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CION Investment Corporation (CICB-0.08%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $1,915,621 from $2,001,724 as of December 31, 2023. The decrease is attributed to a reduction in investments and cash equivalents.
Total investments at fair value were $1,806,229, down from $1,954,270 at the end of the previous year. The decline is primarily due to changes in the fair value of the investment portfolio.
The company reported net investment income of $21,618 for the quarter, compared to $29,990 in the previous quarter. The decrease is mainly due to lower interest and fee income from investments.
Operating expenses for the quarter were $38,030, slightly up from $37,787 in the previous quarter. This increase is attributed to higher interest expenses related to the company's financing arrangements.
CION Investment Corporation's net decrease in net assets resulting from operations was $379 for the quarter, a significant change from the net increase of $47,473 reported in the previous quarter.
The company had a total of $1,069,844 in outstanding financing arrangements as of September 30, 2024, with a weighted average interest rate of 8.83%.
Cash and cash equivalents increased to $29,765 from $8,415 at the end of the previous year, reflecting changes in cash flow from operating and financing activities.
Shareholders' equity decreased to $839,190 from $879,563 as of December 31, 2023, due to the repurchase of common stock and dividend payments.
The filing also details the company's investment in CION/EagleTree Partners, LLC, which had a fair value of $18,851 as of September 30, 2024.
CION Investment Corporation continues to focus on managing its investment portfolio and maintaining compliance with its financial covenants.
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 quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.