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- **Record NII of $0.74 per share**, up 128% YoY, driven by 20 portfolio transactions.
- **NAV growth to $14.86**, +0.5% QoQ, with $6.2M in share buybacks.
- **Monthly distributions starting Jan 2026**, enhancing shareholder liquidity.
- **Strong credit metrics**: 1.75% nonaccruals,98% assets risk-rated 3+.
- **Pipeline momentum**: 51% QoQ investment income growth, 75% floating-rate debt hedge.

**【CEO Summary Section】**
- Reported $0.74 per share in net investment income (NII) for Q3 2025, driven by 20 portfolio company transactions including fee events, new investments, and repayments.
- NAV increased 0.5% QoQ to $14.86, supported by equity portfolio gains in Longview Power and Palmetto Solar.
- Repurchased 330,000 shares at $9.86 avg price in Q3, and 325,000 shares at $9.33 in early Q4, totaling ~$6.2 million in repurchases.
- Announced shift to monthly base distributions starting Jan 2026, with Q4 NII of $0.36 per share.

**【CIO Portfolio Commentary】**
- Maintained selective investment approach, committing $73M to 1 new and 12 existing portfolio companies, with $65M funded.
- Portfolio credit metrics remained strong: 1.75% nonaccruals (vs 1.3% prior), 98% of assets risk-rated 3 or better.
- Key portfolio highlights: Longview Power (largest equity position), Juice Plus restructuring, and Anthem Sports transition to ad-driven revenue model.

**【CFO Financial Highlights】**
- Total investment income $78.7M (51% QoQ increase), driven by restructuring fees and yield-enhancing prepayment income.
- Operating expenses $40.1M (13% QoQ increase) due to higher advisory fees tied to elevated NII.
- NAV rose $0.36 to $14.86, with $1.1B debt and 1.28x net debt-to-equity ratio.
- Declared $0.36 per share Q4 base distribution, same as prior quarter.

**【Q&A Highlights】**
- 51% QoQ investment income growth: ~$26M from restructuring fees vs ~$12M from recurring interest.
- PIK income: $5M one-time event vs ~$12M structured at mid-teens of total income.
- Pipeline outlook: More robust M&A activity with traditional middle-market spreads, despite 2024 fundraising headwinds.


CION Investment Corporation (CION) Q3 2025 Earnings Call Transcript

- **NAV Growth**: 1.5% QoQ to $14.50, driven by equity position gains in Longview Power and David's Bridal.
- **Share Buybacks**: 699K shares repurchased; $20M upsize to buyback program announced.
- **Dividend Stability**: Maintained at $0.36 despite Q2 NII shortfall, with Q3 transaction expected to bridge gap.
- **Portfolio Resilience**: Nonaccruals at 1.37%, 85% in first lien; 98% of portfolio risk-rated 3 or better.
- **Liquidity & Leverage**: $165M liquidity; net debt-to-equity 1.39x, 75% in floating rate.

**【CEO Summary Section】**
- Q2 2025 net investment income: $0.32 per share, impacted by restructuring of Anthem Entertainment and exit of hospital loans. Excluding these, NII would have exceeded $0.36 dividend level.
- NAV increased 1.5% QoQ to $14.50, driven by fair value gains in Longview Power, David's Bridal, and other equity positions.
- Share buybacks: 699,000 shares repurchased at $9.37 avg price; $20M upsize to repurchase program announced.
- Dividend maintained at $0.36 per share due to one-time impacts and pending accretive portfolio company recapitalization.
- Portfolio credit performance strong: weighted average EBITDA growth mid-single digits LTM; nonaccruals at 1.37% of fair value.

**【CFO Financial Commentary】**
- Total assets: $1.9B; total equity: $759M; debt: $1.1B. Net debt-to-equity ratio: 1.39x.
- Weighted average yield on debt investments: 12.4% (up 22bps QoQ). Weighted average cost of debt: 7.5%.
- Operating expenses: $35.3M (down 4% QoQ) due to lower advisory fees and interest expense.
- Liquidity: $65M cash + $100M available under credit facilities.
- Distribution yield: 10% based on avg NAV; 15.6% based on market price.

**【Q&A Key Highlights】**
- **Pipeline & Originations**: Q3 repayments expected ≥Q2 ($88M), but originations uncertain. CFO notes 75% of portfolio in floating rate, benefits from SOFR compression offset by wider spreads and fee income.
- **NII Path**: Expect to cover $0.36 dividend in Q3 via accretive transaction. Long-term, floating rate portfolio and fee income growth should stabilize NII.
- **Buyback Pace**: Q2 buybacks accelerated due to market volatility; future pace depends on stock price and accretiveness. Programmatic buyback remains a key capital allocation priority.


CION Investment (CION)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Financial Highlights**: $0.36/share NII, 70% of $18.6M share buyback completed, 1.39x net debt-to-equity.
- **Portfolio Resilience**: 1.2% non-accruals, 87% first-lien, 98% risk-rated 3+.
- **Litigation Finance Edge**: 18% of PIK income from structured first-lien loans with COVID-delayed case resolutions.
- **Tariff Mitigation**: 6% of portfolio high China exposure; B2B focus reduces cyclical risk.
- **Anthem Sports Update**: 24-month transition to advertising model; early-stage channel expansion.


**【CEO Opening Remarks】**
- Q1 2025 net investment income: $0.36 per share, covering base dividend, driven by lower interest expense.
- NAV declined to $14.28 (from $15.43) due to fair value marks in David's Bridal and Anthem Sports.
- 70% of $18.6M share repurchase program completed, supporting shareholder alignment.
- Portfolio resilience: 1.2% non-accruals, 87% first-lien investments, 98% risk-rated 3+.
- Tariff risk mitigation: 6% of portfolio highly exposed to China; B2B services focus reduces cyclical risk.

**【CFO Portfolio & Investment Activity】**
- Q1 new investments: $65M (1 new, 12 add-ons), 94% first-lien, weighted yield SOFR +6.3%.
- Litigation finance portfolio: 18% of PIK income, benefiting from COVID-delayed case resolutions (e.g., Gilead, Astroworld).
- Portfolio activity: $49M repayments/sales, net $15M increase; post-quarter, ALM Global and Manas Bio repaid in full.
- Mark-to-market declines: David's Bridal (equity round dilution), Anthem Sports (subscription-to-advertising shift).
- Mark-to-market increases: Afore Insurance, Palmetto Solar, CHC Medical (strong EBITDA trends).

**【CFO Financial Review】**
- Net investment income: $19.3M ($0.36/share), +$0.01 QoQ, driven by lower interest expense.
- Total assets: $1.9B; net debt-to-equity: 1.39x (1.34x post-quarter).
- Weighted average yield: 12.1% (down 15bps QoQ due to lower SOFR rates).
- Debt structure: 62% unsecured, 38% senior secured; 70% floating rate.
- Q1 distribution: $0.36/share; 12-month yield: 10.2% (NAV-based), 14.9% (price-based).

**【Q&A Key Takeaways】**
- **Anthem Sports Transition**: 24-month timeline to shift from subscription to advertising model; currently in early stages of channel expansion.
- **Future Pack Growth**: Investment doubled to support acquisition pipeline; driven by strong EBITDA growth and capital market access.
- **Healthcare Industry Trends**: No structural FDA-related issues; marks down due to public comps trading lower.
- **Equity Realization**: Private nature limits visibility; long-term potential exists but timing uncertain.


CION Investment (CION)-8 May 25-2025 Q1 Earnings call transcript

- **Strong 2024 Results**: Exceeded distributions with $1.79 annual NII vs. $1.52 paid. Q4 NII $0.35/share despite market headwinds.
- **Selective Investment**: 60% add-ons to existing portfolio, first lien loans at SOFR +7%. 86% first lien assets, 98% risk-rated 3+.
- **Share Buybacks**: 171K shares repurchased, signaling undervaluation.
- **Credit Resilience**: Nonaccruals at 1.41%, Homer City loan reinstated on accrual.
- **2024 Market Risks**: Peers facing challenges from record 2024 capital deployment and compressed spreads.
- **Strategic Moves**: David's Bridal digital transformation, Homer City gas plant redevelopment.


**【CEO Summary Section】**
- **2024 Financial Highlights**: Reported $0.35 quarterly net investment income (NII) per share and $1.79 annual NII, exceeding $1.52 per share in distributions. Full-year NII reflects strong performance despite a modest Q4 decline due to balance sheet repositioning.
- **Investment Strategy**: Maintained selective approach in competitive market, focusing on first lien loans with higher spreads (SOFR +7% for new investments). 60% of Q4 investments were add-ons to existing portfolio companies.
- **Share Repurchases**: Bought back 171,000 shares at $11.74 average price, signaling confidence in undervalued shares.
- **Portfolio Defense**: 86% of assets in first lien positions, with 98% risk-rated 3 or better. Nonaccruals at 1.41%, below peers.

**【CFO Financial Commentary】**
- **Q4 Financials**: $18.7M NII ($0.35/share) vs. $21.6M ($0.40/share) in Q3, driven by lower SOFR rates and higher borrowing costs. Full-year NII of $95.9M ($1.79/share) vs. $105M ($1.92/share) in 2023.
- **Balance Sheet**: Total assets $1.9B, NAV $15.43/share (down 1.9% Q/Q due to equity marks). Debt-to-equity ratio 1.27x, with 70% in floating-rate debt.
- **Debt Activity**: Issued $172.5M 7.5% notes due 2029 and refinanced 80% of debt in 2024, extending maturity to 2027.
- **Distributions**: Q4 paid $0.41/share (base $0.36 + special $0.05). Full-year yield 9.6% vs. NAV, 13.3% vs. market price.

**【CIO Portfolio Update】**
- **Q4 Investment Activity**: $100M in new investments (96% first lien), $47.8M in repayments, net $64M growth. Notable deals: CrossLink Tax Solutions, Coinmac, Homer City Power (PIK reinstatement).
- **Equity Volatility**: David's Bridal equity mark down 15% due to seasonal debt build, offset by long-term digital transformation. Other equity declines tied to delayed revenue pipelines.
- **Credit Performance**: Removed Homer City from nonaccrual (upgraded to risk rating 2), added Sequoia Healthcare and Securus Technologies. 1.41% nonaccruals vs. 1.85% in Q3.
- **Pipeline Outlook**: Healthy deal flow with focus on existing portfolio companies, reflecting cautious approach to new platform risk in compressed spread environment.

**【Q&A Key Takeaways】**
- **David's Bridal**: Q4 investment was one-time for post-bankruptcy rebuild and digital expansion. Expect revolver paydowns in 2025, with term loan reductions later.
- **Homer City**: Loan restructured for gas plant redevelopment; potential exit in coming quarters. Equity side details confidential.
- **Market Competition**: 2024 cohort facing challenges from 2x historical capital inflows and 15-25% below-average coupon spreads. CION expects lower long-term returns for peers who overdeployed.
- **Tariff Impact**: Portfolio companies diversifying production out of China (e.g., David's Bridal). Minimal direct impact on CION's portfolio.


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