Key Takeaways CION stated tighter spreads and looser lender protections are limiting incremental lending returns.CION funded $54M in Q1 2026 investments as improving M&A activity boosted middle-market deal flow.CION kept 80.8% of assets in first-lien loans while monitoring non-accruals and leverage levels.CION Investment Corp. (CION) is moving through 2026 in a private-credit market that is active, but not easy. Competition is keeping spreads tight at the same time leverage is rising and lender protections ...