CION Investment Corporation · NYSE:CION
CION Investment — Q2 2022 Earnings Presentation
14 slides from CION Investment's earnings presentation, Aug 11, 2022
Slide 1: CION Investment Corporation Second Quarter 2022 Earnings Presentation
CION Investment Corporation Second Quarter 2022 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 August 11, 2022 as well as the Company’s Quarterly Report
Slide 3: Second Quarter and Other Highlights – Ended June 30, 2022
Second Quarter and Other Highlights – Ended June 30, 2022 The Company completed a 2-to-1 reverse stock split effective September 21, 2021. Accordingly, share and per share amounts in this presentation have been retroactively adjusted to reflect the 2-to-1 reverse stock split. Net investment income
Slide 4: Selected Financial Highlights
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 10 for debt net of issuance costs. (3) Includes a special distribution of $0.20 per share during the
Slide 5: Investment Activity
Investment Activity New investment commitments for the quarter were $184 million, of which $165 million were funded and $19 million were unfunded. New investment commitments were made across 10 new portfolio companies and 9 existing portfolio companies. Fundings of previously unfunded commitme
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition End of Period Investments New Investment Commitments (in millions) (in millions) $1,791 $353 4% 2% $1,740 4% 2% $1,666 $1,676 6% 1% 0%* 4% 2% $1,630 2% 0%* 5% 0%* 6% 0%* 6% 2% 0%* 1% 6% 1% 8% $231 $184 1% $179 1% 2% 93% 92% $155 92% 88% 88% 84% 100% 98% 98% 99% Q2 2022 Q1
Slide 7: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) Q2 2022 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality 3.55% 1.49% Lower Credit Quality Amortized Cost Fair Value * - Less than 1%. (1) The discussion of the investment portfolio excludes short term investme
Slide 8: Portfolio Summary
Portfolio Summary PORTFOLIO BY SECURITY TYPE(4) 94% Senior 0.1% 1.6% 4.1% Secured Debt 1.5% Investments First Lien Debt (92.7%) Second Lien Debt (1.5%) Equity (4.1%) Collateralized Securities & Structured Products: Equity (0.1%) 92.7% Unsecured Debt (1.6%) PORTFOLIO BY INTEREST RATE TYPE(4
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Assets H Investments, at fair value H $1,805,452} $1,755,297 $1,754,039 $1,746,298 $1,724,038 Cash i 42,542) 17,500 3,774 2,159 1,496 Interest receivable on investments i 21,9621 21,298 21,549 21,283 20,279 Receivable due on investments sold i 2,713! 7,303 2,854 19,559 8,888
Slide 11: Q2 2022 Net Asset Value Bridge
Q2 2022 Net Asset Value Bridge Per Share Data * * * - Less than $0.01 per share. 11
Slide 12: Debt Summary
Debt Summary $82 million in available capacity within existing senior secured facilities DEBT SCHEDULE DEBT MATURITIES ($ in millions) ($ in millions) Total Principal Commitment Amount Interest Maturity Amount Outstanding Rate Date JPM Credit Facility $675 $600 L + 3.10%(2) 5/15/2024 UBS Facility 15
Slide 13: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage 1 (1) In March 2020, the Company determined to suspend distributions commencing with the month ended April 30, 2020 in order to provide financial flexibility in response to the COVID-19 pandemic. In July 2020, the Company determined to recommence dist
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