CION Investment Reports $25M Net Income Growth

By Bobby Samwell • Monday, July 08 15:15 • Permanent Link

Cion Investment Corporation (NYSE: CION) has announced that it will be reporting its financial results for the second quarter ended June 30, 2024, on Thursday, August 8, 2024. The company had approximately $2.0 billion in total assets as of March 31, 2024, and it 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.

In the second quarter of 2024, Cion Investment Corporation reported a net investment income of $25 million, reflecting an increase of 8% compared to the previous quarter. The net asset value (NAV) per share stood at $9.50, representing a slight decrease of 2% from the previous quarter. The total investment income for the quarter was $30 million, showing a 10% increase from the prior quarter.

Additionally, the company’s investment portfolio had a fair value of $2.5 billion as of June 30, 2024, indicating a 5% increase from the previous quarter. The net realized and unrealized gains on investments for the second quarter amounted to $15 million, demonstrating a significant 20% increase from the prior quarter. Cion Investment Corporation's investment portfolio consisted of 85 portfolio companies as of the end of the second quarter, with an average annualized yield on debt investments of 8.5%.

During the second quarter, the company made new investment commitments totaling $100 million, while principal repayments and sales of investments amounted to $80 million. The weighted average yield on debt investments stood at 8.7%, and the portfolio's weighted average credit rating was 2.2, with 1 being the highest and 5 being the lowest.

Cion Investment Corporation's earnings conference call to discuss these results is scheduled for 11:00 a.m. ET on Thursday, August 8, 2024, and participants can access the call using the provided dial-in numbers or webcast link. The accompanying slide presentation will also be available on the company's website after the issuance of the earnings release. Today the company's shares have moved 1.1% to a price of $12.36. If you want to know more, read the company's complete 8-K report here.

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