CION — what changed in the latest 10-Q
A section-by-section comparison of CION's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +41 | −38 | ~31 | 90 |
| Market risk (Item 3) | Text added/removed | +1 | 0 | ~5 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
•“Series A Notes” refers to our series A unsecured notes due in 2026, which were repaid in full on their maturity on August 31, 2026;
On September 17, 2026, we formed SLFP, a joint venture with the SLFP Investors that invests primarily in senior secured first lien loans to U.S. middle-market companies. SLFP issued $125,000 of SLFP Notes to certain of the SLFP Investors and $59,688 of SLFP LLC Interests, of which we hold 80.0% as c…
During the third quarter, 34th Street repaid the remaining $200,000 outstanding under the JPM Credit Facility, which was terminated on September 21, 2026. We expensed the remaining $1,487 of unamortized debt issuance costs, which is included in interest expense in our consolidated statements of oper…
On August 25, 2026, we entered into the Participation Documents with the Participant, under which we sold to the Participant a 100% participation interest in a specified principal amount of certain senior secured first lien loans, representing a portion of our position in each such loan, for a purch…
On September 23, 2026, we and the Participant entered into a Termination of Participation and Mutual Release pursuant to which we paid the Participant $50,483 to settle all obligations under the Participation Documents, which consisted of the $50,000 purchase price, the unpaid portion of the ticking…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
•“Series A Notes” refers to our series A unsecured notes due in 2026;
On July 15, 2026, we entered into (i) the 7.50% 2029 Notes Note Purchase Agreement with a certain institutional investor in connection with the issuance of up to $10,000 in aggregate principal amount of our 7.50% 2029 Notes, and (ii) the 8.00% 2031 Notes Note Purchase Agreement with a certain instit…
The 7.50% 2029 Notes and the 8.00% 2031 Notes will be issued in two closings, with (a) the initial closing on July 15, 2026 totaling $30,000, consisting of an aggregate principal amount of $2,000 in 7.50% 2029 Notes and an aggregate principal amount of $28,000 in 8.00% 2031 Notes and (b) subject to …
The 7.50% 2029 Notes and the 8.00% 2031 Notes will bear interest at a fixed rate equal to 7.50% and 8.00% per year, respectively, which will be paid quarterly commencing on October 15, 2026. The 7.50% 2029 Notes and the 8.00% 2031 Notes will mature on September 30, 2029 and July 15, 2031, respective…
On August 3, 2026, our co-chief executive officers declared base distributions of $0.10 per share for each of October, November and December 2026, which will be payable to shareholders as follows:
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-05
No change to current base rate (3.88% as of September 30, 2026)
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice