Delaware
|
814-00818
|
27-4576073
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer
identification no.)
|
445 Park Avenue, 9th Floor,
New York, NY (Address of principal executive offices)
|
10022
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
Common Stock, par value $0.001 per share
|
PFX
|
The NASDAQ Global Market
|
6.125% Notes due 2023
|
PFXNL
|
The NASDAQ Global Market
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
ExhibitNo.
|
Description
|
99.1 |
Press Release dated May 12, 2021
|
DATE: May 12, 2021
|
PHENIXFIN CORPORATION
|
||
/s/ David Lorber
|
|||
Name:
|
David Lorber
|
||
Title:
|
Chief Executive Officer
|
||
• |
Total investment income of $6.5 million; net investment income of $3.7 million
|
• |
$59.1 million in cash on March 31, 2021
|
• |
Net asset value of $151.2 million, or $55.91 per share as of March 31, 2021 vs. $55.30 per share as of September 30, 2020
|
|
|
March 31,
2021 (Unaudited) |
|
|
September 30,
2020 |
|
||
Assets:
|
|
|
|
|
|
|
||
Investments at fair value
|
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (amortized cost of $95,301,443 and $117,360,954, respectively)
|
|
$
|
93,283,110
|
|
|
$
|
114,321,948
|
|
Affiliated investments (amortized cost of $79,845,752 and $92,898,755, respectively)
|
|
|
68,233,836
|
|
|
|
84,873,023
|
|
Controlled investments (amortized cost of $38,487,321 and $117,874,821, respectively)
|
|
|
6,727,597
|
|
|
|
47,548,578
|
|
Total Investments at fair value
|
|
|
168,244,543
|
|
|
|
246,743,549
|
|
Cash and cash equivalents
|
|
|
59,092,731
|
|
|
|
56,522,148
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Interest receivable
|
|
|
299,655
|
|
|
|
624,524
|
|
Fees receivable
|
|
|
106,528
|
|
|
|
119,028
|
|
Other receivable
|
|
|
398,551
|
|
|
|
-
|
|
Prepaid share repurchases
|
|
|
164,258
|
|
|
|
-
|
|
Other assets
|
|
|
1,210,724
|
|
|
|
2,093,559
|
|
Total Assets
|
|
$
|
229,516,990
|
|
|
$
|
306,102,808
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Notes payable (net of debt issuance costs of $551,142 and $905,624, respectively)
|
|
$
|
77,295,658
|
|
|
$
|
150,960,662
|
|
Interest and fees payable
|
|
|
-
|
|
|
|
801,805
|
|
Due to affiliates
|
|
|
-
|
|
|
|
53,083
|
|
Management and incentive fees payable
|
|
|
-
|
|
|
|
1,392,022
|
|
Administrator expenses payable
|
|
|
94,958
|
|
|
|
156,965
|
|
Accounts payable and accrued expenses
|
|
|
918,279
|
|
|
|
2,108,225
|
|
Deferred revenue
|
|
|
30,970
|
|
|
|
10,529
|
|
Total Liabilities
|
|
|
78,339,865
|
|
|
|
155,483,291
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,703,936 and 2,723,709 common shares issued and outstanding, respectively
|
|
|
2,704
|
|
|
|
2,724
|
|
Capital in excess of par value
|
|
|
671,589,690
|
|
|
|
672,381,617
|
|
Total distributable earnings/(loss)
|
|
|
(520,415,269
|
)
|
|
|
(521,764,824
|
)
|
Total Net Assets
|
|
$
|
151,177,125
|
|
|
$
|
150,619,517
|
|
Total Liabilities and Net Assets
|
|
$
|
229,516,990
|
|
|
$
|
306,102,808
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value Per Common Share
|
|
$
|
55.91
|
|
|
$
|
55.30
|
|
|
|
For the Three Months Ended
March 31 |
|
|
For the Six Months Ended
March 31 |
|
||||||||||
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
||||
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest from investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash
|
|
$
|
1,534,904
|
|
|
|
2,320,453
|
|
|
$
|
3,206,717
|
|
|
|
5,538,162
|
|
Payment in-kind
|
|
|
-
|
|
|
|
128,309
|
|
|
|
170,029
|
|
|
|
327,321
|
|
Affiliated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
196,328
|
|
|
|
190,193
|
|
|
|
548,619
|
|
|
|
399,441
|
|
Payment in-kind
|
|
|
-
|
|
|
|
706,789
|
|
|
|
-
|
|
|
|
1,654,262
|
|
Controlled investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
(1,190
|
)
|
|
|
1,297
|
|
|
|
-
|
|
|
|
84,505
|
|
Payment in-kind
|
|
|
-
|
|
|
|
5,385
|
|
|
|
-
|
|
|
|
500,767
|
|
Total interest income
|
|
|
1,730,042
|
|
|
|
3,352,426
|
|
|
|
3,925,365
|
|
|
|
8,504,458
|
|
Dividend income
|
|
|
4,408,234
|
|
|
|
1,662,500
|
|
|
|
14,671,735
|
|
|
|
3,500,000
|
|
Interest from cash and cash equivalents
|
|
|
506
|
|
|
|
154,290
|
|
|
|
1,446
|
|
|
|
372,428
|
|
Fee income
|
|
|
237,416
|
|
|
|
131,992
|
|
|
|
578,880
|
|
|
|
415,532
|
|
Other income
|
|
|
78,204
|
|
|
|
-
|
|
|
|
78,204
|
|
|
|
-
|
|
Total Investment Income
|
|
|
6,454,402
|
|
|
|
5,301,208
|
|
|
|
19,255,630
|
|
|
|
12,792,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees
|
|
|
-
|
|
|
|
1,641,271
|
|
|
|
1,146,403
|
|
|
|
3,649,505
|
|
Interest and financing expenses
|
|
|
1,260,054
|
|
|
|
4,432,118
|
|
|
|
3,277,695
|
|
|
|
9,576,047
|
|
General and administrative expenses
|
|
|
104,440
|
|
|
|
2,083,397
|
|
|
|
466,049
|
|
|
|
2,600,239
|
|
Salaries and Benefits
|
|
|
332,317
|
|
|
|
-
|
|
|
|
332,317
|
|
|
|
-
|
|
Administrator expenses
|
|
|
(44,618
|
)
|
|
|
576,362
|
|
|
|
439,794
|
|
|
|
1,127,884
|
|
Insurance expenses
|
|
|
474,468
|
|
|
|
356,580
|
|
|
|
959,480
|
|
|
|
654,578
|
|
Directors fees
|
|
|
220,500
|
|
|
|
296,500
|
|
|
|
696,217
|
|
|
|
612,500
|
|
Professional fees, net
|
|
|
420,220
|
|
|
|
130,630
|
|
|
|
(79,077
|
)
|
|
|
(4,285,445
|
)
|
Total expenses net of expense support reimbursement and management and incentive fee waivers
|
|
|
2,767,381
|
|
|
|
9,516,858
|
|
|
|
7,238,878
|
|
|
|
13,935,308
|
|
Net Investment Income
|
|
|
3,687,021
|
|
|
|
(4,215,650
|
)
|
|
|
12,016,752
|
|
|
|
(1,142,890
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments
|
|
|
160,926
|
|
|
|
(100,115
|
)
|
|
|
4,054,648
|
|
|
|
(157,914
|
)
|
Affiliated investments
|
|
|
-
|
|
|
|
-
|
|
|
|
(10,452,928
|
)
|
|
|
-
|
|
Controlled investments
|
|
|
-
|
|
|
|
-
|
|
|
|
(40,147,570
|
)
|
|
|
(1,686,837
|
)
|
Total net realized gains (losses)
|
|
|
160,926
|
|
|
|
(100,115
|
)
|
|
|
(46,545,850
|
)
|
|
|
(1,844,751
|
)
|
Net change in unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments
|
|
|
5,077,737
|
|
|
|
(19,549,944
|
)
|
|
|
1,020,673
|
|
|
|
(15,802,570
|
)
|
Affiliated investments
|
|
|
(1,467,862
|
)
|
|
|
(15,019,332
|
)
|
|
|
(3,586,184
|
)
|
|
|
(5,578,733
|
)
|
Controlled investments
|
|
|
329,584
|
|
|
|
(38,994,357
|
)
|
|
|
38,566,519
|
|
|
|
(48,451,471
|
)
|
Total net change in unrealized gains (losses)
|
|
|
3,939,459
|
|
|
|
(73,563,633
|
)
|
|
|
36,001,008
|
|
|
|
(69,832,774
|
)
|
Change in provision for deferred taxes on unrealized (appreciation)/ depreciation on investments
|
|
|
-
|
|
|
|
(85,664
|
)
|
|
|
-
|
|
|
|
(85,664
|
)
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
(895,033
|
)
|
|
|
(122,355
|
)
|
|
|
(1,784,183
|
)
|
Total realized and unrealized gains (losses)
|
|
|
4,100,385
|
|
|
|
(74,644,445
|
)
|
|
|
(10,667,197
|
)
|
|
|
(73,547,372
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
$
|
7,787,406
|
|
|
$
|
(78,860,095
|
)
|
|
$
|
1,349,555
|
|
|
$
|
(74,690,262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Basic and diluted earnings per common share
|
|
$
|
2.87
|
|
|
$
|
(28.95
|
)
|
|
$
|
0.50
|
|
|
$
|
(27.42
|
)
|
Weighted Average Basic and diluted net investment income (loss) per common share
|
|
$
|
1.36
|
|
|
$
|
(1.55
|
)
|
|
$
|
4.42
|
|
|
$
|
(0.42
|
)
|
Weighted Average Common Shares Outstanding - Basic and Diluted
|
|
|
2,716,627
|
|
|
|
2,723,711
|
(1)
|
|
|
2,720,226
|
|
|
|
2,723,711
|
(1)
|
(1) |
Basic and diluted shares has been adjusted for 2020 to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis.
|