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CION

CION Investment Corporation

CION

CION Investment Corporation • NYSE
$10.16 ▲ 0.99% (+0.10)
Market Cap $525.51 M
52w High $12.71
52w Low $8.51
Dividend Yield 1.49%
P/E 20.73
Volume 311.38K
Outstanding Shares 51.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $61.309M ▲ $2.874M ▲ $35.878M ▲ 58.52% ▲ $0 ▼ $35.783M ▲
Q2-2025 $52.552M ▲ $2.589M ▼ $27.316M ▲ 51.979% ▼ $0.52 ▲ $27.326M ▲
Q1-2025 $-16.592M ▼ $3.115M ▼ $-42.705M ▼ 257.383% ▲ $-0.8 ▼ $-42.705M ▼
Q4-2024 $33.941M ▲ $3.12M ▲ $5.458M ▲ 16.081% ▲ $0.1 ▼ $5.577M ▲
Q3-2024 $26.19M $3.039M $-379K -1.447% $0.4 $-400K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29K ▼ $60.383M ▼ $39.087M ▼ $21.296M ▼
Q2-2025 $6.533M ▼ $1.881B ▼ $1.122B ▼ $758.61M ▲
Q1-2025 $7.72M ▲ $1.896B ▼ $1.14B ▲ $756.784M ▼
Q4-2024 $7.67M ▼ $1.946B ▲ $1.125B ▲ $820.81M ▼
Q3-2024 $29.765M $1.916B $1.076B $839.19M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $35.878M ▲ $18.866M ▲ $69.335M ▲ $-47.076M ▼ $-2.602M ▼ $18.866M ▲
Q2-2025 $27.316M ▲ $-960.999K ▼ $48.976M ▲ $-44.505M ▼ $-1.187M ▼ $-961K ▼
Q1-2025 $-42.705M ▼ $6.758M ▼ $-15.465M ▲ $-6.085M ▼ $50K ▲ $6.758M ▼
Q4-2024 $5.458M ▲ $36.047M ▲ $-64.121M ▼ $21.294M ▲ $-22.095M ▼ $36.047M ▲
Q3-2024 $-379K $-38.815M $61.112M $-31.989M $19.967M $-38.815M

Five-Year Company Overview

Income Statement

Income Statement CION has been consistently profitable in recent years, which is a positive sign for a lender-focused business. Earnings stepped down from a very strong year in 2023 but remain clearly in the black and ahead of the early pandemic period. Revenue and profit can move around from year to year, which is typical for a credit-focused firm exposed to interest rate and credit cycles. Overall, the business is generating solid income, but results are not on a smooth upward path and will likely stay sensitive to credit conditions and deal activity.

Balance Sheet

Balance Sheet The balance sheet shows a growing investment platform: total assets have expanded steadily over time, funded by a mix of debt and a relatively stable equity base. Leverage has been rising, which is normal for a business development company but still a key risk factor to watch, since the model depends on borrowing to amplify returns. Cash on hand is modest, reflecting that most capital is deployed into loans rather than sitting idle. In simple terms, CION runs a fairly fully invested, leveraged balance sheet, which can enhance income but also makes risk management and credit quality crucial.

Cash Flow

Cash Flow Cash flow is choppy from year to year, swinging between strong inflows and outflows, which is common for an investment company that regularly originates, refinances, and exits loans. Recently, operating cash flow has moved back into positive territory after a weak prior year, and because the business has minimal spending on physical assets, free cash flow largely tracks operating cash flow. Investors should think of cash flow here as inherently lumpy rather than smooth, with timing of repayments and new investments driving much of the volatility.

Competitive Edge

Competitive Edge CION operates in the crowded middle-market lending and private credit arena, but it has carved out a niche through its advisor-centric model and partnership-driven platform. Its focus on senior secured loans provides a measure of downside protection compared with more junior credit strategies, and its ties to experienced partners like Ares and other managers broaden its reach and sourcing network. The external management structure and reliance on relationships mean performance is highly dependent on manager skill and discipline, but also give CION access to a wider range of deals than a standalone player might achieve. Overall, it competes on specialization, relationships, and product design rather than pure scale.

Innovation and R&D

Innovation and R&D While CION is not a technology company, it is leaning on innovation in distribution and advisor support rather than in core lending algorithms. The Advisor I/O platform, together with fintech partnerships like iCapital, show a clear push to make alternative credit products easier for financial advisors to use and explain. Instead of heavy traditional R&D, CION is investing in digital tools, strategic joint ventures, and new fund structures to differentiate itself and widen access to alternatives. The key question going forward is how effectively these tools deepen advisor loyalty and unlock new channels for growth without adding unnecessary complexity or cost.

Summary

CION is a middle-market lender with a clear income-generating profile, a growing asset base, and a strategy tightly aligned with financial advisors and alternative investment demand. Profitability has been solid but somewhat uneven, reflecting sensitivity to credit cycles and market conditions rather than a straight growth story. The company runs with meaningful leverage and relatively low cash buffers, which is normal for its structure but heightens the importance of prudent underwriting and funding management. Its competitive edge lies less in proprietary technology and more in partnerships, advisor-facing tools, and a focus on senior secured lending. Going forward, the main opportunities appear to be expanding its advisor ecosystem and product lineup, while the main risks center on credit quality, interest rate shifts, and the ability of its manager and partners to navigate a changing private credit landscape.

NEWS

November 6, 2025 · 8:00 AM UTC

CION Investment Corporation Reports Third Quarter 2025 Financial Results

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October 1, 2025 · 8:00 AM UTC

CION Investment Corporation Schedules 2025 Third Quarter Earnings Release and Conference Call

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