Cion Investment Q4 Nav Per Share Falls On Equity Mark: to-market losses

CION Investment

12/03/2026 12:20

Overview

US business development company's Q4 net asset value per share fell 7.4% from prior quarter

Posts Q4 loss per share, reflecting unrealized losses in equity portfolio

Company repurchased $5.2 mln in shares and raised $307.5 mln in unsecured debt capital

Outlook

Company says first lien portfolio remains core focus heading into 2026

CION notes low software exposure as part of defensive portfolio construction

Result Drivers

EQUITY MARK-TO-MARKET LOSSES - Co said Q4 NAV decline was primarily due to mark-to-market price adjustments to certain investments in its equity portfolio

LOWER INTEREST INCOME - Co attributed decrease in total investment income to lower interest income from certain investment restructurings and reduced transaction fees

FIRST LIEN PORTFOLIO PERFORMANCE - Co said its core first lien portfolio, about 81% of investments, continues to perform well with increased weighted average interest coverage

Company press release: ID:nBw2Kjxn6a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Sales & Repayments
$79 mln
Q4 EPS
-$0.8
Q4 Net Asset Value Per Share
$13.76
Q4 Operating Expenses
$35.49 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the investment management & fund operators peer group is "buy."

Wall Street's median 12-month price target for Cion Investment Corp is $11.00, about 43.2% above its March 11 closing price of $7.68

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)