CION Investment Corporation to Resume Distributions
July 16, 2020 | Luke Schmidt | Blue Vault
On July 15, 2020, the board of directors of CION Investment Corporation (“CION”) determined to resume the payment of distributions to shareholders, whether in cash or pursuant to CION’s distribution reinvestment plan. As a result, on July 15, 2020, the co-chief executive officers of CION declared regular monthly cash distributions for August 2020. The Company had previously suspended the payment of distributions to shareholders commencing with the month ending April 30, 2020.
The regular cash distribution of $0.04413 per share will be paid on August 26, 2020 to shareholders of record as of August 25, 2020. Shareholders who previously elected to receive distributions in additional shares of CION common stock pursuant to the distribution reinvestment plan will be issued additional shares for this distribution.
The $0.04413 monthly distribution equates to an annualized distribution of $0.52956 per share. Based on CION’s last public offering price of $9.40 (the public offering closed in January, 2019), the annualized distribution yield would be approximately 5.63%. Based on CION’s most recently announced NAV of $7.46 as of June 25, 2020, the annualized distribution yield would be approximately 7.10%.
Prior to the distribution suspension in April, CION had consistently paid a weekly distribution in the amount of $0.014067 per share, equating to a quarterly distribution of $0.1829 per share and an annualized distribution of $0.7316 per share. Based on CION’s last public offering price of $9.40, the annualized distribution yield was 7.78%.
CION, a nontraded business development company, became effective in July of 2012. Since inception and through the closing of its public offering in January of 2019, the Company raised cumulative capital of approximately $1.3 billion. CION reported total assets of approximately $1.67 billion and total investments of $1.64 billion as of March 31, 2020.
Source: SEC, Blue Vault
