PhenixFIN Corporation Announces Fiscal Third Quarter 2024 Financial Results

About Us Team Investor Relations Contact Press Release View printer-friendly version << Back NAV Per Share Grew 14% In Last 12 Months (taking into account the distribution of the Special Dividend) Expanded Credit Facility To $87.5 Million NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2024. Highlights Third quarter total investment income of $6.2 million; net investment income of $2.0 million Net asset value (NAV) of $154.2 million, or $76.35 per share as of June 30, 2024, taking into account the distribution of the special dividend Weighted average yield is 13.8% on debt and other income producing investments On August 5, 2024, the Credit Facility was amended to increase the principal amount available to $87.5 million On May 9, 2024 the Board of Directors declared a special dividend of $1.31 per share which was paid on June 10, 2024 to stockholders of record as of May 27, 2024 David Lorber, Chief Executive Officer of the Company, stated: “We had a strong quarter with increased investment activity, continued strong credit fundamentals, and a robust weighted average yield for income producing investments. Our flexible capital solutions continue to provide opportunities for our portfolio companies while we diligently seek to grow our investment portfolio. This approach allows for a unique portfolio of investments which we believe is well-positioned to grow our NAV per share.” Selected Third Quarter 2024 Financial Results for the Quarter Ended June 30, 2024: Total investment income was $6.2 million which was attributable to portfolio interest and dividend income. Total expenses were $4.2 million and total net investment income was $2.0 million. The Company recorded total realized and unrealized gains of $0.5 million due to the sale of Kemmerer Holdings, LLC. Portfolio and Investment Activities for the Quarter Ended June 30, 2024: The fair value of the Company's investment portfolio totaled $233.7 million and consisted of 43 portfolio companies. Liquidity and Capital Resources At June 30, 2024, the Company had $8.9 million in cash and cash equivalents, $59.1 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $27.6 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, make additional acquisitions that provide additional growth opportunities, 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 (NAV) and NAV per share 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 [email protected]. PHENIXFIN CORPORATION Consolidated Statements of Assets and Liabilities June 30, 2024 (Unaudited) September 30, 2023 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $152,515,155 and $134,339,121 respectively) $ 148,691,260 $ 125,531,031 Affiliated investments (amortized cost of $20,564,242 and $48,233,910, respectively) 14,407,827 37,289,617 Controlled investments (amortized cost of $98,034,975 and $82,437,692, respectively) 70,582,278 63,640,043 Total Investments at fair value 233,681,365 226,460,691 Cash and cash equivalents 8,866,519 5,988,223 Receivables: Interest receivable 1,715,284 971,115 Dividends receivable 215,705 161,479 Other receivable 205,984 31,425 Deferred financing costs 649,042 699,124 Due from Affiliate 451,178 409,214 Other assets 410,565 833,000 Prepaid share repurchase 101,115 199,019 Receivable for investments sold - 3,940,175 Total Assets $ 246,296,757 $ 239,693,465 Liabilities: Credit facility and notes payable (net of debt issuance costs of $1,439,916 and $1,688,835, respectively) $ 85,294,535 $ 84,253,106 Payable for investments purchased 1,834,831 4,123,059 Accounts payable and accrued expenses 3,789,402 3,066,984 Interest and fees payable 520,057 690,398 Other liabilities 327,045 432,698 Administrator expenses payable (see Note 6) 143,936 - Due to Affiliate 183,548 - Deferred revenue - 421,685 Total Liabilities 92,093,354 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; 2,019,778 and 2,073,713 common shares outstanding, respectively 2,021 2,074 Capital in excess of par value 692,441,333 694,812,239 Total distributable earnings (loss) (538,239,951 ) (548,108,778 ) Total Net Assets 154,203,403 146,705,535 Total Liabilities and Net Assets $ 246,296,757 $ 239,693,465 Net Asset Value Per Common Share $ 76.35 $ 70.75 PHENIXFIN CORPORATION Consolidated Statements of Operations (Unaudited) For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $ 2,971,965 $ 1,794,974 $ 7,605,006 $ 5,827,756 Payment in-kind 231,113 110,477 412,317 336,257 Affiliated investments: Cash 10,682 652,304 742,858 1,111,785 Payment in-kind - - - - Controlled investments: Cash 650,244 30,610 1,230,510 282,425 Payment in-kind 334,398 134,550 603,229 380,287 Total interest income 4,198,402 2,722,915 10,593,920 7,938,510 Dividend income Non-controlled, non-affiliated investments 531,151 1,216,137 1,963,744 2,824,666 Affiliated investments - - - - Controlled investments 982,903 709,912 3,216,298 2,637,116 Total dividend income 1,514,054 1,926,049 5,180,042 5,461,782 Interest from cash and cash equivalents 147,127 95,356 387,501 313,053 Fee income (see Note 9) 375,363 94,482 453,988 339,136 Other income - - 22 401,986 Total Investment Income 6,234,946 4,838,802 16,615,473 14,454,467 Expenses: Interest and financing expenses 1,721,767 1,415,102 4,831,180 4,029,874 Salaries and benefits 1,514,872 1,277,797 4,464,372 2,937,420 Professional fees, net 432,416 310,878 1,133,120 1,036,024 General and administrative expenses 226,903 253,298 862,740 674,456 Directors fees 187,500 170,833 562,500 541,333 Insurance expenses 95,983 115,654 290,433 361,125 Administrator expenses (see Note 6) 75,351 76,351 210,753 232,172 Total expenses 4,254,792 3,619,913 12,355,098 9,812,404 Net Investment Income 1,980,154 1,218,889 4,260,375 4,642,063 Realized and unrealized gains (losses) on investments Non-controlled, non-affiliated investments 155,419 (1,374,437 ) 585,977 (2,199,059 ) Affiliated investments - 30,211 (1,991,456 ) 30,211 Controlled investments 8,542,831 858 8,542,831 24,131 Total net realized gains (losses) 8,698,250 (1,343,368 ) 7,137,352 (2,144,717 ) Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 1,823,185 3,907,130 4,984,195 6,233,742 Affiliated investments 73,960 2,322,910 4,787,878 3,312,510 Controlled investments (9,966,938 ) 2,811,099 (8,655,048 ) 7,533,196 Total net change in unrealized gains (losses) (8,069,793 ) 9,041,139 1,117,025 17,079,448 Total realized and unrealized gains (losses) 628,457 7,697,771 8,254,377 14,934,731 Net Increase (Decrease) in Net Assets Resulting from Operations $ 2,608,611 $ 8,916,660 $ 12,514,752 $ 19,576,794 Weighted average basic and diluted earnings per common share $ 1.29 $ 4.26 $ 6.11 $ 9.34 Weighted average common shares outstanding - basic and diluted (see Note 11) 2,019,786 2,090,691 2,047,127 2,095,591 PhenixFIN Corporation