Overview

• U.S. business development company reported Q1 net investment income per share of $0.25

• Net asset value per share fell 4.7% to $13.11 as of March 31, 2026, mainly from mark-to-market adjustments

• Company repurchased 1.1 mln shares for $9.7 mln during the quarter

Outlook

• CION declares base distributions of $0.10 per share for July, August and September 2026

• Company says first lien focused strategy expected to continue into 2026

• CION says portfolio construction remains defensive with low software exposure

Result Drivers

• LOWER INVESTMENT INCOME - Decrease in total investment income was mainly due to lower transaction fees from reduced repayment and investment activity, and lower dividend income

• HIGHER INTEREST EXPENSE - Operating expenses rose primarily due to increased interest expense from higher average debt outstanding and higher weighted average cost of debt capital, following refinancing and repayment activities

• MARK-TO-MARKET LOSSES - Decline in net asset value per share was mainly due to unrealized mark-to-market price adjustments to certain investments

Company press release: ID:nBw55B1hZa

Key Details

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