CION Investment Corporation Reports Fourth Quarter and Year End 2024 Financial Results

About this update from Cion Investment Corporation

Continued Strong Performance in 2024 With $1.79 in Net Investment Income and $1.52 in Total Shareholder Distributions NEW YORK, March 13, 2025 --( BUSINESS WIRE )--CION Investment Corporation (NYSE: CION) ("CION" or the "Company") today reported financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the U.S. Securities and Exchange Commission. CION also announced that, on March 10, 2025, its co-chief executive officers declared a first quarter 2025 base distribution of $0.36 per share payable on April 11, 2025 to shareholders of record as of March 28, 2025. FOURTH QUARTER AND OTHER HIGHLIGHTS DISTRIBUTIONS Michael A. Reisner, co-Chief Executive Officer of CION, commented: "We are very pleased with our 2024 results, particularly against a backdrop of elevated competition and shifting expectations around both inflation and interest rates. Our BDC continues to generate a very attractive yield for our investors, which was enhanced this past year by our mid-year and year-end special distributions. We also had the pleasure of hosting both analysts and investors at CION’s first investor day as a listed company in January, highlighting our unique investment strategy as well as our track record of strong shareholder returns." SELECTED FINANCIAL HIGHLIGHTS Total investment income for the three months ended December 31, 2024 and September 30, 2024 was $57.9 million and $59.6 million, respectively. The decrease in total investment income was primarily driven by lower SOFR rates on our investments during the three months ended December 31, 2024 as compared to the three months ended September 30, 2024. Operating expenses for the three months ended December 31, 2024 and September 30, 2024 were $39.2 million and $38.0 million, respectively. The increase in operating expenses was driven by higher interest expense due to an increase in the Company's total debt outstanding during the quarter ended December 31, 2024, partially offset by lower advisory fees paid to CIM due to a decrease in investment income during the quarter ended December 31, 2024 as compared to the quarter ended September 30, 2024. PORTFOLIO AND INVESTMENT ACTIVITY 1 A summary of the Company's investment activity for the three months ended December 31, 2024 is as follows: During the three months ended December 31, 2024, new investment commitments were made across 5 new and 15 existing portfolio companies. During the same period, the Company received the full repayment on investments in 2 portfolio companies and wrote-off the remaining investment in 1 portfolio company. As a result, the number of portfolio companies increased from 103 as of September 30, 2024 to 105 as of December 31, 2024. PORTFOLIO SUMMARY 1 As of December 31, 2024, the Company’s investments consisted of the following: The following table presents certain selected information regarding the Company’s investments: 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. As of September 30, 2024, investments on non-accrual status represented 1.85% and 3.40% of the total investment portfolio at fair value and amortized cost, respectively. LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2024, the Company had $1,117 million 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 7.8% for the quarter ended December 31, 2024. As of December 31, 2024, the Company had $76 million in cash and short-term investments and $131 million available under its financing arrangements. 2 EARNINGS CONFERENCE CALL CION will host an earnings conference call on Thursday, March 13, 2025 at 11:00 am Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2024. 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 Fourth Quarter and Year End 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 December 31, 2024. 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 Annual Report on Form 10-K, which CION filed with the SEC on March 13, 2025, as well as CION’s other reports filed with the SEC. A copy of CION’s Annual Report on Form 10-K 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/20250313921164/en/ Contacts Media Susan Armstrong [email protected] Investor Relations Charlie Arestia [email protected] (646) 253-8259

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