Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries PhenixFIN Corporation Announces Fiscal Fourth Quarter 2022 Financial Results By: PhenixFIN Corporation via GlobeNewswire December 16, 2022 at 06:45 AM EST NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2022. Highlights Fourth quarter total investment income was $5.1 million; net investment income of $1.9 millionNet asset value (NAV) of $120.8 million, or $57.49 per share as of September 30, 2022, vs. $57.08 per share as of September 30, 2021Secured a 3-year $50 million credit facility with Woodforest National Bank as lead lender (SOFR + 2.90%)Notice of Redemption issued for the $22.5 million 6.125% unsecured notes due March 30, 2023Repurchased 16.5% of shares outstanding in Fiscal Year 2022Weighted average yield to maturity of 10.85% on yield-oriented investmentsFlexFIN continues to grow with over $40 million allocated to the business David Lorber, Chief Executive Officer of the Company, stated: “We are pleased to announce the signing of a $50mm credit facility led by Woodforest National Bank which we believe further strengthens our balance sheet. With this increased liquidity we will be redeeming the $22.5 million 6.125% unsecured notes due March 30, 2023. This facility should also allow us to expand our investment activity to continue to grow. During the fourth quarter, the portfolio continued to perform given the market environment as we continued generating positive Net Investment Income driven by the deployment of cash balances, the rising interest rate environment, and the general stability in our portfolio. In addition, during our FY2022 we successfully took advantage of our trading discount to NAV through buying back 16.5% of our shares outstanding. Given the volatility of 2022, as we look forward, we are excited about opportunities in the markets to generate returns through both attractive yields and capital appreciation.” The Company expects to hold an investor update call in early 2023. Details will be announced at a later date. Selected Fourth Quarter 2022 Financial Results For the quarter ended September 30, 2022, total investment income totaled $5.1 million, of which $5.0 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to other income. For the quarter ended September 30, 2022, total net expenses were $3.2 million and total net investment income was $1.9 million. For the quarter ended September 30, 2022, the Company recorded a net realized loss of $10.3 million, due to the sale of Path Medical, a legacy investment, and net unrealized loss of $3.7 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of September 30, 2022, the fair value of the Company's investment portfolio totaled $193.0 million and consisted of 44 portfolio companies. As of September 30, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.2 million. Liquidity and Capital Resources At September 30, 2022, the Company had $22.8 million in cash and cash equivalents and $57.5 million and $22.5 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively. 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 deliver value to shareholders, increase investment activity, grow the Company, increase net investment income, reduce operating expenses, implement its investment objective, capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, FlexFIN’s ability to perform effectively and generate attractive returns 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 September 30, 2022 September 30, 2021 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $147,378,917 and $92,214,167, respectively) $122,616,275 $84,152,678 Affiliated investments (amortized cost of $30,585,884 and $75,963,427, respectively) 12,314,192 57,595,245 Controlled investments (amortized cost of $85,483,093 and $39,490,097, respectively) 58,026,182 9,891,860 Total Investments at fair value 192,956,649 151,639,783 Cash and cash equivalents 22,768,066 69,433,256 Receivables: Fees receivable - 1,872,700 Interest receivable 727,576 371,576 Prepaid share repurchase 489,156 - Due from affiliates 271,962 - Dividends receivable 269,330 81,211 Paydown receivable 112,500 292,015 Other receivable 36,992 - Other assets 1,242,677 1,401,746 Total Assets $218,874,908 $225,092,287 Liabilities: Notes payable (net of debt issuance costs of $2,059,164 and $412,795, respectively) $77,962,636 $77,434,005 Due to broker 16,550,000 1,586,000 Accounts payable and accrued expenses 2,040,277 1,416,524 Due to affiliate - 280,323 Administrator expenses payable 74,911 67,920 Interest and fees payable 503,125 - Deferred revenue 325,602 - Other liabilities 572,949 613,534 Total Liabilities 98,029,500 81,398,306 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued;2,102,129 and 2,517,221 common shares outstanding, respectively 2,102 2,517 Capital in excess of par value 675,401,802 688,866,642 Total distributable earnings (loss) (554,558,496) (545,175,178)Total Net Assets 120,845,408 143,693,981 Total Liabilities and Net Assets $218,874,908 $225,092,287 Net Asset Value Per Common Share $57.49 $57.08 PHENIXFIN CORPORATIONConsolidated Statements of Operations For the Years Ended September 30 2022 2021 2020 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $5,207,850 $5,974,807 $9,137,394 Payment in-kind 444,741 609,964 863,744 Affiliated investments: Cash 639,733 1,099,809 1,182,294 Payment in-kind 374,981 327,804 2,425,557 Controlled investments: Cash 2,489,381 75,000 84,505 Payment in-kind - - 500,767 Total interest income 9,156,686 8,087,384 14,194,261 Dividend income 5,503,425 21,564,348 6,256,250 Interest from cash and cash equivalents 139,942 10,402 378,077 Fee income 420,279 2,566,519 692,988 Other income 323,828 78,204 - Total Investment Income 15,544,160 32,306,857 21,521,576 Expenses: Base management fees - 1,146,403 6,358,750 Interest and financing expenses 5,113,105 5,800,100 14,935,017 Salaries and benefits 2,952,106 1,993,277 - General and administrative expenses 1,103,125 1,012,147 3,285,259 Directors fees 712,000 1,039,717 1,451,077 Insurance expenses 590,178 1,619,536 1,463,391 Administrator expenses 301,281 612,983 2,226,831 Professional fees, net 1,340,828 559,975 (4,768,050)Expenses before expense support reimbursement 12,112,623 13,784,138 24,952,275 Expense support reimbursement - - (710,294)Total expenses net of expense support reimbursement 12,112,623 13,784,138 24,241,981 Net Investment Income (Loss) 3,431,537 18,522,719 (2,720,405) Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 810,240 7,747,672 (9,973,416)Affiliated investments 4,408,961 (10,088,405) (928,990)Controlled investments 1,850 (40,144,795) (39,076,425)Total net realized gains (losses) 5,221,051 (42,485,528) (49,978,831)Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (16,701,153) (5,022,484) 9,898,237 Affiliated investments 96,490 (10,342,450) 2,648,353 Controlled investments 2,141,326 40,728,006 (23,178,993)Total net change in unrealized gains (losses) (14,463,337) 25,363,072 (10,632,403)Loss on extinguishment of debt (296,197) (122,355) (2,481,374)Total realized and unrealized gains (losses) (9,538,483) (17,244,811) (63,092,608) Net Increase (Decrease) in Net Assets Resulting from Operations $(6,106,946) $1,277,908 $(65,813,013) Weighted average basic and diluted earnings per common share $(2.63) $0.48 $(24.16)Weighted average basic and diluted net investment income (loss) per common share $1.48 $6.92 $(1.00)Weighted average common shares outstanding - basic and diluted 2,323,601 2,677,891 2,723,709 Dividends declared per common share $0.12 $- $- Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
PhenixFIN Corporation Announces Fiscal Fourth Quarter 2022 Financial Results By: PhenixFIN Corporation via GlobeNewswire December 16, 2022 at 06:45 AM EST NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2022. Highlights Fourth quarter total investment income was $5.1 million; net investment income of $1.9 millionNet asset value (NAV) of $120.8 million, or $57.49 per share as of September 30, 2022, vs. $57.08 per share as of September 30, 2021Secured a 3-year $50 million credit facility with Woodforest National Bank as lead lender (SOFR + 2.90%)Notice of Redemption issued for the $22.5 million 6.125% unsecured notes due March 30, 2023Repurchased 16.5% of shares outstanding in Fiscal Year 2022Weighted average yield to maturity of 10.85% on yield-oriented investmentsFlexFIN continues to grow with over $40 million allocated to the business David Lorber, Chief Executive Officer of the Company, stated: “We are pleased to announce the signing of a $50mm credit facility led by Woodforest National Bank which we believe further strengthens our balance sheet. With this increased liquidity we will be redeeming the $22.5 million 6.125% unsecured notes due March 30, 2023. This facility should also allow us to expand our investment activity to continue to grow. During the fourth quarter, the portfolio continued to perform given the market environment as we continued generating positive Net Investment Income driven by the deployment of cash balances, the rising interest rate environment, and the general stability in our portfolio. In addition, during our FY2022 we successfully took advantage of our trading discount to NAV through buying back 16.5% of our shares outstanding. Given the volatility of 2022, as we look forward, we are excited about opportunities in the markets to generate returns through both attractive yields and capital appreciation.” The Company expects to hold an investor update call in early 2023. Details will be announced at a later date. Selected Fourth Quarter 2022 Financial Results For the quarter ended September 30, 2022, total investment income totaled $5.1 million, of which $5.0 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to other income. For the quarter ended September 30, 2022, total net expenses were $3.2 million and total net investment income was $1.9 million. For the quarter ended September 30, 2022, the Company recorded a net realized loss of $10.3 million, due to the sale of Path Medical, a legacy investment, and net unrealized loss of $3.7 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of September 30, 2022, the fair value of the Company's investment portfolio totaled $193.0 million and consisted of 44 portfolio companies. As of September 30, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.2 million. Liquidity and Capital Resources At September 30, 2022, the Company had $22.8 million in cash and cash equivalents and $57.5 million and $22.5 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively. 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 deliver value to shareholders, increase investment activity, grow the Company, increase net investment income, reduce operating expenses, implement its investment objective, capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, FlexFIN’s ability to perform effectively and generate attractive returns 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 September 30, 2022 September 30, 2021 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $147,378,917 and $92,214,167, respectively) $122,616,275 $84,152,678 Affiliated investments (amortized cost of $30,585,884 and $75,963,427, respectively) 12,314,192 57,595,245 Controlled investments (amortized cost of $85,483,093 and $39,490,097, respectively) 58,026,182 9,891,860 Total Investments at fair value 192,956,649 151,639,783 Cash and cash equivalents 22,768,066 69,433,256 Receivables: Fees receivable - 1,872,700 Interest receivable 727,576 371,576 Prepaid share repurchase 489,156 - Due from affiliates 271,962 - Dividends receivable 269,330 81,211 Paydown receivable 112,500 292,015 Other receivable 36,992 - Other assets 1,242,677 1,401,746 Total Assets $218,874,908 $225,092,287 Liabilities: Notes payable (net of debt issuance costs of $2,059,164 and $412,795, respectively) $77,962,636 $77,434,005 Due to broker 16,550,000 1,586,000 Accounts payable and accrued expenses 2,040,277 1,416,524 Due to affiliate - 280,323 Administrator expenses payable 74,911 67,920 Interest and fees payable 503,125 - Deferred revenue 325,602 - Other liabilities 572,949 613,534 Total Liabilities 98,029,500 81,398,306 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued;2,102,129 and 2,517,221 common shares outstanding, respectively 2,102 2,517 Capital in excess of par value 675,401,802 688,866,642 Total distributable earnings (loss) (554,558,496) (545,175,178)Total Net Assets 120,845,408 143,693,981 Total Liabilities and Net Assets $218,874,908 $225,092,287 Net Asset Value Per Common Share $57.49 $57.08 PHENIXFIN CORPORATIONConsolidated Statements of Operations For the Years Ended September 30 2022 2021 2020 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $5,207,850 $5,974,807 $9,137,394 Payment in-kind 444,741 609,964 863,744 Affiliated investments: Cash 639,733 1,099,809 1,182,294 Payment in-kind 374,981 327,804 2,425,557 Controlled investments: Cash 2,489,381 75,000 84,505 Payment in-kind - - 500,767 Total interest income 9,156,686 8,087,384 14,194,261 Dividend income 5,503,425 21,564,348 6,256,250 Interest from cash and cash equivalents 139,942 10,402 378,077 Fee income 420,279 2,566,519 692,988 Other income 323,828 78,204 - Total Investment Income 15,544,160 32,306,857 21,521,576 Expenses: Base management fees - 1,146,403 6,358,750 Interest and financing expenses 5,113,105 5,800,100 14,935,017 Salaries and benefits 2,952,106 1,993,277 - General and administrative expenses 1,103,125 1,012,147 3,285,259 Directors fees 712,000 1,039,717 1,451,077 Insurance expenses 590,178 1,619,536 1,463,391 Administrator expenses 301,281 612,983 2,226,831 Professional fees, net 1,340,828 559,975 (4,768,050)Expenses before expense support reimbursement 12,112,623 13,784,138 24,952,275 Expense support reimbursement - - (710,294)Total expenses net of expense support reimbursement 12,112,623 13,784,138 24,241,981 Net Investment Income (Loss) 3,431,537 18,522,719 (2,720,405) Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 810,240 7,747,672 (9,973,416)Affiliated investments 4,408,961 (10,088,405) (928,990)Controlled investments 1,850 (40,144,795) (39,076,425)Total net realized gains (losses) 5,221,051 (42,485,528) (49,978,831)Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (16,701,153) (5,022,484) 9,898,237 Affiliated investments 96,490 (10,342,450) 2,648,353 Controlled investments 2,141,326 40,728,006 (23,178,993)Total net change in unrealized gains (losses) (14,463,337) 25,363,072 (10,632,403)Loss on extinguishment of debt (296,197) (122,355) (2,481,374)Total realized and unrealized gains (losses) (9,538,483) (17,244,811) (63,092,608) Net Increase (Decrease) in Net Assets Resulting from Operations $(6,106,946) $1,277,908 $(65,813,013) Weighted average basic and diluted earnings per common share $(2.63) $0.48 $(24.16)Weighted average basic and diluted net investment income (loss) per common share $1.48 $6.92 $(1.00)Weighted average common shares outstanding - basic and diluted 2,323,601 2,677,891 2,723,709 Dividends declared per common share $0.12 $- $-
NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2022. Highlights Fourth quarter total investment income was $5.1 million; net investment income of $1.9 millionNet asset value (NAV) of $120.8 million, or $57.49 per share as of September 30, 2022, vs. $57.08 per share as of September 30, 2021Secured a 3-year $50 million credit facility with Woodforest National Bank as lead lender (SOFR + 2.90%)Notice of Redemption issued for the $22.5 million 6.125% unsecured notes due March 30, 2023Repurchased 16.5% of shares outstanding in Fiscal Year 2022Weighted average yield to maturity of 10.85% on yield-oriented investmentsFlexFIN continues to grow with over $40 million allocated to the business David Lorber, Chief Executive Officer of the Company, stated: “We are pleased to announce the signing of a $50mm credit facility led by Woodforest National Bank which we believe further strengthens our balance sheet. With this increased liquidity we will be redeeming the $22.5 million 6.125% unsecured notes due March 30, 2023. This facility should also allow us to expand our investment activity to continue to grow. During the fourth quarter, the portfolio continued to perform given the market environment as we continued generating positive Net Investment Income driven by the deployment of cash balances, the rising interest rate environment, and the general stability in our portfolio. In addition, during our FY2022 we successfully took advantage of our trading discount to NAV through buying back 16.5% of our shares outstanding. Given the volatility of 2022, as we look forward, we are excited about opportunities in the markets to generate returns through both attractive yields and capital appreciation.” The Company expects to hold an investor update call in early 2023. Details will be announced at a later date. Selected Fourth Quarter 2022 Financial Results For the quarter ended September 30, 2022, total investment income totaled $5.1 million, of which $5.0 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to other income. For the quarter ended September 30, 2022, total net expenses were $3.2 million and total net investment income was $1.9 million. For the quarter ended September 30, 2022, the Company recorded a net realized loss of $10.3 million, due to the sale of Path Medical, a legacy investment, and net unrealized loss of $3.7 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of September 30, 2022, the fair value of the Company's investment portfolio totaled $193.0 million and consisted of 44 portfolio companies. As of September 30, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.2 million. Liquidity and Capital Resources At September 30, 2022, the Company had $22.8 million in cash and cash equivalents and $57.5 million and $22.5 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively. 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 deliver value to shareholders, increase investment activity, grow the Company, increase net investment income, reduce operating expenses, implement its investment objective, capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, FlexFIN’s ability to perform effectively and generate attractive returns 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 September 30, 2022 September 30, 2021 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $147,378,917 and $92,214,167, respectively) $122,616,275 $84,152,678 Affiliated investments (amortized cost of $30,585,884 and $75,963,427, respectively) 12,314,192 57,595,245 Controlled investments (amortized cost of $85,483,093 and $39,490,097, respectively) 58,026,182 9,891,860 Total Investments at fair value 192,956,649 151,639,783 Cash and cash equivalents 22,768,066 69,433,256 Receivables: Fees receivable - 1,872,700 Interest receivable 727,576 371,576 Prepaid share repurchase 489,156 - Due from affiliates 271,962 - Dividends receivable 269,330 81,211 Paydown receivable 112,500 292,015 Other receivable 36,992 - Other assets 1,242,677 1,401,746 Total Assets $218,874,908 $225,092,287 Liabilities: Notes payable (net of debt issuance costs of $2,059,164 and $412,795, respectively) $77,962,636 $77,434,005 Due to broker 16,550,000 1,586,000 Accounts payable and accrued expenses 2,040,277 1,416,524 Due to affiliate - 280,323 Administrator expenses payable 74,911 67,920 Interest and fees payable 503,125 - Deferred revenue 325,602 - Other liabilities 572,949 613,534 Total Liabilities 98,029,500 81,398,306 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued;2,102,129 and 2,517,221 common shares outstanding, respectively 2,102 2,517 Capital in excess of par value 675,401,802 688,866,642 Total distributable earnings (loss) (554,558,496) (545,175,178)Total Net Assets 120,845,408 143,693,981 Total Liabilities and Net Assets $218,874,908 $225,092,287 Net Asset Value Per Common Share $57.49 $57.08 PHENIXFIN CORPORATIONConsolidated Statements of Operations For the Years Ended September 30 2022 2021 2020 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $5,207,850 $5,974,807 $9,137,394 Payment in-kind 444,741 609,964 863,744 Affiliated investments: Cash 639,733 1,099,809 1,182,294 Payment in-kind 374,981 327,804 2,425,557 Controlled investments: Cash 2,489,381 75,000 84,505 Payment in-kind - - 500,767 Total interest income 9,156,686 8,087,384 14,194,261 Dividend income 5,503,425 21,564,348 6,256,250 Interest from cash and cash equivalents 139,942 10,402 378,077 Fee income 420,279 2,566,519 692,988 Other income 323,828 78,204 - Total Investment Income 15,544,160 32,306,857 21,521,576 Expenses: Base management fees - 1,146,403 6,358,750 Interest and financing expenses 5,113,105 5,800,100 14,935,017 Salaries and benefits 2,952,106 1,993,277 - General and administrative expenses 1,103,125 1,012,147 3,285,259 Directors fees 712,000 1,039,717 1,451,077 Insurance expenses 590,178 1,619,536 1,463,391 Administrator expenses 301,281 612,983 2,226,831 Professional fees, net 1,340,828 559,975 (4,768,050)Expenses before expense support reimbursement 12,112,623 13,784,138 24,952,275 Expense support reimbursement - - (710,294)Total expenses net of expense support reimbursement 12,112,623 13,784,138 24,241,981 Net Investment Income (Loss) 3,431,537 18,522,719 (2,720,405) Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 810,240 7,747,672 (9,973,416)Affiliated investments 4,408,961 (10,088,405) (928,990)Controlled investments 1,850 (40,144,795) (39,076,425)Total net realized gains (losses) 5,221,051 (42,485,528) (49,978,831)Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (16,701,153) (5,022,484) 9,898,237 Affiliated investments 96,490 (10,342,450) 2,648,353 Controlled investments 2,141,326 40,728,006 (23,178,993)Total net change in unrealized gains (losses) (14,463,337) 25,363,072 (10,632,403)Loss on extinguishment of debt (296,197) (122,355) (2,481,374)Total realized and unrealized gains (losses) (9,538,483) (17,244,811) (63,092,608) Net Increase (Decrease) in Net Assets Resulting from Operations $(6,106,946) $1,277,908 $(65,813,013) Weighted average basic and diluted earnings per common share $(2.63) $0.48 $(24.16)Weighted average basic and diluted net investment income (loss) per common share $1.48 $6.92 $(1.00)Weighted average common shares outstanding - basic and diluted 2,323,601 2,677,891 2,723,709 Dividends declared per common share $0.12 $- $-