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PhenixFIN Corporation Announces Fiscal Third Quarter 2023 Financial Results

NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2023.

Highlights

  • Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023
  • Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 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 12.2% on debt and other income producing investments

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

“We reported another strong quarter driven by NII, strong performance from our equity investments, and increased investment activity all of which contributed to our increase in NAV/share. Our relationships and sourcing capabilities have us well positioned to capitalize on the growing demand for flexible capital and our bespoke solutions in the market.”

Selected Third Quarter 2023 Financial Results

For the three and nine months ended June 30, 2023, total investment income was $4.8 million and $14.5 million, of which $4.7 million and $13.8 million, respectively, was attributable to portfolio interest and dividend income and $0.1 million and $0.7 million, respectively, was attributable to fee and other income.

For the three and nine months ended June 30, 2023, total net expenses were $3.6 million and $9.8 million and total net investment income was $1.2 million and $4.6 million.

For the three and nine months ended June 30, 2023, the Company recorded a net realized loss of $1.3 million and $2.1 million and net unrealized gain of $9.0 million and $17.1 million, due largely to market volatility in various investments.

Portfolio and Investment Activities

As of June 30, 2023, the fair value of the Company's investment portfolio totaled $218.7 million and consisted of 46 portfolio companies.

As of June 30, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $6.8 million.

Liquidity and Capital Resources

At June 30, 2023, the Company had $10.9 million in cash and cash equivalents and $57.5 million and $28.2 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
 
  June 30,
2023
(Unaudited)
  September 30,
2022
 
Assets:      
Investments at fair value      
Non-controlled, non-affiliated investments (amortized cost of $142,762,992 and $147,378,917, respectively) $124,234,092  $122,616,275 
Affiliated investments (amortized cost of $50,295,960 and $30,585,884, respectively)  35,336,778   12,314,192 
Controlled investments (amortized cost of $79,039,463 and $85,483,093, respectively)  59,115,748   58,026,182 
Total Investments at fair value  218,686,618   192,956,649 
Cash and cash equivalents  10,876,185   22,768,066 
Receivables:        
Interest receivable  865,458   727,576 
Paydown receivable  -   112,500 
Dividends receivable  220,636   269,330 
Other receivable  6,835   36,992 
Prepaid share repurchase  11,443   489,156 
Deferred financing costs  763,744   50,000 
Due from Affiliate  396,419   271,962 
Other assets  615,438   1,192,677 
Total Assets $232,442,776  $218,874,908 
         
Liabilities:        
Credit facility and note payable (net of debt issuance costs of $1,782,166 and $2,059,164, respectively) $83,959,776  $77,962,636 
Investments purchased payable  5,118,912   - 
Accounts payable and accrued expenses  2,018,046   2,040,277 
Interest and fees payable  669,577   503,125 
Other liabilities  466,500   572,949 
Deferred revenue  255,301   325,602 
Administrator expenses payable (see Note 6)  -   74,911 
Due to broker  -   16,550,000 
Total Liabilities  92,488,112   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; 2,088,589 and 2,102,129 common shares outstanding, respectively  2,089   2,102 
Capital in excess of par value  674,934,277   675,401,802 
Total distributable earnings (loss)  (534,981,702)  (554,558,496)
Total Net Assets  139,954,664   120,845,408 
Total Liabilities and Net Assets $232,442,776  $218,874,908 
         
Net Asset Value Per Common Share $67.01  $57.49 


PHENIXFIN CORPORATION
Consolidated Statements of Operations
(Unaudited)
 
  For the Three Months Ended
June 30,
  For the Nine Months Ended
June 30,
 
  2023  2022  2023  2022 
             
Interest Income:            
Interest from investments            
Non-controlled, non-affiliated investments:            
Cash $1,794,974  $1,468,171  $5,827,756  $3,748,190 
Payment in-kind  110,477   102,063   336,257   340,636 
Affiliated investments:                
Cash  652,304   (23,496)  1,111,785   486,569 
Payment in-kind  -   93,275   -   283,036 
Controlled investments:                
Cash  30,610   4,375   282,425   1,365,035 
Payment in-kind  134,550   -   380,287   - 
Total interest income  2,722,915   1,644,388   7,938,510   6,223,466 
Dividend income  1,926,049   1,846,507   5,461,782   3,463,386 
Interest from cash and cash equivalents  95,356   9,255   313,053   18,025 
Fee income (see Note 9)  94,482   65,014   339,136   420,279 
Other income  -   93,394   401,986   323,828 
Total Investment Income  4,838,802   3,658,558   14,454,467   10,448,984 
                 
Expenses:                
Interest and financing expenses  1,415,102   1,201,623   4,029,874   3,910,361 
Salaries and benefits  1,277,797   1,037,602   2,937,420   1,973,770 
Professional fees, net  310,878   469,550   1,036,024   936,895 
General and administrative expenses  253,298   362,989   674,456   849,684 
Directors fees  170,833   164,500   541,333   540,000 
Insurance expenses  115,654   155,449   361,125   469,803 
Administrator expenses (see Note 6)  76,351   58,881   232,172   210,162 
Total expenses  3,619,913   3,450,594   9,812,404   8,890,675 
Net Investment Income  1,218,889   207,964   4,642,063   1,558,309 
                 
Realized and unrealized gains (losses) on investments                
Net realized gains (losses):                
Non-controlled, non-affiliated investments  (1,374,437)  (188,638)  (2,199,059)  749,791 
Affiliated investments  30,211   -   30,211   14,737,897 
Controlled investments  858   925   24,131   1,850 
Total net realized gains (losses)  (1,343,368)  (187,713)  (2,144,717)  15,489,538 
Net change in unrealized gains (losses):                
Non-controlled, non-affiliated investments  3,907,130   (9,623,302)  6,233,742   (11,630,618)
Affiliated investments  2,322,910   405,381   3,312,510   (8,529,483)
Controlled investments  2,811,099   (31,533)  7,533,196   1,954,912 
Total net change in unrealized gains (losses)  9,041,139   (9,249,454)  17,079,448   (18,205,189)
Loss on extinguishment of debt (see Note 5)  -   -   -   (296,197)
Total realized and unrealized gains (losses)  7,697,771   (9,437,167)  14,934,731   (3,011,848)
                 
Net Increase (Decrease) in Net Assets Resulting from Operations $8,916,660  $(9,229,203) $19,576,794  $(1,453,539)
                 
Weighted average basic and diluted earnings per common share $4.26  $(4.19) $9.34  $(0.61)
Weighted average common shares outstanding - basic and diluted (see Note 11)  2,090,691   2,202,115   2,095,591   2,372,849 


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