PhenixFIN Corporation Announces Fiscal Second Quarter 2025 Financial Results

NAV per share of $78.72 taking into account special dividend of $1.43 per share paid February 19, 2025 May 06, 2025 17:45 ET | Source: PhenixFIN Corporation NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the “Company”), a publicly traded business development company, today announced its financial results for the fiscal second quarter for its year ending September 30, 2025. Highlights: Second quarter total investment income of $6.0 million; net investment income of $1.0 millionNet asset value (NAV) of $159 million, or $78.72 per share as of March 31, 2025On February 6, 2025, the Board declared a special dividend of $1.43 per share paid on February 19, 2025, to stockholders of record as of February 17, 2025Weighted average yield was 11.82% on debt and other income producing investments “In light of the broader market volatility we are pleased with another solid quarter,” stated David Lorber, Chief Executive Officer. “Also, on April 17th we closed on an extension and successful upsize of our credit facility to April 17, 2030 and $100 million, respectively. In addition, expecting reduced overall interest expense savings with our facility funding costs declining to SOFR+250 from SOFR+290. This comes at a great time given the robust opportunity set we see in the current market environment.” Selected Second Quarter 2025 Financial Results for the Quarter Ended March 31, 2025: Total investment income was $6.0 million of which $5.9 million was attributable to portfolio interest and dividend income, and $0.1 million was attributable to fee and other income. Total net expenses were $5.0 million and total net investment income was $1.0 million. The Company recorded a net realized loss of $1.1 million and a net unrealized loss of $0.5 million. Portfolio and Investment Activities for the Quarter Ended March 31, 2025: The fair value of the Company's investment portfolio totaled $286.8 million and consisted of 36 portfolio companies. The Company had certain investments in 2 portfolio companies on non-accrual status with a fair market value of $1.4 million. Liquidity and Capital Resources: As of March 31, 2025, the Company had $8.7 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $79.6 million outstanding under the Credit Facility (prior to its upsizing). 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, reduce interest expenses, 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 March 31,2025 September 30,2024 (Unaudited) Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $149,358,044 and $143,179,354 respectively)$150,403,826 $142,233,426 Affiliated investments (amortized cost of $20,572,531 and $20,564,242, respectively) 13,777,521 14,750,785 Controlled investments (amortized cost of $150,553,974 and $97,016,429, respectively) 122,661,590 70,931,647 Total Investments at fair value 286,842,937 227,915,858 Cash and cash equivalents 8,689,461 67,571,559 Receivables: Interest receivable 1,060,559 1,313,598 Other receivable 16,640 65,838 Dividends receivable - 23,468 Deferred tax asset, net 557,463 887,099 Other assets 435,617 1,066,323 Deferred financing costs 419,172 760,680 Receivable for investments sold 2,328,555 2,955,775 Due from Affiliate 257,852 90,500 Prepaid share repurchase 101,115 101,115 Total Assets$300,709,371 $302,751,813 Liabilities: Credit facility and notes payable (net of debt issuance costs of $1,326,546 and $1,510,815, respectively)$137,434,952 $135,723,636 Accounts payable and accrued expenses 2,937,872 5,570,150 Interest and fees payable 1,078,676 768,043 Other liabilities 223,362 294,063 Due to Affiliate 46,995 88,148 Total Liabilities 141,721,857 142,444,040 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) (545,924,094) (544,603,835)Total Net Assets 158,987,514 160,307,773 Total Liabilities and Net Assets$300,709,371 $302,751,813 Net Asset Value Per Common Share$78.72 $79.37 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three MonthsEnded March 31, For the Six Months EndedMarch 31, 2025 2024 2025 2024 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash$2,957,380 $1,950,898 $5,950,065 $4,633,041 Payment in-kind 263,784 90,530 618,465 181,204 Affiliated investments: Cash - 276,484 - 732,176 Controlled investments: Cash 626,790 294,028 1,214,985 580,266 Payment in-kind - 118,864 - 268,831 Total interest income 3,847,954 2,730,804 7,783,515 6,395,518 Dividend income Non-controlled, non-affiliated investments 378,232 669,359 974,530 1,797,891 Affiliated investments 111,736 - 254,231 - Controlled investments 1,580,616 982,903 2,979,966 1,868,097 Total dividend income 2,070,584 1,652,262 4,208,727 3,665,988 Interest from cash and cash equivalents 45,812 199,266 104,753 240,374 Fee income (see Note 9) 29,673 76,517 40,737 78,625 Other income 25,000 - 97,774 22 Total Investment Income 6,019,023 4,658,849 12,235,506 10,380,527 Expenses: Interest and financing expenses 2,578,963 1,567,352 5,124,774 3,109,413 Salaries and benefits 1,185,054 1,524,508 2,213,671 2,949,500 Professional fees, net 577,965 343,150 995,978 700,704 Directors fees 204,000 187,500 408,000 375,000 Administrator expenses (see Note 6) 112,829 57,550 197,184 135,402 Insurance expenses 86,498 96,694 174,919 194,450 General and administrative expenses 307,739 310,776 529,532 635,837 Total expenses 5,053,048 4,087,530 9,644,058 8,100,306 Net Investment Income 965,975 571,319 2,591,448 2,280,221 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (1,065,013) 200,754 103,657 430,558 Affiliated investments - (1,991,456) - (1,991,456)Total net realized gains (losses) (1,065,013) (1,790,702) 103,657 (1,560,898)Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 1,183,172 1,796,767 1,991,710 3,161,010 Affiliated investments (92,367) 2,282,655 (981,553) 4,713,918 Controlled investments (1,558,264) 2,512,263 (1,807,602) 1,311,890 Total net change in unrealized gains (losses) (467,459) 6,591,685 (797,445) 9,186,818 Deferred tax benefit (expense), net (329,636) - (329,636) - Total realized and unrealized gains (losses) (1,862,108) 4,800,983 (1,023,424) 7,625,920 Net Increase (Decrease) in Net Assets Resulting from Operations$(896,133) $5,372,302 $1,568,024 $9,906,141 Weighted average basic and diluted earnings per common share$(0.44) $2.62 $0.78 $4.81 Weighted average common shares outstanding - basic and diluted (see Note 11) 2,019,778 2,048,622 2,019,778 2,060,723

PhenixFIN Corporation Announces Fiscal Second Quarter 2025 Financial Results

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