CION Investment Corporation

Earnings Release • Mar 16, 2025

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
	FORM 8-K
	CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	Date of Report (Date of earliest event reported): March 13, 2025 (March 10, 2025)
	CĪON Investment Corporation (Exact Name of Registrant as Specified in Charter)
Maryland	000-54755	45-3058280
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
	100 Park Avenue, 25th Floor New York, New York 10017
	(Address of Principal Executive Offices)
	(212) 418-4700
	(Registrant's telephone number, including area code)
	Not applicable
	(Former name or former address, if changed since last report)
Check the appropriate box below if the Form	8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value \$0.001 per share 7.50% Notes due 2029	CION CICB	The New York Stock Exchange The New York Stock Exchange
	Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

Quarterly Base Distribution

The board of directors (the "Board") of CĪON Investment Corporation ("CION") has delegated to CION's executive officers the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the Board on a quarterly basis.

On March 10, 2025, CION's co-chief executive officers declared a quarterly base distribution of \$0.36 per share for the first quarter of 2025 payable on April 11, 2025 to shareholders of record as of March 28, 2025. A copy of the press release announcing the foregoing is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Q4 and YE 2024 Financial Results

On March 13, 2025, CION issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

In connection with its conference call to be held on March 13, 2025 to discuss its financial results for the fourth quarter and year ended December 31, 2024, CION has provided an accompanying slide presentation in the Investor Resources section of its website at www.cionbdc.com. A copy of the presentation is also attached hereto as Exhibit 99.2 and incorporated by reference herein.

The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being "furnished" and shall not be deemed "filed" by CION for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

The information in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

• 99.1 Press Release dated March 13, 2025.
• 99.2 CĪON Investment Corporation Fourth Quarter 2024 Earnings Presentation. 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 by the undersigned hereunto duly authorized.

CĪON Investment Corporation

Date: March 13, 2025 By: /s/ Michael A. Reisner

Co-Chief Executive Officer

Exhibit 99.1

CION INVESTMENT CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS

Continued Strong Performance in 2024 With \$1.79 in Net Investment Income and \$1.52 in Total Shareholder Distributions

For Immediate Release

NEW YORK, NY, March 13, 2025 — CION Investment Corporation (NYSE: CION) ("CION" or the "Company") today reported financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the U.S. Securities and Exchange Commission.

CION also announced that, on March 10, 2025, its co-chief executive officers declared a first quarter 2025 base distribution of \$0.36 per share payable on April 11, 2025 to shareholders of record as of March 28, 2025.

FOURTH QUARTER AND OTHER HIGHLIGHTS

• · Net investment income and earnings per share for the quarter ended December 31, 2024 were \$0.35 per share and \$0.10 per share, respectively;
• · Net asset value per share was \$15.43 as of December 31, 2024 compared to \$15.73 as of September 30, 2024, a decrease of \$0.30 per share, or 1.9%. The decrease was primarily due to mark-to-market price adjustments to the Company's portfolio during the quarter ended December 31, 2024;
• · As of December 31, 2024, the Company had \$1.12 billion of total principal amount of debt outstanding, of which 38% was comprised of senior secured bank debt and 62% was comprised of unsecured debt. The Company's net debt-to-equity ratio was 1.27x as of December 31, 2024 compared to 1.18x as of September 30, 2024;
• · As of December 31, 2024, the Company had total investments at fair value of \$1.82 billion in 105 portfolio companies across 24 industries. The investment portfolio was comprised of 86.1% senior secured loans, including 86.0% in first lien investments;¹
• · During the quarter, the Company funded new investment commitments of \$100 million, funded previously unfunded commitments of \$12 million, and had sales and repayments totaling \$48 million, resulting in a net increase to the Company's funded portfolio of \$64 million;
• · As of December 31, 2024, investments on non-accrual status amounted to 1.41% and 3.22% of the total investment portfolio at fair value and amortized cost, respectively, which are down from 1.85% and 3.40%, respectively, as of September 30, 2024;
• · During the quarter, the Company repurchased 170,617 shares of its common stock under its 10b5-1 trading plan at an average price of \$11.74 per share for a total repurchase amount of \$2.0 million. Through December 31, 2024, the Company repurchased a total of 3,769,171 shares of its common stock under its 10b5-1 trading plan at an average price of \$10.16 per share for a total repurchase amount of \$38.3 million;
• · On October 3, 2024, the Company completed a public baby bond offering in the U.S. pursuant to which the Company issued \$172.5 million of its unsecured 7.50% Notes due 2029, which listed and commenced trading on the NYSE under the ticker symbol "CICB" on October 9, 2024; and
• · On February 13, 2025, the Company terminated its existing senior secured repurchase facility with UBS AG ("UBS") and simultaneously entered into a new 3-year, \$125 million senior secured credit facility with UBS, under which the floating interest rate payable by the Company on all advances was reduced by 0.45% per year, from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.75% per year.

DISTRIBUTIONS

· For the quarter ended December 31, 2024, the Company paid a quarterly base distribution totaling \$19.2 million, or \$0.36 per share, and declared a year-end special distribution totaling \$2.7 million, or \$0.05 per share, paid on January 27, 2025 to shareholders of record as of December 30, 2024.

Michael A. Reisner, co-Chief Executive Officer of CION, commented:

"We are very pleased with our 2024 results, particularly against a backdrop of elevated competition and shifting expectations around both inflation and interest rates. Our BDC continues to generate a very attractive yield for our investors, which was enhanced this past year by our mid-year and year-end special distributions. We also had the pleasure of hosting both analysts and investors at CION's first investor day as a listed company in January, highlighting our unique investment strategy as well as our track record of strong shareholder returns."

SELECTED FINANCIAL HIGHLIGHTS

	As of
(in thousands, except per share data)	December 31, 2024		September 30, 2024
1 Investment portfolio, at fair value	\$ 1,819,870 \$		1,752,726
2 Total debt outstanding	\$ 1,117,344 \$		1,069,844
Net assets	\$ 820,810 \$		839,190
Net asset value per share	\$ 15.43 \$		15.73
Debt-to-equity	1.36x		1.28x
Net debt-to-equity	1.27x		1.18x
	Three Months Ended
(in thousands, except share and per share data)	December 31, 2024		September 30, 2024
Total investment income	\$ 57,894 \$		59,627
Total operating expenses and income tax expense	\$ 39,208 \$		38,009
Net investment income after taxes	\$ 18,686 \$		21,618
Net realized (losses) gains	\$ (2,238) \$		3,938
Net unrealized losses	\$ (10,990) \$		(25,935)
Net increase (decrease) in net assets resulting from operations	\$ 5,458 \$		(379)
Net investment income per share	\$ 0.35 \$		0.40
Net realized and unrealized losses per share	\$ (0.25) \$		(0.41)
Earnings per share	\$ 0.10 \$		(0.01)
Weighted average shares outstanding	53,268,577		53,439,316

Distributions declared per share \$ 0.41 \$ 0.36 Total investment income for the three months ended December 31, 2024 and September 30, 2024 was \$57.9 million and \$59.6 million, respectively. The decrease in total investment income was primarily driven by lower SOFR rates on our investments during the three months ended December 31, 2024 as compared to the three months ended September 30, 2024.

Operating expenses for the three months ended December 31, 2024 and September 30, 2024 were \$39.2 million and \$38.0 million, respectively. The increase in operating expenses was driven by higher interest expense due to an increase in the Company's total debt outstanding during the quarter ended December 31, 2024, partially offset by lower advisory fees paid to CIM due to a decrease in investment income during the quarter ended December 31, 2024 as compared to the quarter ended September 30, 2024.

PORTFOLIO AND INVESTMENT ACTIVITY 1

A summary of the Company's investment activity for the three months ended December 31, 2024 is as follows:

	New Investment
	Commitments		Sales and Repayments
	\$ in	%	\$ in	%
Investment Type	Thousands	of Total	Thousands	of Total
Senior secured first lien debt	\$ 101,784	96%	\$ 47,637	99%
Collateralized securities and structured products - equity	2,002	2%	25	—
Equity	2,333	2%	627	1%
Total	\$ 106,119	100%	\$ 48,289	100%

During the three months ended December 31, 2024, new investment commitments were made across 5 new and 15 existing portfolio companies. During the same period, the Company received the full repayment on investments in 2 portfolio companies and wrote-off the remaining investment in 1 portfolio company. As a result, the number of portfolio companies increased from 103 as of September 30, 2024 to 105 as of December 31, 2024.

PORTFOLIO SUMMARY 1

As of December 31, 2024, the Company's investments consisted of the following:

	Investments at Fair Value
	\$ in	%
Investment Type	Thousands	of Total
Senior secured first lien debt	\$ 1,563,256	86.0%
Senior secured second lien debt	2,680	0.1%
Collateralized securities and structured products - equity	2,682	0.1%
Unsecured debt	11,814	0.6%
Equity	239,438	13.2%
Total	\$ 1,819,870	100.0%

The following table presents certain selected information regarding the Company's investments:

	As of
	December 31, 2024	September 30, 2024
Number of portfolio companies	105	103
3 Percentage of performing loans bearing a floating rate	93.8%	94.3%
3 Percentage of performing loans bearing a fixed rate	6.2%	5.7%
Yield on debt and other income producing investments at amortized cost4	12.28%	12.23%
Yield on performing loans at amortized cost4	12.74%	12.73%
Yield on total investments at amortized cost	10.96%	10.88%
Weighted average leverage (net debt/EBITDA)5	5.02x	5.02x
5 Weighted average interest coverage	2.07x	2.14x
6 Median EBITDA	\$ 34.2 million	\$ 32.8 million

As of December 31, 2024, investments on non-accrual status represented 1.41% and 3.22% of the total investment portfolio at fair value and amortized cost, respectively. As of September 30, 2024, investments on non-accrual status represented 1.85% and 3.40% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, the Company had \$1,117 million of total principal amount of debt outstanding, comprised of \$425 million of outstanding borrowings under its senior secured credit facilities and \$692 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.8% for the quarter ended December 31, 2024. As of December 31, 2024, the Company had \$76 million in cash and short-term investments and \$131 million available under its financing arrangements.²

EARNINGS CONFERENCE CALL

CION will host an earnings conference call on Thursday, March 13, 2025 at 11:00 am Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2024. Please visit the Investor Resources - Earnings Presentation section of the Company's website at www.cionbdc.com for a slide presentation that complements the earnings conference call.

Date: 03/12/2025 04:27 PM
Client: 25-87-1 ClON Investment Cornoration 8-K

All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Fourth Quarter and Year End Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources - Earnings Call section of CION's website.

ENDNOTES

• 1) The discussion of the investment portfolio excludes short-term investments.
• 2) Total debt outstanding excludes netting of debt issuance costs of \$18.2 million and \$14.9 million as of December 31, 2024 and September 30, 2024, respectively.
• 3) The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status.
• 4) Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment.
• 5) For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company's performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA ("interest coverage ratio"). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company's performing debt investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount.

6) Median EBITDA is calculated based on the portfolio company's EBITDA as of the Company's initial investment.

CĪON Investment Corporation Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	December 31, 2024		September 30, 2024 (unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of \$1,489,777 and \$1,421,998, respectively)	\$	1,448,107	\$ 1,381,177
Non-controlled, affiliated investments (amortized cost of \$274,642 and \$276,204, respectively)		269,205	273,152
Controlled investments (amortized cost of \$179,274 and \$152,042, respectively)		171,376	151,900
Total investments, at fair value (amortized cost of \$1,943,693 and \$1,850,244, respectively)		1,888,688	1,806,229
Cash		7,670	29,765
Interest receivable on investments		45,140	49,446
Receivable due on investments sold and repaid		2,965	28,604
Dividends receivable on investments		—	76
Prepaid expenses and other assets		1,265	1,501
Total assets	\$	1,945,728	\$ 1,915,621
Liabilities and Shareholders' Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of \$18,156 and \$14,925, respectively)	\$	1,099,187	\$ 1,054,919
Payable for investments purchased		1,019	—
Accounts payable and accrued expenses		1,034	1,316
Interest payable		8,244	7,201
Accrued management fees		6,761	6,854
Accrued subordinated incentive fee on income		3,964	4,586
Accrued administrative services expense		2,006	1,515
Share repurchases payable		40	40
Shareholder distribution payable		2,663	—
Total liabilities		1,124,918	1,076,431
Shareholders' Equity
Common stock, \$0.001 par value; 500,000,000 shares authorized; 53,192,808 and 53,363,245 shares issued, and 53,189,269 and 53,359,886 shares outstanding, respectively		53	53
Capital in excess of par value		1,021,684	1,023,687
Accumulated distributable losses		(200,927)	(184,550)
Total shareholders' equity		820,810	839,190
Total liabilities and shareholders' equity	\$	1,945,728	\$ 1,915,621
Net asset value per share of common stock at end of period	\$	15.43	\$ 15.73

CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
		(unaudited)		(unaudited)
Investment income
Non-controlled, non-affiliated investments
Interest income	\$	31,289	\$	43,096	\$	165,786 \$		184,013
Paid-in-kind interest income		11,586		6,581		31,397		22,317
Fee income		3,754		3,127		9,865		7,871
Dividend income		371		128		5,855		210
Non-controlled, affiliated investments
Paid-in-kind interest income		2,810		2,419		11,692		8,372
Interest income		2,095		1,519		6,426		7,068
Dividend income		282		—		411		3,946
Fee income		50		—		3,648		2,432
Controlled investments
Interest income		3,584		2,786		12,970		8,090
Dividend income		—		—		—		4,250
Paid-in-kind interest income		—		2		—		1,050
Fee income		2,073		341		4,382		1,391
Total investment income		57,894		59,999		252,432		251,010
Operating expenses
Management fees		6,762		6,893		27,321		26,856
Administrative services expense		1,261		1,228		4,783		3,971
Subordinated incentive fee on income		3,963		4,615		20,334		22,277
General and administrative		1,859		1,422		7,157		7,382
Interest expense		25,244		24,023		96,870		85,556
Total operating expenses		39,089		38,181		156,465		146,042
Net investment income before taxes		18,805		21,818		95,967		104,968
Income tax expense (benefit), including excise tax		119		60		107		(54)
Net investment income after taxes		18,686		21,758		95,860		105,022
Realized and unrealized (losses) gains
Net realized losses on:
Non-controlled, non-affiliated investments		(5,383)		(351)		(24,367)		(31,927)
Non-controlled, affiliated investments		3,145		—		(3,946)		—
Controlled investments		—		—		—		—
Net realized losses		(2,238)		(351)		(28,313)		(31,927)
Net change in unrealized (depreciation) appreciation on:
Non-controlled, non-affiliated investments		1,124		7,050		(8,218)		15,658
Non-controlled, affiliated investments		(4,358)		1,801		5,059		(7,335)
Controlled investments		(7,756)		20,734		(30,486)		13,896
Net change in unrealized (depreciation) appreciation		(10,990)		29,585		(33,645)		22,219
Net realized and unrealized (losses) gains		(13,228)		29,234		(61,958)		(9,708)
Net increase in net assets resulting from operations	\$	5,458	\$	50,992	\$	33,902 \$		95,314
Per share information—basic and diluted Net increase in net assets per share resulting from operations
	\$	0.10	\$	0.94	\$	0.63 \$		1.74
Net investment income per share	\$	0.35	\$	0.40	\$	1.79 \$		1.92
Weighted average shares of common stock outstanding		53,268,577		54,292,065		53,564,788		54,685,327

ABOUT CION INVESTMENT CORPORATION

CION Investment Corporation is a leading publicly listed business development company that had approximately \$1.9 billion in total assets as of December 31, 2024. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION's plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION's belief regarding future events that, by their nature, are uncertain and outside of CION's control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION's actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

OTHER INFORMATION

The information in this press release is summary information only and should be read in conjunction with CION's Annual Report on Form 10-K, which CION filed with the SEC on March 13, 2025, as well as CION's other reports filed with the SEC. A copy of CION's Annual Report on Form 10-K and CION's other reports filed with the SEC can be found on CION's website at www.cionbdc.com and the SEC's website at www.sec.gov.

CONTACTS

Media Susan Armstrong sarmstrong@cioninvestments.com

Investor Relations

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

Exhibit 99.2

CION Investment Corporation Fourth Quarter 2024 Earnings Presentation

Disclosures and Forward-Looking Statements

Toppan Merrill

The information contained in this earling some in conjunction with the earings conference call of CON investment Corporation (NYSE: CON) ("CON" or the "Company" held on Thursday, March 1, 2025 well as the Company s Anual Becember 3, 2024 hat was field with the Securities and Exclange Commission the "SC" (n March 1, 2025. The information contained here in may not be used, reproduced or diser, in whole or in part, for any other prior written consent of the Consant of the Consary

This earlings presentation may contain for involve substantial risks and uncertainties, including the inpact of inflation and high interest rates on the business, future oper results access to carial and liguidity of the conopies. You can identify these stepents by the use of forward-out as "nay" "will," "styld." "gould" "erged." fanticipate," project," finate," "intend" "contines or the negatives hereof or other variations thereon or comparable terminology, including references of or future result, shareholder direction, institution in access to capital. You should read statenents that contant hies words carefully because the discus the conpary s plans, strategies, prospects and expectations concerners marial condition and other similar matters. These statements represent the Company's belif regarding foure events that, by their nature, are uncertain and ouch as the price at which the Conpan's shares of common stock will trade on the NYSE. Any forward-doking statenen made by the Conpany in this earlings presentation speaks on which the Conpany makes it. Factors or events that could results to differ, possibly from its expectations, iclude, but are not linted to, the factors the Conpany identifies in the sections entibled "Risk Factors" of filings the Conpany makes with the S.C. and it is not possible of the all of them. The Company under the production to updation to update or revise public) any forward-doking statenents whether of new information, future events or otherwise, except as required by law.

This earings presentation does not constitute a prospections and offer to sell or he spicitation of an offer to buy the company scommon stock or any other securities nor vill there be any other securities refered to in this earlings presentation in any state or juristicion in which such offer, plicitation or sale would be unive the registration or qualification under the securities laws of such state or jurisdiction.

Nothing in these materials should be construed in any securitis that may be issued by the Compay or as legal, accounting or tax advice. An inestries of the type described heein presents cetain risks. The Company is nament Managenent, LLC, an affiliate of the Contained hee in shall be relief upon as a promise or recesentation whether as to past or future performance.

The information ontained in this earnings intended to be considered in the context of cher public anouncements that the Conpary nay make, by press cease or otherwise, fon time. The Compay undertakes no dublicy update or revise the information contained in this earings presentation, exept as required by law. These materials contain information about the Company, certain of its historical performance. You should not view information related to past performance of the Company as inicatie of its future results, the achievement of which cannot be assured.

Past performance does not guantee fore results, which mestments and theincome ederied from investments will fluctuate and can on on on on principal nay occur.

Fourth Quarter and Other Highlights - Ended December 31, 2024

· Net investment income and earnings per share ended December 31, 2024 were \$0.35 per share and \$0.10 per share , respectively:

Toppan Merrill

• Net asset value per share was \$15.43 as of December 30, 2024, a decrease of \$1.30 per share, or 1.9%. The decrease was primarily due to mark-to-market price adjustments to the Company's portfolio during the quarter ended December 31, 2024;
• As of December 31, 2024, the Company had \$1.12 billion of the principal anount of debt outstanding, of which 38% was comprised of senior secured bank debt and 62% was comprised of unsecured debt. The Company's net debt-to-equity ratio was 1.27x as of December 31.2024.
• · As of December 31, 2024, the Company had total in value of \$1.82 billion in 105 portfollo companies across 24 industries. The investment portblo was comprised of 86.1% senior secured loans, including 86.0% in first lien investments;2
• During the quarter, the Company for commitments of \$100 million, funded comnitments of \$12 million, and had sales and repayments totaling \$48 million, resulting in a net increase to the Company's funded portfolio of \$64 million;
• As of December 31, 2024, investments on non-acrual investment portolio at fair value and anortzed ost, respectively which are down from 1.85% and 3.40%, respectively, as of September 30, 2024;
• During the quarter, the Company repurchased 170,627 trading plan at an average price of \$11.74 per share for a total repurchase anount of \$2.0 million. Through December 3, 2024, the Common stock under its common stock under its 1005-1 trading plan at an average price of \$10.16 per share for a total repurchase amount of \$38.3 million;
• On October 3, 2024, the Company completed a public the U.S. pursuant to which the Company issued \$17.5 million of its unsecured 7.50% Notes de 2029, which listed and commenced trading on the NYSE under the ticker symbol "CICB" on October 9, 2024; and
• · On February 13, 2025, the Company terning senior secured repurchase facility with USS AG ("UBS") and simultaneously entered into a new 3-year, \$125 million senior secured credit facility with US\$, under which the Company on all advances was reduced by 0.45% per year, from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.75% per year.

DISTRIBUTIONS

• · For the quarter ended December 31, 2024, the Company and a quarterly base distribution totaling \$19.2 million, or \$0.36 per share, and declared a pear-end special distribut totaling \$2.7 million, or \$0.05 per share, which was paid on January 27, 2025 to shareholders of record as of December 30, 2024; and
• · On March 10, 2025, the Company's co-chief excluded a first quarter 2025 base distribution of \$0.36 per share payable on April 11, 2025 to shareholders of record as of March 28, 2025.

The discussion of the investment portfolio excludes short term investments.

ധ

					Q4 2023
(\$ in millions)	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Investment portfolio, at fair value (1)	\$1,820	\$1,753	\$1,823	\$1,741	\$1,841
Total de bt outstanding (2)	\$1,117	\$1,070	\$1,070	\$1,070	\$1,092
Net assets	\$821	\$839	\$861	\$863	\$880
De bt-to-equity	1.36x	1.28x	1.24x	1.24x	1.24x
Net debt-to-equity	1.27x -	1.18x	1.13x	1.03x	1.10x
Total investment income	\$57.9	\$59.6	\$61.4	\$73.6	\$60.0
Net investment income	\$18.7	\$21.6	\$23.0	\$32.6
Net realized and unrealized (losses) gains	\$(13.2)	\$(22.0)	\$(0.6)	\$(26.1)	\$29.2
Net increase (decrease) in net assets resulting from operations	\$5.5	\$(0.4)	\$22.4	\$6.4	\$51.0
Per Share Data
Net asset value per share	\$15.43	\$15.73	\$16.08 \$16.05		\$16.23
Net investment income per share	\$0.35	\$0.40	\$0.43	\$0.60	\$0.40
Net realized and unrealized (losses) gains per share	\$(0.25)	\$(0.41)	\$(0.01)	\$(0.48)	\$0.54
Earnings per share	\$0.10	\$(0.01)	\$0.42	\$0.12	\$0.94
Distributions declared per share (3)	SO.41	\$0.36	SO.41	\$0.34	\$0.54

4 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 11 for debt net of issuance costs. 3. Includes supplemental distributions of \$ 0 . 05 per share during each quarter ended December 31 , 2023 and June 30 , 2024 and special year - end distributions of \$ 0 . 15 per share and \$ 0 . 05 per share during the quarters ended December 31 , 2023 and 2024 , respectively . Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (\$ in millions) \$1,841 \$1,741 \$1,823 \$1,753 \$1,820 Investment portfolio, at fair value (1) \$1,092 \$1,070 \$1,070 \$1,070 \$1,117 Total debt outstanding (2) \$880 \$863 \$861 \$839 \$821 Net assets 1.24x 1.24x 1.24x 1.28x 1.36x Debt - to equity 1.10x 1.03x 1.13x 1.18x 1.27x Net debt - to - equity \$60.0 \$73.6 \$61.4 \$59.6 \$57.9 Total investment income \$21.8 \$32.6 \$23.0 \$21.6 \$18.7 Net investment income \$29.2 \$(26.1) \$(0.6) \$(22.0) \$(13.2) Net realized and unrealized (losses) gains \$51.0 \$6.4 \$22.4 \$(0.4) \$5.5 Net increase (decrease) in net assets resulting from operations Per Share Data \$16.23 \$16.05 \$16.08 \$15.73 \$15.43 Net asset value per share \$0.40 \$0.60 \$0.43 \$0.40 \$0.35 Net investment income per share \$0.54 \$(0.48) \$(0.01) \$(0.41) \$(0.25) Net realized and unrealized (losses) gains per share \$0.94 \$0.12 \$0.42 \$(0.01) \$0.10 Earnings per share \$0.54 \$0.34 \$0.41 \$0.36 \$0.41 Distributions declared per share (3)

Investment Activity

• New investment commitments for the quarter were \$106 million were funded and \$6 million were unfunded.

Toppan Merrill

• · New investment commitments were made across 5 new and 15 existing portfolio companies.
• Fundings of previously unfunded commitments for the quarter were \$12 million.
• · Sales and repayments totaled \$48 million for the quarter, which included the full exit of investments in 2 portfolio companies, all via repayment !

\$106	\$97	\$148
			\$125	\$152
\$100	\$78	\$137	\$107	\$147
\$6	\$19	\$11	\$18	\$5
\$12	\$15	\$10	ડેવ	\$7
\$(47)	\$(129)	\$(77)	\$(190)	\$(83)
\$(1)	\$(25)	\$0	\$(17)	\$0
\$64	\$(61)	\$70	(ae)	\$71
				111
	105	103	107	109

Note - The discussion of the investments Unfunded comminnents are generally subject borrowers neeting certain criteria sub a complance with coverant and certain operational metics. These anounts may rentlithe comnitment period of an expires, which may be shorter than the barí smaturity date.

C ( O N - The Company wrote off its entire investment in 1 additional portfolio company during the quarter ended December 3, 2024.

5

Credit Quality of Investments INTERNAL INVESTMENT RISK RATINGS(1) Q4 2024 NON-ACCRUAL %(1) (% of Total Portfolio, Fair Value) Higher Credit 04 2023 04 2024 Q1 2024 Rating Q3 2024 Q2 2024 Quality 2.0% 0.6% 0.0%* 1 1.3% 5.3% 85.8% 85.7% 88.3% 88.5% 87.2% 2 10.6% 11.8% 9.0% 10.4% 6.5% 3 3.2% 1.3% 1.5% 0.7% 0.6% 4 1.1% 1.4% 5 0.3% 0.4% 0.3% 0.4% 0.4% Lower Credit Quality Total 100.0% 100.0% 100.0% 100.0% 100.0% Fair Value Amortized Cost * - Less than 1% Internal Investment Risk Rating Definitions Rating Definition 1 Indicates the least amount of risk to our initial cost basis. The tends and risk factors for this investment in acquisition are generally favorable, which may include the portolio company or a poential ext. Indicates a level of risk to our initial cost basis that is to our initial cost basis at the time of origination or acquisition. 2

Toppan Merrill

This portfollo company is generally performing in the business and the full return of principal and interest or dividend is expected. 3 Indicates that the risk to our ability to recop the costed since origination or acquisition, but full return of principal and interest or divided is expected.

A portfolio company with an investment rating of 3 requires closer monitoring. Indicates the tist to ou ability to recop the creased ignificatly since originato or acultion, including a a reult of factors such of factors such so beciming performance and covenants.

We expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment.

5 = Indicates that the risk to recoup the cost of such ince or increased naterially since or prodice on and the portolio company likely has materially declining performance. Loss of interest or dividend and some loss of pincipal in expected, which would result in an overal negative internal ate of return on the investment.

1. The discussion of the investment portfolio excludes short term investments.

7

PORTFOLIO BY SECURITY TYPE (4) PORTFOLIO BY INTEREST RATE TYPE (4) Portfolio Summary 8 ( 1 ) See endnote 4 in our press release filed with the SEC on March 13 , 2025 . ( 2 ) See endnote 5 in our press release filed with the SEC on March 13 , 2025 . ( 3 ) See endnote 6 in our press release filed with the SEC on March 13 , 2025 . ( 4 ) The discussion of the investment portfolio excludes short term investments . Portfolio Characteristics (as of December 31, 2024) (4) Investment Portfolio \$1,890.6 million Total investments and unfunded commitments \$70.7 million Unfunded commitments \$1,819.9 million Investments at fair value 12.28 % Yield on debt and other income producing investments at amortized cost (1) 12.74 % Yield on performing loans at amortized cost (1) 10.96 % Yield on total investments at amortized cost Portfolio Companies 105 Number of portfolio companies 5.02x Weighted average leverage (net debt/EBITDA) (2) 2.07x Weighted average interest coverage (2) \$34.2 million Median EBITDA (3) Industry Diversification (4) % of Investment Portfolio Industry 15.7 % Services: Business 11.0 % Healthcare & Pharmaceuticals 8.8 % Retail 7.1 % Media: Diversified & Production 6.4 % Energy: Oil & Gas 51.0 % Other (≤ 6.2% each) 86.1% Senior Secured Debt Investments

Investment Portfolio
Total investments and unfunded commitments	\$1,890.6 million
Unfunded commitments	\$70.7 million
Investments at fair value	\$1,819.9 million
Yield on debt and other income producing investments at amortized cost121	12.28 %
Yield on performing loans at amortized cost(1)	12.74 %
Yield on total investments at amortized cost	10.96 %
Portfolio Companies
Number of portfolio companies	105
Weighted average leverage (net debt/EBITDA)[2]	5.02x
Weighted average interest coverage(2)	2.07x
Median EBITDA (3)	\$34.2 million

111868991 8 151821 2011/08/11
Industry	% of Investment Portfolio
Services: Business	15.7 %
Healthcare & Pharmaceuticals	11.0 %
Retail	8.8 %
Media: Diversified & Production	7.1 %
Energy: Oil & Gas	6.4 %
Other (≤ 6.2% each)	51.0 %
(1) See endnote 4 in our press release filed with the SEC on March 13, 2025. (2) See endnote 5 in our press releas
filed with the SEC on March 13, 2025. (3) See endnote 6 in our press release filed with the SEC on March 13, 2025

All figures in thousands, except share and per share data		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023
Investment income Interest income(1)
	is	51,364 !		53,390	S	53,863	S	69,654	S	56,403
Dividend income		653		434		5,152		27		128
Fee income		5,877		5,803		2,342		3,873		3,468
Total investment income	15	57,894		59,627	રે	61,357	રે	73,554	S	59,999
Expenses
Management fees	S	6,762	S	6,854	S	6,841	S	6,864	S	6,893
Interest and other debt expenses		25,244 i		23,551		23,773		24,302		24,023
Incentive fees		3,963 !		4,586		4,871		6,914		4,615
Other operating expenses		3,120 -		3,039		2,905		2,876		2,650
Total expenses before taxes	is	39,089 ;	S	38,030	S	38,390	રે	40,956	S	38,181
Income tax expense (benefit), including excise tax		119		(21)		4		5		60
Net investment income after taxes	રે	18,686		21,618		22,963		32,593		21,758
Net realized (loss) gain and unrealized (depreciation) appreciation on investments
Net realized (loss) gain	i S	(2,238)		3,938	S	(20,277)		(9,736)	S	(351)
Net change in unrealized (depreciation) appreciation		(10,990)		(25,935)		19,692		(16,412)		29,585
Net realized and unrealized (losses) gains	15	(13,228)		(21,997)		(585)		(26,148)		29,234
Net increase (decrease) in net assets resulting from operations	ારે	5,458 !		(379)		22,378		6,445	ટે	50,992
Per share data
Net investment income	15	0.35		0.40	S	0.43		0.60		0.40
Net realized (loss) gain and unrealized (depreciation) appreciation on investments	ારે	(0.25):	S	(0.41)	S	(0.01)	5	(0.48)	S	0.54
Earnings per share	5	0.10		(0.01)	S	0.42	S	0.12	S	0.94
Distributions declared per share (2)	is	0.41 1		0.36	S	0.41	S	0.34	S	0.54
Weighted average shares outstanding		53,268,577 !		53,439,316		53,595,624		53,960,698		54,292,065
Shares outstanding, end of period		53,189,269		53,359,886		53,525,623		53,760,605		54,184,636

Quarterly Operating Results 9 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 All figures in thousands, except share and per share data Investment income \$ 56,403 \$ 69,654 \$ 53,863 \$ 53,390 \$ 51,364 Interest income (1) 128 27 5,152 434 653 Dividend income 3,468 3,873 2,342 5,803 5,877 Fee income \$ 59,999 \$ 73,554 \$ 61,357 \$ 59,627 \$ 57,894 Total investment income Expenses \$ 6,893 \$ 6,864 \$ 6,841 \$ 6,854 \$ 6,762 Management fees 24,023 24,302 23,773 23,551 25,244 Interest and other debt expenses 4,615 6,914 4,871 4,586 3,963 Incentive fees 2,650 2,876 2,905 3,039 3,120 Other operating expenses \$ 38,181 \$ 40,956 \$ 38,390 \$ 38,030 \$ 39,089 Total expenses before taxes 60 5 4 (21) 119 Income tax expense (benefit), including excise tax \$ 21,758 \$ 32,593 \$ 22,963 \$ 21,618 \$ 18,686 Net investment income after taxes Net realized (loss) gain and unrealized (depreciation) appreciation on investments \$ (351) \$ (9,736) \$ (20,277) \$ 3,938 \$ (2,238) Net realized (loss) gain 29,585 (16,412) 19,692 (25,935) (10,990) Net change in unrealized (depreciation) appreciation \$ 29,234 \$ (26,148) \$ (585) \$ (21,997) \$ (13,228) Net realized and unrealized (losses) gains \$ 50,992 \$ 6,445 \$ 22,378 \$ (379) \$ 5,458 Net increase (decrease) in net assets resulting from operations Per share data \$ 0.40 \$ 0.60 \$ 0.43 \$ 0.40 \$ 0.35 Net investment income \$ 0.54 \$ (0.48) \$ (0.01) \$ (0.41) \$ (0.25) Net realized (loss) gain and unrealized (depreciation) appreciation on investments \$ 0.94 \$ 0.12 \$ 0.42 \$ (0.01) \$ 0.10 Earnings per share \$ 0.54 \$ 0.34 \$ 0.41 \$ 0.36 \$ 0.41 Distributions declared per share (2) 54,292,065 53,960,698 53,595,624 53,439,316 53,268,577 Weighted average shares outstanding 54,184,636 53,760,605 53,525,623 53,359,886 53,189,269 Shares outstanding, end of period 1. Includes certain prepayment fees, exit fees, accelerated OID and paid - in - kind interest income. 2. Includes supplemental distributions of \$0.05 per share during each quarter ended December 31, 2023 and June 30, 2024 and spec ial year - end distributions of \$0.15 per share and \$0.05 per share during the quarters ended December 31, 2023 and 2024, respectively.

Quarterly Balance Sheet 10 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 All figures in thousands, except per share data and asset coverage ratio Assets \$ 1,954,270 \$ 1,870,837 \$ 1,906,125 \$ 1,806,229 \$ 1,888,688 Investments, at fair value 8,415 48,482 9,798 29,765 7,670 Cash 36,724 36,366 40,841 49,446 45,140 Interest receivable on investments 967 11,452 2,631 28,604 2,965 Receivable due on investments sold — — 129 76 — Dividend receivable on investments 1,348 1,137 942 1,501 1,265 Prepaid expenses and other assets \$ 2,001,724 \$ 1,968,274 \$ 1,960,466 \$ 1,915,621 \$ 1,945,728 Total Assets Liabilities & Net Assets \$ 1,081,701 \$ 1,060,455 \$ 1,061,710 \$ 1,054,919 \$ 1,099,187 Financing arrangements (net of debt issuance costs) (1) 4,692 21,041 11,789 — 1,019 Payable for investments purchased 1,036 743 1,031 1,316 1,034 Accounts payable and accrued expenses 10,231 8,556 9,614 7,201 8,244 Interest payable 6,893 6,864 6,841 6,854 6,761 Accrued management fees 4,615 6,914 4,871 4,586 3,964 Accrued subordinated incentive fee on income 2,156 642 1,128 1,515 2,006 Accrued administrative services expense — — — 40 40 Share repurchase payable 10,837 — 2,676 — 2,663 Shareholder distribution payable \$ 1,122,161 \$ 1,105,215 \$ 1,099,660 \$ 1,076,431 \$ 1,124,918 Total Liabilities \$ 879,563 \$ 863,059 \$ 860,806 \$ 839,190 \$ 820,810 Total Net Assets \$ 2,001,724 \$ 1,968,274 \$ 1,960,466 \$ 1,915,621 \$ 1,945,728 Total Liabilities and Net Assets \$ 16.23 \$ 16.05 \$ 16.08 \$ 15.73 \$ 15.43 Net Asset Value per share 1.81 1.81 1.80 1.78 1.73 Asset coverage ratio (2) 1. The Company had debt issuance costs of \$ 18 , 156 as of December 31 , 2024 , \$ 14 , 925 as of September 30 , 2024 , \$ 8 , 134 as of June 30 , 2024 , \$ 9 , 388 as of March 31 , 2024 and \$ 10 , 643 as of December 31 , 2023 . 2. Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period .

All figures in thousands, except per share data and asset coverage ratio	Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023
Assets
Investments, at fair value	!\$ 1,888,688 !		1,806,229	ડ	1,906,125	ഗ	1,870,837	റ	1,954,270
Cash	7,670 ·		29,765		9,798		48,482		8,415
Interest receivable on investments	45,140 i		49,446		40,841		36,366		36,724
Receivable due on investments sold	2,965 !		28,604		2,631		11,452		967
Dividend receivable on investments			76		129
Prepaid expenses and other assets	1,265		1,501		942		1,137		1,348
Total Assets	\$ 1,945,728		1,915,621		1,960,466		1,968,274		2,001,724
Liabilities & Net Assets
Financing arrangements (net of debt issuance costs)(1)	י \$ 1,099,187 !		1,054,919	S	1,061,710	S	1,060,455	ഗ	1,081,701
Payable for investments purchased	1,019 :				11,789		21,041		4,692
Accounts payable and accrued expenses	1,034 ;		1,316		1,031		743		1,036
Interest payable	8,244 1		7,201		9,614		8,556		10,231
Accrued management fees	6,761 :		6,854		6,841		6,864		6,893
Accrued subordinated incentive fee on income	3,964 :		4,586		4,871		6,914		4,615
Accrued administrative services expense	2,006 i		1,515		1,128		642		2,156
Share repurchase payable	40 "		40
Shareholder distribution payable	2,663				2,676				10,837
Total Liabilities	:\$ 1,124,918		1,076,431		1,099,660		1,105,215	ળ	1,122,161
Total Net Assets	820,810 ! ાર		839,190	ટે	860,806	રે	863,059	\$	879,563
Total Liabilities and Net Assets	\$ 1,945,728 !		1,915,621	ટે	1,960,466	5	1,968,274		2,001,724
Net Asset Value per share	i \$ 15.43	S	15.73	ર	16.08	5	16.05	રે	16.23
Asset coverage ratio 2)	1.73!		1.78		1.80		1.81		1.81

CION
PHIL INVESTMENTS

11 Q4 2024 Net Asset Value Bridge Per Share Data

12 2024 Net Asset Value Bridge Per Share Data

13 Maturity Date Interest Rate Principal Amount Outstanding Total Commitment Amount 6/15/2027 S + 2.55% (2) \$325 \$406 JPM Credit Facility 12/30/2029 7.50% 173 173 Unsecured Notes, 2029 (1) 1/15/2025 S + 3.20% 100 150 UBS Facility 2/11/2026 4.50% 125 125 Unsecured Notes, 2026 (1) 8/31/2026 S + 3.82% 115 115 Series A Unsecured Notes, 2026 (1) 11/8/2027 S + 4.75% 100 100 Unsecured Notes, Tranche A, 2027 (1) 11/8/2027 S + 3.90% 100 100 Unsecured Notes, Tranche B, 2027 (1) 4/27/2027 S + 3.50% 50 2022 Unsecured Term Loan (1) 9/30/2027 S + 3.80% 30 30 2024 Unsecured Term Loan (1) 7.8% \$1,117 \$1,249 Total Debt Debt Summary DEBT MATURITIES* (\$ in millions) DEBT SCHEDULE* (\$ in millions) \$131 million in available capacity within existing senior secured facilities * As of December 31, 2024. In February 2025, we closed a new 3 - year, \$125 million senior secured credit facility with UBS (S + 2.75%). 1. Investment grade credit rating. 2. The Company will pay an annual administrative fee of 0.20% on JPM's total financing commitment.

		Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Investment Income (per share)		\$0.54	\$0.43	\$0.55	\$0.40	\$0.60	\$0.43	\$0.40	\$0.35
Distribution (per share)		\$0.34	\$0.34	\$0.39(1)	\$0.54(1)	\$0.34	\$0.41(1)	\$0.36	\$0.41(1)
Distribution coverage		1.59x	1.26x	1.41x	0.74x	1.76x	1.05x	1.11×	0.85x
				\$0.54
			\$0.39	\$0.20		\$0.41		\$0.36	\$0.41
\$0.34	\$0.34		\$0.05		\$0.34	\$0.05			\$0.05
\$0.34	\$0.34		\$0.34	\$0.34	\$0.34	\$0.36		\$0.36	\$0.36
Q1 2023	Q2 2023		Q3 2023	Q4 2023	Q1 2024	Q2 2024		Q3 2024	Q4 2024
			Regular Distribution		Special/Supplemental Distribution