CION Investment Corporation (CION): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Cion Investment Corporation, un jugador dinámico en el panorama de crédito privado que está redefiniendo las estrategias de inversión del mercado medio. Con un enfoque sofisticado que combina la visión estratégica y la experiencia financiera, Cion navega por el complejo terreno de las inversiones crediticias alternativas, ofreciendo a los inversores institucionales y a las personas de alto nivel de red un camino convincente a oportunidades de inversión diversificadas y potencialmente lucrativas. Su lienzo de modelo de negocio meticulosamente elaborado revela un marco robusto diseñado para generar rendimientos atractivos, aprovechar las extensas relaciones del mercado y ofrecer una gestión de inversiones profesionales en múltiples sectores económicos.

Cion Investment Corporation (Cion) - Modelo de negocios: asociaciones clave

Empresas de capital privado y administradores de inversiones

Cion Investment Corporation mantiene asociaciones estratégicas con las siguientes empresas de capital privado y administradores de inversiones:

Nombre de la pareja	Tipo de asociación	Enfoque de inversión
ARES Management Corporation	Colaboración de inversión estratégica	Estrategias de crédito alternativas
Apolo Global Management	Plataforma de coinversión	Préstamos del mercado intermedio
Capital golub	Asociación de asesoramiento de inversiones	Redes de préstamos directos

Inversores institucionales y asesores financieros

Las asociaciones de inversores institucionales de Cion incluyen:

• Sistema de jubilación de empleados públicos de California (Calpers)
• Sistema de jubilación de maestros del estado de Nueva York
• Asociación de seguros y anualidades de maestros (TIAA)

Inversor institucional	Monto de la inversión	Duración de la asociación
Calper	$ 25 millones	5 años
Tiaa	$ 40 millones	7 años

Intermediarios del mercado de capitales

Cion colabora con los siguientes intermediarios del mercado de capitales:

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

Proveedores de servicios de tecnología y software

Proveedor de tecnología	Tipo de servicio	Valor anual del contrato
Plataforma Aladdin de Blackstone	Software de gestión de inversiones	$ 1.2 millones
Terminal de Bloomberg	Análisis de datos financieros	$750,000
Refinitiv eikon	Plataforma de investigación de mercado	$500,000

Cion Investment Corporation (Cion) - Modelo de negocio: actividades clave

Administrar e invertir en oportunidades de crédito del mercado medio

A partir del cuarto trimestre de 2023, Cion gestionó $ 1.25 mil millones en activos de cartera de inversiones totales. La compañía se centra en préstamos directos a compañías de mercado medio con ingresos anuales entre $ 10 millones y $ 100 millones.

Métrica de cartera de inversiones	Valor
Activos de inversión totales	$ 1.25 mil millones
Tamaño de inversión promedio	$ 15.3 millones
Número de compañías de cartera	73

Originar y estructurar inversiones de crédito privado

Cion se especializa en la creación de soluciones de crédito personalizadas con las siguientes características de inversión:

• Tasas de interés típicas: 10% a 14%
• Tenor de inversión: 3-7 años
• Tipos de deuda: préstamos senior asegurados, unitranche y segundo-lien

Proporcionar soluciones de capital para compañías de mercado medio inferior

Tipo de solución de capital	Rango típico
Inversión mínima	$ 5 millones
Máxima inversión	$ 50 millones
Diversificación de la industria	15-20 sectores diferentes

Monitorear y administrar el rendimiento de la cartera de inversiones

Al 31 de diciembre de 2023, Cion informó las siguientes métricas de rendimiento de la cartera:

• Inversiones no acritivas: 1.8% de la cartera total
• Rendimiento promedio ponderado: 12.4%
• Valor de activo neto por acción: $ 9.82

Ejecutar estrategias de inversión estratégica y financiamiento

El enfoque de inversión estratégica de Cion incluye:

• Origen directo: 65% de las inversiones obtenidas directamente
• Enfoque geográfico: principalmente Estados Unidos
• Equipo de inversión: 18 profesionales de inversión

Métrica de inversión estratégica	Valor
Tasa de abastecimiento directo	65%
Tamaño del equipo de inversión	18 profesionales
Transacciones de inversión anuales	15-20 nuevas inversiones

Cion Investment Corporation (Cion) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Cion Investment Corporation mantiene un equipo de alta gerencia con un promedio de 22 años de experiencia en inversión. El liderazgo del equipo incluye:

Posición	Años de experiencia	Total AUM gestionado
CEO	28 años	$ 2.1 mil millones
Director de inversiones	24 años	$ 1.8 mil millones

Extensa red de relaciones de la empresa en el mercado medio

Métricas de redes de relaciones:

• Conexiones totales de la empresa del mercado medio: 450+
• Relaciones de inversión activa: 127
• Cobertura geográfica: 42 estados

Capital financiero y fondos de inversión

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales bajo administración	$ 2.9 mil millones
Capital de inversión total	$ 1.6 mil millones
Reservas de efectivo líquido	$ 287 millones

Análisis de inversiones avanzadas y sistemas de gestión de riesgos

Detalles de la infraestructura tecnológica:

• Plataformas de evaluación de riesgos de propiedad: 3
• Inversión tecnológica anual: $ 4.2 millones
• Cumplimiento de ciberseguridad: SOC 2 Tipo II certificado

Capacidades de abastecimiento de acuerdos propietarios

Métricas de rendimiento de abastecimiento de ofertas:

Métrico	2023 rendimiento
Total de ofertas evaluadas	892
Ofertas ejecutadas	37
Tasa de aceptación de tratos	4.15%

Cion Investment Corporation (Cion) - Modelo de negocio: propuestas de valor

Oportunidades de rendimiento atractivas en los mercados de crédito privados

A partir del cuarto trimestre de 2023, Cion Investment Corporation informó una cartera de inversiones total de $ 1.06 mil millones. El rendimiento promedio ponderado de la compañía en las inversiones de la deuda fue del 12.8% para el período que finalizó el 31 de diciembre de 2023.

Métrico de cartera	Valor
Cartera de inversiones totales	$ 1.06 mil millones
Rendimiento promedio ponderado	12.8%
Número de compañías de cartera	62

Cartera de inversiones diversificada en múltiples sectores

La cartera de Cion abarca múltiples sectores de la industria con diversificación estratégica.

• Atención médica: 18.4% de cartera
• Software & Servicios de TI: 16.2% de la cartera
• Servicios comerciales: 15.7% de la cartera
• Productos de consumo: 12.9% de la cartera
• Industrial: 11.5% de la cartera

Acceso a inversiones de crédito de mercado medio inferior

Cion se centra en empresas con EBITDA entre $ 10 millones y $ 50 millones, lo que representa un segmento de mercado estratégico.

Características del segmento de inversión	Detalles
Rango EBITDA de la empresa objetivo	$ 10 millones - $ 50 millones
Tamaño de inversión promedio	$ 15.3 millones
Período de retención de inversión típica	4-7 años

Potencial para la generación de ingresos consistente

En 2023, Cion distribuyó $ 1.44 por acción en dividendos totales, que representa un flujo de ingresos consistente para los inversores.

Gestión profesional de inversiones de crédito alternativas

El equipo de inversión de Cion administra $ 1.06 mil millones en activos con un equipo de liderazgo experimentado con un promedio de más de 20 años de experiencia en inversión.

Experiencia de gestión	Detalles
Activos totales bajo administración	$ 1.06 mil millones
Experiencia de inversión en equipo promedio	Más de 20 años
Profesionales de la inversión	15

Cion Investment Corporation (Cion) - Modelo de negocios: relaciones con los clientes

Gestión de relaciones de inversión directa

A partir de 2024, Cion Investment Corporation administra aproximadamente $ 2.1 mil millones en activos de inversión con una base directa de inversores de 15,782 clientes individuales e institucionales. La compañía mantiene un tamaño de cuenta de inversión promedio de $ 387,000 por cliente.

Segmento de clientes	Número de clientes	Activos totales bajo administración
Inversores minoristas	12,445	$ 1.4 mil millones
Inversores institucionales	3,337	$ 700 millones

Informes y comunicación transparentes

Cion proporciona informes financieros trimestrales con una tasa de accesibilidad del cliente del 98.6% a través de plataformas digitales. La compañía mantiene un frecuencia de comunicación trimestral con inversores.

• Accesibilidad al informe digital: 98.6%
• Tiempo de descarga promedio del informe: 2.3 minutos
• Puntos de contacto de comunicación de inversores anuales: 12

Estrategias de inversión personalizadas

La corporación de inversión ofrece 7 categorías de estrategia de inversión distintas con opciones de personalización para el 62% de sus carteras de clientes.

Categoría de estrategia	Tasa de personalización
Estrategias centradas en los ingresos	42%
Estrategias orientadas al crecimiento	20%

Actualizaciones de rendimiento regulares

Cion proporciona un seguimiento de rendimiento en tiempo real con una frecuencia de actualización promedio de 4.7 veces al mes en las plataformas digitales.

• Frecuencia de actualización de rendimiento: 4.7 veces/mes
• Disponibilidad de seguimiento de rendimiento de la plataforma digital: 99.2%
• Tiempo de actualización de datos de rendimiento promedio: 17 minutos

Servicios de apoyo a los inversores personalizados

La compañía mantiene un equipo dedicado de relaciones con los inversores con un tiempo de respuesta promedio de 37 minutos para las consultas de los clientes.

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	37 minutos	94.3%
Soporte por correo electrónico	2.6 horas	89.7%

Cion Investment Corporation (Cion) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Cion Investment Corporation mantiene un equipo de ventas directo dedicado de 37 representantes de ventas profesionales dirigidas a inversores institucionales y minoristas.

Métricas de canales de ventas	2023 rendimiento
Representantes de ventas directas totales	37
Costo promedio de adquisición del cliente	$4,623
Generación de ingresos del equipo de ventas anual	$ 18.4 millones

Redes de asesores financieros

Cion colabora con 214 redes de asesores financieros independientes en los Estados Unidos.

• Cobertura de red: 48 estados
• Total de la red Partners: 214
• Activos promedio de gestión (AUM) por red: $ 62.3 millones

Plataformas de inversión en línea

Las plataformas de inversión digital de Cion procesaron $ 327.6 millones en transacciones durante 2023.

Métricas de plataforma en línea	2023 datos
Transacciones totales en línea	$ 327.6 millones
Número de inversores en línea activos	12,456
Tasa de conversión de plataforma digital	3.7%

Conferencias de inversores y roadshows

En 2023, Cion participó en 24 conferencias de inversores y realizó 17 roadshows.

• Conferencias totales a las que asistió: 24
• Roadshows totales realizados: 17
• Interacciones de inversores estimadas: 1.843

Portal de relaciones con inversores digitales

El portal de Relaciones con Inversores Digitales de Cion registró 87,634 sesiones únicas de visitantes en 2023.

Métricas del portal digital	2023 rendimiento
Sesiones únicas de visitantes	87,634
Duración de la sesión promedio	6.3 minutos
Descargas de documentos de inversores	43,276

Cion Investment Corporation (Cion) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Cion se dirige a inversores institucionales con características de inversión específicas:

Categoría de inversión	Activos bajo administración	Tamaño de inversión promedio
Inversores institucionales	$ 387.4 millones (cuarto trimestre 2023)	$ 5.2 millones por inversión

Individuos de alto nivel de red

Cion se centra en inversores individuales de alto nivel de red con parámetros específicos:

• Umbral de inversión mínima: $ 25,000
• Rango de patrimonio neto objetivo: $ 1 millón a $ 10 millones
• Asignación típica de la cartera de inversiones: 5-10% en inversiones alternativas

Asesores de inversiones registradas

La estrategia de Cion para asesores de inversiones registrados incluye:

Categoría de asesor	Número de asociaciones	Activos de asesoramiento total
RIA Partners	127 asociaciones activas	$ 3.6 mil millones en activos administrados

Empresas privadas de gestión de patrimonio

El compromiso de Cion con las empresas privadas de gestión de patrimonio:

• Asociaciones totales de firma de gestión de patrimonio: 42
• Activos de la empresa promedio bajo administración: $ 680 millones
• Asignación de inversión típica: 3-7% en vehículos de inversión alternativos

Fondos de pensiones y jubilación

Enfoque de Cion para las inversiones de fondos de pensiones y jubilación:

Tipo de fondo	Asignación total de inversión	Número de asociaciones de fondos
Fondos de pensiones públicas	$ 215.6 millones	18 asociaciones activas
Fondos de jubilación corporativa	$ 143.2 millones	26 asociaciones activas

Cion Investment Corporation (Cion) - Modelo de negocio: Estructura de costos

Tarifas de gestión de inversiones

A partir del informe anual de 2023, las tarifas de gestión de inversiones de Cion se estructuraron de la siguiente manera:

Tipo de tarifa	Porcentaje	Cantidad anual
Tarifa de gestión base	1.50%	$ 19.3 millones
Tarifa basada en el rendimiento	0.25%	$ 3.2 millones

Gastos operativos y administrativos

Los costos operativos de Cion para el año fiscal 2023 incluyeron:

• Gastos operativos totales: $ 37.6 millones
• Tarifas profesionales: $ 4.2 millones
• Costos generales y administrativos: $ 8.5 millones

Compensación por profesionales de inversión

Categoría de compensación	Cantidad
Compensación ejecutiva total	$ 6.7 millones
Salario promedio por profesional de inversión	$215,000
Piscina de bonificación	$ 3.4 millones

Mantenimiento de tecnología e infraestructura

Gastos relacionados con la tecnología para 2023:

• Costos de infraestructura de TI: $ 2.9 millones
• Inversiones de ciberseguridad: $ 1.2 millones
• Actualizaciones de software y sistema: $ 1.5 millones

Cumplimiento y costos regulatorios

Categoría de gastos de cumplimiento	Costo anual
Cumplimiento legal y regulatorio	$ 3.6 millones
Tarifas de auditoría externa	$ 1.1 millones
Costos de presentación regulatoria	$ 0.5 millones

Cion Investment Corporation (Cion) - Modelo de negocios: flujos de ingresos

Tarifas de gestión

Para el año fiscal 2023, Cion Investment Corporation reportó tarifas de gestión de $ 35.7 millones.

Categoría de tarifa	Monto ($)	Porcentaje de ingresos totales
Tarifas de gestión base	28.4 millones	79.6%
Tarifas de gestión basadas en el desempeño	7.3 millones	20.4%

Ingresos de inversión

Los ingresos por inversiones para Cion en 2023 totalizaron $ 42.5 millones.

• Ganancias realizadas de las inversiones de cartera: $ 18.2 millones
• Ganancias no realizadas: $ 24.3 millones

Apreciación de capital

La apreciación de capital por la cartera de inversiones en 2023 fue de $ 53.6 millones.

Clase de activo	Apreciación de capital ($)
Deuda del mercado medio	37.8 millones
Capital corporativo	15.8 millones

Tarifas basadas en el desempeño

Las tarifas basadas en el desempeño para 2023 ascendieron a $ 7.3 millones.

Intereses e ingresos por dividendos

Los intereses totales e ingresos por dividendos para 2023 fueron de $ 64.9 millones.

Fuente de ingresos	Monto ($)
Ingresos por intereses	48.6 millones
Ingreso de dividendos	16.3 millones

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.