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As of

(in thousands, except per share data)

December 31, 2024

September 30, 2024

Investment portfolio, at fair value¹

$

1,819,870

$

1,752,726

Total debt outstanding²

$

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

New Investment
Commitments

Sales and Repayments

Investment Type

$ in
Thousands

%
of Total

$ in
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%

Investments at Fair Value

Investment Type

$ in
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%

As of

December 31, 2024

September 30, 2024

Number of portfolio companies

105

103

Percentage of performing loans bearing a floating rate³

93.8%

94.3%

Percentage of performing loans bearing a fixed rate³

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

Weighted average interest coverage⁵

2.07x

2.14x

Median EBITDA⁶

$34.2 million

$32.8 million

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