CION Investment Corp (CION) SEC Filings & Earnings Calls

Non-binding LOI; transaction may not close or terms may change.

“non-binding letter of intent” · word for word

Separation and SPAC merger execution risk; integration and standalone operations may face challenges.

“planned separation of Pearl, creating an independent digital wedding planning platform”

Joint venture exposes CION to credit risk of middle-market loans.

“Joint Venture invests in senior secured first lien loans to U.S. middle-market companies.”

Credit risk from portfolio companies; non-accruals still present at 1.44% of fair value.

“investments on non-accrual status amounted to 1.44% and 4.41% of the total investment portfolio at fair value and amortized cost” · word for word

Leverage risk; debt-to-equity at 1.76x, though improving.

“Debt-to-equity 1.76x”

Interest Rate Risk

“The decrease in total investment income was primarily driven by a decrease in the size of our investment portfolio and lower SOFR rates earned on our investments during the three months ended June 30, 2026.” · word for word

Portfolio Concentration Risk

“Our investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements. As of June 30, 2026 and December 31, 2025, our unfunded commit” · word for word

Credit Risk

“Net realized loss on investments totaled $(17,966) and $(32,376) for the three months ended June 30, 2026 and 2025, respectively.” · word for word

Increased debt obligations could strain cash flows if investment performance deteriorates.

“Issuance of unsecured notes increases fixed obligations.”

Portfolio Credit Deterioration

“Net change in unrealized depreciation on investments of $(36,132) for the three months ended March 31, 2026.” · word for word

Net Investment Income Decline

“Net investment income after taxes decreased from $19,252 (Q1 2025) to $12,864 (Q1 2026).”

NAV Erosion

“Net asset value per share decreased from $13.76 (Dec 31, 2025) to $13.11 (Mar 31, 2026).”

NAV decline of 4.7% due to mark-to-market losses signals potential portfolio stress.

“Net asset value per share decreased 4.7% primarily due to mark-to-market price adjustments.”

Non-accruals increased at amortized cost from 4.32% to 5.35%, indicating credit deterioration.

“Investments on non-accrual status amounted to 5.35% of total investment portfolio at amortized cost, from 4.32% as of December 31, 2025.”

Leverage increased with net debt-to-equity rising from 1.44x to 1.62x.

“Net debt-to-equity ratio was 1.62x as of March 31, 2026 compared to 1.44x as of December 31, 2025.” · word for word

Credit quality deterioration

“Net realized loss on investments increased to $(39,569) from $(28,313) and net change in unrealized depreciation increased to $(74,102) from $(33,645).”

Interest rate sensitivity

“The decrease in total investment income was primarily driven by lower SOFR rates during the year ended December 31, 2025 compared to the year ended December 31, 2024.” · word for word

Leverage increase

“Asset coverage ratio decreased from 1.73 to 1.62.”

NAV decline due to mark-to-market losses on equity investments; non-accruals slightly increased.

“NAV per share decreased 7.4% QoQ; non-accruals at fair value rose from 1.75% to 1.78%.”

Elevated leverage with net debt-to-equity increasing to 1.44x from 1.28x.

“Net debt-to-equity ratio increased sequentially.”

No material risk signals; routine dividend declaration.

Credit Deterioration in Portfolio

“Net realized loss on investments totaled $(39,687) and $(26,075) for the nine months ended September 30, 2025 and 2024, respectively, which were driven primarily by realized losses on the restructure and write-off of certain investments during each period.” · word for word

Interest Rate Sensitivity

“The decrease in total investment income was primarily driven by lower interest income generated on our investments due to lower SOFR rates during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.” · word for word

Portfolio Shrinkage

“Net portfolio activity $(102,847) for the nine months ended September 30, 2025 compared to $(86,531) for the nine months ended September 30, 2024.”

Non-accrual investments increased to 1.75% at fair value from 1.37% QoQ, indicating credit quality deterioration.

“Investments on non-accrual status amounted to 1.75% and 4.08% of total investment portfolio at fair value and amortized cost, respectively, from 1.37% and 3.03% as of June 30, 2025.”

Net realized losses of $9.6M in Q3, though partially offset by unrealized gains.

“Net realized losses $9.6M vs $32.4M QoQ; net unrealized gains $6.9M vs $42.8M QoQ.”