CION INVESTMENT CORPORATION (NYSE:CION)

Why Invest in CION

CURRENT DISTRIBUTION YIELD*
13.89%
CURRENT CLOSING MARKET PRICE ON NYSE
$25.30

*Current distribution yield is calculated as trailing 12 month distributions paid as of September 27, 2024, divided by the closing market share price as of September 27, 2024. There is no guarantee distributions will continue at the current level, if at all.

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Why Invest in CION
(NYSE: CION)

We believe private credit has earned a place in investor portfolios as a core holding alongside traditional fixed income. We also believe that our long track record, strong performance and defensive positioning allows CION to help investors navigate increased volatility, and generate attractive income.

CION vs BDC Peers1

Distribution Yield

CION’s distribution yield at quarter-end is higher than many of its BDC Peers1 and, since its NYSE listing in October 2021, CION has fully covered its distributions from net investment income (NII).2

Distribution Yield Overview Graph

Trades at a Discount to NAV

On Market Price to NAV4, CION trades below many of its BDC Peers1 despite having what we believe is a strong senior secured portfolio.

Price to NAV Overview Graph

Base Distribution Coverage

CION’s NII has historically outearned its base distribution, including as of June 30, 2024.5

NIII Distribution Coverage Graph

YTD Share Repurchase / Market Cap

CION has supported its stock through accretive share repurchases in the open market since the commencement of its share repurchase program in August 2022, including as of June 30, 2024.7

YTD Share Repurchase Market Cap Graph

Non-Accruals (FV) Overview8

CION’s non-accrual rate as a percentage of fair value
compared to its BDC Peers1

Non Accruals (FV) Overview Graph

All information is as of June 30, 2024, unless otherwise noted. Past performance does not guarantee future results, which may vary. Refer to Endnotes for additional important information.

Our Advantage:
Strong Sourcing + Selectivity

CIM sources direct first lien and club investments based on deep, long-standing relationships, including with other private and public lenders. CIM’s direct origination also provides a unique and proprietary flow of transactions.

CIM’s targeted EBITDA focus and deal size allows it to be highly selective in creating CION’s portfolio, which can provide income and downside protection.

Our Investment Criteria

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US middle-market with annual EBITDA of $20-75 million

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First lien, unitranche, second lien, and equity co-invest capabilities

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3-8-year tenor

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Flexible amortization

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Maximum underwriting of $100 million (average targeted hold size of $30 million)

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Typically requires covenant package

Management Team

Mark Gatto

Mark Gatto

Co-Founder, Co-CEO of CION
Investments/Investment
Committee Member

Michael A. Reisner

Michael A. Reisner

Co-Founder, Co-CEO of CION
Investments/Investment
Committee Member

Gregg Bresner

Gregg Bresner

President & Chief
Investment Officer of CION
Investment Management

Keith Franz

Keith Franz

Managing Director, Chief Financial Officer of CION Investment Management

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Board of Directors (Six of Eight Independent)

Mark Gatto

Co-Founder, Co-CEO of CION
Investments/Investment
Committee Member

Michael A. Reisner

Co-Founder, Co-CEO of CION
Investments/Investment
Committee Member

Robert A. Breakstone

President & CEO of Landmark International Group, Inc.

Peter I. Finlay

Founder & Managing Principal
of Ardentis LLC

Aron I. Schwartz

Managing Director of ACON
Investments

Earl V. Hedin

Co-Founder & Managing
Partner of Hudson Partners
Group LLC

Catherine K. Choi

President of BULBRITE
Industries

Edward J. Estrada

Principal of Estrada Legal
Consulting

Endnotes*

Endnotes and Additional Important Information. The information contained herein solely reflects CION management’s views and beliefs as of the date appearing in this material only, which is subject to change. Past performance does not predict future returns. There can be no assurance that CION will achieve its objectives or avoid substantial losses.
  1. CION’s BDC Peers consist of 13 externally managed, publicly-traded BDCs with a senior secured focus and a market capitalization between approximately $4.157bn and $647mm as of June 28, 2024. The peer group consists of: Bain Capital Specialty Finance Inc (BCSF), Barings BDC Inc (BBDC), BlackRock TCP Capital Corp. (TCPC), Carlyle Secured Lending, Inc. (CGBD), Crescent Capital BDC, Inc. (CCAP), Goldman Sachs BDC Inc (GSBD), Golub Capital BDC Inc (GBDC), New Mountain Finance Corporation (NMFC), MidCap Financial Investment Corp (MFIC), Oaktree Specialty Lending Corp (OCSL), PennantPark Floating Rate Capital Ltd. (PFLT), SLR Investment Corp (SLRC), and Sixth Street Specialty Lending Inc (TSLX).
  2. NII distribution coverage from CION’s public listing on October 5, 2021 is based on GAAP Net Investment Income and applies for the full period noted, not for individual quarters. Distributions may not continue at the current level, if at all.
  3. Distribution yield is calculated as trailing 12 month quarterly distributions declared as of June 30, 2024, divided by market share price as of June 28, 2024. There is no guarantee distributions will continue at the current level, if at all.
  4. Net Asset Value, or NAV, is determined by dividing the total assets of CION (the value of CION’s portfolio investments and other assets, less any liabilities), by the total number of shares outstanding. Market price as of June 28, 2024.
  1. The period covered for NII distribution coverage is from CION’s public listing on October 5, 2021 to June 30, 2024, based on GAAP Net Investment Income, and applies over the full period noted, not for individual quarters. Distributions have been and may in the future be funded through sources other than cash flow from operations. Each year, information regarding the sources of CION’s distributions (i.e., whether paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, the latter of which is a nontaxable distribution) will be disclosed to its shareholders on CION’s website at www.cionbdc.com. Distributions may not continue at the current level, if at all.
  2. Distribution coverage for the period of the latest quarter is calculated by taking the prior quarter’s net investment income divided by the prior quarter’s base distribution, which excludes supplemental and special distributions. Adjusted net investment income is used when available. Distributions may not continue at the current level, if at all.
  3. CION’s current repurchase trading plan expires on August 29, 2024, and is subject to price, market volume and timing restrictions. The repurchase trading plan may be suspended or discontinued at any time and does not obligate CION to acquire any specific number of shares of its common stock. There is no guarantee repurchases will continue at the current level, if at all.
  4. Non-accrual statistics are calculated as a percentage of total investments at fair value and calculated as Net Asset Value per share divided by market share price as of June 28, 2024. If the non- accrual statistic was calculated as a percentage of total investments at cost, CION and its BDC Peers had investments on non-accrual status of 2.7% and 3.3% respectively.

Contact Us

Media

100 Park Avenue, 25th Floor
New York, NY 10017
Phone: 212.418.4700
Fax: 212.418.4739
Email: general@cioninvestments.com

Registered Account Related Questions

Toll Free: 800.343.3736 / 888.729.4266
Hours: Monday – Friday, 8:30AM – 6:00PM ET

Investor Relations

Charlie Arestia
CION
(646)-253-8259
carestia@cioninvestments.com