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CION Investment Corporation Reports Fourth Quarter and Year End 2024 Financial Results

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CION Investment (NYSE: CION) reported its Q4 and full-year 2024 financial results, achieving $1.79 in net investment income and delivering $1.52 in total shareholder distributions for 2024. The company reported Q4 net investment income of $0.35 per share and earnings of $0.10 per share.

Key metrics as of December 31, 2024 include:

  • Net asset value (NAV) per share of $15.43, down 1.9% from $15.73 in Q3
  • Total investments of $1.82 billion across 105 portfolio companies
  • 86.1% of portfolio in senior secured loans
  • Non-accrual investments decreased to 1.41% of portfolio at fair value

The company declared a Q1 2025 base distribution of $0.36 per share, completed a $172.5M public bond offering, and continued its share repurchase program, buying back 170,617 shares at an average price of $11.74 during Q4.

CION Investment (NYSE: CION) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, registrando $1.79 di reddito netto da investimenti e distribuendo $1.52 in totale per gli azionisti nel 2024. L'azienda ha riportato un reddito netto da investimenti di $0.35 per azione nel Q4 e utili di $0.10 per azione.

I principali indicatori al 31 dicembre 2024 includono:

  • Valore netto degli attivi (NAV) per azione di $15.43, in calo dell'1.9% rispetto a $15.73 nel Q3
  • Investimenti totali di $1.82 miliardi in 105 aziende del portafoglio
  • 86.1% del portafoglio in prestiti senior garantiti
  • Investimenti non in accrual ridotti all'1.41% del portafoglio a valore equo

L'azienda ha dichiarato una distribuzione base per il Q1 2025 di $0.36 per azione, ha completato un'offerta pubblica di obbligazioni da $172.5M e ha continuato il suo programma di riacquisto di azioni, riacquistando 170,617 azioni a un prezzo medio di $11.74 durante il Q4.

CION Investment (NYSE: CION) reportó sus resultados financieros del Q4 y del año completo 2024, logrando $1.79 en ingresos netos por inversiones y entregando $1.52 en distribuciones totales a los accionistas para 2024. La compañía reportó ingresos netos por inversiones de $0.35 por acción en el Q4 y ganancias de $0.10 por acción.

Los indicadores clave al 31 de diciembre de 2024 incluyen:

  • Valor neto de los activos (NAV) por acción de $15.43, una disminución del 1.9% desde $15.73 en el Q3
  • Inversiones totales de $1.82 mil millones en 105 compañías de la cartera
  • 86.1% de la cartera en préstamos garantizados senior
  • Las inversiones no acumuladas disminuyeron al 1.41% de la cartera a valor justo

La compañía declaró una distribución base para el Q1 2025 de $0.36 por acción, completó una oferta pública de bonos de $172.5M y continuó su programa de recompra de acciones, recomprando 170,617 acciones a un precio promedio de $11.74 durante el Q4.

CION Investment (NYSE: CION)는 2024년 4분기 및 연간 재무 결과를 보고하며, 순 투자 수익이 $1.79에 달하고 2024년 총 주주 배당금이 $1.52에 달했다고 발표했습니다. 회사는 4분기 주당 순 투자 수익이 $0.35이고 주당 수익이 $0.10이라고 보고했습니다.

2024년 12월 31일 기준 주요 지표는 다음과 같습니다:

  • 주당 순자산가치(NAV) $15.43, 3분기 $15.73에서 1.9% 감소
  • 105개 포트폴리오 기업에 대한 총 투자액 $1.82억
  • 포트폴리오의 86.1%가 선순위 담보 대출
  • 공정 가치 기준으로 비가산 투자 비율이 1.41%로 감소

회사는 2025년 1분기 주당 기본 배당금을 $0.36으로 선언하고, $172.5M 규모의 공개 채권 발행을 완료했으며, 4분기 동안 평균 가격 $11.74로 170,617주를 재매입하는 주식 재매입 프로그램을 계속했습니다.

CION Investment (NYSE: CION) a publié ses résultats financiers pour le 4ème trimestre et l'année complète 2024, atteignant 1.79 $ de revenu net d'investissement et distribuant 1.52 $ en total aux actionnaires pour 2024. La société a déclaré un revenu net d'investissement de 0.35 $ par action pour le 4ème trimestre et un bénéfice de 0.10 $ par action.

Les indicateurs clés au 31 décembre 2024 incluent :

  • Valeur nette des actifs (NAV) par action de 15.43 $, en baisse de 1.9 % par rapport à 15.73 $ au 3ème trimestre
  • Investissements totaux de 1.82 milliard $ dans 105 entreprises du portefeuille
  • 86.1 % du portefeuille en prêts garantis senior
  • Les investissements non accumulés ont diminué à 1.41 % du portefeuille à valeur juste

La société a déclaré une distribution de base pour le 1er trimestre 2025 de 0.36 $ par action, a complété une offre obligataire publique de 172.5 M $ et a poursuivi son programme de rachat d'actions, rachetant 170,617 actions à un prix moyen de 11.74 $ durant le 4ème trimestre.

CION Investment (NYSE: CION) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 bekannt gegeben und dabei $1.79 an netto Investitionseinkommen erzielt sowie $1.52 an Gesamtausschüttungen an die Aktionäre für 2024 bereitgestellt. Das Unternehmen berichtete von netto Investitionseinkommen von $0.35 pro Aktie im 4. Quartal und einem Gewinn von $0.10 pro Aktie.

Wichtige Kennzahlen zum 31. Dezember 2024 umfassen:

  • Nettovermögenswert (NAV) pro Aktie von $15.43, ein Rückgang von 1.9% gegenüber $15.73 im 3. Quartal
  • Gesamtinvestitionen von $1.82 Milliarden in 105 Portfoliounternehmen
  • 86.1% des Portfolios in vorrangigen gesicherten Darlehen
  • Die nicht akkumulierenden Investitionen sanken auf 1.41% des Portfolios zum fairen Wert

Das Unternehmen erklärte eine Basisverteilung von $0.36 pro Aktie für das 1. Quartal 2025, schloss eine öffentliche Anleiheplatzierung von $172.5M ab und setzte sein Aktienrückkaufprogramm fort, indem es im 4. Quartal 170,617 Aktien zu einem Durchschnittspreis von $11.74 zurückkaufte.

Positive
  • Strong net investment income of $1.79 per share for 2024
  • Reduction in non-accrual investments from 1.85% to 1.41% of portfolio at fair value
  • Successful completion of $172.5M bond offering
  • Secured new credit facility with reduced interest rate (0.45% reduction)
  • 86.1% of portfolio in senior secured loans, indicating conservative investment approach
Negative
  • NAV per share declined 1.9% in Q4 2024
  • Total investment income decreased from $59.6M to $57.9M quarter-over-quarter
  • Operating expenses increased from $38.0M to $39.2M quarter-over-quarter
  • Net debt-to-equity ratio increased from 1.18x to 1.27x

Insights

CION Investment 's Q4 and full-year 2024 results demonstrate solid financial performance in a challenging environment. The BDC generated $1.79 per share in net investment income for 2024 while distributing $1.52 per share to shareholders, indicating strong dividend coverage of approximately 118%.

The slight NAV decline of 1.9% to $15.43 appears to be primarily related to mark-to-market adjustments rather than fundamental credit deterioration, evidenced by the improvement in non-accrual metrics (down to 1.41% of fair value from 1.85% in Q3). This level of non-accruals remains well within acceptable ranges for the BDC sector.

From a capital structure perspective, CION has effectively managed its liability stack through the $172.5 million unsecured notes offering and by refinancing its UBS credit facility at 45 basis points lower cost. The net debt-to-equity ratio of 1.27x represents a modest increase from 1.18x in Q3 but remains in line with peer averages. The weighted average interest rate on debt of 7.8% is reasonable given the current rate environment.

The continued share repurchase program (buying at $11.74 versus NAV of $15.43) represents accretive capital allocation by management. With $76 million in cash and $131 million available under financing arrangements, CION maintains adequate liquidity to navigate potential market volatility.

The $0.36 quarterly base distribution for Q1 2025 suggests management's confidence in maintaining consistent income generation despite the modestly declining interest rate environment. The portfolio's heavy concentration in senior secured loans (86.1%) and first lien positions provides defensive positioning if credit conditions deteriorate.

Continued Strong Performance in 2024 With $1.79 in Net Investment Income and $1.52 in Total Shareholder Distributions

NEW YORK--(BUSINESS WIRE)-- CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the U.S. Securities and Exchange Commission.

CION also announced that, on March 10, 2025, its co-chief executive officers declared a first quarter 2025 base distribution of $0.36 per share payable on April 11, 2025 to shareholders of record as of March 28, 2025.

FOURTH QUARTER AND OTHER HIGHLIGHTS

  • Net investment income and earnings per share for the quarter ended December 31, 2024 were $0.35 per share and $0.10 per share, respectively;
  • Net asset value per share was $15.43 as of December 31, 2024 compared to $15.73 as of September 30, 2024, a decrease of $0.30 per share, or 1.9%. The decrease was primarily due to mark-to-market price adjustments to the Company’s portfolio during the quarter ended December 31, 2024;
  • As of December 31, 2024, the Company had $1.12 billion of total principal amount of debt outstanding, of which 38% was comprised of senior secured bank debt and 62% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.27x as of December 31, 2024 compared to 1.18x as of September 30, 2024;
  • As of December 31, 2024, the Company had total investments at fair value of $1.82 billion in 105 portfolio companies across 24 industries. The investment portfolio was comprised of 86.1% senior secured loans, including 86.0% in first lien investments;1
  • During the quarter, the Company funded new investment commitments of $100 million, funded previously unfunded commitments of $12 million, and had sales and repayments totaling $48 million, resulting in a net increase to the Company's funded portfolio of $64 million;
  • As of December 31, 2024, investments on non-accrual status amounted to 1.41% and 3.22% of the total investment portfolio at fair value and amortized cost, respectively, which are down from 1.85% and 3.40%, respectively, as of September 30, 2024;
  • During the quarter, the Company repurchased 170,617 shares of its common stock under its 10b5-1 trading plan at an average price of $11.74 per share for a total repurchase amount of $2.0 million. Through December 31, 2024, the Company repurchased a total of 3,769,171 shares of its common stock under its 10b5-1 trading plan at an average price of $10.16 per share for a total repurchase amount of $38.3 million;
  • On October 3, 2024, the Company completed a public baby bond offering in the U.S. pursuant to which the Company issued $172.5 million of its unsecured 7.50% Notes due 2029, which listed and commenced trading on the NYSE under the ticker symbol "CICB" on October 9, 2024; and
  • On February 13, 2025, the Company terminated its existing senior secured repurchase facility with UBS AG (“UBS”) and simultaneously entered into a new 3-year, $125 million senior secured credit facility with UBS, under which the floating interest rate payable by the Company on all advances was reduced by 0.45% per year, from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.75% per year.

DISTRIBUTIONS

  • For the quarter ended December 31, 2024, the Company paid a quarterly base distribution totaling $19.2 million, or $0.36 per share, and declared a year-end special distribution totaling $2.7 million, or $0.05 per share, paid on January 27, 2025 to shareholders of record as of December 30, 2024.

Michael A. Reisner, co-Chief Executive Officer of CION, commented:

“We are very pleased with our 2024 results, particularly against a backdrop of elevated competition and shifting expectations around both inflation and interest rates. Our BDC continues to generate a very attractive yield for our investors, which was enhanced this past year by our mid-year and year-end special distributions. We also had the pleasure of hosting both analysts and investors at CION’s first investor day as a listed company in January, highlighting our unique investment strategy as well as our track record of strong shareholder returns.”

SELECTED FINANCIAL HIGHLIGHTS

 

 

As of

(in thousands, except per share data)

 

December 31, 2024

 

September 30, 2024

Investment portfolio, at fair value1

 

$

1,819,870

 

$

1,752,726

Total debt outstanding2

 

$

1,117,344

 

$

1,069,844

Net assets

 

$

820,810

 

$

839,190

Net asset value per share

 

$

15.43

 

$

15.73

Debt-to-equity

 

1.36x

 

1.28x

Net debt-to-equity

 

1.27x

 

1.18x

 

 

 

Three Months Ended

(in thousands, except share and per share data)

 

December 31, 2024

 

September 30, 2024

Total investment income

 

$

57,894

 

 

$

59,627

 

Total operating expenses and income tax expense

 

$

39,208

 

 

$

38,009

 

Net investment income after taxes

 

$

18,686

 

 

$

21,618

 

Net realized (losses) gains

 

$

(2,238

)

 

$

3,938

 

Net unrealized losses

 

$

(10,990

)

 

$

(25,935

)

Net increase (decrease) in net assets resulting from operations

 

$

5,458

 

 

$

(379

)

 

 

 

 

 

Net investment income per share

 

$

0.35

 

 

$

0.40

 

Net realized and unrealized losses per share

 

$

(0.25

)

 

$

(0.41

)

Earnings per share

 

$

0.10

 

 

$

(0.01

)

 

 

 

 

 

Weighted average shares outstanding

 

 

53,268,577

 

 

 

53,439,316

 

Distributions declared per share

 

$

0.41

 

 

$

0.36

 

Total investment income for the three months ended December 31, 2024 and September 30, 2024 was $57.9 million and $59.6 million, respectively. The decrease in total investment income was primarily driven by lower SOFR rates on our investments during the three months ended December 31, 2024 as compared to the three months ended September 30, 2024.

Operating expenses for the three months ended December 31, 2024 and September 30, 2024 were $39.2 million and $38.0 million, respectively. The increase in operating expenses was driven by higher interest expense due to an increase in the Company's total debt outstanding during the quarter ended December 31, 2024, partially offset by lower advisory fees paid to CIM due to a decrease in investment income during the quarter ended December 31, 2024 as compared to the quarter ended September 30, 2024.

PORTFOLIO AND INVESTMENT ACTIVITY1

A summary of the Company's investment activity for the three months ended December 31, 2024 is as follows:

 

 

New Investment
Commitments

 

Sales and Repayments

Investment Type

 

$ in
Thousands

 

%
of Total

 

$ in
Thousands

 

%
of Total

Senior secured first lien debt

 

$

101,784

 

96%

 

$

47,637

 

99%

Collateralized securities and structured products - equity

 

 

2,002

 

2%

 

 

25

 

Equity

 

 

2,333

 

2%

 

 

627

 

1%

Total

 

$

106,119

 

100%

 

$

48,289

 

100%

During the three months ended December 31, 2024, new investment commitments were made across 5 new and 15 existing portfolio companies. During the same period, the Company received the full repayment on investments in 2 portfolio companies and wrote-off the remaining investment in 1 portfolio company. As a result, the number of portfolio companies increased from 103 as of September 30, 2024 to 105 as of December 31, 2024.

PORTFOLIO SUMMARY1

As of December 31, 2024, the Company’s investments consisted of the following:

 

 

Investments at Fair Value

Investment Type

 

$ in
Thousands

 

%
of Total

Senior secured first lien debt

 

$

1,563,256

 

86.0%

Senior secured second lien debt

 

 

2,680

 

0.1%

Collateralized securities and structured products - equity

 

 

2,682

 

0.1%

Unsecured debt

 

 

11,814

 

0.6%

Equity

 

 

239,438

 

13.2%

Total

 

$

1,819,870

 

100.0%

 

The following table presents certain selected information regarding the Company’s investments:

 

 

As of

 

 

December 31, 2024

 

September 30, 2024

Number of portfolio companies

 

105

 

103

Percentage of performing loans bearing a floating rate3

 

93.8%

 

94.3%

Percentage of performing loans bearing a fixed rate3

 

6.2%

 

5.7%

Yield on debt and other income producing investments at amortized cost4

 

12.28%

 

12.23%

Yield on performing loans at amortized cost4

 

12.74%

 

12.73%

Yield on total investments at amortized cost

 

10.96%

 

10.88%

Weighted average leverage (net debt/EBITDA)5

 

5.02x

 

5.02x

Weighted average interest coverage5

 

2.07x

 

2.14x

Median EBITDA6

 

$34.2 million

 

$32.8 million

 

As of December 31, 2024, investments on non-accrual status represented 1.41% and 3.22% of the total investment portfolio at fair value and amortized cost, respectively. As of September 30, 2024, investments on non-accrual status represented 1.85% and 3.40% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, the Company had $1,117 million of total principal amount of debt outstanding, comprised of $425 million of outstanding borrowings under its senior secured credit facilities and $692 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.8% for the quarter ended December 31, 2024. As of December 31, 2024, the Company had $76 million in cash and short-term investments and $131 million available under its financing arrangements.2

EARNINGS CONFERENCE CALL

CION will host an earnings conference call on Thursday, March 13, 2025 at 11:00 am Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2024. Please visit the Investor Resources - Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call.

All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Fourth Quarter and Year End Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION’s website.

ENDNOTES

1)

The discussion of the investment portfolio excludes short-term investments.

 

2)

Total debt outstanding excludes netting of debt issuance costs of $18.2 million and $14.9 million as of December 31, 2024 and September 30, 2024, respectively.

 

3)

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status.

 

4)

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment.

 

5)

For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

 

For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA (“interest coverage ratio”). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

 

Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount.

 

6)

Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment.

 

CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)

 
 

 

 

December 31, 2024

 

September 30, 2024

 

 

 

 

(unaudited)

Assets

Investments, at fair value:

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $1,489,777 and $1,421,998, respectively)

 

$

1,448,107

 

 

$

1,381,177

 

Non-controlled, affiliated investments (amortized cost of $274,642 and $276,204, respectively)

 

 

269,205

 

 

 

273,152

 

Controlled investments (amortized cost of $179,274 and $152,042, respectively)

 

 

171,376

 

 

 

151,900

 

Total investments, at fair value (amortized cost of $1,943,693 and $1,850,244, respectively)

 

 

1,888,688

 

 

 

1,806,229

 

Cash

 

 

7,670

 

 

 

29,765

 

Interest receivable on investments

 

 

45,140

 

 

 

49,446

 

Receivable due on investments sold and repaid

 

 

2,965

 

 

 

28,604

 

Dividends receivable on investments

 

 

 

 

 

76

 

Prepaid expenses and other assets

 

 

1,265

 

 

 

1,501

 

Total assets

 

$

1,945,728

 

 

$

1,915,621

 

 

 

 

 

 

Liabilities and Shareholders' Equity

Liabilities

 

 

 

 

Financing arrangements (net of unamortized debt issuance costs of $18,156 and $14,925, respectively)

 

$

1,099,187

 

 

$

1,054,919

 

Payable for investments purchased

 

 

1,019

 

 

 

 

Accounts payable and accrued expenses

 

 

1,034

 

 

 

1,316

 

Interest payable

 

 

8,244

 

 

 

7,201

 

Accrued management fees

 

 

6,761

 

 

 

6,854

 

Accrued subordinated incentive fee on income

 

 

3,964

 

 

 

4,586

 

Accrued administrative services expense

 

 

2,006

 

 

 

1,515

 

Share repurchases payable

 

 

40

 

 

 

40

 

Shareholder distribution payable

 

 

2,663

 

 

 

 

Total liabilities

 

 

1,124,918

 

 

 

1,076,431

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized; 53,192,808 and

 

 

 

 

53,363,245 shares issued, and 53,189,269 and 53,359,886 shares outstanding, respectively

 

 

53

 

 

 

53

 

Capital in excess of par value

 

 

1,021,684

 

 

 

1,023,687

 

Accumulated distributable losses

 

 

(200,927

)

 

 

(184,550

)

Total shareholders' equity

 

 

820,810

 

 

 

839,190

 

Total liabilities and shareholders' equity

 

$

1,945,728

 

 

$

1,915,621

 

Net asset value per share of common stock at end of period

 

$

15.43

 

 

$

15.73

 

 
 

CĪON Investment Corporation
Consolidated Statements of Operations
(in thousands, except share and per share amounts)

 
 

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(unaudited)

 

(unaudited)

 

 

 

 

Investment income

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

 

 

 

 

 

Interest income

 

$

31,289

 

 

$

43,096

 

 

$

165,786

 

 

$

184,013

 

Paid-in-kind interest income

 

 

11,586

 

 

 

6,581

 

 

 

31,397

 

 

 

22,317

 

Fee income

 

 

3,754

 

 

 

3,127

 

 

 

9,865

 

 

 

7,871

 

Dividend income

 

 

371

 

 

 

128

 

 

 

5,855

 

 

 

210

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

Paid-in-kind interest income

 

 

2,810

 

 

 

2,419

 

 

 

11,692

 

 

 

8,372

 

Interest income

 

 

2,095

 

 

 

1,519

 

 

 

6,426

 

 

 

7,068

 

Dividend income

 

 

282

 

 

 

 

 

 

411

 

 

 

3,946

 

Fee income

 

 

50

 

 

 

 

 

 

3,648

 

 

 

2,432

 

Controlled investments

 

 

 

 

 

 

 

 

Interest income

 

 

3,584

 

 

 

2,786

 

 

 

12,970

 

 

 

8,090

 

Dividend income

 

 

 

 

 

 

 

 

 

 

 

4,250

 

Paid-in-kind interest income

 

 

 

 

 

2

 

 

 

 

 

 

1,050

 

Fee income

 

 

2,073

 

 

 

341

 

 

 

4,382

 

 

 

1,391

 

Total investment income

 

 

57,894

 

 

 

59,999

 

 

 

252,432

 

 

 

251,010

 

Operating expenses

 

 

 

 

 

 

 

 

Management fees

 

 

6,762

 

 

 

6,893

 

 

 

27,321

 

 

 

26,856

 

Administrative services expense

 

 

1,261

 

 

 

1,228

 

 

 

4,783

 

 

 

3,971

 

Subordinated incentive fee on income

 

 

3,963

 

 

 

4,615

 

 

 

20,334

 

 

 

22,277

 

General and administrative

 

 

1,859

 

 

 

1,422

 

 

 

7,157

 

 

 

7,382

 

Interest expense

 

 

25,244

 

 

 

24,023

 

 

 

96,870

 

 

 

85,556

 

Total operating expenses

 

 

39,089

 

 

 

38,181

 

 

 

156,465

 

 

 

146,042

 

Net investment income before taxes

 

 

18,805

 

 

 

21,818

 

 

 

95,967

 

 

 

104,968

 

Income tax expense (benefit), including excise tax

 

 

119

 

 

 

60

 

 

 

107

 

 

 

(54

)

Net investment income after taxes

 

 

18,686

 

 

 

21,758

 

 

 

95,860

 

 

 

105,022

 

Realized and unrealized (losses) gains

 

 

 

 

 

 

 

 

Net realized losses on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(5,383

)

 

 

(351

)

 

 

(24,367

)

 

 

(31,927

)

Non-controlled, affiliated investments

 

 

3,145

 

 

 

 

 

 

(3,946

)

 

 

 

Controlled investments

 

 

 

 

 

 

 

 

 

 

 

 

Net realized losses

 

 

(2,238

)

 

 

(351

)

 

 

(28,313

)

 

 

(31,927

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,124

 

 

 

7,050

 

 

 

(8,218

)

 

 

15,658

 

Non-controlled, affiliated investments

 

 

(4,358

)

 

 

1,801

 

 

 

5,059

 

 

 

(7,335

)

Controlled investments

 

 

(7,756

)

 

 

20,734

 

 

 

(30,486

)

 

 

13,896

 

Net change in unrealized (depreciation) appreciation

 

 

(10,990

)

 

 

29,585

 

 

 

(33,645

)

 

 

22,219

 

Net realized and unrealized (losses) gains

 

 

(13,228

)

 

 

29,234

 

 

 

(61,958

)

 

 

(9,708

)

Net increase in net assets resulting from operations

 

$

5,458

 

 

$

50,992

 

 

$

33,902

 

 

$

95,314

 

Per share information—basic and diluted

 

 

 

 

 

 

 

 

Net increase in net assets per share resulting from operations

 

$

0.10

 

 

$

0.94

 

 

$

0.63

 

 

$

1.74

 

Net investment income per share

 

$

0.35

 

 

$

0.40

 

 

$

1.79

 

 

$

1.92

 

Weighted average shares of common stock outstanding

 

 

53,268,577

 

 

 

54,292,065

 

 

 

53,564,788

 

 

 

54,685,327

 

 

ABOUT CION INVESTMENT CORPORATION

CION Investment Corporation is a leading publicly listed business development company that had approximately $1.9 billion in total assets as of December 31, 2024. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled “Risk Factors” and “Forward-Looking Statements” in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

OTHER INFORMATION

The information in this press release is summary information only and should be read in conjunction with CION’s Annual Report on Form 10-K, which CION filed with the SEC on March 13, 2025, as well as CION’s other reports filed with the SEC. A copy of CION’s Annual Report on Form 10-K and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.

Media

Susan Armstrong

sarmstrong@cioninvestments.com



Investor Relations

Charlie Arestia

carestia@cioninvestments.com

(646) 253-8259

Source: CION Investment Corporation

FAQ

What was CION's net investment income and total shareholder distributions for 2024?

CION reported $1.79 in net investment income and $1.52 in total shareholder distributions for 2024.

How much did CION's NAV per share decrease in Q4 2024?

CION's NAV decreased by $0.30 per share (1.9%) from $15.73 to $15.43 due to mark-to-market portfolio adjustments.

What is the composition of CION's investment portfolio as of December 31, 2024?

CION's portfolio consisted of $1.82 billion in investments across 105 companies, with 86.1% in senior secured loans.

How many shares did CION repurchase in Q4 2024 and at what price?

CION repurchased 170,617 shares at an average price of $11.74 per share, totaling $2.0 million.

What was CION's debt structure and leverage ratio as of Q4 2024?

CION had $1.12 billion in total debt, with 38% senior secured bank debt and 62% unsecured debt, maintaining a net debt-to-equity ratio of 1.27x.
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