CION Investment Corporation (NYSE: CION) recently reported its financial results for the fourth quarter and year ended December 31, 2025. The company's net asset value per share was $13.76 as of December 31, 2025, compared to $14.86 as of September 30, 2025, representing a decrease of $1.10 per share or 7.4%. The company had $1.14 billion of total principal amount of debt outstanding as of December 31, 2025, with a net debt-to-equity ratio of 1.44x, compared to 1.28x as of September 30, 2025.
As of December 31, 2025, CION had total investments at fair value of $1.70 billion in 89 portfolio companies across 22 industries, with the investment portfolio comprised of 80.8% in first lien investments. The company's net investment income per share for the quarter ended December 31, 2025, was $0.35, while the earnings per share for the same period were reported at $(0.80) per share.
The company funded new investment commitments of $66 million during the quarter, funded previously unfunded commitments of $12 million, and had sales and repayments totaling $79 million, resulting in a net decrease to the company's funded portfolio of $1 million.
CION also provided insights into its investment portfolio, indicating that as of December 31, 2025, investments on non-accrual status amounted to 1.78% and 4.32% of the total investment portfolio at fair value and amortized cost, respectively, compared to 1.75% and 4.08%, respectively, as of September 30, 2025.
Additionally, the company repurchased 555,652 shares of its common stock under its 10b5-1 trading plan during the quarter, and through December 31, 2025, the total repurchase amount of its common stock under the plan was $55.5 million.
CION's total investment income for the quarter ended December 31, 2025, was $53.8 million, a decrease from $78.7 million for the quarter ended September 30, 2025. The company's operating expenses for the quarter ended December 31, 2025, were $35.5 million, down from $40.1 million for the quarter ended September 30, 2025.
The company also provided a breakdown of its investment activity, indicating that new investment commitments were made across 1 new and 14 existing portfolio companies during the three months ended December 31, 2025.
Furthermore, CION's investments as of December 31, 2025, consisted of 80.8% in senior secured first lien debt, 0.3% in collateralized securities and structured products * equity, 0.4% in unsecured debt, and 18.5% in equity.
CION will host an earnings conference call on Thursday, March 12, 2026, at 11:00 am Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2025. Following these announcements, the company's shares moved -2.07%, and are now trading at a price of $9.45. If you want to know more, read the company's complete 8-K report here.
