Cion Investment Corporation · NYSE:CION
Cion Investment — Q3 2024 Earnings Presentation
16 slides from Cion Investment's earnings presentation, Nov 7, 2024
Slide 1: CION Investment Corporation Third Quarter 2024 Earnings Presentation
CION Investment Corporation Third 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, November 7, 2024 as well as the Company’s Quart
Slide 3: Third Quarter and Other Highlights – Ended September 30, 2024
Third Quarter and Other Highlights – Ended September 30, 2024 • Net investment income and earnings per share for the quarter ended September 30, 2024 were $0.40 per share and $(0.01) per share, respectively; • Net asset value per share was $15.73 as of September 30, 2024, compared to $16.08 as of Ju
Slide 4: Third Quarter and Other Highlights – Ended September 30, 2024
Third Quarter and Other Highlights – Ended September 30, 2024 • On September 30, 2024, the Company entered into a 3-year unsecured term loan agreement with an Israeli institutional investor under which the Company borrowed $30 million, which bears interest at a floating rate equal to the three-month
Slide 5: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Investment portfolio, at fair value (1) $1,753 $1,823 $1,741 $1,841 $1,728 Total debt outstanding (2) $1,070 $1,070 $1,070 $1,092 $1,008 Net assets $839 $861 $863 $880 $861 Debt-to-equity 1.28x 1.24x 1.24x 1.24x 1.
Slide 6: Investment Activity
Investment Activity • New investment commitments for the quarter were $97 million, of which $78 million were funded and $19 million were unfunded. • New investment commitments were made across 1 new and 10 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter we
Slide 7: Portfolio Asset Composition
Portfolio Asset Composition 14% 15% 13% 14% 0%* 11% 7% 1% 0%* 0%* 1% 1% 0%* 0%* 1% 0%* 2% 1% 0%* 2% 0%* 7% 1% 93% 100% 85% 84% 84% 85% 86% 93% 99% 100% * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 7
Slide 8: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) Q3 2024 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 1 0.6% 1.3% 0.0%* 5.3% 0.0%* 2 85.7% 88.3% 88.5% 87.2% 90.7% 3 11.8% 9.0% 10.4% 6.5% 8.2% 4 1.5% 1.1% 0.7
Slide 9: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of September 30, 2024)(4) 85.5% Senior PORTFOLIO BY SECURITY TYPE(4) * Investment Portfolio Secured Debt Total investments and unfunded commitments $1,823.8 million Investments Unfunded commitments $71.1 million Investments at fair value $1,752.7 milli
Slide 10: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Investment income Interest income(1) $ 53,390 $ 53,863 $ 69,654 $ 56,403 $ 63,913 Dividend income 434 5,152 27 128 95 Fee income 5,803 2,342 3,873 3,468 3,532 Total investmen
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Assets Investments, at fair value $ 1,806,229 $ 1,906,125 $ 1,870,837 $ 1,954,270 $ 1,844,877 Cash 29,765 9,798 48,482 8,415 6,805 Interest receivable on investmen
Slide 12: Q3 2024 Net Asset Value Bridge
Q3 2024 Net Asset Value Bridge Per Share Data 12
Slide 13: YTD 2024 Net Asset Value Bridge
YTD 2024 Net Asset Value Bridge Per Share Data 13
Slide 14: Debt Summary
Debt Summary $162 million in available capacity within existing senior secured facilities DEBT SCHEDULE* ($ in millions) DEBT MATURITIES ($ in millions) Total Principal Commitment Amount Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $562 $450 S + 2.55%(2) 6/15/2027 UBS Facility
Slide 15: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Net Investment Income (per share) $0.43 $0.54 $0.43 $0.55 $0.40 $0.60 $0.43 $0.40 Distribution (per share) $0.58(1) $0.34 $0.34 $0.39(1) $0.54(1) $0.34 $0.41(1) $0.36 Distribution coverag
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