Here are 1-3 brief analogies to describe CION Invt:

• It's like a publicly traded private credit fund that lends money to, and occasionally takes small equity stakes in, profitable, medium-sized US businesses.
• Imagine a private equity firm, but instead of buying entire companies, CION primarily provides debt financing (with some equity) to help established mid-sized businesses grow, and its shares are publicly traded for public investors.

• Senior Secured Loans: Provides financing secured by collateral, including unitranche, First Lien, and second lien structures, to middle-market companies.
• Subordinated Debt: Offers long-term subordinated and mezzanine loans, which typically have a lower repayment priority than senior debt.
• Equity Investments: Acquires equity interests such as warrants, options, and minority common or preferred equity stakes, often alongside debt investments.
• Corporate Bonds and Other Debt Securities: Invests in corporate bonds and a variety of other debt instruments issued by target companies.
• Secondary Loan Market Investments: Participates in the secondary market by purchasing existing loans.

Mark Gatto, Co-Founder & Co-Chief Executive Officer

Mark Gatto is a Co-Founder, Co-Chief Executive Officer, and Co-President of CION Investment Group, CION Investment Corporation (CIC), and CION Grosvenor Infrastructure Fund. He also serves as a Director and Co-Chief Executive Officer of CION Ares Diversified Credit Fund (CADC). CION Investments was co-founded by Mark Gatto and Michael A. Reisner in 2011. Mr. Gatto joined CION in 1999 and has held various executive roles, including Executive Vice President and Chief Acquisitions Officer. Before re-joining CION in 2005, he co-founded and served as managing partner of a specialty business-consulting firm in New York City.

Michael A. Reisner, Co-Founder & Co-Chief Executive Officer

Michael A. Reisner is a Co-Founder and Co-Chief Executive Officer of CION Investment Corporation. He co-founded CION Investments in 2011 with Mark Gatto.

Keith Franz, Managing Director, Chief Financial Officer

Keith Franz serves as the Managing Director and Chief Financial Officer of CION Investment Management. He is also listed as the Treasurer.

Gregg Bresner, President & Chief Investment Officer of CION Investment Management

Gregg Bresner is the President and Chief Investment Officer of CION Investment Management, a role he assumed upon joining CION in 2016. He brings over 25 years of experience in corporate finance, investment, and portfolio management, with a focus on the leveraged finance sector. Prior to CION, Mr. Bresner co-founded Briscoe Capital Management in 2003, a registered investment manager whose fund later merged into Plainfield Asset Management in 2006. He also previously served as the operating Chief Financial Officer of JDS Therapeutics.

Here are the key risks to CION Investment Corporation's business:

1. Increasing Credit Risk and Non-Accruals: CION specializes in lending to private, middle-market companies, which are often below investment grade and inherently carry higher default rates and credit risk compared to investment-grade companies. The company has experienced increasing non-accruals on its investments, indicating that some portfolio companies are not generating expected income, and borrower stress has been a contributing factor, including "tariff-related pressures." A potential recession or economic weakening could further escalate these issues, impacting the value and performance of CION's investment portfolio.
2. High Leverage and Dividend Sustainability Concerns: CION's financial health has been rated as poor due to its high leverage, with a significant debt-to-equity ratio. This elevated leverage, combined with a high dividend payout ratio and instances where net investment income has failed to cover distributions, raises substantial concerns about the long-term sustainability of its dividend payments. Analysts have indicated a high risk of a dividend cut.
3. Net Asset Value (NAV) Decline and Valuation Volatility: CION has reported a material reduction in its net asset value per share. This decline is primarily attributed to unrealized mark-to-market adjustments and underperformance in certain equity holdings. The stock also exhibits high volatility, suggesting that market fluctuations and valuation challenges can significantly impact its overall value.

CION Investment Corporation (CION) primarily focuses on providing senior secured loans, including unitranche, first lien, and second lien loans, as well as long-term subordinated loans, mezzanine loans, equity interests, corporate bonds, and other debt securities to middle-market companies in the United States. The addressable markets for CION's main products and services are primarily within the U.S. middle-market private credit sector.

• The overall U.S. private credit market, which heavily caters to middle-market firms and encompasses many of CION's investment types, reached approximately $1.3 trillion in early 2026. This market has expanded significantly, growing from $500 billion to $1.3 trillion over the past five years and is projected for continued growth.
• More specifically, the U.S. direct lending market, a core component of private credit for middle-market companies, was estimated at $1.0 trillion as of March 31, 2022, and approximately $1.5 trillion in 2024, with expectations to reach nearly $2 trillion by the end of the decade in North America.
• For unitranche loans, a type of senior secured loan that CION invests in, the U.S. middle-market deal volume reached a record $210 billion in 2024, a significant increase from $94 billion in 2023.
• The global mezzanine finance market, which includes subordinated debt investments made by CION, was valued at $197.52 billion in 2024 and is projected to grow to $212.58 billion in 2025 and $420.79 billion by 2034. North America, led by the United States, accounts for approximately 60% of this global market.

1. Growth in Investment Activity from a Stronger Origination Pipeline and Improving M&A Environment: CION anticipates an increase in new debt and equity investments in middle-market companies, fueled by a more robust origination pipeline and a more favorable mergers and acquisitions (M&A) backdrop. This activity is projected to lead to increased total investment income through new deployments and associated transaction fees.
2. Sustained Strong Performance of the Core First Lien Debt Portfolio: A significant portion of CION's portfolio, approximately 81%, is comprised of senior secured first lien loans. The continued solid performance of this core portfolio, marked by improved weighted average interest coverage, is a critical driver for stable and consistent interest income.
3. Realization of Earnings and Fees from Opportunistic First Lien Investments and Restructurings: CION employs an opportunistic investment strategy, including acquiring lightly syndicated first lien loan tranches at discounts and actively engaging in their restructuring or refinancing. Successful execution of these strategies can generate substantial realized earnings, yield-enhancing prepayment fees, accelerated original issue discount (OID), and other transaction-related fees, contributing to higher total investment income.
4. Strategic Capital Deployment and Enhanced Balance Sheet Flexibility: The company's ability to efficiently deploy capital into new investments and leverage its strengthened balance sheet, including recent unsecured borrowings, is vital. This enhanced financial flexibility supports the expansion of CION's investment portfolio, thereby driving higher investment income.

Share Repurchases

• CION Investment Corporation extended its $60 million share repurchase program through August 29, 2024.
• From the program's start on August 17, 2022, through June 30, 2023, CION repurchased approximately 2.3 million common shares for about $22.0 million.
• As of December 31, 2025, CION had repurchased a total of 5.54 million shares for an aggregate amount of $55.5 million under its 10b5-1 trading plan.

Share Issuance

• In February 2026, CION completed a public offering of $135 million in aggregate principal amount of its 7.50% fixed rate senior unsecured notes due 2031.
• In December 2025, CION issued $172.5 million in aggregate principal amount of senior unsecured notes, comprising $125 million of 7.70% notes due 2029 and $47.5 million of 7.41% notes due 2027.
• In October 2024, the company issued $172.5 million of its unsecured 7.50% Notes due 2029 through a public baby bond offering.

Outbound Investments

• As of December 31, 2024, CION had total investments at fair value of $1.82 billion across 105 portfolio companies.
• The investment portfolio as of December 31, 2024, was comprised of 86.1% senior secured loans, with 86.0% in first lien investments.
• During the fourth quarter of 2024, the company funded new investment commitments of $100 million and previously unfunded commitments of $12 million.