CION Investment Corporation · NYSE:CION
CION Investment — Q4 2023 Earnings Presentation
15 slides from CION Investment's earnings presentation, Mar 14, 2024
Slide 1: CION Investment Corporation Fourth Quarter 2023 Earnings Presentation
CION Investment Corporation Fourth Quarter 2023 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, March 14, 2024 as well as the Company’s Annual
Slide 3: Fourth Quarter and Other Highlights – Ended December 31, 2023
Fourth Quarter and Other Highlights – Ended December 31, 2023 • Net investment income and earnings per share for the quarter ended December 31, 2023 were $0.40 per share and $0.94 per share, respectively; • Net asset value per share was $16.23 as of December 31, 2023 compared to $15.80 as of Septemb
Slide 4: Selected Financial Highlights
Selected Financial Highlights ($ in millions) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Investment portfolio, at fair value(1) $1,841 $1,728 $1,688 $1,657 $1,749 Total debt outstanding(2) $1,092 $1,008 $986 $1,011 $958 Net assets $880 $861 $836 $830 $884 Debt-to-equity 1.24x 1.17x 1.18x 1.22x 1.08x Ne
Slide 5: Investment Activity
Investment Activity • New investment commitments for the quarter were $152 million, of which $147 million were funded and $5 million were unfunded. • New investment commitments were made across 5 new and 15 existing portfolio companies. • Fundings of previously unfunded commitments for the quarter w
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition 13% 1% 11% 6% 2% 1% 0%* 1% 10% 1% 8% 1% 2% 0%* 2% 0%* 2% 0%* 2% 0%* 1% 85% 86% 87% 89% 90% 100% 5% 7% 100% 99% 88% 13% 87% * 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) Q4 2023 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit Quality Rating Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 1 5.3% 0.0%* 1.9% 0.1% 1.4% 2 87.2% 90.7% 86.6% 85.1% 81.5% 3 6.5% 8.2% 10.7% 11.3% 14.9% 4 0.6% 0.6% 0.5
Slide 8: Portfolio Summary
Portfolio Summary Portfolio Characteristics (as of December 31, 2023) 86.6% Senior PORTFOLIO BY SECURITY TYPE(4) Investment Portfolio Secured Debt Total investments and unfunded commitments $1,888.1 million Investments Unfunded commitments $47.3 million Investments at fair value $1,840.8 million Yie
Slide 9: Quarterly Operating Results
Quarterly Operating Results All figures in thousands, except share and per share data Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Investment income Interest income(1) $ 56,403 $ 63,913 $ 56,813 $ 53,781 $ 53,238 Dividend income 128 95 52 8,131 1,288 Fee income 3,468 3,532 1,631 3,063 974 Total investmen
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet All figures in thousands, except per share data and asset coverage ratio Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Assets Investments, at fair value $ 1,954,270 $ 1,844,877 $ 1,788,462 $ 1,723,352 $ 1,760,030 Cash 8,415 6,805 11,515 96,016 82,739 Interest receivable on investme
Slide 11: Q4 2023 Net Asset Value Bridge
Q4 2023 Net Asset Value Bridge Per Share Data 11
Slide 12: 2023 Net Asset Value Bridge
2023 Net Asset Value Bridge Per Share Data 12
Slide 13: Debt Summary
Debt Summary $153 million in available capacity within existing senior secured facilities DEBT SCHEDULE DEBT MATURITIES ($ in millions) ($ in millions) Total Principal Commitment Amount Amount Outstanding Interest Rate Maturity Date JPM Credit Facility $675 $550 S + 3.20%(2) 5/15/2025 UBS Facility 1
Slide 14: Distribution Per Share and Distribution Coverage
Distribution Per Share and Distribution Coverage Fiscal Year Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Net Investment Income (per share) $0.34 $0.34 $0.45 $0.43 $0.54 $0.43 $0.55 $0.40 $1.56 $1.92 Distribution (per share) $0.28 $0.28 $0.31 $0.58(1) $0.34 $0.34 $0.39(1
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