Financial Performance - For the quarter ended June 30, 2025, CION paid a quarterly base distribution totaling $18.9 million, or $0.36 per share [4]. - Net investment income for the quarter was $0.32 per share, while earnings per share were $0.52 [5]. - Total investment income for the quarter was $52.2 million, a decrease from $56.1 million in the previous quarter, primarily due to lower transaction fees [7]. - Investment income for the three months ended June 30, 2025, was $52.244 million, a decrease from $61.357 million in the same period of 2024 [24]. - Net investment income after taxes for the six months ended June 30, 2025, was $36.174 million, compared to $55.556 million in 2024, reflecting a decline [24]. - Net realized losses on non-controlled, non-affiliated investments for the three months ended June 30, 2025, were $32.376 million, compared to $13.186 million in the same period of 2024 [24]. - Net increase in net assets resulting from operations for the three months ended June 30, 2025, was $27.316 million, up from $22.378 million in 2024 [24]. Asset and Investment Overview - Net asset value per share increased to $14.50 as of June 30, 2025, reflecting a 1.5% increase from $14.28 as of March 31, 2025 [5]. - Total investments at fair value amounted to $1.77 billion across 99 portfolio companies, with 85.1% in senior secured loans [5]. - Total assets as of June 30, 2025, were approximately $1.9 billion, with total investments at fair value of $1.8 billion [25]. - Investments on non-accrual status represented 1.37% of the total investment portfolio at fair value as of June 30, 2025, up from 1.20% as of March 31, 2025 [11]. Shareholder Actions - The company repurchased 699,565 shares at an average price of $9.37 per share, totaling $6.6 million during the quarter [5]. - The board authorized an increase of $20 million to the share repurchase program, raising the total to $80 million [7]. Debt and Liabilities - The combined weighted average interest rate on debt outstanding was 7.5% for the quarter ended June 30, 2025 [12]. - Total liabilities as of June 30, 2025, were $1.122 billion, a slight decrease from $1.139 billion in the previous quarter [22]. - Interest expense for the three months ended June 30, 2025, was $22.637 million, down from $23.773 million in the same period of 2024 [24]. Management and Strategy - Management fees for the three months ended June 30, 2025, were $6.497 million, compared to $6.841 million in the same period of 2024 [24]. - CION Investment Corporation focuses primarily on senior secured loans to U.S. middle-market companies to generate current income and capital appreciation [25].

Group 1: CION Investment Corporation - CION Investment Corporation is a business development company that primarily provides senior secured loans to U.S. middle-market companies [1] - The Zacks Consensus Estimate for its current year earnings has increased by 2.2% over the last 60 days [1] - CION has a Zacks Rank of 1 (Strong Buy) and a dividend yield of 13.8%, compared to the industry average of 10.7% [1] Group 2: Millicom International Cellular - Millicom International Cellular is a leading international operator of cellular telephony services, primarily in emerging markets [2] - The Zacks Consensus Estimate for its next year earnings has increased by 6.1% over the last 60 days [2] - Millicom has a Zacks Rank of 1 (Strong Buy) and a dividend yield of 6.7%, compared to the industry average of 2.7% [3] Group 3: Enbridge - Enbridge is a leading energy infrastructure company [3] - The Zacks Consensus Estimate for its current year earnings has increased by 3.3% over the last 60 days [3] - Enbridge has a Zacks Rank of 1 (Strong Buy) and a dividend yield of 5.8%, compared to the industry average of 4.5% [3]

Group 1 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Significant efforts have been made to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - Development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing stock has been a focus [1] Group 2 - Roberts Berzins is a CFA Charterholder and holds an ESG investing certificate, indicating a strong background in investment analysis and sustainable finance [1] - Active involvement in "thought-leadership" activities supports the development of pan-Baltic capital markets, showcasing a commitment to industry advancement [1]

分组1 - CION Investment Corporation reported quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share, and down from $0.43 per share a year ago, representing an earnings surprise of -5.88% [1] - The company posted revenues of $52.24 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 3.4%, and down from $61.36 million year-over-year [2] - CION Investment Corporation shares have lost about 13.4% since the beginning of the year, while the S&P 500 has gained 7.9% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.33 on revenues of $53.35 million, and for the current fiscal year, it is $1.36 on revenues of $216.48 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 42% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% [8]

Distribution and Share Repurchase - The company declared a quarterly base distribution of $0.36 per share for Q3 2025, payable on September 16, 2025[364]. - The board of directors increased the share repurchase policy by $20 million, bringing the total authorized amount to $80 million[365]. - During the six months ended June 30, 2025, the company repurchased 885,427 shares at an average price of $9.86 per share, totaling $8,728[404]. - From July 1, 2025, to July 30, 2025, the company repurchased 217,040 shares at an average price of $9.87 per share, totaling $2,142[405]. - Since the inception of the 10b5-1 trading plan in August 2022, the company has repurchased 4,871,638 shares for a total of $49,178, averaging $10.09 per share[405]. - The company intends to distribute at least 90% of its net ordinary income and realized net short-term capital gains to maintain RIC tax treatment[406]. - Total distributions for the year ended December 31, 2024, amounted to $1.52 per share, totaling $81,308[408]. - For the six months ended June 30, 2025, total distributions were $0.72 per share, totaling $38,083[408]. Investment Portfolio and Performance - As of June 30, 2025, the total investments amounted to $1,901,114,000, with a fair value of $1,824,628,000[367]. - The portfolio consists of 99 companies, with an average annual EBITDA of $54.7 million and a median annual EBITDA of $34.6 million[367]. - The gross annual portfolio yield based on the purchase price is 10.99%[368]. - Senior secured first lien debt represents 85.0% of the investment portfolio at fair value[367]. - The company primarily generates revenue from interest income on debt securities and capital gains from equity interests in portfolio companies[362]. - The average annual EBITDA of portfolio companies was $53.6 million, while the median annual EBITDA was $34.2 million[370]. - The gross annual portfolio yield based on the purchase price was 10.96%[370]. - As of June 30, 2025, the investment portfolio was composed of 85.0% senior secured first lien debt, with a total fair value of $1,753,955[377]. - Investment income for the three months ended June 30, 2025, was $52,244, a decrease from $61,357 in the same period of 2024[379]. - The net increase in net assets resulting from operations for the three months ended June 30, 2025, was $27,316, compared to $22,378 in 2024[379]. - The company had 105 portfolio companies as of December 31, 2024, which decreased to 98 by July 30, 2025[370][377]. - The weighted average price of investments purchased was 96.17% as of December 31, 2024, and 93.03% as of July 30, 2025[370][377]. - The investment portfolio's fair value was $1,765,955 as of June 30, 2025, compared to $1,819,870 as of December 31, 2024[376]. Financial Results and Operating Expenses - Total operating expenses and income taxes decreased from $38,394 in Q2 2024 to $35,322 in Q2 2025, a reduction of approximately 5.6%[381]. - Net investment income after taxes fell from $22,963 in Q2 2024 to $16,922 in Q2 2025, representing a decline of about 26.3%[383]. - Net realized loss on investments increased from $(20,277) in Q2 2024 to $(32,376) in Q2 2025, reflecting a rise of approximately 59.7%[384]. - Net change in unrealized appreciation on investments rose significantly from $19,692 in Q2 2024 to $42,770 in Q2 2025, an increase of about 117.0%[385]. - For the six months ended June 30, 2025, investment income decreased to $108,318 from $134,911 in the same period of 2024, a decline of approximately 19.8%[388]. - Total operating expenses and income taxes for the six months ended June 30, 2025 were $72,144, down from $79,355 in 2024, a decrease of about 9.1%[389]. - Net (decrease) increase in net assets resulting from operations shifted from $28,823 in the first half of 2024 to $(15,389) in the first half of 2025[394]. Debt and Liquidity - As of June 30, 2025, the company had outstanding borrowings of $325,000 under the JPM Credit Facility and $100,000 under the 2025 UBS Credit Facility[410][411]. - The company had $125,000 in aggregate principal amount of 2026 Notes outstanding as of June 30, 2025[412]. - Unfunded commitments amounted to $64,793 as of June 30, 2025, and increased to $67,075 by July 30, 2025[418]. - The company has entered into various credit facilities and term loans, including the 2022 Term Loan of $50,000 and the 2024 Term Loan of $30,000[413][414]. - Cash and short-term investments totaled $65,206 as of June 30, 2025, providing sufficient liquidity for upcoming operational needs[399]. Interest Rate and Market Risks - As of June 30, 2025, 78.7% of the company's investments paid variable interest rates, indicating a significant exposure to interest rate fluctuations[439]. - The company expects that a rise in interest rates could lead to a substantial increase in net investment income, particularly due to the majority of variable rate investments[439]. - The current base interest rate is 4.44% as of June 30, 2025, with potential changes in net interest income ranging from a decrease of 14.6% with a 300 basis point drop to an increase of 16.4% with a 300 basis point rise[441]. - Approximately 8.4% of the company's investments paid fixed interest rates as of June 30, 2025, which may decline in fair value with rising market interest rates[442]. - The company is subject to risks related to changes in market interest rates, which could adversely affect its financial condition and results of operations[440]. - The company may seek to further borrow funds to make additional investments, impacting net investment income based on the difference between borrowing and investment rates[440]. - The company has various interest rate hedging activities to manage interest rate risk, as permitted by the 1940 Act[440]. Economic Environment - The U.S. inflation rate remains elevated, with potential persistence in the near to medium-term, impacting market volatility and the company's portfolio companies' profit margins[444]. - Market volatility has been exacerbated by geopolitical tensions, energy price fluctuations, and trade disputes, affecting overall economic activity[444]. - Persistent inflationary pressures and foreign currency exchange volatility could affect the profit margins of the company's portfolio companies[444].

[Filing Overview](index=1&type=section&id=Form%208-K%20Filing%20Overview) This section provides an overview of the Form 8-K filing, detailing the announcement of Q1 2025 earnings and the included exhibits [Announcement of Q1 2025 Earnings Release Date](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) CĪON Investment Corporation announced via a press release on April 2, 2025, that it will report its financial results for the first quarter ended March 31, 2025, on May 8, 2025, with a conference call to discuss these results on the same day - The company will report its **Q1 2025 financial results** on **Thursday, May 8, 2025**, prior to the opening of financial markets[4](index=4&type=chunk) - An earnings conference call is scheduled for **11 a.m. Eastern Time** on **May 8, 2025**, to discuss the financial results[4](index=4&type=chunk) - This announcement's information is "furnished" rather than "filed" under Section 18 of the Securities Exchange Act of 1934[5](index=5&type=chunk) [Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits.) The filing includes a press release dated April 2, 2025, detailing the earnings announcement, and the Cover Page Interactive Data File List of Exhibits | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release dated April 2, 2025. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

Group 1 - CION Investment is categorized as a Business Development Company (BDC), which are high-risk, high-yield lenders similar to high-yield bonds and lower-rated CLOs [1] - The performance of BDCs has not been strong in the short term, indicating potential challenges in the current market environment [1] Group 2 - The author emphasizes a methodical approach to investing, focusing on analyzing earnings reports to identify potential growth opportunities [1]

分组1 - CION Investment Corporation reported quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share, and down from $0.60 per share a year ago, representing an earnings surprise of -2.70% [1] - The company posted revenues of $56.07 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.80%, and down from $73.55 million year-over-year [2] - CION Investment Corporation shares have declined approximately 14.6% since the beginning of the year, compared to the S&P 500's decline of -4.3% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.37 on revenues of $57.29 million, and for the current fiscal year, it is $1.46 on revenues of $228.88 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 28% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8]

Financial Performance - The company declared a quarterly base distribution of $0.36 per share for Q2 2025, payable on June 16, 2025[367]. - Investment income for Q1 2025 was $56,074, down from $73,554 in Q1 2024, primarily due to lower income from restructuring activities and lower SOFR rates[380]. - Operating expenses for Q1 2025 totaled $36,822, a decrease from $40,961 in Q1 2024, driven by lower subordinated incentive fees and interest expenses[382]. - Net investment income after taxes decreased to $19,252 for the three months ended March 31, 2025, down from $32,593 in the same period of 2024, reflecting a decline in investment income[384]. - The net decrease in net assets resulting from operations was $(42,705) for the three months ended March 31, 2025, compared to an increase of $6,445 in the same period of 2024[387]. Investment Portfolio - The total investments as of March 31, 2025, amounted to $1,964,916,000, with a fair value of $1,845,660,000[368]. - The total investment portfolio as of March 31, 2025, was valued at $1,791,684, compared to $1,819,870 as of December 31, 2024[377]. - The company had 104 portfolio companies as of March 31, 2025[368]. - The investment portfolio included 103 portfolio companies as of April 30, 2025[378]. - As of March 31, 2025, senior secured first lien debt constituted 86.9% of the investment portfolio[368]. Investment Activity - For the three months ended March 31, 2025, the company purchased $60,792,000 in senior secured first lien debt, compared to $101,895,000 in the same period of 2024[368]. - The company reported net portfolio activity of $15,465,000 for the three months ended March 31, 2025, compared to a net activity of $(95,985,000) in the same period of 2024[368]. - The fair value of floating interest rate investments was $1,469,869, representing 82.0% of the total investment portfolio as of March 31, 2025[373]. - The net change in unrealized depreciation on investments for Q1 2025 was $(64,251), compared to $(16,412) in Q1 2024[380]. - Net realized gains on investments improved to $2,294 for the three months ended March 31, 2025, compared to a loss of $(9,736) in the same period of 2024, driven by realized gains from the restructuring of certain investments[385]. Interest Rate Sensitivity - As of March 31, 2025, 82.0% of the company's investments paid variable interest rates, indicating a significant exposure to interest rate fluctuations[430]. - The company expects that a rise in interest rates could lead to a substantial increase in net investment income, particularly due to the majority of investments being in variable rate[430]. - The interest rate sensitivity analysis shows that a 300 basis point increase in interest rates could increase net interest income by 18.5%[432]. - Approximately 6.8% of the company's investments paid fixed interest rates as of March 31, 2025, which may lead to fair value declines in a rising interest rate environment[433]. - The Series A Notes bear interest at a floating rate equal to average overnight SOFR plus a credit spread of 3.82% per year, indicating the company's reliance on variable interest rates[431]. Market Conditions - The U.S. inflation rate remains elevated, with potential impacts on the company's portfolio companies' profit margins due to persistent inflationary pressures and market volatility[435]. - Market uncertainty and volatility have been exacerbated by geopolitical tensions and inflation, which could affect the company's investment strategy and performance[435]. Commitments and Financing - As of March 31, 2025, unfunded commitments amounted to $65,130, down from $70,681 as of December 31, 2024[374]. - Cash and short-term investments totaled $61,696 as of March 31, 2025, with $106 million available under secured financing arrangements[392]. - The company has entered into various credit facilities, including the JPM Credit Facility and the 2025 UBS Credit Facility, with specific terms related to interest rates and fees[421][422]. Valuation and Risk - The company has a risk of material error in the calculation of NAV of $0.01 per share or greater, which could affect fair value determinations[416]. - The investment valuation process involves independent valuation firms and management reviews, ensuring oversight and accuracy in fair value assessments[415].

Group 1 - The economic outlook for stocks in 2025 is uncertain due to the President's tariff policy, GDP contraction for the first time in three years, and persistent inflation amid rising recession fears [1] Group 2 - iREIT® offers comprehensive research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [2] - The iREIT® Tracker provides data on over 250 tickers, including quality scores, buy targets, and trim targets [2] - A new Ratings Tracker called iREIT Buy Zone has been introduced to assist members in screening for value [2]