CION Investment Corporation

Investor Presentation • Sep 9, 2024

CION Investment Corporation (CIC) NYSE: CION

Investor Presentation

September 2024

Disclosures and Forward-Looking Statements

This presentation has been prepared by CĪON Investment Corporation (NYSE: CION) (the "Company" or "CION"), may be used for information purposes only and may only be used or disseminated outside of the United States. This presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities. Any such offering of securities will be made only by means of a registration statement (including a prospectus, a prospectus supplement or any related free writing prospectus) and/or an offering document that received a permit by the Israeli Securities Authority ("ISA").

The information contained herein remains subject to further updating, revision, and amendment without notice. It should not be relied upon as the basis for making any investment decision, entering into any transaction or for any other purpose. This information is not, and under no circumstances is to be construed as, a prospectus or an offering memorandum as defined under applicable securities legislation. The information contained herein does not set forth all of the terms, conditions and risks of the Company.

This presentation may contain forward-looking statements that involve substantial risks and uncertainties, including the impact of inflation and high interest rates on the business, future operating results, access to capital and liquidity of the Company and its portfolio companies. 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, including references to assumptions, forecasts of future results, shareholder diversification, institutional research coverage and availability and access to capital. You should read statements that contain these words carefully because they discuss the Company's plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent the Company's belief regarding future events that, by their nature, are uncertain and outside of the Company's control, such as the price at which the Company's securities will trade on the NYSE or the TASE. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors the Company identifies in the sections entitled "Risk Factors" and "Forward-Looking Statements" in filings the Company makes with the U.S. Securities and Exchange Commission (the "SEC") and on the ISA's website at https://www.magna.isa.gov.il , and it is not possible for the Company to predict or identify all of them. The Company 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.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by the Company or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. The Company, its investment adviser and their respective subsidiaries and affiliates and their respective employees, officers and agents make no representations as to the completeness and accuracy of any information contained within this written material. As such, they are not responsible for errors and/or omissions with respect to the information contained herein except and as required by law.

In considering investment performance information contained in this presentation, bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that the Company will achieve comparable results. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein.

Certain information contained in this presentation has been obtained from published and non-published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof. Such information has not been independently verified by the Company and the Company does not assume responsibility for the accuracy of such information (or updating the presentation based on facts learned following its issuance).

CION Platform Overview

CION Investment Group is a vertically integrated alternative investment manager and retail distribution organization founded in 2011

		Key Products
			CION Investment Corporation	CION Ares Diversified Credit Fund
Profile Founded	2011		Publicly listed business development company (NYSE: CION)	Globally diversified interval fund
Headquarters	New York, NY	Inception	2012	2017
AUM	\$7.2B	AUM	\$2.0B	\$5.2B
Employees	811	External Manager	CION Investment Management, LLC	CION Ares Management, LLC

CIC Profile

CIC is a leading, publicly-listed BDC that focuses on senior secured loans to U.S. middle market companies.

Proven track record – Since inception, CIC has originated more than 2,700 loans, totaling more than \$8 billion of capital deployed, with a cumulative annualized loss rate of only 0.015% (or approximately 0.015% of all originated deals).

Strong balance sheet and low leverage –

Total balance sheet of \$2.0B with total net debt to assets of 0.5x (reflects net debt to equity of 1.13x).

Strong Debt Servicing Capacity – Annualized Net Investment Income of approximately \$111 million² .

Clear strategic focus – Direct, first lien investments (more than 84% in first lien senior secured) at the top of the capital stack, focused on capital preservation.

Owns a diversified portfolio –

107 primarily U.S middle market portfolio companies with \$20mm-\$75mm in annual EBITDA and with more than 81% of the portfolio in floating rate debt.

Corporate governance and regulation – Highly regulated by the SEC and under the 1940 Act with a majority independent board of directors and highly transparent to stakeholders.

All portfolio data, characteristics, and information as of June 30, 2024 unless otherwise stated.

(1) The cumulative annualized loss rate as of June 30, 2024 is calculated as the aggregate investment cost at write-off less (i) any economic benefit realized (interest and fees) and (ii) any economic recovery over total Invested Capital.

(2) Annualized numbers are based on the six months ended June 30, 2024.

Data above as of June 30, 2024 unless otherwise specified. (1) Non-accrual statistic is calculated as a percentage of total investments at fair value as of June 30, 2024. (2) Annualized numbers are based on the six months ended June 30, 2024.

Second quarter and other highlights

• § During the three months ended June 30, 2024, CION repurchased 234,982 shares of its common stock under its 10b5-1 trading plan at an average price of \$11.37 per share for a total repurchase amount of \$2.7 million. Through June 30, 2024, CION repurchased a total of 3,432,817 shares of its common stock under its 10b5-1 trading plan at an average price of \$9.99 per share for a total repurchase amount of \$34.3 million.
• § On July 15, 2024, CION further amended its \$675 million senior secured credit facility with JPMorgan Chase Bank, National Association ("JPM") to: (i) reduce the credit spread on the floating interest rate payable by CION on advances from the three-month SOFR plus a credit spread of 3.20% per year to the three-month SOFR plus a credit spread of 2.55% per year, and (ii) extend the reinvestment period from July 15, 2024 to June 15, 2026 and the maturity date from May 15, 2025 to June 15, 2027.(1)
• § As of June 30, 2024, the Company had \$1.07 billion of total principal amount of debt outstanding, of which 61% was comprised of senior secured bank debt and 39% was comprised of unsecured debt.
• § The cash and cash equivalents for the quarter end was \$93 million.
• § Net investment income for the three and six-months ended June 30, 2024 was \$23 million and \$56 million, respectively.

CION Team Overview

Executive Team	Years of Relevant Experience	Years at CION	Background
Mark Gatto Co-Chief Executive Officer	19	12	• Co-Founder, CION Investment Group, LLC • Attorney, private practice in NJ • B.A., Montclair State University; J.D. and M.B.A, Seton Hall University
Michael A. Reisner Co-Chief Executive Officer	19	12	• Co-Founder, CION Investment Group, LLC • Attorney, private practice in NY • B.A., University of Vermont; J.D., cum laude, New York Law School
Gregg Bresner, CFA President & Chief Investment Officer	27	7	• Wasserstein Perella, Bankers Trust, BT Alex Brown, Deutsche Bank, Briscoe Capital, and Plainfield Asset Management • B.S., magna cum laude, Rensselaer Polytechnic Institute; M.B.A, Columbia University
Keith Franz Chief Financial Officer & Treasurer	27	12	• E&Y LLP audit and business advisory practice, SMART Business Advisory and Consulting, LLP, Voxx International Corp. • B.S., Binghamton University

Other Senior Professionals

Eric Pinero – Chief Legal Officer Stephen Roman – Chief Compliance Officer, Counsel Nicholas Tzoumas - Director of Valuations Geoff Manna – Senior Managing Director, Originations Joe Elsabee – Managing Director, Originations and Credit Aditi Budhia – Managing Director, Originations and Credit Charlie Arestia – Managing Director and Head of Investor Relations Shane Magrann – Vice President and Portfolio Manager, Special Situations Brian Mulligan – Vice President, Direct Investing

(1) As of August 8, 2024. Supported by 81¹ employees within the CION Investment Group platform

Background on BDCs

BDCs provide financing to U.S middle-market companies, generally have a similar structure to REITs, have a leverage restriction of maximum debt to equity (2:1) and seek diversification of borrowers.

The U.S. Congress created BDCs in 1980 to assist emerging U.S. businesses in raising funds. To qualify as a BDC, a company must be registered under Section 54 of the Investment Company Act of 1940 ("1940 Act") and remain in compliance with the 1940 Act.

BDCs are regulated by and subject to:

• U.S. Securities and Exchange Commission (SEC).
• U.S. Investment Company Act of 1940 Regulations relating to investments, conflict of interest and corporate governance.
• Regulated Investment Company (RIC) Similar to REITs, no US income tax at the company level if requirements continue to be met.
• Sarbanes Oxley Act of 2002 Regulations related to financial recordkeeping, reporting, and management.

BDCs generally have a stellar track record of meeting their financial obligations, including during times of market volatility, mainly due to leverage restrictions, other regulatory requirements and potential access to capital.

Business Strategy and Portfolio Information

Preservation of Capital Philosophy Anchors Our Investment Strategy

• § Strong focus on first lien investments at the top of the capital structure to drive investor returns and maximize recoveries in challenging situations.
• § Perform rigorous, "bottoms up" fundamental approach for each investment we are not "topdown" thematic sector investors.
• § Commitment to a highly diversified portfolio approach to limit industry and individual concentration risks.
• § Strict prioritization of achieving current yield vs. capital appreciation we are not a private equity fund.
• § Careful matching of floating rate portfolio investments with floating rate liabilities the ability to preserve spread and protect principal in all interest rate environments.

CION drives investor returns through a disciplined credit driven culture – "succeed without speculating"

Exclusive Focus of Investment Team

• Manage a single BDC strategy, which provides tremendous focus and efficiency to our platform in terms of sourcing, underwriting and portfolio management.
• Our investment team unequivocally understands the investment, credit, yield and leverage criteria acceptable to our Investment Committee and conducive to our debt facilities:
  • Ø Empowers our team to be surgically focused and efficient in evaluating sourcing opportunities, particularly at the critical pre-screening stage.
• Elect to receive "private" information on every name, which provides our platform with the richest information flow and avoids the inherent business and legal conflicts many of our peers and competitors face when investing equity or other security tranches.
• Investment sourcing, underwriting, management and monitoring all report up to one portfolio manager:
  • Ø Not required to satisfy the differing investment objectives, decisions, and legal/regulatory considerations of multiple feeder funds on the platform.
  • Ø Highly advantageous in situations where amendments and follow-on capital are needed.

Investment Committee Has Multiple Touchpoints from Sourcing to Monitoring

Strategic Focus at Highest Seniority, Top of the Capital Structure

Underwriting Process

CION implements a fully-integrated underwriting approach that we believe produces superior credit outcomes. • One integrated team for entire process: sourcing, underwriting, monitoring, and management of refinancing/restructuring.

• May produce superior credit outcomes and enhances the industry, structuring and interpersonal skills of our entire investment team.

% of original	Sourcing	Screening and Industry Filter		Due Diligence		Investment Committee		Structuring and Documentation		Monitoring
transactions evaluated	55,000 100%	27,500 50%		13,750 25%		5,500 10%		2,750 5%
	• Proprietary network of industry contacts • Long-term relationships with private equity sponsors, investment funds, investment banks and portfolio companies • "Open-Source" origination approach with respect to PE firms, club lenders, intermediaries and owners/operators	• Screen opportunities for acceptable capitalization, leverage profile and alignment of interests • Focus on noncyclical, non commodity industries • Industry analyst opines on suitability and prospects • Team provides clear and timely feedback to deal source	• • • •	Review historical, budgeted and projected financial information Complete management meeting and site visits Selectively utilize the diligence resources and efforts of the PE sponsor Calls with consultants, industry experts, competitors and customers	• • • • •	Iterative review with multiple touch points throughout process Review due diligence findings and prepare follow-up steps Perform sensitivity analyses with base, stressed and downside case scenarios Select legal counsel Must attain super majority committee approval to move forward to final pricing and structure discussions	• •	Negotiate with PE firms/ownership to reach a ROI and transaction structure within the parameters approved by the Investment Committee Work in conjunction with counsel to attain necessary covenants, representations and legal protections	• • • •	Actively track financial results of each portfolio company Maintain active, consistent engagement with management, owners and industry sources Attain board observation or direct seat when appropriate Utilize Independent third-party valuations in accordance with valuation policy

Portfolio Summary

Portfolio Characteristics (as of June 30, 2024)(4)
Investment Portfolio
Total investments and unfunded commitments	\$1,900.5 million
Unfunded commitments	\$77.5 million
Investments at fair value	\$1,823.0 million
Yield on debt and other income producing investments at amortized cost(1)	12.86 %
Yield on performing loans at amortized cost(1)	13.26 %
Yield on total investments at amortized cost	11.48 %
Portfolio Companies
Number of portfolio companies	107
Weighted average leverage (net debt/EBITDA)(2)	4.74x
Weighted average interest coverage(2)	2.01x
Median EBITDA(3)	\$32.8 million
Industry Diversification(4)
Industry	% of Investment Portfolio
Services: Business	15.8 %
Healthcare & Pharmaceuticals	12.5 %
Retail	7.8 %
Media: Diversified & Production	7.3 %
Services: Consumer	5.9 %

(1) See endnote 5 in our press release filed with the SEC on August 8, 2024. (2) See endnote 6 in our press release filed with the SEC on August 8, 2024. (3) See endnote 7 in our press release filed with the SEC on August 8, 2024. (4) The discussion of the investment portfolio excludes short term investments.

Other (≤ 5.9% each) 50.7 %

Financial Highlights

Selected Financial Highlights

(\$ in millions)	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Investment portfolio, at fair value(1)	\$1,823	\$1,741	\$1,841	\$1,728	\$1,688
Total debt outstanding (2)	\$1,070	\$1,070	\$1,092	\$1,008	\$986
Net assets	\$861	\$863	\$880	\$861	\$836
Debt-to-equity	1.24x	1.24x	1.24x	1.17x	1.18x
Net debt-to-equity	1.13x	1.03x	1.10x	1.03x	1.04x
Total investment income	\$61.4	\$73.6	\$60.0	\$67.5	\$58.5
Net investment income	\$23.0	\$32.6	\$21.8	\$30.0	\$23.4
Net realized and unrealized (losses) gains	\$(0.6)	\$(26.1)	\$29.2	\$17.5	\$4.5
Net increase in net assets resulting from operations	\$22.4	\$6.4	\$51.0	\$47.5	\$27.9
Per Share Data
Net asset value per share	\$16.08	\$16.05	\$16.23	\$15.80	\$15.31
Net investment income per share	\$0.43	\$0.60	\$0.40	\$0.55	\$0.43
Net realized and unrealized (losses) gains per share	\$(0.01)	\$(0.48)	\$0.54	\$0.32	\$0.08
Earnings per share	\$0.42	\$0.12	\$0.94	\$0.87	\$0.51
Distributions declared per share(3)	\$0.41	\$0.34	\$0.54	\$0.39	\$0.34

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 10 for debt net of issuance costs.

3. Includes supplemental distributions of \$0.05 per share during each quarter ended September 30, 2023, December 31, 2023 and June 30, 2024 and a special distribution of \$0.15 per share during the quarter ended December 31, 2023.

Debt Summary and Liquidity

	DEBT SCHEDULE (\$ in millions)
	Total Commitment Amount	Principal Amount Outstanding	Interest Rate	Maturity Date
JPM Credit Facility	\$675	\$550	S + 3.20%(2)(3)	5/15/2025(3)
UBS Facility	150	100	S + 3.20%	11/19/2024
Unsecured Notes, 2026(1)	125	125	4.50%	2/11/2026
Series A Unsecured Notes, 2026(1)	115	115	S + 3.82%	8/31/2026
Unsecured Notes, 2027(1)	100	100	S + 4.75%	11/8/2027
2022 Unsecured Term Loan(1)	50	50	S + 3.50%	4/27/2027
2021 Unsecured Term Loan(1)	30	30	5.20%	9/30/2024
Total Debt	\$1,245	\$1,070	8.4%

Strong Liquidity Position (\$ in millions)

ü \$93 million in cash and cash equivalents

ü \$175 million in available capacity within existing senior secured facilities

1. Investment grade credit rating.

2. As of June 30, 2024, bore interest at a rate of SOFR + 3.05% and a LIBOR to SOFR credit spread adjustment of 0.15%.

3. The JPM Credit Facility was amended on July 15, 2024 to reduce the interest rate to S+2.55% and extend the maturity to June 15, 2027. Also, see footnote 1 on page 6 for fees and expenses related to this amendment.

ü \$671 million in unencumbered assets

Solid Performance and Credit Metrics

Non-Accrual ^{2 1}Senior Secured %

Net Debt to Assets ³ Net Investment Income ⁴

1) Calculated as first lien and second lien loans at fair value as a percentage of total investments at fair value. 2) Non-accrual statistic is calculated as a percentage of total investments at fair value. 3) Calculation uses gross debt outstanding less cash & cash equivalents. 4) Annualized numbers are based on the six months ended June 30, 2024.

Summary

Publicly traded BDC on the NYSE and the TASE, with over 12 years as an SEC regulated company

\$1.82B¹ of high-quality investments and \$671m in unencumbered assets

Strong balance sheet backed by \$861m of equity and 50% net debt to total assets¹

Experienced team with long track record of consistent performance

Conservative leverage and stable cash flow

Credit rating of A1 by Midroog (Moody's) Israel

Appendix

Quarterly Operating Results

All figures in thousands, except share and per share data	Q2 2024		Q1 2024	Q4 2023	Q3 2023		Q2 2023
Investment income
Interest income(1)	\$ 53,863	\$	69,654	\$ 56,403	\$ 63,913	\$	56,813
Dividend income	5,152		27	128	95		52
Fee income	2,342		3,873	3,468	3,532		1,631
Total investment income	\$ 61,357	\$	73,554	\$ 59,999	\$ 67,540	\$	58,496
Expenses
Management fees	\$ 6,841	\$	6,864	\$ 6,893	\$ 6,741	\$	6,546
Interest and other debt expenses	23,773		24,302	24,023	21,757		20,467
Incentive fees	4,871		6,914	4,615	6,362		4,965
Other operating expenses	2,905		2,876	2,650	2,927		2,984
Total expenses before taxes	\$ 38,390	\$	40,956	\$ 38,181	\$ 37,787	\$	34,962
Income tax expense (benefit), including excise tax	4		5	60	(237)		118
Net investment income after taxes	\$ 22,963	\$	32,593	\$ 21,758	\$ 29,990	\$	23,416
Net realized loss and unrealized appreciation (depreciation) on investments
Net realized loss	\$ (20,277)	\$	(9,736)	\$ (351)	\$ (8,123)	\$	(18,928)
Net change in unrealized appreciation (depreciation)	19,692		(16,412)	29,585	25,606		23,406
Net realized and unrealized (losses) gains	\$ (585)	\$	(26,148)	\$ 29,234	\$ 17,483	\$	4,478
Net increase in net assets resulting from operations	\$ 22,378	\$	6,445	\$ 50,992	\$ 47,473	\$	27,894
Per share data
Net investment income	\$ 0.43	\$	0.60	\$ 0.40	\$ 0.55	\$	0.43
Net realized loss and unrealized (depreciation) appreciation on investments	\$ (0.01)	\$	(0.48)	\$ 0.54	\$ 0.32	\$	0.08
Earnings per share	\$ 0.42	\$	0.12	\$ 0.94	\$ 0.87	\$	0.51
Distributions declared per share(2)	\$ 0.41	\$	0.34	\$ 0.54	\$ 0.39	\$	0.34
Weighted average shares outstanding	53,595,624		53,960,698	54,292,065	54,561,367 54,788,740
Shares outstanding, end of period	53,525,623	53,760,605		54,184,636	54,464,804		54,632,827

1. Includes certain prepayment fees, exit fees, accelerated OID and paid-in-kind interest income.

22 2. Includes supplemental distributions of \$0.05 per share during each quarter ended September 30, 2023, December 31, 2023 and June 30, 2024 and a special distribution of \$0.15 per share during the quarter ended December 31, 2023.

Quarterly Balance Sheet

All figures in thousands, except per share data and asset coverage ratio	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023
Assets
Investments, at fair value	\$ 1,906,125	\$	1,870,837	\$	1,954,270	\$	1,844,877	\$	1,788,462
Cash	9,798		48,482		8,415		6,805		11,515
Interest receivable on investments	40,841		36,366		36,724		40,378		33,200
Receivable due on investments sold	2,631		11,452		967		2,646		997
Dividend receivable on investments	129		—		—		82		—
Prepaid expenses and other assets	942		1,137		1,348		1,552		608
Total Assets	\$ 1,960,466	\$	1,968,274	\$	2,001,724	\$	1,896,340	\$	1,834,782
Liabilities & Net Assets
Financing arrangements (net of debt issuance costs)(1)	\$ 1,061,710	\$	1,060,455	\$	1,081,701	\$	1,000,211	\$	976,737
Payable for investments purchased	11,789		21,041		4,692		9,663		—
Accounts payable and accrued expenses	1,031		743		1,036		1,510		1,344
Interest payable	9,614		8,556		10,231		7,238		8,183
Accrued management fees	6,841		6,864		6,893		6,741		6,546
Accrued subordinated incentive fee on income	4,871		6,914		4,615		6,362		4,967
Accrued administrative services expense	1,128		642		2,156		1,064		574
Share repurchase payable	—		—		—		67		67
Shareholder distribution payable	2,676		—		10,837		2,724		—
Total Liabilities	\$ 1,099,660	\$	1,105,215	\$	1,122,161	\$	1,035,580	\$	998,418
Total Net Assets	\$ 860,806	\$	863,059	\$	879,563	\$	860,760	\$	836,364
Total Liabilities and Net Assets	\$ 1,960,466	\$	1,968,274	\$	2,001,724	\$	1,896,340	\$	1,834,782
Net Asset Value per share	\$ 16.08	\$	16.05	\$	16.23	\$	15.80	\$	15.31
Asset coverage ratio(2)	1.80		1.81		1.81		1.85		1.85

1. The Company had debt issuance costs of \$8,134 as of June 30, 2024, \$9,388 as of March 31, 2024, \$10,643 as of December 31, 2023, \$8,001 as of September 30, 2023 and \$8,976 as of June 30, 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.

	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Net Investment Income (per share)	\$0.45	\$0.43	\$0.54	\$0.43	\$0.55	\$0.40	\$0.60	\$0.43
Distribution (per share)	\$0.31	\$0.58(1)	\$0.34	\$0.34	\$0.39(1)	\$0.54(1)	\$0.34	\$0.41(1)
Distribution coverage	1.45x	0.74x	1.59x	1.26x	1.41x	0.74x	1.76x	1.05x

1. Includes special and/or supplemental distributions of \$0.27, \$0.05, \$0.20 and \$0.05 per share during Q4 2022, Q3 2023, Q4 2023 and Q2 2024, respectively.

Investment Activity

• New investment commitments for the quarter were \$148 million, of which \$137 million were funded and \$11 million were unfunded.
• New investment commitments were made across 3 new and 16 existing portfolio companies.
• Fundings of previously unfunded commitments for the quarter were \$10 million.
• Sales and repayments totaled \$77 million for the quarter, which included the full exit of investments in 1 portfolio company via sale.

(\$ in millions)	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
New investment commitments	\$148	\$125	\$152	\$97	\$62
Funded	\$137	\$107	\$147	\$93	\$62
Unfunded	\$11	\$18	\$5	\$4	\$0
Fundings of previously unfunded commitments	\$10	\$4	\$7	\$10	\$8
Repayments	\$(77)	\$(190)	\$(83)	\$(94)	\$(53)
Sales	\$0	\$(17)	\$0	\$(2)	\$(2)
Net funded investment activity	\$70	\$(96)	\$71	\$7	\$15
Total Portfolio Companies	107	109	111	109	112

Note - The discussion of the investment portfolio excludes short term investments. Unfunded commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than the loan's maturity date.

Credit Quality of Investments

	INTERNAL INVESTMENT RISK RATINGS(1)	Q2 2024 NON-ACCRUAL %(1)
Higher Credit Quality	Rating	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
	1	1.3%	0.0%*	5.3%	0.0%*	1.9%
	2	88.3%	88.5%	87.2%	90.7%	86.6%
	3	9.0%	10.4%	6.5%	8.2%	10.7%
	4	1.1%	0.7%	0.6%	0.6%	0.5%
Lower Credit	5	0.3%	0.4%	0.4%	0.5%	0.3%
Quality	Total * - Less than 1%.	100.0%	100.0%	100.0%	100.0%	100.0%

-

-

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

Corporate Information

Mark Gatto Co-Chairman of the Board

Michael A. Reisner Co-Chairman of the Board

Robert A. Breakstone Independent Director

Peter I. Finlay Independent Director

Aron I. Schwartz Independent Director

Earl V. Hedin Independent Director

Catherine K. Choi Independent Director

Edward J. Estrada Independent Director

Investment Committee Mark Gatto Co-Chief Executive Officer

Michael A. Reisner Co-Chief Executive Officer

Gregg Bresner Chief Investment Officer

Mark Gatto Co-Chief Executive Officer

Michael A. Reisner Co-Chief Executive Officer Security Listings Investor Relations

Gregg Bresner Chief Investment Officer

Keith Franz Chief Financial Officer

Geoff Manna Managing Director

Joe Elsabee Managing Director

Eric Pinero Chief Legal Officer

Stephen Roman Chief Compliance Officer

Aditi Budhia Managing Director, Originations and Credit

Charlie Arestia Managing Director and Head of Investor Relations

Shane Magrann Vice President and Portfolio Manager, Special Situations Brian Mulligan Vice President, Direct Investing

Board of Directors Senior Management Corporate Headquarters Research Coverage

100 Park Avenue, 25th Floor New York, NY 10017

Common Stock NYSE: CION; TASE: CION

Series A Notes TASE: CIONB1

Transfer Agent SS&C Technologies Inc. (formerly DST Systems, Inc.)

Independent Audit Firm RSM US LLP

Finian O'Shea Wells Fargo

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

James Carbonara at Hayden IR james@haydenir.com / (646) 755-7412

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