As of April 28, 2021.
On March 19, 2020, CIC’s co-chief executive officers determined to temporarily suspend the payment of distributions to shareholders commencing with the month ended April 30, 2020. On July 15, 2020, CIC’s co-chief executive officers determined to recommence the payment of distributions to shareholders in August 2020. On December 17, 2020, CIC’s co-chief executive officers declared one-time special cash distributions of $0.15180 per share for the year ended December 31, 2020, which were paid on December 22, 2020 to shareholders of record as of December 21, 2020. Current distribution rate includes these one-time special distributions. Distributions in respect of future months will be evaluated by management and the Board based on circumstances and expectations existing at the time of consideration.
The determination of the tax attributes of CIC’s distributions is made annually as of the end of CIC’s fiscal year based upon its taxable income and distributions paid, in each case, for the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative of the actual tax attributes for a full year. CIC intends to update shareholders quarterly with an estimated percentage of its distributions that resulted from taxable ordinary income. The actual tax characteristics of distributions to shareholders will be reported to shareholders annually on a Form 1099-DIV. The payment of future distributions on CIC’s common stock is subject to the discretion of the Board and applicable legal restrictions, and therefore, there can be no assurance as to the amount or timing of any such future distributions.
CIC may fund its cash distributions to shareholders from any sources of funds available to it, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from CION Investment Management, LLC (CIM), which is subject to recoupment. To date, distributions have not been paid from offering proceeds and distributions have not included a return of capital. CIC has not established limits on the amount of funds it may use from available sources to make distributions. Shareholders should understand that any such distributions are not based on CIC’s investment performance, and can only be sustained if CIC achieves positive investment performance in future periods. There can be no assurance that CIC will be able to pay distributions at all.
CIC’s follow-on continuous pubic offering ended on January 25, 2019.