Cion Investment Corporation · NYSE:CION
Cion Investment — Q4 2025 Earnings Presentation
15 slides from Cion Investment's earnings presentation, Mar 12, 2026
Slide 1: CION Investment Corporation Fourth Quarter 2025 Earnings Presentation
CION Investment Corporation Fourth Quarter 2025 Earnings Presentation
Slide 2: Disclosures and Forward-Looking Statements
Disclosures and Forward-Looking Statements 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, March 12, 2026 as well as the Company’s Annual
Slide 3: Fourth Quarter and Other Highlights – Ended December 31, 2025
Fourth Quarter and Other Highlights – Ended December 31, 2025 • Net investment income and earnings per share for the quarter ended December 31, 2025 were $0.35 per share and $(0.80) per share, respectively; • Net asset value per share was $13.76 as of December 31, 2025, compared to $14.86 as of Sept
Slide 4: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Investment portfolio, at fair value(1) $1,697 $1,738 $1,766 $1,792 $1,820 Total debt outstanding(2) $1,140 $1,092 $1,117 $1,117 $1,117 Net assets $708 $773 $759 $757 $821 Debt-to-equity 1.61x 1.41x 1.47x 1.48x 1.36
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $76 million, of which $66 million were funded and $10 million were unfunded. • New investment commitments were made across 1 new and 14 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter we
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition 13% 2% 14% 12% 0%* 1% 2 19% 1% 0% 0%* 19% 1% 0%* 0%* 0%* % 0%* 1% 0%* 0%* 0%* 0%* 6% 1% 20% 5% 1% 1% 87% 96% 81% 85% 86% 80% 93% 79% 94% 100% * Less than 1%. The discussion of the investment portfolio is at fair value and excludes short term investments. 6
Slide 7: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) Q4 2025 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 1 8.2% 1.5% 3.2% 2.3% 2.0% 2 77.9% 85.7% 83.4% 86.1% 85.8% 3 11.5% 10.4% 11.6% 10.3% 10.6% 4 1.9% 2.1% 1.
Slide 8: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of December 31, 2025)(4) 80.8% Senior PORTFOLIO BY SECURITY TYPE(4) Investment Portfolio Secured Debt Total investments and unfunded commitments $1,744.8 million Investments Unfunded commitments $47.8 million Investments at fair value $1,697.0 million
Slide 9: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Investment income Interest income(1) $ 43,992 $ 68,177 $ 48,881 $ 51,394 $ 51,364 Dividend income 5,052 905 1,651 697 653 Fee income 4,748 9,629 1,712 3,983 5,877 Total inves
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Assets Investments, at fair value $ 1,812,990 $ 1,840,584 $ 1,824,628 $ 1,845,660 $ 1,888,688 Cash 8,159 3,931 6,533 7,720 7,670 Interest receivable on investments
Slide 11: Q4 2025 Net Asset Value Bridge
Q4 2025 Net Asset Value Bridge Per Share Data 11
Slide 12: 2025 Net Asset Value Bridge
2025 Net Asset Value Bridge Per Share Data 12
Slide 13: Debt Summary
Debt Summary $100 million in available capacity within existing senior secured facilities DEBT SCHEDULE* ($ in millions) DEBT Total Principal Commitment Amount MATURITIES* Amount Outstanding Interest Rate Maturity Date ($ in millions) JPM Credit Facility $375 $300 S + 2.55%(2) 6/15/2027 7.50% 2029 N
Slide 14: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Investment Income (per share) $0.60 $0.43 $0.40 $0.35 $0.36 $0.32 $0.74 $0.35 Distribution (per share) $0.34 $0.41(1) $0.36 $0.41(1) $0.36 $0.36 $0.36 $0.36 Distribution coverage 1.76
Slide 15: Slide 15