CION Investment Corporation · NYSE:CION
CION Investment — Q3 2026 Earnings Presentation
15 slides from CION Investment's earnings presentation, Nov 5, 2026
Slide 1: CION Investment Corporation Third Quarter 2026 Earnings Presentation
CION Investment Corporation Third Quarter 2026 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, November 5, 2026 as well as the Company’s Quart
Slide 3: Third Quarter and Other Highlights – Ended September 30, 2026
Third Quarter and Other Highlights – Ended September 30, 2026 • Net investment income and earnings per share for the quarter ended September 30, 2026 were $0.25 per share and $(0.07) per share, respectively; • Net asset value per share was $13.20 as of September 30, 2026 compared to $13.57 as of Jun
Slide 4: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Investment portfolio, at fair value(1) $1,471 $1,645 $1,702 $1,697 $1,738 Total debt outstanding(2) $897 $1,175 $1,175 $1,140 $1,092 Net assets $649 $668 $660 $708 $773 Debt-to-equity 1.38x 1.76x 1.78x 1.61x 1.41x
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $77 million, of which $72 million were funded and $5 million were unfunded. • New investment commitments were made across 11 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter were $11 mill
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition 19% 19% 19% 20% 0%* 0%* 6% 0%* 1% 1% 0% 0%* 0%* 0%* 1% 0% 0% 8% 20% 28% 0% 0% 1% 0% 64% 3% 0%* 79% 81% 81% 80% 93% 92% 72% 79% 97% 36% * 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) Q3 2026 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 1 7.7% 11.7% 9.3% 8.2% 1.5% 2 72.6% 72.2% 75.7% 77.9% 85.7% 3 17.5% 14.1% 12.9% 11.5% 10.4% 4 1.9% 1.7% 1
Slide 8: Market Price Implies $315 Million of Additional Credit Losses
Market Price Implies $315 Million of Additional Credit Losses (1) Calculated using NAV per share and shares outstanding as of September 30, 2026, compared to the stock price of $6.80 as of October 28, 2026. (2) Reflects $314.9 million in implied credit losses, the difference between NAV as of Septem
Slide 9: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of September 30, 2026)(4) PORTFOLIO BY SECURITY TYPE(4) Investment Portfolio 71.6% Senior Total investments and unfunded commitments $1,518.1 million Secured Debt Investments Unfunded commitments $46.8 million Investments at fair value $1,471.3 million
Slide 10: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Investment income Interest income(1) $ 36,809 $ 43,382 $ 42,865 $ 43,992 $ 68,177 Dividend income 14,631 3,501 3,798 5,052 905 Fee income (3,135) 2,910 2,874 4,748 9,629 Tota
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Assets Investments, at fair value $ 1,501,652 $ 1,800,093 $ 1,799,474 $ 1,812,990 $ 1,840,584 Cash 20,563 7,664 9,248 8,159 3,931 Interest receivable on investment
Slide 12: Q3 2026 Net Asset Value Bridge
Q3 2026 Net Asset Value Bridge Per Share Data 12
Slide 13: Debt Summary
Debt Summary DEBT SCHEDULE $25 million in available capacity within ($ in millions) existing senior secured facility Total Principal Commitment Amount Amount Outstanding Interest Rate Maturity Date 7.50% Public 2029 Notes(1) $173 $173 7.50% 12/30/2029 DEBT MATURITIES ($ in millions) 7.70% 2029 Notes
Slide 14: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Investment Income (per share) $0.35 $0.36 $0.32 $0.74 $0.35 $0.25 $0.29 $0.25 Distribution (per share) $0.41(1) $0.36 $0.36 $0.36 $0.36 $0.30 $0.30 $0.30 Distribution coverage 0.85x 1
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