CĪON’s Net Investment Activity Topped $610.4 Million in 2015
CĪON Investment Corporation, a publicly registered non-traded business development company, announced its operating results for the year ended December 31, 2015.
Financial Highlights:
Total investment return-net asset value was 2.13 percent during the year ended December 31, 2015. Since commencement of operations on December 17, 2012, total investment return-net asset value is 21.87 percent, an annualized return of 6.72 percent.
CĪON declared cash distributions to shareholders totaling approximately $57.3 million, or $0.7316 per share, during the year ended December 31, 2015, which were fully covered by taxable income, up from approximately $24.5 million, or $0.7306 per share, during the year ended December 31, 2014.
Since its commencement of operations through December 31, 2015, CĪON increased its gross share price six times from $10.00 to $10.45 per share and decreased its gross share price three times from $10.45 to $9.95 per share. On March 8, 2016, CĪON decreased its gross share price from $9.95 to $9.40 per share, resulting in a cumulative net decrease of $0.60 per share.
During the year, CĪON made approximately $959.7 million of new investments and sold or received repayment of investments totaling approximately $349.3 million, resulting in net investment activity of approximately $610.4 million.
CĪON invests primarily in the senior-secured debt of private U.S. middle market companies. As of December 31, 2015, it had interest in investments in 142 portfolio companies with a fair value of $1.33 billion, of which 93 percent were senior secured investments and 97 percent were floating rate investments. CĪON is advised by CĪON Investment Management and sub-advised by Apollo Investment Management L.P.
