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CION Investment Corporation 7.50% Notes due 2029 (CICB+0.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported total investment income of $252.4 million, an increase from $251.0 million in the previous year. The increase was primarily driven by higher transaction fees on investments.
Operating expenses, including management fees, administrative services, and interest expenses, totaled $156.6 million, up from $146.0 million in the previous year. The increase was mainly due to higher interest expenses resulting from increased borrowings.
Net investment income after taxes decreased to $95.9 million from $105.0 million in the previous year, primarily due to increased interest expenses.
The company recorded a net realized loss on investments and foreign currency of $28.3 million, compared to a loss of $31.9 million in the previous year, mainly from realized losses on the restructuring and write-off of certain investments.
Net change in unrealized depreciation on investments was $33.6 million, compared to an appreciation of $22.2 million in the previous year, driven by mark-to-market price changes on certain investments.
The net increase in net assets resulting from operations was $33.9 million, compared to $95.3 million in the previous year.
The company's investment portfolio at fair value was $1.82 billion as of December 31, 2024, with investments in 105 portfolio companies. The portfolio primarily consists of senior secured first lien debt, which represents 86% of the total investment portfolio.
CION Investment Corporation's asset coverage ratio was 1.73 as of December 31, 2024, compared to 1.81 in the previous year. The company had $131 million available under its secured financing arrangements.
On February 13, 2025, the company entered into a new $125 million credit facility with UBS, reducing the interest rate payable by 0.45% per year.
The company declared a quarterly base distribution of $0.36 per share for the first quarter of 2025, payable on April 11, 2025, to shareholders of record as of March 28, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CION Investment Corporation 7.50% Notes due 2029 annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.