CION Q1 2023 NII $0.54/share, EPS -$0.56; NAV down to $15.11; non-accruals jump to 6.8%

CION Investment Corp

Net investment income $0.54 per share (up from $0.43 in Q4 2022); net loss $(0.56) per share.
Net asset value per share fell to $15.11 from $15.98, driven by underperformance of certain investments.
Non-accrual investments rose to 6.8% of portfolio at amortized cost (from 2.0% in Q4 2022).
Declared Q2 2023 distribution of $0.34 per share, payable June 15, 2023.
Completed $80.7M unsecured Series A Notes offering in Israel due 2026 at SOFR+3.82%.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CION Investment Corp reported first quarter ended March 31, 2023 results: revenue $65.0 million, net income $ (31,045 ), EPS $(0.56) per share.

Period: first quarter ended March 31, 2023
Revenue: $65.0 million
Net income: $ (31,045 )
EPS: $(0.56) per share
Result: reported results

Exact text from the filing

per share $ 0.34 $ 0.58 * *Includes a special distribution of $0.27 per share. Total investment income for the three months ended March 31, 2023 and December 31, 2022 was $65.0 million and $55.5 million, respectively. The increase in investment income was primarily driven by an increase in LIBOR and SOFR rates, dividend income from certain investments and fees

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

CION Investment Corp: Amended and restated Code of Ethics with technical, administrative and non-substantive changes (effective 2023-05-08).

Change: code of ethics
Effective: 2023-05-08

Exact text from the filing

On May 8, 2023, the Board adopted an amended and restated Code of Ethics (the “Code of Ethics”) reflecting certain technical, administrative and other non-substantive changes.

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Source: SEC EDGAR

accession 0001104659-23-058039

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