Credit LossesCION's trailing five-year and four-year net credit losses averaging 147 bps and 137 bps, respectively, are above the group average of 90 bps and 77 bps.
Credit RiskRelative to its peers, credit risk is above average with second lien, subordinated debt, CLOs, equity, and non-accruals totaling 16.8% of CION’s portfolio.
Revenue CompositionPayment-in-Kind (PIK) was 16.6% of revenues, well above the group average of 7.5%, and highest of all BDCs under coverage.