CION earnings analysis
What we found in CION's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CION Investment Corporation reported a challenging Q1 2026, with a revenue of $49.5 million, down 12% from $56.1 million in Q1 2025, leading to a net decrease in net assets resulting from operations of $(23.0) million. The company faced significant unrealized depreciation on investments but maintained strong liquidity with $9.2 million in cash and $97 million in short-term investments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Decline
- CION reported revenues of $49.5 million, down 12% from $56.1 million in Q1 2025.
- EPS Decline
- Diluted EPS decreased to $0.12 from $0.19 in Q1 2025.
- Operating Income Stable
- Operating expenses remained steady at $36.7 million compared to $36.8 million in Q1 2025.
- Cash Position Strong
- CION holds $9.2 million in cash and $97 million in short-term investments.
- Portfolio Size Reduction
- The average portfolio size decreased due to lower investment activity, impacting income generation.
- Base Distribution Declared
- Monthly base distributions of $0.10 per share declared for July, August, and September 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increase in Interest Rates
- Higher interest rates could increase financing costs, which may adversely affect net investment income.
- Lower Investment Income
- Investment income decreased from $56.1 million in Q1 2025 to $49.5 million, driven by lower SOFR rates.
- Unrealized Depreciation Risk
- Net change in unrealized depreciation was $(36.1 million) due to marked declines in certain investments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.12
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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