CION Investment Corporation Announces Special Year-End 2023 Distribution of $0.15 Per Share
December 14 2023 - 8:00AM
Business Wire
Total Distributions Declared in 2023
Increased to $1.61 Per Share
CION Investment Corporation (NYSE: CION) (“CION”) today
announced that it has declared a special cash distribution for the
year ending December 31, 2023 in the amount of $0.15 per share,
payable on January 31, 2024 to shareholders of record as of
December 22, 2023, which results in an increase in total
distributions declared in 2023 of $0.16 per share, or 11.0%, from
total distributions declared for the year ended December 31, 2022
of $1.45 per share. This special year-end distribution also results
in a declared distribution yield1 of 15.5% for the year-to-date
period through December 13, 2023, which is an increase of 14.0%
year-over-year from the declared distribution yield1 of 13.6% for
the year ended December 31, 2022. The special distribution
represents a portion of the Company’s investment company taxable
income generated through the course of the year.
Michael A. Reisner, co-CEO of CION stated, "We are delighted to
announce a special distribution for 2023, propelled by the strong
performance of our portfolio over the year. Our goal is to maintain
a steady financial performance while striving to provide
shareholders with appealing and growing distributions. We believe
that our dedication to executing our strategy, which prioritizes
generating net investment income through a focus on first lien
investments and a well-diversified portfolio of robust companies,
has allowed us to provide attractive returns to our
shareholders."
ENDNOTES
1) Declared distribution yield is expressed as a percentage
equal to the twelve-month declared per share distribution amount
divided by the average closing market price per share of $10.40 and
$10.68 for the year-to-date period through December 13, 2023 and
for the year ended December 31, 2022, respectively.
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed
business development company that had approximately $1.9 billion in
total assets as of September 30, 2023. CION seeks to generate
current income and, to a lesser extent, capital appreciation for
investors by focusing primarily on senior secured loans to U.S.
middle-market companies. CION is advised by CION Investment
Management, LLC, a registered investment adviser and an affiliate
of CION. For more information, please visit www.cionbdc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve substantial risks and uncertainties. You can identify these
statements by the use of forward-looking terminology such as "may,"
"will," "should," "expect," "anticipate," "project," "target,"
"estimate," "intend," "continue," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. You
should read statements that contain these words carefully because
they discuss CION’s plans, strategies, prospects and expectations
concerning its business, operating results, financial condition and
other similar matters. These statements represent CION’s belief
regarding future events that, by their nature, are uncertain and
outside of CION’s control. There are likely to be events in the
future, however, that CION is not able to predict accurately or
control. Any forward-looking statement made by CION in this press
release speaks only as of the date on which it is made. Factors or
events that could cause CION’s actual results to differ, possibly
materially from its expectations, include, but are not limited to,
the risks, uncertainties and other factors CION identifies in the
sections entitled "Risk Factors" and "Forward-Looking Statements"
in filings CION makes with the SEC, and it is not possible for CION
to predict or identify all of them. CION undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
OTHER INFORMATION
The information in this press release is summary information
only and should be read in conjunction with CION’s Current Report
on Form 8-K, which CION filed with the SEC on December 14, 2023, as
well as CION’s other reports filed with the SEC. A copy of CION’s
Current Report on Form 8-K and CION’s other reports filed with the
SEC can be found on CION’s website at www.cionbdc.com and the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20231214313733/en/
Media Susan Armstrong sarmstrong@cioninvestments.com
Investor Relations 1-800-343-3736 Analysts and
Institutional Investors James Carbonara Hayden IR
(646)-755-7412 James@haydenir.com
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