A business development company providing senior secured loans in usa.
CION still generates enough recurring income to support the distribution, but in 2025 the stock's real economics were driven by NAV erosion, valuation losses, and a capital structure that had to work harder, not by the payout headline alone.
CION's 2031 raise bought time and diversification, not resolution: it added $135 million of longer unsecured debt, but the 2026-2027 wall, rate sensitivity, and the tension with distributions and buybacks all remain in place.
CION's 2025 NAV erosion ran through fair-value marks, but it no longer looks like pure model noise: the gap between amortized cost and fair value more than doubled, non-accrual is much higher on an amortized-cost basis than on a fair-value basis, and internal risk ratings moved…
