Cion Investment Corporation · NYSE:CION
Cion Investment — Q3 2022 Earnings Presentation
14 slides from Cion Investment's earnings presentation, Nov 10, 2022
Slide 1: CION Investment Corporation Third Quarter 2022 Earnings Presentation
CION Investment Corporation Third Quarter 2022 Earnings Presentation
Slide 2: Disclosures and Forward-Looking Statements
Disclosures and Forward - Looking Statements 2 The information contained in this earnings presentation should be viewed in conjunction with the earnings conference call of CION Investment Corporation (NYSE : CION) (“CION” or the “Company”) held on November 10 , 2022 as well as the Company’s Quarterl
Slide 3: Third Quarter and Other Highlights – Ended September 30, 2022
3 (1) The discussion of the investment portfolio excludes short term investments. Third Quarter and Other Highlights – Ended September 30, 2022 The Company completed a 2 - to - 1 reverse stock split effective September 21 , 2021 . Accordingly, share and per share amounts in this presentation have be
Slide 4: Selected Financial Highlights
4 Selected Financial Highlights (1) The discussion of the investment portfolio excludes short term investments. (2) Total debt outstanding excludes netting of debt issuance costs. Please refer to page 12 for debt net of issuance costs . (3) Includes a special distribution of $0.20 per share during t
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $134 million, of which $127 million were funded and $7 million were unfunded. ▪ New investment commitments were made across 6 new portfolio companies and 5 existing portfolio companies. ▪ Fundings of previously unfunded commitment
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 90% 93% 92% 92% 88% 2% 1% 2% 2% 6% 0% * 0% * 0% * 0% * 1% 2% 2% 2% 2% 0% * 6% 4% 4% 4% 5% $1,797 $1,791 $1,740 $1,666 $1,630 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is at
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS(1) (% of Total Portfolio, Fair Value) Q3 2022 NON - ACCRUAL %(1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 1.67% 0.42% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Less
Slide 8: Portfolio Summary
92% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE(4) PORTFOLIO BY INTEREST RATE TYPE(4) 89.8% 2.2% 6.3% 0.1% 1.6% ▪ First Lien Debt (89.8%) ▪ Second Lien Debt (2.2%) ▪ Equity (6.3%) ▪ Collateralized Securities & Structured Products: Equity (0.1%) ▪ Unsecured Debt (1.6%) ▪ Floating Inter
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and ass a3 2022 Q Qi 2022 Q4 2021 Q3 2021 Assets i ! Investments, at fair value ; $1,807,048) $1,805,452 $1,758,297 $1,754,039 $1,746,298 Cash H 43,663; 42,542 17,500 3,774 2,159 Interest receivable on investments Hl 26,976} 21,
Slide 11: Q3 2022 Net Asset Value Bridge Per Share Data
11 Q3 2022 Net Asset Value Bridge Per Share Data * *
Slide 12: Debt Summary
12 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $610 L + 3.10% (2) 5/15/2024 UBS Facility 150 143 L + 3.375% 11/19/2023 Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 2022 Unsecured Term Loan (1) 50 50 S + 3.50% 4/27/2027 2021 Unsecured
Slide 13: Distribution Per Share and Distribution Coverage
13 Distribution Per Share and Distribution Coverage 1
Slide 14: Slide 14