CION Investment Corporation Announces Operating Results
March 16, 2017 | by James Sprow | Blue Vault
CION Investment Corporation (“CION”), a middle market loan fund that is structured as a non-traded business development company, provided an overview of its operating results for the year ended December 31, 2016, in a filing with the SEC on March 16.
Total investment return-net asset value was 13.51% during the year ended December 31, 2016. Since commencement of operations on December 17, 2012, total investment return-net asset value is 38.35%, an annualized return of 8.36%.
CION declared cash distributions to shareholders totaling approximately $77.5 million, or $0.7316 per share, during the year ended December 31, 2016, which were fully covered by taxable income, up from approximately $57.3 million, or $0.7316 per share, during the year ended December 31, 2015.
During the year ended December 31, 2016, CION decreased its gross share price once from $9.95 to $9.40 per share and increased its gross share price fourteen times from $9.40 to $10.10 per share. Subsequent to December 31, 2016, CION (i) adjusted its public offering price from $10.10 to $9.57 per share as a result of a reduction of the sales load from 10% to 5%; and (ii) increased its gross share price two times from $9.57 to $9.65 per share.
As of December 31, 2016, CION had an interest in investments in 141 portfolio companies with a fair value of $1.41 billion, of which:
93.3% were senior secured investments (58.9% first lien, 34.4% second lien); and
93.8% were floating rate investments.
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