Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2022 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Mar 16, 2023
Slide 1: CION Investment Corporation Fourth Quarter 2022 Earnings Presentation
CION Investment Corporation Fourth Quarter 2022 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 March 16 , 2023 as well as the Company’s Annual Repo
Slide 3: Fourth Quarter and Other Highlights – Ended December 31, 2022
3 (1) The discussion of the investment portfolio excludes short term investments. Fourth Quarter and Other Highlights – Ended December 31, 2022 ▪ Net investment income and earnings per share for the quarter ended December 31 , 2022 were $ 0 . 43 per share and $ 0 . 17 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 special distributions of $0.27 per share and $0.20
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $92 million, of which $83 million were funded and $9 million were unfunded. ▪ New investment commitments were made across 3 new portfolio companies and 8 existing portfolio companies. ▪ Fundings of previously unfunded commitments
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 90% 90% 93% 92% 92% 2% 2% 1% 2% 2% 0% * 0% * 0% * 0% * 0% * 2% 2% 2% 2% 2% 6% 6% 4% 4% 4% $1,749 $1,797 $1,791 $1,740 $1,666 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is at
Slide 7: Internal Investment Risk Ratings and Non-Accrual
7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q4 2022 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 1.96% 1.34% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Les
Slide 8: Portfolio Summary
92.5% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) 90.3% 2.2% 6.1% 0.1% 1.3% ▪ First Lien Debt (90.3%) ▪ Second Lien Debt (2.2%) ▪ Equity (6.1%) ▪ Collateralized Securities & Structured Products: Equity (0.1%) ▪ Unsecured Debt (1.3%) ▪ 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 a4 2 a3 2 Q2 202 Qi 2022 Q4 2021 Assets i i Investments, at fair value H $1,760,030} $1,807,048 $1,805,452 $1,755,297 $1,754,039 Cash ; 82,739: 43,661 42,542 17,500 3,774 Interest receivable on investmen
Slide 11: Q4 2022 Net Asset Value Bridge Per Share Data
11 Q4 2022 Net Asset Value Bridge Per Share Data * *
Slide 12: Full Year 2022 Net Asset Value Bridge Per Share Data
12 Full Year 2022 Net Asset Value Bridge Per Share Data (1) Includes a special distribution of $0.27 per share during the quarter ended December 31, 2022.
Slide 13: Debt Summary
13 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $610 L + 3.10% (2) 5/15/2024 UBS Facility 150 143 L + 3.375% 11/19/2023 Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 2022 Unsecured Term Loan (1) 50 50 S + 3.50% 4/27/2027 2021 Unsecured
Slide 14: Distribution Per Share and Distribution Coverage
14 Distribution Per Share and Distribution Coverage 1
Slide 15: Slide 15