Cion Investment Corporation · NYSE:CION
Cion Investment — Q1 2026 Earnings Presentation
29 slides from Cion Investment's earnings presentation, May 2026
Slide 1: CION Investment Corporation Investor Presentation First Quarter 2026
CION Investment Corporation Investor Presentation First Quarter 2026
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 Ares CION Investment CION Grosvenor Diversified Credit Corporation Infrastructure Fund Fund Profile Publicly
Slide 5: Evolution of CION Investment Corporation
Evolution of CION Investment Corporation 2012 $1.15B 30+ 0.021% 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 $1,865 $1,889 $1,813 $1,799 $1,765 $1,754 $1,760 $1,714
Slide 6: History of Value Creation
History of Value Creation $35.00 33.13 32.50 32.51 32.62 32.41 32.39 31.90 32.06 31.83 32.04 30.93 29.74 30.04 30.05 29.51 $30.00 28.66 28.95 29.09 29.06 28.22 27.73 $25.00 15.67 16.01 16.42 16.78 17.19 18.27 14.06 15.13 17.55 17.91 18.63 12.14 12.61 12.89 13.48 14.74 18.93 11.88 13.17 14.40 11.61 $
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 $1.79b $1.74b $1.75b $1.74b $1.75b $1.77b $1.74b $1.73b $1.70b $1.68b $1.69b $1.70b $1.67b $1.66b $1.63b $1.53b $1.5b $ (Billions) 85.0% 84.3% 86.0% 80.0% $1.0b 89.8% 85.7% 84.2% 85.3% 86.9% 85.0% 80.8% 80.8% 84
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 80.8% 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 $1.8 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 90.00% 86.02% 12.00% 170.00% 161.99% 85.00% 80.80% 11.00% 150.00% 80.00% 10.43% 10.24% 130.00% 118.71% 75.00% 10.00% 70.00% 110.00% 65.00% 9.00% 90.00% 60.00% 8.00% 70.00% 55.00% 50.00% 7.00% 50.00% CION BDC Peers CIO
Slide 13: Recent Developments
Recent Developments During the three months ended March 31, 2026, CION repurchased 1,116,053 shares of its common stock under its 10b5-1 trading plan at an average price of $8.71 per share for a total repurchase amount of $9.7 million. Through March 31, 2026, CION repurchased a total of 6,656,627
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: First Quarter 2026
First Quarter 2026 AN
Slide 16: First Quarter and Other Highlights – Ended March 31, 2026
First Quarter and Other Highlights – Ended March 31, 2026 • Net investment income and earnings per share for the quarter ended March 31, 2026 were $0.25 per share and $(0.45) per share, respectively; • Net asset value per share was $13.11 as of March 31, 2026 compared to $13.76 as of December 31, 20
Slide 17: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Investment portfolio, at fair value(1) $1,702 $1,697 $1,738 $1,766 $1,792 Total debt outstanding(2) $1,175 $1,140 $1,092 $1,117 $1,117 Net assets $660 $708 $773 $759 $757 Debt-to-equity 1.78x 1.61x 1.41x 1.47x 1.48
Slide 18: Investment Activity
Investment Activity • New investment commitments for the quarter were $69 million, of which $54 million were funded and $15 million were unfunded. • New investment commitments were made across 2 new and 9 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter wer
Slide 19: Portfolio Asset Composition
Portfolio Asset Composition 14% 12% 19% 19% 19% 0%* 0%* 1% 0%* 0%* 0%* 0%* 0%* 1% 6% 1% 0%* 0%* 1% 0%* 0% 8% 20% 5% 0% 1% 1% 85% 87% 81% 81% 80% 93% 92% 79% 94% 100% * 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) Q1 2026 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 1 9.3% 8.2% 1.5% 3.2% 2.3% 2 75.7% 77.9% 85.7% 83.4% 86.1% 3 12.9% 11.5% 10.4% 11.6% 10.3% 4 1.6% 1.9% 2.
Slide 21: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of March 31, 2026)(4) 80.8% Senior PORTFOLIO BY SECURITY TYPE(4) Investment Portfolio Secured Debt Total investments and unfunded commitments $1,759.9 million Investments Unfunded commitments $57.5 million Investments at fair value $1,702.4 million Yie
Slide 22: Q1 2026 Net Asset Value Bridge
Q1 2026 Net Asset Value Bridge Per Share Data 22
Slide 23: Debt Summary
Debt Summary DEBT SCHEDULE $100 million in available capacity within ($ in millions) existing senior secured facilities Total Principal Commitment Amount Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $275 $200 S + 2.55%(2) 6/15/2027 DEBT MATURITIES ($ in millions) 7.50% 2029 Not
Slide 24: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Investment Income (per share) $0.43 $0.40 $0.35 $0.36 $0.32 $0.74 $0.35 $0.25 Distribution (per share) $0.41(1) $0.36 $0.41(1) $0.36 $0.36 $0.36 $0.36 $0.30 Distribution coverage 1.05
Slide 25: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Investment income Interest income(1) $ 42,865 $ 43,992 $ 68,177 $ 48,881 $ 51,394 Dividend income 3,798 5,052 905 1,651 697 Fee income 2,874 4,748 9,629 1,712 3,983 Total inv
Slide 26: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Assets Investments, at fair value $ 1,799,474 $ 1,812,990 $ 1,840,584 $ 1,824,628 $ 1,845,660 Cash 9,248 8,159 3,931 6,533 7,720 Interest receivable on investments
Slide 27: Appendix
Appendix AN
Slide 28: 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 29: > | g
> | g