Cion Investment Corp (NYSE: CION) is a business development company (BDC) that provides debt and equity financing to middle-market companies in the United States. It earns income primarily through interest on floating-rate loans and, secondarily, through dividends and capital gains on equity co-investments. As of December 31, 2024, CION held a portfolio of 105 companies with total investments at fair value of $1.89 billion, weighted 86.0% toward senior secured first lien debt. The portfolio carried a gross annual yield of 10.96% based on purchase price, purchased at a weighted average price of 96.17% of par. Floating-rate investments represented 81.1% of the portfolio at fair value as of December 31, 2024. Equity positions, including warrants and equity co-investments, represented 13.2% of the portfolio at fair value. CION is headquartered at 100 Park Avenue, New York, New York, and files as a regulated investment company under the Investment Company Act of 1940.

Revenue model

Interest income on senior secured floating-rate loans, priced at SOFR plus a spread, forms the primary revenue stream. Secondary income comes from fixed-rate debt instruments, preferred equity returns, and potential capital gains on equity holdings across 105 portfolio companies (as of December 31, 2024).

Products and services

Senior secured first lien debt (86.0% of portfolio at fair value, December 31, 2024), senior secured second lien debt (0.1%), unsecured debt (0.6%), collateralized securities and structured products equity (0.1%), and equity co-investments including common units, preferred units, and warrants (13.2%). CION also issued $135 million in aggregate principal of 7.50% unsecured notes due March 31, 2031 (the 2031 Notes, NYSE: CICC), priced February 9, 2026.

Customers and end markets

Middle-market companies across diversified industries, including healthcare and pharmaceuticals, services (business), high tech, retail, construction and building, consumer goods (durable and non-durable), capital equipment, media, energy (oil and gas), metals and mining, and banking, finance, insurance and real estate. Average annual EBITDA of portfolio companies was $53.6 million and median was $34.2 million as of December 31, 2024.

Value-chain role

Direct lender and equity co-investor to middle-market borrowers. CION originates, underwrites, and holds loans and equity positions on its balance sheet, acting as a primary capital provider rather than an arranger or syndicator.

Geographic exposure

Primarily United States-based portfolio companies, with at least one Canadian equity holding (Avison Young (Canada) Inc.) noted in the December 31, 2025 and 2024 schedules of investments.

Source: SEC 10-K, filed 2026-03-12

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