STOCK TITAN

CION Investment posts Q3 2026 loss of $0.07 per share

CION declared a $0.25-per-share Q1 2027 base distribution, split across three scheduled monthly payments.

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Form Type
8-K

Rhea-AI Filing Summary

CION Investment Corp reported third-quarter 2026 total investment income of $48.3 million, compared with $78.7 million in Q3 2025, and net investment income after taxes of $12.327 million, compared with $38.567 million. Earnings per share were a loss of $0.07, versus earnings of $0.69 a year earlier; net assets resulting from operations decreased $3.55 million. Net asset value per share was $13.20 as of September 30, 2026, versus $13.57 as of June 30, 2026.

Total debt outstanding fell to $897 million from $1.17 billion as of June 30, 2026, and net debt-to-equity was 1.30x, compared with 1.52x. The investment portfolio at fair value was $1.471 billion across 79 portfolio companies. Non-accrual investments were 1.63% of portfolio fair value and 4.85% of amortized cost, compared with 1.44% and 4.41%, respectively, as of June 30, 2026. CION's co-CEOs declared Q1 2027 base distributions totaling $0.25 per share: $0.08 payable January 29, $0.08 February 26, and $0.09 March 26, 2027, to shareholders of record January 15, February 12, and March 12, respectively.

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How the balance works

Positive

  • Moderate pointTotal debt fell to $897 million from $1.17 billion in one quarter.

Negative

  • Moderate pointInvestment income was $48.3 million, versus $78.7 million in Q3 2025.
  • Moderate pointPer-share earnings were $(0.07), versus $0.69 in Q3 2025.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total investment income $48.3 million Three months ended September 30, 2026
Net investment income after taxes $12.327 million Three months ended September 30, 2026
Earnings per share ($0.07) per share Three months ended September 30, 2026
Total debt outstanding $897 million As of September 30, 2026
Net debt-to-equity 1.30x As of September 30, 2026
Net asset value per share $13.20 per share As of September 30, 2026
Q1 2027 base distributions $0.25 per share Declared November 3, 2026
non-accrual status financial
"investments on non-accrual status represented 1.63%"
A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.
net debt-to-equity ratio financial
"The Company’s net debt-to-equity ratio was 1.30x"
Net debt-to-equity ratio compares a company’s net debt (total borrowings minus cash and liquid assets) to the money shareholders have invested (equity). It shows how much of the business is funded by borrowings versus owners’ capital; think of it like comparing your mortgage balance after savings to your home’s equity. Investors use it to gauge financial risk and flexibility — higher values mean more reliance on debt and greater sensitivity to interest costs or downturns.
amortized cost financial
"Yield on total investments at amortized cost"
Amortized cost is an accounting method that shows the value of a loan or bond on a company’s books by starting with what was paid and then gradually adjusting that amount as principal is repaid and any extra fees or discounts are spread out over time. Think of it like tracking the remaining balance on a mortgage after each scheduled payment. For investors, it matters because it determines the reported value and earned interest of debt holdings, affecting income, balance sheet strength, and comparisons between companies.
paid-in-kind interest income financial
"Paid-in-kind interest income"
Paid-in-kind interest income is interest a lender or bondholder earns not in cash but by having the borrower add the unpaid interest to the loan or bond balance, so the amount owed grows over time. Like getting paid with an extra IOU instead of money in hand, it boosts the investor’s recorded return but does not provide immediate cash, affecting cash flow, risk of default and how you value or tax the investment.
Total investment income $48.3 million down from $78.7 million in Q3 2025
Net investment income after taxes $12.327 million compared with $38.567 million in Q3 2025
Earnings per share ($0.07) per share compared with $0.69 per share in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CICB's Q3 2026 earnings?

CION reported total investment income of $48.3 million and net investment income after taxes of $12.327 million for Q3 2026. Earnings per share were a loss of $0.07, compared with earnings of $0.69 in Q3 2025.

What distribution did CICB declare for Q1 2027?

CION declared base distributions totaling $0.25 per share for Q1 2027, payable as $0.08 on January 29, $0.08 on February 26, and $0.09 on March 26, 2027. Record dates are January 15, February 12, and March 12, respectively.

How much did CICB commit to new investments during Q3 2026?

CION reported $77 million of new investment commitments during Q3 2026, including $72 million funded and $5 million unfunded. It also funded $11 million of previously unfunded commitments and had $256 million in sales and repayments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 5, 2026 (November 3, 2026)

 

CĪON Investment Corporation

(Exact Name of Registrant as Specified in Charter)

 

Maryland   814-00941   45-3058280
(State or Other Jurisdiction of Incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)

 

  100 Park Avenue, 25th Floor
New York, New York 10017
 
  (Address of Principal Executive Offices)  

 

Registrant’s telephone number, including area code: (212) 418-4700

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common stock, par value $0.001 per share   CION   The New York Stock Exchange
7.50% Notes due 2029   CICB   The New York Stock Exchange
7.50% Notes due 2031   CICC   The New York Stock Exchange

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 Item 2.02. Results of Operations and Financial Condition.

 

Monthly Base Distributions for Q1 2027

 

The board of directors (the “Board”) of CĪON Investment Corporation (“CION”) has delegated to CION’s executive officers the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the Board on a quarterly basis.

 

On November 3, 2026, CION’s co-chief executive officers declared base distributions totaling $0.25 per share for the first quarter of 2027, which will be payable to shareholders as follows:

 

Declaration Date Record Date Payment Date Amount Per Share
11/3/2026 1/15/2027 1/29/2027 $0.08
11/3/2026 2/12/2027 2/26/2027 $0.08
11/3/2026 3/12/2027 3/26/2027 $0.09
       
    Total Q1 2027: $0.25

 

A copy of a press release announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

Q3 2026 Financial Results

 

On November 5, 2026, CION issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

 

In connection with its conference call to be held on November 5, 2026 to discuss its financial results for the third quarter ended September 30, 2026, CION has provided an accompanying slide presentation in the Investor Resources section of its website at www.cionbdc.com. A copy of the presentation is also attached hereto as Exhibit 99.2 and incorporated by reference herein.

 

The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being “furnished” and shall not be deemed “filed” by CION for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. 

 

Item 7.01. Regulation FD Disclosure.

 

The information in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number 
  Description
99.1   Press Release dated November 5, 2026.
99.2   CĪON Investment Corporation Third Quarter 2026 Earnings Presentation.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 5, 2026 CĪON INVESTMENT CORPORATION
   
  By: /s/ Michael A. Reisner
    Michael A. Reisner
    Co-Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

 

 

CION INVESTMENT CORPORATION REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

 

Management Successfully Completes Deleveraging Strategy

 

For Immediate Release

 

NEW YORK, NY, November 5, 2026 — CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the third quarter ended September 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission (the "SEC").

 

CION also announced that, on November 3, 2026, its co-chief executive officers declared base distributions totaling $0.25 per share for the first quarter of 2027, which will be payable to shareholders in the amount of $0.08, $0.08 and $0.09 per share on January 29, February 26, and March 26, 2027, respectively, to shareholders of record as of January 15, February 12, and March 12, 2027, respectively.

 

THIRD QUARTER AND OTHER HIGHLIGHTS

 

·Net investment income and earnings per share for the quarter ended September 30, 2026 were $0.25 per share and $(0.07) per share, respectively;

 

·Net asset value per share was $13.20 as of September 30, 2026 compared to $13.57 as of June 30, 2026, a decrease of $0.37 per share, or 2.7%. The decrease was primarily due to realized losses on the restructure of certain investments, mark-to-market price decreases on certain investments, and distributions in excess of net investment income;

 

·As of September 30, 2026, the Company had $897 million of total principal amount of debt outstanding, of which 11% was comprised of senior secured bank debt and 89% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.30x as of September 30, 2026 compared to 1.52x as of June 30, 2026;

 

·As of September 30, 2026, the Company had total investments at fair value of $1.47 billion in 79 portfolio companies across 23 industries. The investment portfolio was comprised of 71.6% senior secured first lien investments;1

 

·During the quarter, the Company funded new investment commitments of $72 million, funded previously unfunded commitments of $11 million, and had sales and repayments totaling $256 million, resulting in a net decrease to the Company's funded portfolio of $173 million;

 

·As of September 30, 2026, investments on non-accrual status amounted to 1.63% and 4.85% of the total investment portfolio at fair value and amortized cost, respectively, up from 1.44% and 4.41%, respectively, as of June 30, 2026;

 

·On July 15 and August 14, 2026, the Company issued an aggregate of $35 million of its 8.00% unsecured notes due 2031 and on July 15, 2026, the Company issued an aggregate of $2 million of its 7.50% unsecured notes due 2029 to certain institutional investors;

 

·On August 31, 2026, the Company repaid in full the $114.8 million in aggregate principal amount of its Series A Senior Unsecured Notes, which were, as a result, delisted from trading on the Tel Aviv Stock Exchange Ltd.;

 

·During the quarter, the Company repaid in full the $200 million in aggregate principal amount of borrowings outstanding under its senior secured JPM Credit Facility, which was terminated;

 

·On September 17, 2026, the Company and certain institutional investors, or the SLFP Investors, launched Senior Loan Fund Partners, LLC, or SLFP, a joint venture that invests primarily in senior secured first lien loans to U.S. middle-market companies. SLFP was capitalized with $125.0 million of senior secured notes due 2033 issued to certain SLFP Investors and $59.7 million of LLC interests in SLFP, of which 80% were issued to the Company as common LLC interests and 20% were issued to certain SLFP Investors as preferred LLC interests; and

 

·In connection with the SLFP joint venture, on September 17, 2026, the Company and its wholly-owned financing subsidiaries sold 20 first lien loans with an aggregate par value of $180.3 million for $180.0 million.

 

 

 

 

DISTRIBUTIONS

 

·For the quarter ended September 30, 2026, the Company paid monthly base distributions totaling $14.8 million, or $0.30 per share.

 

Michael Reisner, co-Chief Executive Officer of CION, commented:

 

"In the second quarter, we told shareholders we had a plan to strengthen our balance sheet, and this quarter we executed it. In a single quarter, we reduced our balance sheet debt from $1.17 billion to $897 million and ended at 1.30 times net debt to equity, below the target we had set. This quarter’s lower earnings came mostly from this deliberate decision to de-lever and the sale of assets to our new strategic joint venture, not from a fundamental decline in the portfolio’s overall credit quality. We remain pleased with how our portfolio is performing as we head into 2027."

 

SELECTED FINANCIAL HIGHLIGHTS

 

   As of 
(in thousands, except per share data and ratios)  September 30,
2026
   June 30,
2026
 
Investment portfolio, at fair value1  $1,471,255   $1,645,159 
Total debt outstanding2  $897,000   $1,174,844 
Net assets  $649,465   $667,776 
Net asset value per share  $13.20   $13.57 
Debt-to-equity   1.38x   1.76x
Net debt-to-equity   1.30x   1.52x

 

   Three Months Ended 
(in thousands, except share and per share data)  September 30,
2026
   June 30,
2026
 
Total investment income  $48,305   $49,793 
Total operating expenses and income tax expense  $35,978   $35,623 
Net investment income after taxes  $12,327   $14,170 
Net realized losses  $(9,168)  $(17,966)
Net unrealized (losses) gains  $(6,709)  $34,776 
Net (decrease) increase in net assets resulting from operations  $(3,550)  $30,980 
           
Net investment income per share  $0.25   $0.29 
Net realized and unrealized (losses) gains per share  $(0.32)  $0.33 
Earnings per share  $(0.07)  $0.62 
           
Weighted average shares outstanding   49,202,704    49,660,843 
Distributions declared per share  $0.30   $0.30 

 

Total investment income for the three months ended September 30, 2026 and June 30, 2026 was $48.3 million and $49.8 million, respectively. The decrease in total investment income was primarily driven by lower interest income earned on our investments due to a reduction in the size of our portfolio from our deleveraging activities and the sale of 20 first lien loans to SLFP during the three months ended September 30, 2026. The decrease was also due to lower transaction fees earned on lower quarterly investment activity and a reduction of a legacy transaction fee, the collectability of which is not currently reasonably assured. The decrease in total investment income was partially offset by an increase in dividends received from one of our equity investments and an increase in prepayment fees received during the quarter ended September 30, 2026.

 

 

 

 

Operating expenses for the three months ended September 30, 2026 and June 30, 2026 were $36.0 million and $35.6 million, respectively. The increase in operating expenses was primarily attributable to higher general and administrative expenses, driven by legal fees incurred in connection with the restructure of an investment and costs associated with the formation of SLFP. This increase was partially offset by a decrease in advisory fees during the period due to a reduction in the size of the Company’s portfolio during the three months ended September 30, 2026. Interest expense increased primarily due to the write-off of unamortized debt issuance costs in connection with the Company’s repayment of the JPM Credit Facility, but was partially offset by a decrease in the Company's average debt outstanding during the quarter ended September 30, 2026.

 

PORTFOLIO AND INVESTMENT ACTIVITY1

 

A summary of the Company's investment activity for the three months ended September 30, 2026 is as follows:

 

   New Investment
Commitments
   Sales and
Repayments
 
Investment Type (in thousands)  $   %   $   % 
Senior secured first lien debt  $28,176    36%  $(252,651)   99%
Equity   49,180    64%   (3,360)   1%
  Total  $77,356    100%  $(256,011)   100%

 

During the three months ended September 30, 2026, new investment commitments were made across 11 existing portfolio companies. During the same period, the Company received full repayment of investments in 2 portfolio companies and sold all investments in 1 portfolio company. As a result, the number of portfolio companies decreased to 79 as of September 30, 2026 from 82 as of June 30, 2026.

 

PORTFOLIO SUMMARY1

 

As of September 30, 2026, the Company’s investments consisted of the following:

 

   Investments at Fair Value 
Investment Type (in thousands)  $   % 
Senior secured first lien debt  $1,053,970    71.6%
Senior secured second lien debt   —    — 
Unsecured debt   7,668    0.5%
Equity   409,617    27.9%
  Total  $1,471,255    100.0%

 

 

 

 

The following table presents certain selected information regarding the Company’s investments:

 

   As of 
   September 30,
2026
   June 30,
2026
 
Number of portfolio companies   79    82 
Percentage of performing loans bearing a floating rate3   88.9%   87.0%
Percentage of performing loans bearing a fixed rate3   11.1%   13.0%
Yield on debt and other income producing investments at amortized cost4   10.58%   10.57%
Yield on performing loans at amortized cost4   11.35%   11.23%
Yield on total investments at amortized cost   8.27%   8.90%
Weighted average leverage (net debt/EBITDA)5   5.17x   5.07x
Weighted average interest coverage5   1.82x   1.87x
Median EBITDA6   $39.5 million    $33.7 million 

 

As of September 30, 2026, investments on non-accrual status represented 1.63% and 4.85% of the total investment portfolio at fair value and amortized cost, respectively. As of June 30, 2026, investments on non-accrual status represented 1.44% and 4.41% of the total investment portfolio at fair value and amortized cost, respectively.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of September 30, 2026, the Company had $897 million of total principal amount of debt outstanding, comprised of $100 million of outstanding borrowings under its senior secured credit facility and $797 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.6% for the quarter ended September 30, 2026. As of September 30, 2026, the Company had $51 million in cash and short-term investments and $25 million available under its financing arrangements.2

 

EARNINGS CONFERENCE CALL

 

CION will host an earnings conference call on Thursday, November 5, 2026 at 11:00 am Eastern Time to discuss its financial results for the third quarter ended September 30, 2026. Please visit the Investor Resources - Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call.

 

All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Third Quarter Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION’s website.

 

ENDNOTES

 

1)The discussion of the investment portfolio excludes short-term investments.

 

2)Total debt outstanding excludes netting of debt issuance costs of $12.7 million and $14.9 million as of September 30, 2026 and June 30, 2026, respectively. Total amount available under the Company’s financing arrangements excludes an additional $8 million of 7.50% 2029 Notes and $15 million of 8.00% 2031 Notes that the Company may issue prior to July 15, 2027 because such issuances are subject to acceptance by the purchasers.

 

3)The fixed versus floating rate composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status.

 

4)Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment.

 

 

 

 

5)For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

 

For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA (“interest coverage ratio”). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt and equity investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

 

Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount.

 

6)Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment.

 

 

 

 

CĪON Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

   September 30,
2026
   December 31,
2025
 
   (unaudited)     
Assets
Investments, at fair value:          
Non-controlled, non-affiliated investments (amortized cost of $789,745 and $1,238,358, respectively)  $684,083   $1,158,985 
Non-controlled, affiliated investments (amortized cost of $425,734 and $360,895, respectively)   432,712    364,335 
Controlled investments (amortized cost of $423,345 and $342,843, respectively)   384,857    289,670 
Total investments, at fair value (amortized cost of $1,638,824 and $1,942,096, respectively)   1,501,652    1,812,990 
Cash   20,563    8,159 
Interest and fees receivable on investments   29,923    27,979 
Receivable due on investments sold and repaid   984    3,699 
Prepaid expenses and other assets   1,628    1,973 
Total assets  $1,554,750   $1,854,800 
           
Liabilities and Shareholders' Equity
Liabilities          
Financing arrangements (net of unamortized debt issuance costs of $12,717 and $14,263, respectively)  $884,283   $1,125,580 
Payable for investments purchased   3,322    2,529 
Accounts payable and accrued expenses   896    785 
Interest payable   7,166    5,764 
Accrued management fees   5,737    6,423 
Accrued subordinated incentive fee on income   2,615    3,882 
Accrued administrative services expense   1,266    2,182 
Share repurchases payable   —    27 
Total liabilities   905,285    1,147,172 
           
Shareholders' Equity          
Common stock, $0.001 par value; 500,000,000 shares authorized; 49,202,704 and 51,420,629 shares issued, and 49,202,704 and 51,417,866 shares outstanding, respectively     
 
 
49
 
 
 
 
 
 
 
51
 
 
Capital in excess of par value   986,777    1,004,496 
Accumulated distributable losses   (337,361)   (296,919)
Total shareholders' equity   649,465    707,628 
Total liabilities and shareholders' equity  $1,554,750   $1,854,800 
Net asset value per share of common stock at end of period  $13.20   $13.76 

 

 

 

 

CĪON Investment Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

   Three Months Ended September 30,   Nine Months Ended
September 30,
   Year Ended
December 31,
 
   2026   2025   2026   2025   2025 
   (unaudited)   (unaudited)   (unaudited)   (unaudited)     
Investment income                         
Non-controlled, non-affiliated investments                         
Interest income  $17,356   $30,251   $63,502   $96,849   $123,768 
Paid-in-kind interest income   7,782    10,609    21,138    25,257    29,782 
Fee income   (241)   766    4,960    5,288    9,447 
Dividend income   359    535    1,711    2,253    2,660 
Non-controlled, affiliated investments                         
Interest income   1,728    1,045    6,393    5,325    8,550 
Paid-in-kind interest income   3,594    4,119    12,327    10,609    13,627 
Fee income   (2,894)   —    (2,311)   700    975 
Dividend income   14,272    370    20,219    1,000    5,645 
Controlled investments                         
Interest income   6,349    19,717    18,769    27,976    30,896 
Paid-in-kind interest income   —    2,436    927    2,436    5,821 
Fee income   —    8,863    —    9,336    9,650 
Total investment income   48,305    78,711    147,635    187,029    240,821 
Operating expenses                         
Management fees   5,737    6,532    17,882    19,654    26,076 
Administrative services expense   1,043    1,225    3,613    3,700    5,180 
Subordinated incentive fee on income   2,615    8,181    8,349    15,854    19,736 
General and administrative   2,821    1,649    6,326    4,878    6,334 
Interest expense   23,852    22,652    72,101    68,287    90,540 
Total operating expenses   36,068    40,239    108,271    112,373    147,866 
Net investment income before taxes   12,237    38,472    39,364    74,656    92,955 
Income tax (benefit) expense, including excise tax   (90)   (95)   3    (85)   (85)
Net investment income after taxes   12,327    38,567    39,361    74,741    93,040 
Realized and unrealized (losses) gains                         
Net realized losses on:                         
Non-controlled, non-affiliated investments   (8,183)   (9,605)   (26,071)   (39,687)   (39,569)
Non-controlled, affiliated investments   (452)   —    (293)   —    — 
Foreign currency   (533)   —    (533)   —    — 
Net realized losses   (9,168)   (9,605)   (26,897)   (39,687)   (39,569)
Net change in unrealized (depreciation) appreciation on:                         
Non-controlled, non-affiliated investments   (15,436)   (18,923)   (31,295)   (28,753)   (42,242)
Non-controlled, affiliated investments   (8,167)   25,828    8,543    27,959    10,757 
Controlled investments   16,894    11    14,687    (13,771)   (42,617)
Net change in unrealized (depreciation) appreciation   (6,709)   6,916    (8,065)   (14,565)   (74,102)
Net realized and unrealized losses   (15,877)   (2,689)   (34,962)   (54,252)   (113,671)
Net (decrease) increase in net assets resulting from operations  $(3,550)  $35,878   $4,399   $20,489   $(20,631)
Per share information—basic and diluted                         
Net (decrease) increase in net assets per share resulting from operations  $(0.07)  $0.69   $0.09   $0.39   $(0.39)
Net investment income per share  $0.25   $0.74   $0.79   $1.42   $1.78 
Weighted average shares of common stock outstanding   49,202,704    52,065,707    49,883,217    52,585,897    52,341,612 

 

 

 

 

ABOUT CION INVESTMENT CORPORATION

 

CION Investment Corporation is a leading publicly listed business development company that had approximately $1.6 billion in total assets as of September 30, 2026. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.

 

FORWARD-LOOKING STATEMENTS

 

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially, from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled “Risk Factors” and “Forward-Looking Statements” in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

OTHER INFORMATION

 

The information in this press release is summary information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC on November 5, 2026, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.

 

CONTACTS

 

Media and Investor Relations

general@cioninvestments.com

 

 

 

 

Exhibit 99.2

 

CION Investment Corporation Third Quarter 2026 Earnings Presentation

 
 

Disclosures and Forward - Looking Statements 2 The information contained in this earnings presentation should be viewed in conjunction with the earnings conference call of CION Investment Corporation (NYSE : CION) (“CION” or the “Company”) held on Thursday, November 5 , 2026 as well as the Company’s Quarterly Report on Form 10 - Q for the quarter ended September 30 , 2026 that was filed with the Securities and Exchange Commission (the “SEC”) on November 5 , 2026 . The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company . This earnings presentation may contain forward - looking statements that involve substantial risks and uncertainties, including the impact of tariffs and trade disputes with other countries, changes in inflation, high interest rates and the risk of recession on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies . You can identify these statements by the use of forward - looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology, including references to assumptions, forecasts of future results, shareholder diversification, institutional research coverage and availability and access to capital . You should read statements that contain these words carefully because they discuss the Company’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters . These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control, such as the price at which the Company’s shares of common stock and other securities will trade on the NYSE . Any forward - looking statement made by the Company in this earnings presentation speaks only as of the date on which the Company makes it . Factors or events that could cause the Company’s actual results to differ, possibly materially, from its expectations, include, but are not limited to, the risks, uncertainties and other factors the Company identifies in the sections entitled “Risk Factors” and “Forward - Looking Statements” in filings the Company makes with the SEC, and it is not possible for the Company to predict or identify all of them . The Company undertakes no obligation to update or revise publicly any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . This earnings presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy the Company’s common stock or any other securities nor will there be any sale of common stock or any other securities referred to in this earnings presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction . Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Company or as legal, accounting or tax advice . An investment in securities of the type described herein presents certain risks . The Company is managed by CION Investment Management, LLC, an affiliate of the Company . Nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance . The information contained in this earnings presentation is summary information that is intended to be considered in the context of other public announcements that the Company may make, by press release or otherwise, from time to time . The Company undertakes no duty or obligation to publicly update or revise the information contained in this earnings presentation, except as required by law . These materials contain information about the Company, certain of its personnel and affiliates and its historical performance . You should not view information related to past performance of the Company as indicative of its future results, the achievement of which cannot be assured . Past performance does not guarantee future results, which may vary . The value of investments and the income derived from investments will fluctuate and can go down as well as up . A loss of principal may occur .

 
 

3 (1) The discussion of the investment portfolio excludes short term investments. Third Quarter and Other Highlights – Ended September 30, 2026 • Net investment income and earnings per share for the quarter ended September 30 , 2026 were $ 0 . 25 per share and $ ( 0 . 07 ) per share, respectively ; • Net asset value per share was $ 13 . 20 as of September 30 , 2026 compared to $ 13 . 57 as of June 30 , 2026 , a decrease of $ 0 . 37 per share, or 2 . 7 % . The decrease was primarily due to realized losses on the restructure of certain investments, mark - to - market price decreases on certain investments, and distributions in excess of net investment income ; • As of September 30 , 2026 , the Company had $ 897 million of total principal amount of debt outstanding, of which 11 % was comprised of senior secured bank debt and 89 % was comprised of unsecured debt . The Company’s net debt - to - equity ratio was 1 . 30 x as of September 30 , 2026 compared to 1 . 52 x as of June 30 , 2026 ; • As of September 30 , 2026 , the Company had total investments at fair value of $ 1 . 47 billion in 79 portfolio companies across 23 industries . The investment portfolio was comprised of 71 . 6 % senior secured first lien investments ; 1 • During the quarter, the Company funded new investment commitments of $ 72 million, funded previously unfunded commitments of $ 11 million, and had sales and repayments totaling $ 256 million, resulting in a net decrease to the Company's funded portfolio of $ 173 million ; • As of September 30 , 2026 , investments on non - accrual status amounted to 1 . 63 % and 4 . 85 % of the total investment portfolio at fair value and amortized cost, respectively, up from 1 . 44 % and 4 . 41 % , respectively, as of June 30 , 2026 ; • On July 15 and August 14 , 2026 , the Company issued an aggregate of $ 35 million of its 8 . 00 % unsecured notes due 2031 and on July 15 , 2026 , the Company issued an aggregate of $ 2 million of its 7 . 50 % unsecured notes due 2029 to certain institutional investors ; • On August 31 , 2026 , the Company repaid in full the $ 114 . 8 million in aggregate principal amount of its Series A Senior Unsecured Notes, which were, as a result, delisted from trading on the Tel Aviv Stock Exchange Ltd .; • During the quarter, the Company repaid in full the $ 200 million in aggregate principal amount of borrowings outstanding under its senior secured JPM Credit Facility, which was terminated ; • On September 17 , 2026 , the Company and certain institutional investors, or the SLFP Investors, launched Senior Loan Fund Partners, LLC, or SLFP, a joint venture that invests primarily in senior secured first lien loans to U . S . middle - market companies . SLFP was capitalized with $ 125 . 0 million of senior secured notes due 2033 issued to certain SLFP Investors and $ 59 . 7 million of LLC interests in SLFP, of which 80 % were issued to the Company as common LLC interests and 20 % were issued to certain SLFP Investors as preferred LLC interests ; and • In connection with the SLFP joint venture, on September 17 , 2026 , the Company and its wholly - owned financing subsidiaries sold 20 first lien loans with an aggregate par value of $ 180 . 3 million for $ 180 . 0 million . DISTRIBUTIONS • For the quarter ended September 30 , 2026 , the Company paid monthly base distributions totaling $ 14 . 8 million, or $ 0 . 30 per share ; and • On November 3, 2026, the Company's co - chief executive officers declared base distributions totaling $0.25 per share for the firs t quarter of 2027, which will be payable to shareholders in the amount of $0.08, $0.08 and $0.09 per share on January 29, February 26, and March 26, 2027, respectively, to shareholders of record a s o f January 15, February 12, and March 12, 2027, respectively.

 
 

4 Selected Financial Highlights (1) The discussion of the investment portfolio excludes short term investments. (2) Total debt outstanding excludes netting of debt issuance costs. Please refer to page 11 for debt net of issuance costs. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in millions) $1,738 $1,697 $1,702 $1,645 $1,471 Investment portfolio, at fair value (1) $1,092 $1,140 $1,175 $1,175 $897 Total debt outstanding (2) $773 $708 $660 $668 $649 Net assets 1.41x 1.61x 1.78x 1.76x 1.38x Debt - to - equity 1.28x 1.44x 1.62x 1.52x 1.30x Net debt - to - equity $78.7 $53.8 $49.5 $49.8 $48.3 Total investment income $38.6 $18.3 $12.9 $14.2 $12.3 Net investment income $(2.7) $(59.4) $(35.9) $16.8 $(15.9) Net realized and unrealized (losses) gains $35.9 $(41.1) $(23.0) $31.0 $(3.6) Net (decrease) increase in net assets resulting from operations Per Share Data $14.86 $13.76 $13.11 $13.57 $13.20 Net asset value per share $0.74 $0.35 $0.25 $0.29 $0.25 Net investment income per share $(0.05) $(1.15) $(0.70) $0.33 $(0.32) Net realized and unrealized (losses) gains per share $0.69 $(0.80) $(0.45) $0.62 $(0.07) Earnings per share $0.36 $0.36 $0.30 $0.30 $0.30 Distributions declared per share

 
 

Investment Activity • New investment commitments for the quarter were $77 million, of which $72 million were funded and $5 million were unfunded. • New investment commitments were made across 11 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter were $11 million. • Sales and repayments totaled $256 million for the quarter, which included the full exit of investments in 3 portfolio compani es. Note - The discussion of the investment portfolio excludes short term investments. Unfunded commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, whi ch may be shorter than the loan’s maturity date. 5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ($ in millions) $73 $76 $69 $57 $77 New investment commitments $65 $66 $54 $54 $72 Funded $8 $10 $15 $3 $5 Unfunded $17 $12 $12 $13 $11 Fundings of previously unfunded commitments $(148) $(79) $(38) $(103) $(58) Repayments $(3) $0 $0 $(54) $(198) Sales $(69) $(1) $28 $(90) $(173) Net funded investment activity 91 89 89 82 79 Total Portfolio Companies

 
 

6 Portfolio Asset Composition * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 93% 79% 36% 97% 3% 81% 19% 0%* 1% 0% 0% 0%* 0%* 80% 0%* 19% 72% 28% 0% 79% 81% 1% 20% 19% 0% 92% 1% 0%* 0%* 8% 0% 20% 6% 1% 0%* 0% 64%

 
 

7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q3 2026 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments (1) The discussion of the investment portfolio excludes short term investments. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Rating 1.5% 8.2% 9.3% 11.7% 7.7% 1 85.7% 77.9% 75.7% 72.2% 72.6% 2 10.4% 11.5% 12.9% 14.1% 17.5% 3 2.1% 1.9% 1.6% 1.7% 1.9% 4 0.3% 0.5% 0.5% 0.3% 0.3% 5 100.0% 100.0% 100.0% 100.0% 100.0% Total

 
 

8 Market Price Implies $315 Million of Additional Credit Losses ( 1 ) Calculated using NAV per share and shares outstanding as of September 30 , 2026 , compared to the stock price of $ 6 . 80 as of October 28 , 2026 . ( 2 ) Reflects $ 314 . 9 million in implied credit losses, the difference between NAV as of September 30 , 2026 and current market - implied NAV . ( 3 ) Represents investments risk rated 3 , 4 and 5 at fair value ( $ 290 . 9 million as of September 30 , 2026 ) . ( 4 ) Represents the additional loss rate that would need to be applied to investments risk rated 2 .

 
 

PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 9 ( 1 ) See endnote 4 in our press release filed with the SEC on November 5 , 2026 . ( 2 ) See endnote 5 in our press release filed with the SEC on November 5 , 2026 . ( 3 ) See endnote 6 in our press release filed with the SEC on November 5 , 2026 . ( 4 ) The discussion of the investment portfolio excludes short term investments . Portfolio Characteristics (as of September 30, 2026) (4) Investment Portfolio $1,518.1 million Total investments and unfunded commitments $46.8 million Unfunded commitments $1,471.3 million Investments at fair value 10.58 % Yield on debt and other income producing investments at amortized cost (1) 11.35 % Yield on performing loans at amortized cost (1) 8.27 % Yield on total investments at amortized cost Portfolio Companies 79 Number of portfolio companies 5.17x Weighted average leverage (net debt/EBITDA) (2) 1.82x Weighted average interest coverage (2) $39.5 million Median EBITDA (3) Industry Diversification (4) % of Investment Portfolio Industry 14.6 % Retail 13.7 % Services: Business 10.0 % Healthcare & Pharmaceuticals 9.4 % Energy: Electricity 8.1 % Media: Diversified & Production 44.2 % Other (≤ 6.4% each) 71.6% Senior Secured Debt Investments - Less than 1%

 
 

Quarterly Operating Results 10 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 All figures in thousands, except share and per share data Investment income $ 68,177 $ 43,992 $ 42,865 $ 43,382 $ 36,809 Interest income (1) 905 5,052 3,798 3,501 14,631 Dividend income 9,629 4,748 2,874 2,910 (3,135) Fee income $ 78,711 $ 53,792 $ 49,537 $ 49,793 $ 48,305 Total investment income Expenses $ 6,532 $ 6,422 $ 6,105 $ 6,040 $ 5,737 Management fees 22,652 22,253 24,413 23,836 23,852 Interest and other debt expenses 8,181 3,882 2,728 3,006 2,615 Incentive fees 2,874 2,936 3,338 2,737 3,864 Other operating expenses $ 40,239 $ 35,493 $ 36,584 $ 35,619 $ 36,068 Total expenses before taxes (95) — 89 4 (90) Income tax (benefit) expense, including excise tax $ 38,567 $ 18,299 $ 12,864 $ 14,170 $ 12,327 Net investment income after taxes Net realized (loss) gain and unrealized (depreciation) appreciation on investments $ (9,605) $ 118 $ 237 $ (17,966) $ (9,168) Net realized (loss) gain 6,916 (59,537) (36,132) 34,776 (6,709) Net change in unrealized (depreciation) appreciation $ (2,689) $ (59,419) $ (35,895) $ 16,810 $ (15,877) Net realized and unrealized (losses) gains $ 35,878 $ (41,120) $ (23,031) $ 30,980 $ (3,550) Net (decrease) increase in net assets resulting from operations Per share data $ 0.74 $ 0.35 $ 0.25 $ 0.29 $ 0.25 Net investment income $ (0.05) $ (1.15) $ (0.70) $ 0.33 $ (0.32) Net realized (loss) gain and unrealized (depreciation) appreciation on investments $ 0.69 $ (0.80) $ (0.45) $ 0.62 $ (0.07) Earnings per share $ 0.36 $ 0.36 $ 0.30 $ 0.30 $ 0.30 Distributions declared per share 52,065,707 51,616,723 50,803,697 49,660,843 49,202,704 Weighted average shares outstanding 51,973,518 51,417,866 50,301,813 49,202,704 49,202,704 Shares outstanding, end of period (1) Includes certain prepayment fees, exit fees, accelerated original issue discount and paid - in - kind interest income.

 
 

Quarterly Balance Sheet 11 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 All figures in thousands, except per share data and asset coverage ratio Assets $ 1,840,584 $ 1,812,990 $ 1,799,474 $ 1,800,093 $ 1,501,652 Investments, at fair value 3,931 8,159 9,248 7,664 20,563 Cash 31,192 27,979 33,062 34,571 29,923 Interest receivable on investments 5,218 3,699 227 1,590 984 Receivable due on investments sold 3,019 1,973 1,950 2,770 1,628 Prepaid expenses and other assets $ 1,883,944 $ 1,854,800 $ 1,843,961 $ 1,846,688 $ 1,554,750 Total Assets Liabilities & Net Assets $ 1,078,522 $ 1,125,580 $ 1,158,183 $ 1,159,941 $ 884,283 Financing arrangements (net of debt issuance costs) (1) 9,277 2,529 6,636 3,076 3,322 Payable for investments purchased 1,154 785 813 727 896 Accounts payable and accrued expenses 6,194 5,764 8,489 5,111 7,166 Interest payable 6,571 6,423 6,104 6,040 5,737 Accrued management fees 8,181 3,882 2,728 3,006 2,615 Accrued subordinated incentive fee on income 1,499 2,182 1,372 1,011 1,266 Accrued administrative services expense 40 27 — — — Share repurchase payable $ 1,111,438 $ 1,147,172 $ 1,184,325 $ 1,178,912 $ 905,285 Total Liabilities $ 772,506 $ 707,628 $ 659,636 $ 667,776 $ 649,465 Total Net Assets $ 1,883,944 $ 1,854,800 $ 1,843,961 $ 1,846,688 $ 1,554,750 Total Liabilities and Net Assets $ 14.86 $ 13.76 $ 13.11 $ 13.57 $ 13.20 Net Asset Value per share 1.71 1.62 1.56 1.57 1.72 Asset coverage ratio (2) (1) The Company had debt issuance costs of $ 12 , 717 as of September 30 , 2026 , $ 14 , 903 as of June 30 , 2026 , $ 16 , 661 as of March 31 , 2026 , $ 14 , 263 as of December 31 , 2025 and $ 13 , 822 as of September 30 , 2025 . (2) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period .

 
 

12 Q3 2026 Net Asset Value Bridge Per Share Data

 
 

13 Maturity Date Interest Rate Principal Amount Outstanding Total Commitment Amount 12/30/2029 7.50% $173 $173 7.50% Public 2029 Notes (1) 12/15/2029 7.70% 125 125 7.70% 2029 Notes (1) 12/15/2027 7.41% 48 48 7.41% 2027 Notes (1) 2/13/2028 S + 2.75% 100 125 UBS Credit Facility 3/31/2031 7.50% 135 135 7.50% Public 2031 Notes (1) 11/8/2027 S + 4.75% 100 100 Floating Rate Unsecured Notes, Tranche A 2027 (1) 11/8/2027 S + 3.90% 100 100 Floating Rate Unsecured Notes Tranche B 2027 (1) 4/27/2027 S + 3.50% 50 50 2022 Unsecured Term Loan (1) 9/30/2027 S + 3.80% 30 30 2024 Unsecured Term Loan (1) 7/15/2031 8.00% 35 35 8.00% 2031 Notes 9/30/2029 7.50% 2 2 7.50% 2029 Notes 7.6% $897 $922 Total Debt Debt Summary DEBT MATURITIES ($ in millions) DEBT SCHEDULE ($ in millions) $25 million in available capacity within existing senior secured facility (1) Investment grade credit rating.

 
 

14 Distribution Per Share and Distribution Coverage 1 (1) Includes a supplemental distribution of $0.05 per share during Q4 2024. Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 $0.25 $0.29 $0.25 $0.35 $0.74 $0.32 $0.36 $0.35 Net Investment Income (per share) $0.30 $0.30 $0.30 $0.36 $0.36 $0.36 $0.36 $0.41(1) Distribution (per share) 0.83x 0.97x 0.83x 0.97x 2.06x 0.89x 1.00x 0.85x Distribution coverage

 
 

 

 

 

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