CION Investment Corporation is a Business Development Company (BDC) that lends to U.S. middle-market companies, primarily through senior secured first lien loans. CION targets private U.S. companies with EBITDA of $75M or less, typically backed by private equity sponsors, with individual investments generally ranging from $5M to $50M. As of year-end 2025, CION held investments in 89 portfolio companies with a fair value of roughly $1.7B, with about 81% in senior secured first lien debt and roughly 19% in equity. CION is externally managed by CION Investment Management, a joint venture between CION Investment Group and Apollo Global Management's investment subsidiary. CION earns money primarily through interest income on floating-rate loans (tied to SOFR), supplemented by origination and transaction fees, PIK income, and equity gains. Beyond core direct lending, CION pursues an "opportunistic" strategy of buying distressed or lightly syndicated first lien loans at a discount and participating in restructurings to realize gains — a differentiated but episodic earnings driver. CION funds its loan portfolio with a mix of equity and debt, targeting a net debt-to-equity ratio of roughly 1.25–1.30x, and uses secured credit facilities alongside unsecured public notes. As a regulated investment company (RIC), CION distributes at least 90% of taxable income to shareholders, supporting its regular dividend. CION's stock trades on the NYSE under "CION," and the company also has publicly traded debt on the NYSE and Tel Aviv Stock Exchange.