DNY59/E+ via Getty Images Overview When I previously covered CION Investment Corporation (NYSE:CION) back in May, I issued a strong buy rating because of the massive discount to NAV pricing that, I felt, wasn't deserved. Unfortunately, my confidence has not resulted in much of a return since then, so I wanted to revisit and reassess this business development company. CION Investment Corp operates as an externally managed business development company that has a market cap of about $639M. They generate earnin ...

CION Investment Corporation (NYSE:CION) Q2 2024 Results Conference Call August 8, 2024 11:00 AM ET Company Participants Charlie Arestia - MD and Head of Investor Relations Mark Gatto - Co-Founder & Co-Chief Executive Officer Gregg Bresner - President & Chief Investment Officer Keith Franz - Chief Financial Officer Conference Call Participants Erik Zwick - Lucid Capital Finian O'Shea - Wells Fargo Securities Operator Greetings, and welcome to the CION Investment Corporation Second Quarter 2024 Conference Cal ...

Exhibit 99.1 CION INVESTMENT CORPORATION REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Disciplined Capital Deployment Contributes to Net Portfolio Growth For Immediate Release NEW YORK, August 8, 2024 — CION Investment Corporation (NYSE: CION) ("CION" or the "Company") today reported financial results for the second quarter ended June 30, 2024 and filed its Form 10-Q with the U.S. Securities and Exchange Commission. CION also announced that, on August 5, 2024, its co-chief executive officers declared a thir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-54755 CĪON Investment Corporation (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |-- ...

Evolution of CION Investment Corporation 2012 0.002% $1.15B 30+ Through the years, this BDC helped to deliver significant dividends along the way to accumulate a total of $16.01 in distributions paid out. Admittedly, returns here were partially offset by a decline in net asset value per share through this period. | --- | --- | --- | --- | --- | |-----------------------------------|----------------------------------------------------------|------------------------------|---------------|---------------| | | D ...

Maryland 45-3058280 ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. Item 9.01. Financial Statements and Exhibits. 99.1 Press Release dated June 12, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf ...

DNY59 Overview CION Investment Corporation (NYSE:CION) is a newer business development company with an inception year of only 2021. Since we don't have much historical data to base an analysis on, I opted to take a look into the company's fundamentals when it comes to investment quality, risk management, and distribution policy. I decided that CION was worth the time to research after seeing that the price performance and total return have both been strong over the last year. Data by YCharts CION's main foc ...

Financial Data and Key Metrics - Total investment income for Q1 was $73.6 million, a 23% increase from $60 million in Q4, driven by restructuring activities, make-whole payments, and prepayment premiums [19] - Net investment income for Q1 was $32.6 million or $0.60 per share, up from $21.8 million or $0.40 per share in Q4, a $10.8 million increase [38] - NAV per share decreased by $0.18 or 1.1% to $16.05 at the end of Q1, primarily due to price declines in the portfolio, partially offset by share repurchases [12] - Total assets stood at $2 billion, with total equity of $863 million and total debt of $1.07 billion, resulting in a net debt-to-equity ratio of 1.03x, down from 1.1x in Q4 [20] - The weighted average yield on debt and income-producing investments decreased by 48 basis points to 12.9% in Q1 [39] Business Line Data and Key Metrics - The company made $125 million in new investment commitments across five new and seven existing portfolio companies, with $107 million funded [7] - Approximately 60% of annual PIK income is derived from highly structured situations, such as litigation finance investments, with over 80% of PIK investments risk-rated one or two [6] - The portfolio remains defensive, with 84% in first lien investments and 86% in senior secured investments, while 99% of the portfolio is risk-rated three or better [37] - Risk-rated three investments increased from 6.5% to 10.4% of the portfolio, reflecting higher engagement or increased risk since initial purchase [37] Market Data and Key Metrics - The company completed first lien investments in new portfolio companies with a weighted average coupon of SOFR plus 6.3% [15] - Sales and repayments totaled $207 million in Q1, primarily from full repayments of debt investments in Ampac, Services Compression, Pentec, and R.R. Donnelley [36] - Non-accruals declined slightly from 0.89% of fair value at the end of Q4 to 0.86% at the end of Q1 [16] Company Strategy and Industry Competition - The company focuses on first lien investments at the top of the capital structure, avoiding riskier mezzanine and equity co-investments, while utilizing yield-enhancing provisions like PIK features and call protection [14] - The company remains selective with new investments, focusing on middle-market companies with $20 million to $50 million of annual EBITDA, avoiding larger, more commoditized deals [66] - The company continues to identify opportunities in the syndicated loan market, acquiring discounted first lien loans and playing active roles in refinancing or restructuring processes [70] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong financial results driven by investment activity and yield-enhancing provisions, with a focus on maintaining a defensive portfolio [10] - The company expects active repayment trends to continue in 2024, fueled by strong cash inflows into direct and syndicated loan funds [16] - Management remains optimistic about credit performance, with only 1% of the portfolio risk-rated four or five, and borrowers showing stable EBITDA trends [60] - The company is actively working to extend credit facilities for an additional two to three years, aiming to diversify its debt mix and expand lending partners [22] Other Important Information - The company declared a Q2 base distribution of $0.36 per share, a 6% increase from Q1, marking the fourth increase since its listing in October 2021 [23] - The company repurchased approximately 424,000 shares at an average price of $11 per share, totaling $4.7 million, reflecting confidence in the stock's undervaluation [63] - The company plans to declare a midyear supplemental distribution in June, payable on July 12 [42] Q&A Session Summary Question: Quantify revenue from transaction and restructuring fees in Q1 that may not recur in Q2 - Answer: Approximately $7 million to $8 million in transaction and restructuring income was realized in Q1 [45] Question: Plans for extending the $30 million unsecured term loan maturing in Q3 and preference for fixed or floating rate funding - Answer: The company is evaluating opportunities in the debt capital markets but is currently focused on extending existing credit facilities [46] Question: Explanation of upgrades and downgrades in the internal risk rating scale - Answer: Investments are upgraded to risk rating one only when there is knowledge of an imminent loan exit, with most investments remaining at rating two [47]

CĪON Investment Corporation (Exact name of registrant as specified in its charter) Common stock, par value $0.001 per share CION The New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ ...

3D_generator CION Investment (NYSE:CION) performed exceptionally in 2023 given its 32% total return compared to S&P 500 return of 24%. However, 2024 could be a challenging year for the business development company because its net investment income is likely to drop year over year. Moreover, the significant amount of debt maturities in 2024 and 2025 could also negatively impact the company's ability to invest in growth opportunities. Therefore, I maintain my hold rating on CION stock. Dividend Is Stable But ...