CION Ares Diversified Credit Fund Increases Investor Distributions
CION Ares Diversified Credit Fund announced an increase to its monthly investor distribution rates, effective Oct. 1, 2022.
CION Ares Diversified Credit Fund announced an increase to its monthly investor distribution rates, effective Oct. 1, 2022.
The fund documents distributions from net investment income daily and pays distributions monthly to shareholders.
Effective Oct. 1, 2022, the daily distribution rate payable to Class A shares will increase to $0.0041586, which reflects 6.20% of the NAV of Class A shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class A share distribution rate equals a 9.0% increase compared to the previously declared distribution daily amount of $0.00381527 per Class A share.
The daily distribution rate payable to Class I shares will increase to $0.0043847, which reflects 6.45% of the NAV of Class I shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class I share distribution rate equals a 10.0% increase compared to the previously declared distribution daily amount of $0.0039861 per Class I share.
The daily distribution rate payable to Class L shares will increase to $0.0040260, which reflects 5.95% of the NAV of Class L shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class L share distribution rate equals a 1.0% increase compared to the previously declared distribution daily amount of $0.0039861 per Class L share.
The daily distribution rate payable to Class U shares will increase to $0.0038534, which reflects 5.70% of the NAV of Class U shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class U share distribution rate equals a 1.0% increase compared to the previously declared distribution daily amount of $0.00381527 per Class U share.
The daily distribution rate payable to Class U-2 shares will increase to $0.0038534, which reflects 5.70% of the NAV of Class U-2 shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class U-2 share distribution rate equals a 1.0% increase compared to the previously declared distribution daily amount of $0.00381527 per Class U-2 share.
The daily distribution rate payable to Class W shares will increase to $0.0040260, which reflects 5.95% of the NAV of Class W shares as of Aug. 31, 2022, on an annualized basis. The increased declared daily Class W share distribution rate equals a 1.0% increase compared to the previously declared distribution daily amount of $0.0039861 per Class W share.
CION Ares Diversified Credit Fund is a continuously offered, diversified, non-traded closed-end management investment company that is structured as an interval fund. The fund’s investment objective is to provide superior risk-adjusted returns across various market cycles by investing in a globally diversified portfolio of liquid and illiquid credit assets. The fund had total managed assets of $3.4 billion as of June 30, 2022.
