CION Investment Corporation · NYSE:CION
CION Investment — Q3 2021 Earnings Presentation
14 slides from CION Investment's earnings presentation, Nov 15, 2021
Slide 1: CION Investment Corporation Third Quarter 2021 Earnings Presentation
CION Investment Corporation Third 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 November 15, 2021 as well as the Company’s Quarterly Repo
Slide 3: Quarterly Highlights - Quarter Ended September 30, 2021
Quarterly Highlights - Quarter Ended September 30, 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 November 12, 2021, t
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. 4
Slide 5: Investment Activity
Investment Activity New investment commitments for the quarter were $179.0 million, of which $157.3 million were funded and $21.7 million were unfunded. New investment commitments were made across 9 new portfolio companies and 11 existing portfolio companies. Fundings of previously unfunded co
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition End of Period Investments New Investment Commitments (in millions) (in millions) $1,676 $231 $1,630 5% 0%* 6% 0%* $1,534 $1,517 1% $1,496 6% 1% 9% 7% 0%* 7% 0%* 7% 0%* 1% 1% 1% $186 10% 11% $179 10% 2% $126 4% 100% 88% 84% 82% 98% 100% 82% 81% 96% $29 11% 89% Q3 2021 Q2 2
Slide 7: Credit Quality of Investments
Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS1 Q3 2021 NON-ACCRUAL %1 (% of Total Portfolio, Fair Value) Higher Credit Quality 2.49% 0.94% 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 5.2% 0.8% 0.3% Secured Debt Investments 6.1% First Lien Debt (87.6%) Second Lien Debt (6.1%) Equity (5.2%) Collateralized Securities & Structured Products: Equity (0.8%) 87.6% Unsecured Debt (0.3%) PORTFOLIO BY INTEREST RATE TYPE1 3.
Slide 9: Quarterly Operating Results
Quarterly Operating Results 9
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Q3 2021 2 2021 qi2 0 Assets Hl Investments, at fair value $1,746,298} $1,724,038 $1,621,641 $1,569,371 $1,569,905 Cash 2,159) 1496 1641 19,914 4,214 Interest receivable on investments 21,283) 20,279 17,101 17,484 18,666 Receivable due on investments sold 19,559) 8,883 39,915
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Per Share Data 11
Slide 12: Debt Summary
Debt Summary $75 million in available capacity within existing senior secured facilities DEBT SCHEDULE DEBT MATURITIES ($ 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 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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