CĪON Investment Corporation reported a net decrease in net assets resulting from operations of $42.7 million for the three months ended March 31, 2025, compared to an increase of $6.4 million during the same period in 2024. The company's total investment income for the quarter was $56.1 million, down from $73.6 million year-over-year, primarily due to lower income from restructuring and amendment activities. Operating expenses also decreased to $36.8 million from $40.9 million, driven by a reduction in the subordinated incentive fee on income and interest expenses, which fell to $23 million from $24.3 million.
The company’s investment portfolio as of March 31, 2025, was valued at $1.8 billion, with senior secured first lien debt comprising 86.9% of the total investments. The fair value of these investments decreased from $1.6 billion at the end of 2024, reflecting a net change in unrealized depreciation of $64.3 million during the quarter. CĪON's asset coverage ratio stood at 1.68, slightly down from 1.73 at the end of the previous year, indicating a stable leverage position.
CĪON has continued to execute its strategic initiatives, including a share repurchase program that authorized the repurchase of up to $60 million of its common stock. During the first quarter of 2025, the company repurchased 185,862 shares for $2.2 million. The company also declared a quarterly base distribution of $0.36 per share, payable on June 16, 2025, to shareholders of record as of June 2, 2025.
Looking ahead, CĪON Investment Corporation remains focused on generating current income and capital appreciation through its investments in senior secured debt of U.S. middle-market companies. The company is well-positioned with $7.7 million in cash and $54 million in short-term investments, alongside $106 million available under its secured financing arrangements, to meet its operational and investment commitments. However, the company acknowledges potential risks from market volatility, inflation, and interest rate fluctuations that could impact its financial performance and investment strategy.
About CION Investment Corp
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