CĪON Investment Corporation reported its financial results for the three and nine months ended September 30, 2024, highlighting a decline in total investment income and net investment income compared to the same periods in 2023. Total investment income for Q3 2024 was $59.6 million, down from $67.5 million in Q3 2023. For the nine-month period, total investment income increased slightly to $194.5 million from $191.0 million year-over-year. Net investment income before taxes for Q3 2024 was $21.6 million, a decrease from $29.8 million in Q3 2023, while for the nine months, it fell to $77.2 million from $83.3 million.

The company experienced a net realized gain of $3.9 million in Q3 2024, contrasting with a loss of $8.1 million in the same quarter of 2023. However, the net change in unrealized depreciation for Q3 2024 was $(25.9 million), compared to an appreciation of $25.6 million in Q3 2023. The net decrease in net assets resulting from operations for Q3 2024 was $(0.4 million), a significant drop from an increase of $47.5 million in Q3 2023.

CĪON's total investments as of September 30, 2024, were valued at $1.8 billion, down from $1.95 billion at the end of 2023. The portfolio composition remained heavily weighted towards senior secured first lien debt, which constituted 85.3% of the total investments. The fair value of these investments decreased, with net unrealized depreciation rising to $111.2 million from $74.4 million at the end of 2023.

The company reported a net asset value of $15.73 per share as of September 30, 2024, down from $15.80 a year earlier. CĪON's asset coverage ratio was 1.78, slightly lower than 1.81 at the end of 2023. Cash and short-term investments totaled $29.8 million and $53.5 million, respectively, as of September 30, 2024, down from $113.4 million at the end of 2023.

Strategically, CĪON has been active in managing its capital structure, including the issuance of new notes and the repayment of existing debt. The company issued $172.5 million in aggregate principal amount of 2029 Notes in October 2024, with proceeds used to pay down borrowings under its senior secured credit facility. The company also repurchased shares under a 10b5-1 trading plan, acquiring 824,750 shares for $9.3 million during the nine months ended September 30, 2024.

Overall, CĪON Investment Corporation's financial performance reflects challenges in investment income and asset valuation, alongside ongoing strategic adjustments to its capital structure and investment portfolio.