Cion Investment Corporation · NYSE:CION
Cion Investment — Q1 2023 Earnings Presentation
14 slides from Cion Investment's earnings presentation, May 10, 2023
Slide 1: CION Investment Corporation First Quarter 2023 Earnings Presentation
CION Investment Corporation First 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 May 10 , 2023 as well as the Company’s Quarterly Rep
Slide 3: First Quarter and Other Highlights – Ended March 31, 2023
3 (1) The discussion of the investment portfolio excludes short term investments. First Quarter and Other Highlights – Ended March 31, 2023 ▪ Net investment income and earnings per share for the quarter ended March 31 , 2023 were $ 0 . 54 per share and $ ( 0 . 56 ) per share, respectively ; ▪ Net as
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 a special distribution of $0.27 per share during t
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $15 million, of which $14 million were funded and $1 million was unfunded. ▪ New investment commitments were made across 10 existing portfolio companies. ▪ Fundings of previously unfunded commitments for the quarter were $9 millio
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 89% 90% 90% 93% 92% 2% 2% 2% 1% 2% 0% * 0% * 0% * 0% * 0% * 1% 2% 2% 2% 2% 8% 6% 6% 4% 4% $1,657 $1,749 $1,797 $1,791 $1,740 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 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) Q1 2023 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 6.80% 3.47% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Les
Slide 8: Portfolio Summary
91.2% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) 88.8% 2.4% 7.8% 0.1% 0.9% ▪ First Lien Debt (88.8%) ▪ Second Lien Debt (2.4%) ▪ Equity (7.8%) ▪ Collateralized Securities & Structured Products: Equity (0.1%) ▪ Unsecured Debt (0.9%) ▪ Floating I
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 asset coverage ratio Qi 2023 Q4 2022 Q3 2022 Q2 2022 Qi 2022 Assets ! t Investments, at fair value ! $1,723,352! $1,760,030 $1,807,048 $1,805,452 $1,755,297 Cash ! 96,016! 82,739 43,661 42,542 17,500 Interest receivable on i
Slide 11: Q1 2023 Net Asset Value Bridge Per Share Data
11 Q1 2023 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 $600 L + 3.10% (2) 5/15/2024 (3) UBS Facility 150 125 L + 3.375% 11/19/2023 (3) Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 Series A Unsecured Notes, 2026 81 81 S + 3.82% 8/31/2026 2022
Slide 13: Distribution Per Share and Distribution Coverage
13 Distribution Per Share and Distribution Coverage 1
Slide 14: Slide 14