CĪON Reports Declining NAV
Despite continued investment activity and asset restructuring, the company faced significant unrealized losses in Q1.
May 08, 2025
CĪON Investment Corporation posted a tough first quarter, as its net asset value dropped from $820.8 million at year-end to $756.8 million by March 31. That’s a nearly $64 million decline, largely driven by unrealized depreciation across its portfolio.
Investment income also came under pressure. CĪON brought in $56.1 million during the quarter, down from $73.6 million a year earlier. While there was some stability in income from non-controlled and affiliated positions, weaker performance in controlled investments weighed on results. Net investment income before taxes came in at $19.3 million, compared to $32.6 million during the same quarter last year.
Portfolio Losses Outpaced Gains
The story behind these numbers is clear: portfolio losses added up quickly. Unrealized losses reached $64.3 million, with only $2.3 million in realized gains to offset them. That swung total investment results to a $62 million loss for the period.
CĪON continued to put capital to work. The firm purchased $64.9 million in new investments during the quarter, while receiving $36 million in repayments.
Portfolio Composition and Liquidity Activity
The portfolio remained heavily weighted toward senior secured first lien debt, which accounted for over 200% of NAV on a gross basis. Equity positions made up close to 29% of assets, while unsecured debt and structured products filled out the rest of the book.
Key Balance Sheet Actions
- Declared $19.1 million in shareholder dividends
- Repurchased $2.2 million in common stock
- Maintained total assets just under $1.9 billion, down slightly from year-end
- Held financing levels roughly flat quarter-over-quarter
CĪON's positioning shows a steady hand in volatile conditions—but the pressure on valuations is real. The results from Q1 set the tone for a year where credit performance, market sentiment, and proactive portfolio management will drive outcomes.
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