CION Investment Corporation Reports Second Quarter 2024 Financial Results
CION Investment (NYSE: CION) reported its Q2 2024 financial results ending June 30, 2024. The net investment income was $0.43 per share, with earnings per share at $0.42. The net asset value (NAV) per share increased to $16.08 from $16.05 in the previous quarter. The company announced a Q3 base distribution of $0.36 per share, payable on September 17, 2024. Highlights include:
- Net portfolio growth due to disciplined capital deployment.
- Total debt outstanding at $1.07 billion, with a net debt-to-equity ratio of 1.13x.
- Total investments at fair value of $1.82 billion across 107 portfolio companies.
- Repurchased 234,982 shares at an average price of $11.37 per share.
- Amended $675 million senior secured credit facility, reducing interest rates and extending terms.
Despite a decrease in total investment income to $61.4 million from $73.6 million, the company maintained a stable portfolio with 94.5% floating-rate performing loans.
CION Investment (NYSE: CION) ha riportato i risultati finanziari per il secondo trimestre del 2024, terminato il 30 giugno 2024. Il reddito netto da investimenti è stato di $0,43 per azione, con un utile per azione di $0,42. Il valore patrimoniale netto (NAV) per azione è aumentato a $16,08 rispetto ai $16,05 del trimestre precedente. L'azienda ha annunciato una distribuzione base per il terzo trimestre di $0,36 per azione, pagabile il 17 settembre 2024. I punti salienti includono:
- Crescita netta del portafoglio grazie a un impiego disciplinato del capitale.
- Debito totale in circolazione pari a $1,07 miliardi, con un rapporto debito netto/capitale di 1,13x.
- Investimenti totali a valore equo di $1,82 miliardi in 107 aziende del portafoglio.
- Riacquisto di 234.982 azioni a un prezzo medio di $11,37 per azione.
- Modifica della linea di credito senior garantita da $675 milioni, riducendo i tassi di interesse e prolungando i termini.
Nonostante una diminuzione del reddito totale da investimenti a $61,4 milioni rispetto ai $73,6 milioni, l'azienda ha mantenuto un portafoglio stabile con il 94,5% di prestiti performanti a tasso variabile.
CION Investment (NYSE: CION) reportó sus resultados financieros del segundo trimestre de 2024, finalizado el 30 de junio de 2024. Los ingresos netos por inversiones fueron de $0.43 por acción, con ganancias por acción de $0.42. El valor neto de los activos (NAV) por acción aumentó a $16.08 desde $16.05 en el trimestre anterior. La compañía anunció una distribución base del tercer trimestre de $0.36 por acción, pagadera el 17 de septiembre de 2024. Los aspectos destacados incluyen:
- Crecimiento neto de la cartera debido a un uso disciplinado del capital.
- Deuda total pendiente de $1.07 mil millones, con una relación de deuda neta sobre patrimonio de 1.13x.
- Inversiones totales a valor razonable de $1.82 mil millones en 107 empresas de la cartera.
- Recompra de 234,982 acciones a un precio promedio de $11.37 por acción.
- Enmienda de la línea de crédito senior garantizada de $675 millones, reduciendo las tasas de interés y extendiendo los plazos.
A pesar de la disminución en los ingresos totales por inversiones a $61.4 millones desde $73.6 millones, la empresa mantuvo una cartera estable con el 94.5% de préstamos productivos a tasa variable.
CION 투자 (NYSE: CION)는 2024년 6월 30일에 종료된 2분기 재무 실적을 보고했습니다. 주당 순 투자 수익은 $0.43이며, 주당 순이익은 $0.42입니다. 주당 순자산가치(NAV)는 이전 분기 $16.05에서 $16.08로 증가했습니다. 회사는 2024년 9월 17일에 지급될 3분기 기본 배당금을 주당 $0.36로 발표했습니다. 주요 내용은 다음과 같습니다:
- 규범적인 자본 배치를 통한 포트폴리오의 순 성장.
- 총 부채는 $10억 7천만으로, 순 부채 대비 자본 비율은 1.13배입니다.
- 107개 포트폴리오 회사에 걸쳐 공정 가치로 $18억 2천만의 총 투자.
- 주당 평균 $11.37로 234,982주를 재매입했습니다.
- $6억 7,500만의 선순위 담보 신용시설을 개정하고 이자율을 인하하며 조건을 연장했습니다.
총 투자 수익이 $7360만에서 $6140만으로 감소했음에도 불구하고, 회사는 94.5%의 변동 금리 성과 대출로 안정적인 포트폴리오를 유지했습니다.
CION Investment (NYSE: CION) a publié ses résultats financiers du deuxième trimestre 2024, se terminant le 30 juin 2024. Le revenu net d'investissement s'élevait à 0,43 $ par action, avec un bénéfice par action de 0,42 $. La valeur nette des actifs (NAV) par action a augmenté à 16,08 $ contre 16,05 $ au trimestre précédent. L'entreprise a annoncé une distribution de base pour le troisième trimestre de 0,36 $ par action, payable le 17 septembre 2024. Les points forts incluent :
- Croissance nette du portefeuille grâce à un déploiement discipliné du capital.
- Dette totale en circulation de 1,07 milliard de dollars, avec un ratio de dette nette sur capitaux propres de 1,13x.
- Investissements totaux à valeur juste de 1,82 milliard de dollars dans 107 entreprises du portefeuille.
- Rachat de 234 982 actions à un prix moyen de 11,37 $ par action.
- Modification d'une facilité de crédit senior garantie de 675 millions de dollars, réduisant les taux d'intérêt et prolongeant les conditions.
Malgré une baisse du revenu d'investissement total à 61,4 millions de dollars contre 73,6 millions de dollars, l'entreprise a maintenu un portefeuille stable avec 94,5 % de prêts performants à taux variable.
CION Investment (NYSE: CION) hat seine Finanzergebnisse des zweiten Quartals 2024, das am 30. Juni 2024 endete, veröffentlicht. Der Nettoertrag aus Investitionen betrug $0,43 pro Aktie, während der Gewinn pro Aktie bei $0,42 lag. Der Nettovermögenswert (NAV) pro Aktie stieg von $16,05 im vorherigen Quartal auf $16,08. Das Unternehmen gab eine Basisverteilung von $0,36 pro Aktie für das dritte Quartal bekannt, die am 17. September 2024 zahlbar ist. Zu den Höhepunkten gehören:
- Netto-Wachstum des Portfolios durch disziplinierten Kapitaleinsatz.
- Die gesamte ausstehende Schulden belaufen sich auf $1,07 Milliarden, mit einem Verhältnis von Netto-Schulden zu Eigenkapital von 1,13x.
- Gesamtinvestitionen zu fairen Werten von $1,82 Milliarden in 107 Portfoliounternehmen.
- Rückkauf von 234.982 Aktien zu einem Durchschnittspreis von $11,37 pro Aktie.
- Änderung der gesicherten Senior-Kreditfazilität über $675 Millionen, die Zinsen senkt und die Laufzeiten verlängert.
Trotz eines Rückgangs der Gesamteinnahmen aus Investitionen auf $61,4 Millionen von $73,6 Millionen hielt das Unternehmen ein stabiles Portfolio mit 94,5 % variabel verzinsten leistungsfähigen Krediten aufrecht.
- Net investment income increased to $0.43 per share.
- NAV per share increased to $16.08.
- Company repurchased 234,982 shares at $11.37 per share.
- Amended $675 million senior secured credit facility, reducing interest rates and extending terms.
- Declared a Q3 base distribution of $0.36 per share.
- Total investment income decreased to $61.4 million from $73.6 million.
- Net debt-to-equity ratio increased to 1.13x from 1.03x.
- Investments on non-accrual status increased to 1.36% from 0.86%.
Insights
CION Investment 's Q2 2024 results show mixed performance. Net investment income of
The slight NAV increase to
The increase in non-accrual investments to
CION's credit profile shows some mixed signals. The increase in non-accrual investments is a concern, rising to
The portfolio's weighted average net leverage improved to 4.74x from 4.98x, while interest coverage remained stable at 2.01x. These metrics suggest overall portfolio health, despite some individual credit deterioration.
The focus on first-lien senior secured loans (
CION's strategy appears well-positioned for the current environment. The focus on middle market, first-lien direct lending provides attractive yields while maintaining a defensive posture. The opportunistic approach to capture alpha in volatile markets could lead to outperformance if executed well.
The yield on debt investments at
The share repurchase program at an average price of
Disciplined Capital Deployment Contributes to Net Portfolio Growth
CION also announced that, on August 5, 2024, its co-chief executive officers declared a third quarter 2024 base distribution of
SECOND QUARTER AND OTHER HIGHLIGHTS
-
Net investment income and earnings per share for the quarter ended June 30, 2024 were
per share and$0.43 per share, respectively;$0.42 -
Net asset value per share was
as of June 30, 2024 compared to$16.08 as of March 31, 2024, an increase of$16.05 per share, or$0.03 0.2% . The increase was primarily due to out-earning its distribution by per share and repurchases of the Company's common stock below NAV during the quarter ended June 30, 2024, which was partially offset by realized and unrealized losses of$0.02 per share;$0.01 -
As of June 30, 2024, the Company had
of total principal amount of debt outstanding, of which$1.07 billion 61% was comprised of senior secured bank debt and39% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.13x as of June 30, 2024 compared to 1.03x as of March 31, 2024; -
As of June 30, 2024, the Company had total investments at fair value of
in 107 portfolio companies across 24 industries. The investment portfolio was comprised of$1.82 billion 85.1% senior secured loans, including84.3% in first lien investments;1 -
During the quarter, the Company funded new investment commitments of
, funded previously unfunded commitments of$137 million , and had sales and repayments totaling$10 million , resulting in a net increase to the Company's funded portfolio of$77 million ;$70 million -
As of June 30, 2024, investments on non-accrual status amounted to
1.36% and2.69% of the total investment portfolio at fair value and amortized cost, respectively, compared to0.86% and2.88% , respectively, as of March 31, 2024; -
During the quarter, the Company repurchased 234,982 shares of its common stock under its 10b5-1 trading plan at an average price of
per share for a total repurchase amount of$11.37 . Through June 30, 2024, the Company repurchased a total of 3,432,817 shares of its common stock under its 10b5-1 trading plan at an average price of$2.7 million per share for a total repurchase amount of$9.99 ; and$34.3 million -
On July 15, 2024, the Company further amended its
senior secured credit facility with JPMorgan Chase Bank, National Association (“JPM”) to (i) reduce the credit spread on the floating interest rate payable by the Company on advances from the three-month SOFR plus a credit spread of$675 million 3.20% per year to the three-month SOFR plus a credit spread of2.55% per year, and (ii) extend the reinvestment period from July 15, 2024 to June 15, 2026 and the maturity date from May 15, 2025 to June 15, 20272.
DISTRIBUTIONS
-
For the quarter ended June 30, 2024, the Company paid a quarterly base distribution totaling
, or$19.3 million per share, and declared a mid-year supplemental distribution totaling$0.36 , or$2.7 million per share, paid on July 12, 2024 to shareholders of record as of June 28, 2024.$0.05
Michael A. Reisner, co-Chief Executive Officer of CION, commented:
“I’m pleased to report that CION continues to perform well, with strong results in net investment income, NAV stability, capital deployment, and portfolio credit performance. We are focused on building a durable franchise here at CION, and believe that CION is uniquely positioned for this environment given our middle market, first lien direct lending focus paired with our opportunistic strategy as we seek to capture alpha in volatile and complex market conditions.”
SELECTED FINANCIAL HIGHLIGHTS
|
|
As of |
||||
(in thousands, except per share data and ratios) |
|
June 30, 2024 |
|
March 31, 2024 |
||
Investment portfolio, at fair value1 |
|
$ |
1,822,963 |
|
$ |
1,740,700 |
Total debt outstanding3 |
|
$ |
1,069,844 |
|
$ |
1,069,844 |
Net assets |
|
$ |
860,806 |
|
$ |
863,059 |
Net asset value per share |
|
$ |
16.08 |
|
$ |
16.05 |
Debt-to-equity ratio |
|
1.24x |
|
1.24x |
||
Net debt-to-equity ratio |
|
1.13x |
|
1.03x |
|
|
Three Months Ended |
||||||
(in thousands, except share and per share data) |
|
June 30, 2024 |
|
March 31, 2024 |
||||
Total investment income |
|
$ |
61,357 |
|
|
$ |
73,554 |
|
Total operating expenses and income tax expense |
|
$ |
38,394 |
|
|
$ |
40,961 |
|
Net investment income after taxes |
|
$ |
22,963 |
|
|
$ |
32,593 |
|
Net realized losses |
|
$ |
(20,277 |
) |
|
$ |
(9,736 |
) |
Net unrealized gains (losses) |
|
$ |
19,692 |
|
|
$ |
(16,412 |
) |
Net increase in net assets resulting from operations |
|
$ |
22,378 |
|
|
$ |
6,445 |
|
|
|
|
|
|
||||
Net investment income per share |
|
$ |
0.43 |
|
|
$ |
0.60 |
|
Net realized and unrealized losses per share |
|
$ |
(0.01 |
) |
|
$ |
(0.48 |
) |
Earnings per share |
|
$ |
0.42 |
|
|
$ |
0.12 |
|
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
53,595,624 |
|
|
|
53,960,698 |
|
Distributions declared per share |
|
$ |
0.41 |
|
|
$ |
0.34 |
|
Total investment income for the three months ended June 30, 2024 and March 31, 2024 was
Operating expenses for the three months ended June 30, 2024 and March 31, 2024 were
PORTFOLIO AND INVESTMENT ACTIVITY1
A summary of the Company's investment activity for the three months ended June 30, 2024 is as follows:
|
|
New Investment Commitments |
|
Sales and Repayments |
||||||||
Investment Type (in thousands) |
|
Amount |
|
Percentage of Total |
|
Amount |
|
Percentage of Total |
||||
Senior secured first lien debt |
|
$ |
138,624 |
|
93 |
% |
|
$ |
61,908 |
|
81 |
% |
Senior secured second lien debt |
|
|
— |
|
— |
|
|
|
12,505 |
|
16 |
% |
Collateralized securities and structured products - equity |
|
|
— |
|
— |
|
|
|
64 |
|
— |
|
Equity |
|
|
9,758 |
|
7 |
% |
|
|
2,446 |
|
3 |
% |
Total |
|
$ |
148,382 |
|
100 |
% |
|
$ |
76,923 |
|
100 |
% |
During the three months ended June 30, 2024, new investment commitments were made across 3 new and 16 existing portfolio companies. During the same period, the Company exited its investment in 1 portfolio company via sale and wrote off all investments in 4 portfolio companies. As a result, the number of portfolio companies decreased from 109 as of March 31, 2024 to 107 as of June 30, 2024.
PORTFOLIO SUMMARY1
As of June 30, 2024, the Company’s investments consisted of the following:
|
|
Investments at Fair Value |
||||
Investment Type (in thousands) |
|
Amount |
|
Percentage of Total |
||
Senior secured first lien debt |
|
$ |
1,536,753 |
|
84.3 |
% |
Senior secured second lien debt |
|
|
15,050 |
|
0.8 |
% |
Collateralized securities and structured products - equity |
|
|
770 |
|
0.1 |
% |
Unsecured debt |
|
|
5,493 |
|
0.3 |
% |
Equity |
|
|
264,897 |
|
14.5 |
% |
Total |
|
$ |
1,822,963 |
|
100.0 |
% |
The following table presents certain selected information regarding the Company’s investments:
|
|
As of |
||
|
|
June 30, 2024 |
|
March 31, 2024 |
Number of portfolio companies |
|
107 |
|
109 |
Percentage of performing loans bearing a floating rate4 |
|
|
|
|
Percentage of performing loans bearing a fixed rate4 |
|
|
|
|
Yield on debt and other income producing investments at amortized cost5 |
|
|
|
|
Yield on performing loans at amortized cost5 |
|
|
|
|
Yield on total investments at amortized cost |
|
|
|
|
Weighted average leverage (net debt/EBITDA)6 |
|
4.74x |
|
4.98x |
Weighted average interest coverage6 |
|
2.01x |
|
1.98x |
Median EBITDA7 |
|
|
|
|
As of June 30, 2024, investments on non-accrual status represented
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2024, the Company had
EARNINGS CONFERENCE CALL
CION will host an earnings conference call on Thursday, August 8, 2024 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2024. Please visit the Investor Resources - Events and Presentations 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 Second Quarter 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 - Events and Presentations section of CION’s website.
ENDNOTES
1) |
The discussion of the investment portfolio excludes short-term investments. |
|
|
||
2) |
The Company incurred certain customary costs and expenses in connection with the JPM fifth amendment and will pay an annual administrative fee of |
|
|
||
3) |
Total debt outstanding excludes netting of debt issuance costs of |
|
|
||
4) |
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. |
|
|
||
5) |
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. |
|
|
||
6) |
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. |
||
|
||
7) |
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) |
||||||||
|
|
June 30, 2024 |
|
March 31, 2024 |
||||
|
|
(unaudited) |
|
(unaudited) |
||||
Assets |
||||||||
Investments, at fair value: |
|
|
|
|
||||
Non-controlled, non-affiliated investments (amortized cost of |
|
$ |
1,502,910 |
|
|
$ |
1,494,478 |
|
Non-controlled, affiliated investments (amortized cost of |
|
|
250,411 |
|
|
|
202,915 |
|
Controlled investments (amortized cost of |
|
|
152,804 |
|
|
|
173,444 |
|
Total investments, at fair value (amortized cost of |
|
|
1,906,125 |
|
|
|
1,870,837 |
|
Cash |
|
|
9,798 |
|
|
|
48,482 |
|
Interest receivable on investments |
|
|
40,841 |
|
|
|
36,366 |
|
Receivable due on investments sold and repaid |
|
|
2,631 |
|
|
|
11,452 |
|
Dividends receivable on investments |
|
|
129 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
942 |
|
|
|
1,137 |
|
Total assets |
|
$ |
1,960,466 |
|
|
$ |
1,968,274 |
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
||||||||
Liabilities |
|
|
|
|
||||
Financing arrangements (net of unamortized debt issuance costs of |
|
$ |
1,061,710 |
|
|
$ |
1,060,455 |
|
Payable for investments purchased |
|
|
11,789 |
|
|
|
21,041 |
|
Accounts payable and accrued expenses |
|
|
1,031 |
|
|
|
743 |
|
Interest payable |
|
|
9,614 |
|
|
|
8,556 |
|
Accrued management fees |
|
|
6,841 |
|
|
|
6,864 |
|
Accrued subordinated incentive fee on income |
|
|
4,871 |
|
|
|
6,914 |
|
Accrued administrative services expense |
|
|
1,128 |
|
|
|
642 |
|
Shareholder distribution payable |
|
|
2,676 |
|
|
|
— |
|
Total liabilities |
|
|
1,099,660 |
|
|
|
1,105,215 |
|
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
|
||||
Common stock, |
|
|
54 |
|
|
|
54 |
|
Capital in excess of par value |
|
|
1,025,689 |
|
|
|
1,028,360 |
|
Accumulated distributable losses |
|
|
(164,937 |
) |
|
|
(165,355 |
) |
Total shareholders' equity |
|
|
860,806 |
|
|
|
863,059 |
|
Total liabilities and shareholders' equity |
|
$ |
1,960,466 |
|
|
$ |
1,968,274 |
|
Net asset value per share of common stock at end of period |
|
$ |
16.08 |
|
|
$ |
16.05 |
|
CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts) |
||||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
Year Ended December 31, |
||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
||||||||||
Investment income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
$ |
38,512 |
|
|
$ |
47,117 |
|
|
$ |
93,884 |
|
|
$ |
89,885 |
|
|
$ |
184,013 |
|
Paid-in-kind interest income |
|
|
7,236 |
|
|
|
4,297 |
|
|
|
14,285 |
|
|
|
9,128 |
|
|
|
22,317 |
|
Fee income |
|
|
1,338 |
|
|
|
1,154 |
|
|
|
5,211 |
|
|
|
2,297 |
|
|
|
7,871 |
|
Dividend income |
|
|
5,139 |
|
|
|
— |
|
|
|
5,139 |
|
|
|
— |
|
|
|
210 |
|
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
2,383 |
|
|
|
1,734 |
|
|
|
3,902 |
|
|
|
4,208 |
|
|
|
7,068 |
|
Paid-in-kind interest income |
|
|
2,569 |
|
|
|
1,751 |
|
|
|
5,051 |
|
|
|
3,482 |
|
|
|
8,372 |
|
Fee income |
|
|
704 |
|
|
|
477 |
|
|
|
704 |
|
|
|
2,397 |
|
|
|
2,432 |
|
Dividend income |
|
|
13 |
|
|
|
52 |
|
|
|
40 |
|
|
|
3,933 |
|
|
|
3,946 |
|
Controlled investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
3,163 |
|
|
|
1,914 |
|
|
|
6,395 |
|
|
|
3,891 |
|
|
|
8,090 |
|
Paid-in-kind interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
Fee income |
|
|
300 |
|
|
|
— |
|
|
|
300 |
|
|
|
— |
|
|
|
1,391 |
|
Dividend income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,250 |
|
|
|
4,250 |
|
Total investment income |
|
|
61,357 |
|
|
|
58,496 |
|
|
|
134,911 |
|
|
|
123,471 |
|
|
|
251,010 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
||||||||||
Management fees |
|
|
6,841 |
|
|
|
6,546 |
|
|
|
13,705 |
|
|
|
13,222 |
|
|
|
26,856 |
|
Administrative services expense |
|
|
1,246 |
|
|
|
910 |
|
|
|
2,338 |
|
|
|
1,747 |
|
|
|
3,971 |
|
Subordinated incentive fee on income |
|
|
4,871 |
|
|
|
4,965 |
|
|
|
11,785 |
|
|
|
11,300 |
|
|
|
22,277 |
|
General and administrative |
|
|
1,659 |
|
|
|
2,074 |
|
|
|
3,443 |
|
|
|
4,029 |
|
|
|
7,382 |
|
Interest expense |
|
|
23,773 |
|
|
|
20,467 |
|
|
|
48,075 |
|
|
|
39,776 |
|
|
|
85,556 |
|
Total operating expenses |
|
|
38,390 |
|
|
|
34,962 |
|
|
|
79,346 |
|
|
|
70,074 |
|
|
|
146,042 |
|
Net investment income before taxes |
|
|
22,967 |
|
|
|
23,534 |
|
|
|
55,565 |
|
|
|
53,397 |
|
|
|
104,968 |
|
Income tax expense (benefit), including excise tax |
|
|
4 |
|
|
|
118 |
|
|
|
9 |
|
|
|
123 |
|
|
|
(54 |
) |
Net investment income after taxes |
|
|
22,963 |
|
|
|
23,416 |
|
|
|
55,556 |
|
|
|
53,274 |
|
|
|
105,022 |
|
Realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
(13,186 |
) |
|
|
(18,928 |
) |
|
|
(22,922 |
) |
|
|
(23,453 |
) |
|
|
(31,927 |
) |
Non-controlled, affiliated investments |
|
|
(7,091 |
) |
|
|
— |
|
|
|
(7,091 |
) |
|
|
— |
|
|
|
— |
|
Controlled investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net realized losses |
|
|
(20,277 |
) |
|
|
(18,928 |
) |
|
|
(30,013 |
) |
|
|
(23,453 |
) |
|
|
(31,927 |
) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlled, non-affiliated investments |
|
|
1,417 |
|
|
|
23,396 |
|
|
|
(5,100 |
) |
|
|
(17,690 |
) |
|
|
15,658 |
|
Non-controlled, affiliated investments |
|
|
23,202 |
|
|
|
595 |
|
|
|
16,956 |
|
|
|
(9,695 |
) |
|
|
(7,335 |
) |
Controlled investments |
|
|
(4,927 |
) |
|
|
(585 |
) |
|
|
(8,576 |
) |
|
|
(5,587 |
) |
|
|
13,896 |
|
Net change in unrealized appreciation (depreciation) |
|
|
19,692 |
|
|
|
23,406 |
|
|
|
3,280 |
|
|
|
(32,972 |
) |
|
|
22,219 |
|
Net realized and unrealized (losses) gains |
|
|
(585 |
) |
|
|
4,478 |
|
|
|
(26,733 |
) |
|
|
(56,425 |
) |
|
|
(9,708 |
) |
Net increase (decrease) in net assets resulting from operations |
|
$ |
22,378 |
|
|
$ |
27,894 |
|
|
$ |
28,823 |
|
|
$ |
(3,151 |
) |
|
$ |
95,314 |
|
Per share information—basic and diluted |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets per share resulting from operations |
|
$ |
0.42 |
|
|
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
(0.06 |
) |
|
$ |
1.74 |
|
Net investment income per share |
|
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
1.03 |
|
|
$ |
0.97 |
|
|
$ |
1.92 |
|
Weighted average shares of common stock outstanding |
|
|
53,595,624 |
|
|
|
54,788,740 |
|
|
|
53,778,161 |
|
|
|
54,948,225 |
|
|
|
54,685,327 |
|
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed business development company that had approximately
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 Quarterly Report on Form 10-Q, which CION filed with the SEC on August 8, 2024, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808818785/en/
Media
Susan Armstrong
sarmstrong@cioninvestments.com
Investor Relations
Charlie Arestia
carestia@cioninvestments.com
(646) 253-8259
James Carbonara
Hayden IR
James@haydenir.com
(646) 755-7412
Source: CION Investment Corporation
FAQ
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