CION Investment Corporation Reports First Quarter 2025 Financial Results

About this update from Cion Investment Corporation

Declares Second Quarter 2025 Base Distribution of $0.36 per Share NEW YORK, May 08, 2025 --( BUSINESS WIRE )--CION Investment Corporation (NYSE: CION) ("CION" or the "Company") today reported financial results for the first quarter ended March 31, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. CION also announced that, on May 5, 2025, its co-chief executive officers declared a second quarter 2025 base distribution of $0.36 per share, payable on June 16, 2025 to shareholders of record as of June 2, 2025. FIRST QUARTER AND OTHER HIGHLIGHTS DISTRIBUTIONS Mark Gatto, co-Chief Executive Officer of CION, commented: "As we think about this environment, we continue to see opportunities on the direct lending side both in our existing portfolio as well as new transactions, but remain highly selective given our investment capacity and broader market trends. We believe CION’s dynamic and differentiated investment approach, which we outlined in great detail at our investor day last quarter, allows CION to flex into wherever we see the greatest risk-adjusted returns while still preserving our conservative first lien focus in the middle market." SELECTED FINANCIAL HIGHLIGHTS Total investment income for the three months ended March 31, 2025 and December 31, 2024 was $56.1 million and $57.9 million, respectively. The decrease in total investment income was primarily driven by lower transaction fees earned from origination and amendment activity during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Operating expenses for the three months ended March 31, 2025 and December 31, 2024 were $36.8 million and $39.2 million, respectively. The decrease in operating expenses was primarily driven by lower interest expense on our borrowings due to lower SOFR rates during the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024. PORTFOLIO AND INVESTMENT ACTIVITY 1 A summary of the Company's investment activity for the three months ended March 31, 2025 is as follows: During the three months ended March 31, 2025, new investment commitments were made across 1 new and 12 existing portfolio companies. During the same period, the Company sold all investments of 2 portfolio companies. As a result, the number of portfolio companies decreased from 105 as of December 31, 2024 to 104 as of March 31, 2025. PORTFOLIO SUMMARY 1 As of March 31, 2025, the Company’s investments consisted of the following: The following table presents certain selected information regarding the Company’s investments: As of March 31, 2025, investments on non-accrual status represented 1.20% and 3.16% of the total investment portfolio at fair value and amortized cost, respectively. As of December 31, 2024, investments on non-accrual status represented 1.41% and 3.22% of the total investment portfolio at fair value and amortized cost, respectively. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 2025, the Company had $1.12 billion of total principal amount of debt outstanding, comprised of $425 million of outstanding borrowings under its senior secured credit facilities and $692 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.5% for the quarter ended March 31, 2025. As of March 31, 2025, the Company had $62 million in cash and short-term investments and $106 million available under its financing arrangements. 2 EARNINGS CONFERENCE CALL CION will host an earnings conference call on Thursday, May 8, 2025 at 11:00 am Eastern Time to discuss its financial results for the first quarter ended March 31, 2025. Please visit the Investor Resources - Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call. All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation First Quarter Conference Call . Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION’s website. ENDNOTES ABOUT CION INVESTMENT CORPORATION CION Investment Corporation is a leading publicly listed business development company that had approximately $1.9 billion in total assets as of March 31, 2025. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com . FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. OTHER INFORMATION The information in this press release is summary information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC on May 8, 2025, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov . View source version on businesswire.com: https://www.businesswire.com/news/home/20250508826192/en/ Contacts Media Susan Armstrong [email protected] Investor Relations Charlie Arestia [email protected] (646) 253-8259

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