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 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 Thursday, November 7 , 2024 as well as the Company’s
Slide 3: Third Quarter and Other Highlights – Ended September 30, 2024
3 1. The discussion of the investment portfolio excludes short term investments. 2. The Company incurred certain customary costs and expenses in connection with the JPM fifth amendment and will pay an annual a dmi nistrative fee of 0.20% on JPM's total financing commitment. Third Quarter and Other H
Slide 4: Third Quarter and Other Highlights – Ended September 30, 2024 (continued)
4 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 thre
Slide 5: Selected Financial Highlights
5 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 11 for debt net of issuance costs. 3. Includes supplemental distributions of $ 0 . 05 per share durin
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
7 Portfolio Asset Composition * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 100% 100% 93% 7% 99% 1% 84% 14% 0%* 0%* 0%* 0%* 0%* 0%* 1% 1% 85% 1% 13% 86% 11% 2% 84% 1% 15% 14% 2% 1% 93% 7% 85% 0%* 0%*
Slide 8: Internal Investment Risk Ratings
8 INTERNAL INVESTMENT RISK RATINGS (1) (% of Total Portfolio, Fair Value) Q3 2024 NON - ACCRUAL % (1) Higher Credit Quality Lower Credit Quality Credit Quality of Investments 1. The discussion of the investment portfolio excludes short term investments. * - Less than 1%. Q3 2023 Q4 2023 Q1 2024 Q2 2
Slide 9: Portfolio Summary
PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 9 ( 1 ) See endnote 5 in our press release filed with the SEC on November 7 , 2024 . ( 2 ) See endnote 6 in our press release filed with the SEC on November 7 , 2024 . ( 3 ) See endnote 7 in our press release filed
Slide 10: Quarterly Operating Results
Quarterly Operating Results 10 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 All figures in thousands, except share and per share data Investment income $ 63,913 $ 56,403 $ 69,654 $ 53,863 $ 53,390 Interest income (1) 95 128 27 5,152 434 Dividend income 3,532 3,468 3,873 2,342 5,803 Fee income $ 67,540 $
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet 11 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 All figures in thousands, except per share data and asset coverage ratio Assets $ 1,844,877 $ 1,954,270 $ 1,870,837 $ 1,906,125 $ 1,806,229 Investments, at fair value 6,805 8,415 48,482 9,798 29,765 Cash 40,378 36,724 36,366 40,841 4
Slide 12: Q3 2024 Net Asset Value Bridge Per Share Data
12 Q3 2024 Net Asset Value Bridge Per Share Data
Slide 13: YTD 2024 Net Asset Value Bridge Per Share Data
13 YTD 2024 Net Asset Value Bridge Per Share Data
Slide 14: Debt Summary
14 Maturity Date Interest Rate Principal Amount Outstanding Total Commitment Amount 6/15/2027 S + 2.55% (2) $450 $562 JPM Credit Facility 11/19/2024 S + 3.20% 100 150 UBS Facility 2/11/2026 4.50% 125 125 Unsecured Notes, 2026 (1) 8/31/2026 S + 3.82% 115 115 Series A Unsecured Notes, 2026 (1) 11/8/20
Slide 15: Distribution Per Share and Distribution Coverage
15 Distribution Per Share and Distribution Coverage 1 1. Includes special year - end and/or supplemental distributions of $0.27, $0.05, $0.20 and $0.05 per share during Q4 2022, Q3 2023, Q4 2023 and Q2 2024, respectively. Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 $0.40 $0.43 $0
Slide 16: Slide 16