Cion Investment Corporation · NYSE:CION
Cion Investment — Q3 2023 Earnings Presentation
14 slides from Cion Investment's earnings presentation, Nov 9, 2023
Slide 1: CION Investment Corporation Third Quarter 2023 Earnings Presentation
CION Investment Corporation Third Quarter 2023 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 9 , 2023 as well as the Company’s Quarterly
Slide 3: Third Quarter and Other Highlights – Ended September 30, 2023
3 (1) The discussion of the investment portfolio excludes short term investments. Third Quarter and Other Highlights – Ended September 30, 2023 ▪ Net investment income and earnings per share for the quarter ended September 30 , 2023 were $ 0 . 55 per share and $ 0 . 87 per share, respectively ; ▪ Ne
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 a supplemental distribution of $0.05 per share dur
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $97 million, of which $93 million were funded and $4 million were unfunded. ▪ New investment commitments were made across 3 new and 11 existing portfolio companies. ▪ Fundings of previously unfunded commitments for the quarter wer
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 86% 87% 89% 90% 90% 2% 2% 2% 2% 2% 0% * 0% * 0% * 0% * 0% * 1% 1% 1% 2% 2% 11% 10% 8% 6% 6% $1,728 $1,688 $1,657 $1,749 $1,797 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is a
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q3 2023 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 3.83% 1.03% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Les
Slide 8: Portfolio Summary
87.8% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) 85.7% 2.1% 11.3% 0.1% 0.8% ▪ First Lien Debt (85.7%) ▪ Second Lien Debt (2.1%) ▪ Equity (11.3%) ▪ Collateralized Securities & Structured Products: Equity (0.1%) ▪ Unsecured Debt (0.8%) ▪ Floating
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet per share data and asset cover. Q1 2023 Assets i i Investments, at fair value T $1,844,877! $1,788,462 $1,723,352 $1,760,030 $1,807,048 Cash ' 6,805; 11,515 96,016 82,739 43,661 Interest receivable on investments i 40,378} 33,200 27,333 26,526 26,976 Receivable due on investm
Slide 11: Q3 2023 Net Asset Value Bridge Per Share Data
11 Q3 2023 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 $675 $600 S + 3.20% (2) 5/15/2025 UBS Facility 150 122 S + 3.53% (3) 11/19/2024 Unsecured Notes, 2026 (1) 125 125 4.50% 2/11/2026 Series A Unsecured Notes, 2026 (1) 81 81 S + 3.82% 8/31/2026 2022
Slide 13: Distribution Per Share and Distribution Coverage
13 Distribution Per Share and Distribution Coverage 1 (1) Includes special/supplemental distributions of $0.20, $0.27 and $0.05 per share during Q4 2021, Q4 2022 and Q3 2023, respecti vel y.
Slide 14: Slide 14