PhenixFIN Corporation Announces Fiscal Third Quarter 2025 Financial Results

August 06, 2025 16:16 ET | Source: PhenixFIN Corporation NEW YORK, Aug. 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 third quarter for its year ending September 30, 2025. Highlights: Third quarter total investment income of $6.2 million; net investment income of $1.2 millionNet asset value (NAV) of $157 million, or $78.20 per share as of June 30, 2025On April 17, 2025, amended the credit facility to $100mm with a $50mm accordion, reduction in pricing to SOFR+2.50% and extended maturity to April 17, 2030Weighted average yield was 12.66% on debt and other income producing investments “We continue to see solid performance from the portfolio despite a more volatile macro environment.” commented David Lorber, Chief Executive Officer, “We had a strong origination quarter as we continue to source attractive investment opportunities, we also had multiple portfolio companies repay and monetized one of our last remaining legacy investments.” Selected Third Quarter 2025 Financial Results for the Quarter Ended June 30, 2025: Total investment income was $6.2 million of which $5.5 million was attributable to portfolio interest and dividend income, and $0.7 million was attributable to fee and other income. Total net expenses were $5.0 million and total net investment income was $1.2 million. The Company recorded a net realized loss of $12.0 million and a net unrealized gain of $9.3 million. Portfolio and Investment Activities for the Quarter Ended June 30, 2025: The fair value of the Company's investment portfolio totaled $294.4 million and consisted of 34 portfolio companies. Liquidity and Capital Resources: As of June 30, 2025, the Company had $7.3 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $87.0 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, 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 June 30,2025(Unaudited) September 30,2024 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $158,364,341 and $143,179,354 respectively) $159,391,606 $142,233,426 Affiliated investments (amortized cost of $10,008,289 and $20,564,242, respectively) 11,592,334 14,750,785 Controlled investments (amortized cost of $150,432,462 and $97,016,429, respectively) 123,454,891 70,931,647 Total Investments at fair value 294,438,831 227,915,858 Cash and cash equivalents 7,270,519 67,571,559 Receivables: Interest receivable 1,135,646 1,313,598 Other receivable 16,640 65,838 Dividends receivable - 23,468 Deferred financing costs 1,458,777 760,680 Due from Affiliate 1,101,599 90,500 Deferred tax asset, net 953,505 887,099 Other assets 298,155 1,066,323 Prepaid share repurchase 101,115 101,115 Receivable for investments sold 35,445 2,955,775 Total Assets $306,810,232 $302,751,813 Liabilities: Credit facility and notes payable (net of debt issuance costs of $1,234,485 and $1,510,815, respectively) $144,918,632 $135,723,636 Accounts payable and accrued expenses 3,300,818 5,570,150 Interest and fees payable 1,213,024 768,043 Other liabilities 190,743 294,063 Deferred tax liability, net 340,531 - Due to Affiliate 152,365 88,148 Total Liabilities 150,116,113 142,444,040 Commitments and Contingencies (see Note 8) Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,003,869 and 2,019,778 common shares outstanding, respectively 2,004 2,020 Capital in excess of par value 704,113,672 704,909,588 Total distributable earnings (loss) (547,421,557) (544,603,835)Total Net Assets 156,694,119 160,307,773 Total Liabilities and Net Assets $306,810,232 $302,751,813 Net Asset Value Per Common Share $78.20 $79.37 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months EndedJune 30, For the Nine Months EndedJune 30, 2025 2024 2025 2024 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $3,758,928 $2,971,965 $9,708,993 $7,605,006 Payment in-kind 213,590 231,113 832,055 412,317 Affiliated investments: Cash - 10,682 - 742,858 Controlled investments: Cash 607,929 650,244 1,822,914 1,230,510 Payment in-kind - 334,398 - 603,229 Total interest income 4,580,447 4,198,402 12,363,962 10,593,920 Dividend income Non-controlled, non-affiliated investments 247,322 531,151 1,221,852 1,963,744 Affiliated investments - - 254,231 - Controlled investments 617,056 982,903 3,597,022 3,216,298 Total dividend income 864,378 1,514,054 5,073,105 5,180,042 Interest from cash and cash equivalents 27,804 147,127 132,557 387,501 Fee income (see Note 9) 684,330 375,363 822,841 453,988 Other income - - - 22 Total Investment Income 6,156,959 6,234,946 18,392,465 16,615,473 Expenses: Interest and financing expenses 2,660,472 1,721,767 7,785,246 4,831,180 Salaries and benefits 1,237,767 1,514,872 3,451,438 4,464,372 Professional fees, net 304,540 432,416 1,300,518 1,133,120 General and administrative expenses 398,494 226,903 928,026 862,740 Directors fees 204,000 187,500 612,000 562,500 Administrator expenses (see Note 6) 106,740 75,351 303,924 210,753 Insurance expenses 87,460 95,983 262,379 290,433 Total expenses 4,999,473 4,254,792 14,643,531 12,355,098 Net Investment Income 1,157,486 1,980,154 3,748,934 4,260,375 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (1,665,458) 155,419 (1,561,801) 585,977 Affiliated investments (10,320,353) - (10,320,353) (1,991,456)Controlled investments - 8,542,831 - 8,542,831 Total net realized gains (losses) (11,985,811) 8,698,250 (11,882,154) 7,137,352 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (18,517) 1,823,185 1,973,193 4,984,195 Affiliated investments 8,379,055 73,960 7,397,502 4,787,878 Controlled investments 914,813 (9,966,938) (892,789) (8,655,048)Total net change in unrealized gains (losses) 9,275,351 (8,069,793) 8,477,906 1,117,025 Deferred tax benefit (expense) 55,511 - (274,125) - Total realized and unrealized gains (losses) (2,654,949) 628,457 (3,678,373) 8,254,377 Net Increase (Decrease) in Net Assets Resulting from Operations $(1,497,463) $2,608,611 $70,561 $12,514,752 Weighted average basic and diluted earnings per common share $(0.74) $1.29 $0.03 $6.11 Weighted average common shares outstanding - basic and diluted (see Note 11) 2,017,330 2,019,786 2,018,962 2,047,127

PhenixFIN Corporation Announces Fiscal Third Quarter 2025 Financial Results

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