CION Investment Corporation 7.50% Notes due 2031 (CICC)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at CICC first as a creditor, not an owner: it is CION Investment Corporation's 7.50% notes due 2031, priced at $24.36 on 2026-10-16 within a 52-week range of $22.40 to $25.61. The market cap shown is $1.2B, but the filed earnings record is what matters. Revenue, EPS, P/E, P/B, ROE, and D/E are not available here, so I cannot compute coverage, leverage, or a margin of safety. What I can see is volatility. In fiscal Q3 2025, the quarter ended 2025-09-30, net income was $35.9M; in fiscal Q4 2025, the quarter ended 2025-12-31, it was -$41.1M; in fiscal Q1 2026, the quarter ended 2026-03-31, it was -$23.0M; and in fiscal Q2 2026, the quarter ended 2026-06-30, it was $31.0M. For the full years, net income was $95.3M in fiscal year 2023 (ended 2023-12-31), $33.9M in fiscal year 2024 (ended 2024-12-31), and -$20.6M in fiscal year 2025 (ended 2025-12-31). That pattern led FairStock's rule to classify it as TURNAROUND: a loss in the latest year after earlier profits. The quality of an investment corporation depends on credit selection, funding costs, and asset values, none of which are in these figures. Its moat is unclear. The fixed coupon is attractive only if the issuer's cash flow and asset quality hold up. With price near the middle to upper part of its range and no valuation or balance-sheet metrics, I see no obvious bargain. I would need more filed data before treating the 7.50% coupon as a margin of safety.

In plain English: CION Investment Corporation 7.50% Notes due 2031 are debt that pays 7.50% interest and matures in 2031. The company's filed results look uneven: it earned $95.3M in fiscal year 2023 and $33.9M in fiscal year 2024, lost $20.6M in fiscal year 2025, then made $31.0M in the latest quarter after a $23.0M loss. The note trades at $24.36 inside its 52-week range, but the available numbers are too limited to say it is clearly cheap, fair, or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer