CION Investment Corp is a Maryland-incorporated, externally managed business development company that invests primarily in senior secured debt of private U.S. middle-market companies. Its core objective is to generate current income, with capital appreciation as a secondary goal, by originating and holding loans such as first lien, second lien, and unitranche facilities. The company is managed by CIM, an affiliated registered investment adviser that handles sourcing, underwriting, portfolio monitoring, administration, and reporting. CION also has an affiliated distribution platform through CION Securities, which supports access to individual investors and the broader CION Investments platform. The business is structured to earn interest income, fees, and occasional capital gains from a portfolio of privately negotiated credit investments.
| % | |
|---|---|
| Senior secured debt investments | 75% Direct lending exposures in first lien, second lien, and unitranche loans to private middle-market borrowers. |
| Other credit investments | 15% Collateralized securities, structured products, unsecured debt, and similar instruments used opportunistically. |
| Equity-linked investments | 5% Warrants, options, and minority equity positions received alongside debt or through co-investments. |
| Fee income | 5% Commitment, structuring, monitoring, managerial assistance, and performance-based fees earned from portfolio companies. |
CION’s direct economic counterparties are private and thinly traded U.S. middle-market companies that borrow capital to...
Borrowers that take senior secured loans to finance growth, acquisitions, refinancing, or liquidity needs, often because they are too small or specialized for broadly syndicated markets.
Retail and high-net-worth investors who buy CION shares or notes to gain access to alternative credit returns through a listed investment company.
Borrowers that may receive managerial assistance, monitoring, and servicing as part of CION’s lending relationship.
Issuers or sellers of structured products, unsecured debt, or other opportunistic securities that CION may purchase when attractive.
CION’s investment activity is concentrated in the United States, where it focuses on private middle-market borrowers...
CION’s strategy is to generate current income by originating and holding senior secured loans that sit high in the...
High-priority because the business depends on recurring interest income and capital preservation in private credit.
Credit selection and ongoing surveillance are central to avoiding losses in middle-market lending.
The company uses leverage and public-market access to scale the portfolio and support shareholder liquidity.
CION faces credit risk because its assets are concentrated in private middle-market loans, where borrower performance...
The portfolio is concentrated in private senior secured loans, so borrower distress can cause non-accruals, restructurings, and realized losses.
Most senior debt investments are floating-rate, which can increase borrower cash interest burden and raise default risk if rates stay elevated.
Portfolio valuations depend on management estimates and market conditions, which can move NAV materially even without cash losses.
CIM and its personnel serve other clients and may allocate time or opportunities in ways that are not optimal for CION.
Sensitive investor and portfolio data are processed by CIM and vendors, creating operational and reputational risk if systems are compromised.
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: 11/08/2026