Sign In  |  Register  |  About Daly City  |  Contact Us

Daly City, CA
September 01, 2020 1:20pm
7-Day Forecast | Traffic
  • Search Hotels in Daly City

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

PhenixFIN Corporation Announces Fiscal Second Quarter 2023 Financial Results

NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal second quarter of 2023.

Highlights

  • Total investment income of $9.6 million and net investment income of $3.4 million for the six months ended March 31, 2023
  • Net asset value (NAV) of $131.2 million, or $62.70 per share as of March 31, 2023
  • Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023
  • On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million
  • Weighted average yield of 11.8% on debt and other income producing investments

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

“During the quarter we grew NII per share and NAV per share in what was a difficult environment for the broader markets. In January, we successfully redeemed the 6.125% notes due in March 2023. We believe our strong capital structure and available liquidity well position us to continue our focus on sourcing attractive investment opportunities to drive shareholder value.”

Selected Second Quarter 2023 Financial Results

For the three and six months ended March 31, 2023, total investment income was $4.9 million and $9.6 million, of which $4.2 million and $8.7 million, respectively, was attributable to portfolio interest and dividend income and $0.7 million and $0.9 million, respectively, was attributable to fee and other income.

For the three and six months ended March 31, 2023, total net expenses were $3.1 million and $6.2 million and total net investment income was $1.8 million and $3.4 million.

For the three and six months ended March 31, 2023, the Company recorded a net realized loss of $0.8 million and $0.8 million and net unrealized gain of $5.7 million and $8.0 million, due largely to market volatility in various investments.

Portfolio and Investment Activities

As of March 31, 2023, the fair value of the Company's investment portfolio totaled $200.1 million and consisted of 43 portfolio companies.

As of March 31, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $9.6 million.

Liquidity and Capital Resources

At March 31, 2023, the Company had $10.7 million in cash and cash equivalents and $57.5 million and $23.2 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and the Credit Facility, respectively.

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

  March 31,
2023
(Unaudited) 
 September 30,
2022 
Assets:      
Investments at fair value      
Non-controlled, non-affiliated investments (amortized cost of $150,946,951 and $147,378,917, respectively) $128,510,921  $122,616,275 
Affiliated investments (amortized cost of $27,328,814 and $30,585,884, respectively)  10,046,722   12,314,192 
Controlled investments (amortized cost of $84,266,490 and $85,483,093, respectively)  61,531,676   58,026,182 
Total Investments at fair value  200,089,319   192,956,649 
Cash and cash equivalents  10,763,751   22,768,066 
Receivables:        
Interest receivable  725,649   727,576 
Paydown receivable  -   112,500 
Dividends receivable  269,330   269,330 
Other receivable  -   36,992 
Prepaid share repurchase  124,328   489,156 
Deferred financing costs  848,312   50,000 
Due from Affiliate  393,589   271,962 
Other assets  718,489   1,192,677 
Total Assets $213,932,767  $218,874,908 
         
Liabilities:        
Credit facility and note payable (net of debt issuance costs of $1,864,836 and $2,059,164, respectively) $78,877,105  $77,962,636 
Investments purchased payable  1,026,818   - 
Accounts payable and accrued expenses  1,366,493   2,040,277 
Interest and fees payable  673,294   503,125 
Other liabilities  500,761   572,949 
Deferred revenue  335,507   325,602 
Administrator expenses payable (see Note 6)  1,900   74,911 
Due to broker  -   16,550,000 
Total Liabilities  82,781,878   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; 2,091,638 and 2,102,129 common shares outstanding, respectively  2,092   2,102 
Capital in excess of par value  675,047,159   675,401,802 
Total distributable earnings (loss)  (543,898,362)  (554,558,496)
Total Net Assets  131,150,889   120,845,408 
Total Liabilities and Net Assets $213,932,767  $218,874,908 
         
Net Asset Value Per Common Share $62.70  $57.49 
         

PHENIXFIN CORPORATION
Consolidated Statements of Operations
(Unaudited)

 For the Three Months Ended
March 31, 
 For the Six Months Ended
March 31, 
 2023  2022  2023  2022 
            
Interest Income:           
Interest from investments           
Non-controlled, non-affiliated investments:           
Cash$2,116,741  $1,264,327  $4,032,782  $2,280,019 
Payment in-kind 119,593   100,062   225,780   238,573 
Affiliated investments:               
Cash 261,028   387,918   459,481   510,065 
Payment in-kind -   92,733   -   189,761 
Controlled investments:               
Cash 57,188   807,022   251,815   1,360,660 
Payment in-kind 155,994   -   245,737   - 
Total interest income 2,710,544   2,652,062   5,215,595   4,579,078 
Dividend income 1,503,375   913,949   3,535,733   1,616,879 
Interest from cash and cash equivalents 125,471   6,031   217,697   8,770 
Fee income (see Note 9) 171,055   85,143   244,654   355,265 
Other income 401,986   -   401,986   230,434 
Total Investment Income 4,912,431   3,657,185   9,615,665   6,790,426 
                
Expenses:               
Interest and financing expenses 1,381,596   1,221,063   2,614,772   2,708,738 
Salaries and benefits 802,090   430,293   1,659,623   936,168 
Professional fees, net 377,229   160,594   725,146   467,345 
General and administrative expenses 201,181   290,136   421,158   486,695 
Directors fees 176,500   167,000   370,500   375,500 
Insurance expenses 121,387   155,450   245,471   314,354 
Administrator expenses (see Note 6) 77,937   82,415   155,821   151,281 
Total expenses 3,137,920   2,506,951   6,192,491   5,440,081 
Net Investment Income 1,774,511   1,150,234   3,423,174   1,350,345 
                
Realized and unrealized gains (losses) on investments               
Net realized gains (losses):               
Non-controlled, non-affiliated investments (838,070)  453,916   (824,622)  938,429 
Affiliated investments -   -   -   14,737,897 
Controlled investments 23,273   -   23,273   925 
Total net realized gains (losses) (814,797)  453,916   (801,349)  15,677,251 
Net change in unrealized gains (losses):               
Non-controlled, non-affiliated investments 803,513   (2,139,279)  2,326,612   (2,007,316)
Affiliated investments 274,063   1,538,979   989,600   (8,934,864)
Controlled investments 4,670,928   1,968,804   4,722,097   1,986,445 
Total net change in unrealized gains (losses) 5,748,504   1,368,504   8,038,309   (8,955,735)
Loss on extinguishment of debt (see Note 5) -   -   -   (296,197)
Total realized and unrealized gains (losses) 4,933,707   1,822,420   7,236,960   6,425,319 
                
Net Increase (Decrease) in Net Assets Resulting from Operations$6,708,218  $2,972,654  $10,660,134  $7,775,664 
                
Weighted average basic and diluted earnings per common share$3.20  $1.24  $5.08  $3.16 
Weighted average basic and diluted net investment income (loss) per common share$0.85  $0.48  $1.63  $0.55 
Weighted average common shares outstanding - basic and diluted (see Note 11) 2,095,193   2,397,911   2,098,041   2,458,222 
                

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 DalyCity.com & California Media Partners, LLC. All rights reserved.