EarningsQ2 2026 Earnings Report
DE:D21 Q2 2026 EPS Results
Actual EPS€0.25
Consensus EPS€0.23
Beat/MissBeat by +€0.02
One Year Ago EPS€0.28
DE:D21 Q2 2026 Revenue Results
Actual Revenue€27.58M
Expected Revenue€43.14M
Beat/MissMissed by -€15.56M
YoY Revenue Growth+60.19%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
DE:D21 Upcoming Earnings
CION Investment Corp's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:D21 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized meaningful progress: NAV growth (+3.5% QoQ), improved NII ($0.29 vs $0.25), validated portfolio marks via >$64M of sales at ~99% of par, clear deleveraging actions (net debt/equity down to 1.52x with a ~1.35x target), increased repurchase authorization ($130M), strong liquidity (~$160M cash) and a defensive portfolio mix (~79% first-lien, ~98% risk-rated 3+). Headwinds include continued market skepticism reflected in a deep market-price discount, selective credit issues (Thrill 1 bankruptcy, Lux Credit realized loss), a rise in risk-rated 3 exposures, and a deliberate pause on new originations to prioritize repurchases. On balance, the operational and balance-sheet improvements and the validation of valuation marks outweigh the challenges, though the market valuation remains a headwind.Company Guidance
NAV Growth
Net asset value (NAV) per share increased 3.5% quarter-over-quarter to $13.57 from $13.11, driven primarily by mark-to-market gains in the equity portfolio and accretive share repurchases.
Improved Net Investment Income and Distribution Coverage
Net investment income (NII) was $0.29 per share in Q2 versus $0.25 in Q1 (increase of $0.04 per share). NII was essentially at the $0.30 per-share total monthly base distribution level for the quarter; management expects coverage to be supported by ongoing cash generation and potential Longview proceeds.
Validation of Valuations via Portfolio Sales
Sold more than $54 million of portfolio assets in Q2 at ~99% of par, plus an additional ~$10 million post-quarter, totaling >$64 million at ~99% of par — providing real-market validation of fair value marks.
Potential Significant Monetization — Longview Power
Largest equity position Longview Power entered a purchase and sale agreement; management expects the transaction (if closed) to generate meaningful cash proceeds and net investment income, likely supporting distributions, deleveraging and share repurchases.
Expanded Share Repurchase Authorization
Board authorized a $15 million increase to the share repurchase program, raising the total authorization to $130 million; management intends to prioritize repurchases over new originations while executing deleveraging.
Deleveraging Progress and Target
Net debt-to-equity decreased from 1.62x to 1.52x QoQ. Management targets a pro forma leverage of ~1.35x (roughly $270 million of deleveraging actions expected by end of Q3/Q4), including repayment of $115M Republic bonds and $125M JPM paydown already executed.
Portfolio Composition and Credit Profile
Portfolio remains defensive: ~79% first-lien investments and ~98% of assets risk-rated 3 or better; nonaccruals at fair value fell to 1.44% from 1.53% QoQ, and nonaccruals at amortized cost declined to 4.41% from 5.35% QoQ.
Strong Liquidity and Yield Characteristics
Ended quarter with over $160 million in cash and short-term investments plus ~$25 million available on credit lines, ~$1.3 billion of unencumbered assets. Weighted average yield on debt and income-producing investments (at amortized cost) was 10.6% (up from 10.4%), while weighted average cost of debt was ~7.5% and interest coverage ~2x.
Active Portfolio Management and Reduced Operating Costs
Q2 sales and repayments totaled $157 million; net funded investments decreased by ~$90 million in the quarter as part of deleveraging. Operating expenses declined to $35.6 million from $36.7 million in Q1 driven by lower interest expense and G&A.
PIK Income Characterization
Management clarified that 85% of PIK is structured by design from inception (yield-enhancement strategy) and 100% of PIK income is in portfolio companies risk-rated 3 or better; PIK expected to decline in coming quarters.
DE:D21 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed