The firm validated portfolio valuations with $64 million in asset sales at 99% of par and shifted focus to share repurchases.
CION Investment Corporation reported Q2 2026 net investment income of $0.29 per share, up from prior periods, driven by a stable first lien portfolio and avoided credit facility penalties. The company sold $64 million in assets at 99% of par, validating fair value marks.
Non-accruals declined, with no new additions during the quarter, while 79% of the portfolio remains in first lien investments. Management attributed 85% of PIK income to a yield enhancement strategy rather than borrower distress.
CION is prioritizing share repurchases over new deals, citing stock undervaluation relative to NAV. The firm targets a 1.35x net leverage ratio post-Israeli bond repayments and expects proceeds from the Longview Power sale to support distributions.