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CION CION INVESTMENT CORPORATION REPORTS SEPTEMBER 30 , 2021 FINANCIAL RESULTS AND ANNOUNCES FIRST QUARTER 2022 DISTRIBUTION OF $ 0.28 PER SHARE For Immediate Release NEW YORK , November 15 , 2021 CION Investment Corporation ( NYSE : CION ) ( " CION " or the " Company " ) today reported its financial results for the third quarter ended September 30 , 2021 and filed its Form 10 - Q with the U.S. Securities and Exchange Commission . The Company completed a previously announced 2 - to - 1 reverse stock split effective September 21 , 2021. Accordingly , share and per share amounts in this press release have been retroactively adjusted to reflect the 2 - to - 1 reverse stock split . CION also announced that , on November 12 , 2021 , its co - chief executive officers declared a regular first quarter distribution of $ 0.28 per share payable on March 30 , 2022 to shareholders of record as of March 23 , 2022 , which represents an increase of $ 0.02 per share , or 8 % , from the regular fourth quarter distribution of $ 0.26 per share . QUARTERLY HIGHLIGHTS Net investment income per share for the quarter ended September 30 , 2021 was $ 0.35 compared to $ 0.33 for the quarter ended June 30 , 2021 ; ● Earnings per share for the quarter ended September 30 , 2021 was $ 0.44 compared to $ 0.49 for the quarter ended June 30 , 2021 ; Net asset value per share increased $ 0.18 , or 1.1 % , to $ 16.52 as of September 30 , 2021 from $ 16.34 as of June 30 , 2021 ; As of September 30 , 2021 , the Company had $ 805 million of total principal amount of debt outstanding of which 81 % was comprised of senior secured bank debt and 19 % was comprised of unsecured debt . The Company's debt - to - equity ratio was 0.86x as of September 30 , 2021 compared to 0.87x as of June 30 , 2021 ; As of September 30 , 2021 , the Company had total investments at fair value of $ 1,630 million in 126 portfolio companies across 23 industries . The investment portfolio was comprised of 93.7 % senior secured loans , including 87.6 % in first lien investments ; ¹ During the quarter , the Company had new investment commitments of $ 179.0 million , funded new investment commitments of $ 157.3 million , funded previously unfunded commitments of $ 7.7 million , and had sales and repayments totaling $ 223.2 million , resulting in a net funded portfolio change of $ ( 58.2 ) million ; The Company placed one new investment on non - accrual status during the quarter , and as of September 30 , 2021 , investments on non - accrual status amounted to 0.9 % and 2.5 % of the total investment portfolio at fair value and amortized cost , respectively ; For the quarter ended September 30 , 2021 , the Company paid distributions totaling $ 15.0 million , or $ 0.265 per share , with three record dates ; As previously announced , the Company's co - chief executive officers declared a fourth quarter 2021 distribution of $ 0.26 per share payable on December 8 , 2021 to shareholders of record as of December 1 , 2021. In addition , the Company also previously announced a special year - end distribution expected to be in the range of $ 0.14 to $ 0.20 per share payable on December 23 , 2021 to shareholders of record as of December 16 , 2021 .