Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2021 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Mar 10, 2022
Slide 1: CION Investment Corporation Fourth Quarter 2021 Earnings Presentation
CION Investment Corporation Fourth Quarter 2021 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 March 10 , 2022 as well as the Company’s Annual Repo
Slide 3: Quarterly Highlights - Quarter Ended December 31, 2021
3 (1) The discussion of the investment portfolio excludes short term investments. Quarterly Highlights - Quarter Ended December 31, 2021 The Company completed a 2 - to - 1 reverse stock split effective September 21 , 2021 . Accordingly, share and per share amounts in this presentation have been retr
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 10 for debt net of issuance costs . (3) Includes special distributions of $0.20 per share and $0.31
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $353 million, of which $339 million were funded and $14 million were unfunded . ▪ New investment commitments were made across 13 new portfolio companies and 5 existing portfolio companies. ▪ Fundings of previously unfunded commitm
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 92% 88% 84% 82% 82% 2% 6% 9% 10% 10% 0% * 1% 1% 1% 1% 2% 0% * 0% * 0% * 0% * 4% 5% 6% 7% 7% $1,666 $1,630 $1,676 $1,534 $1,496 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is a
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS 1 (% of Total Portfolio, Fair Value) Q4 2021 NON - ACCRUAL % 1 Higher Credit Quality Lower Credit Quality Credit Quality of Investments 2.49% 0.72% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Less th
Slide 8: Portfolio Summary
94% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE 1 PORTFOLIO BY INTEREST RATE TYPE 1 91.6% 2.3% 4.3% 0.2% 1.6% ▪ First Lien Debt (91.6%) ▪ Second Lien Debt (2.3%) ▪ Equity (4.3%) ▪ Collateralized Securities & Structured Products: Equity (0.2%) ▪ Unsecured Debt (1.6%) ▪ Floating Interes
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Invesani To vale Teas Te Tae see cain 2189 186 Leet asi Inert ecb on investments aus 20278 701 vase Feceable due on investments sls 19559 seas saais 6193 Dividend reeinabe on investments 135 17 as 5 id exerted othr aes ma 26 oo 1708 Total nasots 789908. THOTT 6.280. a 795 Lib
Slide 11: Q4 2021 Net Asset Value Bridge Per Share Data
11 Q4 2021 Net Asset Value Bridge Per Share Data (1) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021.
Slide 12: Full Year 2021 Net Asset Value Bridge Per Share Data
12 Full Year 2021 Net Asset Value Bridge Per Share Data (1) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021.
Slide 13: Debt Summary
13 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $575 $550 L + 3.10% 5/15/2024 UBS Facility 150 125 L + 3.375% 11/19/2023 Unsecured Notes, 2026 1 125 125 4.50% 2/11/2026 Unsecured Term Loan 1 30 30 5.20% 9/30/2024 Total Debt $880 $830 3.6% Debt
Slide 14: Distribution Per Share and Distribution Coverage
14 Distribution Per Share and Distribution Coverage (1) In March 2020 , the Company determined to suspend distributions commencing with the month ended April 30 , 2020 in order to provide financial flexibility in response to the COVID - 19 pandemic . In July 2020 , the Company determined to recommen
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