CĪON Investment Corporation (CĪON), a non-traded business development company (BDC), released its operating results for the year ended December 31, 2014.
The middle market loan fund’s total investment return-net asset value was 6.92% for the year. CĪON’s declared distributions increased from $.7162 per share in 2013 to $.7306 per share in 2014.
During the year, CĪON sold or received repayment of investments of about $480.7 million, while the BDC invested approximately $1.02 billion in new investments.
As of December 31, 2014, its portfolio, valued at $779.1 million, consisted of investment interests in 104 companies.
The BDC invests mainly in senior secured debt of U.S. middle market companies with annual earnings before income, taxes, depreciation, and amortization (EBITDA) of $50 million or less.
CĪON’s advisor is an affiliate of ICON Investment Company, a sponsor of alternative investment products. The BDC’s subadvisor is Apollo Investment Management, L.P. (“AIM”), a subsidiary of Apollo Global Management, LLC, a leading alternative investment manager.