The following is a summary of the CION Investment Corporation (CION) Q4 2023 Earnings Call Transcript:

Financial Performance:

• CION Investment Corporation's Q4 net asset value increased by almost 3% quarter-over-quarter and almost 2% year-over-year to $16.23 per share.

• Net income was $0.94 per share, which marks an 8% increase quarter-over-quarter.

• Net investment income was $0.40 per share and out earned the base dividend.

• The net debt to equity ratio was slightly higher at 1.10 times.

• Total assets were approximately $2 billion, with net assets of $880 million dollars and total debt outstanding of $1.1 billion.

• Operating expenses increased slightly due to increased interest expense under financing arrangements.

• Total distributions for 2023 declared were $1.61 per share, marking an increase of 11% year over year.

Business Progress:

• The company remains committed to the middle market, believing it offers superior risk-adjusted returns.

• CION made $152 million in new investment commitments in Q4 and funded $7 million of previously unfunded commitments.

• The company is anticipating an increase in M&A activity in 2024, underpinned by higher interest rates.

• Q4 saw successful first lien investments in new platforms and existing portfolio companies.

• The company is maintaining a defensive portfolio with a majority of first lien investments and senior secured investments.

• The firm ended the quarter in a strong position with over $600 million in unencumbered assets and solid liquidity.

More details: CION Investment IR

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