PhenixFIN Corporation Announces Fiscal Second Quarter 2025 Financial Results | PFX Stock News

05/06/2025 - 05:45 PM NAV per share of $78.72 taking into account special dividend of $1.43 per share paid February 19, 2025NEW 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. ForPhenixFINinvestor relations, please call 212-859-0390. For media inquiries, please contactinfo@phenixfc.com. PHENIXFIN CORPORATIONConsolidated Statements of Assets and LiabilitiesMarch 31,2025September30,2024(Unaudited)Assets:Investments at fair valueNon-controlled, non-affiliated investments (amortized cost of $149,358,044 and $143,179,354 respectively)$150,403,826$142,233,426Affiliated investments (amortized cost of $20,572,531 and $20,564,242, respectively)13,777,52114,750,785Controlled investments (amortized cost of $150,553,974 and $97,016,429, respectively)122,661,59070,931,647Total Investments at fair value286,842,937227,915,858Cash and cash equivalents8,689,46167,571,559Receivables:Interest receivable1,060,5591,313,598Other receivable16,64065,838Dividends receivable-23,468Deferred tax asset, net557,463887,099Other assets435,6171,066,323Deferred financing costs419,172760,680Receivable for investments sold2,328,5552,955,775Due from Affiliate257,85290,500Prepaid share repurchase101,115101,115Total Assets$300,709,371$302,751,813Liabilities:Credit facility and notes payable (net of debt issuance costs of $1,326,546 and $1,510,815, respectively)$137,434,952$135,723,636Accounts payable and accrued expenses2,937,8725,570,150Interest and fees payable1,078,676768,043Other liabilities223,362294,063Due to Affiliate46,99588,148Total Liabilities141,721,857142,444,040Commitments 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, respectively2,0202,020Capital in excess of par value704,909,588704,909,588Total distributable earnings (loss)(545,924,094)(544,603,835)Total Net Assets158,987,514160,307,773Total Liabilities and Net Assets$300,709,371$302,751,813Net 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 31,2025202420252024Interest Income:Interest from investmentsNon-controlled, non-affiliated investments:Cash$2,957,380$1,950,898$5,950,065$4,633,041Payment in-kind263,78490,530618,465181,204Affiliated investments:Cash-276,484-732,176Controlled investments:Cash626,790294,0281,214,985580,266Payment in-kind-118,864-268,831Total interest income3,847,9542,730,8047,783,5156,395,518Dividend incomeNon-controlled, non-affiliated investments378,232669,359974,5301,797,891Affiliated investments111,736-254,231-Controlled investments1,580,616982,9032,979,9661,868,097Total dividend income2,070,5841,652,2624,208,7273,665,988Interest from cash and cash equivalents45,812199,266104,753240,374Fee income (see Note 9)29,67376,51740,73778,625Other income25,000-97,77422Total Investment Income6,019,0234,658,84912,235,50610,380,527Expenses:Interest and financing expenses2,578,9631,567,3525,124,7743,109,413Salaries and benefits1,185,0541,524,5082,213,6712,949,500Professional fees, net577,965343,150995,978700,704Directors fees204,000187,500408,000375,000Administrator expenses (see Note 6)112,82957,550197,184135,402Insurance expenses86,49896,694174,919194,450General and administrative expenses307,739310,776529,532635,837Total expenses5,053,0484,087,5309,644,0588,100,306Net Investment Income965,975571,3192,591,4482,280,221Realized and unrealized gains (losses) on investmentsNet realized gains (losses):Non-controlled, non-affiliated investments(1,065,013)200,754103,657430,558Affiliated investments-(1,991,456)-(1,991,456)Total net realized gains (losses)(1,065,013)(1,790,702)103,657(1,560,898)Net change in unrealized gains (losses):Non-controlled, non-affiliated investments1,183,1721,796,7671,991,7103,161,010Affiliated investments(92,367)2,282,655(981,553)4,713,918Controlled investments(1,558,264)2,512,263(1,807,602)1,311,890Total net change in unrealized gains (losses)(467,459)6,591,685(797,445)9,186,818Deferred tax benefit (expense), net(329,636)-(329,636)-Total realized and unrealized gains (losses)(1,862,108)4,800,983(1,023,424)7,625,920Net Increase (Decrease) in Net Assets Resulting from Operations$(896,133)$5,372,302$1,568,024$9,906,141Weighted average basic and diluted earnings per common share$(0.44)$2.62$0.78$4.81Weighted average common shares outstanding - basic and diluted (see Note 11)2,019,7782,048,6222,019,7782,060,723