Cion Investment Corporation · NYSE:CION
Cion Investment — Q2 2022 Earnings Presentation
14 slides from Cion Investment's earnings presentation, Aug 11, 2022
Slide 1: CION Investment Corporation Second Quarter 2022 Earnings Presentation
CION Investment Corporation Second 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 August 11 , 2022 as well as the Company’s Quarterly
Slide 3: Second Quarter and Other Highlights – Ended June 30, 2022
3 (1) The discussion of the investment portfolio excludes short term investments. Second Quarter and Other Highlights – Ended June 30, 2022 The Company completed a 2 - to - 1 reverse stock split effective September 21 , 2021 . Accordingly, share and per share amounts in this presentation have been r
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 special distribution of $0.20 per share during t
Slide 5: Investment Activity
Investment Activity ▪ New investment commitments for the quarter were $184 million, of which $165 million were funded and $19 million were unfunded . ▪ New investment commitments were made across 10 new portfolio companies and 9 existing portfolio companies. ▪ Fundings of previously unfunded commitm
Slide 6: Portfolio Asset Composition
6 Portfolio Asset Composition 93% 92% 92% 88% 84% 1% 2% 2% 6% 8% 0% * 0% * 0% * 1% 1% 2% 2% 2% 0% * 0% * 4% 4% 4% 5% 6% $1,791 $1,740 $1,666 $1,630 $1,676 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 End of Period Investments (in millions) * Less than 1%. The discussion of the investment portfolio is at
Slide 7: Internal Investment Risk Ratings
7 INTERNAL INVESTMENT RISK RATINGS(1) (% of Total Portfolio, Fair Value) Q2 2022 NON - ACCRUAL %(1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 3.55% 1.49% Amortized Cost Fair Value (1) The discussion of the investment portfolio excludes short term investments. * - Less
Slide 8: Portfolio Summary
94% Senior Secured Debt Investments PORTFOLIO BY SECURITY TYPE(4) PORTFOLIO BY INTEREST RATE TYPE(4) 92.7% 1.5% 4.1% 0.1% 1.6% ▪ First Lien Debt (92.7%) ▪ Second Lien Debt (1.5%) ▪ Equity (4.1%) ▪ Collateralized Securities & Structured Products: Equity (0.1%) ▪ Unsecured Debt (1.6%) ▪ Floating Inter
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Qi 2022 ets Investments, at fair value + $1,805,452} $1,755,297 $1,754,039 $1,746,298 $1,724,038 Cash 42,542} 17,500 3,774 2,159 1,496 Interest receivable on investments 21,9621 21,298 21,549 21,283 20,279 Receivable due on investments sold 2713! 7,303 2,854 19,559 8,888 Divi
Slide 11: Q2 2022 Net Asset Value Bridge Per Share Data
11 Q2 2022 Net Asset Value Bridge Per Share Data * - Less than $ 0 . 01 per share . * *
Slide 12: Debt Summary
12 Total Commitment Amount Principal Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $600 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 50 50 S + 3.50% 4/27/2027 2021 Unsecured Term
Slide 13: Distribution Per Share and Distribution Coverage
13 Distribution Per Share and Distribution Coverage (1) In March 2020 , the Company determined to suspend distributions commencing with the month ended April 30 , 2020 in order to provide financial flexibility in response to the COVID - 19 pandemic . In July 2020 , the Company determined to recommen
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