Key Highlights

  • CION Investment (NYSE:CION) declared USD 0.10 per share monthly for October, November and December 2026, or USD 0.30 a quarter. Annualized, USD 1.20 over a USD 6.96 quote is about 17.2 percent.
  • Distributions declared were USD 0.30 a quarter in the first half of 2026 against USD 0.36 a quarter in 2025, a cut of about 17 percent (simple arithmetic on two published numbers).
  • Second quarter net investment income was USD 0.29 per share, about 97 percent of the USD 0.30 distribution. Net asset value was USD 13.57 at June 30, 2026, so the stock trades near 0.51 times it.
  • Non-accruals were 1.44 percent of the portfolio at Fair Value and 4.41 percent at amortized cost. Payment in kind interest was about 24 percent of gross investment income in the first half.

The Latest Declared Distributions

CION Investment (NYSE:CION) declared monthly distributions of USD 0.10 per share for October, November and December 2026, with record dates of October 16, November 13 and December 11 and payments on October 30, November 27 and December 28. The Yield arithmetic: USD 0.10 times 12 months is USD 1.20, divided by the latest quote of USD 6.96, gives about 17.2 percent (annualized latest distribution divided by quote). A published screener shows 17.32 percent. The 2026 amount is lower than the USD 0.36 a quarter paid throughout 2025, and the yield is a snapshot of the latest declared amount, which the board can change, so it is not a guarantee of future payments. Declarations beyond December were not found.

How the BDC Payout Works

CION Investment (NYSE:CION) is a Business Development Company that lends to middle-market companies and is taxed as a regulated investment company. That status requires distributing at least 90 percent of taxable income, so the Dividend should be judged against net investment income, meaning interest and fees less expenses. Net asset value per share is the marked value of the portfolio, and price to net asset value shows how far the market trusts those marks. Payment in kind interest, accrued as extra principal rather than cash, was USD 24.0 million of USD 99.3 million of gross investment income in the first half, simple arithmetic of about 24 percent. Net Debt to Equity was 1.52 times at June 30.

Coverage, Credit and Risks

Second quarter net investment income of USD 0.29 per share nearly matched the USD 0.30 distribution, and six-month income of USD 0.54 covered about 90 percent of USD 0.60 declared, leaving little cushion. Non-accruals eased from 1.53 percent of fair value and 5.35 percent of cost in the first quarter, and no new investment moved to non-accrual in the second quarter. Net asset value rose USD 0.46 from March 31, though it was USD 13.76 at the end of 2025. On July 30 the board added USD 50 million to its buyback authorization, now USD 130 million, and management said repurchases take priority over new investments. Heavy PIK income and Leverage remain risks; the next report date was not found.

Where Things Stand

CION Investment (NYSE:CION) offers a yield near 17.2 percent because its USD 6.96 quote is about half of its USD 13.57 net asset value, and the USD 1.20 annual distribution has already been reduced once. Net investment income covered about 97 percent of the latest quarter's payout, and PIK income is a large share of earnings. Improving non-accruals and Buybacks help, but leverage matters. This is informational analysis, not investment advice.