CION Investment Corporation (NYSE:CION) Q2 2023 Earnings Conference Call August 9, 2023 11:00 AM ET

Company Participants

Michael Reisner - Co-Chief Executive Officer

Gregg Bresner - President & Chief Investment Officer

Keith Franz - Chief Financial Officer

Conference Call Participants

Erik Zwick - Hovde Group

Finian O'Shea - Wells Fargo

Operator

Thank you. Good morning and welcome to the CION Investment Corporation's Second Quarter 2023 Earnings Conference Call. An earnings press release was distributed earlier this morning before market open. A copy of the release along with the supplemental earnings presentation is available on the company's website at www.cionbdc.com in the Investor Resources section and should be reviewed in conjunction with the company's Form 10-Q filed with the SEC. As a reminder this conference call is being recorded for replay purposes.

Please note that today's conference call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors including those described in the company's filings with the SEC.

Speaking on today's call will be Michael Reisner, CION Investment Corporation's Co-Chief Executive Officer; Gregg Bresner President and Chief Investment Officer; and Keith Franz, Chief Financial Officer.

With that, I'd like to turn the call over to Michael Reisner. Please go ahead Michael.

Michael Reisner

Thank you. Good morning, everyone and thank you for joining us. As mentioned, I'm joined today by Gregg and Keith, as well as other members of senior management, including my Co-CEO, Mark Gatto.

I will start our call today with an overview of our second quarter results. Gregg will review our investment activity during the quarter, and Keith will provide additional detail on our financial results. After Keith's prepared remarks we will open the call to questions.

As we reported this morning, we had yet another quarter of income exceeding our $0.34 a share dividend, which led to our announcing a supplemental dividend this morning of an additional $0.05 a share for the next two quarters. Net investment income was $0.43 a share, a 21.4% increase year-over-year. While income from last quarter was higher due to a distribution from our EagleTree joint venture and other equity dividends from a deleveraging portfolio company, we are pleased that our income continued to outperform our dividend without the periodic dividends and a higher than anticipated cash balance throughout Q2.