Stated interest expense $ 910 $ 985 $ 1,807 $ 1,964 $ 3,918 Amortization of deferred financing costs 52 52 102 102 205 Total interest expense $ 962 $ 1,037 $ 1,909 $ 2,066 $ 4,123 Weighted average interest rate(1) 7.20 % 7.80 % 7.19 % 7.81 % 7.73 % Average borrowings $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 (1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year. 58 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) 2024 Term Loan On September 30, 2024, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2024 Term Loan Agreement, with an Israeli institutional investor, as lender, which provides for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 , or the 2024 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,400 less customary legal fees and other expenses, which the Company used for working capital and other general corporate purposes. Advances under the 2024 Term Loan bear interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.80 % per year and subject to a 4.0 % SOFR floor, payable quarterly in arrears. Advances under the 2024 Term Loan mature on September 30, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2024 Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00 %. Advances under the 2024 Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities. The 2024 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) an interest coverage ratio of not less than 1.25 to 1.00, and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended 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 Amortization of deferred financing costs 64 64 127 142 271 Total interest expense $ 655 $ 678 $ 1,303 $ 1,366 $ 2,713 Weighted average interest rate(1) 7.80 % 8.10 % 7.80 % 8.11 % 8.03 % Average borrowings $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 (1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year. 59 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 9. Fair Value of Financial Instruments 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 Senior secured first lien debt $ — $ — $ 1,303,616 $ 1,303,616 $ — $ — $ 1,370,525 $ 1,370,525 Senior secured second lien debt — — — — — — — — Collateralized securities and structured products - equity — — — — — — 5,028 5,028 Unsecured debt — — 7,359 7,359 — — 6,639 6,639 Equity 3,580 — 321,520 325,100 6,268 — 294,841 301,109 Short term investments 154,934 — — 154,934 116,010 — — 116,010 Total Investments $ 158,514 $ — $ 1,632,495 $ 1,791,009 $ 122,278 $ — $ 1,677,033 $ 1,799,311 (1) Excludes the Company's $ 9,084 investment in CION/EagleTree, which is measured at NAV. (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 and six months ended June 30, 2026 and 2025: Three 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, 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 Investments purchased(2)(3) 194,479 — — 96 10,729 205,304 Net realized (loss) gain ( 19,019 ) — ( 69 ) — 1,359 ( 17,729 ) Net change in unrealized (depreciation) appreciation ( 12,233 ) — ( 59 ) 624 17,593 5,925 Accretion of discount 4,534 — — — — 4,534 Sales and principal repayments(3) ( 234,670 ) — ( 4,900 ) — ( 3,002 ) ( 242,572 ) 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. 60 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. 61 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Three 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, 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 loss ( 29,551 ) — — — ( 531 ) ( 30,082 ) Net change in unrealized (depreciation) appreciation ( 21,520 ) ( 1,824 ) ( 122 ) 293 350 ( 22,823 ) Accretion of discount 4,198 11 — — — 4,209 Sales and principal repayments(3) ( 179,895 ) — ( 512 ) ( 4,103 ) — ( 184,510 ) Net transfers in and/or (out) of Level 3 — — — — ( 956 ) ( 956 ) 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. 62 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 June 30, 2026 and December 31, 2025 were as follows: June 30, 2026 Fair Value Valuation Techniques/ Methodologies Unobservable Inputs Range Weighted Average(1) Senior secured first lien debt $ 1,051,819 Discounted Cash Flow Discount Rates 9.0 % — 33.8 % 14.5 % 97,539 Market Comparable Approach Revenue Multiple 0.95 x — 3.25 x 1.79 x 66,532 EBITDA Multiple 2.75 x — 10.00 x 6.85 x 34,716 Other(2) Probability Weighted Recovery Rate 15 % — 100 % 85 % 24,223 Insurance Claim Recovery Rate 43 % N/A 28,787 Broker Quotes Broker Quotes N/A N/A Senior secured second lien debt — Market Comparable Approach Revenue Multiple 1.33 x 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 857 Options Pricing Model Expected Volatility 30 % N/A Equity 131,666 Market Comparable Approach EBITDA Multiple 2.75 x — 23.00 x 12.54 x 108,798 $ per kW $ 1,025 N/A 59,928 Revenue Multiple 0.46 x — 3.25 x 0.64 x 18,440 Options Pricing Model Expected Volatility 40 % — 76 % 56 % 2,587 Other(2) Other(2) N/A N/A 101 Broker Quotes Broker Quotes N/A N/A Total $ 1,632,495 (1) Weighted average amounts are based on the estimated fair values. (2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors. 63 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) December 31, 2025 Fair Value Valuation Techniques/ Methodologies Unobservable Inputs Range Weighted Average(1) Senior secured first lien debt $ 1,125,658 Discounted Cash Flow Discount Rates 8.3 % — 56.1 % 13.3 % 123,118 Market Comparable Approach Revenue Multiple 0.75 x — 4.00 x 1.71 x 43,583 EBITDA Multiple 1.50 x — 5.00 x 3.33 x 34,919 Other(2) Probability Weighted Recovery Rate 15 % — 100 % 97 % 23,133 Insurance Claim Recovery Rate 38.3 % N/A 20,114 Broker Quotes Broker Quotes N/A N/A Senior secured second lien debt — Market Comparable Approach Revenue Multiple 1.43 x N/A Collateralized securities and structured products - equity 5,028 Discounted Cash Flow Discount Rates 13.5 % N/A Unsecured debt 4,840 Other(2) Probability Weighted Recovery Rate 25 % N/A 1,646 Discounted Cash Flow Discount Rates 12.3 % N/A 153 Market Comparable Approach EBITDA Multiple 9.75 x N/A Equity 127,094 Market Comparable Approach EBITDA Multiple 4.00 x — 26.38 x 12.49 x 105,657 $ per kW $ 1,000 N/A 34,934 Revenue Multiple 0.35 x — 4.00 x 0.63 x 16,775 Options Pricing Model Expected Volatility 43.3 % — 112.5 % 57.3 % 9,571 Broker Quotes Broker Quotes N/A N/A 810 Other(2) Other(2) N/A N/A Total $ 1,677,033 (1) Weighted average amounts are based on the estimated fair values. (2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors. The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively. Note 10. General and Administrative Expense General and administrative expense consisted of the following items for the three and six months ended June 30, 2026 and 2025 and the year ended December 31, 2025: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Professional fees $ 339 $ 87 $ 1,182 $ 855 $ 1,759 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 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 Other expenses 60 24 90 55 110 Total general and administrative expense $ 1,543 $ 1,393 $ 3,505 $ 3,229 $ 6,334 64 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 11. Commitments and Contingencies The Company entered into certain contracts with related and other parties that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote. As of 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. $ 7,284 $ — Dependable Acquisition Inc. 5,000 — Metrc Inc. 4,500 4,500 Straine Dental Management, LLC 3,618 3,741 APS Acquisition Holdings, LLC 3,484 5,979 American Health Staffing Group, Inc. 2,500 2,500 Instant Web, LLC 2,488 2,704 CrossLink Professional Tax Solutions, LLC 2,209 982 Tactical Air Support, Inc. 2,000 2,000 Bradshaw International Parent Corp. 1,844 1,844 Thrill Holdings LLC 1,739 1,739 SHF Holdings, Inc. 1,739 1,739 Trademark Global, LLC 1,588 — Adapt Laser Acquisition, Inc. 1,500 560 Stengel Hill Architecture, LLC 1,425 1,425 Newbury Franklin Industrials, LLC 1,066 1,066 David's Bridal, LLC(2) 1,000 4,000 American Clinical Solutions LLC 1,000 — TMK Hawk Parent, Corp. 779 779 Berlitz Holdings, Inc. 692 2,977 Optio Rx, LLC 658 658 LAV Gear Holdings, Inc. 580 726 Invincible Boat Company LLC 479 80 BDS Solutions Intermediateco, LLC 429 476 RA Outdoors, LLC 330 1,083 HW Acquisition, LLC 294 — Inotiv, Inc. 145 — Spinal USA, Inc. / Precision Medical Inc. 125 125 Cennox, Inc. 30 30 Sleep Opco, LLC — 2,060 Gold Medal Holdings, Inc. — 1,632 ESP Associates, Inc. — 1,118 Ironhorse Purchaser, LLC — 816 Avison Young (USA) Inc. — 440 Total $ 50,525 $ 47,779 (1) Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated. (2) The Company may be required to fund an additional $ 20,000 if certain conditions are satisfied. See footnote g. to the consolidated schedule of investments as of June 30, 2026. 65 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Unfunded commitments to provide funds to companies are not recorded as liabilities on the Company’s consolidated balance sheets. To the extent that interest rates on unfunded commitments are below market, a liability is recorded in the consolidated schedule of investments. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of 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). The Company will not fund its unfunded commitments from future net proceeds generated by securities offerings, if any. The Company follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments. Specifically, the Company prepares detailed analyses of the level of its unfunded commitments relative to its then available liquidity on a daily basis. These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments. Note 12. Fee Income Fee income consists of amendment fees, capital structuring and other fees, commitment fees and administrative agent fees. 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 June 30, Six Months Ended June 30, Year Ended December 31, 2026 2025 2026 2025 2025 Amendment fees $ 2,514 $ 929 $ 5,023 $ 4,412 $ 9,606 Capital structuring and other fees 396 783 761 1,283 5,283 Commitment fees — — — — 5,083 Administrative agent fees — — — — 100 Total(1) $ 2,910 $ 1,712 $ 5,784 $ 5,695 $ 20,072 (1) A portion of our fee income is derived from non-controlled, affiliated investments and controlled investments. Refer to notes r. and s. to the consolidated schedules of investments as of 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. Income from all other fees was non-recurring. 66 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) June 30, 2026 (in thousands, except share and per share amounts) Note 13. Financial Highlights The following is a schedule of financial highlights as of and for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025: Six Months Ended June 30, Year Ended December 31, 2026 2025 2025 Per share data:(1) Net asset value at beginning of period $ 13.76 $ 15.43 $ 15.43 Results of operations: Net investment income 0.54 0.68 1.78 Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 0.37 ) ( 0.97 ) ( 2.18 ) Net increase (decrease) in net assets resulting from operations(2) 0.17 ( 0.29 ) ( 0.40 ) Shareholder distributions: Distributions from net investment income ( 0.60 ) ( 0.72 ) ( 1.44 ) Net decrease in net assets resulting from shareholders' distributions ( 0.60 ) ( 0.72 ) ( 1.44 ) Capital share transactions: Repurchases of common stock below net asset value(3) 0.24 0.08 0.17 Net increase in net assets resulting from capital share transactions 0.24 0.08 0.17 Net asset value at end of period $ 13.57 $ 14.50 $ 13.76 Shares of common stock outstanding at end of period 49,202,704 52,303,842 51,417,866 Total investment return-net asset value(4) 6.93 % 1.46 % 3.29 % Total investment return-market value(5) ( 30.15 ) % ( 9.36 ) % ( 1.75 ) % Net assets at beginning of period $ 707,628 $ 820,810 $ 820,810 Net assets at end of period $ 667,776 $ 758,610 $ 707,628 Average net assets $ 675,767 $ 788,825 $ 775,218 Ratio/Supplemental data: Ratio of net investment income to average net assets(6) 8.07 % 9.25 % 12.00 % Ratio of net operating expenses to average net assets(6) 21.57 % 18.44 % 19.06 % Portfolio turnover rate(7) 7.91 % 5.77 % 14.92 % Total amount of senior securities outstanding $ 1,174,844 $ 1,117,344 $ 1,139,844 Asset coverage ratio(8) 1.57 1.68 1.62 (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 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. 67 CĪON Investment Corporation Notes to Consolidated Financial Statements (unaudited) 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. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized. (5) Total investment return-market value for the 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. The historical calculation of total investment return-market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. (6) Ratios are annualized. (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments. Portfolio turnover rate is not annualized. (8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period. Note 14. 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. 68 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. 69