**CION Investment Corp. Reports Fiscal Year 2025 Results**

CION Investment Corporation (NYSE: CION) has filed its 10-K report, detailing its financial performance for the fiscal year ended December 31, 2025. The company, a non-diversified, closed-end management investment company regulated as a BDC, reported total investment income of $240.8 million for 2025, a decrease from $252.4 million in 2024. This decrease was attributed primarily to lower SOFR rates during the year. Net investment income after taxes was $93.0 million, or $1.78 per share, compared to $95.9 million, or $1.79 per share, in the previous year. The company experienced a net realized loss on investments of $39.6 million, compared to $28.3 million in the prior year, driven by realized losses on the restructure and write-off of certain investments.

Operating expenses and income taxes totaled $147.8 million, compared to $156.6 million in 2024. Key components of operating expenses included management fees of $26.1 million, subordinated incentive fees on income of $19.7 million, and interest expense of $90.5 million. The company also reported a net change in unrealized depreciation on investments of $74.1 million, compared to $33.6 million in the previous year. The net decrease in net assets resulting from operations was $(20.6) million, or $(0.39) per share, compared to a net increase of $33.9 million, or $0.63 per share, in 2024. As of December 31, 2025, the company's asset coverage ratio was 162%.

The company's investment portfolio, excluding short-term investments, consisted of 80.8% senior secured first lien debt, 0.3% collateralized securities and structured products, 0.4% unsecured debt, and 18.5% equity investments. The portfolio was comprised of 89 companies with an average annual EBITDA of $59.1 million. The gross annual portfolio yield based upon purchase price was 9.15%. The company also maintained short-term investments of $116.0 million. As of December 31, 2025, the company had $47.8 million in unfunded commitments.

Subsequent to year-end, on February 9, 2026, CION issued $135 million in aggregate principal amount of 7.50% senior unsecured notes due 2031. The company also declared monthly base distributions of $0.10 per share for each of January, February, and March 2026, and for each of April, May, and June 2026. The company intends to continue to pay distributions in an amount sufficient to maintain its RIC status and avoid federal income taxes.

About CION Investment Corp

CION Investment Corporation is a closed-end, externally managed business development company (BDC) focused on investing primarily in senior secured debt of private U.S. middle-market companies with EBITDA of $75 million or less. Its portfolio includes first and second lien loans, unitranche loans, unsecured debt, and equity interests. Managed by CION Investment Management, it targets income generation and capital appreciation through disciplined credit analysis, leveraging strong private equity relationships and flexible transaction structures.

This description was generated via AI from an annual report. Updated 8 months ago.

About 10-K Filings

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    • Management's Discussion and Analysis (MD&A) of financial condition and results
    • Description of the company's business, properties, and legal proceedings
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    • Executive compensation and corporate governance information
  • Importance: Considered the most comprehensive and important document a public company files with the SEC.
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