CION Investment (CION) Q3 2026 Earnings Call Transcript

Image source: The Motley Fool.

DATE

Thursday, Nov. 5, 2026

CALL PARTICIPANTS

• Co Chief Executive Officer - Michael A. Reisner
• President and Chief Investment Officer - Gregg A. Bresner
• Chief Financial Officer - Keith S. Franz

TAKEAWAYS

• Net Investment Income (NII) -- $0.25 per share, reflecting a decrease from $0.29 per share in the second quarter due to $0.15 per share in nonrecurring costs related to joint venture formation, legal fees, and investment restructuring.
• Net Asset Value (NAV) -- $13.20 per share, down 2.7% from $13.57 per share primarily due to unrealized mark-to-market price decreases and distributions in excess of NII.
• Net Debt-to-Equity Ratio -- 1.30x, falling from 1.52x in the prior quarter and reaching the low end of the management target range of 1.3x to 1.35x.
• Total Debt -- $897 million, reflecting a reduction from $1.17 billion in the second quarter following the repayment of Israeli bonds and a credit facility.
• Joint Venture Formation -- $180.3 million in first-lien loans sold to the new Senior Loan Fund Partners joint venture at 99.8% of par.
• Quarterly Distribution -- $0.25 per share for the first quarter of 2027, representing a 17% reduction from the $0.30 per share declared for the fourth quarter of 2026.
• Bond Repayment -- $114.8 million in public Series A Senior Unsecured Notes repaid in full at maturity on Aug. 31, 2026.
• Credit Facility Termination -- $200 million outstanding under the JPMorgan secured facility repaid in full followed by the early termination of the agreement.
• Portfolio Composition -- 71.6% in senior secured first-lien investments, down from 77.2% in the prior quarter following loan sales to the joint venture.
• Nonaccrual Status -- 1.63% of the portfolio at fair value and 4.85% at amortized cost, increasing from 1.44% and 4.41%, respectively, due to the smaller total portfolio size.
• Investment Activity -- $72 million in funded commitments during the quarter, consisting entirely of follow-on investments in 11 existing portfolio companies.
• Total Investment Income -- $48.3 million, a 3% decrease from $49.8 million in the second quarter driven by a smaller portfolio size and lower transaction fees.
• Sales and Repayments -- $256 million total at a blended value of 99.6% of par, including $45 million in full repayments from borrowers.
• Weighted Average Yield -- 10.6% on debt and income-producing investments at amortized cost, maintaining consistency with the prior quarter.
• Interest Expense -- $23.9 million, which included a $1.5 million write-off of unamortized debt issuance costs related to the JPMorgan facility termination.
• Liquidity -- $51 million in cash and short-term investments plus $25 million in available credit facility capacity as of Sept. 30, 2026.
• Risk Ratings -- 97.8% of the portfolio risk-rated 3 or better, indicating management expects full repayment of these investments.
• Software Exposure -- 2% of the total portfolio, with management reporting no investments in annual recurring revenue (ARR) based loans.
• New Investment Yield -- SOFR plus 6.1% for new direct first-lien investments funded during the quarter.
• Interest Coverage Ratio -- 1.82x for portfolio companies, compared to 1.87x as of June 30, 2026.
• Paid-In-Kind (PIK) Income -- 81% of total derived from either highly structured first-lien investments or incremental cash coupons, down from 85% in the prior quarter.
• Median EBITDA -- $39.5 million for portfolio companies as of the reporting date, an increase from $33.7 million in the prior quarter.

Need a quote from a Motley Fool analyst? Email pr@fool.com

RISKS

• Reisner stated, "There is no assurance that definitive agreement will be signed or that the transactions will close on the terms or timeline publicly disclosed or at all," regarding the nonbinding letter of intent for the proposed David's Bridal and Pearl business combinations.

SUMMARY

CION Investment Corporation (NYSE:CION) completed its balance sheet deleveraging strategy during the third quarter by reducing total principal debt to $897 million. Management reported the repayment of public Israeli bonds and the early termination of a senior secured credit facility, which brought the net debt-to-equity ratio to the low end of its targeted range. To support this deleveraging, the company limited investment activity to follow-on commitments and formed a new joint venture, Senior Loan Fund Partners, to which it sold $180 million in first-lien loans. Management stated that these actions, while impacting near-term earnings and resulting in a 17% reduction in the 2027 base distribution, were intended to strengthen the balance sheet for future share repurchases.

• Sale of Longview Power: Reisner noted the company expects significant gains upon the expected closing in the fourth quarter of 2026 or first quarter of 2027.
• Pearl standalone status: Bresner indicated that a signed nonbinding letter of intent for a business combination with K&N Growth Acquisition Corp. II aims to establish Pearl as a standalone public company.
• Shareholder return strategy: Reisner stated the company intends to prioritize the resumption of share repurchases using liquidity generated from the expected sale of Longview Power.
• Joint venture validation: Management noted that the sale of loans to the new joint venture at 99.8% of par served as a validator for the company's internal loan fair value marks.
• Portfolio risk profile: Bresner reported that over 99% of the company's PIK investments are held in first-lien assets, which management believes distinguishes the income from restructured debt.

INDUSTRY GLOSSARY

• Business Development Company (BDC): A specialized investment vehicle designed to facilitate capital flow to small and medium-sized private companies.
• Senior Secured First-Lien Loan: Debt that is secured by a pledge of collateral and has the highest priority of repayment.
• Net Asset Value (NAV): The market value of a company's total assets minus its total liabilities.
• Net Investment Income (NII): The difference between a company's investment income and its operating expenses.
• Paid-In-Kind (PIK) Interest: A type of interest payment that is added to the principal balance of a loan rather than being paid in cash.
• Nonaccrual Status: A classification for a loan where interest is no longer being recognized because the borrower is significantly behind on payments.
• Secured Overnight Financing Rate (SOFR): A broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
• Amortized Cost: The amount at which an investment is acquired, adjusted for any discounts, premiums, or impairment.
• Interest Coverage Ratio: A financial ratio that measures a company's ability to pay interest on its outstanding debt.

Full Conference Call Transcript

Operator: Good morning. And welcome to Cion Investment Corporation's Third Quarter 26 Earnings Conference Call. Earnings press release was distributed earlier this morning before market opened. Copy of the release, along with a supplemental earnings presentation, is available on the company's website at www.cionbdc.com. In the Investor Relations Resources section and should be reviewed in conjunction with the company's Form 10 Q filed with the SEC. As a reminder, this conference is being recorded for replay purposes. Please note that today's conference call may contain forward-looking statements, which are not guaranteed 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. Joining me on today's call will be Michael A. Reisner, Cion Investment Corporation's Co Chief Executive Officer Gregg A. Bresner, President and Chief Investment Officer. And Keith S. Franz, Chief Financial Officer. With that, I would like to turn the call over to Michael A. Reisner. Please go ahead, Michael.

Michael A. Reisner: Thank you, and good morning, everyone. Last quarter, we told you management had a plan to strengthen Cion's balance sheet. This quarter, we executed on it. Repaid $114.8 million of public Israeli bonds in full at maturity. Which avoided any contractual make whole fees prior to that date. After expiration of the make whole period, we also fully repaid the $200 million outstanding under our JPMorgan secured facility. And completed its early termination. Further, we completed a new non recourse off balance sheet joint venture Senior Loan Fund Partners with a large institutional partner. As a result, we ended the quarter at 1.3 times net debt to equity.

Down from 1.52x last quarter and lower than the approximately 1.35x target we previously provided. The execution of this deleveraging plan impacted our near term earnings during the quarter. We reported net investment income of $0.25 per share, compared to $0.29 last quarter. Partially impacted by 1 time non recurring items. Our net asset value ended the quarter at $13.20 per share, down 2.7% from $13.57 last quarter mostly from unrealized mark to market price decreases on certain investments. And distributions in excess of NII. Gregg will walk you through the specific names with transactions this quarter.

Our near term earnings decline was largely the result of strategic decisions we made rather than an overall decline in the credit quality of the portfolio. To retain cash for deleveraging, we made no new platform investments this quarter. Our only investments were follow ons to our existing portfolio companies. New platform investments often provide enhanced economics through incremental origination and structuring fees In this quarter, there were none. In addition, our earnings were impacted by our debt repayment activity. Most specifically the early repayment and termination of our JPMorgan facility ahead of its scheduled maturity. That alone reduced NII by approximately $0.03 per share, due to the accelerated amortization of the facility's remaining debt issuance costs.

We were also impacted by non recurring costs associated with forming the new joint venture, the reduction of a deferred fee on a legacy tranche of a portfolio company as a result of a new prim-and-tuck tranche that we led for the company. The elimination of accrued income on our term loan investment in Thrill 1, Following the company's post bankruptcy reorganization, in which we received a new investment tranche. Together, all these items reduced NII by roughly $0.15 per share. We announced the completion of our deleveraging in our September 29 press release, but I think it bears repeating.

In a single quarter, we reduced our balance sheet debt from $1.17 billion to $897 million The joint venture was also another validator of certain of our loan marks. Last quarter we sold more than $54 million of our assets at approximately 99% of par. This quarter, a large independent institutional partner comprehensively diligence 20 of our first-lien loans and purchase them through the joint venture at $180 million or 99.8% of par. As Greg will discuss, our total sales and repayments this quarter came in at a blended value above 99.6% of par. Further confirmation of certain of our fair value marks. Firstly, investments dipped to about 72% of the portfolio.

Largely because our portfolio is smaller after deleveraging and after selling certain loans to the JV. Where we hold now an equity interest. We expect that percentage to rise as we seek to continue to monetize equity positions such as Longview Power which alone currently represents more than 6% of our total investment portfolio. The media is still focused on private credit defaults and macroeconomic risk. Fitch's U. S. Private credit default rate recently reached 6.3%. Against that backdrop, we are very pleased with how our portfolio is performing. We placed no new names on nonaccrual status this quarter and 97.8% of our portfolio is risk rated 3 or better. Gregg will take you through some of these details.

We previously announced declared base distributions of $0.10 per share for each of October, November and December which is unchanged at $0.30 for the fourth quarter. For 2027, we expect to set base distributions at $0.25 per share per quarter. And here are the reasons. First, we have reduced our debt on our balance sheet which makes Cion a stronger company but also leaves us with a smaller earning portfolio. Second, until we have completed share repurchases, we will be selective about growing our investment portfolio through new platform deals. Resulting in a reduction in the fees they tend to generate for us.

We would rather pay a distribution we are confident we can cover from core earnings than stretch to keep a level that depends on robust transaction activity. We continue to expect the publicly announced sale of Longview Power to a strategic acquirer to close in the fourth quarter of 26. Or the first quarter of 27. Subject to regulatory approval. We expect significant gains on the sale which we believe will provide us with enhanced liquidity and our first priority will be to seek the resumption of share repurchases. We did not repurchase shares in the third quarter and I want to explain why. First, we were conserving cash to complete our deleveraging strategy.

Second, we were in possession of material non public information about David's bridal and Pearl. Which prevented us from signing a new repurchase plan. Gregg will walk you through the proposed David's Bridal and Pearl transactions So I will focus on why it matters to Scion shareholders. David's Bridal is our largest exposure. If the transactions are completed, our consolidated investment will be divided into 2 separately governed companies a meaningful percentage of that investment will be publicly traded. That would provide our investors with visible market values for the publicly traded portion of those investments and we believe will give us a path to monetize and reduce our exposure over time.

These transactions are currently under a non binding letter of intent There is no assurance that definitive agreement will be signed or that the transactions will close on the terms or timeline publicly disclosed or at all. However, we are cautiously optimistic. Last quarter, we said the market seems worried about 4 things. Our marks, our ability to delever, the dividend and software exposure. Since then, third parties have priced certain of our loans at or near par once again. We have delevered below our target. We have given you our 2027 base distribution expectations in advance, based on our reasonable estimate of core earnings and software is still around 2% of our portfolio.

With the Longview sale expected to close in the coming months, we intend to seek resumption of repurchases of our stock at what we believe is a significant discount to its value. With that, I will now turn the call over to Gregg,

Gregg A. Bresner: Thank you, Michael, and good morning, everyone. As Michael discussed, during the quarter, we focused on completing our deleveraging plan as we seek to position the company to recommence share repurchases. We also exclusively focus our Q3 funded investment activity on supporting our existing portfolio companies, and we received approximately $45 million in full repayments from borrowers during the quarter. We limited our Q3 investment activities to our existing portfolio companies for corporate investments working capital, and other strategic transactions. The weighted average yield for our new direct first lien investments for the quarter based on our investment cost was the equivalent of SOFR +6.1%.

As we discussed in previous quarters, the majority of our PIK income is strategically derived from either highly structured first lien investments, or our PIK income is incremental to our cash coupon. Together, these categories represented approximately 81% of our total PIK investment income in Q3, down from approximately 85% in Q2. Over 99% of our PIK investments are in first lien assets. As a result, we believe this PIK income does not compare to restructured PIK income from a deterioration in borrower credit. Turning now to our Q3 investment and portfolio activity. Our Q3 funded investment activity was solely for our existing portfolio companies as we made no new platform investments during the quarter.

We funded add on investments in existing portfolio companies, including Anthem, ARC, Avison Young, Berlitz, David's Bridal, Innovative, STATinMED, and Trademark Global. During Q3, we completed approximately $78 million in investment commitments across 11 existing portfolio companies of which $72 million was funded. We also funded a total of $11 million of previously unfunded commitments. We had sales and repayments totaling $256 million for the quarter at a blended value of over 99.6% of par which included our new first lien senior loan joint venture with an institutional investor. Where we sold $180 million of such loans at a price over 99.8% of par.

We additionally received full repayment of our first lien positions in Giving Home Health, Lux Credit and RumbleOn. As a result of all these activities, our net funded investments decreased by approximately $173 million during the quarter. In his commentary, Michael mentioned the announced sale transaction of Longview Power to a strategic acquirer.

Longview was 1 of our earliest investments within our opportunistic special situation strategy where we identify and acquire lightly syndicated first lien loan tranches in what we believe are quality companies at significant discounts to par due to technical or balance sheet related issues and then may have an active role in the processes that drive the restructuring or recapitalization of these investments to position the companies for future success. Our investment in Longview began with a discounted first lien term loan purchase in September 2018 followed by a series of strategic add on investments. Additional examples of our special situation strategy included our investments in Yachmat, Carestream Health, ESP Associates, McNeil, Pride, Heritage Power, and Dayton Superior.

We have a number of special situation investments remaining in the portfolio that have yet to be realized, and we are actively working to achieve our monetization success for these investments. As Michael mentioned, our NAV movement during the quarter was driven primarily by unrealized mark to market price decreases on certain of our investments. Marks were still somewhat affected by the macro sentiments regarding the potential crack in private credit most specifically the software concentrations within the private capital sector and the potential impact of AI on those investments.

As a reminder, Cion has not been a significant software investor historically, and has only 2% of its portfolio in the software sector with no ARR based loans as of Q3. Our increase in unrealized values during Q3 was primarily driven by our equity investments. Our largest increases for the quarter were equity positions in Carestream Health, David's Bridal, Juice Plus, and Palmetto Solar. Our largest unrealized decliners for the quarter were our investments in Berlitz, K&N and Avison Young. The decline in the carrying value of our Longview Power equity investment was driven by the company's payment of a cash dividend during the quarter.

As we have mentioned on previous quarterly calls, we expect to see significant quarter to quarter volatility in the value of David's bridal equity due to the larger overall relative size of our investment as well as the highly seasonal nature of the company's operations and working capital profile. As we mentioned last quarter, David's is in the process of separating Pearl, David's AI powered wedding planning, media commerce, and vendor marketplace platform from David's traditional retail brick and mortar operations in order to enhance future prospects for both companies. Post quarter on October 22, David's bridal publicly announced that it executed a letter of intent for a proposed business combination between Pearl and K&N Growth Acquisition Corp.

II, a publicly traded special purpose acquisition corporation. Proposed business combination would establish Pearl as a standalone public company and is expected to accelerate growth and innovation through its proprietary AI technology, scalable pure play online business model, and continue synergistic relationship with David's Bridal established physical retail business. The executed letter of intent values Pearl at a pro forma enterprise value of $350 million and contemplates a $75 million PIPE investment transaction. The parties are working towards the completion of definitive agreements. The targeted closing date for the proposed transaction is during the first half of 27, subject to the completion of definitive agreements and the satisfaction of closing conditions.

Last quarter, we discussed the bankruptcy of Thrill 1, During Q3, Thrill 1 exited bankruptcy with a plan of reorganization whereby our legacy term loan investment was exchanged into a new investment tranche. While this transaction was contemplated and valued in Q2, the exchange resulted in a realized loss on the legacy term loan investment with the unrealized value of the new reorganized investment tranche in Q3. From a portfolio credit perspective, our non accruals amounted to 1.63% and 4.85% of the total investment portfolio at fair value and amortized cost, respectively. At the end of Q3 which increased from 1.44% and 4.41%, respectively, at the end of Q2.

There were no new names added or removed from nonaccrual status in Q3, and the changes in percentages were driven by the decrease in total portfolio value primarily due to the execution of our deleveraging plan. 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 macro environment. Overall, our portfolio remains defensive in nature with approximately 72% in first-lien investments. As Michael discussed, we expect the percentage of first lien in the portfolio to increase over the next few quarters as we seek to monetize equity investments such as Longview Power.

Approximately 98% of our portfolio remains risk rated 3 or better. Our risk rated 3 investments are investments where we expect full repayment but are either spending more engagement time and or have seen increased risk since the initial asset purchase increased from approximately 14.1% in Q2 to 17.5% in Q3 the majority of which was driven by the decrease in total portfolio value primarily due to our deleveraging plan. I will now turn the call over to Keith.

Keith S. Franz: Okay. Okay. Thank you, Gregg, and good morning, everyone. During the third quarter, net investment income was $12.3 million or $0.25 per share compared to $14.2 million or $0.29 per share reported in the second quarter. Total investment income was $48.3 million during the third quarter, as compared to $49.8 million reported during the second quarter. A decrease of $1.5 million or about 3%.

The decrease in total investment income was driven primarily by lower interest income earned on our investments due to a reduction in the size of our portfolio as a result of our deleveraging activities during the quarter lower transaction fees earned due to lower quarterly investment activity and the reduction of our legacy transaction fee on an investment. This decrease was partially offset by an increase in dividends received from 1 of our equity investments and an increase in prepayment fees received during the quarter. On the expense side, total operating expenses were $30 million compared to $35.6 million reported in the second quarter.

The increase in operating expenses was primarily due to higher G&A expenses due to non recurring legal fees incurred in connection with the restructuring of an investment and costs associated with forming our new strategic joint venture. This increase was partially offset by a decrease in advisory fees when compared to the prior quarter. Interest expense was impacted during the quarter by the write-off of $1.5 million in unamortized debt issuance costs in connection with the repayment of our JPMorgan credit facility partially offset by lower interest expense due to the decrease in the average debt balance outstanding during the quarter.

At September 30, we had total assets of approximately $1.6 billion and total equity or net assets of $650 million with total debt outstanding of $897 million and 49.2 million shares outstanding. Our portfolio at fair value ended the quarter at $1.47 billion down from $1.65 billion in the second quarter. And the weighted average yield on our debt and other income producing investments at amortized cost was 10.6%. Which is consistent with the second quarter. At September 30, our NAV was $13.20 per share as compared to $13.57 per share at the end of June.

The decrease of $0.37 per share or 2.7% was primarily due to unrealized mark to market price decreases and under earning our distribution during the quarter. We ended the third quarter with what we believe is a strong and flexible balance sheet with about $1.4 billion in unencumbered assets a strong debt service capacity with an interest coverage ratio of about 1.6x. We had over $50 million in cash and short term investments and $25 million available under our credit facility. In terms of our debt capital, at September 30, we continue to have a healthy and diversified debt mix about 90% in unsecured and 10% in senior secured bank debt.

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 1.3x from 1.52x at the end of June. And the weighted average cost of our debt capital was about 7.6%. Which is slightly up when compared to the second quarter. The decrease in our net leverage ratio was a direct result of our deleveraging plan to better position our balance sheet.

As Michael mentioned, we executed our plan to delever our balance sheet reduce debt by $278 million which brought our leverage ratio down to the low end of our net leverage range of 1.3x to 1.35x. Turning to distributions. During the third quarter, we paid monthly base distributions to our shareholders totaling $0.30 per share. We also declared our fourth quarter monthly base distributions totaling $0.30 per share which were paid or will be paid at $0.10 per share per month for each of October, November, and December.

As a result, the trailing 12 month distribution yield through the third quarter based on the average NAV was about 9.4% and the trailing 12 month distribution yield based on the quarter end market price was 17.9%. As announced this morning, we declared our first quarter 27 monthly base distributions totaling $0.25 per share. Which is $0.05 per share or 17% lower than the fourth quarter. Due to the reduction in the size of our portfolio and our quarterly deleveraging activities. The first quarter base distribution will be paid monthly in January and February at $0.08 per share and March at $0.09 per share. Okay.

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

Operator: Thank you. We will now be conducting a question and answer session. Pressing the star key. Thank you. The first question comes from the line of Erik Zwick with Lucid Capital Markets. Please proceed.

Erik Zwick: Thanks. Good morning, everyone. Wanted to start with a question on the DAVIDsBridal transaction. I believe K&N Growth Acquisition Corp. II was scheduled to have a shareholder vote yesterday to extend their acquisition deadline from November 6 out to I think, maybe the third quarter of 27 have not been able to find any detail on the vote there. Curious just given your proximity to the deal, if you have any insight there. And then, I guess, if, you know, if they were not able to get the extension granted, you know, how does that change your potential strategy and plan to monetize the David's Bridal and Pearl investment?

Michael A. Reisner: Yeah. Hi, Eric. We believe that they were granted that extension. I think you have to. We have to file. I do not know. I think they were file an 8-K. But, I cannot. I think we have to just go to their chambers. And it is our understanding that was extended.

Erik Zwick: Okay. that is very positive news to hear then. Second question then, just curious about the timing of the loan sales to the senior loan fund and the impact that if it happened later in the quarter, just what the impact might be to 4Q interest income?

Keith S. Franz: Yes. Good morning, Eric. it is Keith. We closed that strategic joint venture towards the end of September. So very minimal impact to the earnings cycle in Q3. So we will see that in Q4.

Erik Zwick: And are you able to quantify that impact at all in Q4?

Keith S. Franz: Well, we sold off a $180 million of assets into the joint venture and we took back about $40 million or about $50 million of equity that is paying about 12%. So, on a net basis, you are probably talking about a couple of cents per share.

Erik Zwick: Okay. Gregg, Thank you. And then, I guess, switching over to expenses, can you quantify, I guess-- maybe there is 2 ways I could ask you. Can you quantify the nonrecurring expenses in the third quarter or maybe kind of ask it differently, do you have a range for what 4Q expenses may look like absent those nonrecurring expenses?

Keith S. Franz: Yes. I think when you look through the numbers and some of the legal additional legal costs that we incurred, the impact was probably about $1 million for this quarter, so $0.03 or so.

Erik Zwick: Okay. And last 1 for me. Congrats on completing the deleveraging. I think you did that faster than maybe I would been expecting. So great to see. And you mentioned your desire, our kind of strategy to increase first lien investments. Over the next few quarters as you monetize equity positions? So 1, just, you know, monetizing those would increase the first lien positions. But is it my understanding correct that you also plan to take those proceeds and now begin to grow the portfolio again over the--in coming quarters.

Michael A. Reisner: I think it would be a combination, Eric, of both investments and share repurchases. For the proceeds of those equity monetizations. So we think there will be a combination of both, but you know, we have been public about our desire to resume share repurchases. So you should assume that continues.

Erik Zwick: Thanks for taking my questions today.

Operator: Thank you, That concludes today's Q and A session. I would like to turn the floor back over to Michael A. Reisner for closing remarks.

Michael A. Reisner: Well, thank you, everybody, for attending and we hope you have a great rest of the year. We look forward to communicating with you in the New Year. Take care everybody.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.