Cion Investment Corporation (Cion): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Cion Investment Corporation, um participante dinâmico no cenário de crédito privado que redefine as estratégias de investimento do mercado intermediário. Com uma abordagem sofisticada que combina a visão estratégica e a experiência financeira, a Cion navega no complexo terreno de investimentos alternativos de crédito, oferecendo a investidores institucionais e indivíduos de alta rede um caminho atraente para oportunidades de investimento diversificadas e potencialmente lucrativas. Sua tela de modelo de negócios meticulosamente criada revela uma estrutura robusta projetada para gerar rendimentos atraentes, aproveitar amplos relacionamentos de mercado e fornecer gerenciamento de investimentos profissionais em vários setores econômicos.

Cion Investment Corporation (Cion) - Modelo de Negócios: Principais Parcerias

Empresas de private equity e gerentes de investimento

A Cion Investment Corporation mantém parcerias estratégicas com as seguintes empresas de private equity e gerentes de investimentos:

Nome do parceiro	Tipo de parceria	Foco de investimento
ARES Management Corporation	Colaboração estratégica de investimentos	Estratégias de crédito alternativas
Apollo Global Management	Plataforma de co-investimento	Empréstimos do mercado médio
Golub Capital	Parceria consultiva de investimentos	Redes de empréstimos diretos

Investidores institucionais e consultores financeiros

As parcerias de investidores institucionais da Cion incluem:

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Sistema de Aposentadoria dos Professores do Estado de Nova York
• Associação de Seguros e Anuidades de Professores (TIAA)

Investidor institucional	Valor do investimento	Duração da parceria
Calpers	US $ 25 milhões	5 anos
TIAA	US $ 40 milhões	7 anos

Intermediários do mercado de capitais

Cion colabora com os seguintes intermediários do mercado de capitais:

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

Provedores de serviços de tecnologia e software

Provedor de tecnologia	Tipo de serviço	Valor anual do contrato
Plataforma Aladdin de Blackstone	Software de gerenciamento de investimentos	US $ 1,2 milhão
Terminal Bloomberg	Análise de dados financeiros	$750,000
Refinitiv Eikon	Plataforma de pesquisa de mercado	$500,000

Cion Investment Corporation (Cion) - Modelo de negócios: Atividades -chave

Gerenciar e investir em oportunidades de crédito de mercado intermediário

No quarto trimestre 2023, a Cion conseguiu US $ 1,25 bilhão em ativos totais de portfólio de investimentos. A empresa se concentra em empréstimos diretos para empresas de mercado intermediário com receita anual entre US $ 10 milhões e US $ 100 milhões.

Métrica do portfólio de investimentos	Valor
Total de ativos de investimento	US $ 1,25 bilhão
Tamanho médio de investimento	US $ 15,3 milhões
Número de empresas de portfólio	73

Originar e estruturar investimentos de crédito privado

A Cion é especializada na criação de soluções de crédito personalizadas com as seguintes características de investimento:

• Taxas de juros típicas: 10% a 14%
• Tenor de investimento: 3-7 anos
• Tipos de dívida: empréstimos sênior seguros, unitranche e segundo grau

Forneça soluções de capital para empresas de baixo mercado médio

Tipo de solução de capital	Faixa típica
Investimento mínimo	US $ 5 milhões
Investimento máximo	US $ 50 milhões
Diversificação da indústria	15-20 setores diferentes

Monitore e gerencie o desempenho do portfólio de investimentos

Em 31 de dezembro de 2023, a Cion relatou as seguintes métricas de desempenho do portfólio:

• Investimentos não acreais: 1,8% do portfólio total
• Rendimento médio ponderado: 12,4%
• Valor líquido do ativo por ação: $ 9,82

Executar estratégias estratégicas de investimento e financiamento

A abordagem de investimento estratégico da Cion inclui:

• Origem direta: 65% dos investimentos adquiridos diretamente
• Foco geográfico: principalmente os Estados Unidos
• Equipe de investimento: 18 profissionais de investimento

Métrica de investimento estratégico	Valor
Taxa de fornecimento direto	65%
Tamanho da equipe de investimento	18 profissionais
Transações anuais de investimento	15-20 novos investimentos

Cion Investment Corporation (Cion) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Cion Investment Corporation mantém uma equipe de gerenciamento sênior com uma média de 22 anos de experiência em investimento. A liderança da equipe inclui:

Posição	Anos de experiência	Total AUM gerenciado
CEO	28 anos	US $ 2,1 bilhões
Diretor de Investimento	24 anos	US $ 1,8 bilhão

Rede extensa de relacionamentos da empresa de mercado intermediário

Métricas de rede de relacionamento:

• Conexões totais da empresa de mercado intermediário: 450+
• Relacionamentos de investimento ativo: 127
• Cobertura geográfica: 42 estados

Capital financeiro e fundos de investimento

Recursos financeiros em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos sob gestão	US $ 2,9 bilhões
Capital total de investimento	US $ 1,6 bilhão
Reservas de caixa líquido	US $ 287 milhões

Análise de investimento avançado e sistemas de gerenciamento de riscos

Detalhes da infraestrutura de tecnologia:

• Plataformas proprietárias de avaliação de risco: 3
• Investimento de tecnologia anual: US $ 4,2 milhões
• Conformidade de segurança cibernética: SOC 2 Tipo II certificado

Capacidades proprietárias de fornecimento de negócios

Métricas de desempenho de fornecimento de negócios:

Métrica	2023 desempenho
Ofertas totais avaliadas	892
Negócios executados	37
Taxa de aceitação de acordo	4.15%

Cion Investment Corporation (Cion) - Modelo de Negócios: Proposições de Valor

Oportunidades atraentes de rendimento em mercados de crédito privado

A partir do quarto trimestre de 2023, a Cion Investment Corporation registrou um portfólio total de investimentos de US $ 1,06 bilhão. O rendimento médio ponderado da empresa nos investimentos em dívida foi de 12,8% no período encerrado em 31 de dezembro de 2023.

Métrica do portfólio	Valor
Portfólio total de investimentos	US $ 1,06 bilhão
Rendimento médio ponderado	12.8%
Número de empresas de portfólio	62

Portfólio de investimentos diversificado em vários setores

O portfólio da Cion abrange vários setores da indústria com diversificação estratégica.

• Saúde: 18,4% do portfólio
• Software & Serviços de TI: 16,2% do portfólio
• Serviços de negócios: 15,7% do portfólio
• Produtos de consumo: 12,9% do portfólio
• Industriais: 11,5% do portfólio

Acesso a investimentos mais baixos de crédito do mercado intermediário

A Cion se concentra em empresas com EBITDA entre US $ 10 milhões e US $ 50 milhões, representando um segmento de mercado estratégico.

Características do segmento de investimento	Detalhes
Faixa de Ebitda da empresa alvo	US $ 10 milhões - US $ 50 milhões
Tamanho médio de investimento	US $ 15,3 milhões
Período típico de investimento	4-7 anos

Potencial para geração de renda consistente

Em 2023, a Cion distribuiu US $ 1,44 por ação no total de dividendos, representando um fluxo de renda consistente para os investidores.

Gerenciamento profissional de investimentos alternativos de crédito

A equipe de investimento da Cion gerencia US $ 1,06 bilhão em ativos com uma equipe de liderança experiente com média de mais de 20 anos de experiência em investimento.

Experiência de gerenciamento	Detalhes
Total de ativos sob gestão	US $ 1,06 bilhão
Experiência média de investimento em equipe	Mais de 20 anos
Profissionais de investimento	15

Cion Investment Corporation (Cion) - Modelo de Negócios: Relacionamentos do Cliente

Gestão de relacionamento de investimento direto

A partir de 2024, a Cion Investment Corporation gerencia aproximadamente US $ 2,1 bilhões em ativos de investimento com uma base direta de investidores de 15.782 clientes individuais e institucionais. A empresa mantém um tamanho médio da conta de investimento de US $ 387.000 por cliente.

Segmento de cliente	Número de clientes	Total de ativos sob gestão
Investidores de varejo	12,445	US $ 1,4 bilhão
Investidores institucionais	3,337	US $ 700 milhões

Relatórios e comunicação transparentes

A Cion fornece relatórios financeiros trimestrais com uma taxa de acessibilidade de 98,6% do cliente por meio de plataformas digitais. A empresa mantém um Frequência de comunicação trimestral com investidores.

• Acessibilidade do relatório digital: 98,6%
• Tempo médio de download do relatório: 2,3 minutos
• Pontos de contato anuais de comunicação para investidores: 12

Estratégias de investimento personalizado

A Investment Corporation oferece 7 categorias de estratégia de investimento distintas com opções de personalização para 62% de seus portfólios de clientes.

Categoria de estratégia	Taxa de personalização
Estratégias focadas na renda	42%
Estratégias orientadas para o crescimento	20%

Atualizações regulares de desempenho

O Cion fornece rastreamento de desempenho em tempo real com uma frequência média de atualização de 4,7 vezes por mês em plataformas digitais.

• Frequência de atualização de desempenho: 4,7 vezes/mês
• Disponível de rastreamento de desempenho da plataforma digital: 99,2%
• Dados médios de desempenho Tempo de atualização: 17 minutos

Serviços personalizados de suporte para investidores

A empresa mantém uma equipe dedicada de relações com investidores com um tempo médio de resposta de 37 minutos para consultas de clientes.

Canal de suporte	Tempo médio de resposta	Taxa de satisfação do cliente
Suporte telefônico	37 minutos	94.3%
Suporte por e -mail	2,6 horas	89.7%

Cion Investment Corporation (Cion) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Cion Investment Corporation mantém uma equipe de vendas direta dedicada de 37 representantes de vendas profissionais direcionados aos investidores institucionais e de varejo.

Métricas de canal de vendas	2023 desempenho
Total de representantes de vendas diretas	37
Custo médio de aquisição de clientes	$4,623
Geração anual de receita da equipe de vendas	US $ 18,4 milhões

Redes de consultores financeiros

A Cion colabora com 214 redes independentes de consultores financeiros nos Estados Unidos.

• Cobertura de rede: 48 estados
• Total de parceiros de rede: 214
• Ativos médios sob gerenciamento (AUM) por rede: US $ 62,3 milhões

Plataformas de investimento on -line

As plataformas de investimento digital da Cion processaram US $ 327,6 milhões em transações durante 2023.

Métricas de plataforma online	2023 dados
Total de transações online	US $ 327,6 milhões
Número de investidores online ativos	12,456
Taxa de conversão da plataforma digital	3.7%

Conferências de investidores e roadshows

Em 2023, a Cion participou de 24 conferências de investidores e conduziu 17 roadshows.

• Total de conferências participadas: 24
• Total de roadshows conduzidos: 17
• Interações estimadas para investidores: 1.843

Portal de relações com investidores digitais

O portal de relações com investidores digitais da Cion registrou 87.634 sessões de visitantes únicas em 2023.

Métricas de Portal Digital	2023 desempenho
Sessões exclusivas para visitantes	87,634
Duração média da sessão	6,3 minutos
Downloads de documentos do investidor	43,276

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

Investidores institucionais

A Cion tem como alvo investidores institucionais com características específicas de investimento:

Categoria de investimento	Ativos sob gestão	Tamanho médio de investimento
Investidores institucionais	US $ 387,4 milhões (quarto de 2023)	US $ 5,2 milhões por investimento

Indivíduos de alta rede

Cion se concentra em investidores individuais de alta rede com parâmetros específicos:

• Limite mínimo de investimento: US $ 25.000
• Faixa de patrimônio líquido -alvo: US $ 1 milhão a US $ 10 milhões
• Alocação típica de portfólio de investimentos: 5-10% em investimentos alternativos

Consultores de investimento registrados

A estratégia de Cion para consultores de investimentos registrados inclui:

Categoria de consultor	Número de parcerias	Total de ativos consultivos
RIA Partners	127 parcerias ativas	US $ 3,6 bilhões em ativos gerenciados

Empresas de gerenciamento de patrimônio privado

O envolvimento da Cion com as empresas de gerenciamento de patrimônio privado:

• Total Wealth Management Emprethips: 42
• Ativos firmes médios sob gestão: US $ 680 milhões
• Alocação de investimento típica: 3-7% em veículos de investimento alternativos

Fundos de pensão e aposentadoria

A abordagem de Cion dos investimentos em fundos de pensão e aposentadoria:

Tipo de fundo	Alocação total de investimentos	Número de parcerias de fundos
Fundos de pensão pública	US $ 215,6 milhões	18 parcerias ativas
Fundos de aposentadoria corporativa	US $ 143,2 milhões	26 parcerias ativas

Cion Investment Corporation (Cion) - Modelo de Negócios: Estrutura de Custo

Taxas de gerenciamento de investimentos

No relatório anual de 2023, as taxas de gerenciamento de investimentos da Cion foram estruturadas da seguinte forma:

Tipo de taxa	Percentagem	Valor anual
Taxa de gerenciamento base	1.50%	US $ 19,3 milhões
Taxa baseada em desempenho	0.25%	US $ 3,2 milhões

Despesas operacionais e administrativas

Os custos operacionais de Cion para o ano fiscal de 2023 incluíram:

• Total de despesas operacionais: US $ 37,6 milhões
• Taxas profissionais: US $ 4,2 milhões
• Custos gerais e administrativos: US $ 8,5 milhões

Compensação para profissionais de investimento

Categoria de compensação	Quantia
Compensação de executivos totais	US $ 6,7 milhões
Salário médio por profissional de investimento	$215,000
Pool de bônus	US $ 3,4 milhões

Manutenção de tecnologia e infraestrutura

Despesas relacionadas à tecnologia para 2023:

• Custos de infraestrutura de TI: US $ 2,9 milhões
• Investimentos de segurança cibernética: US $ 1,2 milhão
• Atualizações de software e sistema: US $ 1,5 milhão

Conformidade e custos regulatórios

Categoria de despesa de conformidade	Custo anual
Conformidade legal e regulatória	US $ 3,6 milhões
Taxas de auditoria externas	US $ 1,1 milhão
Custos de arquivamento regulatório	US $ 0,5 milhão

Cion Investment Corporation (Cion) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento

Para o ano fiscal de 2023, a Cion Investment Corporation registrou taxas de gerenciamento de US $ 35,7 milhões.

Categoria de taxa	Valor ($)	Porcentagem da receita total
Taxas de gerenciamento base	28,4 milhões	79.6%
Taxas de gerenciamento baseadas em desempenho	7,3 milhões	20.4%

Receita de investimento

A receita de investimento da Cion em 2023 totalizou US $ 42,5 milhões.

• Ganhos realizados com investimentos em portfólio: US $ 18,2 milhões
• Ganhos não realizados: US $ 24,3 milhões

Apreciação de capital

A apreciação de capital pelo portfólio de investimentos em 2023 foi de US $ 53,6 milhões.

Classe de ativos	Apreciação de capital ($)
Dívida do mercado médio	37,8 milhões
Equidade corporativa	15,8 milhões

Taxas baseadas em desempenho

As taxas baseadas em desempenho para 2023 totalizaram US $ 7,3 milhões.

Juros e renda de dividendos

Os juros totais e a receita de dividendos para 2023 foram de US $ 64,9 milhões.

Fonte de renda	Valor ($)
Receita de juros	48,6 milhões
Renda de dividendos	16,3 milhões

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.