CION Investment, Q3 2026 Earnings Call Transcript

CION Investment reduced balance-sheet debt by $278 million in Q3, lowering net leverage to 1.3x, below its 1.3–1.35x target. The deleveraging and lack of new platform investments weighed on earnings: net investment income fell to $0.25 per share from $0.29, while NAV declined 2.7% to $13.20, mainly due to unrealized mark-to-market losses and distributions exceeding income. Management said loan sales and repayments were completed at more than 99.6% of par. No new investments were placed on nonaccrual, and about 98% of the portfolio was risk-rated 3 or better.

CION plans to set its 2027 base distribution at $0.25 per share per quarter, below the current $0.30, citing a smaller portfolio and selective investment activity. Management expects the Longview Power sale to close in Q4 2026 or Q1 2027, subject to regulatory approval, and says proceeds would support liquidity and a resumption of share repurchases. Proposed David’s Bridal and Pearl transactions could separate the businesses and create a path to reduce CION’s exposure, but remain subject to definitive agreements and closing conditions.