PhenixFIN Corporation Announces Fiscal First Quarter 2025 Financial Results

February 07, 2025 06:00 ET | Source: PhenixFIN Corporation NAV per share $80.59 NEW YORK, Feb. 07, 2025 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter for its year ending September 30, 2025. Highlights First quarter total investment income of $6.2 million; net investment income of $1.6 millionNet asset value (NAV) of $162.8 million, or $80.59 per share as of December 31, 2024Weighted average yield was 13.3% on debt and other income producing investmentsOn October 1, 2024, the Company completed the merger and reorganization of The National Security Group, Inc. (“NSG”) an Alabama based insurance holding companyOn February 6, 2025, the Board declared a special dividend of $1.43 per share to be paid on February 18, 2025, to stockholders of record as of February 17, 2025. David Lorber, Chief Executive Officer of the Company, stated: “We have had a great start to fiscal year 2025 as we continue to remain focused on executing our strategic priorities which include growing our platforms, pursuing compelling investment opportunities and increasing NAV per share.” Selected First Quarter 2025 Financial Results for the Quarter Ended December 31, 2024: Total investment income was $6.2 million of which $5.9 million was attributable to portfolio interest and dividend income, and $0.3 million was attributable to fee and other income. Total net expenses were $4.6 million and total net investment income was $1.6 million. The Company recorded a net realized gain of $1.2 million and a net unrealized loss of $0.3 million. Portfolio and Investment Activities for the Quarter Ended December 31, 2024: The fair value of the Company's investment portfolio totaled $300.1 million and consisted of 43 portfolio companies. The Company had certain investments in 3 portfolio companies on non-accrual status with a fair market value of $1.5 million. Liquidity and Capital Resources As of December 31, 2024, the Company had $7.2 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $84.0 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 execute on its strategic initiatives, deliver value to shareholders, increase investment activity, increase net investment income, implement its investment strategy and achieve its investment objective, source and capitalize on investment opportunities, grow its net asset value per share and perform well in the prevailing market environment, the ability of our portfolio companies, including National Security Group, Inc. 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 CORPORATIONConsolidated Statements of Assets and Liabilities December 31, 2024(Unaudited) September 30, 2024 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $160,480,488 and $143,179,354 respectively) $160,343,098 $142,233,426 Affiliated investments (amortized cost of $20,564,242 and $20,564,242, respectively) 13,861,599 14,750,785 Controlled investments (amortized cost of $152,223,817 and $97,016,429, respectively) 125,889,697 70,931,647 Total Investments at fair value 300,094,394 227,915,858 Cash and cash equivalents 7,187,110 67,571,559 Receivables: Interest receivable 1,313,520 1,313,598 Other receivable 16,640 65,838 Dividends receivable 105,804 23,468 Due from Affiliate 1,040,512 90,500 Deferred tax asset 887,099 887,099 Deferred financing costs 625,323 760,680 Other assets 514,630 1,066,323 Prepaid share repurchase 101,115 101,115 Receivable for investments sold 41,897 2,955,775 Total Assets $311,928,044 $302,751,813 Liabilities: Credit facility and notes payable (net of debt issuance costs of $1,417,816 and $1,510,815, respectively) $141,743,682 $135,723,636 Payable for investments purchased 3,688,247 - Accounts payable and accrued expenses 2,391,430 5,570,150 Interest and fees payable 1,029,334 768,043 Other liabilities 256,426 294,063 Due to Affiliate 46,995 88,148 Total Liabilities 149,156,114 142,444,040 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 2,019,778 common shares outstanding, respectively 2,020 2,020 Capital in excess of par value 704,909,588 704,909,588 Total distributable earnings (loss) (542,139,678) (544,603,835)Total Net Assets 162,771,930 160,307,773 Total Liabilities and Net Assets $311,928,044 $302,751,813 Net Asset Value Per Common Share $80.59 $79.37 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months Ended December 31, 2024 2023 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $2,824,594 $2,682,143 Payment in-kind 354,681 90,674 Affiliated investments: Cash - 455,692 Payment in-kind - - Controlled investments: Cash 588,195 286,238 Payment in-kind - 149,967 Total interest income 3,767,470 3,664,714 Dividend income Non-controlled, non-affiliated investments 596,298 665,526 Affiliated investments 142,495 - Controlled investments 1,399,350 1,348,200 Total dividend income 2,138,143 2,013,726 Interest from cash and cash equivalents 227,032 41,108 Fee income (see Note 9) 11,064 2,108 Other income 72,774 22 Total Investment Income 6,216,483 5,721,678 Expenses: Interest and financing expenses 2,545,811 1,542,061 Salaries and benefits 1,028,617 1,424,992 Professional fees, net 418,013 357,554 Directors fees 204,000 187,500 Insurance expenses 88,421 97,756 Administrator expenses (see Note 6) 84,355 77,852 General and administrative expenses 221,793 325,061 Total expenses 4,591,010 4,012,776 Net Investment Income 1,625,473 1,708,902 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 1,168,670 229,804 Affiliated investments - - Controlled investments - - Total net realized gains (losses) 1,168,670 229,804 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 808,538 1,364,243 Affiliated investments (889,186) 2,431,263 Controlled investments (249,338) (1,200,373)Total net change in unrealized gains (losses) (329,986) 2,595,133 Deferred tax benefit (expense) - - Total realized and unrealized gains (losses) 838,684 2,824,937 Net Increase (Decrease) in Net Assets Resulting from Operations $2,464,157 $4,533,839 Weighted average basic and diluted earnings per common share $1.22 $2.19 Weighted average common shares outstanding - basic and diluted (see Note 11) 2,019,778 2,072,694

PhenixFIN Corporation Announces Fiscal First Quarter 2025 Financial Results

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