CION Investment Corporation (NYSE:CION) Q4 2023 Results Conference Call March 14, 2024 11:00 AM ET
Company Participants
Michael Reisner - Co-Chief Executive Officer
Gregg Bresner - President and Chief Investment Officer
Keith Franz - Chief Financial Officer
Conference Call Participants
Erik Zwick - Hovde Group
Steven Martin - Slater Capital Management
Operator
Good morning. And welcome to CION Investment Corporation’s Fourth Quarter and Year End 2023 Earnings Conference Call. An earning press release was distributed earlier this morning before market opened.
A copy of the release, along with the supplement 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 would now 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 am joined today by Gregg and Keith, as well as other members of senior management.
I will start our call today with an overview of our fourth quarter and year end 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 a very strong fourth quarter and 2023 overall, which saw a continued to demoted solid credit performance with an increase of almost 3% to our net asset value quarter-over-quarter and almost 2% year-over-year and net income of $0.94 per share, an increase of 8% quarter-over-quarter.
Our ROE was 23.4% for the quarter and 11% for the year. Our net investment income ROE was 10% for the quarter 12.1% for the year. Our net investment income of $0.40 per share once again out earned our base dividend.