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.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
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.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
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.
8-K Event Classification
Key Figures
Key Terms
non-accrual status financial
net debt-to-equity ratio financial
amortized cost financial
paid-in-kind interest income financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CICB's Q3 2026 earnings?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
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 (
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| (Address of Principal Executive Offices) |
Registrant’s telephone number, including
area code: (
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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
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 | 1.38 | x | 1.76 | x | ||||
| Net debt-to-equity | 1.30 | x | 1.52 | x | ||||
| 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 | 5.17 | x | 5.07 | x | ||||
| Weighted average interest coverage5 | 1.82 | x | 1.87 | x | ||||
| 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
