Cion Investment Corporation · NYSE:CION
Cion Investment — Q3 2021 Earnings Presentation
14 slides from Cion Investment's earnings presentation, Nov 15, 2021
Slide 1: CION Investment Corporation Third Quarter 2021 Earnings Presentation
CION Investment Corporation Third 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 November 15 , 2021 as well as the Company’s Quarterl
Slide 3: Quarterly Highlights - Quarter Ended September 30, 2021
3 (1) The discussion of the investment portfolio excludes short term investments. Quarterly Highlights - Quarter Ended September 30, 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 ret
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 .
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $179.0 million, of which $157.3 million were funded and $21.7 million were un fun ded. ▪ New investment commitments were made across 9 new portfolio companies and 11 existing portfolio companies. ▪ Fundings of previously unfunded
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 88% 84% 82% 82% 81% 6% 9% 10% 10% 11% 1% 1% 1% 1% 1% 0% * 0% * 0% * 0% * 0% * 5% 6% 7% 7% 7% $1,630 $1,676 $1,534 $1,496 $1,517 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is
Slide 7: Credit Quality of Investments
7 INTERNAL INVESTMENT RISK RATINGS 1 (% of Total Portfolio, Fair Value) Q3 2021 NON - ACCRUAL % 1 Higher Credit Quality Lower Credit Quality Credit Quality of Investments 2.49% 0.94% 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 87.6% 6.1% 5.2% 0.8% 0.3% ▪ First Lien Debt (87.6%) ▪ Second Lien Debt (6.1%) ▪ Equity (5.2%) ▪ Collateralized Securities & Structured Products: Equity (0.8%) ▪ Unsecured Debt (0.3%) ▪ Floating Interes
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet assets i i Investments, atforvalue {2746 298; $728 058 esr 3aseaa7 3568305 cash i 2:59} 1496 agai i991 4218 Interest receivable on investments i 2288} 20279 17301 yes 10666 Receivable due on investments sold i 195531 3.888 39915 6193 7273 Dividend receivable on investments i
Slide 11: Net Asset Value Bridge Per Share Data
11 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 $575 $550 L + 3.10% 5/15/2024 UBS Facility 150 100 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 $805 3.7% Debt
Slide 13: Distribution Per Share and Distribution Coverage
13 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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