Cion Investment Corp (CION) News & EventsCIONCion Investment Corp

Bulldog Investors Calls on CION to Expand Share Repurchase Program

Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of CION Investment Corporation with 1,716,599 shares, announced that it is calling on management to materially expand its share repurchase program. "As of July 2, 2026, CION's stock price stood at $6.39, more than 50% below its last reported net asset value of $13.11. It follows that if CION's portfolio were liquidated in an orderly fashion and the cash received was distributed to shareholders, they would stand to receive more than double what they would receive today by selling their shares in the market. Bulldog acknowledges that CION has repurchased a significant number of its shares in the past. However, given its current extremely large trading discount, Bulldog believes that CION should not issue any additional loans until the discount narrows significantly. Instead, Bulldog is calling on CION to deploy all its investible cash to repurchase its shares (which will be highly accretive to NAV) and to reduce debt (so as to keep the leverage ratio from increasing)." If management declines to cease making loans and materially expand CION's share repurchase program, Bulldog said it may nominate directors that support a transaction to maximize shareholder value including possibly winding up the company.

CION Net Asset Value Per Share Decreases to $13.11

Net asset value per share was $13.11 as of March 31, 2026 compared to $13.76 as of December 31, 2025, a decrease of $0.65 per share, or 4.7%. The decrease was primarily due to mark-to-market price adjustments to certain investments in the Company's portfolio during the quarter ended March 31, 2026; Mark Gatto, co-Chief Executive Officer of CION, commented: "We believe that our core first lien portfolio, which represents approximately 81% of our investments, continues to perform well - weighted average interest coverage and weighted average leverage remained relatively steady from the prior quarter. We also believe that our intentionally low software exposure of 1.8% reflects the defensive construction of our book. While first quarter NAV was impacted by unrealized mark-to-market adjustments, we remain confident in the durability of our first lien focused strategy continuing into 2026."

Cion Reports Q4 NAV per Share of $13.76

Reports Q4 NAV per share $13.76. Michael Reisner, co-CEO of Cion, commented: "We believe that our core first lien portfolio, which represents approximately 81% of our investments, continues to perform well - weighted average interest coverage increased to 2.26 times from 1.94 times in the prior quarter. We also believe that our intentionally low software exposure of 1.8% reflects the defensive construction of our book. While fourth quarter NAV was impacted by unrealized mark-to-market adjustments in a handful of equity positions, we successfully raised $307.5 million in unsecured debt capital during and subsequent to the quarter, and we remain confident in the durability of our first lien focused strategy heading into 2026."