What CION does

CION Investment Corporation is a publicly traded Business Development Company (BDC) listed on NASDAQ under the ticker symbol CION. The company provides debt and equity financing solutions to middle-market companies that typically have limited access to traditional bank lending and public capital markets. Its investment offerings include debt financing, equity investments, and mezzanine financing, with the disclosed portfolio heavily weighted toward senior secured first-lien positions that comprise approximately 81% of holdings.

The company generates income for shareholders through investment returns on its portfolio, structured under the BDC framework which permits pass-through taxation of investment income and regular dividend distributions to shareholders. Operating performance signals include an interest coverage ratio of 2.26x across the portfolio, reflecting borrowers' ability to service obligations, while net asset value has trended downward — declining 7.4% in Q4 2025 to $13.76 per share and a further 4.7% in Q1 2026 to $13.11 per share, with the majority of the decline attributed to unrealized mark-to-market adjustments rather than credit deterioration in underlying portfolio companies.

CION funds its investment activity through a mix of senior unsecured notes, institutional credit facilities (notably a JPMorgan revolving facility), and equity capital. In recent quarters it raised $307.5 million in total unsecured borrowings in Q4 2025 and issued an additional $135 million of 7.5% senior unsecured notes due 2031 in Q1 2026, while simultaneously repurchasing approximately 556,000 shares at an average price of $9.37. Net debt-to-equity stood at 1.62x, above its stated 1.30-1.35x target range. The company is headquartered in Playa Vista, United States and operates as an SEC-registered investment company with ongoing analyst coverage including Lucid Capital, which maintains a Buy rating with a $10.50 price target.

Name

CION

Legal name

CION Investment Corporation

Website

https://cion.agency

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

CION Investment Corporation is a publicly traded Business Development Company (NASDAQ: CION) that provides debt, equity, and mezzanine financing to middle-market companies, generating income for shareholders via portfolio investments and monthly distributions.

Ownership category

akta.pro rank

Product category

Business Development Company (Private Credit)

NAICS

All Other Financial Investment Activities (52399), Miscellaneous Financial Investment Activities (523999), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

akta.pro primary industry

Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

akta.pro secondary industry

Investment Grade Corporate Bonds (FSACABAA)

Keywords

• Middle-market lending
• Business development company
• Private credit
• Mezzanine financing
• Senior secured debt

Headquarters

HQ city

Playa Vista

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D

Distribution channels1 record

Marketing channels1 record

Core offering

CION Investment Corporation is a publicly registered Business Development Company (BDC) that provides debt and equity financing solutions to middle-market companies. The company invests primarily in first-lien secured debt positions (81% of holdings) alongside equity investments and mezzanine financing, generating income for shareholders through interest payments, transaction fees, and capital gains that are passed through via regular monthly distributions.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Secured (First-Lien) Debt Financing First-lien secured debt positions provided to middle-market companies, representing 81% of CION's holdings and offering priority claims in bankruptcy proceedings for growth, operations, and refinancing needs.
• Equity Investments Equity capital investments in middle-market companies, typically structured alongside debt positions, to support growth and operational needs.
• Mezzanine Financing Subordinated debt or hybrid capital investments providing flexible financing structures to middle-market companies that fall between senior bank debt and equity capital.
• Senior Unsecured Notes Corporate debt securities issued by CION to institutional investors, including a $307.5 million issuance during Q4 2025 and a $135 million issuance at 7.5% due 2031 in Q1 2026, used to refinance existing credit facility borrowings and fund general corporate purposes.

Quantifiable outcome

• Interest coverage ratio of 2.26x demonstrates portfolio company ability to service debt obligations
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• PennantPark Floating Rate Capital: Floating-rate BDC focused on middle-market first-lien debt; directly comparable income-distribution profile and floating-yield sensitivity to CION's senior-secured book.
• Ares Capital Corp: Largest publicly traded BDC; provides debt and equity financing to middle-market companies in similar industries and use cases as CION. The clearest scale benchmark for CION's middle-market direct-lending strategy.
• Golub Capital BDC: Middle-market sponsor-focused BDC emphasizing first-lien loans; one of the closest comparables to CION on portfolio composition (81% first-lien), structure, and sponsor-backed deal sourcing.
• Bain Capital Specialty Finance: Externally managed BDC focused on middle-market first-lien debt; structurally and operationally analogous to CION including public BDC status and quarterly NAV disclosures.
• Carlyle Secured Lending: Middle-market sponsor-backed BDC with senior-secured, first-lien bias; comparable scale and borrower overlap to CION's core portfolio.
• New Mountain Finance Corp: BDC providing debt to defensively positioned middle-market companies; comparable on middle-market sponsor-deal focus, NAV-driven distribution model, and unsecured note issuance program.
• Sixth Street Specialty Lending: Middle-market focused BDC providing primarily first-lien debt; closest comparable on portfolio mix, target borrower size, and asset-quality emphasis.
• FS KKR Capital Corp: Large externally managed BDC sponsored by FS Investments and KKR; targets middle-market sponsor-backed first-lien debt with similar underwriting and distribution mechanics to CION.
• Oaktree Specialty Lending Corp: Externally managed BDC providing senior secured loans to middle-market companies; overlapping borrower profile, fund vehicle structure, and dividend-distribution model.

Broad incumbents

• Blackstone Private Credit Fund: Largest private credit platform with a non-traded BDC vehicle (BCRED); broader than CION's pure listed-BDC model but competing for the same middle-market direct-lending flows.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cion-agency

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CION