CION Investment Reports Strong Q4 Results

By Bobby Samwell • Thursday, March 14 10:42 • Permanent Link

Cion Investment Corporation (NYSE: CION) has reported its financial results for the fourth quarter and year ended December 31, 2023. The company recorded net investment income and earnings per share of $0.40 per share and $0.94 per share, respectively, for the fourth quarter of 2023. Notably, the net asset value per share increased to $16.23 as of December 31, 2023, compared to $15.80 as of September 30, 2023, marking a $0.43 per share increase or 2.7%.

As of December 31, 2023, the company had total investments at fair value of $1,841 million in 111 portfolio companies across 24 industries. The investment portfolio was comprised of 86.6% senior secured loans, including 85.0% in first lien investments. During the quarter, the company funded new investment commitments of $147 million, funded previously unfunded commitments of $7 million, and had sales and repayments totaling $83 million, resulting in a net increase to the company's funded portfolio of $71 million.

The company's net debt-to-equity ratio was 1.10x as of December 31, 2023, compared to 1.03x as of September 30, 2023. Additionally, investments on non-accrual status amounted to 0.9% and 3.5% of the total investment portfolio at fair value and amortized cost, respectively, as of December 31, 2023, down from 1.0% and 3.8%, respectively, as of September 30, 2023.

Cion Investment Corporation also announced a first quarter 2024 base distribution of $0.34 per share, payable on March 28, 2024 to shareholders of record as of March 22, 2024.

The company repurchased 280,168 shares of its common stock under its 10b5-1 trading plan at an average price of $10.35 per share for a total repurchase amount of $2.9 million during the quarter. Through December 31, 2023, the company repurchased a total of 2,773,804 shares of its common stock under its 10b5-1 trading plan at an average price of $9.72 per share for a total repurchase amount of $27.0 million.

The market has reacted to these announcements by moving the company's shares 3.0% to a price of $11.29. Check out the company's full 8-K submission here.

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