EX-99.2 3 tm2021158d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

CION Investment ationPORTFOLIO HOLDINGS Q1As of March 31, 2020FOR EXISTING INVESTORS ONLY.

CION Investment CorporationFUND OVERVIEWCION Investment Corporation (“CIC”) is a non-traded business development company, or BDC, that focuses on middle market loans. CIC seeks to generate current income, and to a lesser extent, capital appreciation.CIC’s portfolio is managed by its adviser – CION Investment Management, LLC, a CION Investments company.TARGET INVESTMENTSCIC offers investors the opportunity to invest primarily in: • Senior secured debt • Private and thinly-traded U.S. middle market companiesINVESTMENT COMPOSITION(1)FLOATING/FIXED RATE BREAKDOWNFirst Lien Senior Secured Debt 80.6% Second Lien Senior Secured Debt 12.7% Equity 5.7% Collateralized Securities & Structured Products – Equity 0.7%Unsecured Debt 0.3%Floating Rate Invest- ments 91.8% Fixed Rate Investments 4.5% Non - Income Producing Equity 2.1% Other Income Producing Investments 1.6%PORTFOLIO HOLDINGS Please note that rates are not indicative of CIC’s performance.COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATE1ST LIEN SENIOR SECURED DEBT: 80.6%Academy, Ltd. Retail 0.83% LIBOR+4.00% 1.00% LIBOR Floor 7/1/2022Adams Publishing Group, LLC Media: Advertising, Printing & Publishing 0.80% LIBOR+7.50% 1.75% LIBOR Floor 7/2/2023Adapt Laser Acquisition, Inc. Capital Equipment 0.64% LIBOR+8.00% 1.00% LIBOR Floor 12/31/2023Adapt Laser Acquisition, Inc. Capital Equipment -0.02% 0.50% Unfunded None 12/31/2023Aegis Toxicology Sciences Corp. Healthcare & Pharmaceuticals 0.52% LIBOR+5.50% 1.00% LIBOR Floor 5/9/2025AIS Holdco, LLC Banking, Finance, Insurance & Real Estate 0.27% LIBOR+5.00% 0.00% LIBOR Floor 8/15/2025Alchemy US Holdco 1, LLC Construction & Building 0.74% LIBOR+5.50% 0.00% LIBOR Floor 10/10/2025Allen Media, LLC Media: Diversified & Production 1.43% LIBOR+5.50% 0.00% LIBOR Floor 2/10/2027ALM Media, LLC Media: Advertising, Printing & Publishing 1.20% LIBOR+6.50% 1.00% LIBOR Floor 11/25/2024AMCP Staffing Intermediate Holdings III, LLC Services: Business 0.60% LIBOR+6.75% 1.50% LIBOR Floor 9/24/2025AMCP Staffing Intermediate Holdings III, LLC Services: Business 0.06% LIBOR+6.75% 1.50% LIBOR Floor 9/24/2025AMCP Staffing Intermediate Holdings III, LLC Services: Business 0.00% 0.50% Unfunded None 9/24/2025American Clinical Solutions LLC Healthcare & Pharmaceuticals 0.10% 2.00% None 12/31/2022American Clinical Solutions LLC Healthcare & Pharmaceuticals 0.19% 7.00% None 12/31/2022American Media, LLC Media: Advertising, Printing & Publishing 0.79% LIBOR+7.75% 0.00% LIBOR Floor 12/31/2023American Media, LLC Media: Advertising, Printing & Publishing 0.09% LIBOR+7.75% 0.00% LIBOR Floor 12/31/2023American Media, LLC Media: Advertising, Printing & Publishing 0.00% 0.50% Unfunded None 12/31/2023American Teleconferencing Services, Ltd. Telecommunications 0.93% LIBOR+6.50% 1.00% LIBOR Floor 12/8/2021FOR EXISTING INVESTORS ONLY.CIC Portfolio Holdings • 1

COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATE1ST LIEN SENIOR SECURED DEBT: 80.6% (CONTINUED)Analogic Corp. Healthcare & Pharmaceuticals 0.31% LIBOR+5.25% 1.00% LIBOR Floor 6/21/2024Anthem Sports & Entertainment Inc. Media: Diversified & Production 0.71% LIBOR+9.50% 1.00% LIBOR Floor 9/9/2024Anthem Sports & Entertainment Inc. Media: Diversified & Production 0.05% LIBOR+9.50% 1.00% LIBOR Floor 9/9/2024Anthem Sports & Entertainment Inc. Media: Diversified & Production 0.00% 0.50% Unfunded None 9/9/2024APC Automotive Technologies, LLC Automotive 0.49% LIBOR+5.00% 1.00% LIBOR Floor 5/10/2025APC Automotive Technologies, LLC Automotive 0.01% LIBOR+5.00% 1.00% LIBOR Floor 5/10/2024APCO Holdings, LLC Banking, Finance, Insurance & Real Estate 0.66% LIBOR+5.50% 0.00% LIBOR Floor 6/9/2025Ascent Resources - Marcellus, LLC Energy: Oil & Gas 0.05% LIBOR+6.50% 1.00% LIBOR Floor 3/30/2023Associated Asphalt Partners, LLC Construction & Building 0.82% LIBOR+5.25% 1.00% LIBOR Floor 4/5/2024Avison Young (USA) Inc. Banking, Finance, Insurance & Real Estate 0.56% LIBOR+5.00% 0.00% LIBOR Floor 1/31/2026Bi-Lo, LLC Retail 1.15% LIBOR+8.00% 1.00% LIBOR Floor 5/31/2024BK Medical Holding Company, Inc. Healthcare & Pharmaceuticals 0.31% LIBOR+5.25% 1.00% LIBOR Floor 6/22/2024Cadence Aerospace, LLC Aerospace & Defense 1.88% LIBOR+6.50% 1.00% LIBOR Floor 11/14/2023Cardinal US Holdings, Inc. Services: Business 0.46% LIBOR+5.00% 1.00% LIBOR Floor 7/31/2023CB URS Holdings Corp. Transportation: Cargo 0.82% LIBOR+5.75% 1.00% LIBOR Floor 9/1/2024Central Security Group, Inc. Services: Consumer 0.95% LIBOR+5.63% 1.00% LIBOR Floor 10/6/2021Charming Charlie LLC Retail 0.03% 20.00% None 5/15/2020Charming Charlie LLC Retail 0.00% LIBOR+12.00% 1.00% LIBOR Floor 4/24/2023Charming Charlie LLC Retail 0.00% LIBOR+12.00% 1.00% LIBOR Floor 4/24/2023CHC Solutions Inc. Healthcare & Pharmaceuticals 0.46% 12.00% None 7/20/2023CircusTrix Holdings, LLC Hotel, Gaming & Leisure 1.05% LIBOR+5.50% 1.00% LIBOR Floor 12/16/2021CircusTrix Holdings, LLC Hotel, Gaming & Leisure 0.14% LIBOR+5.50% 1.00% LIBOR Floor 12/16/2021CircusTrix Holdings, LLC Hotel, Gaming & Leisure -0.01% 1.00% Unfunded None 12/16/2021Country Fresh Holdings, LLC Beverage, Food & Tobacco 0.06% LIBOR+5.00% 1.00% LIBOR Floor 4/29/2023Country Fresh Holdings, LLC Beverage, Food & Tobacco 0.03% LIBOR+5.00% 1.00% LIBOR Floor 4/29/2023Coyote Buyer, LLC Chemicals, Plastics & Rubber 1.82% LIBOR+6.00% 1.00% LIBOR Floor 2/6/2026Coyote Buyer, LLC Chemicals, Plastics & Rubber 0.02% LIBOR+6.00% 1.00% LIBOR Floor 2/6/2025Coyote Buyer, LLC Chemicals, Plastics & Rubber -0.01% 0.50% Unfunded None 2/6/2025Crown Subsea Communications Holdings, Inc. Capital Equipment 0.28% LIBOR+6.00% 0.00% LIBOR Floor 11/2/2025David's Bridal, LLC Retail 0.04% LIBOR+6.00% 1.00% LIBOR Floor 6/30/2023Deluxe Entertainment Services, Inc. Media: Diversified & Production 1.62% LIBOR+6.50% 1.00% LIBOR Floor 3/25/2024DMT Solutions Global Corp. Services: Business 1.06% LIBOR+7.00% 0.00% LIBOR Floor 7/2/2024Eagle Family Foods Group LLC Beverage, Food & Tobacco 0.90% LIBOR+6.50% 1.00% LIBOR Floor 6/14/2024Entertainment Studios P&A LLC Media: Diversified & Production 0.85% 6.35% None 5/18/2037Entertainment Studios P&A LLC Media: Diversified & Production 0.10% 5.00% None 5/18/2037Entrans International, LLC Capital Equipment 1.59% LIBOR+6.00% 0.00% LIBOR Floor 11/1/2024ES Chappaquiddick LLC Media: Diversified & Production 0.06% 10.00% None 5/18/2022Evergreen Skills Lux S.À.R.L. High Tech Industries 0.43% LIBOR+4.75% 1.00% LIBOR Floor 4/28/2021Extreme Reach, Inc. Media: Diversified & Production 1.02% LIBOR+7.50% 0.00% LIBOR Floor 3/29/2024Extreme Reach, Inc. Media: Diversified & Production 0.11% LIBOR+7.50% 0.00% LIBOR Floor 3/29/2024F+W Media, Inc. Media: Diversified & Production 0.00% LIBOR+6.50% 1.50% LIBOR Floor 5/24/2022Flavors Holdings Inc. Consumer Goods: Non-Durable 0.84% LIBOR+5.75% 1.00% LIBOR Floor 4/3/2020Foundation Consumer Healthcare, LLC Healthcare & Pharmaceuticals 2.57% LIBOR+5.50% 1.00% LIBOR Floor 11/2/2023Foundation Consumer Healthcare, LLC Healthcare & Pharmaceuticals 0.00% 0.50% Unfunded None 11/2/2023Genesis Healthcare, Inc. Healthcare & Pharmaceuticals 1.80% LIBOR+6.00% 0.50% LIBOR Floor 3/6/2023Geo Parent Corp. Services: Business 0.89% LIBOR+5.25% 0.00% LIBOR Floor 12/19/20252 • CIC Portfolio HoldingsFOR EXISTING INVESTORS ONLY.

COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATE1ST LIEN SENIOR SECURED DEBT: 80.6% (CONTINUED)Geon Performance Solutions, LLC Chemicals, Plastics & Rubber 1.03% LIBOR+6.25% 1.63% LIBOR Floor 10/25/2024Geon Performance Solutions, LLC Chemicals, Plastics & Rubber 0.03% LIBOR+6.25% 1.63% LIBOR Floor 10/25/2024Geon Performance Solutions, LLC Chemicals, Plastics & Rubber -0.01% 0.50% Unfunded None 10/25/2024Harland Clarke Holdings Corp. Services: Business 0.57% LIBOR+4.75% 1.00% LIBOR Floor 11/3/2023Healogics, Inc. Healthcare & Pharmaceuticals 0.27% LIBOR+4.25% 1.00% LIBOR Floor 7/1/2021Hilliard, Martinez & Gonzales, LLP Services: Consumer 0.94% LIBOR+18.00% 2.00% LIBOR Floor 12/17/2022 Homer City Generation, L.P. Energy: Oil & Gas 0.48% LIBOR+11.00% 1.00% LIBOR Floor 4/5/2023 HUMC Holdco, LLC Healthcare & Pharmaceuticals 0.61% 9.00% None 6/26/2020Hummel Station LLC Energy: Oil & Gas 0.57% LIBOR+6.00% 1.00% LIBOR Floor 10/27/2022Hyperion Materials & Technologies, Inc. Chemicals, Plastics & Rubber 0.58% LIBOR+5.50% 1.00% LIBOR Floor 8/28/2026 Independent Pet Partners Intermediate Holdings, LLC Retail 0.73% LIBOR+9.00% 1.00% LIBOR Floor 11/19/2023 Independent Pet Partners Intermediate Holdings, LLC Retail -0.04% 1.00% Unfunded None 11/19/2023 Infinity Sales Group, LLC Services: Business 0.43% LIBOR+10.50% 1.00% LIBOR Floor 11/23/2022Infogroup Inc. Media: Advertising, Printing & Publishing 0.88% LIBOR+5.00% 1.00% LIBOR Floor 4/3/2023Instant Web, LLC Media: Advertising, Printing & Publishing 2.19% LIBOR+6.50% 1.00% LIBOR Floor 12/15/2022Instant Web, LLC Media: Advertising, Printing & Publishing 0.16% LIBOR+6.50% 1.00% LIBOR Floor 12/15/2022Isagenix International, LLC Beverage, Food & Tobacco 0.48% LIBOR+5.75% 1.00% LIBOR Floor 6/14/2025Island Medical Management Holdings, LLC Healthcare & Pharmaceuticals 0.71% LIBOR+6.50% 1.00% LIBOR Floor 9/1/2022Jab Wireless, Inc. Telecommunications 0.85% LIBOR+8.00% 0.00% LIBOR Floor 5/2/2023Jenny C Acquisition, Inc. Services: Consumer 0.56% LIBOR+10.50% 0.00% LIBOR Floor 10/1/2024JP Intermediate B, LLC Beverage, Food & Tobacco 0.76% LIBOR+5.50% 1.00% LIBOR Floor 11/20/2025KLO Intermediate Holdings, LLC Chemicals, Plastics & Rubber 0.09% LIBOR+7.75% 1.50% LIBOR Floor 4/7/2022KLO Intermediate Holdings, LLC Chemicals, Plastics & Rubber 0.00% LIBOR+7.75% 1.50% LIBOR Floor 4/7/2022KNB Holdings Corp. Consumer Goods: Durable 0.29% LIBOR+5.50% 1.00% LIBOR Floor 4/26/2024Labvantage Solutions Inc. High Tech Industries 0.22% LIBOR+7.5% 1.00% LIBOR Floor 12/29/2020Labvantage Solutions Ltd. High Tech Industries 0.25% EURIBOR+7.5% 1.00%EURIBOR Floor 12/29/2020LAV Gear Holdings, Inc. Services: Business 1.15% LIBOR+5.50% 1.00% LIBOR Floor 10/31/2024LAV Gear Holdings, Inc. Services: Business 0.25% LIBOR+5.50% 1.00% LIBOR Floor 10/31/2024LAV Gear Holdings, Inc. Services: Business 0.00% 1.00% Unfunded None 4/7/2021LD Intermediate Holdings, Inc. High Tech Industries 0.71% LIBOR+5.88% 1.00% LIBOR Floor 12/9/2022LGC US Finco, LLC Capital Equipment 0.61% LIBOR+6.50% 1.00% LIBOR Floor 12/20/2025Lift Brands, Inc. Services: Consumer 2.33% LIBOR+7.00% 1.00% LIBOR Floor 4/16/2023Lift Brands, Inc. Services: Consumer 0.13% LIBOR+7.00% 1.00% LIBOR Floor 4/16/2023Lift Brands, Inc. Services: Consumer -0.02% 1.00% Unfunded None 4/16/2023Longview Power, LLC Energy: Oil & Gas 0.55% LIBOR+6.00% 1.00% LIBOR Floor 4/13/2021Manna Pro Products, LLC Retail 0.21% LIBOR+6.00% 0.00% LIBOR Floor 12/8/2023Manna Pro Products, LLC Retail 0.07% LIBOR+6.00% 0.00% LIBOR Floor 12/8/2023Manna Pro Products, LLC Retail 0.00% 1.00% Unfunded None 5/31/2021Mimeo.com, Inc. Services: Business 1.35% LIBOR+7.00% 1.00% LIBOR Floor 12/21/2023Mimeo.com, Inc. Services: Business 0.18% LIBOR+7.00% 1.00% LIBOR Floor 12/21/2023Mimeo.com, Inc. Services: Business -0.03% 0.25% Unfunded None 12/21/2020Moss Holding Company Services: Business 1.17% LIBOR+6.25% 1.00% LIBOR Floor 4/17/2023Moss Holding Company Services: Business 0.00% 6.25% Unfunded None 4/17/2023Moss Holding Company Services: Business -0.01% 0.50% Unfunded None 4/17/2023Moxie Patriot LLC Energy: Oil & Gas 0.59% LIBOR+5.75% 1.00% LIBOR Floor 12/19/2020FOR EXISTING INVESTORS ONLY.CIC Portfolio Holdings • 3

COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATE1ST LIEN SENIOR SECURED DEBT: 80.6% (CONTINUED)Murray Energy Corp. Metals & Mining 0.02% LIBOR+7.25% 1.00% LIBOR Floor 10/17/2022Murray Energy Corp. Metals & Mining 0.04% LIBOR+11.00% 2.00% LIBOR Floor 7/29/2020NewsCycle Solutions, Inc. Media: Advertising, Printing & Publishing 0.90% LIBOR+7.00% 1.00% LIBOR Floor 12/29/2022One Call Corp. Healthcare & Pharmaceuticals 0.23% LIBOR+5.25% 1.00% LIBOR Floor 11/25/2022Optio Rx, LLC Healthcare & Pharmaceuticals 1.26% LIBOR+7.00% 0.00% LIBOR Floor 6/28/2024Palmetto Solar, LLC High Tech Industries 0.29% 12.00% None 12/12/2024Palmetto Solar, LLC High Tech Industries -0.06% 0.75% Unfunded None 12/12/2021PFS Holding Corp. Retail 0.18% LIBOR+3.50% 1.00% LIBOR Floor 1/31/2021PH Beauty Holdings III. Inc. Consumer Goods: Non-Durable 0.28% LIBOR+5.00% 0.00% LIBOR Floor 9/28/2025Pixelle Specialty Solutions LLC Forest Products & Paper 1.25% LIBOR+6.50% 1.00% LIBOR Floor 10/31/2024Plano Molding Company, LLC Consumer Goods: Non-Durable 0.36% LIBOR+7.50% 1.00% LIBOR Floor 5/12/2021Polymer Additives, Inc. Chemicals, Plastics & Rubber 1.02% LIBOR+6.00% 0.00% LIBOR Floor 7/31/2025Polymer Process Holdings, Inc. Chemicals, Plastics & Rubber 1.19% LIBOR+6.00% 0.00% LIBOR Floor 5/1/2026Rhino Energy LLC Metals & Mining 0.58% LIBOR+10.00% 1.00% LIBOR Floor 12/27/2022SCIH Salt Intermediate Holdings Inc. Metals & Mining 0.58% LIBOR+4.50% 1.00% LIBOR Floor 3/16/2027Securus Technologies Holdings, Inc. Telecommunications 0.24% LIBOR+4.50% 1.00% LIBOR Floor 11/1/2024SEK Holding Co LLC Banking, Finance, Insurance & Real Estate 0.90% LIBOR+11.50% 0.00% LIBOR Floor 3/14/2022Sequoia Healthcare Management, LLC Healthcare & Pharmaceuticals 0.50% 12.75% None 8/21/2023SIMR, LLC Healthcare & Pharmaceuticals 0.91% LIBOR+17.00% 2.00% LIBOR Floor 9/7/2023Smart & Final Inc. Retail 0.60% LIBOR+6.75% 0.00% LIBOR Floor 6/20/2025Sorenson Communications, LLC Telecommunications 0.84% LIBOR+6.50% 0.00% LIBOR Floor 4/30/2024Spinal USA, Inc. / Precision Medical Inc. Healthcare & Pharmaceuticals 0.73% LIBOR+9.50% 1.00% LIBOR Floor 6/30/2021Spinal USA, Inc. / Precision Medical Inc. Healthcare & Pharmaceuticals 0.06% LIBOR+9.50% 1.00% LIBOR Floor 6/30/2021Spinal USA, Inc. / Precision Medical Inc. Healthcare & Pharmaceuticals 0.03% LIBOR+9.50% 1.00% LIBOR Floor 6/30/2021Stats Intermediate Holdings, LLC High Tech Industries 0.56% LIBOR+5.25% 0.00% LIBOR Floor 7/12/2026Teladoc, Inc. High Tech Industries 0.00% 0.50% Unfunded None 7/14/2020Telestream Holdings Corp. High Tech Industries 0.54% LIBOR+6.45% 1.00% LIBOR Floor 3/24/2022Tenere Inc. Capital Equipment 1.78% LIBOR+10.00% 1.00% LIBOR Floor 12/23/2021Tensar Corp. Chemicals, Plastics & Rubber 0.81% LIBOR+4.75% 1.00% LIBOR Floor 7/9/2021The Pasha Group Transportation: Cargo 0.34% LIBOR+7.50% 1.00% LIBOR Floor 1/26/2023The Pay-O-Matic Corp. Services: Consumer 0.56% LIBOR+9.00% 0.00% LIBOR Floor 4/5/2021Therapure Biopharma Inc. Healthcare & Pharmaceuticals 0.76% LIBOR+8.75% 0.50% LIBOR Floor 12/1/2021Volta Charging, LLC Media: Diversified & Production 0.63% 12.00% None 6/19/2024Volta Charging, LLC Media: Diversified & Production 0.39% 12.00% None 6/19/2024Volta Charging, LLC Media: Diversified & Production 0.00% 0.00% Unfunded None 6/19/2021West Dermatology Management Holdings, LLC Healthcare & Pharmaceuticals 0.58% LIBOR+6.00% 0.00% LIBOR Floor 2/11/2025West Dermatology Management Holdings, LLC Healthcare & Pharmaceuticals 0.10% LIBOR+6.00% 0.00% LIBOR Floor 2/11/2025West Dermatology Management Holdings, LLC Healthcare & Pharmaceuticals -0.02% 0.75% Unfunded None 2/11/2022Winebow Holdings, Inc. Beverage, Food & Tobacco 0.34% LIBOR+3.75% 1.00% LIBOR Floor 7/1/2021Wok Holdings Inc. Beverage, Food & Tobacco 0.66% LIBOR+6.50% 0.00% LIBOR Floor 3/1/2026Woodstream Corp. Consumer Goods: Non-Durable 0.58% LIBOR+6.00% 1.00% LIBOR Floor 5/29/2022Woodstream Corp. Consumer Goods: Non-Durable 0.03% LIBOR+6.00% 1.00% LIBOR Floor 5/29/20224 • CIC Portfolio HoldingsFOR EXISTING INVESTORS ONLY.

COMPANY NAME INDUSTRY WEIGHTING(2) RATE(3,4) LIBOR / EURIBOR FLOOR(5)MATURITY DATE2ND LIEN SENIOR SECURED DEBT: 12.7%1A Smart Start LLC High Tech Industries 0.83% LIBOR+8.25% 1.00% LIBOR Floor 8/21/2022Access CIG, LLC Services: Business 1.01% LIBOR+7.75% 0.00% LIBOR Floor 2/27/2026Albany Molecular Research, Inc. Healthcare & Pharmaceuticals 0.60% LIBOR+7.00% 1.00% LIBOR Floor 8/30/2025 American Residential Services LLC Construction & Building 0.31% LIBOR+8.00% 1.00% LIBOR Floor 12/31/2022 Carestream Health, Inc. Healthcare & Pharmaceuticals 0.64% LIBOR+9.50% 1.00% LIBOR Floor 6/7/2021Country Fresh Holdings, LLC Beverage, Food & Tobacco 0.13% LIBOR+8.50% 1.00% LIBOR Floor 4/29/2024Dayton Superior Corp. Construction & Building 0.09% LIBOR+7.00% 2.00% LIBOR Floor 12/4/2024Deluxe Entertainment Services Inc. Media: Diversified & Production 0.54% LIBOR+8.50% 1.00% LIBOR Floor 9/25/2024Eagletree-Carbide Acquisition Corp. Consumer Goods: Durable 1.53% LIBOR+8.50% 1.00% LIBOR Floor 8/28/2025Evergreen Skills Lux S.À.R.L. High Tech Industries 0.11% LIBOR+8.25% 1.00% LIBOR Floor 4/28/2022Global Tel*Link Corp. Telecommunications 0.69% LIBOR+8.25% 0.00% LIBOR Floor 11/29/2026LSCS Holdings, Inc. Services: Business 0.60% LIBOR+8.25% 0.00% LIBOR Floor 3/16/2026Medical Solutions Holdings, Inc. Healthcare & Pharmaceuticals 0.59% LIBOR+8.375% 1.00% LIBOR Floor 6/16/2025Medplast Holdings, Inc. Healthcare & Pharmaceuticals 0.37% LIBOR+7.75% 0.00% LIBOR Floor 7/2/2026Ministry Brands, LLC Services: Business 0.42% LIBOR+9.25% 1.00% LIBOR Floor 6/2/2023Niacet Corp. Chemicals, Plastics & Rubber 0.51% EURIBOR+8.75% 1.00% EURIBOR Floor 8/1/2024Patterson Medical Supply, Inc. Healthcare & Pharmaceuticals 0.70% LIBOR+8.50% 1.00% LIBOR Floor 8/28/2023PetroChoice Holdings, Inc. Chemicals, Plastics & Rubber 0.55% LIBOR+8.75% 1.00% LIBOR Floor 8/21/2023PFS Holding Corp. Retail 0.00% LIBOR+7.25% 1.00% LIBOR Floor 1/31/2022Premiere Global Services, Inc. Telecommunications 0.07% LIBOR+9.50% 1.00% LIBOR Floor 6/6/2024Securus Technologies Holdings, Inc. Telecommunications 0.15% LIBOR+8.25% 1.00% LIBOR Floor 11/1/2025TMK Hawk Parent, Corp. Services: Business 0.70% LIBOR+8.00% 1.00% LIBOR Floor 8/28/2025Winebow Holdings, Inc. Beverage, Food & Tobacco 0.51% LIBOR+7.50% 1.00% LIBOR Floor 1/2/2022Zest Acquisition Corp. Healthcare & Pharmaceuticals 0.83% LIBOR+7.50% 1.00% LIBOR Floor 3/14/2026Zywave Inc. High Tech Industries 0.21% LIBOR+9.00% 1.00% LIBOR Floor 11/17/2023COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) TYPEEQUITY: 5.7%Anthem Sports and Entertainment Inc. Media: Diversified & Production 0.01% None Class A Preferred Stock Warrants Anthem Sports and Entertainment Inc. Media: Diversified & Production 0.00% None Class B Preferred Stock Warrants Anthem Sports and Entertainment Inc. Media: Diversified & Production 0.00% None Common Stock Warrants Ascent Resources - Marcellus, LLC Energy: Oil & Gas 0.03% None Common Shares Ascent Resources - Marcellus, LLC Energy: Oil & Gas 0.00% None Warrants Avaya Holdings Corp. Telecommunications 0.16% None Common Stock BCP Great Lakes Fund LP Diversified Financials 0.69% None Partnership Interests CHC Medical Partners, Inc. Healthcare & Pharmaceuticals 0.28% 12.00% Series C Preferred Stock CION SOF Funding, LLC Diversified Financials 1.75% None Membership Interests Conisus Holdings, Inc Healthcare & Pharmaceuticals 0.88% 12.00% Series B Preferred Stock Conisus Holdings, Inc Healthcare & Pharmaceuticals 0.19% None Common Stock Country Fresh Holdings, LLC Beverage, Food & Tobacco 0.09% None Common Stock Dayton HoldCo, LLC Construction & Building 0.31% None Common Stock DBI Investors, Inc. Retail 0.01% None Series A Preferred Stock DBI Investors, Inc. Retail 0.01% None Series B Preferred Stock DBI Investors, Inc. Retail 0.00% None Common StockFOR EXISTING INVESTORS ONLY.CIC Portfolio Holdings • 5

COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) TYPEEQUITY: 5.7% (CONTINUED)DBI Investors, Inc. Retail 0.00% None Reallocation Rights DESG Holdings, Inc. Media: Diversified & Production 0.86% None Common Stock HDNet Holdco LLC Media: Diversified & Production 0.00% None Preferred Unit Call Options Independent Pet Partners Intermediate Holdings, LLC Retail 0.05% None Class A Preferred Units Independent Pet Partners Intermediate Holdings, LLC Retail 0.00% None Warrants Mooregate ITC Acquisition, LLC High Tech Industries 0.00% None Class A Units Mount Logan Capital Inc. Banking, Finance, Insurance & Real Estate 0.13% None Common StockNS NWN Acquisition, LLC High Tech Industries 0.03% None Voting UnitsNS NWN Acquisition, LLC High Tech Industries 0.02% None Class A Preferred Units NSG Co-Invest (Bermuda) LP Consumer Goods: Durable 0.01% None Partnership Interests Palmetto Clean Technology, Inc. High Tech Industries 0.01% None Warrants Rhino Energy LLC Metals & Mining 0.00% None WarrantsSIMR Parent, LLC Healthcare & Pharmaceuticals 0.06% None Class B Common UnitsSpinal USA, Inc. / Precision Medical Inc. Healthcare & Pharmaceuticals 0.00% None WarrantsTenere Inc. Capital Equipment 0.08% None WarrantsCOMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATECOLLATERALIZED SECURITIES AND STRUCTURED PRODUCTS - EQUITY: 0.7%APIDOS CLO XVI Subordinated Notes Diversified Financials 0.13% Residual None 1/19/2025CENT CLO 19 Ltd. Subordinated Notes Diversified Financials 0.01% Residual None 10/29/2025Galaxy XV CLO Ltd. Class A Subordinated Notes Diversified Financials 0.05% Residual None 4/15/2025Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan Diversified Financials 0.51% Residual None 2/2/2026COMPANY NAME INDUSTRY WEIGHTING(1) RATE(2,3) LIBOR / EURIBOR FLOOR(4)MATURITY DATEUNSECURED DEBT: 0.3%WPLM Acquisition Corp. Media: Advertising, Printing & Publishing 0.30% 15.00% None 11/24/20251. Information is based on the relative fair value of the underlying portfolio holdings. 2. London Interbank Offered Rate, or LIBOR, is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. Euro Interbank Offered Rate, or EURIBOR, is an interest rate at which banks can borrow funds, in marketable size, from other banks in the European interbank market. Residual cash flow is excess cash flow after payment of any fees/expenses and obligations related to senior notes, including interest and principal repayments. 3. Rate is the total interest rate on the loan, often based on LIBOR or EURIBOR, plus a margin, or residual cash flow. 4. Debt with a LIBOR or EURIBOR floor pay an interest rate of LIBOR or EURIBOR, plus a margin, so long as LIBOR or EURIBOR remains above the specified floor level. If however, LIBOR or EURIBOR falls below the floor, the interest rate is the floor level plus the applicable margin. Data excludes short term investments, which represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. Percentages represent approximate figures.This portfolio holdings fact sheet reflects CIC’s holdings as of the date indicated herein. There is no assurance that additional similar transactions will be available to CIC or that CIC’s investment portfolio composition going forward will be as described herein.6 • CIC Portfolio HoldingsFOR EXISTING INVESTORS ONLY.

CION Investments 3 Park Avenue, 36th Floor New York, NY 10016 cioninvestments.comCIC-PH-0520FOR EXISTING INVESTORS ONLY.