CION Investment Corporation Reports Second Quarter 2024 Financial Results
Disciplined Capital Deployment Contributes to Net Portfolio Growth
CION Investment Corporation (NYSE:CION) ("CION" or the "Company") today reported financial results for the second quarter ended June 30, 2024 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
CION also announced that, on August 5, 2024, its co-chief executive officers declared a third quarter 2024 base distribution of $0.36 per share, payable on September 17, 2024 to shareholders of record as of September 3, 2024.
SECOND QUARTER AND OTHER HIGHLIGHTS
- Net investment income and earnings per share for the quarter ended June 30, 2024 were $0.43 per share and $0.42 per share, respectively;
- Net asset value per share was $16.08 as of June 30, 2024 compared to $16.05 as of March 31, 2024, an increase of $0.03 per share, or 0.2%. The increase was primarily due to out-earning its distribution by $0.02 per share and repurchases of the Company's common stock below NAV during the quarter ended June 30, 2024, which was partially offset by realized and unrealized losses of $0.01 per share;
- As of June 30, 2024, the Company had $1.07 billion of total principal amount of debt outstanding, of which 61% was comprised of senior secured bank debt and 39% was comprised of unsecured debt. The Company's net debt-to-equity ratio was 1.13x as of June 30, 2024 compared to 1.03x as of March 31, 2024;
- As of June 30, 2024, the Company had total investments at fair value of $1.82 billion in 107 portfolio companies across 24 industries. The investment portfolio was comprised of 85.1% senior secured loans, including 84.3% in first lien investments;1
- During the quarter, the Company funded new investment commitments of $137 million, funded previously unfunded commitments of $10 million, and had sales and repayments totaling $77 million, resulting in a net increase to the Company's funded portfolio of $70 million;
- As of June 30, 2024, investments on non-accrual status amounted to 1.36% and 2.69% of the total investment portfolio at fair value and amortized cost, respectively, compared to 0.86% and 2.88%, respectively, as of March 31, 2024;
- During the quarter, the Company repurchased 234,982 shares of its common stock under its 10b5-1 trading plan at an average price of $11.37 per share for a total repurchase amount of $2.7 million. Through June 30, 2024, the Company repurchased a total of 3,432,817 shares of its common stock under its 10b5-1 trading plan at an average price of $9.99 per share for a total repurchase amount of $34.3 million; and
- On July 15, 2024, the Company further amended its $675 million senior secured credit facility with JPMorgan Chase Bank, National Association ("JPM") to (i) reduce the credit spread on the floating interest rate payable by the Company on advances from the three-month SOFR plus a credit spread of 3.20% per year to the three-month SOFR plus a credit spread of 2.55% per year, and (ii) extend the reinvestment period from July 15, 2024 to June 15, 2026 and the maturity date from May 15, 2025 to June 15, 20272.
DISTRIBUTIONS
- For the quarter ended June 30, 2024, the Company paid a quarterly base distribution totaling $19.3 million, or $0.36 per share, and declared a mid-year supplemental distribution totaling $2.7 million, or $0.05 per share, paid on July 12, 2024 to shareholders of record as of June 28, 2024.
Michael A. Reisner, co-Chief Executive Officer of CION, commented:
"I'm pleased to report that CION continues to perform well, with strong results in net investment income, NAV stability, capital deployment, and portfolio credit performance. We are focused on building a durable franchise here at CION, and believe that CION is uniquely positioned for this environment given our middle market, first lien direct lending focus paired with our opportunistic strategy as we seek to capture alpha in volatile and complex market conditions."
SELECTED FINANCIAL HIGHLIGHTS
|
|
As of |
||||
(in thousands, except per share data and ratios) |
|
June 30, 2024 |
|
March 31, 2024 |
||
Investment portfolio, at fair value1 |
|
$ |
1,822,963 |
|
$ |
1,740,700 |
Total debt outstanding3 |
|
$ |
1,069,844 |
|
$ |
1,069,844 |
Net assets |
|
$ |
860,806 |
|
$ |
863,059 |
Net asset value per share |
|
$ |
16.08 |
|
$ |
16.05 |
Debt-to-equity ratio |
|
1.24x |
|
1.24x |
||
Net debt-to-equity ratio |
|
1.13x |
|
1.03x |
||
|
|
Three Months Ended |
||||||
(in thousands, except share and per share data) |
|
June 30, 2024 |
|
March 31, 2024 |
||||
Total investment income |
|
$ |
61,357 |
|
|
$ |
73,554 |
|
Total operating expenses and income tax expense |
|
$ |
38,394 |
|
|
$ |
40,961 |
|
Net investment income after taxes |
|
$ |
22,963 |
|
|
$ |
32,593 |
|
Net realized losses |
|
$ |
(20,277 |
) |
|
$ |
(9,736 |
) |
Net unrealized gains (losses) |
|
$ |
19,692 |
|
|
$ |
(16,412 |
) |
Net increase in net assets resulting from operations |
|
$ |
22,378 |
|
|
$ |
6,445 |
|
|
|
|
|
|
||||
Net investment income per share |
|
$ |
0.43 |
|
|
$ |
0.60 |
|
Net realized and unrealized losses per share |
|
$ |
(0.01 |
) |
|
$ |
(0.48 |
) |
Earnings per share |
|
$ |
0.42 |
|
|
$ |
0.12 |
|
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
53,595,624 |
|
|
|
53,960,698 |
|
Distributions declared per share |
|
$ |
0.41 |
|
|
$ |
0.34 |
|
Total investment income for the three months ended June 30, 2024 and March 31, 2024 was $61.4 million and $73.6 million, respectively. The decrease in total investment income was primarily driven by higher investment income from origination and restructuring activities and fees received in connection with the repayment of portfolio investments during the three months ended March 31, 2024.
Operating expenses for the three months ended June 30, 2024 and March 31, 2024 were $38.4 million and $41.0 million, respectively. The decrease in operating expenses was primarily driven by lower advisory fees due to a decrease in total investment income during the quarter ended June 30, 2024 as compared to the quarter ended March 31, 2024.
PORTFOLIO AND INVESTMENT ACTIVITY1
A summary of the Company's investment activity for the three months ended June 30, 2024 is as follows:
|
|
New Investment Commitments |
|
Sales and Repayments |
||||||||
Investment Type (in thousands) |
|
Amount |
|
Percentage of Total |
|
Amount |
|
Percentage of Total |
||||
Senior secured first lien debt |
|
$ |
138,624 |
|
93 |
% |
|
$ |
61,908 |
|
81 |
% |
Senior secured second lien debt |
|
|
— |
|
— |
|
|
|
12,505 |
|
16 |
% |
Collateralized securities and structured products - equity |
|
|
— |
|
— |
|
|
|
64 |
|
— |
|
Equity |
|
|
9,758 |
|
7 |
% |
|
|
2,446 |
|
3 |
% |
Total |
|
$ |
148,382 |
|
100 |
% |
|
$ |
76,923 |
|
100 |
% |
During the three months ended June 30, 2024, new investment commitments were made across 3 new and 16 existing portfolio companies. During the same period, the Company exited its investment in 1 portfolio company via sale and wrote off all investments in 4 portfolio companies. As a result, the number of portfolio companies decreased from 109 as of March 31, 2024 to 107 as of June 30, 2024.
PORTFOLIO SUMMARY1
As of June 30, 2024, the Company's investments consisted of the following:
|
|
Investments at Fair Value |
||||
Investment Type (in thousands) |
|
Amount |
|
Percentage of Total |
||
Senior secured first lien debt |
|
$ |
1,536,753 |
|
84.3 |
% |
Senior secured second lien debt |
|
|
15,050 |
|
0.8 |
% |
Collateralized securities and structured products - equity |
|
|
770 |
|
0.1 |
% |
Unsecured debt |
|
|
5,493 |
|
0.3 |
% |
Equity |
|
|
264,897 |
|
14.5 |
% |
Total |
|
$ |
1,822,963 |
|
100.0 |
% |
The following table presents certain selected information regarding the Company's investments:
|
|
As of |
||
|
|
June 30, 2024 |
|
March 31, 2024 |
Number of portfolio companies |
|
107 |
|
109 |
Percentage of performing loans bearing a floating rate4 |
|
94.5% |
|
92.6% |
Percentage of performing loans bearing a fixed rate4 |
|
5.5% |
|
7.4% |
Yield on debt and other income producing investments at amortized cost5 |
|
12.86% |
|
12.93% |
Yield on performing loans at amortized cost5 |
|
13.26% |
|
13.39% |
Yield on total investments at amortized cost |
|
11.48% |
|
11.52% |
Weighted average leverage (net debt/EBITDA)6 |
|
4.74x |
|
4.98x |
Weighted average interest coverage6 |
|
2.01x |
|
1.98x |
Median EBITDA7 |
|
$32.8 million |
|
$33.7 million |
As of June 30, 2024, investments on non-accrual status represented 1.36% and 2.69% of the total investment portfolio at fair value and amortized cost, respectively. As of March 31, 2024, investments on non-accrual status represented 0.86% and 2.88% of the total investment portfolio at fair value and amortized cost, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2024, the Company had $1.07 billion of total principal amount of debt outstanding, comprised of $650 million of outstanding borrowings under its senior secured credit facilities and $420 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 8.4% for the quarter ended June 30, 2024. As of June 30, 2024, the Company had $93 million in cash and short-term investments and $175 million available under its financing arrangements.3
EARNINGS CONFERENCE CALL
CION will host an earnings conference call on Thursday, August 8, 2024 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2024. Please visit the Investor Resources - Events and Presentations section of the Company's website at www.cionbdc.com for a slide presentation that complements the earnings conference call.
All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Second Quarter Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Events and Presentations section of CION's website.
ENDNOTES
1) |
The discussion of the investment portfolio excludes short-term investments. |
|
|
||
2) |
The Company incurred certain customary costs and expenses in connection with the JPM fifth amendment and will pay an annual administrative fee of 0.20% on JPM's total financing commitment. |
|
|
||
3) |
Total debt outstanding excludes netting of debt issuance costs of $8.1 million and $9.4 million as of June 30, 2024 and March 31, 2024, respectively. |
|
|
||
4) |
The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status. |
|
|
||
5) |
Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment. |
|
|
||
6) |
For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
||
For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA ("interest coverage ratio"). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
||
|
||
Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount. |
||
|
||
7) |
Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment. |
CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts) |
||||||||
|
|
June 30, 2024 |
|
March 31, 2024 |
||||
|
|
(unaudited) |
|
(unaudited) |
||||
Assets |
||||||||
Investments, at fair value: |
|
|
|
|
||||
Non-controlled, non-affiliated investments (amortized cost of $1,544,674 and $1,541,138, respectively) |
|
$ |
1,502,910 |
|
|
$ |
1,494,478 |
|
Non-controlled, affiliated investments (amortized cost of $240,735 and $212,966, respectively) |
|
|
250,411 |
|
|
|
202,915 |
|
Controlled investments (amortized cost of $138,792 and $154,505, respectively) |
|
|
152,804 |
|
|
|
173,444 |
|
Total investments, at fair value (amortized cost of $1,924,201 and $1,908,609, respectively) |
|
|
1,906,125 |
|
|
|
1,870,837 |
|
Cash |
|
|
9,798 |
|
|
|
48,482 |
|
Interest receivable on investments |
|
|
40,841 |
|
|
|
36,366 |
|
Receivable due on investments sold and repaid |
|
|
2,631 |
|
|
|
11,452 |
|
Dividends receivable on investments |
|
|
129 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
942 |
|
|
|
1,137 |
|
Total assets |
|
$ |
1,960,466 |
|
|
$ |
1,968,274 |
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
||||||||
Liabilities |
|
|
|
|
||||
Financing arrangements (net of unamortized debt issuance costs of $8,134 and $9,388, respectively) |
|
$ |
1,061,710 |
|
|
$ |
1,060,455 |
|
Payable for investments purchased |
|
|
11,789 |
|
|
|
21,041 |
|
Accounts payable and accrued expenses |
|
|
1,031 |
|
|
|
743 |
|
Interest payable |
|
|
9,614 |
|
|
|
8,556 |
|
Accrued management fees |
|
|
6,841 |
|
|
|
6,864 |
|
Accrued subordinated incentive fee on income |
|
|
4,871 |
|
|
|
6,914 |
|
Accrued administrative services expense |
|
|
1,128 |
|
|
|
642 |
|
Shareholder distribution payable |
|
|
2,676 |
|
|
|
— |
|
Total liabilities |
|
|
1,099,660 |
|
|
|
1,105,215 |
|
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
|
||||
Common stock, $0.001 par value; 500,000,000 shares authorized; 53,525,623 and 54,760,605 shares issued, and 53,525,623 and 53,760,605 shares outstanding, respectively |
|
|
54 |
|
|
|
54 |
|
Capital in excess of par value |
|
|
1,025,689 |
|
|
|
1,028,360 |
|
Accumulated distributable losses |
|
|
(164,937 |
) |
|
|
(165,355 |
) |
Total shareholders' equity |
|
|
860,806 |
|
|
|
863,059 |
|
Total liabilities and shareholders' equity |
|
$ |
1,960,466 |
|
|
$ |
1,968,274 |
|
Net asset value per share of common stock at end of period |
|
$ |
16.08 |
|
|
$ |
16.05 |
|
CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts) |
||||||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
Year Ended December 31, |
||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
||||||||||
Investment income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
$ |
38,512 |
|
|
$ |
47,117 |
|
|
$ |
93,884 |
|
|
$ |
89,885 |
|
|
$ |
184,013 |
|
Paid-in-kind interest income |
|
|
7,236 |
|
|
|
4,297 |
|
|
|
14,285 |
|
|
|
9,128 |
|
|
|
22,317 |
|
Fee income |
|
|
1,338 |
|
|
|
1,154 |
|
|
|
5,211 |
|
|
|
2,297 |
|
|
|
7,871 |
|
Dividend income |
|
|
5,139 |
|
|
|
— |
|
|
|
5,139 |
|
|
|
— |
|
|
|
210 |
|
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
2,383 |
|
|
|
1,734 |
|
|
|
3,902 |
|
|
|
4,208 |
|
|
|
7,068 |
|
Paid-in-kind interest income |
|
|
2,569 |
|
|
|
1,751 |
|
|
|
5,051 |
|
|
|
3,482 |
|
|
|
8,372 |
|
Fee income |
|
|
704 |
|
|
|
477 |
|
|
|
704 |
|
|
|
2,397 |
|
|
|
2,432 |
|
Dividend income |
|
|
13 |
|
|
|
52 |
|
|
|
40 |
|
|
|
3,933 |
|
|
|
3,946 |
|
Controlled investments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
3,163 |
|
|
|
1,914 |
|
|
|
6,395 |
|
|
|
3,891 |
|
|
|
8,090 |
|
Paid-in-kind interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
Fee income |
|
|
300 |
|
|
|
— |
|
|
|
300 |
|
|
|
— |
|
|
|
1,391 |
|
Dividend income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,250 |
|
|
|
4,250 |
|
Total investment income |
|
|
61,357 |
|
|
|
58,496 |
|
|
|
134,911 |
|
|
|
123,471 |
|
|
|
251,010 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
||||||||||
Management fees |
|
|
6,841 |
|
|
|
6,546 |
|
|
|
13,705 |
|
|
|
13,222 |
|
|
|
26,856 |
|
Administrative services expense |
|
|
1,246 |
|
|
|
910 |
|
|
|
2,338 |
|
|
|
1,747 |
|
|
|
3,971 |
|
Subordinated incentive fee on income |
|
|
4,871 |
|
|
|
4,965 |
|
|
|
11,785 |
|
|
|
11,300 |
|
|
|
22,277 |
|
General and administrative |
|
|
1,659 |
|
|
|
2,074 |
|
|
|
3,443 |
|
|
|
4,029 |
|
|
|
7,382 |
|
Interest expense |
|
|
23,773 |
|
|
|
20,467 |
|
|
|
48,075 |
|
|
|
39,776 |
|
|
|
85,556 |
|
Total operating expenses |
|
|
38,390 |
|
|
|
34,962 |
|
|
|
79,346 |
|
|
|
70,074 |
|
|
|
146,042 |
|
Net investment income before taxes |
|
|
22,967 |
|
|
|
23,534 |
|
|
|
55,565 |
|
|
|
53,397 |
|
|
|
104,968 |
|
Income tax expense (benefit), including excise tax |
|
|
4 |
|
|
|
118 |
|
|
|
9 |
|
|
|
123 |
|
|
|
(54 |
) |
Net investment income after taxes |
|
|
22,963 |
|
|
|
23,416 |
|
|
|
55,556 |
|
|
|
53,274 |
|
|
|
105,022 |
|
Realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net realized losses on: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-controlled, non-affiliated investments |
|
|
(13,186 |
) |
|
|
(18,928 |
) |
|
|
(22,922 |
) |
|
|
(23,453 |
) |
|
|
(31,927 |
) |
Non-controlled, affiliated investments |
|
|
(7,091 |
) |
|
|
— |
|
|
|
(7,091 |
) |
|
|
— |
|
|
|
— |
|
Controlled investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net realized losses |
|
|
(20,277 |
) |
|
|
(18,928 |
) |
|
|
(30,013 |
) |
|
|
(23,453 |
) |
|
|
(31,927 |
) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-controlled, non-affiliated investments |
|
|
1,417 |
|
|
|
23,396 |
|
|
|
(5,100 |
) |
|
|
(17,690 |
) |
|
|
15,658 |
|
Non-controlled, affiliated investments |
|
|
23,202 |
|
|
|
595 |
|
|
|
16,956 |
|
|
|
(9,695 |
) |
|
|
(7,335 |
) |
Controlled investments |
|
|
(4,927 |
) |
|
|
(585 |
) |
|
|
(8,576 |
) |
|
|
(5,587 |
) |
|
|
13,896 |
|
Net change in unrealized appreciation (depreciation) |
|
|
19,692 |
|
|
|
23,406 |
|
|
|
3,280 |
|
|
|
(32,972 |
) |
|
|
22,219 |
|
Net realized and unrealized (losses) gains |
|
|
(585 |
) |
|
|
4,478 |
|
|
|
(26,733 |
) |
|
|
(56,425 |
) |
|
|
(9,708 |
) |
Net increase (decrease) in net assets resulting from operations |
|
$ |
22,378 |
|
|
$ |
27,894 |
|
|
$ |
28,823 |
|
|
$ |
(3,151 |
) |
|
$ |
95,314 |
|
Per share information—basic and diluted |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets per share resulting from operations |
|
$ |
0.42 |
|
|
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
(0.06 |
) |
|
$ |
1.74 |
|
Net investment income per share |
|
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
1.03 |
|
|
$ |
0.97 |
|
|
$ |
1.92 |
|
Weighted average shares of common stock outstanding |
|
|
53,595,624 |
|
|
|
54,788,740 |
|
|
|
53,778,161 |
|
|
|
54,948,225 |
|
|
|
54,685,327 |
|
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed business development company that had approximately $2.0 billion in total assets as of June 30, 2024. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION's plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION's belief regarding future events that, by their nature, are uncertain and outside of CION's control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION's actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
OTHER INFORMATION
The information in this press release is summary information only and should be read in conjunction with CION's Quarterly Report on Form 10-Q, which CION filed with the SEC on August 8, 2024, as well as CION's other reports filed with the SEC. A copy of CION's Quarterly Report on Form 10-Q and CION's other reports filed with the SEC can be found on CION's website at www.cionbdc.com and the SEC's website at www.sec.gov.
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