Q3 2024 Cion Investment Corp Earnings Call Transcript
Key Points
- CION Invt Corp (CION) successfully executed a public Baby bond offering, which was more than three times oversubscribed, indicating strong investor interest.
- The company reported a quarterly net investment income of $0.40 per share, exceeding the base quarterly dividend of $0.36 per share.
- CION Invt Corp (CION) maintained a conservative and prudent outlook, actively managing its balance sheet to withstand potential market volatility.
- The company achieved a significant step in its evolution as a public company with the largest standalone Baby bond in the publicly listed BDC space.
- CION Invt Corp (CION) was active in share repurchases, buying back approximately 166,000 shares at an average price of $12.09, reflecting their view that shares remain undervalued.
- Net asset value declined quarter over quarter to $15.73 from $16.08, primarily due to fair value marks in the equity portfolio.
- Nonaccruals increased from 1.4% of fair value in Q2 to 1.8% in Q3, indicating a rise in loans not generating income.
- The company downgraded six loans, offset by upgrading only three, reflecting some challenges in the credit performance of its portfolio.
- CION Invt Corp (CION) experienced a decrease in net investment income from $22.9 million in Q2 to $21.6 million in Q3.
- The weighted average yield on debt and other income-producing investments decreased from 12.8% in Q2 to 12.2% in Q3.
Greetings and welcome to the Scion Investment Corporation's third quarter, 2024 conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If you require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host Charlie Aristea, Managing Director and head of Investor relations. Thank you, Charlie. You may begin.
Good morning and welcome to Scion Investment Corporation's third quarter, 2024 earnings conference call.
An earnings press release was distributed earlier this morning before market opened a copy of the release along with a supplemental earnings presentation is available on the company's website at www dot scion B DC dotcom in the investor resources section and should be reviewed in conjunction with the company's Form 10-Q filed with
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