Financial Performance - For Q4 2024, the company declared a quarterly base distribution of $0.36 per share, payable on December 16, 2024[313]. - The company reported net portfolio activity of $(61,111) for the three months ended September 30, 2024, compared to $6,670 in 2023[319]. - Investment income for the three months ended September 30, 2024, was $59,627, a decrease of 11.3% from $67,540 in 2023[332]. - Net investment income after taxes for the three months ended September 30, 2024, was $21,618, down 28.0% from $29,990 in 2023[337]. - Net increase in net assets resulting from operations for the nine months ended September 30, 2024, was $28,444, down from $44,322 in 2023[350]. - For the nine months ended September 30, 2024, investment income was $194,538, an increase of 1.3% from $191,011 in 2023[343]. - Total operating expenses and income taxes for the three months ended September 30, 2024, increased to $38,009, compared to $37,550 in 2023[335]. - Total operating expenses and income taxes for the nine months ended September 30, 2024, were $117,364, up from $107,747 in 2023[344]. Investment Activity - Net investment activity for the three months ended September 30, 2024, included $91,286 in senior secured first lien debt purchases, down from $102,666 in 2023[319]. - Total purchases and drawdowns for the nine months ended September 30, 2024, included $330,952 in senior secured first lien debt, compared to $186,493 in 2023[319]. - The company experienced sales and principal repayments of $(153,580) for the three months ended September 30, 2024, compared to $(96,373) in 2023[319]. - The company has entered into multiple term loans and note purchase agreements, including the 2024 Term Loan and the 2027 Note Purchase Agreement, which may impact future financing costs[394][395]. Portfolio Composition - The company’s portfolio primarily consists of senior secured debt, with a focus on private and thinly-traded U.S. middle-market companies[302]. - As of September 30, 2024, total investments amounted to $1,850,244, with a fair value of $1,806,229, representing a decrease from $1,975,630 and $1,954,270 as of December 31, 2023[320][322]. - The average annual EBITDA of portfolio companies increased to $61.7 million, up from $51.8 million[322]. - The investment portfolio's fair value allocation by industry shows that the Business Services sector accounts for 15.5% and Healthcare & Pharmaceuticals for 12.6% as of September 30, 2024[325]. - The total number of portfolio companies increased to 111 as of December 31, 2023, from 103[322]. Risk and Exposure - The investment rating system indicates that 85.7% of the portfolio is rated 2, reflecting stable performance, while 11.8% is rated 3, indicating increased risk[329]. - The company’s investment portfolio quality shows that only 0.6% is rated 1, indicating low risk, down from 5.3% at the end of 2023[329]. - The percentage of floating interest rate investments in the portfolio increased to 81.2% as of September 30, 2024, compared to 80.1% at the end of 2023[323]. - Approximately 6.0% of the company's investments paid fixed interest rates as of September 30, 2024, which may lead to fair value declines in a rising interest rate environment[401]. - The company is subject to financial market risks, including changes in interest rates, which could materially affect its business and financial condition[399]. Commitments and Borrowings - The company reported unfunded commitments of $71,113 as of September 30, 2024, up from $47,349 at the end of 2023[325]. - As of September 30, 2024, outstanding borrowings under the JPM Credit Facility were $450,000, with an unfunded principal amount of $112,500[367]. - The company fully repaid all obligations under the 2021 Term Loan as of September 24, 2024[371]. - As of September 30, 2024, the aggregate principal amount of 2026 Notes outstanding was $125,000, with no unfunded principal[370]. Shareholder Returns - The board approved a share repurchase policy allowing up to $60 million in common stock repurchases, with the discretion to determine timing and method[358]. - As of September 30, 2024, a total of 3,672,497 shares were repurchased under the 10b5-1 trading plan for an aggregate purchase price of $37,187, averaging $10.13 per share[361]. - Total distributions for the year ended December 31, 2023, amounted to $87,867, with a per-share distribution of $1.61[365]. - For the nine months ended September 30, 2024, total distributions were $59,473, averaging $1.11 per share[365]. Economic Environment - Persistent inflationary pressures are expected to affect the profit margins of the company's portfolio companies, particularly in the U.S.[403]. - A sensitivity analysis shows that a 300 basis point increase in interest rates could increase interest income by 15.6%[401]. - The company currently has no off-balance sheet arrangements, which may provide a clearer view of its financial commitments[398]. - The company has not experienced claims or losses related to indemnifications in its contracts, suggesting a low risk of loss[396].

Nowadays it seems very hard to find quality dividend stocks at a bargain. Especially those in the BDC sector ( BIZD ) since many have seen their share prices balloon the past 2 years, thanks in part to Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I' ...

Group 1 - The preference for high-quality Business Development Companies (BDCs) is emphasized, with a willingness to pay a premium over Net Asset Value (NAV) to limit potential downside risk [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on shaping financial strategies for top-tier corporates and executing large-scale financings [2] - Significant efforts have been made by Roberts to institutionalize the Real Estate Investment Trust (REIT) framework in Latvia, aimed at boosting the liquidity of pan-Baltic capital markets [2] - Development of national State-Owned Enterprise (SOE) financing guidelines and frameworks for channeling private capital into affordable housing stock has been part of Roberts' policy-level work [2] - Roberts holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [2]

Core Viewpoint - CION Investment Corporation is currently trading at a significant discount to its net asset value (NAV), which is viewed as unjustified given its solid portfolio strategy and financial performance [2][23]. Company Overview - CION Investment Corporation operates as an externally managed business development company with a market capitalization of approximately $639 million, focusing on high-quality debt investments in US-based middle market companies with annual EBITDA between $20 million and $75 million [2]. - The company has achieved a total return of nearly 52% since its inception in 2021, outperforming the VanEck BDC Income ETF [2]. Financial Performance - CION reported a net investment income of $0.43 per share for Q2, exceeding estimates by $0.04, with total investment income reaching $61.3 million, reflecting a 4.9% year-over-year increase [10]. - The current dividend yield stands at 13.8%, with the latest declared quarterly dividend at $0.36 per share, indicating a distribution coverage ratio of 119% [20][21]. Valuation Metrics - CION's stock is trading at a 26.31% discount to NAV, which has improved from a nearly 50% discount at its lowest point in 2022 [4]. - The average price target from Wall Street analysts is $12 per share, suggesting a modest upside of 2% from current levels [5]. Interest Rate Impact - Approximately 81.1% of CION's investments are structured on a floating rate basis, benefiting from the recent interest rate hikes by the Federal Reserve [5]. - The anticipated interest rate cuts may lead to a temporary decrease in earnings, but could also stimulate portfolio growth by increasing the volume of borrowers in the market [8][14]. Portfolio Composition - CION maintains a diverse portfolio with 107 portfolio companies, focusing primarily on first-lien senior secured debt, which provides a higher priority for repayment in case of bankruptcy [18][19]. - New investment commitments totaled $148 million for Q2, primarily in first-lien senior secured debt, indicating a commitment to portfolio growth [15]. Risk Assessment - The non-accrual rate for CION's portfolio has increased slightly to 1.36% of fair value, but remains competitive compared to peers in the sector [22].

Financial Data and Key Metrics Changes - CION reported a net investment income of $23 million or $0.43 per share for Q2 2024, a decrease from $32.6 million or $0.60 per share in Q1 2024, reflecting a decline of $9.6 million or $0.17 per share [19] - Total investment income for Q2 was $61.4 million, down from $73.6 million in Q1, primarily due to lower income from restructuring and prepayment activities [19] - Total operating expenses decreased to $38.4 million from $41 million in Q1, mainly due to lower advisory fees [20] - Net asset value (NAV) per share increased to $16.08 from $16.05, representing a 0.2% increase [21] Business Line Data and Key Metrics Changes - The weighted average coupon for total funded debt investments was approximately SOFR plus 6.6% for the quarter, consistent with previous quarters [14] - CION made $148 million in new investment commitments across 3 new and 16 existing portfolio companies, with $137 million funded [15] - The portfolio's nonaccruals increased from 0.86% to 1.36% of fair value, with one new loan added to nonaccrual status [16] Market Data and Key Metrics Changes - The current debt mix is about 60% secured and 40% unsecured, with over 85% in floating rate [21] - The weighted average cost of debt capital remained at about 8.4%, unchanged from the previous quarter [21] Company Strategy and Development Direction - CION's strategy focuses on a conservatively positioned loan portfolio combined with opportunistic first lien investing in complex special situations, aiming for attractive risk-adjusted returns [5] - The company remains selective in evaluating new deal opportunities, particularly in the middle-market direct lending portfolio and lightly syndicated loan market, due to a challenging market environment [8] - CION's recent amendment of its largest secured credit facility aims to reduce the cost of capital and provide increased operational flexibility [9] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging market environment with significant capital chasing a limited number of new deal opportunities, leading to tighter credit spreads [8] - The company remains cautiously optimistic about its credit performance and is prepared to adapt as market conditions evolve [8] - Management emphasized the importance of maintaining a strong balance sheet and liquidity to support future investments [21] Other Important Information - CION paid total distributions of $0.41 per share in Q2, including a base distribution of $0.36, which is an increase from $0.34 in Q1 [22] - The trailing 12-month distribution yield was 10.5% based on average NAV and 13.9% based on quarter-end market price [23] Q&A Session Summary Question: Are spreads on new originations stabilizing? - Management indicated that spreads remain tight due to supply and demand dynamics, with no signs of stabilization [24] Question: What is the mix between new and follow-on activity in the pipeline? - Management noted that the mix remains similar to Q2, with a balance of new issues and follow-on investments [25] Question: How does the company manage leverage in the current economic outlook? - The target leverage range is about 1.25, with the current leverage at 1.13, slightly increased due to net investment activity [26] Question: Are there signs of weakening in the economy affecting the portfolio? - Management stated that they have been underwriting defensively and have not observed significant changes in credit fundamentals [27][28] Question: Can you provide details on the buyback program? - The buyback program is currently programmatic and will continue as long as the share price is undervalued [30]

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 ...