Q3 2025 Cion Investment Corp Earnings Call

November 6, 2025

Session will follow the formal presentation, if anyone should require operator assistance during the conference. Please press star zero on your telephone keypad. Please note. This conference is being recorded.

Operator: Listen only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Charles Arestia, Managing Director and Head of Investor Relations. Thank you. You may begin.

Operator: Listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Charles Arestia, Managing Director and Head of Investor Relations. Thank you. You may begin.

I will now turn the conference over to Charles Arrestee.

Managing director and head of Investor Relations. Thank you you may begin good morning, and welcome to <unk> investment Corporation's third quarter 2025 earnings Conference call.

Charles Arestia: Good morning, welcome to CION Investment Corporation's Q3 2025 Earnings Conference Call. An earnings press release was distributed earlier this morning before market open. A copy of the release, along with the supplemental earnings presentation, is available on the company's website at www.cionbdc.com in the Investor Resources section. It should be reviewed in conjunction with the company's Form 10-Q filed with the SEC. As a reminder, this conference call is being recorded for replay purposes. Please note that today's conference call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC.

Charles Arestia: Good morning and welcome to CION Investment Corp's Q3 2025 earnings conference call. An earnings press release was distributed earlier this morning before market open. A copy of the release, along with a supplemental earnings presentation, is available on the company's website at www.cionbdc.com and in the Investor Resources section. It should be reviewed in conjunction with the company's Form 10Q filed with the SEC. As a reminder, this conference call is being recorded for replay purposes. Please note that today's conference call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC.

An earnings press release was distributed earlier this morning before market open.

A copy of the release along with a supplemental earnings presentation is available on the company's website at www Dot scion BDC dot com in the Investor resources section, which should be reviewed in conjunction with the company's Form 10-Q filed with the SEC.

As a reminder, this conference call is being recorded for replay purposes.

Please note that today's conference call may contain forward looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties.

Actual results may differ materially from those in the forward looking statements as a result of a number of factors, including those described in the company's filings with the SEC.

Okay.

Joining me on today's call will be Michael Ryzen or sign investment corporations co Chief Executive Officer, Greg Reznor, President and Chief Investment Officer, and Keith, France, Chief Financial Officer.

Charles Arestia: Joining me on today's call will be Michael Reisner, CION Investment Corp's Co-Chief Executive Officer, Greg Bresner, President and Chief Investment Officer, and Keith France, Chief Financial Officer. With that, I would like to now turn the call over to Michael Reisner. Please go ahead, Michael.

Charles Arestia: Joining me on today's call will be Michael Reisner, CION Investment Corporation's Co-Chief Executive Officer, Gregg Bresner, President and Chief Investment Officer, and Keith Franz, Chief Financial Officer. With that, I would like to now turn the call over to Michael Reisner. Please go ahead, Michael.

With that I would like to now turn the call over to Michael Reisman. Please go ahead Michael.

Thank you Charlie and good morning, everyone.

Overall, we reported a strong third quarter with continued NAV appreciation and significant quarterly earnings.

Michael A. Reisner: Thank you, Charlie, and good morning, everyone. Overall, we reported a strong Q3 with continued NAV appreciation, and significant quarterly earnings. We reported $0.74 a share in net investment income for Q3, driven by robust transaction activity involving 20 of our portfolio companies, with several fee events, new investments, and repayments. As in past quarters, increased transaction activity tends to translate into higher earning quarters through increased transaction-related fees, and other yield enhancement measures such as MOICs, exit fees, and call protection. During Q3, we realized significant transaction-related accretion related to a portfolio company that is part of our opportunistic strategy. As we discussed on our prior call, we expected this transaction to close in Q3, which contributed meaningfully to our net investment income.

Michael Reisner: Thank you, Charlie, good morning, everyone. Overall, we reported a strong Q3 with continued NAV appreciation and significant quarterly earnings. We reported $0.74 a share in net investment income for Q3, driven by robust transaction activity involving 20 of our portfolio companies with several fee events, new investments, and repayments. As in past quarters, increased transaction activity tends to translate into higher earning quarters through increased transaction-related fees and other yield enhancement measures such as MOICs, exit fees, and call protection. During Q3, we realized significant transaction-related accretion related to a portfolio company that is part of our opportunistic strategy. As we discussed on our prior call, we expected this transaction to close in Q3, which contributed meaningfully to our net investment income.

We reported 74, a share in net investment income for the third quarter, driven by robust transaction activity involving 20 of our portfolio companies with several fee events, new investments and repayments.

As in past quarters increased transaction activity tends to translate into higher earning quarters through increased transaction related fees and other yield enhancement measures such as <unk> exit fees and call protection.

During the third quarter, we realized significant transactional related accretion related to a portfolio company that is part of our opportunistic strategy.

As we discussed on our prior call. We expected this transaction to close in the third quarter, which contributed meaningfully to our net investment income.

Excluding the income from this transaction, we still would have covered our base dividend for the quarter, which we believe reflects the ongoing earnings power of our portfolio.

Michael Reisner: Excluding the income from this transaction, we still would have covered our base dividend for the quarter, which we believe reflects the ongoing earnings power of our portfolio. Gregg will discuss this transaction in greater detail later on during the call, but I want to reiterate how we view our opportunistic strategy as a differentiated component of our overall earnings potential. While these contributions can appear episodically, we consider these potential earnings to be a strategic component of our portfolio as we manage the business and the dividend over the longer term. We appreciate that the timing of these contributions can be difficult to predict, which is why we provided the additional context on our prior earnings call. Going forward, we plan to provide comparable guidance on any similar anticipated transactional income to help manage investor expectations in the short term should conditions allow.

Michael A. Reisner: Excluding the income from this transaction, we still would have covered our base dividend for Q4, which we believe reflects the ongoing earnings power of our portfolio. Greg will discuss this transaction in greater detail later on during the call. I want to reiterate how we view our opportunistic strategy as a differentiated component of our overall earnings potential. While these contributions can appear episodically, we consider these potential earnings to be a strategic component of our portfolio as we manage the business and the dividend over the longer term. We appreciate that the timing of these contributions can be difficult to predict, which is why we provided the additional context on our prior earnings call. Going forward, we plan to provide comparable guidance on any similar anticipated transactional income to help manage investor expectations in the short term, should conditions allow.

Greg will discuss this transaction in greater detail later on during the call, but I want to reiterate how we view our opportunistic strategy isn't differentiated component of our overall earnings potential.

While these contributions can appear episodically, we consider these potential earnings to be a strategic component of our portfolio as we manage the business and the dividend over the longer term.

We appreciate that the timing of these contributions can be difficult to predict which is why we provided the additional context on our prior earnings call.

Going forward, we plan to provide comparable guidance on any similar anticipated transactional income to help manage investor expectations in the short term should conditions allow.

As we have mentioned previously we believe the volatility that these potential returns create tends to skew meaningfully to the upside versus consensus expectations, and thus should be evaluated on a longer term perspective.

Michael A. Reisner: As we have mentioned previously, we believe the volatility that these potential returns create tends to skew meaningfully to the upside versus consensus expectations, and thus should be evaluated on a longer-term perspective. Our net asset value increased 2.5% quarter over quarter to $14.86, up from $14.50 in the prior quarter, driven largely by fair value increases in our equity portfolio, with significant increases in Longview Power and Palmetto Solar. Following the upside of our share repurchase program announced in the prior quarter, we were able to take advantage of a meaningful sector-wide sell-off in the BDC space in September to repurchase our shares in the open market, which remains accretive to NAV. Overall, we repurchased approximately 330,000 shares at an average price of $9.86 per share during the quarter, and have continued repurchasing shares in Q4.

Michael Reisner: As we have mentioned previously, we believe the volatility that these potential returns create tends to skew meaningfully to the upside versus consensus expectations and thus should be evaluated on a longer-term perspective. Our net asset value increased 2.5% quarter-over-quarter to $14.86, up from $14.50 in the prior quarter, driven largely by fair value increases in our equity portfolio, with significant increases in Longview Power and Palmetto Solar. Following the upsize of our share repurchase program announced in the prior quarter, we were able to take advantage of a meaningful sector-wide sell-off in the BDC space in September to repurchase our shares in the open market, which remains accretive to NAV.

Our net asset value increased two 5% quarter over quarter to $14 86.

Up from $14 50 in the prior quarter.

Driven largely by fair value increases in our equity portfolio with significant increases in Longview power and Palmetto solar.

Following the upsize of our share repurchase program announced in the prior quarter.

Able to take advantage of a meaningful sector wide selloff in the BDC space in September to repurchase our shares in the open market, which remains accretive to NAV.

Overall, we repurchased approximately 330000 shares at an average price of $9 86 per share during the quarter and have continued repurchasing shares in the fourth quarter.

Michael Reisner: Overall, we repurchased approximately 330,000 shares at an average price of $9.86 per share during the quarter and have continued repurchasing shares in Q4. In Q4 through last week, we have repurchased approximately 325,000 shares at an average price of $9.33 per share. The largest contributor to our quarterly NAV growth was Longview Power, which continues to see tailwinds from stronger fundamental performance and broader sector growth from AI-driven digital infrastructure demand. Longview is now our largest equity position, we are pleased with the underlying asset performance so far. Looking ahead, we believe successful monetization of our equity positions will be a significant driver of the growth potential for our stock, we are encouraged by recent trends on that front.

So far in the fourth quarter through last week, we have repurchased approximately 325000 shares at an average price of $9 33 per share.

Michael A. Reisner: In Q4 through last week, we have repurchased approximately 325,000 shares at an average price of $9.33 per share. The largest contributor to our quarterly NAV growth was Longview Power, which continues to see tailwinds from stronger fundamental performance, and broader sector growth from AI-driven digital infrastructure demand. Longview is now our largest equity position, and we are pleased with the underlying asset performance so far. Looking ahead, we believe successful monetization of our equity positions will be a significant driver of the growth potential for our stock, and we are encouraged by recent trends on that front. Despite broader headlines about problematic loans in the credit space, we believe our portfolio continues to perform well.

The largest contributor to our quarterly NAV growth was Longview power, which continues to see tailwind from stronger fundamental performance.

Broader sector growth from AI, driven digital infrastructure demand.

Longview is now our largest equity position, but we are pleased with the underlying asset performance so far.

Looking ahead, we believe successful monetization of our equity positions will be a significant driver of the growth potential for our stock and we are encouraged by recent trends on that front.

Despite broader headlines about problematic loans in the credit space.

Michael Reisner: Despite broader headlines about problematic loans in the credit space, we believe our portfolio continues to perform well. Underlying LTM adjusted EBITDA growth trends on our portfolio companies in our debt portfolio remain in the mid to high single digits. Our portfolio non-accruals remain relatively low at 1.75% of the portfolio at fair value. We added two names to non-accrual status this quarter, including a relatively small position in one of our very few second lien holdings. Following our quarterly review process, we downgraded three loans, including the two new non-accruals I just mentioned, partially offset by upgrading one loan that was subsequently repaid at par at quarter end. Overall, investments risk-graded four or five comprise approximately 2.4% of the portfolio at fair value.

We believe our portfolio continues to perform well.

Underlying LTM adjusted EBITDA growth trends at our portfolio companies in our debt portfolio remain in the mid to high single digits and our portfolio non accruals remained relatively low at 175% of the portfolio at fair value.

Charles Arestia: Underlying LTM-adjusted EBITDA growth trends at our portfolio companies in our debt portfolio remain in the mid to high single digits, and our portfolio non-accruals remain relatively low at 1.75% of the portfolio at fair value.

We added two names to nonaccrual status this quarter.

Michael A. Reisner: We added two names to non-accrual status this quarter, including a relatively small position in one of our very few second-lien holdings. Following our quarterly review process, we downgraded three loans, including the two new non-accruals I just mentioned, partially offset by upgrading one loan that was subsequently repaid at par at quarter end. Overall, investments risk-rated 4 or 5 comprise approximately 2.4% of the portfolio at fair value. I'm also excited to announce today a shift in our timing of paying base distributions to our shareholders beginning in January 2026. We will be converting to paying base distributions from quarterly to monthly. We are pleased with the continued performance of our portfolio, and believe that shareholders will appreciate the increased frequency of our base distributions going forward.

Including our relatively small position.

There are very few second lien holdings.

Following our quarterly review process, we downgraded three loans.

Including the two new non accruals I, just mentioned, partially offset by upgrading one loan that was subsequently repaid at par at quarter end.

Overall investments risk rated four or five comprised approximately two 4% of the portfolio at fair value.

I'm also excited to announce today a shift in our timing of paying base distributions to our shareholders beginning in January 2026.

Michael Reisner: I'm also excited to announce today a shift in our timing of paying base distributions to our shareholders beginning in January 2026. We will be converting to paying base distributions from quarterly to monthly. We are pleased with the continued performance of our portfolio and believe that shareholders will appreciate the increased frequency of our base distributions going forward. We have also declared a base distribution of $0.36 per share for Q4 2025, the same amount as Q3, and Keith will discuss this in more detail. We believe that this was a strong quarter for CION and a reinforcement of our differentiated strategy, which pairs traditional first lien-focused direct lending with an opportunistic capability to enhance overall returns over the longer term.

We will be converting to paint base distributions from quarterly to monthly.

We are pleased with the continued performance of our portfolio and believe that shareholders will appreciate the increased frequency of our base distributions going forward.

We have also declared a base distribution of 36 per share for the fourth quarter of 2025, the same amount as the third quarter Keith will discuss this in more detail.

Michael A. Reisner: We have also declared a base distribution of $0.36 per share for Q4 2025, the same amount as Q3, and Keith will discuss this in more detail. Summary: we believe that this was a strong quarter for CION and a reinforcement of our differentiated strategy, which pairs traditional first-lien-focused direct lending with an opportunistic capability to enhance overall returns over the longer term. We have seen a noticeable pickup in repayment activity in recent quarters, which allows us to redeploy into our active pipeline and allows us to recapture incremental fee income as the portfolio turns over. I'm especially proud of CION's performance amidst a highly competitive operating environment. There is certainly no shortage of press out there today on the headwinds of spread compression, looser lender protections, and credit concerns driven by recent high-profile bankruptcies. We have no direct exposure to these names or sectors.

Summary, we believe that this was a strong quarter for <unk> and a reinforcement of our differentiated strategy.

Which pairs traditional first lien focused direct lending with an opportunistic capability to enhance overall returns over the longer term.

We have seen a noticeable pick up in repayment activity in recent quarters, which allows us to redeploy into our active pipeline and allows us to recapture incremental fee income as the portfolio turns over.

Michael Reisner: We have seen a noticeable pickup in repayment activity in recent quarters, which allows us to redeploy into our active pipeline and allows us to recapture incremental fee income as the portfolio turns over. I'm especially proud of CION's performance amidst a highly competitive operating environment. There are certainly no shortage of press out there today on the headwinds of spread compression, looser lender protections, and credit concerns driven by recent high-profile bankruptcies. We have no direct exposure to these names or sectors. We believe that our results today validate the diligent work of our team in continuing to source and execute on differentiated opportunities in a challenging environment. With that, I will now turn the call over to Gregg to discuss our portfolio and investment activity during the quarter.

I'm, especially proud of science performance amidst a highly competitive operating environment.

Certainly no shortage of press out there today on the headwinds of spread compression looser lender protections and credit concerns driven by recent high profile bankruptcies.

We have no direct exposure to these names or sectors.

We believe that our results say validate the diligent work of our team and continuing to source and execute on differentiated opportunities in a challenging environment.

Michael A. Reisner: We believe that our results today validate the diligent work of our team in continuing to source and execute on differentiated opportunities in a challenging environment. With that, I will now turn the call over to Greg to discuss our portfolio and investment activity during the quarter.

With that I'll now turn the call over to Greg to discuss our portfolio and investment activity during the quarter.

Thank you Michael and good morning, everyone. We remained highly selective with new portfolio company investments in Q3, as we were highly active and focused on transaction opportunities within our portfolio companies.

Greg Bresner: Thank you, Michael, and good morning, everyone. We've remained highly selective with new portfolio company investments in Q3, as we were highly active and focused on transaction opportunities within our portfolio companies. We were also effectively at full investment during most of the quarter and worked to maintain our targeted net leverage range of 1.25 to 1.3 times, while simultaneously balancing the timing of expected investment pipeline investments versus repayment amounts. Most of our exiting repayments occurred towards the end of the quarter. During the quarter, we passed on a historically higher percentage of potential investments in new portfolio companies based on credit and pricing considerations, as the continued hangover of record 2024 private debt fundraising still translated into lower coupon spreads, higher leverage levels, and looser credit documents in the market.

Gregg Bresner: Thank you, Michael. Good morning, everyone. We've remained highly selective with new portfolio company investments in Q3 as we were highly active and focused on transaction opportunities within our portfolio companies. We were also effectively at full investment during most of the quarter and worked to maintain our targeted net leverage range of 1.25 to 1.3 times while simultaneously balancing the timing of expected investment pipeline investments versus repayment amounts. Most of our exiting repayments occurred towards the end of the quarter. During the quarter, we passed on a historically higher percentage of potential investments in new portfolio companies based on credit and pricing considerations as the continued hangover of record 2024 private debt fundraising still translated into lower coupon spreads, higher leverage levels, and looser credit documents in the market.

We're also effectively at full investment during most of the quarter and work to maintain our targeted net leverage range of one to five to one three times, while simultaneously balancing the timing unexpected investment pipeline investments versus repayment amounts.

Most of our exiting repayments occurred towards the end of the quarter.

During the quarter, we passed on a historically higher percentage of potential investments in new portfolio companies based on credit and pricing considerations.

<unk> hangover of record 2024, private debt fundraising they'll translated into lower coupons spread higher leverage levels and looser credit documents in the market.

As Michael discussed in his remarks market conditions continued to rebound in Q3 as stronger economic indicators and reduced concerns regarding tariffs have boosted overall economic sentiment and equity markets. We focus our Q3 activities on incremental opportunities with our own portfolio of companies as we had significant.

Gregg Bresner: As Michael discussed in his remarks, market conditions continued to rebound in Q3 as stronger economic indicators and reduced concerns regarding tariffs have boosted overall economic sentiment in equity markets. We focused our Q3 activities on incremental opportunities with our own portfolio companies as we had significant transaction and fee events with over 20 of our portfolio companies this quarter. We believe our continued investment selectivity and proportional deployment levels helped us to invest in first lien loans at higher spreads when compared to the overall private and public loan markets during the quarter. The weighted average yields for our funded first lien investments for the quarter based on our investment cost were the equivalent of SOFR plus 7% for our direct strategy and SOFR plus 14% for our opportunistic strategy investments.

Greg Bresner: As Michael discussed in his remarks, market conditions continued to rebound in Q3 as stronger economic indicators and reduced concerns regarding tariffs have boosted overall economic sentiment in equity markets. We focused our Q3 activities on incremental opportunities with our own portfolio companies, as we had significant transaction and fee events with over 20 of our portfolio companies this quarter. We believe our continued investment selectivity and proportional deployment levels helped us to invest in first-lien loans at higher spreads when compared to the overall private and public loan markets during the quarter. The weighted average yields for our funded first-lien investments for the quarter, based on our investment cost, were the equivalent of SOFR plus 7% for our direct strategy and SOFR plus 14% for our opportunistic strategy investments.

Action and fee events with over 20 of our portfolio companies this quarter.

We believe our continued investment selectivity and proportional deployment levels helped us to invest in first lien loans at higher spreads when compared to the overall private and public on markets during the quarter the.

The weighted average yield for our funded first lien investments for the quarter based on our investment costs, where they are equivalent him sofa plus 7% for our direct strategy and so for a plus 14% for our opportunistic strategy investments as we discussed in previous quarters. The majority of our annual Pik income is strategically.

Greg Bresner: As we discussed in previous quarters, the majority of our annual PIC income is strategically derived from highly structured first-lien investments or where PIC income is incremental to our cash coupon. Together, these categories represented approximately 71% of our total PIC investments in Q3. Approximately 67% of our PIC investments are in portfolio companies risk-rated either 1 or 2, and 98% risk-rated 3 or better. As a result, we believe this PIC income may not compare to restructured PIC driven by a deterioration in credit. Turning now to our Q3 investment and portfolio activity. Our Q3 investment activity consisted of a co-lead investment in one new portfolio company, Metric, and incremental add-on investments and secondary purchases in existing portfolio companies including Avison Young, Cenix, Community Tree Services, David's Bridal, Invisible Boats, INW, ID Hill, LabGear, Juice Plus, Precision Medical, StatenMed, and Tactical Air Support.

Gregg Bresner: As we discussed in previous quarters, the majority of our annual PIK income is strategically derived from highly structured first lien investments or where PIK income is incremental to our cash coupon. Together, these categories represented approximately 71% of our total PIK investments in Q3. Approximately 67% of our PIK investments are in portfolio companies risk-rated either one or two, and 98% risk-rated three or better. As a result, we believe this PIK income may not compare to restructured PIK driven by a deterioration in credit. Turning now to our Q3 investment and portfolio activity. Our Q3 investment activity consisted of a co-lead investment in one new portfolio company, Metric, and incremental add-on investments and secondary purchases in existing portfolio companies, including Avison Young, Cennox, Community Tree Services, David's Bridal, Invisible Boats, INW, ID Hill, Lab Gear, Juice Plus+, Precision Medical, STAT-MED, and Technical Air Support.

Derived from highly structured first lien investments or where pik income is incremental to our cash coupon.

Together these categories represented approximately 71% of our total pick investments in Q3, approximately 67% of our pic investments our portfolio company's risk weighted either one or two and 98% risk rated three or better as a result, we believe this pik income.

Some may not compared to restructured pack driven by a deterioration in credit.

Turning now to our Q3 investment and portfolio activity. Our Q3 investment activity consisted of a co lead investments in one new portfolio company metric and the incremental add on investments and secondary purchases and existing portfolio companies, including adolescent young Cynics community three services David.

Bridal invisible boats Iron W. Ivy Hill lab gear juice, plus precision medical statin med and technical air support.

During Q3, we made a total of approximately $73 million in investment commitments across one new and 12 existing portfolio companies of which $65 million was funded.

Greg Bresner: During Q3, we made a total of approximately $73 million in investment commitments across one new and 12 existing portfolio companies, of which $65 million was funded. We also funded a total of $8 million of previously unfunded commitments. We had sales and repayments totaling $151 million for the quarter, which consisted of the full repayment of the first-lien loans for American Family Care, Health E-commerce, H.W. Lochner, Key Impact, Le Monde, Nova Compression, and Rogers Mechanical. As a result of all these activities, our net funded investments decreased by approximately $69 million during the quarter. As Michael referenced, our NAV increase during the quarter was driven primarily by net increase in the unrealized mark-to-market value of the portfolio, as improved market conditions and reduced tariff concerns positively impacted comparable public company valuations, and the overall projected macroeconomic outlook.

Gregg Bresner: During Q3, we made a total of approximately $73 million in investment commitments across 1 new and 12 existing portfolio companies, of which $65 million was funded. We also funded a total of $8 million of previously unfunded commitments. We had sales and repayments totaling $151 million for the quarter, which consisted of the full repayment of the first lien loans for American Family Care, Healthy Commerce, H.W. Lochner, Key Impact, LeMans, Nova Compression, and Rogers Mechanical. As a result of all these activities, our net funded investments decreased by approximately $69 million during the quarter. As Michael referenced, our NAV increase during the quarter was driven primarily by net increase in the unrealized mark-to-market value of the portfolio as improved market conditions and reduced tariff concerns positively impacted comparable co-public company valuations and the overall projected macroeconomic outlook.

We also funded a total of $8 million of previously unfunded commitments.

We had sales and repayments totaling $151 million for the quarter, which consisted of the full repayment of the first lien loans for American family care Health ecommerce HW Walkner P impact my mom's Novo compression and Rogers mechanical.

As a result of all of these activities our net funded investments decreased by approximately $69 million during the quarter.

As Michael referenced our NAV increased during the quarter was driven primarily by net increase in unrealized mark to market value of the portfolio as improved market conditions and reduced tariff concerns positively impacted comparable public company valuations and the overall projected macro and economic outlook.

More notable portfolio companies for the quarter or Longview power Palmetto solar juice, plus an anthem sports.

Gregg Bresner: Four notable portfolio companies for the quarter were Longview Power, Palmetto Solar, Juice Plus+, and Anthem Sports & Entertainment. The value of our equity investments in Longview Power and Palmetto Solar increased due to the strong fundamental performance and projected financial outlook for these companies. As Michael mentioned, CION co-led the consensual restructuring and refinancing of Juice Plus+ during the quarter, which resulted in significant realized earnings for CION and repositioned Juice Plus+ to fuel product growth and strategic investments. Our investment in Juice Plus+ represents an illustrative example of our opportunistic first lien investment strategy, where we acquire lightly syndicated first lien loan tranches in quality companies at significant discounts to par due to technical reasons where we expect to have active roles in the processes that drive the refinancing or restructuring of the investments.

Greg Bresner: Four notable portfolio companies for the quarter were Longview Power, Palmetto Solar, Juice Plus, and Anthem Sports. The value of our equity investments in Longview Power and Palmetto Solar increased due to the strong fundamental performance and projected financial outlook for these companies. As Michael mentioned, CION co-led the consensual restructuring and refinancing of Juice Plus during the quarter, which resulted in significant realized earnings for CION, and repositioned Juice Plus to fuel product growth and strategic investments. Our investment in Juice Plus represents an illustrative example of our opportunistic first-lien investment strategy, where we acquire lightly syndicated first-lien loan tranches in quality companies at significant discounts to par due to technical reasons, where we expect to have active roles in the processes that drive the refinancing or restructuring of the investments.

The value of our equity investments in Longview power and Palmetto solar increased due to the strong fundamental performance and projected financial outlook for these companies as Michael mentioned, cyan, coed consensual restructuring and refinancing of juice plus during the quarter, which resulted in significant realized earnings for scion.

Repositioned juice plus the fuel product growth and strategic investments are investment in juice plus represents an illustrative example of our opportunistic first lien investment strategy, where we acquire a lightly syndicated first lien loan tranches in quality companies at significant discounts to par due to technical reasons, where we.

<unk> had active roles in the processes that drive the refinancing or restructuring of the investments historically, we have been able to realize healthy earnings on our first lien restructured and recapitalized transactions as our realized weighted average total recoveries have been in excess of the amortized cost of these investments at the time of the restructure.

Gregg Bresner: Historically, we have been able to realize healthy earnings on our first lien restructured and recapitalized transactions as our realized weighted average total recoveries have been in excess of the amortized cost of these investments at the time of the restructuring. Additional examples include our investments in Longview Power, Yak Mat, Heritage Power, and Dayton Superior. We experienced a mark-to-market decline in our first lien debt investments in Anthem Sports, which were driven primarily by the less than expected ramping of their revenue for the quarter. The company continues to transition from a subscription base to an advertising driven revenue model and is in the process of integrating a recent strategic acquisition completed in Q2. From a portfolio credit perspective, our non-accruals increased from 1.3% of fair value in Q2 to 1.75% in Q3.

Greg Bresner: Historically, we have been able to realize healthy earnings on our first-lien restructured and recapitalized transactions, as our realized weighted average total recoveries have been in excess of the amortized cost of these investments at the time of the restructuring. Additional examples include our investments in Longview Power, Yak Mat, Heritage Power, and Dayton Superior. We experienced a mark-to-market decline in our first-lien debt investments in Anthem Sports, which were driven primarily by the less-than-expected ramping of their revenue for the quarter. The company continues to transition from a subscription-based to an advertising-driven revenue model, as in the process of integrating a recent strategic acquisition completed in the second quarter. From a portfolio credit perspective, our non-accruals increased from 1.3% of fair value in Q2 to 1.75% in the third quarter.

Additional examples include our investments in one of your power, Yeah, Matt Heritage power and Dayton Superior.

We experienced a mark to market decline in our first lien debt investments and anthem sports, which were driven primarily by the less than expected ramping of the revenue for the quarter.

The company continues to transition from a script description base to an advertising driven revenue model and then it is in the process of integrating our recent strategic acquisition completed in the second quarter.

From a portfolio credit perspective, our non accruals increased from one 3% of fair value in Q2 to a 1.75% in the third quarter. This increase was driven by the addition of two new names to non accrual our first lien investment in trademark global and second lien investment and aspire to.

Greg Bresner: This increase was driven by the addition of two new names to non-accrual: our first-lien investment in Trademark Global, and second-lien investment in Aspira. Trademark Global's operations have been materially impacted by tariffs in 2025 as the company continues to diversify its sourcing away from China. While the company is executing a comprehensive plan to rebuild its earnings, we have placed it on non-accrual and will reassess based on the company's execution of that plan. Aspira is rolling out a new generation of subscription products to its customers, which has impacted short-term performance. During the quarter, we sold our second-lien investment, Securis, which removed the name from non-accrual. On an absolute basis, non-accruals continue to be in line with historical experience, and we are pleased with the continued credit performance of our portfolio, particularly in the current interest rate environment.

Gregg Bresner: This increase was driven by the addition of two new names to non-accrual, our first lien investment in Trademark Global and second lien investment in Aspira. Trademark Global's operations have been materially impacted by tariffs in 2025 as the company continues to diversify its sourcing away from China. While the company is executing a comprehensive plan to rebuild its earnings, we have placed on non-accrual and will reassess based on the company's execution of that plan. Aspira is rolling out a new generation of subscription products to its customers, which has impacted short-term performance. During the quarter, we sold our second lien investment in Securus, which removed the name from non-accrual. On an absolute basis, non-accruals continued to be in line with historical experience, and we are pleased with the continued credit performance of our portfolio, particularly in the current interest rate environment.

<unk> Global's operations had been materially impacted by tariffs in 2025 as the company continues to diversify its sourcing away from China, while the company is executing a comprehensive plan to rebuild its earnings we have placed on non accrual and we'll reassess based on the company's execution of that plan aspire is Roe.

We've got a new generation of subscription products to its customers, which has impacted short term performance during the quarter. We sold our second lien investment securities, which removed the name from non accrual.

On an absolute basis non accruals continued to be in line with historical experience and we are pleased with the continued credit performance of our portfolio, particularly in the current interest rate environment.

Overall, our portfolio remains defensive in nature with approximately 80% in first lien investments approximately 98% of our portfolio remains a risk rated three or better our risk rated three investments, which are investments, where we expect full repayment, but are either spending more engagement time or have seen increase.

Greg Bresner: Overall, our portfolio remains defensive in nature with approximately 80% in first-lien investments. Approximately 98% of our portfolio remains risk-rated 3 or better. Our risk-rated 3 investments, which are investments where we expect full repayment but are either spending more engagement time or have seen increased risk since the initial asset purchase, decreased from approximately 11.6% in Q2 to 10.4% in Q3. I'll now turn the call over to Keith.

Gregg Bresner: Overall, our portfolio remains defensive in nature with approximately 80% in first lien investments. Approximately 98% of our portfolio remains risk rated three or better. Our risk rated three investments, which are investments where we expect full repayment but are either spending more engagement time or have seen increased risk since the initial asset purchase decreased from approximately 11.6% in Q2 to 10.4% in Q3. I'll now turn the call over to Keith.

Risk since the initial asset purchase decreased from approximately 11, 6% in Q2 to 10, 4% in Q3.

I'll now turn the call over to Keith.

Okay. Thank you, Greg and good morning, everyone.

Michael A. Reisner: Thank you, Greg, and good morning, everyone. During the third quarter, net investment income was $38.6 million or $0.74 per share compared to $16.9 million or $0.32 per share reported in the second quarter. Total investment income was $78.7 million during the third quarter as compared to $52.2 million reported during the second quarter. This is an increase of $26.5 million or an increase of about 51% quarter over quarter. The increase in total investment income was driven primarily by higher interest income earned as a result of certain investments being restructured and other yield-enhancing prepayment fees recorded during the quarter, as well as higher transaction fees earned from origination and amendment activity when compared to the prior quarter. On the expense side, total operating expenses were $40.1 million compared to $35.3 million reported in the second quarter.

Keith Franz: Okay, thank you, Gregg, and good morning, everyone. During Q3, net investment income was $38.6 million or $0.74 per share compared to $16.9 million or $0.32 per share reported in Q2. Total investment income was $78.7 million during Q3 as compared to $52.2 million reported during Q2. This is an increase of $26.5 million or an increase of about 51% quarter-over-quarter. The increase in total investment income was driven primarily by higher interest income earned as a result of certain investments being restructured and other yield-enhancing prepayment fees recorded during the quarter. As well as higher transaction fees earned from origination and amendment activity when compared to the prior quarter.

During the third quarter net investment income was $38 6 million or <unk> 74 per share compared to $16 9 million or <unk> 32 per share reported in the second quarter.

Total investment income was $78 7 million during the third quarter as compared to $52 2 million reported during the second quarter.

This is an increase of $26 5 million or an increase of about 51% quarter over quarter.

The increase in total investment income was driven primarily by higher interest income earned as a result of certain investments being restructured and other yield enhancing prepayment fees recorded during the quarter as well as higher transaction fees earned from origination and amendment activity when compared to the prior quarter.

On the expense side total operating expenses were $40 1 million compared to $35 3 million reported in the second quarter.

Keith Franz: On the expense side, total operating expenses were $40.1 million compared to $35.3 million reported in Q2. The increase in operating expenses was primarily driven by higher advisory fees due to higher investment income earned during the quarter. At 30 September, we had total assets of approximately $1.9 billion and total equity or net assets of $773 million, with total debt outstanding of about $1.1 billion and 52 million shares outstanding. Our portfolio at fair value ended the quarter at $1.7 billion and the weighted average yield on our debt and other income producing investments at amortized cost was 10.9% at 30 September. Our PIK, our PIK income for Q3 was largely impacted by one of our portfolio companies in connection with its amended loan facility.

The increase in operating expenses was primarily driven by higher advisory fees due to higher investment income earned during the quarter.

Michael A. Reisner: The increase in operating expenses was primarily driven by higher advisory fees due to higher investment income earned during the quarter. At 30 September 2023, we had total assets of approximately $1.9 billion and total equity or net assets of $773 million, with total debt outstanding of about $1.1 billion and 52 million shares outstanding. Our portfolio at fair value ended the quarter at $1.7 billion, and the weighted average yield on our debt and other income-producing investments at amortized cost was 10.9% at 30 September 2023. Our PIC income for the third quarter was largely impacted by one of our portfolio companies in connection with its amended loan facility. The amount capitalized was about $5 million for the quarter, and excluding this transaction, our PIC as a percentage of total income for the third quarter would have been lower and in the mid-teens level.

At September 30, we had total assets of approximately $1 9 billion.

Total equity or net assets of $773 million with total debt outstanding of about $1 1.052 billion shares outstanding.

Our portfolio at fair value ended the quarter at $1 7 billion and the weighted average yield on our debt and other income producing investments at amortized cost was 10, 9% at September 30th.

Our pic and our pick income for the third quarter was largely impacted by one of our portfolio companies in connection with its amended loan facility the amount capitalized with about $5 million for the quarter and excluding this transaction our pic as a percentage of total income for the third quarter would have been lower and in the mid teens level.

Keith Franz: The amount capitalized was about $5 million for Q3. Excluding this transaction, our PIK as a percentage of total income for Q3 would have been lower and in the mid-teens level. At 30 September, our NAV was $14.86 per share as compared to $14.50 per share at 30 June. The increase of $0.36 per share or 2.5% was due to mark-to-market price increases in our portfolio, mostly due to price increases from our equity book and the accretive nature of a share repurchase program during Q3. We ended Q3 with a strong and flexible balance sheet with over $1 billion in unencumbered assets, a strong debt servicing capacity, an interest coverage ratio of about 2 times, and solid liquidity.

At September 30, our NAV was $14 86 per share as compared to $14 50 per share at the end of June.

Michael A. Reisner: At 30 September 2023, our NAV was $14.86 per share as compared to $14.50 per share at the end of June. The increase of $0.36 per share, or 2.5%, was due to mark-to-market price increases in our portfolio, mostly due to price increases from our equity book, and the creative nature of our share repurchase program during the quarter. We ended the third quarter with a strong and flexible balance sheet with over $1 billion in unencumbered assets, a strong debt servicing capacity, an interest coverage ratio of about 2x, and solid liquidity. We had over $105 million in cash and short-term investments, and another $100 million available under our credit facilities to further finance our investment pipeline and continue to support our existing portfolio companies.

The increase of 36 per share or two 5% was due to mark to market price increases in our portfolio, mostly due to price increases from our equity book and the accretive nature of a share repurchase program during the quarter.

We ended the third quarter with a strong and flexible balance sheet with over $1 billion in unencumbered assets are strong debt servicing capacity and interest coverage ratio of about two times and solid liquidity.

We had over $105 million in cash and short term investments and another $100 million available under our credit facilities to further finance, our investment pipeline and continue to support our existing portfolio companies.

Keith Franz: We had over $105 million in cash and short-term investments and another $100 million available under our credit facilities to further finance our investment pipeline and continue to support our existing portfolio companies. At 30 September, we continue to have a healthy debt mix with about 63% in unsecured debt and 37% in senior secured bank debt. About 75% of our debt capital is in floating rate, which aligns well and creates a natural hedge with our mostly floating rate investment portfolio. Our well-diversified debt structure is focused on unsecured debt in order to maximize our balance sheet flexibility, and at the same time creates a strong buffer for our financial covenants. At the end of the quarter, our net debt-to-equity ratio decreased to 1.28x from 1.39x at the end of June.

At September 30, we continue to have a healthy debt mix with about 63% in unsecured debt and 37% in senior secured bank debt about.

Michael A. Reisner: At 30 September 2023, we continue to have a healthy debt mix with about 63% in unsecured debt and 37% in senior secured bank debt. About 75% of our debt capital is in floating rate, which aligns well and creates a natural hedge with our mostly floating rate investment portfolio. Our well-diversified debt structure is focused on unsecured debt in order to maximize our balance sheet flexibility, and at the same time creates a strong buffer for our financial covenants. At the end of the quarter, our net debt to equity ratio decreased to 1.28x from 1.39x at the end of June, and the weighted average cost of our debt capital was about 7.5%, which is unchanged from the second quarter. We currently manage our portfolio and leverage levels on a net of cash basis as all of our outstanding debt is currently non-callable and at their minimums.

About 75% of our debt capital is in floating rate, which aligns well and creates a natural hedge with our mostly floating rate investment portfolio.

A well diversified debt structure is focused on unsecured debt in order to maximize our balance sheet flexibility.

And at the same time creates a strong buffer for our financial covenants.

At the end of the quarter, our net debt to equity ratio decreased to 128 times from 139 times at the end of June.

And the weighted average cost of our debt capital was about seven 5%, which is unchanged from the second quarter.

Keith Franz: The weighted average cost of our debt capital was about 7.5%, which is unchanged from Q2. We currently manage our portfolio and leverage levels on a net of cash basis, as all of our outstanding debt is currently non-callable and at their minimums. Now turning to distributions. During Q3, we paid a base distribution to our shareholders of $0.36 per share, which is the same as the Q2 distribution. The trailing twelve-month distribution yield through Q3 based on the average NAV was about 10%, and the trailing twelve-month distribution yield based on the quarter end market price was about 15.7%. As announced this morning, we declared our Q4 base distribution of $0.36 per share, which is the same as Q3.

We currently manage our portfolio and leverage levels on a net of cash basis as all of our outstanding debt is currently non callable and at their minimums.

Now turning to distributions during the third quarter, we paid a base distributions to our shareholders of <unk> 36 per share, which is the same as the second quarter distribution.

Michael A. Reisner: Now turning to distributions, during the third quarter, we paid a base distribution to our shareholders of $0.36 per share, which is the same as the second quarter distribution. The trailing 12-month distribution yield through the third quarter based on the average NAV was about 10%, and the trailing 12-month distribution yield based on the quarter-end market price was about 15.7%. As announced this morning, we declared our fourth quarter base distribution of $0.36 per share, which is the same as the third quarter. The fourth quarter base distribution will be paid on 15 December 2024 to shareholders of record as of 1 December 2024. Finally, we also announced this morning that we will be changing the timing of paying base distributions to our shareholders from quarterly to monthly beginning in January 2026 to better align with our shareholder base.

The trailing 12 month distribution yield through the third quarter based on the average NAV was about 10%.

And the trailing 12 month distribution yield based on our quarter end market price was about 15, 7%.

As announced this morning, we declared a fourth quarter base distribution of <unk> 36 per share, which is the same as the third quarter.

The fourth quarter base distribution will be paid on December 15th.

Keith Franz: The Q4 base distribution will be paid on 15 December to shareholders of record as of 1 December. Finally, we also announced this morning that we will be changing the timing of paying base distributions to our shareholders from quarterly to monthly beginning in January 2026 to better align with our shareholder base. Monthly base distributions will continue to be declared quarterly in advance. Okay. With that, I will now turn the call back to the operator who will open the line for questions.

Shareholders of record as of December one.

And finally.

We also announced this morning that we will be changing the timing of paying base distributions to our shareholders from quarterly to monthly beginning in January 2026 to better align with our shareholder base.

Monthly base distributions will continue to be declared quarterly and events.

Michael A. Reisner: Monthly base distributions will continue to be declared quarterly in advance. With that, I will now turn the call back to the operator who will open the line for questions.

Okay with that I will now turn the call back to the operator, who will open the line for questions.

Thank you if he would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue and for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.

Greg Bresner: Thank you. If you would like to ask a question, please press Star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. Our first question is from Eric Swick with Oppenheimer Capital Markets. Please proceed.

Operator: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Erik Zwick with Lucid Capital Markets. Please proceed.

Yes.

Our first question is from Erik Zwick with Lucy capital markets. Please proceed.

Thank you good morning.

First question, maybe for Keith and I appreciate all the commentary of kind of walking through the puts and takes there in the <unk>.

Erik Zwick: Thank you. Good morning. First question, maybe for Keith, and I appreciate all the commentary kind of walking through the puts and takes there and the, interest income for the quarter. Curious if you could kind of break it down either in terms of dollar terms or percentage terms. You know, what of that $51 million, what came from kind of regular ongoing interest payments and what was more from the periodic and non-recurring events?

Eric Swick: Thank you. Good morning. First question may be for Keith, and I appreciate all of the commentary, kind of walking through the puts and takes there and the interest income for the quarter. Curious if you could kind of break it down either in terms of dollar terms or percentage terms. What of that $51 million, what came from kind of regular ongoing interest payments, and what was more from the periodic and non-recurring events?

Interest income for the quarter curious if you could kind of break it down either in terms of dollar terms or percentage terms what of that $51 million what came from kind of a regular ongoing interest payments and what was more from the periodic and nonrecurring events.

Yes, I would think that on a baseline basis.

Keith France: Yeah. I would think that on a baseline basis, we kind of had interest income similar to what we recorded in Q2, maybe slightly up, and the rest of it came from the restructured investments that we experienced during the quarter.

Keith Franz: Yeah, I would think that, you know, on a baseline basis, you know, we kinda had interest income, similar to what we recorded in Q2, maybe slightly up, and then the rest of it came from, you know, the restructured investments that we experienced during the quarter.

We kind of had interest income similar to what we recorded in Q2, maybe slightly up and then the rest of it came from the restructured.

Investments that we experienced during the quarter.

Okay. That's helpful.

Maybe a similar line of questioning on the Pik income in the quarter, you noted the $5 million of capitalized.

Erik Zwick: Okay. That's helpful. Maybe a similar line of questioning on the PIK income in the quarter. You noted the $5 million of capitalized cost that was more one time in nature. Is that the correct interpretation? That $5 million part.

Eric Swick: Okay, that's helpful. Maybe a similar line of questioning on the PIC income in the quarter, you noted the $5 million of capitalized cost. That was more one-time in nature. Is that the correct interpretation, that $5 million?

Cost so that that was more onetime in.

In nature is that the correct interpretation.

That 5 million.

I don't know if I would necessarily use that vernacular, but yes that was a pick event that occurred.

Keith Franz: Yeah. You know, I don't know if I'd necessarily use that vernacular, but yes, that was a PIK event that occurred uniquely in this quarter.

Keith France: Yeah, I don't know if I would necessarily use that vernacular, but yes, that was a PIC event that occurred uniquely in this quarter.

Uniquely in this quarter.

Okay, and then so the remaining call it $12 million or so could you provide a breakout of that part what is structured versus kind of credit related because I know you've got a fair amount that's structured by design.

Eric Swick: Okay. The remaining, call it $12 million or so, could you provide a breakout of that part, what is structured versus kind of credit-related? I know you've got a fair amount that's structured by design.

Erik Zwick: Okay. The remaining, call it $12 million or so, could you provide a breakout of that part? What is structured versus kind of credit related? Cause I know you've got a, you know, fair amount that's, you know, structured by design.

Yes, no different than the pool that Greg had mentioned on his.

Keith France: Yeah, no different than the pool that Greg had mentioned in his comments, that the majority of that is structured.

Keith Franz: Yeah. No different than, you know, the pool that, Gregg had mentioned on his comments that the majority of that is, you know, structured.

His comments that the majority of that is.

Structure.

Got it okay. Thanks, and then just curious as you.

Erik Zwick: Got it. Okay. Thanks. Then just curious, you know, as you know, seem fairly optimistic about the originations, you know, outlook, and just curious if you could provide any commentary on the pipeline in terms of, you know, the size relative to maybe three months ago, and also just the quality, what you're seeing in terms of, you know, structure and yield, as you look forward to future activity.

Eric Swick: Got it. Okay. Thanks. Just curious, as you seem fairly optimistic about the originations outlook, just curious if you could provide any commentary on the pipeline in terms of the size relative to maybe three months ago, and also just the quality, what you're seeing in terms of structure and yield as you look forward to future activity.

It seemed fairly optimistic about the originations.

<unk> and just curious if you could provide any commentary on the pipeline in terms of the size relative to maybe.

Three months ago, and also just the quality what youre seeing in terms of structure and yield as you look forward to.

Future activity.

Hi, Eric it's Greg definitely more robust than we've seen.

Gregg Bresner: Hi, Erik. It's Gregg. Definitely more robust than we've seen this year. More activity. It's broader based. There's definitely been a pickup in M&A, which is different from the first two quarters. I would say in terms of spreads and things like that, pretty consistent with what we've done in the past. I would say we've definitely, you know, what I would call traditional middle market type spreads.

Greg Bresner: Hi, Eric. It's Greg. Definitely more robust than we've seen this year. More activity, it's broader-based. There's definitely been a pickup in M&A, which is different from the first two quarters. I would say in terms of spreads and things like that, pretty consistent with what we've done in the past. I would say we've definitely what I would call traditional middle-market-type spreads.

This year.

More activity, it's broader based.

There's definitely been a pickup in M&A.

Which which is different from the first two quarters and I would say in terms of <unk>.

Spreads and things like that pretty consistent with what we've done in the past I would say we definitely.

What I would call a traditional middle market type spreads.

Yeah.

Excellent. Thank you that's all from me right now thanks for taking my questions.

Eric Swick: Excellent. Thank you. That's all for me right now. Thanks for taking my questions.

Erik Zwick: Excellent. Thank you. That's all for me right now. Thanks for taking my questions.

Sure.

This will now conclude our question and answer session I would like to turn the call back over to Michael <unk> for closing remarks.

Keith Franz: Thank you.

Keith France: Thank you.

Greg Bresner: Sure. This will now conclude our question-and-answer section. I would like to turn the call back over to Michael Reisner for closing remarks.

Operator: This will now conclude our question-and-answer session. I would like to turn the call back over to Michael Reisner for closing remarks.

We appreciate everyone taking time out of their day to join US and we look forward to communicating with you early next year.

Keith Franz: We appreciate everyone taking time out of their day to join us, and we look forward to communicating with you, early next year. Thank you, everyone. Take care.

Michael A. Reisner: We appreciate everyone taking time out of their day to join us, and we look forward to communicating with you early next year.

Take care.

Thank you. This will conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.

Keith France: Thank you, everyone. Take care.

Greg Bresner: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

Operator: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

Q3 2025 Cion Investment Corp Earnings Call

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