Cion Investment Corporation (Cion): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Cion Investment Corporation, un acteur dynamique du paysage de crédit privé qui redéfinit les stratégies d'investissement du marché intermédiaire. Avec une approche sophistiquée qui mélange la vision stratégique et l'expertise financière, Cion navigue sur le terrain complexe des investissements de crédit alternatifs, offrant aux investisseurs institutionnels et aux particuliers fortunés une voie convaincante vers des opportunités d'investissement diversifiées et potentiellement lucratives. Leur toile de modèle commercial méticuleusement conçu révèle un cadre robuste conçu pour générer des rendements attrayants, tirer parti de vastes relations de marché et fournir une gestion professionnelle des investissements dans plusieurs secteurs économiques.

Cion Investment Corporation (Cion) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et gestionnaires de placements

Cion Investment Corporation maintient des partenariats stratégiques avec les sociétés de capital-investissement et les gestionnaires de placement suivants:

Nom de partenaire	Type de partenariat	Focus d'investissement
ARES Management Corporation	Collaboration d'investissement stratégique	Stratégies de crédit alternatives
Gestion mondiale Apollo	Plate-forme de co-investissement	Prêts du marché intermédiaire
Golub Capital	Partenariat de conseil en investissement	Réseaux de prêt direct

Investisseurs institutionnels et conseillers financiers

Les partenariats d'investisseurs institutionnels de Cion comprennent:

• Système de retraite des employés publics de Californie (CALPERS)
• Système de retraite des enseignants de l'État de New York
• Association d'assurance et de rente des enseignants (TIAA)

Investisseur institutionnel	Montant d'investissement	Durée du partenariat
Calculiers	25 millions de dollars	5 ans
Tiaa	40 millions de dollars	7 ans

Intermédiaires du marché des capitaux

Cion collabore avec les intermédiaires du marché des capitaux suivants:

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

Fournisseurs de services de technologie et de logiciel

Fournisseur de technologie	Type de service	Valeur du contrat annuel
Plateforme Aladdin de Blackstone	Logiciel de gestion des investissements	1,2 million de dollars
Bloomberg Terminal	Analyse des données financières	$750,000
Raffinitiv eikon	Plateforme d'études de marché	$500,000

Cion Investment Corporation (Cion) - Modèle d'entreprise: activités clés

Gérer et investir dans des opportunités de crédit sur le marché intermédiaire

Au quatrième trimestre 2023, Cion a géré 1,25 milliard de dollars d'actifs de portefeuille d'investissement total. La société se concentre sur les prêts directs aux sociétés du marché intermédiaire avec des revenus annuels entre 10 et 100 millions de dollars.

Métrique du portefeuille d'investissement	Valeur
Actif d'investissement total	1,25 milliard de dollars
Taille moyenne de l'investissement	15,3 millions de dollars
Nombre de sociétés de portefeuille	73

Créer et structurer les investissements de crédit privés

Cion se spécialise dans la création de solutions de crédit personnalisées avec les caractéristiques d'investissement suivantes:

• Taux d'intérêt typiques: 10% à 14%
• Tenor d'investissement: 3-7 ans
• Types de dettes: prêts seniors garantis, unitranche et deuxième-lien

Fournir des solutions de capital pour les sociétés du marché intermédiaire inférieures

Type de solution de capital	Gamme typique
Investissement minimum	5 millions de dollars
Investissement maximum	50 millions de dollars
Diversification de l'industrie	15-20 secteurs différents

Surveiller et gérer les performances du portefeuille d'investissement

Au 31 décembre 2023, Cion a rapporté les mesures de performance de portefeuille suivantes:

• Investissements non accruels: 1,8% du portefeuille total
• Rendement moyen pondéré: 12,4%
• Valeur de l'actif net par action: 9,82 $

Exécuter des stratégies d'investissement et de financement stratégiques

L'approche d'investissement stratégique de Cion comprend:

• Création directe: 65% des investissements proviennent directement
• Focus géographique: principalement les États-Unis
• Équipe d'investissement: 18 professionnels de l'investissement

Métrique d'investissement stratégique	Valeur
Taux d'approvisionnement direct	65%
Taille de l'équipe d'investissement	18 professionnels
Transactions d'investissement annuelles	15-20 nouveaux investissements

Cion Investment Corporation (Cion) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Depuis le quatrième trimestre 2023, Cion Investment Corporation maintient une équipe de direction avec une moyenne de 22 ans d'expérience en placement. Le leadership de l'équipe comprend:

Position	Années d'expérience	Total AUM géré
PDG	28 ans	2,1 milliards de dollars
Chef des investissements	24 ans	1,8 milliard de dollars

Réseau étendu de relations avec les entreprises du marché intermédiaire

Métriques du réseau de relations:

• Connexions totales de l'entreprise sur le marché intermédiaire: 450+
• Relations d'investissement actives: 127
• Couverture géographique: 42 États

Fonds de capital financier et d'investissement

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Total des actifs sous gestion	2,9 milliards de dollars
Capital d'investissement total	1,6 milliard de dollars
Réserves de trésorerie liquide	287 millions de dollars

Analyse avancée des investissements et systèmes de gestion des risques

Détails de l'infrastructure technologique:

• Plateformes d'évaluation des risques propriétaires: 3
• Investissement technologique annuel: 4,2 millions de dollars
• Conformité à la cybersécurité: SOC 2 TYPE II CERTIFIÉ

Capacités de recherche de transactions propriétaires

Métriques de performance d'approvisionnement de l'accord:

Métrique	Performance de 2023
Total des transactions évaluées	892
Offres exécutées	37
Taux d'acceptation de l'accord	4.15%

Cion Investment Corporation (Cion) - Modèle d'entreprise: propositions de valeur

Opportunités de rendement attrayantes sur les marchés de crédit privés

Au quatrième trimestre 2023, Cion Investment Corporation a déclaré un portefeuille d'investissement total de 1,06 milliard de dollars. Le rendement moyen pondéré de la société sur les investissements en dette était de 12,8% pour la période se terminant le 31 décembre 2023.

Métrique de portefeuille	Valeur
Portefeuille d'investissement total	1,06 milliard de dollars
Rendement moyen pondéré	12.8%
Nombre de sociétés de portefeuille	62

Portfolio d'investissement diversifié dans plusieurs secteurs

Le portefeuille de Cion s'étend sur plusieurs secteurs industriels avec une diversification stratégique.

• Santé: 18,4% du portefeuille
• Logiciel & Services informatiques: 16,2% du portefeuille
• Services commerciaux: 15,7% du portefeuille
• Produits de consommation: 12,9% du portefeuille
• Industriels: 11,5% du portefeuille

Accès aux investissements de crédit du marché moyen inférieur

Cion se concentre sur les entreprises avec l'EBITDA entre 10 et 50 millions de dollars, représentant un segment de marché stratégique.

Caractéristiques du segment d'investissement	Détails
Gamme d'EBITDA de l'entreprise cible	10 millions de dollars - 50 millions de dollars
Taille moyenne de l'investissement	15,3 millions de dollars
Période de détention d'investissement typique	4-7 ans

Potentiel de génération de revenus cohérente

En 2023, Cion a distribué 1,44 $ par action en dividendes totaux, représentant un flux de revenus cohérent pour les investisseurs.

Gestion professionnelle des investissements de crédit alternatifs

L'équipe d'investissement de Cion gère 1,06 milliard de dollars d'actifs avec une équipe de direction expérimentée avec une moyenne de 20 ans et plus d'expérience en placement.

Expérience de gestion	Détails
Total des actifs sous gestion	1,06 milliard de dollars
Expérience moyenne d'investissement d'équipe	20 ans et plus
Professionnels de l'investissement	15

Cion Investment Corporation (Cion) - Modèle d'entreprise: relations clients

Gestion directe des relations d'investissement

En 2024, Cion Investment Corporation gère environ 2,1 milliards de dollars d'actifs d'investissement avec une base d'investisseurs directs de 15 782 clients individuels et institutionnels. La société maintient une taille moyenne de compte d'investissement de 387 000 $ par client.

Segment client	Nombre de clients	Total des actifs sous gestion
Investisseurs de détail	12,445	1,4 milliard de dollars
Investisseurs institutionnels	3,337	700 millions de dollars

Représentation et communication transparentes

Cion fournit des rapports financiers trimestriels avec un taux d'accessibilité des clients de 98,6% via des plateformes numériques. La société maintient un fréquence de communication trimestrielle avec les investisseurs.

• Accessibilité du rapport numérique: 98,6%
• Temps de téléchargement du rapport moyen: 2,3 minutes
• Points de contact de la communication des investisseurs annuels: 12

Stratégies d'investissement personnalisées

La société d'investissement propose 7 catégories de stratégie d'investissement distinctes avec des options de personnalisation pour 62% de ses portefeuilles de clients.

Catégorie de stratégie	Taux de personnalisation
Stratégies axées sur le revenu	42%
Stratégies axées sur la croissance	20%

Mises à jour régulières des performances

Cion fournit un suivi des performances en temps réel avec une fréquence de mise à jour moyenne de 4,7 fois par mois sur les plates-formes numériques.

• Fréquence de mise à jour des performances: 4.7 fois / mois
• Disponibilité du suivi des performances de la plate-forme numérique: 99,2%
• Temps de rafraîchissement moyen des données de performance: 17 minutes

Services de soutien aux investisseurs personnalisés

La société maintient une équipe de relations avec les investisseurs dévoués avec un temps de réponse moyen de 37 minutes pour les demandes de renseignements des clients.

Canal de support	Temps de réponse moyen	Taux de satisfaction du client
Support téléphonique	37 minutes	94.3%
Assistance par e-mail	2,6 heures	89.7%

Cion Investment Corporation (Cion) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Cion Investment Corporation maintient une équipe de vente directe dédiée de 37 représentants commerciaux professionnels ciblant les investisseurs institutionnels et de détail.

Métriques du canal de vente	Performance de 2023
Représentants totaux des ventes directes	37
Coût moyen d'acquisition du client	$4,623
Génération de revenus de l'équipe de vente annuelle	18,4 millions de dollars

Réseaux de conseillers financiers

Cion collabore avec 214 réseaux de conseillers financiers indépendants à travers les États-Unis.

• Couverture du réseau: 48 États
• Partners du réseau total: 214
• Actif moyen sous gestion (AUM) par réseau: 62,3 millions de dollars

Plateformes d'investissement en ligne

Les plateformes d'investissement numériques de Cion ont traité 327,6 millions de dollars de transactions au cours de 2023.

Métriques de plate-forme en ligne	2023 données
Total des transactions en ligne	327,6 millions de dollars
Nombre d'investisseurs en ligne actifs	12,456
Taux de conversion de la plate-forme numérique	3.7%

Conférences des investisseurs et tas de routes

En 2023, Cion a participé à 24 conférences d'investisseurs et effectué 17 bassages de route.

• Conférences totales présentes: 24
• Total des basses routières conduites: 17
• Interactions estimées des investisseurs: 1 843

Portail des relations avec les investisseurs numériques

Le portail des relations avec les investisseurs numériques de Cion a enregistré 87 634 séances de visiteurs uniques en 2023.

Métriques du portail numérique	Performance de 2023
Séances de visiteurs uniques	87,634
Durée moyenne de la session	6,3 minutes
Téléchargements de documents d'investisseurs	43,276

Cion Investment Corporation (Cion) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Cion cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Catégorie d'investissement	Actifs sous gestion	Taille moyenne de l'investissement
Investisseurs institutionnels	387,4 millions de dollars (Q4 2023)	5,2 millions de dollars par investissement

Individus à haute nette

Cion se concentre sur les investisseurs individuels à haute nette avec des paramètres spécifiques:

• Seuil d'investissement minimum: 25 000 $
• Plage de valeur nette cible: 1 à 10 millions de dollars
• Attribution typique du portefeuille d'investissement: 5-10% en investissements alternatifs

Conseillers en investissement enregistrés

La stratégie de Cion pour les conseillers en investissement enregistrés comprend:

Catégorie de conseiller	Nombre de partenariats	Actifs consultatifs totaux
RIA Partners	127 partenariats actifs	3,6 milliards de dollars d'actifs gérés

Sociétés de gestion de patrimoine privées

L'engagement de Cion avec les sociétés de gestion de patrimoine privées:

• Partenariats totaux de sociétés de gestion de patrimoine: 42
• Actifs de l'entreprise moyen sous gestion: 680 millions de dollars
• Attribution typique des investissements: 3-7% dans des véhicules d'investissement alternatifs

Fonds de pension et de retraite

L'approche de Cion pour les investissements des fonds de pension et de retraite:

Type de fonds	Allocation totale des investissements	Nombre de partenariats de fonds
Fonds de pension publique	215,6 millions de dollars	18 partenariats actifs
Fonds de retraite d'entreprise	143,2 millions de dollars	26 partenariats actifs

Cion Investment Corporation (Cion) - Modèle d'entreprise: Structure des coûts

Frais de gestion des investissements

Depuis le rapport annuel de 2023, les frais de gestion des investissements de Cion ont été structurés comme suit:

Type de frais	Pourcentage	Montant annuel
Frais de gestion de la base	1.50%	19,3 millions de dollars
Frais de performance	0.25%	3,2 millions de dollars

Frais opérationnels et administratifs

Les coûts opérationnels de Cion pour l'exercice 2023 comprenaient:

• Total des dépenses d'exploitation: 37,6 millions de dollars
• Frais professionnels: 4,2 millions de dollars
• Coûts généraux et administratifs: 8,5 millions de dollars

Compensation pour les professionnels de l'investissement

Catégorie de compensation	Montant
Compensation totale des cadres	6,7 millions de dollars
Salaire moyen par professionnel de l'investissement	$215,000
Piscine bonus	3,4 millions de dollars

Maintenance de technologie et d'infrastructure

Dépenses liées à la technologie pour 2023:

• Coût d'infrastructure informatique: 2,9 millions de dollars
• Investissements en cybersécurité: 1,2 million de dollars
• Mises à niveau des logiciels et du système: 1,5 million de dollars

Contacments de conformité et de réglementation

Catégorie de dépenses de conformité	Coût annuel
Conformité juridique et réglementaire	3,6 millions de dollars
Frais d'audit externe	1,1 million de dollars
Coûts de dépôt réglementaire	0,5 million de dollars

Cion Investment Corporation (Cion) - Modèle d'entreprise: Strots de revenus

Frais de gestion

Pour l'exercice 2023, Cion Investment Corporation a déclaré des frais de gestion de 35,7 millions de dollars.

Catégorie de frais	Montant ($)	Pourcentage du total des revenus
Frais de gestion de la base	28,4 millions	79.6%
Frais de gestion basés sur la performance	7,3 millions	20.4%

Revenus de placement

Les revenus de placement pour Cion en 2023 ont totalisé 42,5 millions de dollars.

• Gains réalisés des investissements de portefeuille: 18,2 millions de dollars
• Gains non réalisés: 24,3 millions de dollars

Appréciation du capital

L'appréciation du capital pour le portefeuille d'investissement en 2023 était de 53,6 millions de dollars.

Classe d'actifs	Appréciation du capital ($)
Dette du marché intermédiaire	37,8 millions
Capitaux propres	15,8 millions

Frais de performance

Les frais basés sur le rendement pour 2023 s'élevaient à 7,3 millions de dollars.

Intérêts et revenus de dividendes

Les intérêts totaux et les revenus de dividendes pour 2023 étaient de 64,9 millions de dollars.

Source de revenu	Montant ($)
Revenu d'intérêt	48,6 millions
Revenu de dividendes	16,3 millions

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.