Yahoo Finance

As of

(in thousands, except per share data)

March 31, 2025

December 31, 2024

Investment portfolio, at fair value¹

$

1,791,684

$

1,819,870

Total debt outstanding²

$

1,117,344

$

1,117,344

Net assets

$

756,784

$

820,810

Net asset value per share

$

14.28

$

15.43

Debt-to-equity

1.48x

1.36x

Net debt-to-equity

1.39x

1.27x

Three Months Ended

(in thousands, except share and per share data)

March 31, 2025

December 31, 2024

Total investment income

$

56,074

$

57,894

Total operating expenses and income tax expense

$

36,822

$

39,208

Net investment income after taxes

$

19,252

$

18,686

Net realized gains (losses)

$

2,294

$

(2,238

)

Net unrealized losses

$

(64,251

)

$

(10,990

)

Net (decrease) increase in net assets resulting from operations

$

(42,705

)

$

5,458

Net investment income per share

$

0.36

$

0.35

Net realized and unrealized losses per share

$

(1.16

)

$

(0.25

)

Earnings per share

$

(0.80

)

$

0.10

Weighted average shares outstanding

53,073,211

53,268,577

Distributions declared per share

$

0.36

$

0.41

New Investment
Commitments

Sales and Repayments

Investment Type

$ in
Thousands

%
of Total

$ in
Thousands

%
of Total

Senior secured first lien debt

$

60,745

94

%

$

49,430

100

%

Unsecured debt

979

1

%

—

—

Equity

3,124

5

%

—

—

Total

$

64,848

100

%

$

49,430

100

%

Investments at Fair Value

Investment Type

$
in Thousands

%
of Total

Senior secured first lien debt

$

1,556,067

86.9

%

Senior secured second lien debt

2,593

0.1

%

Collateralized securities and structured products - equity

3,612

0.2

%

Unsecured debt

12,278

0.7

%

Equity

217,134

12.1

%

Total

$

1,791,684

100.0

%

As of

March 31, 2025

December 31, 2024

Number of portfolio companies

104

105

Percentage of performing loans bearing a floating rate³

92.6 %

93.8 %

Percentage of performing loans bearing a fixed rate³

7.4 %

6.2 %

Yield on debt and other income producing investments at amortized cost⁴

12.13 %

12.28 %

Yield on performing loans at amortized cost⁴

12.62 %

12.74 %

Yield on total investments at amortized cost

10.84 %

10.96 %

Weighted average leverage (net debt/EBITDA)⁵

5.28x

5.02x

Weighted average interest coverage⁵

1.99x

2.07x

Median EBITDA⁶

$34.2 million

$34.2 million

¹⁾

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

²⁾

Total debt outstanding excludes netting of debt issuance costs of $17.6 million and $18.2 million as of March 31, 2025 and December 31, 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)

March 31, 2025

December 31, 2024

(unaudited)

Assets

Investments, at fair value:

Non-controlled, non-affiliated investments (amortized cost of $1,463,914 and $1,489,777, respectively)

$

1,393,039

$

1,448,107

Non-controlled, affiliated investments (amortized cost of $316,945 and $274,642, respectively)

301,622

269,205

Controlled investments (amortized cost of $184,057 and $179,274, respectively)

150,999

171,376

Total investments, at fair value (amortized cost of $1,964,916 and $1,943,693, respectively)

1,845,660

1,888,688

Cash

7,720

7,670

Interest receivable on investments

40,863

45,140

Receivable due on investments sold and repaid

1,047

2,965

Prepaid expenses and other assets

1,033

1,265

Total assets

$

1,896,323

$

1,945,728

Liabilities and Shareholders' Equity

Liabilities

Financing arrangements (net of unamortized debt issuance costs of $17,568 and $18,156, respectively)

$

1,099,776

$

1,099,187

Payable for investments purchased

1,896

1,019

Accounts payable and accrued expenses

990

1,034

Interest payable

6,475

8,244

Accrued management fees

6,625

6,761

Accrued subordinated incentive fee on income

4,084

3,964

Accrued administrative services expense

544

2,006

Share repurchases payable

—

40

Shareholder distribution payable

19,149

2,663

Total liabilities

1,139,539

1,124,918

Shareholders' Equity

Common stock, $0.001 par value; 500,000,000 shares authorized; 53,003,407 and

53,192,808 shares issued, and 53,003,407 and 53,189,269 shares outstanding, respectively

53

53

Capital in excess of par value

1,019,512

1,021,684

Accumulated distributable losses

(262,781

)

(200,927

)

Total shareholders' equity

756,784

820,810

Total liabilities and shareholders' equity

$

1,896,323

$

1,945,728

Net asset value per share of common stock at end of period

$

14.28

$

15.43

CĪON Investment Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

Three Months Ended

March 31, 2025

December 31, 2024

(unaudited)

(unaudited)

Investment income

Non-controlled, non-affiliated investments

Interest income

$

34,120

$

31,289

Paid-in-kind interest income

8,359

11,586

Fee income

3,783

3,754

Dividend income

506

371

Non-controlled, affiliated investments

Interest income

1,975

2,095

Paid-in-kind interest income

3,148

2,810

Fee income

—

50

Dividend income

191

282

Controlled investments

Interest income

3,792

3,584

Fee income

200

2,073

Paid-in-kind interest income

—

—

Total investment income

56,074

57,894

Operating expenses

Management fees

6,625

6,762

Administrative services expense

1,279

1,261

Subordinated incentive fee on income

4,084

3,963

General and administrative

1,836

1,859

Interest expense

22,998

25,244

Total operating expenses

36,822

39,089

Net investment income before taxes

19,252

18,805

Income tax expense, including excise tax

—

119

Net investment income after taxes

19,252

18,686

Realized and unrealized gains (losses)

Net realized gains (losses) on:

Non-controlled, non-affiliated investments

2,294

(5,383

)

Non-controlled, affiliated investments

—

3,145

Controlled investments

—

—

Net realized gains (losses)

2,294

(2,238

)

Net change in unrealized (depreciation) appreciation on:

Non-controlled, non-affiliated investments

(30,662

)

1,124

Non-controlled, affiliated investments

(8,429

)

(4,358

)

Controlled investments

(25,160

)

(7,756

)

Net change in unrealized depreciation

(64,251

)

(10,990

)

Net realized and unrealized losses

(61,957

)

(13,228

)

Net (decrease) increase in net assets resulting from operations

$

(42,705

)

$

5,458

Per share information—basic and diluted

Net (decrease) increase in net assets per share resulting from operations

$

(0.80

)

$

0.10

Net investment income per share

$

0.36

$

0.35

Weighted average shares of common stock outstanding

53,073,211

53,268,577