CION Net Asset Value Per Share Decreases to $13.11
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2026
0mins
Net asset value per share was $13.11 as of March 31, 2026 compared to $13.76 as of December 31, 2025, a decrease of $0.65 per share, or 4.7%. The decrease was primarily due to mark-to-market price adjustments to certain investments in the Company's portfolio during the quarter ended March 31, 2026; Mark Gatto, co-Chief Executive Officer of CION, commented: "We believe that our core first lien portfolio, which represents approximately 81% of our investments, continues to perform well - weighted average interest coverage and weighted average leverage remained relatively steady from the prior quarter. We also believe that our intentionally low software exposure of 1.8% reflects the defensive construction of our book. While first quarter NAV was impacted by unrealized mark-to-market adjustments, we remain confident in the durability of our first lien focused strategy continuing into 2026."
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Analyst Views on CION
Wall Street analysts forecast CION stock price to rise
1 Analyst Rating
0 Buy
0 Hold
1 Sell
Moderate Sell
Current: 6.640
Low
8.50
Averages
8.50
High
8.50
Current: 6.640
Low
8.50
Averages
8.50
High
8.50
About CION
CION Investment Corporation is an externally managed, non-diversified closed-end management investment company. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. Its portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly traded United States middle-market companies. The Company's investment portfolio includes healthcare and pharmaceuticals, chemicals, plastics and rubber, high-tech industries, beverage, food and tobacco, capital equipment, banking, finance, insurance and real estate, aerospace and defense, construction and building, telecommunications, hotel, gaming, and leisure, automotive, and metals and mining. Its investment adviser is CION Investment Management, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cion Investment Q1 Earnings Report Analysis
- Decline in Net Investment Income: Cion Investment reported a Q1 net investment income of $0.25, missing expectations by $0.05, indicating pressure on the company's ability to generate earnings, which may affect investor confidence.
- Decrease in Investment Income: Total investment income was $49.53 million, down 11.7% year-over-year, although it beat expectations by $0.41 million, the ongoing decline in income could pose a threat to the company's long-term financial health.
- Net Asset Value Reduction: As of March 31, 2026, the net asset value per share was $13.11, down $0.65 from $13.76 on December 31, 2025, a decrease of 4.7%, primarily due to mark-to-market price adjustments on certain investments, reflecting market volatility's impact on the company's assets.
- New Borrowing Plan: Cion Investment Corporation outlines $307.5 million in new unsecured borrowings, signaling confidence in its first lien strategy despite financial challenges, potentially providing funding support for future investments.
See More
CION (CION) Q4 2025 Earnings Call Transcript
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Cion Investment Declares $0.10 Monthly Dividend
- Dividend Declaration: Cion Investment has declared a monthly dividend of $0.10 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is expected to attract more investor interest.
- Yield Performance: The forward yield stands at 16.74%, making this high yield attractive in the current market environment, potentially increasing demand for the company's stock.
- Payment Schedule: The dividend is payable on April 24 for shareholders of record on April 10, with subsequent payments scheduled for May 29 and June 26, ensuring timely returns for shareholders and bolstering investor confidence.
- Financial Performance: Cion Investment reported a GAAP net interest income of $0.35, beating expectations by $0.01, while total income reached $53.79 million, exceeding forecasts by $2.02 million, demonstrating the company's ongoing improvements in financial management and profitability.
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CION Investment Corp Reports Q4 Earnings
- Earnings Overview: CION Investment Corp reported a fourth-quarter net income of $18.29 million, translating to an earnings per share (EPS) of $0.35, which remains unchanged from the previous year, indicating stable profitability.
- Revenue Decline: The company's revenue for the quarter fell to $31.07 million, an 11.3% decrease from $35.04 million last year, reflecting challenges in the market environment.
- Year-over-Year Comparison: While net income remained stable, the significant drop in revenue may affect investor confidence in the company's future growth potential, necessitating close attention to subsequent market strategies.
- Financial Health: CION's consistent EPS compared to last year demonstrates effective cost control; however, the revenue decline could exert pressure on future financial performance.
See More
Cion Investment Reports Q4 Earnings Beat
- Earnings Beat: Cion Investment's Q4 GAAP net investment income reached $0.35, exceeding expectations by $0.01, demonstrating effective revenue management despite a 7.1% year-over-year decline in total investment income.
- Investment Income Performance: Total investment income amounted to $53.79 million, surpassing market expectations by $2.02 million, indicating the company's resilience and ability to maintain revenue stability in the current market environment.
- Decline in Net Asset Value: As of December 31, 2025, the net asset value per share was $13.76, down from $14.86 as of September 30, 2025, reflecting a $1.10 decrease or 7.4%, signaling a market reassessment of the company's assets.
- New Bond Issuance: Cion Investment has launched a 7.50% notes IPO aimed at attracting investors and strengthening its capital structure, although current ratings suggest the company still needs to improve its fundamentals to attract more buy interest.
See More
Cion Investment Set to Release Q4 Earnings on March 12
- Earnings Announcement: Cion Investment is set to announce its Q4 2023 earnings on March 12 before market open, with consensus EPS estimated at $0.34 and revenue expected to be $51.77 million, reflecting a 10.6% year-over-year decline, indicating potential challenges in the current economic landscape.
- New Bond Issuance: The company plans to issue 7.50% Baby Bonds, aimed at attracting investors and providing a stable income stream, which could enhance its capital structure and improve liquidity, thereby supporting future growth initiatives.
- Rating Adjustment: Despite fundamental improvements, analysts suggest that Cion Investment is not a buy at this time, indicating a cautious market sentiment regarding its growth potential, which may impact investor confidence and stock performance.
- Market Dynamics: In early March, Cion Investment was noted as one of the least shorted financial stocks under $2 billion market cap, reflecting a relatively optimistic market sentiment towards its future performance, potentially drawing more investor interest in its stock.
See More
Cion Investment Q1 Earnings Report Analysis
- Decline in Net Investment Income: Cion Investment reported a Q1 net investment income of $0.25, missing expectations by $0.05, indicating pressure on the company's ability to generate earnings, which may affect investor confidence.
- Decrease in Investment Income: Total investment income was $49.53 million, down 11.7% year-over-year, although it beat expectations by $0.41 million, the ongoing decline in income could pose a threat to the company's long-term financial health.
- Net Asset Value Reduction: As of March 31, 2026, the net asset value per share was $13.11, down $0.65 from $13.76 on December 31, 2025, a decrease of 4.7%, primarily due to mark-to-market price adjustments on certain investments, reflecting market volatility's impact on the company's assets.
- New Borrowing Plan: Cion Investment Corporation outlines $307.5 million in new unsecured borrowings, signaling confidence in its first lien strategy despite financial challenges, potentially providing funding support for future investments.
See More
CION (CION) Q4 2025 Earnings Call Transcript
See More
Cion Investment Declares $0.10 Monthly Dividend
- Dividend Declaration: Cion Investment has declared a monthly dividend of $0.10 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is expected to attract more investor interest.
- Yield Performance: The forward yield stands at 16.74%, making this high yield attractive in the current market environment, potentially increasing demand for the company's stock.
- Payment Schedule: The dividend is payable on April 24 for shareholders of record on April 10, with subsequent payments scheduled for May 29 and June 26, ensuring timely returns for shareholders and bolstering investor confidence.
- Financial Performance: Cion Investment reported a GAAP net interest income of $0.35, beating expectations by $0.01, while total income reached $53.79 million, exceeding forecasts by $2.02 million, demonstrating the company's ongoing improvements in financial management and profitability.
See More
CION Investment Corp Reports Q4 Earnings
- Earnings Overview: CION Investment Corp reported a fourth-quarter net income of $18.29 million, translating to an earnings per share (EPS) of $0.35, which remains unchanged from the previous year, indicating stable profitability.
- Revenue Decline: The company's revenue for the quarter fell to $31.07 million, an 11.3% decrease from $35.04 million last year, reflecting challenges in the market environment.
- Year-over-Year Comparison: While net income remained stable, the significant drop in revenue may affect investor confidence in the company's future growth potential, necessitating close attention to subsequent market strategies.
- Financial Health: CION's consistent EPS compared to last year demonstrates effective cost control; however, the revenue decline could exert pressure on future financial performance.
See More
Cion Investment Reports Q4 Earnings Beat
- Earnings Beat: Cion Investment's Q4 GAAP net investment income reached $0.35, exceeding expectations by $0.01, demonstrating effective revenue management despite a 7.1% year-over-year decline in total investment income.
- Investment Income Performance: Total investment income amounted to $53.79 million, surpassing market expectations by $2.02 million, indicating the company's resilience and ability to maintain revenue stability in the current market environment.
- Decline in Net Asset Value: As of December 31, 2025, the net asset value per share was $13.76, down from $14.86 as of September 30, 2025, reflecting a $1.10 decrease or 7.4%, signaling a market reassessment of the company's assets.
- New Bond Issuance: Cion Investment has launched a 7.50% notes IPO aimed at attracting investors and strengthening its capital structure, although current ratings suggest the company still needs to improve its fundamentals to attract more buy interest.
See More
Cion Investment Set to Release Q4 Earnings on March 12
- Earnings Announcement: Cion Investment is set to announce its Q4 2023 earnings on March 12 before market open, with consensus EPS estimated at $0.34 and revenue expected to be $51.77 million, reflecting a 10.6% year-over-year decline, indicating potential challenges in the current economic landscape.
- New Bond Issuance: The company plans to issue 7.50% Baby Bonds, aimed at attracting investors and providing a stable income stream, which could enhance its capital structure and improve liquidity, thereby supporting future growth initiatives.
- Rating Adjustment: Despite fundamental improvements, analysts suggest that Cion Investment is not a buy at this time, indicating a cautious market sentiment regarding its growth potential, which may impact investor confidence and stock performance.
- Market Dynamics: In early March, Cion Investment was noted as one of the least shorted financial stocks under $2 billion market cap, reflecting a relatively optimistic market sentiment towards its future performance, potentially drawing more investor interest in its stock.
See More
