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 CORPORATIONConsolidated 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  
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