CION Investment Corporation announced a strategic shift to prioritize share repurchases over new originations, citing significant undervaluation of its stock relative to net asset value. The company increased its buyback program by $15 million to a total of $130 million and expects to be aggressive depending on asset monetizations. Net investment income rose to $0.29 per share, supported by a stable first lien book and avoidance of credit facility penalties. Management highlighted the validation of fair value marks through the sale of over $64 million in portfolio assets at approximately 99% of par to independent third parties. Credit quality improved with no new non-accruals, and the company is targeting a pro forma net leverage ratio of about 1.35x through repayment of Israeli bonds and secured facilities, including a $115 million public Israeli bond due for full repayment by month-end.
Cion Investment CorpCompany prioritizes buybacks due to undervaluation, increased buyback program, and strong net investment income.
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