CION Investment Corporation reports developments as a publicly listed business development company focused primarily on senior secured loans to U.S. middle-market companies. The company is externally managed by CION Investment Management, LLC and seeks current income and, to a lesser extent, capital appreciation through a portfolio that emphasizes first lien investments, with additional exposure to other debt and equity securities.
Recurring CION news covers quarterly and annual financial results, NAV movement, portfolio composition, loan yields, leverage and interest coverage metrics, base distribution declarations, earnings call schedules and capital-structure updates. Company releases also address senior unsecured note financings, shareholder voting matters and SEC filings tied to its BDC reporting obligations.
CION Investment Corporation (NYSE: CION) announced its participation in upcoming investor conferences. Notably, at the Wells Fargo BDC Power Alley Conference on June 9, management will host virtual meetings throughout the day. Additionally, at the LD Micro Invitational Conference in California, CION's main presentation is set for 8:30 am PT on June 9. The company reported approximately $1.8 billion in assets as of March 31, 2022, focusing on senior secured loans to U.S. middle-market companies.
CION Investment Corporation (NYSE: CION) reported its financial results for Q1 2022, revealing a net investment income of $0.34 per share and earnings per share of $0.14. The net asset value decreased to $16.20 from $16.34 due to market adjustments. Total debt outstanding rose to $875 million, with a debt-to-equity ratio of 0.95x. The company maintained a healthy portfolio of $1.74 billion across 115 companies, with 93.9% in senior secured loans. Despite marking net unrealized losses of $11.5 million, the company paid a distribution of $0.28 per share during the quarter.
CION Investments (CION) has partnered with Man Group to establish a joint venture, CION Man Management (CMM), focused on creating alternative investment solutions. CMM will combine Man Group's operational expertise with CION's retail product management. The partnership will utilize iCapital's technology to enhance access to private markets for financial advisors and high-net-worth clients. Currently, CION manages approximately $1.8 billion in assets through CION Investment Corporation and $3.1 billion in the CION Ares Diversified Credit Fund.
CION Investments announced a record raise of $390 million for the CION Ares Diversified Credit Fund (CADC) in Q1, boosting total managed assets to $3.1 billion. Co-CEO Michael A. Reisner attributed this success to the Fund’s floating rate strategy and investor demand for credit alternatives. The CADC employs a dynamic asset allocation framework targeting superior risk-adjusted returns across market cycles. CION aims to provide individual investors accessible alternative credit investments without high minimums or long lock-up periods.
CION Investment Corporation (NYSE: CION) announced the closing of a $50 million senior unsecured term loan with More Provident Funds and Pension Ltd. on April 27, 2022. Net proceeds, approximately $49 million, will fund investments and corporate purposes. The loan bears interest at a floating rate plus a 1.0% SOFR floor, maturing on April 27, 2027. Additionally, CION increased its JPM Credit Facility from $575 million to $675 million to enhance borrowing capacity for further investments. This expansion underscores the strong relationships with lenders.
CION Investment Corporation (NYSE: CION) will announce its financial results for Q1 2022 on May 12, 2022, before market opening. A conference call will follow at 11:00 a.m. ET. CION focuses on senior secured loans to U.S. middle-market companies, managing approximately $1.8 billion in assets as of December 31, 2021. Investors can access a slide presentation and the webcast via their website.
Invacare Corporation (NYSE: IVC) announced the appointment of Aron I. Schwartz to its Board of Directors, effective March 21, 2022. Schwartz, Managing Partner at ACON Investments, brings extensive financial expertise to the company. His role includes positions on the Audit Committee and Nominating and Governance Committee, expanding Invacare's board to nine directors, eight of whom are independent. The company's leadership expressed optimism that Schwartz's experience will enhance Invacare's business transformation and profitability.
CION Investment Corporation (CION) reported its fourth quarter and fiscal year results for 2021, highlighting a net investment income of $0.32 per share and earnings per share of $0.28. The company declared a second quarter 2022 distribution of $0.28 per share. Key actions included forming a joint venture with EagleTree Capital and reducing its asset coverage ratio from 200% to 150%, allowing for increased leverage. Although net asset value decreased to $16.34, total investments rose to $1.67 billion, with 93.9% in senior secured loans. The conference call on March 10, 2022, will discuss these results further.
CION Investment Corporation (NYSE: CION) will announce its financial results for the fourth quarter and fiscal year ending December 31, 2021 on March 10, 2022, before market opening. Following the release, an earnings conference call is scheduled at 11:00 a.m. Eastern Time. CION, a leading business development company, reported approximately $1.8 billion in assets as of September 30, 2021. Investors can access more information on CION's website or through their webcast.
CION Investment Corporation (NYSE: CION) announced that its shareholders approved a reduction of the asset coverage requirement from $1 debt per $1 equity to $2 debt per $1 equity. This change is effective as of December 31, 2021, allowing CION to increase leverage and target a debt-to-equity ratio of 1.00 to 1.25x. The Company aims to prudently grow assets and generate returns for shareholders through senior secured loans to U.S. middle-market companies.