Investor Presentaiton
Second Quarter and Other Highlights - Ended June 30, 2022
The Company completed a 2-to-1 reverse stock split effective September 21, 2021. Accordingly, share and per share amounts in this presentation have been retroactively adjusted
to reflect the 2-to-1 reverse stock split.
■ Net investment income and earnings per share for the quarter ended June 30, 2022 were $0.34 per share and $(0.02) per share, respectively;
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Net asset value per share was $15.89 as of June 30, 2022 compared to $16.20 as of March 31, 2022. The decrease was primarily due to mark-to-market adjustments caused by
wider credit spreads and price declines on our portfolio during the quarter;
■ As of June 30, 2022, the Company had $947.5 million of total principal amount of debt outstanding, of which 78% was comprised of senior secured bank debt and 22% was
comprised of unsecured debt. The Company's debt-to-equity ratio was 1.05x as of June 30, 2022 compared to 0.95x as of March 31, 2022;
■ As of June 30, 2022, the Company had total investments at fair value of $1,791 million in 121 portfolio companies across 22 industries. The investment portfolio was comprised
of 94.2% senior secured loans, including 92.7% in first lien investments; 1
■During the quarter, the Company had new investment commitments of $184 million, funded new investment commitments of $165 million, funded previously unfunded
commitments of $8 million, and had sales and repayments totaling $110 million, resulting in a net funded portfolio change of $63 million;
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As of June 30, 2022, investments on non-accrual status amounted to 1.5% and 3.6% of the total investment portfolio at fair value and amortized cost, respectively;
■ On April 27, 2022, the Company entered into a 5-year floating rate unsecured term loan agreement with More Provident Funds and Pension Ltd. under which the Company
borrowed $50 million; and
■ On June 24, 2022, the Company's board of directors, including the independent directors, increased the amount of shares of the Company's common stock that may be
repurchased under the Company's share repurchase policy by $10 million to up to an aggregate of $60 million.
DISTRIBUTIONS
■ For the quarter ended June 30, 2022, the Company paid a regular quarterly distribution totaling $15.9 million, or $0.28 per share; and
■ On August 9, 2022, the Company's co-chief executive officers declared a third quarter 2022 regular distribution of $0.31 per share payable on September 8, 2022 to
shareholders of record as of September 1, 2022, which is an increase of $0.03 per share, or 10.7%, from the regular distribution of $0.28 per share paid for the quarter ended
June 30, 2022.
CION
(1) The discussion of the investment portfolio excludes short term investments.
INVESTMENTS
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