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PhenixFIN Corporation Announces Fiscal First Quarter 2023 Financial Results

NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2023.


  • First quarter total investment income was $4.7 million; net investment income of $1.7 million
  • Net asset value (NAV) of $124.7 million, or $59.38 per share as of December 31, 2022
  • Secured a 3-year $50 million credit facility with Woodforest National Bank as lead arranger (SOFR + 2.90%)
  • Weighted average yield of 11.3% on debt and other income producing investments

Subsequent Events:

  • On January 17, 2023, redeemed the $22.5 million 6.125% unsecured notes due March 30, 2023
  • On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million. Since announcing the plan on January 11, 2021 through February 7, 2023, the Company has repurchased 627,137 shares at an aggregate price of $24.9 million.

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

“While the capital markets remain volatile, they also present attractive investment opportunities for generating shareholder value. For the quarter the portfolio performed well with strong income generation coupled with NAV/share growth. In addition, we are pleased to announce a $10 million increase in the share repurchase program. Since the program’s inception we have repurchased 23% of our shares outstanding.”

Selected First Quarter 2023 Financial Results

For the quarter ended December 31, 2022, total investment income was $4.7 million, of which $4.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income.

For the quarter ended December 31, 2022, total net expenses were $3.1 million and total net investment income was $1.6 million.

For the quarter ended December 31, 2022, the Company recorded a net realized gain of $13k and net unrealized gain of $2.3 million, due largely to market volatility in various investments.

Portfolio and Investment Activities

As of December 31, 2022, the fair value of the Company's investment portfolio totaled $183.3 million and consisted of 43 portfolio companies.

As of December 31, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.4 million.

Liquidity and Capital Resources

At December 31, 2022, the Company had $17.6 million in cash and cash equivalents and $57.5 million and $22.5 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively.


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.


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, 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

Consolidated Statements of Assets and Liabilities

    December 31,
    September 30,
Investments at fair value            
Non-controlled, non-affiliated investments (amortized cost of $146,467,213 and $147,378,917, respectively)   $ 123,227,670       $ 122,616,275  
Affiliated investments (amortized cost of $29,987,947 and $30,585,884, respectively)     12,431,792         12,314,192  
Controlled investments (amortized cost of $75,017,459 and $85,483,093, respectively)     47,611,717         58,026,182  
Total Investments at fair value     183,271,179         192,956,649  
Cash and cash equivalents     17,654,080         22,768,066  
Interest receivable     1,712,890         727,576  
Paydown receivable     400,308         112,500  
Dividends receivable     269,330         269,330  
Other receivable     -         36,992  
Prepaid share repurchase     384,637         489,156  
Deferred financing costs     332,092         50,000  
Due from Affiliate     301,020         271,962  
Other assets     1,054,413         1,192,677  
Total Assets   $ 205,379,949       $ 218,874,908  
Notes payable (net of debt issuance costs of $1,955,972 and $2,059,164, respectively)   $ 78,065,828       $ 77,962,636  
Accounts payable and accrued expenses     1,042,136         2,040,277  
Other liabilities     535,267         572,949  
Interest and fees payable     503,125         503,125  
Deferred revenue     472,521         325,602  
Administrator expenses payable     68,267         74,911  
Due to broker     -         16,550,000  
Total Liabilities     80,687,144         98,029,500  
Commitments and Contingencies                
Net Assets:                
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,099,824 and 2,102,129 common shares outstanding, respectively     2,100         2,102  
Capital in excess of par value     675,297,285         675,401,802  
Total distributable earnings (loss)     (550,606,580 )       (554,558,496 )
Total Net Assets     124,692,805         120,845,408  
Total Liabilities and Net Assets   $ 205,379,949       $ 218,874,908  
Net Asset Value Per Common Share   $ 59.38       $ 57.49  

Consolidated Statements of Operations

    For the Three Months Ended
December 31,
    2022     2021  
Interest Income:            
Interest from investments            
Non-controlled, non-affiliated investments:            
Cash   $ 1,916,041     $ 1,015,692  
Payment in-kind     106,187       138,511  
Affiliated investments:                
Cash     198,453       122,147  
Payment in-kind     89,743       97,028  
Controlled investments:                
Cash     194,627       553,638  
Total interest income     2,505,051       1,927,016  
Dividend income     2,032,358       702,930  
Interest from cash and cash equivalents     92,226       2,739  
Fee income     73,599       270,122  
Other income     -       230,434  
Total Investment Income     4,703,234       3,133,241  
Interest and financing expenses     1,233,176       1,487,675  
Salaries and benefits     857,533       505,875  
Professional fees, net     347,917       306,751  
General and administrative expenses     219,977       196,559  
Directors fees     194,000       208,500  
Insurance expenses     124,084       158,904  
Administrator expenses     77,884       68,866  
Total expenses     3,054,571       2,933,130  
Net Investment Income     1,648,663       200,111  
Realized and unrealized gains (losses) on investments                
Net realized gains (losses):                
Non-controlled, non-affiliated investments     13,448       484,513  
Affiliated investments     -       14,737,897  
Controlled investments     -       925  
Total net realized gains (losses)     13,448       15,223,335  
Net change in unrealized gains (losses):                
Non-controlled, non-affiliated investments     1,523,099       131,963  
Affiliated investments     715,537       (10,473,843 )
Controlled investments     51,169       17,641  
Total net change in unrealized gains (losses)     2,289,805       (10,324,239 )
Loss on extinguishment of debt     -       (296,197 )
Total realized and unrealized gains (losses)     2,303,253       4,602,899  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 3,951,916     $ 4,803,010  
Weighted average basic and diluted earnings per common share   $ 1.88     $ 1.91  
Weighted average basic and diluted net investment income (loss) per common share   $ 0.78     $ 0.08  
Weighted average common shares outstanding - basic and diluted     2,100,876       2,517,221  

PhenixFIN Corporation

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