CION Investment Corporation (NYSE:CION) Q1 2024 Earnings Conference Call May 9, 2024 11:00 AM ET
Company Participants
Charlie Arestia - MD and Head of IR
Michael Reisner - Co-CEO
Gregg Bresner - President and CIO
Keith Franz - CFO
Conference Call Participants
Erik Zwick - Hovde Group
Operator
Greetings, and welcome to the CION Investment Corporation First Quarter 2024 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce Charlie Arestia, Managing Director and Head of Investor Relations at CION Investment Corporation. Thank you. You may begin.
Charlie Arestia
Good morning, and welcome to CION Investment Corporation's first quarter 2024 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.
Joining me 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 like to now turn the call over to Michael Reisner. Please go ahead, Michael.
Michael Reisner
Thank you, Charlie, and good morning, everyone.
We reported another strong quarter this morning, continuing our momentum from 2023. The earnings power of our conservatively positioned portfolio remains robust, generating an annualized net investment income ROE of approximately 15% in Q1. Since our direct listing in 2021, CION has continued to generate a strong net investment income ROE, in line with many of our BDC peers that are trading at or above their net asset value.
While our net asset value declined modestly quarter-over-quarter, driven mostly by unrealized mark-to-market adjustments in the equity portion of our portfolio, we have grown net asset value over 6% versus the same quarter last year, driven by sustained earnings, disciplined portfolio management, and accretive share repurchases.