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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CION

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