CION Investment Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 06:27 am EDT
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CION Investment Corporation reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 58.5 million compared to USD 43.55 million a year ago. Net income was USD 27.89 million compared to net loss of USD 1.27 million a year ago. Basic earnings per share from continuing operations was USD 0.51 compared to basic loss per share from continuing operations of USD 0.02 a year ago.
For the six months, revenue was USD 123.47 million compared to USD 85.24 million a year ago. Net loss was USD 3.15 million compared to net income of USD 6.62 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to basic earnings per share from continuing operations of USD 0.12 a year ago.
CION Investment Corporation is an externally managed, non-diversified closed-end management investment company. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. Its portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly traded United States middle-market companies. The Company's investment portfolio includes healthcare and pharmaceuticals, chemicals, plastics and rubber, high-tech industries, beverage, food and tobacco, capital equipment, banking, finance, insurance and real estate, aerospace and defense, construction and building, telecommunications, hotel, gaming, and leisure, automotive, and metals and mining. Its investment adviser is CION Investment Management, LLC.