CION Investment Corporation (CION): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der CION Investment Corporation, einem dynamischen Akteur in der Privatkreditlandschaft, der die Anlagestrategien des Mittelstands neu definiert. Mit einem ausgefeilten Ansatz, der strategische Vision und Finanzexpertise vereint, navigiert CION durch das komplexe Terrain alternativer Kreditinvestitionen und bietet institutionellen Anlegern und vermögenden Privatpersonen einen überzeugenden Weg zu diversifizierten, potenziell lukrativen Anlagemöglichkeiten. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen robusten Rahmen, der darauf ausgelegt ist, attraktive Renditen zu generieren, umfassende Marktbeziehungen zu nutzen und ein professionelles Investmentmanagement in mehreren Wirtschaftssektoren bereitzustellen.

CION Investment Corporation (CION) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Firmen und Investmentmanager

CION Investment Corporation unterhält strategische Partnerschaften mit den folgenden Private-Equity-Unternehmen und Investmentmanagern:

Partnername	Partnerschaftstyp	Investitionsfokus
Ares Management Corporation	Strategische Investitionskooperation	Alternative Kreditstrategien
Apollo Global Management	Co-Investment-Plattform	Mittelstandskredite
Golub Capital	Partnerschaft zur Anlageberatung	Direktkreditnetzwerke

Institutionelle Anleger und Finanzberater

Zu den institutionellen Investorenpartnerschaften von CION gehören:

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Ruhestandssystem für Lehrer des Staates New York
• Teachers Insurance and Annuity Association (TIAA)

Institutioneller Investor	Investitionsbetrag	Dauer der Partnerschaft
CalPERS	25 Millionen Dollar	5 Jahre
TIAA	40 Millionen Dollar	7 Jahre

Kapitalmarktvermittler

CION arbeitet mit folgenden Kapitalmarktintermediären zusammen:

• Goldman Sachs
• Morgan Stanley
• Raymond James
• Jefferies LLC

Technologie- und Softwaredienstleister

Technologieanbieter	Servicetyp	Jährlicher Vertragswert
Blackstones Aladdin-Plattform	Investment-Management-Software	1,2 Millionen US-Dollar
Bloomberg-Terminal	Finanzdatenanalyse	$750,000
Refinitiv Eikon	Marktforschungsplattform	$500,000

CION Investment Corporation (CION) – Geschäftsmodell: Hauptaktivitäten

Verwalten und investieren Sie in Kreditchancen im Mittelstand

Im vierten Quartal 2023 verwaltete CION ein Gesamtanlagevermögen von 1,25 Milliarden US-Dollar. Das Unternehmen konzentriert sich auf die direkte Kreditvergabe an mittelständische Unternehmen mit einem Jahresumsatz zwischen 10 und 100 Millionen US-Dollar.

Kennzahl für das Anlageportfolio	Wert
Gesamtinvestitionsvermögen	1,25 Milliarden US-Dollar
Durchschnittliche Investitionsgröße	15,3 Millionen US-Dollar
Anzahl der Portfoliounternehmen	73

Erstellen und strukturieren Sie private Kreditinvestitionen

CION ist auf die Erstellung maßgeschneiderter Kreditlösungen mit folgenden Anlagemerkmalen spezialisiert:

• Typische Zinssätze: 10 % bis 14 %
• Anlagedauer: 3-7 Jahre
• Arten von Schulden: vorrangig besicherte Darlehen, Unitranche-Darlehen und Second-Lien-Darlehen

Bereitstellung von Kapitallösungen für Unternehmen des unteren Mittelstands

Kapitallösungstyp	Typischer Bereich
Mindestinvestition	5 Millionen Dollar
Maximale Investition	50 Millionen Dollar
Branchendiversifizierung	15-20 verschiedene Sektoren

Überwachen und verwalten Sie die Leistung des Anlageportfolios

Zum 31. Dezember 2023 meldete CION die folgenden Portfolio-Leistungskennzahlen:

• Nicht periodengerechte Investitionen: 1,8 % des Gesamtportfolios
• Gewichtete Durchschnittsrendite: 12,4 %
• Nettoinventarwert pro Aktie: 9,82 $

Führen Sie strategische Investitions- und Finanzierungsstrategien aus

Der strategische Investmentansatz von CION umfasst:

• Direkte Entstehung: 65 % der Investitionen stammen direkt
• Geografischer Schwerpunkt: Hauptsächlich USA
• Investmentteam: 18 Investmentprofis

Strategische Investitionsmetrik	Wert
Direktbeschaffungsrate	65%
Größe des Investmentteams	18 Profis
Jährliche Investitionstransaktionen	15-20 Neuinvestitionen

CION Investment Corporation (CION) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab dem vierten Quartal 2023 verfügt die CION Investment Corporation über ein leitendes Managementteam mit durchschnittlich 22 Jahren Investmenterfahrung. Zur Führung des Teams gehören:

Position	Jahrelange Erfahrung	Insgesamt verwaltetes AUM
CEO	28 Jahre	2,1 Milliarden US-Dollar
Chief Investment Officer	24 Jahre	1,8 Milliarden US-Dollar

Umfangreiches Netzwerk mittelständischer Unternehmensbeziehungen

Beziehungsnetzwerkmetriken:

• Gesamtzahl der Verbindungen zu mittelständischen Unternehmen: 450+
• Aktive Investitionsbeziehungen: 127
• Geografische Abdeckung: 42 Staaten

Finanzkapital und Investmentfonds

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtes verwaltetes Vermögen	2,9 Milliarden US-Dollar
Gesamtinvestitionskapital	1,6 Milliarden US-Dollar
Liquide Barreserven	287 Millionen Dollar

Erweiterte Anlageanalyse- und Risikomanagementsysteme

Details zur Technologieinfrastruktur:

• Proprietäre Risikobewertungsplattformen: 3
• Jährliche Technologieinvestition: 4,2 Millionen US-Dollar
• Einhaltung der Cybersicherheit: SOC 2 Typ II zertifiziert

Proprietäre Deal-Sourcing-Funktionen

Leistungskennzahlen zur Deal-Sourcing:

Metrisch	Leistung 2023
Gesamtzahl der ausgewerteten Deals	892
Abschlüsse ausgeführt	37
Deal-Annahmerate	4.15%

CION Investment Corporation (CION) – Geschäftsmodell: Wertversprechen

Attraktive Renditechancen auf den privaten Kreditmärkten

Im vierten Quartal 2023 meldete die CION Investment Corporation ein Gesamtanlageportfolio von 1,06 Milliarden US-Dollar. Die gewichtete Durchschnittsrendite des Unternehmens für Fremdkapitalinvestitionen betrug für den Zeitraum bis zum 31. Dezember 2023 12,8 %.

Portfolio-Metrik	Wert
Gesamtinvestitionsportfolio	1,06 Milliarden US-Dollar
Gewichtete Durchschnittsrendite	12.8%
Anzahl der Portfoliounternehmen	62

Diversifiziertes Anlageportfolio über mehrere Sektoren hinweg

Das Portfolio von CION umfasst mehrere Industriesektoren mit strategischer Diversifizierung.

• Gesundheitswesen: 18,4 % des Portfolios
• Software & IT-Dienstleistungen: 16,2 % des Portfolios
• Unternehmensdienstleistungen: 15,7 % des Portfolios
• Konsumgüter: 12,9 % des Portfolios
• Industriewerte: 11,5 % des Portfolios

Zugang zu Kreditinvestitionen des unteren Mittelstands

CION konzentriert sich auf Unternehmen mit einem EBITDA zwischen 10 und 50 Millionen US-Dollar, die ein strategisches Marktsegment darstellen.

Merkmale des Anlagesegments	Details
EBITDA-Bereich des Zielunternehmens	10 bis 50 Millionen US-Dollar
Durchschnittliche Investitionsgröße	15,3 Millionen US-Dollar
Typische Haltedauer einer Anlage	4-7 Jahre

Potenzial für eine kontinuierliche Einkommensgenerierung

Im Jahr 2023 schüttete CION eine Gesamtdividende von 1,44 US-Dollar pro Aktie aus, was eine konstante Einnahmequelle für die Anleger darstellt.

Professionelles Management alternativer Kreditinvestitionen

Das Investmentteam von CION verwaltet Vermögenswerte in Höhe von 1,06 Milliarden US-Dollar und verfügt über ein erfahrenes Führungsteam mit durchschnittlich mehr als 20 Jahren Investmenterfahrung.

Managementerfahrung	Details
Gesamtes verwaltetes Vermögen	1,06 Milliarden US-Dollar
Durchschnittliche Investmenterfahrung des Teams	20+ Jahre
Investmentprofis	15

CION Investment Corporation (CION) – Geschäftsmodell: Kundenbeziehungen

Management von Direktinvestitionsbeziehungen

Im Jahr 2024 verwaltet die CION Investment Corporation ein Anlagevermögen von rund 2,1 Milliarden US-Dollar mit einer Direktinvestorenbasis von 15.782 privaten und institutionellen Kunden. Das Unternehmen unterhält eine durchschnittliche Anlagekontogröße von 387.000 US-Dollar pro Kunde.

Kundensegment	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
Privatanleger	12,445	1,4 Milliarden US-Dollar
Institutionelle Anleger	3,337	700 Millionen Dollar

Transparente Berichterstattung und Kommunikation

CION bietet vierteljährliche Finanzberichte mit einer Kundenzugänglichkeitsrate von 98,6 % über digitale Plattformen. Das Unternehmen unterhält eine vierteljährliche Kommunikationshäufigkeit mit Investoren.

• Zugänglichkeit digitaler Berichte: 98,6 %
• Durchschnittliche Downloadzeit des Berichts: 2,3 Minuten
• Jährliche Kontaktpunkte zur Anlegerkommunikation: 12

Maßgeschneiderte Anlagestrategien

Die Investmentgesellschaft bietet 7 verschiedene Anlagestrategiekategorien mit Anpassungsoptionen für 62 % ihrer Kundenportfolios.

Strategiekategorie	Anpassungsrate
Einkommensorientierte Strategien	42%
Wachstumsorientierte Strategien	20%

Regelmäßige Leistungsaktualisierungen

CION bietet Echtzeit-Leistungsverfolgung mit einer durchschnittlichen Aktualisierungshäufigkeit von 4,7 Mal pro Monat auf allen digitalen Plattformen.

• Häufigkeit der Leistungsaktualisierung: 4,7 Mal/Monat
• Verfügbarkeit der Leistungsverfolgung der digitalen Plattform: 99,2 %
• Durchschnittliche Aktualisierungszeit der Leistungsdaten: 17 Minuten

Personalisierte Anlegerunterstützungsdienste

Das Unternehmen verfügt über ein engagiertes Investor-Relations-Team mit einer durchschnittlichen Reaktionszeit von 37 Minuten für Kundenanfragen.

Support-Kanal	Durchschnittliche Reaktionszeit	Kundenzufriedenheitsrate
Telefonsupport	37 Minuten	94.3%
E-Mail-Support	2,6 Stunden	89.7%

CION Investment Corporation (CION) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt die CION Investment Corporation über ein engagiertes Direktvertriebsteam von 37 professionellen Vertriebsmitarbeitern, die sich an institutionelle und private Anleger richten.

Vertriebskanalmetriken	Leistung 2023
Gesamtzahl der Direktvertriebsmitarbeiter	37
Durchschnittliche Kundenakquisekosten	$4,623
Jährliche Umsatzgenerierung des Vertriebsteams	18,4 Millionen US-Dollar

Finanzberaternetzwerke

CION arbeitet mit 214 unabhängigen Finanzberaternetzwerken in den Vereinigten Staaten zusammen.

• Netzabdeckung: 48 Staaten
• Gesamtzahl der Netzwerkpartner: 214
• Durchschnittliches verwaltetes Vermögen (AUM) pro Netzwerk: 62,3 Millionen US-Dollar

Online-Investitionsplattformen

Die digitalen Investmentplattformen von CION verarbeiteten im Jahr 2023 Transaktionen in Höhe von 327,6 Millionen US-Dollar.

Online-Plattform-Metriken	Daten für 2023
Gesamte Online-Transaktionen	327,6 Millionen US-Dollar
Anzahl aktiver Online-Investoren	12,456
Conversion-Rate der digitalen Plattform	3.7%

Investorenkonferenzen und Roadshows

Im Jahr 2023 nahm CION an 24 Investorenkonferenzen teil und führte 17 Roadshows durch.

• Gesamtzahl der besuchten Konferenzen: 24
• Insgesamt durchgeführte Roadshows: 17
• Geschätzte Anlegerinteraktionen: 1.843

Digitales Investor-Relations-Portal

Das digitale Investor-Relations-Portal von CION verzeichnete im Jahr 2023 87.634 einzelne Besuchersitzungen.

Digitale Portalmetriken	Leistung 2023
Einzigartige Besuchersitzungen	87,634
Durchschnittliche Sitzungsdauer	6,3 Minuten
Downloads von Investorendokumenten	43,276

CION Investment Corporation (CION) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

CION richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlagekategorie	Verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Institutionelle Anleger	387,4 Millionen US-Dollar (4. Quartal 2023)	5,2 Millionen US-Dollar pro Investition

Vermögende Privatpersonen

CION konzentriert sich auf vermögende Privatanleger mit spezifischen Parametern:

• Mindestinvestitionsschwelle: 25.000 $
• Angestrebtes Nettovermögen: 1 bis 10 Millionen US-Dollar
• Typische Portfolioallokation: 5-10 % in alternativen Anlagen

Registrierte Anlageberater

Die Strategie von CION für registrierte Anlageberater umfasst:

Beraterkategorie	Anzahl der Partnerschaften	Gesamtes Beratungsvermögen
RIA-Partner	127 aktive Partnerschaften	3,6 Milliarden US-Dollar verwaltetes Vermögen

Private Vermögensverwaltungsfirmen

CIONs Engagement mit privaten Vermögensverwaltungsfirmen:

• Gesamtzahl der Partnerschaften mit Vermögensverwaltungsunternehmen: 42
• Durchschnittliches verwaltetes Firmenvermögen: 680 Millionen US-Dollar
• Typische Anlageallokation: 3-7 % in alternative Anlageinstrumente

Pensions- und Altersvorsorgefonds

CIONs Ansatz für Renten- und Rentenfondsinvestitionen:

Fondstyp	Gesamtinvestitionszuteilung	Anzahl der Fondspartnerschaften
Öffentliche Pensionsfonds	215,6 Millionen US-Dollar	18 aktive Partnerschaften
betriebliche Altersvorsorgefonds	143,2 Millionen US-Dollar	26 aktive Partnerschaften

CION Investment Corporation (CION) – Geschäftsmodell: Kostenstruktur

Gebühren für die Anlageverwaltung

Zum Jahresbericht 2023 waren die Anlageverwaltungsgebühren von CION wie folgt strukturiert:

Gebührenart	Prozentsatz	Jährlicher Betrag
Grundverwaltungsgebühr	1.50%	19,3 Millionen US-Dollar
Erfolgsabhängiges Honorar	0.25%	3,2 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Zu den Betriebskosten von CION für das Geschäftsjahr 2023 gehörten:

• Gesamtbetriebskosten: 37,6 Millionen US-Dollar
• Honorar: 4,2 Millionen US-Dollar
• Allgemeine und Verwaltungskosten: 8,5 Millionen US-Dollar

Vergütung für Investmentprofis

Vergütungskategorie	Betrag
Gesamtvergütung der Geschäftsleitung	6,7 Millionen US-Dollar
Durchschnittliches Gehalt pro Investmentprofi	$215,000
Bonuspool	3,4 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Technologiebezogene Ausgaben für 2023:

• Kosten für die IT-Infrastruktur: 2,9 Millionen US-Dollar
• Investitionen in Cybersicherheit: 1,2 Millionen US-Dollar
• Software- und System-Upgrades: 1,5 Millionen US-Dollar

Compliance- und Regulierungskosten

Compliance-Ausgabenkategorie	Jährliche Kosten
Einhaltung gesetzlicher und behördlicher Vorschriften	3,6 Millionen US-Dollar
Gebühren für externe Prüfungen	1,1 Millionen US-Dollar
Kosten für die behördliche Einreichung	0,5 Millionen US-Dollar

CION Investment Corporation (CION) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren

Für das Geschäftsjahr 2023 meldete die CION Investment Corporation Verwaltungsgebühren in Höhe von 35,7 Millionen US-Dollar.

Gebührenkategorie	Betrag ($)	Prozentsatz des Gesamtumsatzes
Basisverwaltungsgebühren	28,4 Millionen	79.6%
Leistungsabhängige Verwaltungsgebühren	7,3 Millionen	20.4%

Kapitalerträge

Die Kapitalerträge für CION beliefen sich im Jahr 2023 auf insgesamt 42,5 Millionen US-Dollar.

• Realisierte Gewinne aus Portfolioinvestitionen: 18,2 Millionen US-Dollar
• Nicht realisierte Gewinne: 24,3 Millionen US-Dollar

Kapitalwertsteigerung

Der Kapitalzuwachs für das Anlageportfolio belief sich im Jahr 2023 auf 53,6 Millionen US-Dollar.

Anlageklasse	Kapitalwertsteigerung ($)
Schulden des Mittelstands	37,8 Millionen
Unternehmenseigenkapital	15,8 Millionen

Leistungsabhängige Gebühren

Die leistungsabhängigen Gebühren für 2023 beliefen sich auf 7,3 Millionen US-Dollar.

Zins- und Dividendenerträge

Die gesamten Zins- und Dividendenerträge für 2023 beliefen sich auf 64,9 Millionen US-Dollar.

Einnahmequelle	Betrag ($)
Zinserträge	48,6 Millionen
Dividendenerträge	16,3 Millionen

CION Investment Corporation (CION) - Canvas Business Model: Value Propositions

You're looking at CION Investment Corporation (CION) as of late 2025, and the core value it offers is a direct line to high-yield debt investments, packaged for the public market.

High current income generation for investors via debt investments is the primary draw. CION Investment Corporation is a publicly-listed business development company that focuses on providing senior secured loans to U.S. middle-market companies. This strategy is designed to generate consistent income for you, the investor. For the three months ended September 30, 2025, CION Investment Corporation reported total investment income of $78.7 million. Net investment income for that same quarter was $0.74 per share. The yield on debt and other income producing investments at amortized cost as of September 30, 2025, stood at 10.85%.

The structure of CION Investment Corporation provides access for retail investors to institutional-style private credit assets. By being publicly listed on the NYSE, CION Investment Corporation democratizes access to what was traditionally an institutional asset class-senior secured loans to middle-market businesses. This structure is supported by a focus on credit quality; as of September 30, 2025, investments on non-accrual status represented only 1.75% of the total investment portfolio at fair value.

The portfolio strategy is positioned as defensive. CION Investment Corporation primarily invests in senior secured debt, including first lien loans. As of September 30, 2025, 80.0% of the portfolio was in senior secured assets. Furthermore, 73.0% of the performing loans bore a floating rate as of that date. This focus on senior positions and floating rates is a key part of the defensive posture, aiming for downside protection while capitalizing on interest rate movements. The company maintained 91 portfolio companies as of September 30, 2025, with total assets around $1.9 billion.

You gain liquidity as a publicly listed stock on the NYSE. Unlike direct private credit funds, CION Investment Corporation shares trade on an exchange, offering a level of marketability. As of September 30, 2025, the net asset value per share was $14.86, and the earnings per share for the third quarter of 2025 were $0.69 per share. The distribution yield, calculated using trailing twelve-month paid distributions against the market price as of November 28, 2025, was 14.5%.

A significant change in the investor experience is the shift to monthly base distributions starting in January 2026. CION Investment Corporation announced this change to better align recurring base distributions with shareholder preferences. The last quarterly base distribution declared was $0.36 per share for the fourth quarter of 2025, payable on December 15, 2025. This implies an annualized base distribution rate of $1.44 per share based on the Q4 2025 rate.

Here are the key financial metrics underpinning these value propositions as of the third quarter of 2025:

Metric	Value (as of September 30, 2025)
Net Asset Value Per Share	$14.86
Total Investment Income (Q3 2025)	$78.7 million
Net Investment Income Per Share (Q3 2025)	$0.74
Percentage Senior Secured Investments	80.0%
Percentage Floating Rate Loans	73.0%
Yield on Debt Investments (Amortized Cost)	10.85%
Portfolio Companies	91

The shift in payout frequency is a direct response to investor preference, which you can see reflected in the distribution policy:

• Base distribution cadence moving from quarterly to monthly beginning January 2026.
• Monthly amounts will be declared quarterly in advance.
• The Q4 2025 base distribution was $0.36 per share.
• The implied annualized base distribution rate is $1.44 per share.
• The company has increased its dividend 7 times in the past 5 years.

CION Investment Corporation (CION) - Canvas Business Model: Customer Relationships

You're managing capital for public shareholders while simultaneously underwriting complex, long-term debt for middle-market businesses. That dual focus defines CION Investment Corporation's customer relationships.

Transactional relationship with public shareholders (NYSE listing)

The relationship with public shareholders is fundamentally transactional, centered on liquidity, consistent distributions, and transparent reporting via the NYSE listing. CION Investment Corporation manages this by providing regular cash distributions, though the structure is evolving to better suit investor preference for frequency.

For the quarter ended September 30, 2025, CION Investment Corporation paid a quarterly base distribution of $0.36 per share on September 16, 2025. The company declared the same amount, $0.36 per share, for the fourth quarter of 2025, payable on December 15, 2025. To enhance this transactional cadence, CION Investment Corporation announced a shift from quarterly to monthly base distributions, commencing in January 2026.

The market values this income stream highly. As of the third quarter of 2025, the trailing 12-month distribution yield based on the quarter-end market price was approximately 15.7%. The yield based on the average Net Asset Value (NAV) for the same period was about 10%. The Net Asset Value per share stood at $14.86 as of September 30, 2025. CION Investment Corporation actively manages the share count, repurchasing approximately 330,000 shares in the third quarter of 2025 at an average price of $9.86 per share, which is accretive to NAV.

Dedicated relationship management with private equity sponsors

CION Investment Corporation cultivates dedicated relationships with private equity sponsors to secure proprietary deal flow. This is formalized through strategic joint ventures and a focus on established partnerships within the credit and asset management ecosystems. The advisory affiliate, CION Investment Management, LLC (CIM), leverages these connections.

Key relationship structures include:

• Joint venture with Ares Management for the CION Ares Diversified Credit Fund.
• Partnerships with select middle-market private equity sponsors for deal sourcing.
• Relationships with public and private lenders and investment banking/advisory firms.

CIM seeks to drive returns from direct and opportunistic first-lien investments, often targeting companies with annual EBITDA between $25-$75 million, where sponsors are active. The target initial hold size for these direct investments is around $20 million.

Investor relations for clear, consistent communication and filings

Clear communication is managed through rigorous regulatory filings and proactive investor outreach, ensuring consistency for the public shareholder base. The primary mechanism involves timely filing of required documents with the Securities and Exchange Commission (SEC).

For instance, the first quarter 2025 results were reported via a Form 10-Q filed on May 8, 2025, and the third quarter 2025 results were reported on November 6, 2025, following a Form 8-K filing on October 1, 2025. Investor Relations is managed by Charlie Arestia, whose contact number is (646) 253-8259. Supplemental earnings presentations are made available on the company's website at www.cionbdc.com in the Investor Resources section.

Direct, long-term lending relationships with portfolio companies

The core of CION Investment Corporation's business is the direct, long-term lending relationship established with its portfolio companies. CION Investment Corporation focuses primarily on senior secured loans to U.S. middle-market companies, aiming for current income generation.

The portfolio composition as of late 2025 reflects this focus on senior, high-quality credit:

Metric	Data Point (as of Sept 30, 2025)	Data Point (as of Mar 31, 2025)
Total Assets	Approx. $1.9 billion	N/A
Portfolio Companies Count	N/A	104
Senior Secured Loans Percentage	80.0%	87.0%
Floating Rate Investments Percentage	73.0%	N/A
Weighted Average Yield (Amortized Cost)	10.9%	N/A
Non-Accruals (Fair Value)	Approx. 1.4% (as of Jun 30, 2025)	1.20%

The weighted average yield on debt and other income-producing investments at amortized cost was 10.9% at September 30, 2025. During the second quarter of 2025, the weighted average yield for total funded first lien debt investments, based on investment costs, was SOFR plus 6.96%. CION Investment Corporation has made over $8 billion in total investments since its inception in 2012.

Finance: draft 13-week cash view by Friday.

CION Investment Corporation (CION) - Canvas Business Model: Channels

The channels CION Investment Corporation uses to reach and serve its customer segments involve public markets, direct deal sourcing, and a network of financial intermediaries.

New York Stock Exchange (NYSE) for common stock trading

CION Investment Corporation common stock trades publicly on the New York Stock Exchange under the ticker CION. This is a primary channel for retail and institutional investors to acquire and trade shares.

Key market data points for this channel as of late 2025 include:

• The share price as of November 28, 2025, was $10.16 / share.
• The number of shares of common stock outstanding as of October 29, 2025, was 51,670,947.
• The Net Asset Value (NAV) per share of common stock at the end of the period ending September 30, 2025, was $14.86.
• The base distribution declared for the third quarter of 2025 was $0.36 per share.

Direct origination efforts for new loan investments

The investment sourcing channel relies on internal direct origination efforts and strong relationships to access the middle market debt space. This is how CION Investment Corporation builds its asset base.

The scale and activity in this channel are reflected in the following figures:

Metric	Value as of Late 2025	Reference Date
Total Assets	Approximately $1.9 billion	September 30, 2025
Total Investments at Fair Value	$1.77 billion	June 30, 2025
Portfolio Companies	99	June 30, 2025
New Investment Commitments Funded	$29 million	Quarter ended June 30, 2025
Targeted Investment Size (Average)	Approximately $30 million	Ongoing

CION Investment Corporation targets US middle-market companies with annual EBITDA between $25 million and $75 million. The portfolio is heavily weighted toward senior secured loans, with 85.1% in senior secured loans as of June 30, 2025.

Financial professionals and advisors for retail distribution

Distribution to the retail investor base is channeled through financial professionals, advisors, and broker-dealers. CION Securities is noted for its expertise in scaling products across these retail advisor channels.

Historical distribution metrics show the reach of this channel:

• 90k+ individual investors served as of the data reference date.
• Advisors in CION's network numbered over 100k+.
• Total Capital Raised through these channels was over $6.5B+ since inception.

Investor relations website and SEC filings for shareholder data

This channel serves existing shareholders and prospective investors by providing mandatory disclosures and current operational updates. It is the source for official financial data.

Key documents and data points related to this channel include:

• The Form 10-Q for the third quarter of 2025 was filed on November 6, 2025.
• Total shareholders' equity reported in the Q3 2025 10-Q was $772,506 thousand.
• Total debt outstanding as of September 30, 2025, was about $1.1 billion.

Shareholder activity is also visible through open-market repurchases; for instance, during the third quarter of 2025, CION repurchased approximately 330,000 shares at an average price of $9.86 per share.

CION Investment Corporation (CION) - Canvas Business Model: Customer Segments

Public and institutional investors seeking high-yield income

CION Investment Corporation is a publicly listed business development company, trading on the NYSE under CION. As of the first quarter of 2025, 38.39% of CION's stock was held by institutions. The company seeks to generate current income for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION announced a shift to monthly base distributions starting in January 2026, aiming to better align with shareholder preferences. The quarterly base distribution for the third quarter of 2025 was $0.36 per share. The Net Asset Value per share as of September 30, 2025, was $14.86.

• The company had approximately $1.9 billion in total assets as of September 30, 2025.
• The Distribution Yield, calculated as trailing 12 months quarterly distributions declared as of March 31, 2025, divided by market share price as of March 31, 2025, is a key metric for this segment.

U.S. middle-market companies with EBITDA of $25-$75 million

CION Investment Corporation specifically targets U.S. middle-market companies. The firm positions itself as one of the few BDCs investing in this true middle market niche. The investment focus is on companies with annual EBITDA between $25 million and $75 million. The typical size of the loan investment sought is between $5 million and $50 million, with an average targeted hold of $30 million. The investment portfolio as of September 30, 2025, was valued at $1.74 billion at fair value and was spread across 91 companies. The primary investment type sought is senior secured loans, with first lien investments making up a significant portion of the portfolio.

Metric	Value as of September 30, 2025	Value as of June 30, 2025
Total Investment Portfolio (Fair Value)	$1.74 billion	Data not explicitly stated for June 30, 2025 in the same report
Number of Portfolio Companies	91	99 (before decrease)
EBITDA Target Range	$25 million - $75 million	$25 million - $75 million
Average Targeted Hold Size	$30 million	$30 million

Private equity firms sponsoring middle-market portfolio companies

CION Investment Corporation sources its investment pipeline across a plethora of private equity sponsors. This broad sourcing strategy helps CION avoid being beholden to a small set of partners that might push for off-market or sub-quality investments. The firm actively engages with sponsors, as evidenced by funding new investment commitments across 1 new and 12 existing portfolio companies during the third quarter of 2025. The firm purchases minority interests, such as common or preferred equity, often in conjunction with its debt investments or through a co-investment with a financial sponsor.

Debt investors who purchase CION's unsecured notes

Debt investors provide capital through CION's various financing arrangements, including unsecured notes. As of September 30, 2025, CION had $1.09 billion of total principal amount of debt outstanding. Of this total, 63% was comprised of unsecured notes and term loans, amounting to $692 million. This compares to $692 million in unsecured notes and term loans out of $1.12 billion total debt outstanding as of March 31, 2025. The combined weighted average interest rate on all debt outstanding for the quarter ended September 30, 2025, was 7.5%.

• Total Debt Outstanding (Sept 30, 2025): $1.09 billion.
• Unsecured Notes and Term Loans (Sept 30, 2025): $692 million.
• Percentage of Debt that is Unsecured (Sept 30, 2025): 63%.

CION Investment Corporation (CION) - Canvas Business Model: Cost Structure

You're looking at the expenses CION Investment Corporation incurs to run its business, which is heavily weighted toward financing costs and fees paid to its external manager, CIM. These costs are the direct drain on the investment income before shareholder distributions.

The cost structure is dominated by the expense of its leverage, which is typical for a Business Development Company (BDC). For instance, the significant interest expense on debt capital was reported at $22,637 thousand in Q2 2025, though it slightly increased to $22,652 thousand in Q3 2025 due to higher average borrowings, even with lower SOFR rates.

Management and incentive fees paid to CIM are the next major components. The base management fees paid to CIM were $6,497 thousand in Q2 2025, rising to $6,532 thousand in Q3 2025. The subordinated incentive fees on income showed more volatility, recorded at $3,589 thousand in Q2 2025, but jumping significantly to $8,181 thousand in Q3 2025, directly reflecting the higher investment income earned that quarter. That's a big jump, showing how performance fees scale with deal activity.

Overall, the operating expenses totaled $40.1 million (or $40,144 thousand) in Q3 2025, up from $35.3 million in Q2 2025. This increase was primarily driven by those higher advisory fees tied to increased investment income.

Here's a breakdown of the key cost elements for the latest reported quarter, Q3 2025, in thousands:

Cost Component	Q3 2025 Amount (in thousands)
Interest Expense	$22,652
Base Management Fees	$6,532
Subordinated Incentive Fee on Income	$8,181
Total General and Administrative	$1,649
Total Operating Expenses (including income tax)	$40,144

The General and administrative expenses category itself is detailed, showing where the day-to-day overhead lands. For the three months ended September 30, 2025, the components of G&A were:

• Professional fees: $557 thousand.
• Valuation expense: $204 thousand.
• Insurance expense: $180 thousand.
• Dues and subscriptions: $177 thousand.
• Director fees and expenses: $175 thousand.
• Transfer agent expense: $116 thousand.

If onboarding takes 14+ days, churn risk rises, but for CION Investment Corporation, the risk here is the cost of capital. The total operating expenses, before considering realized losses, are the primary drag on net investment income. Finance: draft 13-week cash view by Friday.

CION Investment Corporation (CION) - Canvas Business Model: Revenue Streams

You're looking at the core engine that drives CION Investment Corporation's returns, which, as of late 2025, is heavily weighted toward debt instruments. The primary revenue streams are all about the interest CION earns on the capital it lends out to middle-market companies.

Interest income from senior secured loans (primary source) represents the bedrock of CION Investment Corporation's earnings power. This is the regular, contractual interest payment CION receives from its debt portfolio. The focus on senior secured loans means CION is lending to companies with the highest priority claim on assets in case of default, which is central to its risk-managed income strategy. As of September 30, 2025, the investment portfolio was comprised of 80.0% senior secured first lien investments. This high concentration directly supports the dominance of interest income as the main revenue component.

Fee income from loan origination, amendment, and prepayment activity provides a significant, albeit less predictable, boost to the top line. These are non-recurring fees generated when CION structures new deals, modifies existing ones, or when borrowers pay off loans early. For the third quarter ended September 30, 2025, the increase in total investment income was explicitly driven by higher transaction fees earned from origination and amendment activity compared to the prior quarter.

Paid-in-kind (PIK) interest income from certain debt investments is another crucial element, representing interest that is added to the principal balance of the loan rather than paid in cash during the period. For the third quarter of 2025, the PIK income was notably impacted by an amended loan facility, with the amount capitalized being about $5 million for the quarter. Excluding this specific transaction, PIK as a percentage of total income for Q3 would have been lower, in the mid-teens level.

The overall result of these activities is clearly visible in the latest reported figures. Here's a quick look at the top-line performance for the third quarter:

Metric	Amount (Q3 2025)	Comparison to Q2 2025
Total Investment Income	$78.7 million	Increase of $26.5 million (approx. 51% quarter-over-quarter)
Net Investment Income (NII)	$38.6 million	$0.74 per share
Net Assets from Operations	$35.9 million	N/A
PIK Interest Capitalized	Approx. $5 million	N/A

Dividends and capital gains from equity investments (lesser extent) contribute to total returns, though CION Investment Corporation's mandate prioritizes debt income. While the primary focus is on current income from loans, appreciation in the value of equity holdings does flow through to the Net Asset Value (NAV), which ultimately supports shareholder value. The increase in NAV per share from $14.50 as of June 30, 2025, to $14.86 as of September 30, 2025, was partially due to mark-to-market price increases in the portfolio, including those from the equity book.

You can see how the revenue components stack up based on the drivers cited for the Q3 growth:

• Interest Income: Primary driver, boosted by investment restructurings.
• Fee Income: Significant contributor, driven by origination and amendment activity.
• PIK Interest: A material component, with $5 million capitalized in Q3.
• Equity Gains: Contributes to NAV appreciation, but is secondary to debt income.

Finance: draft the Q4 2025 projected income statement based on Q3 run-rate and expected fee seasonality by next Tuesday.