Form 8-K

8-K — CION Investment Corp

Accession: 0001104659-26-091692

Filed: 2026-08-06

Period: 2026-08-03

CIK: 0001534254

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2622057d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622057d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2622057d1_ex99-2.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event

reported): August 6, 2026 (August 3, 2026)

CĪON

Investment Corporation

(Exact Name of Registrant as Specified in Charter)

Maryland

814-00941

45-3058280

(State

or Other Jurisdiction of Incorporation)

(Commission

File Number)

(I.R.S.

Employer Identification No.)

100 Park Avenue, 25th Floor

New York, New York 10017

(Address of Principal Executive Offices)

Registrant’s telephone number, including

area code: (212) 418-4700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered

pursuant to Section 12(b) of the Act:

Title

of each class

Trading

symbol(s)

Name

of each exchange on which registered

Common stock, par value $0.001 per share

CION

The New York Stock Exchange

7.50% Notes due 2029

CICB

The New York Stock Exchange

7.50% Notes due 2031

CICC

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate

by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

Monthly Base Distributions

for Q4 2026

The

board of directors (the “Board”) of CĪON Investment Corporation (“CION”) has delegated to CION’s executive

officers the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will

be ratified by the Board on a quarterly basis.

August 3, 2026, CION’s co-chief executive officers declared base distributions of $0.10 per share for each of October, November,

and December 2026, which will be payable to shareholders as follows:

Declaration

Date

Record

Date

Payment

Date

Amount

Per Share

8/3/2026

10/16/2026

10/30/2026

$0.10

8/3/2026

11/13/2026

11/27/2026

$0.10

8/3/2026

12/11/2026

12/28/2026

$0.10

Total

Q4 2026:

$0.30

copy of a press release announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Q2 2026 Financial

Results

August 6, 2026, CION issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of

the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

connection with its conference call to be held on August 6, 2026 to discuss its financial results for the second quarter ended June 30,

2026, CION has provided an accompanying slide presentation in the Investor Resources section of its website at www.cionbdc.com. A

copy of the presentation is also attached hereto as Exhibit 99.2 and incorporated by reference herein.

The

information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being “furnished” and shall not be

deemed “filed” by CION for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing

under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such

filing.

Item 7.01. Regulation FD Disclosure.

The information in Item 2.02

of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release dated August 6, 2026.

99.2

CĪON Investment Corporation Second Quarter 2026 Earnings Presentation.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.

Date: August 6, 2026

CĪON INVESTMENT CORPORATION

By:

/s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622057d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

CION INVESTMENT CORPORATION REPORTS SECOND QUARTER

2026 FINANCIAL RESULTS

Board Approves $50 Million Increase to Share

Repurchase Program While Management

Continues Deleveraging Strategy

For Immediate Release

NEW YORK, NY, August 6, 2026 — CION

Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the second

quarter ended June 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission (the "SEC").

CION also announced that, on August 3, 2026,

its co-chief executive officers declared base distributions of $0.10 per share for each of October, November and December 2026,

which will be payable to shareholders on October 30, November 27, and December 28, 2026, respectively, to shareholders

of record as of October 16, November 13, and December 11, 2026, respectively.

SECOND QUARTER AND OTHER HIGHLIGHTS

· Net investment income and earnings per share for the quarter ended June 30, 2026 were $0.29 per share

and $0.62 per share, respectively;

• Net asset value per share was $13.57 as of June 30, 2026 compared to $13.11 as of March 31,

2026, an increase of $0.46 per share, or 3.5%. The increase was primarily due to mark-to-market price increases to certain equity investments

in the Company’s portfolio during the quarter ended June 30, 2026;

· As of June 30, 2026, the Company had $1.17 billion of total principal amount of debt outstanding,

of which 25% was comprised of senior secured bank debt and 75% was comprised of unsecured debt. The Company’s net debt-to-equity

ratio was 1.52x as of June 30, 2026 compared to 1.62x as of March 31, 2026;

· As of June 30, 2026, the Company had total investments at fair value of $1.65 billion in 82 portfolio

companies across 23 industries. The investment portfolio was comprised of 79.2% senior secured first lien investments;1

· During the quarter, the Company funded new investment commitments of $54 million, funded previously unfunded

commitments of $13 million, and had sales and repayments totaling $157 million, resulting in a net decrease to the Company's funded portfolio

of $90 million;

· As of June 30, 2026, investments on non-accrual status amounted to 1.44% and 4.41% of the total investment

portfolio at fair value and amortized cost, respectively, down from 1.53% and 5.35%, respectively, as of March 31, 2026;

· During the quarter, the Company repurchased 1,099,109 shares of its common stock under its 10b5-1 trading

plan at an average price of $7.28 per share for a total repurchase amount of $8.0 million. Through June 30, 2026, the Company repurchased

a total of 7,755,736 shares of its common stock under its 10b5-1 trading plan at an average price of $9.44 per share for a total repurchase

amount of $73.2 million;

· On July 9 and July 24, 2026, the Company repaid a total of approximately $125 million in aggregate

principal amount of borrowings under its JPM Credit Facility;

· On July 15, 2026, the Company entered into note purchase agreements with certain institutional investors

in connection with the Company's issuance of up to $10 million in aggregate principal amount of its 7.50% senior unsecured notes due 2029

and up to $50 million in aggregate principal amount of its 8.00% senior unsecured notes due 2031. The initial closing on July 15,

2026 consisted of an aggregate principal amount of $2 million in 7.50% 2029 Notes and an aggregate principal amount of $28 million in

8.00% 2031 Notes; and

· On July 30, 2026, the Company increased the authorized amount of shares that may be repurchased by

the Company under its share repurchase policy by $50 million, from up to $80 million to up to $130 million. The share repurchase policy

may be implemented at the Company’s sole discretion, subject to market conditions, applicable law and other factors.

DISTRIBUTIONS

· For the quarter ended June 30, 2026, the Company paid monthly base distributions totaling $14.8 million,

or $0.30 per share.

Mark Gatto, co-Chief Executive Officer of CION, commented:

"This was a good quarter based on our key

metrics — net asset value per share was up, net investment income was up, and non-accruals were down, with no new names placed on

non-accrual and no new internal risk rating downgrades. Reflecting that confidence, our Board has authorized a $50 million increase to

our existing share repurchase program, bringing the total to $130 million. We continue to believe our stock is significantly undervalued

relative to our net asset value, and we are prepared to continue acting on that conviction."

SELECTED FINANCIAL HIGHLIGHTS

As of

(in thousands, except per share data and ratios)

June 30, 2026

March 31, 2026

Investment portfolio, at fair value1

$ 1,645,159

$ 1,702,420

Total debt outstanding2

$ 1,174,844

Net assets

$ 667,776

$ 659,636

Net asset value per share

$ 13.57

$ 13.11

Debt-to-equity

1.76 x

1.78 x

Net debt-to-equity

1.52 x

1.62 x

Three Months Ended

(in thousands, except share and per share data)

June 30, 2026

March 31, 2026

Total investment income

$ 49,793

$ 49,537

Total operating expenses and income tax expense

$ 35,623

$ 36,673

Net investment income after taxes

$ 14,170

$ 12,864

Net realized (losses) gains

$ (17,966 )

$ 237

Net unrealized gains (losses)

$ 34,776

$ (36,132 )

Net increase (decrease) in net assets resulting from operations

$ 30,980

$ (23,031 )

Net investment income per share

$ 0.29

$ 0.25

Net realized and unrealized gains (losses) per share

$ 0.33

$ (0.70 )

Earnings per share

$ 0.62

$ (0.45 )

Weighted average shares outstanding

49,660,843

50,803,697

Distributions declared per share

$ 0.30

Total investment income for the three months ended

June 30, 2026 and March 31, 2026 was $49.8 million and $49.5 million, respectively. The slight increase in total investment

income was primarily driven by an increase in the amortization of purchase discounts from opportunistic investment purchases made during the second quarter. This increase

was partially offset by lower interest income earned on our investments due to a reduction in the size of our portfolio during

the quarter ended June 30, 2026 compared to the quarter ended March 31, 2026.

Operating expenses for the three months ended

June 30, 2026 and March 31, 2026 were $35.6 million and $36.7 million, respectively. The decrease in operating expenses was

primarily attributable to lower interest expense, which resulted from a decrease in the Company's average debt outstanding during the

second quarter. The decrease was further driven by lower general and administrative expenses during the quarter ended June 30, 2026

compared to the quarter ended March 31, 2026.

PORTFOLIO AND INVESTMENT ACTIVITY1

A summary of the Company's investment activity for the three months

ended June 30, 2026 is as follows:

New Investment

Commitments

Sales and Repayments

Investment Type (in thousands)

Senior secured first lien debt

$ 55,271

97 %

$ (151,965 )

97 %

Collateralized securities and structured products - equity

—

(4,900 )

3 %

Equity

1,510

3 %

—

Total

$ 56,781

100 %

$ (156,865 )

100 %

During the three months ended June 30, 2026,

new investment commitments were made across 1 new and 10 existing portfolio companies. During the

same period, the Company received full repayment of investments in 5 portfolio companies and sold all investments in 3 portfolio companies.

As a result, the number of portfolio companies decreased to 82 as of June 30, 2026 from 89 as of March 31, 2026.

PORTFOLIO SUMMARY1

As of June 30, 2026, the Company’s investments consisted

of the following:

Investments at Fair Value

Investment Type (in thousands)

Senior secured first lien debt

$ 1,303,616

79.2 %

Senior secured second lien debt

—

Unsecured debt

7,359

0.5 %

Equity

334,184

20.3 %

Total

$ 1,645,159

100.0 %

The following table presents certain selected information regarding

the Company’s investments:

As of

June 30, 2026

March 31, 2026

Number of portfolio companies

Percentage of performing loans bearing a floating rate3

87.0 %

88.6 %

Percentage of performing loans bearing a fixed rate3

13.0 %

11.4 %

Yield on debt and other income producing investments at amortized cost4

10.57 %

10.43 %

Yield on performing loans at amortized cost4

11.23 %

11.24 %

Yield on total investments at amortized cost

8.90 %

8.92 %

Weighted average leverage (net debt/EBITDA)5

5.07 x

4.62 x

Weighted average interest coverage5

1.87 x

2.08 x

Median EBITDA6

$ 33.7 million

$34.6 million

As of June 30, 2026, investments on non-accrual

status represented 1.44% and 4.41% of the total investment portfolio at fair value and amortized cost, respectively. As of March 31,

2026, investments on non-accrual status represented 1.53% and 5.35% of the total investment portfolio at fair value and amortized cost,

respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2026, the Company had $1.17

billion of total principal amount of debt outstanding, comprised of $300 million of outstanding borrowings under its senior secured credit

facilities and $875 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.5%

for the quarter ended June 30, 2026. As of June 30, 2026, the Company had $163 million in cash and short-term investments

and $25 million available under its financing arrangements.2

EARNINGS CONFERENCE CALL

CION will host an earnings conference call on

Thursday, August 6, 2026 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2026.

Please visit the Investor Resources - Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation

that complements the earnings conference call.

All interested parties are invited to participate

via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Second

Quarter Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the

conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived

replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION’s website.

ENDNOTES

1) The discussion of the investment portfolio excludes short-term investments.

2) Total debt outstanding excludes netting of debt issuance costs of $14.9 million and $16.7 million as of

June 30, 2026 and March 31, 2026, respectively.

3) The fixed versus floating rate composition has been calculated as a percentage of performing debt investments

measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual

status.

4) Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and

discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing

debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes

exit fees that are receivable upon repayment of the investment.

5) For a particular portfolio company, the Company calculates the level of contractual indebtedness net of

cash (“net debt”) owed by the portfolio company and compares that amount to measures of cash flow available to service the

net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes

debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation

method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of

the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates

cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net

debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt

to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and

covenanted based on recurring revenue.

For a particular portfolio company,

the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA

(“interest coverage ratio”). The Company believes this calculation method assists in describing the risk of its portfolio

investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage

is weighted based on the fair value of the Company's performing debt and equity investments, and excludes investments where interest coverage

may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted

based on recurring revenue.

Portfolio company statistics, including

EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported

end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted

amount.

6) Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment.

CĪON Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

June 30, 2026

December 31, 2025

(unaudited)

Assets

Investments, at fair value:

Non-controlled, non-affiliated investments (amortized cost of $1,182,506 and $1,238,358, respectively)

$ 1,092,285

$ 1,158,985

Non-controlled, affiliated investments (amortized cost of $387,844 and $360,895, respectively)

402,986

364,335

Controlled investments (amortized cost of $360,206 and $342,843, respectively)

304,822

289,670

Total investments, at fair value (amortized cost of $1,930,556 and $1,942,096, respectively)

1,800,093

1,812,990

Cash

7,664

8,159

Interest and fees receivable on investments

34,571

27,979

Receivable due on investments sold and repaid

1,590

3,699

Prepaid expenses and other assets

2,770

1,973

Total assets

$ 1,846,688

$ 1,854,800

Liabilities and Shareholders' Equity

Liabilities

Financing arrangements (net of unamortized debt issuance costs of $14,903 and $14,263, respectively)

$ 1,159,941

$ 1,125,580

Payable for investments purchased

3,076

2,529

Accounts payable and accrued expenses

727

785

Interest payable

5,111

5,764

Accrued management fees

6,040

6,423

Accrued subordinated incentive fee on income

3,006

3,882

Accrued administrative services expense

1,011

2,182

Share repurchases payable

—

Total liabilities

1,178,912

1,147,172

Shareholders' Equity

Common stock, $0.001 par value; 500,000,000 shares authorized; 49,202,704 and 51,420,629 shares issued, and 49,202,704 and 51,417,866 shares outstanding, respectively

Capital in excess of par value

986,777

1,004,496

Accumulated distributable losses

(319,050 )

(296,919 )

Total shareholders' equity

667,776

707,628

Total liabilities and shareholders' equity

$ 1,846,688

$ 1,854,800

Net asset value per share of common stock at end of period

$ 13.57

$ 13.76

CĪON Investment Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended

June 30,

Year Ended

December 31,

2026

2025

2026

2025

(unaudited)

Investment income

Non-controlled, non-affiliated investments

Interest income

$ 22,460

$ 32,478

$ 46,146

$ 66,598

$ 123,768

Paid-in-kind interest income

7,868

6,289

13,356

14,648

29,782

Fee income

2,327

739

5,201

4,522

9,447

Dividend income

899

1,212

1,352

1,718

2,660

Non-controlled, affiliated investments

Interest income

2,605

2,305

4,665

4,280

8,550

Paid-in-kind interest income

3,747

3,342

8,733

6,490

13,627

Fee income

583

700

583

700

975

Dividend income

2,602

439

5,947

630

5,645

Controlled investments

Interest income

6,042

4,467

12,420

8,259

30,896

Paid-in-kind interest income

660

—

927

—

5,821

Fee income

—

273

—

473

9,650

Total investment income

49,793

52,244

99,330

108,318

240,821

Operating expenses

Management fees

6,040

6,497

12,145

13,122

26,076

Administrative services expense

1,194

1,196

2,570

2,475

5,180

Subordinated incentive fee on income

3,006

3,589

5,734

7,673

19,736

General and administrative

1,543

1,393

3,505

3,229

6,334

Interest expense

23,836

22,637

48,249

45,635

90,540

Total operating expenses

35,619

35,312

72,203

72,134

147,866

Net investment income before taxes

14,174

16,932

27,127

36,184

92,955

Income tax expense (benefit), including excise tax

(85 )

Net investment income after taxes

14,170

16,922

27,034

36,174

93,040

Realized and unrealized gains (losses)

Net realized (losses) gains on:

Non-controlled, non-affiliated investments

(17,966 )

(32,376 )

(17,888 )

(30,082 )

(39,569 )

Non-controlled, affiliated investments

—

159

—

Net realized losses

(17,966 )

(32,376 )

(17,729 )

(30,082 )

(39,569 )

Net change in unrealized appreciation (depreciation) on:

Non-controlled, non-affiliated investments

9,652

20,832

(15,859 )

(9,830 )

(42,242 )

Non-controlled, affiliated investments

11,970

10,560

16,710

2,131

10,757

Controlled investments

13,154

11,378

(2,207 )

(13,782 )

(42,617 )

Net change in unrealized appreciation (depreciation)

34,776

42,770

(1,356 )

(21,481 )

(74,102 )

Net realized and unrealized gains (losses)

16,810

10,394

(19,085 )

(51,563 )

(113,671 )

Net increase (decrease) in net assets resulting from operations

$ 30,980

$ 27,316

$ 7,949

$ (15,389 )

$ (20,631 )

Per share information—basic and diluted

Net increase (decrease) in net assets per share resulting from operations

$ 0.62

$ 0.52

$ 0.16

$ (0.29 )

$ (0.39 )

Net investment income per share

$ 0.29

$ 0.32

$ 0.54

$ 0.68

$ 1.78

Weighted average shares of common stock outstanding

49,660,843

52,628,784

50,229,113

52,848,420

52,341,612

ABOUT CION INVESTMENT CORPORATION

CION Investment Corporation is a leading publicly

listed business development company that had approximately $1.8 billion in total assets as of June 30, 2026. CION seeks to generate

current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market

companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information,

please visit www.cionbdc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking

statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology

such as “may,” “will,” “should,” “expect,” “anticipate,” “project,”

“target,” “estimate,” “intend,” “continue,” or “believe” or the negatives

thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they

discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and

other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and

outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or

control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events

that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the

risks, uncertainties and other factors CION identifies in the sections entitled “Risk Factors” and “Forward-Looking

Statements” in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes

no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise,

except as required by law.

OTHER INFORMATION

The information in this press release is summary

information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC

on August 6, 2026, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q

and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s

website at www.sec.gov.

CONTACTS

Media and Investor Relations

general@cioninvestments.com

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2622057d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

CION Investment Corporation Second Quarter 2026 Earnings Presentation

Disclosures and Forward - Looking Statements 2 The information contained in this earnings presentation should be viewed in conjunction with the earnings conference call of CION Investment Corporation (NYSE : CION) (“CION” or the “Company”) held on Thursday, August 6 , 2026 as well as the Company’s Quarterly Report on Form 10 - Q for the quarter ended June 30 , 2026 that was filed with the Securities and Exchange Commission (the “SEC”) on August 6 , 2026 . The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company . This earnings presentation may contain forward - looking statements that involve substantial risks and uncertainties, including the impact of tariffs and trade disputes with other countries, changes in inflation, high interest rates and the risk of recession on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies . You can identify these statements by the use of forward - looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology, including references to assumptions, forecasts of future results, shareholder diversification, institutional research coverage and availability and access to capital . You should read statements that contain these words carefully because they discuss the Company’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters . These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control, such as the price at which the Company’s shares of common stock and other securities will trade on the NYSE . Any forward - looking statement made by the Company in this earnings presentation speaks only as of the date on which the Company makes it . Factors or events that could cause the Company’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors the Company identifies in the sections entitled “Risk Factors” and “Forward - Looking Statements” in filings the Company makes with the SEC, and it is not possible for the Company to predict or identify all of them . The Company undertakes no obligation to update or revise publicly any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . This earnings presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy the Company’s common stock or any other securities nor will there be any sale of common stock or any other securities referred to in this earnings presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction . Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Company or as legal, accounting or tax advice . An investment in securities of the type described herein presents certain risks . The Company is managed by CION Investment Management, LLC, an affiliate of the Company . Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance . The information contained in this earnings presentation is summary information that is intended to be considered in the context of other public announcements that the Company may make, by press release or otherwise, from time to time . The Company undertakes no duty or obligation to publicly update or revise the information contained in this earnings presentation, except as required by law . These materials contain information about the Company, certain of its personnel and affiliates and its historical performance . You should not view information related to past performance of the Company as indicative of its future results, the achievement of which cannot be assured . Past performance does not guarantee future results, which may vary . The value of investments and the income derived from investments will fluctuate and can go down as well as up . A loss of principal may occur .

3 (1) The discussion of the investment portfolio excludes short term investments. Second Quarter and Other Highlights – Ended June 30, 2026 • Net investment income and earnings per share for the quarter ended June 30 , 2026 were $ 0 . 29 per share and $ 0 . 62 per share, respectively ; • Net asset value per share was $ 13 . 57 as of June 30 , 2026 compared to $ 13 . 11 as of March 31 , 2026 , an increase of $ 0 . 46 per share, or 3 . 5 % . The increase was primarily due to mark - to - market price increases to certain equity investments in the Company’s portfolio during the quarter ended June 30 , 2026 ; • As of June 30 , 2026 , the Company had $ 1 . 17 billion of total principal amount of debt outstanding, of which 25 % was comprised of senior secured bank debt and 75 % was comprised of unsecured debt . The Company’s net debt - to - equity ratio was 1 . 52 x as of June 30 , 2026 compared to 1 . 62 x as of March 31 , 2026 ; • As of June 30 , 2026 , the Company had total investments at fair value of $ 1 . 65 billion in 82 portfolio companies across 23 industries . The investment portfolio was comprised of 79 . 2 % senior secured first lien investments ; 1 • During the quarter, the Company funded new investment commitments of $ 54 million, funded previously unfunded commitments of $ 13 million, and had sales and repayments totaling $ 157 million, resulting in a net decrease to the Company's funded portfolio of $ 90 million ; • As of June 30 , 2026 , investments on non - accrual status amounted to 1 . 44 % and 4 . 41 % of the total investment portfolio at fair value and amortized cost, respectively, down from 1 . 53 % and 5 . 35 % , respectively, as of March 31 , 2026 ; • During the quarter, the Company repurchased 1 , 099 , 109 shares of its common stock under its 10 b 5 - 1 trading plan at an average price of $ 7 . 28 per share for a total repurchase amount of $ 8 . 0 million . Through June 30 , 2026 , the Company repurchased a total of 7 , 755 , 736 shares of its common stock under its 10 b 5 - 1 trading plan at an average price of $ 9 . 44 per share for a total repurchase amount of $ 73 . 2 million ; • On July 9 and July 24 , 2026 , the Company repaid a total of approximately $ 125 million in aggregate principal amount of borrowings under its JPM Credit Facility ; • On July 15 , 2026 , the Company entered into note purchase agreements with certain institutional investors in connection with the Company's issuance of up to $ 10 million in aggregate principal amount of its 7 . 50 % senior unsecured notes due 2029 and up to $ 50 million in aggregate principal amount of its 8 . 00 % senior unsecured notes due 2031 . The initial closing on July 15 , 2026 consisted of an aggregate principal amount of $ 2 million in 7 . 50 % 2029 Notes and an aggregate principal amount of $ 28 million in 8 . 00 % 2031 Notes ; and • On July 30 , 2026 , the Company increased the authorized amount of shares that may be repurchased by the Company under its share repurchase policy by $ 50 million, from up to $ 80 million to up to $ 130 million . The share repurchase policy may be implemented at the Company’s sole discretion, subject to market conditions, applicable law and other factors . DISTRIBUTIONS • For the quarter ended June 30 , 2026 , the Company paid monthly base distributions totaling $ 14 . 8 million, or $ 0 . 30 per share ; and • On August 3 , 2026 , the Company's co - chief executive officers declared base distributions of $ 0 . 10 per share for each of October, November and December 2026 , which will be payable to shareholders on October 30 , November 27 , and December 28 , 2026 , respectively, to shareholders of record as of October 16 , November 13 , and December 11 , 2026 , respectively .

4 Selected Financial Highlights (1) The discussion of the investment portfolio excludes short term investments. (2) Total debt outstanding excludes netting of debt issuance costs. Please refer to page 10 for debt net of issuance costs. Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ($ in millions) $1,766 $1,738 $1,697 $1,702 $1,645 Investment portfolio, at fair value (1) $1,117 $1,092 $1,140 $1,175 $1,175 Total debt outstanding (2) $759 $773 $708 $660 $668 Net assets 1.47x 1.41x 1.61x 1.78x 1.76x Debt - to - equity 1.39x 1.28x 1.44x 1.62x 1.52x Net debt - to - equity $52.5 $78.7 $53.8 $49.5 $49.8 Total investment income $16.9 $38.6 $18.3 $12.9 $14.2 Net investment income $10.4 $(2.7) $(59.4) $(35.9) $16.8 Net realized and unrealized gains (losses) $27.3 $35.9 $(41.1) $(23.0) $31.0 Net increase (decrease) in net assets resulting from operations Per Share Data $14.50 $14.86 $13.76 $13.11 $13.57 Net asset value per share $0.32 $0.74 $0.35 $0.25 $0.29 Net investment income per share $0.20 $(0.05) $(1.15) $(0.70) $0.33 Net realized and unrealized gains (losses) per share $0.52 $0.69 $(0.80) $(0.45) $0.62 Earnings per share $0.36 $0.36 $0.36 $0.30 $0.30 Distributions declared per share

Investment Activity • New investment commitments for the quarter were $57 million, of which $54 million were funded and $3 million were unfunded. • New investment commitments were made across 1 new and 10 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter were $13 million. • Sales and repayments totaled $157 million for the quarter, which included the full exit of investments in 8 portfolio compani es. Note - The discussion of the investment portfolio excludes short term investments. Unfunded commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, whi ch may be shorter than the loan’s maturity date. 5 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ($ in millions) $41 $73 $76 $69 $57 New investment commitments $29 $65 $66 $54 $54 Funded $12 $8 $10 $15 $3 Unfunded $10 $17 $12 $12 $13 Fundings of previously unfunded commitments $(86) $(148) $(79) $(38) $(103) Repayments $(2) $(3) $0 $0 $(54) Sales $(49) $(69) $(1) $28 $(90) Net funded investment activity 99 91 89 89 82 Total Portfolio Companies

6 Portfolio Asset Composition * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 93% 79% 100% 97% 3% 81% 19% 0%* 1% 0%* 0% 0%* 1% 80% 0%* 19% 85% 14% 0%* 79% 81% 1% 20% 19% 0% 92% 1% 0%* 0%* 8% 0% 20% 6% 1% 0%* 0%

7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q2 2026 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments (1) The discussion of the investment portfolio excludes short term investments. * - Less than 1%. Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Rating 3.2% 1.5% 8.2% 9.3% 11.7% 1 83.4% 85.7% 77.9% 75.7% 72.2% 2 11.6% 10.4% 11.5% 12.9% 14.1% 3 1.4% 2.1% 1.9% 1.6% 1.7% 4 0.4% 0.3% 0.5% 0.5% 0.3% 5 100.0% 100.0% 100.0% 100.0% 100.0% Total

8 Market Price Implies Realized Credit Losses of 14x Historical Losses ( 1 ) Calculated using NAV per share and shares outstanding as of June 30 , 2026 , compared to the stock price as of July 28 , 2026 . ( 2 ) Reflects $ 364 . 7 million in additional implied losses to the historical credit loss rate of 0 . 32 % as of June 30 , 2026 . ( 3 ) Represents Investments risk rated 3 , 4 and 5 at fair value ( $ 264 . 5 million as of June 30 , 2026 ) . ( 4 ) Represents the additional loss rate that would need to be applied to investments risk rated 2 .

PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 9 ( 1 ) See endnote 4 in our press release filed with the SEC on August 6 , 2026 . ( 2 ) See endnote 5 in our press release filed with the SEC on August 6 , 2026 . ( 3 ) See endnote 6 in our press release filed with the SEC on August 6 , 2026 . ( 4 ) The discussion of the investment portfolio excludes short term investments . Portfolio Characteristics (as of June 30, 2026) (4) Investment Portfolio $1,695.7 million Total investments and unfunded commitments $50.5 million Unfunded commitments $1,645.2 million Investments at fair value 10.57 % Yield on debt and other income producing investments at amortized cost (1) 11.23 % Yield on performing loans at amortized cost (1) 8.90 % Yield on total investments at amortized cost Portfolio Companies 82 Number of portfolio companies 5.07x Weighted average leverage (net debt/EBITDA) (2) 1.87x Weighted average interest coverage (2) $33.7 million Median EBITDA (3) Industry Diversification (4) % of Investment Portfolio Industry 14.7 % Services: Business 11.5 % Retail 10.5 % Healthcare & Pharmaceuticals 8.9 % Energy: Electricity 7.5 % Media: Diversified & Production 46.9 % Other (≤ 6.2% each) 79.2% Senior Secured Debt Investments - Less than 1%

Quarterly Operating Results 10 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 All figures in thousands, except share and per share data Investment income $ 48,881 $ 68,177 $ 43,992 $ 42,865 $ 43,382 Interest income (1) 1,651 905 5,052 3,798 3,501 Dividend income 1,712 9,629 4,748 2,874 2,910 Fee income $ 52,244 $ 78,711 $ 53,792 $ 49,537 $ 49,793 Total investment income Expenses $ 6,497 $ 6,532 $ 6,422 $ 6,105 $ 6,040 Management fees 22,637 22,652 22,253 24,413 23,836 Interest and other debt expenses 3,589 8,181 3,882 2,728 3,006 Incentive fees 2,589 2,874 2,936 3,338 2,737 Other operating expenses $ 35,312 $ 40,239 $ 35,493 $ 36,584 $ 35,619 Total expenses before taxes 10 (95) — 89 4 Income tax expense (benefit), including excise tax $ 16,922 $ 38,567 $ 18,299 $ 12,864 $ 14,170 Net investment income after taxes Net realized gain (loss) and unrealized appreciation (depreciation) on investments $ (32,376) $ (9,605) $ 118 $ 237 $ (17,966) Net realized (loss) gain 42,770 6,916 (59,537) (36,132) 34,776 Net change in unrealized appreciation (depreciation) $ 10,394 $ (2,689) $ (59,419) $ (35,895) $ 16,810 Net realized and unrealized gains (losses) $ 27,316 $ 35,878 $ (41,120) $ (23,031) $ 30,980 Net increase (decrease) in net assets resulting from operations Per share data $ 0.32 $ 0.74 $ 0.35 $ 0.25 $ 0.29 Net investment income $ 0.20 $ (0.05) $ (1.15) $ (0.70) $ 0.33 Net realized gain (loss) and unrealized appreciation (depreciation) on investments $ 0.52 $ 0.69 $ (0.80) $ (0.45) $ 0.62 Earnings per share $ 0.36 $ 0.36 $ 0.36 $ 0.30 $ 0.30 Distributions declared per share 52,628,784 52,065,707 51,616,723 50,803,697 49,660,843 Weighted average shares outstanding 52,303,842 51,973,518 51,417,866 50,301,813 49,202,704 Shares outstanding, end of period (1) Includes certain prepayment fees, exit fees, accelerated original issue discount and paid - in - kind interest income.

Quarterly Balance Sheet 11 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 All figures in thousands, except per share data and asset coverage ratio Assets $ 1,824,628 $ 1,840,584 $ 1,812,990 $ 1,799,474 $ 1,800,093 Investments, at fair value 6,533 3,931 8,159 9,248 7,664 Cash 45,246 31,192 27,979 33,062 34,571 Interest receivable on investments 3,408 5,218 3,699 227 1,590 Receivable due on investments sold 966 3,019 1,973 1,950 2,770 Prepaid expenses and other assets $ 1,880,781 $ 1,883,944 $ 1,854,800 $ 1,843,961 $ 1,846,688 Total Assets Liabilities & Net Assets $ 1,101,640 $ 1,078,522 $ 1,125,580 $ 1,158,183 $ 1,159,941 Financing arrangements (net of debt issuance costs) (1) 4 9,277 2,529 6,636 3,076 Payable for investments purchased 1,178 1,154 785 813 727 Accounts payable and accrued expenses 7,866 6,194 5,764 8,489 5,111 Interest payable 6,497 6,571 6,423 6,104 6,040 Accrued management fees 3,589 8,181 3,882 2,728 3,006 Accrued subordinated incentive fee on income 1,263 1,499 2,182 1,372 1,011 Accrued administrative services expense 134 40 27 — — Share repurchase payable $ 1,122,171 $ 1,111,438 $ 1,147,172 $ 1,184,325 $ 1,178,912 Total Liabilities $ 758,610 $ 772,506 $ 707,628 $ 659,636 $ 667,776 Total Net Assets $ 1,880,781 $ 1,883,944 $ 1,854,800 $ 1,843,961 $ 1,846,688 Total Liabilities and Net Assets $ 14.50 $ 14.86 $ 13.76 $ 13.11 $ 13.57 Net Asset Value per share 1.68 1.71 1.62 1.56 1.57 Asset coverage ratio (2) (1) The Company had debt issuance costs of $ 14 , 903 as of June 30 , 2026 , $ 16 , 661 as of March 31 , 2026 , $ 14 , 263 as of December 31 , 2025 , $ 13 , 822 as of September 30 , 2025 and $ 15 , 704 as of June 30 , 2025 . (2) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period .

12 Q2 2026 Net Asset Value Bridge Per Share Data

13 Maturity Date Interest Rate Principal Amount Outstanding Total Commitment Amount 6/15/2027 S + 2.55% (2) $200 $200 JPM Credit Facility 12/30/2029 7.50% 173 173 7.50% Public 2029 Notes (1) 12/15/2029 7.70% 125 125 7.70% 2029 Notes (1) 12/15/2027 7.41% 48 48 7.41% 2027 Notes (1) 2/13/2028 S + 2.75% 100 125 UBS Credit Facility 3/31/2031 7.50% 135 135 7.50% Public 2031 Notes (1) 8/31/2026 S + 3.82% 115 115 Series A Unsecured Notes, 2026 (1) 11/8/2027 S + 4.75% 100 100 Floating Rate Unsecured Notes, Tranche A 2027 (1) 11/8/2027 S + 3.90% 100 100 Floating Rate Unsecured Notes, Tranche B, 2027 (1) 4/27/2027 S + 3.50% 50 50 2022 Unsecured Term Loan (1) 9/30/2027 S + 3.80% 30 30 2024 Unsecured Term Loan (1) 7.5% $1,175 $1,200 Total Debt Debt Summary DEBT MATURITIES ($ in millions) DEBT SCHEDULE ($ in millions) $25 million in available capacity within existing senior secured facilities (1) Investment grade credit rating. (2) The Company pays an annual administrative fee of 0.20% on JPM's total financing commitment.

14 Distribution Per Share and Distribution Coverage 1 (1) Includes supplemental distributions of $0.05 per share during Q4 2024. Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 $0.29 $0.25 $0.35 $0.74 $0.32 $0.36 $0.35 $0.40 Net Investment Income (per share) $0.30 $0.30 $0.36 $0.36 $0.36 $0.36 $0.41(1) $0.36 Distribution (per share) 0.97x 0.83x 0.97x 2.06x 0.89x 1.00x 0.85x 1.11x Distribution coverage

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No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=cion_SevenandhalfpercentNotesdue2029Member

Namespace Prefix:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=cion_SevenandhalfpercentNotesdue2031Member

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