Press Release
<< Back
PhenixFIN Corporation Announces Fiscal Third Quarter 2024 Financial Results
NAV Per Share Grew 14% In Last 12 Months (taking into account the distribution of the Special Dividend)
Expanded Credit Facility To
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 ofJune 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 onJune 10, 2024 to stockholders of record as ofMay 27, 2024
“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
Total investment income was
Total expenses were
The Company recorded total realized and unrealized gains of
Portfolio and Investment Activities for the Quarter Ended
The fair value of the Company's investment portfolio totaled
Liquidity and Capital Resources
At
ABOUT
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
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
For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.
Consolidated Statements of Assets and Liabilities |
||||||||
2024 (Unaudited) |
2023 |
|||||||
Assets: | ||||||||
Investments at fair value | ||||||||
Non-controlled, non-affiliated investments (amortized cost of |
$ | 148,691,260 | $ | 125,531,031 | ||||
Affiliated investments (amortized cost of |
14,407,827 | 37,289,617 | ||||||
Controlled investments (amortized cost of |
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 |
$ | 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, |
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 |
Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
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