Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2023 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Mar 14, 2024
Slide 1: CION Investment Corporation Fourth Quarter 2023 Earnings Presentation
CION Investment Corporation Fourth Quarter 2023 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 Thursday, March 14 , 2024 as well as the Company’s A
Slide 3: Fourth Quarter and Other Highlights – Ended December 31, 2023
3 1. The discussion of the investment portfolio excludes short term investments. Fourth Quarter and Other Highlights – Ended December 31, 2023 • Net investment income and earnings per share for the quarter ended December 31 , 2023 were $ 0 . 40 per share and $ 0 . 94 per share, respectively ; • Net
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 supplemental distributions of $0.05 per share during e
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $152 million, of which $147 million were funded and $5 million were unfunded. • New investment commitments were made across 5 new and 15 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter w
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 100% 100% 88% 7% 5% 87% 13% 99% 1% 85% 1% 0%* 1% 13% 86% 2% 0%* 1% 11% 87% 2% 1% 0%* 10% 89% 2% 0%* 1% 8% 90% 2% 0%* 2% 6%
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q4 2023 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 1. The discussion of the investment portfolio excludes short term investments. * - Less than 1%. Rating Q4 2023 Q3 2023 Q2 20
Slide 8: Portfolio Summary
PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 8 ( 1 ) See endnote 4 in our press release filed with the SEC on March 14 , 2024 . ( 2 ) See endnote 5 in our press release filed with the SEC on March 14 , 2024 . ( 3 ) See endnote 6 in our press release filed with
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9 All figures in thousands, except share and per share data Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Investment income Interest income (1) $ 56,403 $ 63,913 $ 56,813 $ 53,781 $ 53,238 Dividend income 128 95 52 8,131 1,288 Fee income 3,468 3,532 1,631 3,063 974 Total invest
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet 10 All figures in thousands, except per share data and asset coverage ratio Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Assets Investments, at fair value $ 1,954,270 $ 1,844,877 $ 1,788,462 $ 1,723,352 $ 1,760,030 Cash 8,415 6,805 11,515 96,016 82,739 Interest receivable on inves
Slide 11: Q4 2023 Net Asset Value Bridge Per Share Data
11 Q4 2023 Net Asset Value Bridge Per Share Data
Slide 12: 2023 Net Asset Value Bridge Per Share Data
12 2023 Net Asset Value Bridge Per Share Data
Slide 13: Debt Summary
13 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $550 S + 3.20% (2) 5/15/2025 UBS Facility 150 123 S + 3.20% 11/19/2024 Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 Series A Unsecured Notes, 2026 (1) 115 115 S + 3.82% 8/31/2026 Unsecur
Slide 14: Distribution Per Share and Distribution Coverage
14 Distribution Per Share and Distribution Coverage 1 1. Includes special and/or supplemental distributions of $0.27, $0.05 and $0.20 per share during Q4 2022, Q3 2023 and Q4 2023, r esp ectively. Fiscal Year Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Net Investment In
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