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CION Investment Corp (CION)
NYSE:CION
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.3Last Year’s EPS
-0.8Same Quarter Last Year
Moderate Sell
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a mixed but cautiously constructive picture: core credit metrics are strong (81% first-lien focus, coverage up to 2.6x, low software exposure, high-quality PIK by design), liquidity and capital markets access are demonstrated by successful unsecured debt raises ($307.5M combined) and >$1B unencumbered assets. However, material near-term headwinds include a 7.4% NAV decline driven by volatile equity marks, a significant quarter-over-quarter drop in net investment income (~52%), and higher net leverage (1.44x). Management frames the NAV decline as unrealized and emphasizes portfolio credit health and planned deleveraging, so while risks and volatility are notable, the underlying credit profile and liquidity position provide offsetting positives.Company Guidance
Strong First-Lien and Portfolio Credit Profile
Core first-lien investments represent ~81% of the portfolio (fair value). Weighted average interest coverage increased QoQ from 1.94x to 2.6x (≈+34% relative increase), and approximately 98% of the portfolio is risk rated 3 or better, indicating resilient credit metrics and improving EBITDA trends across portfolio companies.
Low Exposure to Software Risk
Software exposure is minimal at ~1.8% of portfolio fair value (≈2% on amortized cost), reflecting a deliberate underwriting stance to avoid ARR/negative-EBITDA software credit risk.
Successful Capital Markets Execution
Raised $172.5M in senior unsecured notes in Q4 and an additional $135M in unsecured baby bonds post-quarter (combined $307.5M unsecured borrowings), strengthening balance sheet flexibility and duration; debt mix ~65% unsecured / 35% secured and ~70% floating rate to align with floating-rate assets.
Solid Liquidity and Balance Sheet Resources
Total assets ≈$1.9B, portfolio at fair value ≈$1.7B, over $1.0B in unencumbered assets, cash & short-term investments ≈$120M and ~$100M available on credit facilities, providing strong liquidity to finance pipeline and support portfolio companies.
Maintained/Planned Distributions and Return Profile
Declared and paid total distributions of $1.44 per share for 2025. Trailing 12-month distribution yield was ~9.9% based on average NAV and ~14.9% based on quarter-end market price. Management transitioned base distributions to monthly in 2026 to align with shareholder expectations.
Attractive New Deal Economics and PIK Structure by Design
Weighted average yield on new direct first-lien investments in Q4 was approximately SOFR + 6.43% (on investment cost). Roughly 75% of PIK income is 'by design' (structured or incremental) and ~73% of PIK exposure is in risk-rated 1–2 companies (99% in risk-rated 3 or better), reducing concern that PIK reflects distressed restructurings.
Active Capital Deployment and Selectivity
Q4 commitments totaled approximately $76M across 1 new and 14 existing portfolio companies (≈$66M funded in the quarter). Sales and repayments were ≈$79M. Management emphasized high selectivity and focus on portfolio company add-ons and refinancings.
Share Repurchase Activity
Repurchased ~556,000 shares during the quarter at an average price of $9.37 per share, described as accretive and prudent use of capital.
CION Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CION Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 12, 2026 | $7.57 | $6.82 | -9.90% |
Nov 06, 2025 | $8.48 | $9.07 | +7.02% |
Aug 07, 2025 | $8.87 | $9.29 | +4.66% |
May 08, 2025 | $8.43 | $8.11 | -3.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does CION Investment Corp (CION) report earnings?
CION Investment Corp (CION) is schdueled to report earning on May 07, 2026, Before Open (Confirmed).
What is CION Investment Corp (CION) earnings time?
CION Investment Corp (CION) earnings time is at May 07, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CION EPS forecast?
CION EPS forecast for the fiscal quarter 2026 (Q1) is 0.3.