CION Investment Corporation
- Open
- 7.42
- Day high
- 7.63
- Day low
- 7.35
- Prev close
- 7.38
- Volume
- 84K
- Mkt cap
- $367M
- P/E (TTM)
- 27.6
- EPS (TTM)
- $0.27
- P/B
- 0.6
- P/S
- 2.7
- Yield
- 20.36%
- Per share
- $1.52
CION Investment Corporation (CION) is a Financial Services company listed on NYSE. The stock is down 31% over the past year. Drillr has 1 published research article covering CION.
CION Investment Corporation (CION) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CION earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.27 | $0.29 | +9.4% | $50M | +0.0% |
| May 7, 2026 | $0.27 | $0.25 | -7.4% | $50M | +0.8% |
| Mar 12, 2026 | $0.34 | $0.35 | +2.9% | $54M | +4.1% |
| Nov 6, 2025 | $0.35 | $0.74 | +111.4% | $61M | +17.0% |
| Aug 7, 2025 | $0.34 | $0.32 | -5.9% | $20M | -61.4% |
| May 8, 2025 | $0.37 | $0.36 | -2.7% | $-17M | -130.4% |
| Mar 13, 2025 | $0.36 | $0.35 | -2.8% | $34M | -35.0% |
| Nov 7, 2024 | $0.38 | $0.40 | +5.3% | $26M | -51.2% |
| Aug 8, 2024 | $0.39 | $0.40 | +2.6% | $41M | -28.7% |
| May 9, 2024 | $0.42 | $0.60 | +42.9% | $64M | +11.5% |
| Mar 14, 2024 | $0.42 | $0.40 | -4.8% | $60M | +2.3% |
| Mar 16, 2023 | $0.35 | $0.43 | +22.9% | $12M | -76.2% |
CION insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 13, 2025 | Reisner Michael Adirector, officer: Co-Chairman & Co-CEO | Buy | 472 | $10.57 |
| May 28, 2025 | FINLAY PETER I.director | Buy | 200 | $9.66 |
| May 22, 2025 | ROMAN STEPHENofficer: CCO & Secretary | Buy | 600 | $9.48 |
| May 19, 2025 | Breakstone Robert Adirector | Buy | 500 | $9.72 |
| May 13, 2025 | Gatto Markdirector, officer: Co-Chairman & Co-CEO | Buy | 2,070 | $9.66 |
| May 13, 2025 | Reisner Michael Adirector, officer: Co-Chairman & Co-CEO | Buy | 515 | $9.69 |
| Apr 2, 2025 | BRESNER GREGG A.officer: President & CIO | Buy | 1,000 | $10.48 |
| Mar 31, 2025 | Reisner Michael Adirector, officer: Co-Chairman & Co-CEO | Buy | 490 | $10.45 |
| Mar 25, 2025 | Breakstone Robert Adirector | Buy | 500 | $10.75 |
| Mar 20, 2025 | BRESNER GREGG A.officer: President & CIO | Buy | 1,000 | $10.98 |
| Mar 20, 2025 | BRESNER GREGG A.officer: President & CIO | Buy | 2,000 | $10.72 |
| Mar 19, 2025 | FINLAY PETER I.director | Buy | 250 | $10.76 |
| Mar 18, 2025 | ROMAN STEPHENofficer: CCO & Secretary | Buy | 455 | $10.93 |
| Mar 18, 2025 | Breakstone Robert Adirector | Buy | 500 | $11.05 |
| Mar 18, 2025 | Pinero Eric A.officer: Chief Legal Officer | Buy | 465 | $10.72 |
Source: CION SEC Form 4 filings, latest Aug 13, 2025. For informational purposes only — not investment advice.
See the full CION insider & 13F page →CION research & analysis
CION Investment Corporation company profile
Overview
CION Investment Corporation (NYSE:CION) is a business development company that went public in October 2021, specializing in middle-market lending. Founded as a direct lender focusing on senior secured loans to middle-market companies, CION operates as a regulated investment company under the Investment Company Act of 1940. The company manages a portfolio of approximately $1.8 billion in assets, primarily consisting of first lien loans to companies with EBITDA between $25 million and $75 million.
Business
CION Investment Corporation operates as a business development company (BDC) in the alternative asset management industry, specifically focusing on middle-market direct lending. A BDC is a type of closed-end investment company that provides capital to small and medium-sized businesses that may have difficulty accessing traditional bank financing or public capital markets. The company's core business involves originating and investing in various types of debt securities and equity investments in middle-market companies. CION's investment portfolio consists of several key components: 1. Senior Secured Loans (87% of portfolio): These are first lien loans that have priority in repayment and are secured by company assets. CION focuses heavily on first lien investments, which sit at the top of the capital structure and offer better protection in case of default. 2. Unitranche Loans: These are hybrid debt instruments that combine senior and subordinated debt into a single facility, offering borrowers simplified financing while providing lenders with higher yields than traditional senior debt. 3. Second Lien and Mezzanine Loans: Lower in the capital structure but offering higher returns, these investments provide additional yield enhancement to the portfolio. 4. Equity Investments: Including warrants, options, and direct equity stakes, typically acquired alongside debt investments to capture upside potential. The company targets middle-market companies with annual EBITDA between $25 million and $75 million, making typical investments ranging from $5 million to $50 million per transaction. CION's investment focus spans diverse industries including healthcare, pharmaceuticals, business services, technology, consumer services, telecommunications, and industrial sectors.
Revenue model
CION generates revenue primarily through interest income from its loan portfolio and dividend income from equity investments. The company's business model is built on several key revenue streams: 1. Interest Income from Loans: The majority of revenue comes from interest payments on senior secured loans, unitranche facilities, and other debt investments. With a weighted average yield of approximately 12.1-12.3% on debt investments, this represents the core revenue engine. Most loans are floating rate (tied to SOFR), providing natural protection against rising interest rates. 2. Fee Income: CION earns origination fees, commitment fees, and other transaction-related fees when structuring and closing new investments. 3. Equity Appreciation: Through warrants, options, and direct equity stakes, the company participates in the upside potential of portfolio companies, generating capital gains upon exit events such as sales, IPOs, or recapitalizations. The company's customers are middle-market businesses seeking financing for growth capital, acquisitions, leveraged buyouts, market expansion, refinancing, and recapitalization. These companies typically cannot access public debt markets efficiently and may find traditional bank financing insufficient for their needs. Several factors influence CION's profitability margins. Positive factors include rising interest rate environments (benefiting floating rate loans), credit spread expansion during market stress, and successful portfolio company performance leading to equity appreciation. Negative factors include intense competition from other BDCs and direct lenders compressing loan spreads, economic downturns increasing default risk, and rising funding costs that squeeze net interest margins. The company's ability to maintain asset quality while deploying capital at attractive spreads directly impacts its net investment income and distribution coverage.
Competitive moat
CION operates in the highly competitive middle-market lending space, where its moat is relatively narrow compared to companies with stronger competitive advantages. The company's primary defensive characteristics include: 1. Relationship-Based Origination: CION has developed relationships with private equity sponsors, investment banks, and intermediaries that provide deal flow. However, these relationships are not exclusive and can be replicated by competitors. 2. Middle-Market Focus: The company targets a specific segment of companies with $25-75 million EBITDA, which may be underserved by larger institutional lenders. This niche positioning provides some protection from the largest competitors. 3. Regulatory Structure: As a BDC, CION benefits from certain tax advantages and regulatory protections, but these apply equally to all BDCs in the market. The competitive landscape presents significant challenges to CION's moat. The middle-market lending space has attracted substantial capital from numerous BDCs, private credit funds, and traditional banks, creating intense competition for deals. This competition has compressed loan spreads and loosened underwriting standards across the industry. Additionally, the company faces potential disruption from fintech platforms, direct lending by insurance companies and pension funds, and the eventual return of broadly syndicated loan markets that could capture middle-market deals. CION's moat is further weakened by the commoditized nature of debt capital and the relative ease with which competitors can replicate its investment strategy. The company's success depends heavily on execution, credit selection, and market timing rather than sustainable competitive advantages.
Risks & safety
CION presents a moderate margin of safety with mixed financial health indicators: **Liquidity and Solvency:** - Cash position: $7.7 million (relatively low for deployment needs) - Current ratio: 1.74x (adequate short-term liquidity) - Total debt: $1.1 billion against $1.9 billion in assets - Debt-to-equity ratio: 1.45x (elevated but typical for BDCs) - Net leverage ratio: approximately 1.1x (conservative for the industry) **Asset Quality:** - Non-accrual loans: 1.2% of portfolio (low default rate) - 98% of portfolio risk-rated 3 or better - 87% first lien investments (senior position in capital structure) **Valuation Metrics:** - Price-to-book ratio: 0.73x (trading below net asset value) - Trading at discount to NAV of $14.28 per share - Distribution yield: approximately 15% based on current price **Other Considerations:** - Regulatory leverage limit provides some constraint on risk-taking - Interest rate sensitivity benefits floating rate portfolio in rising rate environment - Credit cycle risk remains given economic uncertainties
Recent development
Over the past few years, CION has executed several strategic initiatives to strengthen its market position and financial flexibility: **Capital Structure Optimization**: The company has significantly restructured its debt profile, completing four major debt transactions that refinanced 90% of its debt capital. This included a $172.5 million public baby bond offering and extending the weighted average debt maturity to 2027. The debt mix has been rebalanced to approximately 60% unsecured and 40% secured debt, providing greater financial flexibility. **Conservative Investment Approach**: Management has maintained a highly selective investment strategy since early 2023, focusing predominantly on first lien investments at the top of the capital structure. This defensive positioning has helped maintain portfolio quality with non-accruals remaining below 1.5% of portfolio value. **Share Repurchase Program**: CION has actively repurchased shares trading below net asset value, completing over 70% of its current buyback authorization. This capital allocation strategy aims to enhance shareholder value when shares trade at significant discounts to intrinsic value. **Distribution Enhancement**: The company increased its quarterly base distribution from $0.34 to $0.36 per share, demonstrating confidence in its earnings power and commitment to shareholder income. **Portfolio Diversification**: Recent investments have included strategic add-on investments in existing portfolio companies (representing 60% of Q4 2024 activity) while selectively adding new platform companies like Summit Hill Foods, maintaining a balanced approach between supporting existing investments and expanding the portfolio base.
CION company profile · for informational purposes only — not investment advice.
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