Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2024 Earnings Presentation
30 slides from Cion Investment's earnings presentation, March 2025
Slide 1: CION Investment Corporation Investor Presentation Fourth Quarter 2024
CION Investment Corporation Investor Presentation Fourth Quarter 2024
Slide 2: Disclosures and Forward-Looking Statements
Disclosures and Forward-Looking Statements This presentation has been prepared by CĪON Investment Corporation (NYSE: CION) (the “Company” or “CION”) and may be used for information purposes only. This presentation shall not constitute an offer to sell or the solicitation of any offer to buy any secu
Slide 3: CION Investment Corporation (CION) at a Glance
CION Investment Corporation (CION) at a Glance NYSE: CION Size & Scale Strategy Focus • Externally managed • Origination via proprietary • High quality senior secured business development sources and a strong debt financings, primarily company (BDC) with a network of public and first lien market cap
Slide 4: CION Investment Group Platform Overview
CION Investment Group Platform Overview CION Investment Group is a vertically integrated alternative investment manager and retail distribution organization founded in 2011 Key Products CION Investment CION Ares Diversified Corporation Credit Fund Profile Publicly listed business Globally diversifie
Slide 5: Evolution of CION Investment Corporation
Evolution of CION Investment Corporation 2012 $1.15B 30+ 0.027% Inception Year Total Equity Raised Advisor Years of Annualized Loss Rate Experience Since Inception1 $2,500 Total Portfolio Investments ($ in Millions, at Fair Value) $1,954 $2,000 Apollo Investment $1,865 $1,889 Management (“AIM”) $1,7
Slide 6: History of Value Creation
History of Value Creation $35.00 32.50 32.51 32.62 31.90 32.06 30.93 29.74 30.04 30.05 29.51 $30.00 28.66 28.95 29.09 29.06 28.22 27.73 27.04 26.85 26.02 25.18 25.46 $25.00 15.67 16.01 16.42 16.78 17.19 13.48 14.06 15.13 11.88 12.14 12.61 12.89 13.17 14.40 14.74 10.24 11.61 11.35 10.78 $20.00 10.60
Slide 7: Credit Portfolio is Focused on First Lien Loans
Credit Portfolio is Focused on First Lien Loans $2.0b $1.84b $1.82b $1.82b $1.79b $1.80b $1.74b $1.74b $1.75b $1.73b $1.74b $1.75b $1.68b $1.67b $1.69b $1.63b $1.66b $1.58b $1.54b $1.52b $1.53b $1.50b $1.5b $ (Billions) 77.9% 85.0% 84.3% 86.0% $1.0b 89.8% 85.7% 84.2% 85.30% 80.6% 84.0% 91.8% 92.7% 9
Slide 8: Differentiated Investment Platform
Differentiated Investment Platform CION’s unique platform drives selectivity, efficiency and focus Direct first lien and club investments based on deep, long-standing relationships with like-minded Sourcing Powered partners, including other leading private and public lenders by Strong Network In
Slide 9: Sourcing Strategy Drives Selectivity
Sourcing Strategy Drives Selectivity CION’s open architecture origination approach capitalizes on a deep and diverse network of highly experienced and like-minded partners: Relationships are deep, long-term and Private and Public Lenders personal; often date back for decades Select middle mark
Slide 10: Investment Strategy
Investment Strategy CION drives investor returns primarily through a first lien focus supplemented with select, opportunistic investments First lien primarily, with unitranche and second lien CORE Companies with EBITDA between $25-$75 million; target $20 million initial hold sizes 86.1% senior
Slide 11: Fund Flexibility and Scale are Highly Advantageous
Fund Flexibility and Scale are Highly Advantageous CION has attractive scale within its niche market along with investing flexibility At $1.9 billion in total assets(1), CION is a scaled BDC with enough influence to have “a voice at the table” Flexibility to invest across a borrower’s capital st
Slide 12: Solid Performance and Current Valuation
Solid Performance and Current Valuation Senior Secured1 Portfolio Yield2 Leverage3 90.0% 86.10% 14.00% 150.00% 85.40% 140.00% 136.1% 85.0% 13.00% 12.28% 130.00% 80.0% 115.7% 12.00% 11.33% 120.00% 75.0% 11.00% 110.00% 70.0% 100.00% 10.00% 90.00% 65.0% 9.00% 80.00% 60.0% 70.00% 55.0% 8.00% 60.00% 50.0
Slide 13: Recent Developments
Recent Developments During the three months ended December 31, 2024, CION repurchased 170,617 shares of its common stock under its 10b5-1 trading plan at an average price of $11.74 per share for a total repurchase amount of $2.0 million. Through December 31, 2024, CION repurchased a total of 3,769
Slide 14: Conclusion
Conclusion CION offers investors a differentiated investment platform and strategy built over a decade of operations High-quality portfolio focused on senior secured loans, primarily first lien Sourcing, origination & investment pipeline product of strong network not easily replicated Underwriting a
Slide 15: Fourth Quarter 2024
Fourth Quarter 2024 AN
Slide 16: 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 $15.73 as of Septem
Slide 17: Selected Financial Highlights
Selected Financial Highlights ($ 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 18: 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 19: 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. 19
Slide 20: 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 21: 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 22: Q4 2024 Net Asset Value Bridge
Q4 2024 Net Asset Value Bridge Per Share Data 22
Slide 23: 2024 Net Asset Value Bridge
2024 Net Asset Value Bridge Per Share Data 23
Slide 24: 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 25: 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
Slide 26: 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 27: 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 28: Appendix
Appendix AN
Slide 29: CION Team Overview and Corporate Information
CION Team Overview and Corporate Information Board of Directors Senior Management Corporate Headquarters Research Coverage Mark Gatto Mark Gatto 100 Park Avenue, 25th Floor Finian O’Shea Mitchel Penn Co-Chairman of the Board Co-Chief Executive Officer New York, NY 10017 Wells Fargo Oppenheimer & Co.
Slide 30: > | g
> | g