CION Investment Corporation (NYSE:CION) Q2 2024 Results Conference Call August 8, 2024 11:00 AM ET
Company Participants
Charlie Arestia - MD and Head of Investor Relations
Mark Gatto - Co-Founder & Co-Chief Executive Officer
Gregg Bresner - President & Chief Investment Officer
Keith Franz - Chief Financial Officer
Conference Call Participants
Erik Zwick - Lucid Capital
Finian O'Shea - Wells Fargo Securities
Operator
Greetings, and welcome to the CION Investment Corporation Second Quarter 2024 Conference Call. [Operator Instructions]. A brief 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 your Charlie Arestia, Head of Investor Relations. Thank you. Please go ahead.
Charlie Arestia
Good morning, and welcome to CION Investment Corporation's Second Quarter 2024 Earnings Conference Call. An earnings press release was distributed earlier this morning before market opened. 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 Mark Gatto, 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 now turn the call over to Mark Gatto. Please go ahead, Mark.
Mark Gatto
Thank you, Charlie. Good morning, everyone, and thanks for joining our call today. I am pleased to report that CION continues to perform well with strong results across the board in net investment income, NAV growth, capital deployment and portfolio credit performance. I believe these results are particularly impressive given what many lenders have described as a challenging market environment.
I will discuss in more detail later, but I believe this quarter reflected CION's continued focus on deal selection and measured growth rather than buying the market like many of our peers.
CION reported $0.43 per share in quarterly net investment income more than covering our recently increased quarterly base dividend. As you recall, last quarter, we recognized significant accretion from several structured yield-enhancing provisions and beneficial resolutions in our special situations investment portfolio. These tend to be transactional in nature and may not always recur every quarter.