CION Investment Corporation — Interim / Quarterly Report 2026

May 7, 2026

Date: 05/06/2026 02:03 PM

Client: 26-13749-1_CION Investment Corporation_8-K

Toppan Merrill

Project: 26-13749-1 Form Type: 8-K

Submission Data File

General Information
Form Type*	8-K
Subject-Company File Number
Subject-Company CIK
Subject-Company Name
Subject-Company IRS Number
Contact Name	Toppan Merrill EDGAR Support
Contact Phone	800-688-1933
Filer File Number
Filer CIK*	0001534254 (CION Investment Corp)
Filer CCC*	***
Confirming Copy	No
Notify via Website only	No
Return Copy	No
Group Name
Items*	2.02 Results of Operations and Financial Condition
7.01 Regulation FD Disclosure
9.01 Financial Statements and Exhibits
SROS*	NYSE
Depositor CIK
Depositor 33 File Number
Fiscal Year
Item Submission Type
Period*	05-04-2026
ABS Asset Class Type
ABS Sub Asset Class Type
Sponsor CIK
Emerging Growth Company	No
Elected not to use extended transition period	No
(End General Information)
Document Information
---	---
File Count*	22
Document Name 1*	tm2613748d1_8k.htm
Document Type 1*	8-K
Document Description 1	Form 8-K
Document Name 2*	tm2613748d1_ex99-1.htm
Document Type 2*	EX-99.1
Document Description 2	Exhibit 99.1
Document Name 3*	tm2613748d1_ex99-2.htm
Document Type 3*	EX-99.2
Document Description 3	Exhibit 99.2
Document Name 4*	cion-20260504.xsd
Document Type 4*	EX-101.SCH
Document Description 4	XBRL TAXONOMY EXTENSION SCHEMA
Document Name 5*	cion-20260504_def.xsd
Document Type 5*	EX-101.DEF
Document Description 5	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
Document Name 6*	cion-20260504_lab.xsd
Document Type 6*	EX-101.LAB
Document Description 6	XBRL TAXONOMY EXTENSION LABEL LINKBASE
Document Name 7*	cion-20260504_per.xsd
Document Type 7*	EX-101.PRE
Document Description 7	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
(End Discontinued Information)

---

Date: 05/06/2026 02:03 PM
Client: 26-13748-1_CION Investment Corporation_8-K
Toppan Merrill
Project: 26-13748-1 Form Type: 8-K
File: tm2613748d1_8k.htm Type: 8-K Pg: 1 of 3

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): May 7, 2026 (May 4, 2026)

CION Investment Corporation

(Exact Name of Registrant as Specified in Charter)

| Maryland
(State or Other Jurisdiction of Incorporation) | 814-00941
(Commission File Number) | 45-3050280
(I.R.S. Employer Identification No.) |
| --- | --- | --- |
| | 100 Park Avenue, 25th Floor
New York, New York 10017
(Address of Principal Executive Officers) | |
| | 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	CSON	The New York Stock Exchange
7.50% Notes due 2029	CSCB	The New York Stock Exchange
7.50% Notes due 2031	CSCC	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. ☐

---

Date: 05/06/2026 02:03 PM

Client: 26-13748-1_CION Investment Corporation_8-K

Toppan Merrill

Project: 26-13748-1 Form Type: 8-K

File: tm2613748d1_8k.htm Type: 8-K Pg: 2 of 3

Item 2.02. Results of Operations and Financial Condition.

Monthly Base Distributions for Q1 2026

The board of directors (the "Board") of CION 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.

On May 4, 2026, CION's co-chief executive officers declared base distributions of $0.10 per share for each of July, August, and September 2026, which will be payable to shareholders as follows:

Declaration Date	Record Date	Payment Date	Amount Per Share
5/4/2026	7/17/2026	7/31/2026	$0.10
5/4/2026	8/14/2026	8/28/2026	$0.10
5/4/2026	9/11/2026	9/25/2026	$0.10
		Total Q3 2026:	$0.30

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

Q1 2026 Financial Results

On May 7, 2026, CION issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

In connection with its conference call to be held on May 7, 2026 to discuss its financial results for the first quarter ended March 31, 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 May 7, 2026.
99.2	CION Investment Corporation Fees Quarter 2026 Earnings Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

---

Date: 05/06/2026 02:03 PM
Client: 26-13748-1_CION Investment Corporation_8-K
Toppan Merrill
Project: 26-13748-1 Form Type: 8-K
File: tm2613748d1_8k.htm Type: 8-K Pg: 3 of 3

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: May 7, 2026

CION INVESTMENT CORPORATION

By: Michael A. Reimer
Michael A. Reimer
Co-Chief Executive Officer

---

Client: 26-13748-1_CION Investment Corporation_8-K

Project: 26-13748-1 Form Type: 8-K

File: tm2613748d1_ee99-1.htm Type: EX-99.1 Pg: 1 of 8

Exhibit 99.1

CION

CION INVESTMENT CORPORATION REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS

For Immediate Release

NEW YORK, NY, May 7, 2026 — CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”).

CION also announced that, on May 4, 2026 its co-chief executive officers declared base distributions of $0.10 per share for each of July, August and September 2026, which will be payable to shareholders on July 31, August 28, and September 25, 2026, respectively, to shareholders of record as of July 17, August 14, and September 11, 2026, respectively.

FIRST QUARTER AND OTHER HIGHLIGHTS

• Net investment income and earnings per share for the quarter ended March 31, 2026 were $0.25 per share and $(0.45) per share, respectively;
• Net asset value per share was $13.11 as of March 31, 2026 compared to $13.76 as of December 31, 2025, a decrease of $0.65 per share, or 4.7%. The decrease was primarily due to mark-to-market price adjustments to certain investments in the Company's portfolio during the quarter ended March 31, 2026;
• As of March 31, 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 1.62x as of March 31, 2026 compared to 1.44x as of December 31, 2025;
• As of March 31, 2026, the Company had total investments at fair value of $1.70 billion in 89 portfolio companies across 23 industries. The investment portfolio was comprised of 80.8% senior secured first lien investments;
• During the quarter, the Company funded new investment commitments of $54 million, funded previously unfunded commitments of $12 million, and had sales and repayments totaling $38 million, resulting in a net increase to the Company's funded portfolio of $28 million;
• As of March 31, 2026, investments on non-accrual status amounted to 1.53% and 5.35% of the total investment portfolio at fair value and amortized cost, respectively, from 1.78% and 4.32%, respectively, as of December 31, 2025;
• During the quarter, the Company repurchased 1,116,053 shares of its common stock under its 10h5-1 trading plan at an average price of $8.71 per share for a total repurchase amount of $9.7 million. Through March 31, 2026, the Company repurchased a total of 6,656,627 shares of its common stock under its 10h5-1 trading plan at an average price of $9.80 per share for a total repurchase amount of $65.2 million;
• On February 9, 2026, the Company completed a public baby bond offering in the U.S. pursuant to which the Company issued $135 million in aggregate principal amount of its 7.50% fixed rate senior unsecured notes due 2031, which listed and commenced trading on the NYSE under the ticket symbol “CICC” on February 12, 2026; and
• On March 30, 2026, the Company repaid $100 million in aggregate principal amount of borrowings under its JPM Credit Facility.

DISTRIBUTIONS

• For the quarter ended March 31, 2026, the Company paid monthly base distributions totaling $15.2 million, or $0.30 per share; and

---

File: Im2613748d1_ed99-1.htm Type: EX-99.1 Pg: 2 of 6

• On March 9, 2026, the Company's co-chief executive officers declared base distributions of $0.10 per share for each of April, May, and June 2026, which were paid or will be payable to shareholders on April 24, May 29, and June 26, 2026, respectively, to shareholders of record as of April 10, May 15, and June 12, 2026, respectively.

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

"We believe that our core first lien portfolio, which represents approximately 81% of our investments, continues to perform well — weighted average interest coverage and weighted average leverage remained relatively steady from the prior quarter. We also believe that our intentionally low software exposure of 1.8% reflects the defensive construction of our book. While first quarter NAV was impacted by unrealized mark-to-market adjustments, we remain confident in the durability of our first lien focused strategy continuing into 2026."

SELECTED FINANCIAL HIGHLIGHTS

(in thousands, except per share data and ratios)	As of
	March 31, 2026	December 31, 2025
Investment portfolios, at fair value¹	$ 1,702,420	$ 1,696,980
Total debt outstanding²	$ 1,174,844	$ 1,139,844
Net assets	$ 659,636	$ 707,628
Net asset value per share	$ 13.11	$ 13.76
Debt-to-equity	1.78x	1.61x
Net debt-to-equity	1.62x	1.44x
(in thousands, except share and per share data)	Three Months Ended
	March 31, 2026	December 31, 2025
Total investment income	$ 49,537	$ 53,792
Total operating expenses and income tax expense	$ 36,673	$ 35,493
Net investment income after taxes	$ 12,864	$ 18,299
Net realized gains	$ 237	$ 118
Net unrealized losses	$ (36,132)	$ (39,557)
Net decrease in net assets resulting from operations	$ (23,031)	$ (41,120)
Net investment income per share	$ 0.25	$ 0.35
Net realized and unrealized losses per share	$ (0.70)	$ (1.15)
Earnings per share	$ (0.45)	$ (0.80)
Weighted average shares outstanding	50,803,697	51,616,723
Distributions declared per share	$ 0.30	$ 0.36

Total investment income for the three months ended March 31, 2026 and December 31, 2025 was $49.5 million and $53.8 million, respectively. The decrease in total investment income was primarily driven by lower transaction fees recorded during the first quarter due to lower repayment and investment activity and lower dividend income earned on the Company's investments during the quarter ended March 31, 2026 compared to the quarter ended December 31, 2025.

Operating expenses for the three months ended March 31, 2026 and December 31, 2025 were $36.7 million and $35.5 million, respectively. The increase in operating expenses was primarily attributable to higher interest expense, which resulted from both an increase in the Company's average debt outstanding and a higher weighted average cost of debt capital during the quarter. These changes were primarily driven by the refinancing of lower-yielding fixed rate notes and the repayment of a portion of lower-yielding senior secured debt using proceeds from newly issued, higher-yielding fixed rate notes. The increase in operating expenses was partially offset by lower advisory fees earned by our advisor during the quarter due to lower investment income earned on our investments.

Date: 05/06/2026 02:53 PM
Client: 26-13748-1_CION Investment Corporation_8-K
Toppan Merrill
Project: 26-13748-1 Form Type: 8-K
File: tm2613748d1_ee99-1.htm Type: EX-99.1 Pg: 3 of 8

PORTFOLIO AND INVESTMENT ACTIVITY¹

A summary of the Company's investment activity for the three months ended March 31, 2026 is as follows:

Investment Type (in thousands)	New Investment Commitments		Sales and Repayments
	$	%	$	%
Senior secured first lien debt	$ 63,953	93%	$ (34,436)	92%
Equity	4,787	7%	(3,000)	8%
Total	$ 68,740	100%	$ (37,436)	100%

During the three months ended March 31, 2026, new investment commitments were made across 2 new and 9 existing portfolio companies. During the same period, the Company received full repayment of investments in 2 portfolio companies. As a result, the number of portfolio companies remained at 89 as of March 31, 2026.

PORTFOLIO SUMMARY¹

As of March 31, 2026, the Company's investments consisted of the following:

Investment Type (in thousands)	Investments at Fair Value
	$	%
Senior secured first lien debt	$ 1,375,487	80.8%
Senior secured second lien debt	-	-
Collateralized securities and structured products - equity	5,033	0.3%
Unsecured debt	6,786	0.4%
Equity	315,114	16.5%
Total	$ 1,782,420	100.0%

File: Im2613748d1_ee99-1.htm Type: EX-99.1 Pg: 4 of 8

The following table presents certain selected information regarding the Company's investments:

	As of
	March 31, 2026	December 31, 2025
Number of portfolio companies	89	89
Percentage of performing loans bearing a floating rate¹	88.6%	88.7%
Percentage of performing loans bearing a fixed rate¹	11.4%	11.3%
Yield on debt and other income producing investments at amortized cost⁴	10.43%	10.72%
Yield on performing loans at amortized cost⁴	11.24%	11.29%
Yield on total investments at amortized cost	8.92%	9.15%
Weighted average leverage (net debt/EBITDA)⁵	4.62a	4.70a
Weighted average interest coverage⁵	2.08a	2.26a
Median EBITDA⁶	$34.6 million	$35.9 million

As of March 31, 2026, investments on non-accrual status represented 1.55% and 5.35% of the total investment portfolio at fair value and amortized cost, respectively. As of December 31, 2025, investments on non-accrual status represented 1.78% and 4.32% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2026, the Company had $1.17 billion of total principal amount of debt outstanding, comprised of $500 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 March 31, 2026. As of March 31, 2026, the Company had $106 million in cash and short-term investments and $100 million available under its financing arrangements.²

EARNINGS CONFERENCE CALL

CION will host an earnings conference call on Thursday, May 7, 2026 at 11:00 am Eastern Time to discuss its financial results for the first quarter ended March 31, 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 First 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 $16.7 million and $14.3 million as of March 31, 2026 and December 31, 2025, 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.

6) 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 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.

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

File: tm2613748d1_ed99-1.htm Type: EX-99.1 Pg: 6 of 6

CION Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	March 31, 2026	December 31, 2025
	(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $1,247,546 and $1,238,358, respectively)	$ 1,147,711	$ 1,158,985
Non-controlled, affiliated investments (amortized cost of $369,689 and $360,895, respectively)	372,821	364,335
Controlled investments (amortized cost of $347,478 and $342,843, respectively)	278,942	289,670
Total investments, at fair value (amortized cost of $1,964,713 and $1,942,096 respectively)	1,799,474	1,812,990
Cash	9,248	8,159
Interest receivable on investments	33,062	27,979
Receivable due on investments sold and repaid	227	3,699
Prepaid expenses and other assets	1,950	1,973
Total assets	$ 1,843,961	$ 1,854,800
Liabilities and Shareholders' Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of $16,661 and $14,263, respectively)	$ 1,158,183	$ 1,125,500
Payable for investments purchased	6,636	2,529
Accounts payable and accrued expenses	813	785
Interest payable	8,489	5,764
Accrued management fees	6,104	6,423
Accrued subordinated incentive fee on income	2,728	3,882
Accrued administrative services expense	1,372	2,182
Share repurchases payable		27
Total liabilities	1,184,325	1,147,372
Shareholders' Equity
Common stock, $0.001 par value; 500,000,000 shares authorized; 50,301,813 and 51,420,629 shares issued, and 50,301,813 and 51,417,866 shares outstanding, respectively	50	51
Capital in excess of par value	994,778	1,004,496
Accumulated distributable losses	(335,192)	(296,919)
Total shareholders' equity	659,636	707,628
Total liabilities and shareholders' equity	$ 1,843,961	$ 1,854,800
Net asset value per share of common stock at end of period	$ 13.11	$ 13.76

File: Im2613748d1_ee99-1.htm Type: EX-99.1 Pg: 7 of 8

CION Investment Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended
	March 31, 2026	December 31, 2025
	(unaudited)	(unaudited)
Investment income
Non-controlled, non-affiliated investments
Interest income	$ 23,686	$ 26,919
Paid-in-kind interest income	5,488	4,525
Fee income	2,874	4,159
Dividend income	453	407
Non-controlled, affiliated investments
Interest income	2,060	3,225
Paid-in-kind interest income	4,986	3,018
Fee income	-	275
Dividend income	3,345	4,645
Controlled investments
Interest income	6,378	2,920
Paid-in-kind interest income	267	3,385
Fee income	-	314
Total investment income	49,537	53,792
Operating expenses
Management fees	6,105	6,422
Administrative services expense	1,376	1,480
Subordinated incentive fee on income	2,728	3,882
General and administrative	1,962	1,456
Interest expense	34,413	22,253
Total operating expenses	36,584	33,493
Net investment income before taxes	12,953	18,299
Income tax expense, including excise tax	89	-
Net investment income after taxes	12,864	18,299
Realized and unrealized gains (losses)
Net realized gains on:
Non-controlled, non-affiliated investments	78	118
Non-controlled, affiliated investments	159	-
Net realized gains	237	118
Net change in unrealized (depreciation) appreciation on:
Non-controlled, non-affiliated investments	(25,511)	(13,489)
Non-controlled, affiliated investments	4,740	(17,202)
Controlled investments	(15,361)	(28,846)
Net change in unrealized depreciation	(36,132)	(59,537)
Net realized and unrealized losses	(35,895)	(59,419)
Net decrease in net assets resulting from operations	$ (23,031)	$ (41,120)
Per share information—basic and diluted
Net decrease in net assets per share resulting from operations	$ (0.45)	$ (0.80)
Net investment income per share	$ 0.23	$ 0.35
Weighted average shares of common stock outstanding	50,803,697	51,616,723

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 March 31, 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 those 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 those 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 May 7, 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

CION

INVESTMENTS

First Quarter 2026
Earnings Presentation

Disclosures and Forward-Looking Statements

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, May 7, 2026 as well as the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 that was filed with the Securities and Exchange Commission (the "SEC") on May 7, 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.

CION
NEW INVENTORIES

File: tm2613748d1_ex09-2.htm Type: EX-09.2 Pg: 3 of 14

First Quarter and Other Highlights – Ended March 31, 2026

• Net investment income and earnings per share for the quarter ended March 31, 2026 were $0.25 per share and $(0.45) per share, respectively;
• Net asset value per share was $13.11 as of March 31, 2026 compared to $13.76 as of December 31, 2025, a decrease of $0.65 per share, or 4.7%. The decrease was primarily due to mark-to-market price adjustments to certain investments in the Company's portfolio during the quarter ended March 31, 2026;
• As of March 31, 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 1.62x as of March 31, 2026 compared to 1.44x as of December 31, 2025;
• As of March 31, 2026, the Company had total investments at fair value of $1.70 billion in 89 portfolio companies across 23 industries. The investment portfolio was comprised of 80.8% senior secured first lien investments;
• During the quarter, the Company funded new investment commitments of $54 million, funded previously unfunded commitments of $12 million, and had sales and repayments totaling $38 million, resulting in a net increase to the Company's funded portfolio of $28 million;
• As of March 31, 2026, investments on non-accrual status amounted to 1.53% and 5.35% of the total investment portfolio at fair value and amortized cost, respectively, from 1.78% and 4.32%, respectively, as of December 31, 2025;
• During the quarter, the Company repurchased 1,116,053 shares of its common stock under its 10b5-1 trading plan at an average price of $8.71 per share for a total repurchase amount of $9.7 million. Through March 31, 2026, the Company repurchased a total of 6,656,627 shares of its common stock under its 10b5-1 trading plan at an average price of $9.80 per share for a total repurchase amount of $65.2 million;
• On February 9, 2026, the Company completed a public baby bond offering in the U.S. pursuant to which the Company issued $135 million in aggregate principal amount of its 7.50% fixed rate senior unsecured notes due 2031, which listed and commenced trading on the NYSE under the ticker symbol "OCC" on February 12, 2026; and
• On March 30, 2026, the Company repaid $100 million in aggregate principal amount of borrowings under its JPM Credit Facility.

DISTRIBUTIONS

• For the quarter ended March 31, 2026, the Company paid monthly base distributions totaling $15.2 million, or $0.30 per share;
• On March 9, 2026, the Company's co-chief executive officers declared base distributions of $0.10 per share for each of April, May, and June 2026, which were paid or will be payable to shareholders on April 24, May 29, and June 26, 2026, respectively, to shareholders of record as of April 10, May 15, and June 12, 2026, respectively; and
• On May 4, 2026, the Company's co-chief executive officers declared base distributions of $0.10 per share for each of July, August and September 2026, which will be payable to shareholders on July 31, August 28, and September 25, 2026, respectively, to shareholders of record as of July 17, August 14, and September 11, 2026, respectively.

CION

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

Selected Financial Highlights

(1 in millions)	Q1 2019	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Investment portfolio, at fair value^{12}	$1,702	$1,697	$1,738	$1,766	$1,792
Total debt outstanding^{13}	$1,175	$1,140	$1,092	$1,117	$1,117
Net assets	$660	$708	$773	$759	$757
Debt-to-equity	1.78x	1.61x	1.41x	1.47x	1.48x
Net debt-to-equity	1.62x	1.44x	1.28x	1.39x	1.39x
Total investment income	$49.5	$53.8	$78.7	$52.5	$56.1
Net investment income	$12.9	$18.3	$38.6	$16.9	$19.3
Net realized and unrealized (losses) gains	$(35.9)	$(59.4)	$(2.7)	$10.4	$(62.0)
Net (decrease) increase in net assets resulting from operations	$(23.0)	$(41.1)	$35.9	$27.3	$(42.7)
Per Share Data
---	---	---	---	---	---
Net asset value per share	$13.11	$13.76	$14.86	$14.50	$14.28
Net investment income per share	$0.25	$0.35	$0.74	$0.32	$0.36
Net realized and unrealized (losses) gains per share	$(0.70)	$(1.15)	$(0.05)	$0.20	$(1.16)
Earnings per share	$(0.45)	$(0.80)	$0.69	$0.52	$(0.80)
Distributions declared per share	$0.30	$0.36	$0.36	$0.36	$0.36

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.

CION
INVESTMENTS

Date: 05/06/2026 02:03 PM
Client: 26-13748-1_CION Investment Corporation_6-K
Toppan Merrill
Project: 26-13748-1 Form Type: 6-K
File: tm2613748d1_ex09-2.htm Type: EX-09.2 Pg: 5 of 14

Investment Activity

• New investment commitments for the quarter were $69 million, of which $54 million were funded and $15 million were unfunded.
• New investment commitments were made across 2 new and 9 existing portfolio companies.
• Fundings of previously unfunded commitments for the quarter were $12 million.
• Sales and repayments totaled $38 million for the quarter, which included the full exit of investments in 2 portfolio companies.

(2 in millions)	Q2 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
New investment commitments	$69	$76	$73	$41	$65
Funded	$54	$66	$65	$29	$55
Unfunded	$15	$10	$8	$12	$10
Fundings of previously unfunded commitments	$12	$12	$17	$10	$10
Repayments	$(38)	$(79)	$(148)	$(86)	$(36)
Sales	$0	$0	$(3)	$(2)	$(13)
Net funded investment activity	$28	$(1)	$(69)	$(49)	$16
Total Portfolio Companies	89	89	91	99	104

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, which may be shorter than the loan's maturity date.

CION
INVESTMENTS

File: tm2613748d1_av09-2.htm Type: EX-99.2 Pg: 6 of 14

Portfolio Asset Composition

End of Period Investments (in millions)
First lien debt
Second lien debt
Collateralized securities and structured products - equity
Unsecured debt
Equity

New Investment Commitments (in millions)

• Less than 1%.

The discussion of the investment portfolio is at fair value and excludes short term investments.

CION

INVESTMENTS

File: tm2613748d1_ex09-2.htm Type: EX-09.2 Pg: 7 of 14

Credit Quality of Investments

INTERNAL INVESTMENT RISK RATINGS(1)
(% of Total Portfolio, Fair Value)

Q1 2026 NON-ACCRUAL %(1)

Internal Investment Risk Rating Definitions

Rating Definition

1. Indicates the least amount of risk to our initial cost basis.

The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.

1. Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition.

This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected.

1. Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected.

A portfolio company with an investment rating of 3 requires closer monitoring.

1. Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants.

We expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment.

1. Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance.

Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment.

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

CION

INVESTMENTS

Tuppan Merrill

File: tm2613748d1_ex09-2.htm Type: EX-09.2 Pg: 8 of 14

Portfolio Summary

Portfolio Characteristics (as of March 31, 2026)(4)

Investment Portfolio
Total investments and unfunded commitments	$1,759.9 million
Unfunded commitments	$57.5 million
Investments at fair value	$1,702.4 million
Yield on debt and other income producing investments at amortized cost(1)	10.43 %
Yield on performing loans at amortized cost(1)	11.24 %
Yield on total investments at amortized cost	8.92 %

Portfolio Companies

Number of portfolio companies	89
Weighted average leverage (net debt/EBITDA)(2)	4.62x
Weighted average interest coverage(2)	2.08x
Median EBITDA(3)	$34.6 million

Industry Diversification(4)

Industry	% of Investment Portfolio
Services: Business	14.0 %
Healthcare & Pharmaceuticals	11.8 %
Retail	10.7 %
Energy: Electricity	8.4 %
Media: Diversified & Production	6.8 %
Other (≤ 6.7% each)	48.3 %

PORTFOLIO BY SECURITY TYPE(4)

PORTFOLIO BY INTEREST RATE TYPE(4)

Floating Interest Rate
Investments (73.3%)
Fixed Interest Rate
Investments (8.5%)
Non-Income Producing
Investments (10.4%)
Other Income Producing
Investments (7.8%)

CION

INVEST INVESTMENT

(1) See endnote 4 in our press release filed with the SEC on May 7, 2026. (2) See endnote 5 in our press release filed with the SEC on May 7, 2026. (3) See endnote 6 in our press release filed with the SEC on May 7, 2026. (4) The discussion of the investment portfolio excludes short term investments.

Quarterly Operating Results

All figures in thousands, except share and per share data	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Investment income
Interest income(1)	$ 42,865	$ 43,992	$ 68,177	$ 48,881	$ 51,394
Dividend income	3,798	5,052	905	1,651	697
Fee income	2,874	4,748	9,629	1,712	3,983
Total investment income	$ 49,537	$ 53,792	$ 78,711	$ 52,244	$ 56,074
Expenses
Management fees	$ 6,105	$ 6,422	$ 6,532	$ 6,497	$ 6,625
Interest and other debt expenses	24,413	22,253	22,652	22,637	22,998
Incentive fees	2,728	3,882	8,181	3,589	4,084
Other operating expenses	3,338	2,936	2,874	2,589	3,115
Total expenses before taxes	$ 36,584	$ 35,493	$ 40,239	$ 35,312	$ 36,822
Income tax expense (benefit), including excise tax	89	—	(95)	10	—
Net investment income after taxes	$ 12,864	$ 18,299	$ 38,567	$ 16,922	$ 19,252
Net realized (loss) gain and unrealized (depreciation) appreciation on investments
Net realized gain (loss)	$ 237	$ 118	$ (9,605)	$ (32,376)	$ 2,294
Net change in unrealized (depreciation) appreciation	(36,132)	(59,537)	6,916	42,770	(64,251)
Net realized and unrealized (losses) gains	$ (35,895)	$ (59,419)	$ (2,689)	$ 10,394	$ (61,957)
Net (decrease) increase in net assets resulting from operations	$ (23,031)	$ (41,120)	$ 35,878	$ 27,316	$ (42,705)
Per share data
Net investment income	$ 0.25	$ 0.35	$ 0.74	$ 0.32	$ 0.36
Net realized (loss) gain and unrealized (depreciation) appreciation on investments	$ (0.70)	$ (1.15)	$ (0.05)	$ 0.20	$ (1.16)
Earnings per share	$ (0.45)	$ (0.80)	$ 0.69	$ 0.52	$ (0.80)
Distributions declared per share	$ 0.30	$ 0.36	$ 0.36	$ 0.36	$ 0.36
Weighted average shares outstanding	50,803,697	51,616,723	52,065,707	52,628,784	53,073,211
Shares outstanding, end of period	50,301,813	51,417,866	51,973,518	52,303,842	53,003,407

CION
www.13748-1.com
1. Includes certain prepayment fees, exit fees, accelerated original issue discount and paid-in-kind interest income.

Quarterly Balance Sheet

All figures in thousands, except per share data and asset coverage ratio	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025
Investments
Investments, at fair value	$ 1,799,474	$ 1,812,990	$ 1,840,584	$ 1,824,628	$ 1,845,660
Cash	9,248	8,159	3,931	6,533	7,720
Interest receivable on investments	33,062	27,979	31,192	45,246	40,863
Receivable due on investments sold	227	3,699	5,218	3,408	1,047
Prepaid expenses and other assets	1,950	1,973	3,019	966	1,033
Total Assets	$ 1,843,961	$ 1,854,800	$ 1,883,944	$ 1,880,781	$ 1,896,323
Liabilities & Net Assets
Financing arrangements (net of debt issuance costs)(1)	$ 1,158,183	$ 1,125,580	$ 1,078,522	$ 1,101,640	$ 1,099,776
Payable for investments purchased	6,636	2,529	9,277	4	1,896
Accounts payable and accrued expenses	813	785	1,154	1,178	990
Interest payable	8,489	5,764	6,194	7,866	6,475
Accrued management fees	6,104	6,423	6,571	6,497	6,625
Accrued subordinated incentive fee on income	2,728	3,882	8,181	3,589	4,084
Accrued administrative services expense	1,372	2,182	1,499	1,263	544
Share repurchase payable	—	27	40	134	—
Shareholder distribution payable	—	—	—	—	19,149
Total Liabilities	$ 1,184,325	$ 1,147,172	$ 1,111,438	$ 1,122,171	$ 1,139,539
Total Net Assets	$ 659,636	$ 707,628	$ 772,506	$ 758,610	$ 756,784
Total Liabilities and Net Assets	$ 1,843,961	$ 1,854,800	$ 1,883,944	$ 1,880,781	$ 1,896,323
Net Asset Value per share	$ 13.11	$ 13.76	$ 14.86	$ 14.50	$ 14.28
Asset coverage ratio(2)	1.56	1.62	1.71	1.68	1.68

1. The Company had debt issuance costs of $18,661 as of March 31, 2026, $14,263 as of December 31, 2025, $13,822 as of September 30, 2025, $15,704 as of June 30, 2025 and $17,568 as of March 31, 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.

CION
www.cion.com

File: im2613748d1_oo99-2.htm Type: EX-99.2 Pg: 11 of 14

Q1 2026 Net Asset Value Bridge

Per Share Data

CION

www.cioninvestor.com

File: tm2613748d1_ex09-2.htm Type: EX-09.2 Pg: 12 of 14

Debt Summary

DEBT SCHEDULE

($ in millions)

	Total Commitment Amount	Principal Amount Outstanding	Interest Rate	Maturity Date
JPM Credit Facility	$275	$200	$ + 2.55% (2)	6/15/2027
7.50% 2029 Notes (1)	173	173	7.50%	12/30/2029
7.70% 2029 Notes (1)	125	125	7.70%	12/15/2029
7.41% 2027 Notes (1)	48	48	7.41%	12/15/2027
UBS Credit Facility	125	100	$ + 2.75%	2/13/2028
7.50% 2031 Notes (1)	135	135	7.50%	3/31/2031
Series A Unsecured Notes, 2026 (1)	115	115	$ + 3.82%	8/31/2026
Floating Rate Unsecured Notes, Tranche A 2027 (1)	100	100	$ + 4.75%	11/8/2027
Floating Rate Unsecured Notes, Tranche B, 2027 (1)	100	100	$ + 3.90%	11/8/2027
2022 Unsecured Term Loan (1)	50	50	$ + 3.50%	4/27/2027
2024 Unsecured Term Loan (1)	30	30	$ + 3.80%	9/30/2027
Total Debt	$1,275	$1,175	7.52%

1. Investment grade credit rating.
2. The Company pays an annual administrative fee of 0.20% on JPM's total financing commitment.

$100 million in available capacity within existing senior secured facilities

DEBT MATURITIES
($ in millions)

INNOVATION CORPORATION

Distribution Per Share and Distribution Coverage

	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Net Investment Income (per share)	$0.43	$0.40	$0.35	$0.36	$0.32	$0.74	$0.35	$0.25
Distribution (per share)	$0.41(1)	$0.36	$0.41(1)	$0.36	$0.36	$0.36	$0.36	$0.30
Distribution coverage	1.05x	1.11x	0.85x	1.00x	0.89x	2.06x	0.97x	0.83x

1. Includes supplemental distributions of $0.05 and $0.05 per share during Q2 2024 and Q4 2024, respectively.

CION
www.cioninvestor.com