false 0001490349 0001490349 2023-12-14 2023-12-14 0001490349 PFX:CommonStockParValue0.001PerShareMember 2023-12-14 2023-12-14 0001490349 PFX:Sec5.25NotesDue2028Member 2023-12-14 2023-12-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares










Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): December 14, 2023



(Exact name of registrant as specified in its charter)


Delaware   814-00818   27-4576073

(State or other jurisdiction of

incorporation or organization)

  (Commission file number)  

(I.R.S. employer

identification no.)


445 Park Avenue, 10th Floor, New York, NY   10022
(Address of principal executive offices)   (Zip code)


Registrant’s telephone number, including area code: (212) 859-0390


Not Applicable

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol(s)   Name of exchange on which registered
Common Stock, par value $0.001 per share   PFX   The NASDAQ Global Market
5.25% Notes due 2028   PFXNZ   The NASDAQ Global Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







Item 2.02 Results of Operations and Financial Condition.  


On December 22, 2023, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended September 30, 2023. The press release is included as Exhibit 99.1 to this Form 8-K.


Item 9.01 Financial Statements and Exhibits.  


(d) Exhibits  


Exhibit No.   Description
99.1   Press Release dated December 22, 2023
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)







Pursuant to the requirements of the Securities Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  /s/ David Lorber
  Name: David Lorber
  Title: Chief Executive Officer






Exhibit 99.1


PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2023 Financial Results


For the Fiscal Year ended 2023, NAV per share grew 23% year over year and NII per share more than doubled



New York, NY, December 22, 2023 -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the “Company”), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2023.




Fourth quarter total investment income of $5.7 million; net investment income of $1.9 million


Net asset value (NAV) of $146.7 million, or $70.75 per share as of September 30, 2023, vs. $57.49 per share as of September 30, 2022


Weighted average yield was 13.3% on debt and other income producing investments as of the fiscal year end


Repurchased 28,416 shares in Fiscal Year 2023


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


“We are pleased with our performance in 2023 as we grew NAV per share 23%, from $57.29 per share to $70.75 per share, along with NII per share growth of 110%, from $1.48 per share to $3.11 per share. We look to continue to execute on our investment strategy through credit, equity, and other bespoke investment opportunities.”


Selected Fourth Quarter 2023 Financial Results for the Quarter Ended September 30, 2023:


Total investment income was $5.7 million of which $5.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income.


Total net expenses were $3.8 million and total net investment income was $1.9 million.


The Company recorded a net realized loss of $9.4 million and net unrealized gain of $14.9 million.


Portfolio and Investment Activities for the Quarter Ended September 30, 2023:


The fair value of the Company’s investment portfolio totaled $226.5 million and consisted of 42 portfolio companies.


The Company had 4 portfolio company investments on non-accrual status with a fair market value of $6.5 million.


Liquidity and Capital Resources


At September 30, 2023, the Company had $6.0 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.







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.






Consolidated Statements of Assets and Liabilities



   September 30,
   September 30,
Investments at fair value        
Non-controlled, non-affiliated investments (amortized cost of $134,339,121 and $147,378,917, respectively)  $125,531,031   $122,616,275 
Affiliated investments (amortized cost of $48,223,910 and $30,585,884, respectively)   37,289,617    12,314,192 
Controlled investments (amortized cost of $82,437,692 and $85,483,093, respectively)   63,640,043    58,026,182 
Total Investments at fair value   226,460,691    192,956,649 
Cash and cash equivalents   5,988,223    22,768,066 
Interest receivable   971,115    727,576 
Paydown receivable   -    112,500 
Dividends receivable   161,479    269,330 
Other receivable   31,425    36,992 
Other assets   833,000    1,192,677 
Deferred financing costs   699,124    50,000 
Due from affiliate   409,214    271,962 
Prepaid share repurchase   199,019    489,156 
Receivable for investments sold   3,940,175    - 
Total Assets  $239,693,465   $218,874,908 
Credit facility and note payable (net of debt issuance costs of $1,688,835 and $2,059,164, respectively)  $84,253,106   $77,962,636 
Payable for investments purchased   4,123,059    16,550,000 
Accounts payable and accrued expenses   3,066,984    2,040,277 
Interest and fees payable   690,398    503,125 
Other liabilities   432,698    572,949 
Deferred revenue   421,685    325,602 
Administrator expenses payable (see Note 6)   -    74,911 
Total Liabilities   92,987,930    98,029,500 
Commitments and Contingencies (see Note 8)          
Net Assets:          
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,073,713 and 2,102,129 common shares outstanding, respectively   2,074    2,102 
Capital in excess of par value   694,812,239    675,401,802 
Total distributable earnings (loss)   (548,108,778)   (554,558,496)
Total Net Assets   146,705,535    120,845,408 
Total Liabilities and Net Assets  $239,693,465   $218,874,908 
Net Asset Value Per Common Share  $70.75   $57.49 






Consolidated Statements of Operations



   For the Years Ended September 30, 
   2023   2022   2021 
Interest Income:            
Interest from investments            
Non-controlled, non-affiliated investments:            
Cash  $8,031,539   $5,207,850   $5,974,807 
Payment in-kind   506,555    444,741    609,964 
Affiliated investments:               
Cash   1,925,293    639,733    1,099,809 
Payment in-kind   460,856    374,981    327,804 
Controlled investments:               
Cash   667,312    2,489,381    75,000 
Payment in-kind   557,981    -    - 
Total interest income   12,149,536    9,156,686    8,087,384 
Dividend income   6,856,268    5,503,425    21,564,348 
Interest from cash and cash equivalents   400,031    139,942    10,402 
Fee income (see Note 9)   324,290    420,279    2,566,519 
Other income   402,138    323,828    78,204 
Total Investment Income   20,132,263    15,544,160    32,306,857 
Base management fees (see Note 6)   -    -    1,146,403 
Interest and financing expenses   5,531,833    5,113,105    5,800,100 
Salaries and benefits   4,186,852    2,952,106    1,993,277 
Professional fees, net   1,404,676    1,340,828    559,975 
General and administrative expenses   983,274    1,103,125    1,012,147 
Directors fees   728,833    712,000    1,039,717 
Insurance expenses   466,319    590,178    1,619,536 
Administrator expenses (see Note 6)   320,310    301,281    612,983 
Total expenses   13,622,097    12,112,623    13,784,138 
Net Investment Income   6,510,166    3,431,537    18,522,719 
Realized and unrealized gains (losses) on investments               
Net realized gains (losses):               
Non-controlled, non-affiliated investments   (10,538,228)   810,240    7,747,672 
Affiliated investments   (1,018,267)   4,408,961    (10,088,405)
Controlled investments   23,456    1,850    (40,144,795)
Total net realized gains (losses)   (11,533,039)   5,221,051    (42,485,528)
Net change in unrealized gains (losses):               
Non-controlled, non-affiliated investments   15,954,552    (16,701,153)   (5,022,484)
Affiliated investments   7,327,399    96,490    (10,342,450)
Controlled investments   8,659,262    2,141,326    40,728,006 
Total net change in unrealized gains (losses)   31,941,213    (14,463,337)   25,363,072 
Loss on extinguishment of debt (see Note 5)   -    (296,197)   (122,355)
Total realized and unrealized gains (losses)   20,408,174    (9,538,483)   (17,244,811)
Net Increase (Decrease) in Net Assets Resulting from Operations  $26,918,340   $(6,106,946)  $1,277,908 
Weighted average basic and diluted earnings per common share  $12.87   $(2.63)  $0.48 
Weighted average common shares outstanding - basic and diluted (see Note 11)   2,092,326    2,323,601    2,677,891 






Dec. 14, 2023
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 14, 2023
Entity File Number 814-00818
Entity Central Index Key 0001490349
Entity Tax Identification Number 27-4576073
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 445 Park Avenue
Entity Address, Address Line Two 10th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10022
City Area Code 212
Local Phone Number 859-0390
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock, par value $0.001 per share  
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol PFX
Security Exchange Name NASDAQ
5.25% Notes due 2028  
Title of 12(b) Security 5.25% Notes due 2028
Trading Symbol PFXNZ
Security Exchange Name NASDAQ

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