NEW YORK, Feb. 08, 2024 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2024.

Highlights

  • First quarter total investment income of $5.7 million; net investment income of $1.7 million
  • Net asset value (NAV) of $150.7 million, or $73.14 per share as of December 31, 2023
  • Weighted average yield was 13.0% on debt and other income producing investments
  • Repurchased 13,223 shares as of December 31, 2023

David Lorber, Chief Executive Officer of the Company, stated:

“We are pleased with our continued progress in growing our NAV per share as various investments over the past couple of years have generated favorable investment income and/or capital appreciation.”

Selected First Quarter 2024 Financial Results for the Quarter Ended December 31, 2023:

Total investment income was $5.7 million which was attributable to portfolio interest and dividend income.

Total net expenses were $4.0 million and total net investment income was $1.7 million.

The Company recorded a net realized gain of $0.2 million and net unrealized gain of $2.6 million.

Portfolio and Investment Activities for the Quarter Ended December 31, 2023:

The fair value of the Company's investment portfolio totaled $222.2 million and consisted of 39 portfolio companies.

The Company had 4 portfolio company investments on non-accrual status with a fair market value of $8.9 million.

Liquidity and Capital Resources

At December 31, 2023, the Company had $12.2 million in cash and cash equivalents, $57.5 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $28.4 million outstanding under the Credit Facility.

ABOUT PHENIXFIN CORPORATION

PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.

SAFE HARBOR STATEMENT AND OTHER DISCLOSURES

This press release contains “forward-looking” statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN’s ability to deliver value to shareholders, increase investment activity, grow the Company, increase net investment income, reduce operating expenses, implement its investment objective, source and capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, the ability of our portfolio companies to perform well and generate income and other factors that are enumerated in the Company’s periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.

Past performance is not a guarantee of future results. The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation’s common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective. 

For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.

PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities

  December 31,
2023
(Unaudited)		  September 30, 2023 
Assets:      
Investments at fair value      
Non-controlled, non-affiliated investments (amortized cost of $123,544,114 and $134,339,121 respectively) $116,100,267  $125,531,031 
Affiliated investments (amortized cost of $49,381,900 and $48,233,910, respectively)  40,868,870   37,289,617 
Controlled investments (amortized cost of $85,250,537 and $82,437,692, respectively)  65,252,515   63,640,043 
Total Investments at fair value  222,221,652   226,460,691 
Cash and cash equivalents  12,173,975   5,988,223 
Receivables:        
Interest receivable  1,400,137   971,115 
Dividends receivable  243,302   161,479 
Other receivable  -   31,425 
Prepaid share repurchase  132,295   199,019 
Due from Affiliate  417,014   409,214 
Other assets  615,571   833,000 
Deferred financing costs  637,276   699,124 
Receivable for investments sold  -   3,940,175 
Total Assets $237,841,222  $239,693,465 
         
Liabilities:        
Credit facility and note payable (net of debt issuance costs of $1,605,256 and $1,688,835, respectively) $84,336,685  $84,253,106 
Accounts payable and accrued expenses  1,615,180   3,066,984 
Interest and fees payable  721,341   690,398 
Other liabilities  394,364   432,698 
Administrator expenses payable (see Note 6)  72,852   - 
Payable for investments purchased  -   4,123,059 
Deferred revenue  -   421,685 
Total Liabilities  87,140,422   92,987,930 
         
Commitments and Contingencies (see Note 8)        
         
Net Assets:        
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,060,490 and 2,073,713 common shares outstanding, respectively  2,061   2,074 
Capital in excess of par value  694,273,678   694,812,239 
Total distributable earnings (loss)  (543,574,939)  (548,108,778)
Total Net Assets  150,700,800   146,705,535 
Total Liabilities and Net Assets $237,841,222  $239,693,465 
         
Net Asset Value Per Common Share $73.14  $70.75 
         

PHENIXFIN CORPORATION

Consolidated Statements of Operations
(Unaudited)

  For the Three Months Ended
December 31,		 
  2023  2022 
       
Interest Income:      
Interest from investments      
Non-controlled, non-affiliated investments:      
Cash $2,682,143  $1,916,041 
Payment in-kind  90,674   106,187 
Affiliated investments:        
Cash  455,692   198,453 
Payment in-kind  -   89,743 
Controlled investments:        
Cash  286,238   194,627 
Payment in-kind  149,967   - 
Total interest income  3,664,714   2,505,051 
Dividend income  2,013,726   2,032,358 
Interest from cash and cash equivalents  41,108   92,226 
Fee income (see Note 9)  2,108   73,599 
Other income  22   - 
Total Investment Income  5,721,678   4,703,234 
         
Expenses:        
Interest and financing expenses  1,542,061   1,233,176 
Salaries and benefits  1,424,992   857,533 
Professional fees, net  357,554   347,917 
General and administrative expenses  325,061   219,977 
Directors fees  187,500   194,000 
Insurance expenses  97,756   124,084 
Administrator expenses (see Note 6)  77,852   77,884 
Total expenses  4,012,776   3,054,571 
Net Investment Income  1,708,902   1,648,663 
         
Realized and unrealized gains (losses) on investments        
Net realized gains (losses):        
Non-controlled, non-affiliated investments  229,804   13,448 
Affiliated investments  -   - 
Controlled investments  -   - 
Total net realized gains (losses)  229,804   13,448 
Net change in unrealized gains (losses):        
Non-controlled, non-affiliated investments  1,364,243   1,523,099 
Affiliated investments  2,431,263   715,537 
Controlled investments  (1,200,373)  51,169 
Total net change in unrealized gains (losses)  2,595,133   2,289,805 
Total realized and unrealized gains (losses)  2,824,937   2,303,253 
         
Net Increase (Decrease) in Net Assets Resulting from Operations $4,533,839  $3,951,916 
         
Weighted average basic and diluted earnings per common share $2.19  $1.88 
Weighted average common shares outstanding - basic and diluted (see Note 11)  2,072,694   2,100,876 


Source: PhenixFIN Corporation

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