Thank you. Good morning, and welcome to the CION Investment Corporation's Fourth Quarter and Year Ended December 31, 2022, 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 Relations section and should be reviewed in conjunction with the company's Form 10-K 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. And with that, I would now like to turn the call over to Michael Reisner. Thank you. Please go ahead, Michael.

Thank you, John. Good morning, everyone, and thank you for joining us today. 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 fourth quarter and full year results. Gregg will then 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 for questions. As we reported this morning, we had another solid quarter and year, which reflects, we believe, not only higher rates, but our stable credit performance and our focus on first lien loans to middle market companies. We continue to provide our shareholders with strong returns on their investment. As has been the case each quarter for the past year, our fourth quarter net investment income of $0.43 per share outearned the $0.31 per share dividend we declared for the fourth quarter of 2022. Accordingly, given our continued strong performance, we are declaring today an almost 10% increase in our dividend to $0.34 per share. This comes on the heels of the special dividend of $0.27 per share we declared at the end of the fourth quarter 2022. 2022 marked our first full year as a traded entity and our 10th as a public BDC, and we are proud of what we have been able to accomplish. As we have previously communicated, we operated and structured our strategy to build a defensive portfolio to withstand a turbulent and challenging macroeconomic environment. Our performance, similar to the performance of many of our peers, was affected by macroeconomic factors, including increases in credit spreads, downward mark-to-market pressures and overall volatility. Our strategy on how to overcome these challenges remains cautionary…

Thank you, Michael, and good morning, everyone. During 2022, we operated in the challenging market conditions we foreshadowed for our investors during our Q3 2021 earnings call. The disproportionately high level inflows into loan funds and the resulting excess market liquidity masked the deteriorating credit fundamentals in 2021. In 2022, the market had to confront the realities of high inflation, substantial interest rate hikes and operating challenges from supply chain and labor market constraints as fundraising pulpit. As we discussed during our Q4 2021 earnings call, we were already defensively positioning our investment portfolio for this expected reality for our continued highly diversified first lien investment focus on floating rate assets. This strategy served us well as we achieved a nearly 19% increase in net investment income for full year 2022. In the fourth quarter, our net investment income benefited from the direct pass-through of higher interest rates from our primarily floating rate first lien assets as well as dividends, fees, prepayment premiums and other yield-enhancing provisions within our portfolio. We expect that trend to continue in the first quarter of 2023. Our total return to investors for full year 2022 was 10.44%, which included the impact of mark-to-market declines due to increasing spreads and volatility in the overall markets. Our full year 2022 total return to shareholders of 10.44% compares favorably to the 0.6% loss for the S&P/Morningstar Leveraged Loan Index and the nearly 20% loss in the S&P Equity 500 Index for the same period. Our defensive strategic positioning also contributed to our ability to declare a nearly 10% increase to our base quarterly dividend to our shareholders for the first quarter of 2023. We continue to believe that liquidity and net leverage to capitalization metrics represent the most important focus points for our portfolio as well as…

Okay. Thank you, Gregg, and good morning, everyone. As Michael mentioned, we reported another quarter of solid financial results, driven by an increase in LIBOR and SOFR rates and dividends earned on our investments. These increases were offset by lower fees generated from our quarterly investment activity. During the quarter, net investment income was $23.9 million or $0.43 per share as compared to $25.6 million or $0.45 per share reported in the third quarter. For the full year, net investment income was $88.2 million or $1.56 per share compared to $74.3 million or $1.31 per share for the full year 2021. This is an increase of $0.25 per share or about 19% year-over-year. Total investment income was slightly higher during the quarter to $55.5 million compared to $54.2 million reported during the third quarter. Total investment income for the full year was $194.9 million compared to $157.3 million for all of 2021, which is an increase of $37.6 million or about 24% when compared to the prior year. On the expense side, total operating expenses increased to $31.6 million compared to $28.6 million in the third quarter. The increase was primarily driven by an increase in interest expense under our financing arrangements due to higher LIBOR and SOFR rates when compared to the prior quarter. At December 31, we had total assets of approximately $1.9 billion and total net assets of $884 million with total debt outstanding of $958 million with 55.3 million shares outstanding. As a result, at the end of the quarter, our debt-to-equity ratio was 1.08 times, which is slightly higher when our debt -- when compared to our debt-to-equity ratio of 1.05 times in Q3. Total debt outstanding increased by $128 million since year-end 2021, which reflects the measured growth of our portfolio using additional debt…

Thanks, Keith. I think with that, John, we're ready to take any questions.

[Operator Instructions] And our first question comes from the line of Finian O'Shea with Wells Fargo. Please proceed with your question.

Hi, everyone. Good morning. Keith, on the liability side, you have the UBS maturing later this year and the JPM facility that revolving period ends in May. Any color you can give us on the progress in replacing those, if the sort of facilities might change in nature and potentially terms if we're looking at wider spreads here? I appreciate any color you can give us.

Fin, yes, so we currently work on that. We're currently in conversations addressing those two facilities. So, a little too early to tell at this point. But I think there's no indications of widening credit spreads at this point. So, it's really -- we'll see as we progress through this.

Okay. That's helpful. Thank you. And then just a higher level of portfolio question. Appreciating your portfolio companies have a bit lower leverage in the core middle market. Are you able to provide the current looking forward with today's earnings and today's yield, spot LIBOR, the current portfolio interest coverage?

Well, we provided the -- in the...

On a pro forma a go-forward basis then?

Yes. Well, using the current sort of spot rate on LIBOR, I know the curve probably points down a little bit. But from where we are here in current earnings, as I know a lot of the covenant packages, for example, are based on trailing 12 months, and those are the numbers we often get. So yes, just kind of that today sort of as is, what your, let's say, what your borrowers are paying or how much their coverage is in 1Q '23?

It's consistent with what we were reporting today and, in our K., We don't see any significant deviation from that.

Okay, great. Thank you, so much.

[Operator Instructions] And this concludes our question-and-answer session. I would now like to turn the call back over to management for any final comments.

Thank you, everyone, who joined the call today. We do appreciate your interest in CION, and we look forward to speaking to you again in early May when we announce our first quarter 2023 results. Take care, everyone.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.