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CION Investment Corporation

(CLOSED TO NEW INVESTORS)

NAV*

$8.34

Current Distribution Rate**

8.77% based on NAV

About the Fund

(NO LONGER ACCEPTING NEW SUBSCRIPTIONS.)

CION Investment Corporation (CIC) is a non-traded business development company, or BDC, that focuses on U.S. middle market lending. The fund’s investment objective is to generate current income and, to a lesser extent, capital appreciation. CIC seeks to accomplish its investment objective by managing the portfolio with the intent to reduce portfolio volatility, mitigate downside risk, and reduce portfolio correlation to traded markets.

 

Get to Know CIC

Directly managed by CION Investment Management

Invests primarily in the debt of private U.S. Middle Market companies

Diversified across 140+ portfolio companies in more than 10 industries

Senior Secured Floating Rate debt instruments comprise 94% of the portfolio

Performance

As of September 30, 2019

YTD
2.29%
SINCE INCEPTION (Cumulative)
58.48%WITHOUT SALES CHARGE
42.63%WITH SALES CHARGE

Total investment return-net asset value is a measure of the change in total value for shareholders who held CIC’s common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is presented on a “net” basis and reflects management and incentive fees, offering, organizational and other costs, interest expense on borrowed funds and other related expenses that are borne by investors.

Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that monthly cash distributions are reinvested in accordance with CIC’s distribution reinvestment plan then in effect. The total investment return-net asset value does not consider the effect of the sales charge from the sale of CIC’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized.

CIC Growth of $10K Since Inception (Cumulative)
<strong>CIC Growth of $10K</strong> Since Inception (Cumulative)

The calculations for the Growth of $10,000 Initial Investment are based upon (i) an initial investment of $10,000 in our common stock at the beginning of the period, at a share price of $10.00 per share (with sales charge), and $9.00 per share (without sales charge), (ii) the assumption of reinvestment of monthly distributions in accordance with our distribution reinvestment plan then in effect, (iii) the sale of the entire investment position at the net asset value per share on the last day of the period, and (iv) the distributions declared and payable to shareholders, if any, on the last day of the period. Past performance is no guarantee of future results. The data provided is for informational purposes only.

Initial shareholders who subscribed to the offering in December 2012 with an initial investment of $10,000 and an initial purchase price equal to $9.00 per share (public offering price without sales charge) have seen an annualized return of 7.01% and a cumulative total return of 58.48% through September 30, 2019 (see chart above). Initial shareholders who subscribed to the offering in December 2012 with an initial investment of $10,000 and an initial purchase price equal to $10.00 per share (the initial public offering price with sales charge) have seen an annualized return of 5.37% and a cumulative total return of 42.63% through September 30, 2019. Over the same time period, the S&P/LSTA Leveraged Loan Index, a primary measure of senior debt covering the U.S. leveraged loan market, which currently consists of approximately 1,000 credit facilities throughout numerous industries, recorded an annualized return of 4.14% and a cumulative total return of 31.71%. In addition, the BofA Merrill Lynch US High Yield Index, a primary measure of short-term US dollar denominated below investment grade corporate debt publicly issued in the US domestic market, recorded an annualized return of 5.60% and a cumulative total return of 44.74% over the same period. An investment cannot be made in an index. The indices referenced in the above illustration are being used solely for benchmarking purposes. Additionally, indices do not account for sales charges or expenses, which would otherwise negatively impact the above stated performance of each index.

Fund Facts

As of September 30, 2019

NAV
$8.34
CURRENT DISTRIBUTION RATE
8.77% based on NAV
TOTAL EQUITY RAISED
 $1.15B
CASH FLOW OBJECTIVE
To provide monthly distributions*
TAX REPORTING
Form 1099

Portfolio Characteristics

As of September 30, 2019

Investment Composition1,2

First Lien Senior Secured Debt80.9%

Second Lien Senior Secured Debt15.3%

Equity2.3%

Collateralized Securities & Structured Products - Equity0.9%

Collateralized Securities & Structured Products - Debt0.6%

Floating/Fixed Rate Breakdown1

Floating Rate Investments93.2%

Fixed Rate Investments3.5%

Other Income Producing Investments2.0%

Non-Income Producing Equity1.3%

Representative Holdings1,2 % of Portfolio

Lift Brands, Inc.
Industry: Consumer Services
2.53%

Cadence Aerospace, LLC
Industry: Aerospace & Defense
1.46%

EagleTree-Carbide Acquistion Corp.
Industry: Consumer Goods: Durable
1.29%

Jackson Hewitt Tax Service Inc.
Industry: Consumer Services
1.00%

Access CIG, LLC
Industry: Services: Business
0.98%

GEO Parent Corp.
Industry: Business Services
0.85%

TouchTunes Interactive Networks, Inc.
Industry: Hotel, Gaming & Leisure
0.30%

American Residential Services LLC
Industry: Construction & Building
0.29%

Allocation by Industry1,2 % of Portfolio

Healthcare & Pharmaceuticals 16.9%

Services: Business 12.4%

Media: Diversified & Production 11.3%

Media: Advertising, Printing & Publishing 7.4%

Services: Consumer 6.7%

Chemicals, Plastics & Rubber 5.2%

Capital Equipment 4.4%

Beverage, Food & Tobacco 3.8%

High Tech Industries 3.6%

Banking, Finance, Insurance & Real Estate 3.6%

Other Industries 24.7%

The preceding information summarizes certain CIC holdings as of the date indicated herein. These representative holdings do not provide a complete portfolio overview but just a sampling of holdings. There can be no assurance that CIC’s future capital will be invested in a manner similar to the investments described herein.

1 Data excludes short term investments, which represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. Percentages represent approximate figures.

2 Information is based on the relative fair value of the underlying portfolio holdings.

Management
Mark Gatto

Co-CEO of CION Investments

Years of Experience: 19

Michael A. Reisner

Co-CEO of CION Investments

Years of Experience: 19

Gregg Bresner

President & Chief Investment Officer of CION Investment Management

Years of Experience: 28

Keith Franz

Managing Director, Chief Financial Officer of CION Investment Management

Years of Experience: 13

Board
Mark Gatto

Co-CEO of CION Investments

Michael Reisner

Co-CEO of CION Investments

Robert Breakstone

President & CEO of Landmark International Group, Inc.

Peter Finlay

Founder & Managing Principal of Ardentis LLC

Aron Schwartz

Managing Director of ACON Investments

Earl Hedin

Co-founder & Managing Partner of Hudson Partners Group LLC

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Contact Us

800.435.5697 sales@cioninvestments.com