Private Credit Portfolio Analysis | CION Investment Corp Reports FY 2024 Results
- Editor
- Mar 12
- 2 min read
Whats New:
CION Investment Corp has reported its financial results for the fiscal year 2024. The fund's total assets stood at $1.95 billion as of December 31, 2024, with investments owned at fair value of $1.89 billion. Net asset value per share decreased to $15.43 from $16.23 at the end of 2023. The fund reported net investment income of $95.86 million for the year, down from $105.02 million in 2023.
Portfolio Dynamics:
Total assets decreased to $1.95 billion as of December 31, 2024, compared to $2.00 billion at the end of 2023.
Investments owned at fair value declined to $1.89 billion from $1.95 billion at the end of 2023.
Cash and cash equivalents decreased to $7.67 million from $8.42 million at the end of 2023.
Investment Activty:
Interest receivable increased to $45.14 million from $36.72 million at the end of 2023.
Receivable for investment sales rose to $2.97 million from $967,000 at the end of 2023.
Prepaid expenses and other assets slightly decreased to $1.27 million from $1.35 million at the end of 2023.
Capital Structure:
Long-term debt increased to $1.10 billion from $1.08 billion at the end of 2023.
Stockholders' equity decreased to $820.81 million from $879.56 million at the end of 2023.
Common stock value slightly decreased to $53,000 from $54,000 at the end of 2023.
Performance Profile:
Net asset value per share decreased to $15.43 as of December 31, 2024, compared to $16.23 at the end of 2023.
Net investment income decreased to $95.86 million in 2024 from $105.02 million in 2023.
Total investment income (not directly stated, but implied from net investment income) also decreased year-over-year.
Risk & Quality:
Incentive fee payable decreased to $3.96 million from $4.62 million at the end of 2023.
Accrued administrative services expense decreased to $2.01 million from $2.16 million at the end of 2023.
Shareholder distribution payable significantly decreased to $2.66 million from $10.84 million at the end of 2023.
The Wrap:
CION Investment Corp's 2024 fiscal year results show a slight contraction in its portfolio and financial performance. The fund experienced decreases in total assets, investments at fair value, and net asset value per share. While long-term debt increased marginally, stockholders' equity and net investment income declined. These changes suggest a challenging year for the fund, potentially influenced by market conditions or strategic decisions in investment activities and capital management.
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