Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2024 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Mar 13, 2025
Slide 1: CION Investment Corporation Fourth Quarter 2024 Earnings Presentation
CION Investment Corporation Fourth Quarter 2024 Earnings Presentation
Slide 2: Disclosures and Forward-Looking Statements
Disclosures and Forward-Looking Statements 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 13, 2025 as well as the Company’s Annual
Slide 3: Fourth Quarter and Other Highlights – Ended December 31, 2024
Fourth Quarter and Other Highlights – Ended December 31, 2024 • Net investment income and earnings per share for the quarter ended December 31, 2024 were $0.35 per share and $0.10 per share, respectively; • Net asset value per share was $15.43 as of December 31, 2024, compared to $15.73 as of Septem
Slide 4: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Investment portfolio, at fair value(1) $1,820 $1,753 $1,823 $1,741 $1,841 Total debt outstanding(2) $1,117 $1,070 $1,070 $1,070 $1,092 Net assets $821 $839 $861 $863 $880 Debt-to-equity 1.36x 1.28x 1.24x 1.24x 1.24
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $106 million, of which $100 million were funded and $6 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
Portfolio Asset Composition 13% 15% 13% 14% 0%* 14% 0%* 7% 1% 0%* 0%* 0%* 0%* 0%* 1% 0%* 0%* 1% 1% 1% 2% 7% 2% 2% 1% 93% 100% 86% 85% 84% 84% 85% 93% 96% 99% * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 6
Slide 7: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) Q4 2024 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 1 2.0% 0.6% 1.3% 0.0%* 5.3% 2 85.8% 85.7% 88.3% 88.5% 87.2% 3 10.6% 11.8% 9.0% 10.4% 6.5% 4 1.3% 1.5% 1.1
Slide 8: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of December 31, 2024)(4) 86.1% Senior PORTFOLIO BY SECURITY TYPE(4) Investment Portfolio Secured Debt Total investments and unfunded commitments $1,890.6 million Investments Unfunded commitments $70.7 million Investments at fair value $1,819.9 million
Slide 9: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Investment income Interest income(1) $ 51,364 $ 53,390 $ 53,863 $ 69,654 $ 56,403 Dividend income 653 434 5,152 27 128 Fee income 5,877 5,803 2,342 3,873 3,468 Total investme
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Assets Investments, at fair value $ 1,888,688 $ 1,806,229 $ 1,906,125 $ 1,870,837 $ 1,954,270 Cash 7,670 29,765 9,798 48,482 8,415 Interest receivable on investmen
Slide 11: Q4 2024 Net Asset Value Bridge
Q4 2024 Net Asset Value Bridge Per Share Data 11
Slide 12: 2024 Net Asset Value Bridge
2024 Net Asset Value Bridge Per Share Data 12
Slide 13: Debt Summary
Debt Summary $131 million in available capacity within existing senior secured facilities DEBT SCHEDULE* ($ in millions) DEBT MATURITIES* Total Principal ($ in millions) Commitment Amount Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $406 $325 S + 2.55%(2) 6/15/2027 Unsecured No
Slide 14: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net Investment Income (per share) $0.54 $0.43 $0.55 $0.40 $0.60 $0.43 $0.40 $0.35 Distribution (per share) $0.34 $0.34 $0.39(1) $0.54(1) $0.34 $0.41(1) $0.36 $0.41(1) Distribution coverag
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