CĪON Investment Corporation reported a third-quarter net loss per share despite generating positive net investment income, while its net asset value declined and its investment portfolio shrank. Management said it had completed its deleveraging strategy; the company’s net debt-to-equity ratio fell during the quarter.
CION also declared $0.25 per share in base distributions for the first quarter of 2027, to be paid in three monthly installments.
Third-quarter results and portfolio
- Net investment income was $0.25 per share for the quarter ended Sept. 30, 2026. Earnings per share were a loss of $0.07.
- Net asset value was $13.20 per share, down $0.37, or 2.7%, from $13.57 at the end of June. CION attributed the decline primarily to realized losses from restructuring certain investments, lower market valuations on some investments, and distributions that exceeded net investment income.
- The company had $897 million of debt outstanding at quarter-end. About 11% was senior secured bank debt and 89% was unsecured debt.
- Net debt-to-equity was 1.30 times, down from 1.52 times at June 30. The company described its deleveraging strategy as complete.
- Investments had a fair value of $1.47 billion, spread across 79 portfolio companies and 23 industries. Senior secured first-lien investments made up 71.6% of the portfolio.
- During the quarter, CION funded $72 million of new investment commitments and $11 million of previously unfunded commitments. Sales and repayments totaled $256 million, leaving the funded portfolio $173 million smaller on a net basis.
First-quarter 2027 distributions
- CION declared a total of $0.25 per share in base distributions:
- $0.08 per share, payable Jan. 29 to shareholders of record Jan. 15.
- $0.08 per share, payable Feb. 26 to shareholders of record Feb. 12.
- $0.09 per share, payable March 26 to shareholders of record March 12.
What the figures show
CION ended the quarter with lower leverage and a smaller funded portfolio, alongside a decline in per-share net asset value. The declared first-quarter distributions total $0.25 per share, equal to the quarter’s reported net investment income per share; the third-quarter figures do not establish what CION will earn or distribute in the coming quarter.