CION Investment Corporation · NYSE:CION
CION Investment — Q4 2021 Earnings Presentation
15 slides from CION Investment's earnings presentation, Mar 10, 2022
Slide 1: CION Investment Corporation Fourth Quarter 2021 Earnings Presentation
CION Investment Corporation Fourth Quarter 2021 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 March 10, 2022 as well as the Company’s Annual Report on
Slide 3: Quarterly Highlights - Quarter Ended December 31, 2021
Quarterly Highlights - Quarter Ended December 31, 2021 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. On March 8, 2022, the Co
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 special distributions of $0.20 per share and $0.31 pe
Slide 5: Investment Activity
Investment Activity New investment commitments for the quarter were $353 million, of which $339 million were funded and $14 million were unfunded. New investment commitments were made across 13 new portfolio companies and 5 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) $1,666 $1,676 4% 2% $1,630 $353 5% 0%* 6% 0%* $1,534 2% 0%* 1% $1,496 6% 6% 1% 9% 7% 0%* 7% 0%* 6% 1% 1% 10% 10% $231 $179 $186 92% 2% 88% 84% 88% 82% 82% $126 100% 4% 98% 100% 96% Q4 2021 Q3
Slide 7: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS1 Q4 2021 NON-ACCRUAL %1 (% of Total Portfolio, Fair Value) Higher Credit Quality 2.49% 0.72% Lower Credit Quality Amortized Cost Fair Value * - Less than 1%. (1) The discussion of the investment portfolio excludes short term investments.
Slide 8: Portfolio Summary
Portfolio Summary PORTFOLIO BY SECURITY TYPE1 94% Senior 0.2% 1.6% 4.3% Secured Debt 2.3% Investments First Lien Debt (91.6%) Second Lien Debt (2.3%) Equity (4.3%) Collateralized Securities & Structured Products: Equity (0.2%) 91.6% Unsecured Debt (1.6%) PORTFOLIO BY INTEREST RATE TYPE1 4.
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Assets H Investments, at fair value i $1,754,039; $1,746,298 $1,724,038 $1,621,641 $1,569,371 Cash i 3,74) 2,159 1,496 1,641 19,914 Interest receivable on investments i 21,5491 21,283 20,279 17,101 17,484 Receivable due on investments sold 1 2,854! 19,559 8,888 39,915 6,193 D
Slide 11: Q4 2021 Net Asset Value Bridge
Q4 2021 Net Asset Value Bridge Per Share Data (1) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021. 11
Slide 12: Full Year 2021 Net Asset Value Bridge
Full Year 2021 Net Asset Value Bridge Per Share Data (1) Includes a special distribution of $0.20 per share during the quarter ended December 31, 2021. 12
Slide 13: Debt Summary
Debt Summary $50 million in available capacity within existing senior secured facilities DEBT SCHEDULE DEBT MATURITIES ($ in millions) ($ in millions) Total Principal Commitment Amount Interest Maturity Amount Outstanding Rate Date $30 $25 JPM Credit Facility $575 $550 L + 3.10% 5/15/2024 UBS Facili
Slide 14: 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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