CION Q4 2024 Earnings Report
Key Takeaways
CION Investment Corporation reported total investment income of $57.9 million in Q4 2024, with net investment income per share of $0.35. The company experienced a decrease in net asset value per share to $15.43 due to mark-to-market adjustments. Investments in senior secured loans remained the core of the portfolio, accounting for 86.1% of total investments.
Total investment income reached $57.9 million, slightly lower than the prior quarter.
Net investment income per share was $0.35, while EPS stood at $0.10.
Net asset value per share decreased to $15.43 from $15.73 in Q3 2024.
The company funded $100 million in new investment commitments and had $64 million in net portfolio growth.
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CION Revenue by Segment
Forward Guidance
CION expects continued stable investment performance in 2025, supported by a strong portfolio of senior secured loans and prudent capital management.
Positive Outlook
- Projected stable net investment income in 2025.
- Continued strong dividend distributions with a base distribution of $0.36 per share declared for Q1 2025.
- New credit facility with UBS improves capital flexibility and reduces interest costs.
- Strong portfolio performance with 93.8% of loans bearing floating rates.
- Potential for NAV stabilization through disciplined investment management.
Challenges Ahead
- Net asset value per share declined due to portfolio mark-to-market adjustments.
- Lower SOFR rates impacted investment income during Q4 2024.
- Higher interest expense due to increased debt levels.
- Potential macroeconomic risks affecting portfolio companies.
- Market volatility could impact equity investment valuations.