CION Investment Corporation Q4 2025 Earnings Call Summary: Key Highlights and Outlook

CION Investment Corporation's Q4 2025 earnings call summary highlights a 7.4% quarter-over-quarter NAV decline due to unrealized mark-to-market adjustments, not credit losses. The core first lien portfolio improved with better interest coverage. Management avoided the software sector, citing negative EBITDA profiles and ARR-based methodologies. Nonaccruals remained flat at 1.78% of the portfolio. The company expects to reduce net leverage through organic NAV growth and repayment activity.