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 First Quarter 2023 Financial Results By: PhenixFIN Corporation via GlobeNewswire February 09, 2023 at 06:00 AM EST NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2023. Highlights First quarter total investment income was $4.7 million; net investment income of $1.7 millionNet asset value (NAV) of $124.7 million, or $59.38 per share as of December 31, 2022Secured a 3-year $50 million credit facility with Woodforest National Bank as lead arranger (SOFR + 2.90%)Weighted average yield of 11.3% on debt and other income producing investments Subsequent Events: On January 17, 2023, redeemed the $22.5 million 6.125% unsecured notes due March 30, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million. Since announcing the plan on January 11, 2021 through February 7, 2023, the Company has repurchased 627,137 shares at an aggregate price of $24.9 million. David Lorber, Chief Executive Officer of the Company, stated: “While the capital markets remain volatile, they also present attractive investment opportunities for generating shareholder value. For the quarter the portfolio performed well with strong income generation coupled with NAV/share growth. In addition, we are pleased to announce a $10 million increase in the share repurchase program. Since the program’s inception we have repurchased 23% of our shares outstanding.” Selected First Quarter 2023 Financial Results For the quarter ended December 31, 2022, total investment income was $4.7 million, of which $4.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. For the quarter ended December 31, 2022, total net expenses were $3.1 million and total net investment income was $1.6 million. For the quarter ended December 31, 2022, the Company recorded a net realized gain of $13k and net unrealized gain of $2.3 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of December 31, 2022, the fair value of the Company's investment portfolio totaled $183.3 million and consisted of 43 portfolio companies. As of December 31, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.4 million. Liquidity and Capital Resources At December 31, 2022, the Company had $17.6 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, the ability of our portfolio companies 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 31,2022(Unaudited) September 30,2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $146,467,213 and $147,378,917, respectively) $123,227,670 $122,616,275 Affiliated investments (amortized cost of $29,987,947 and $30,585,884, respectively) 12,431,792 12,314,192 Controlled investments (amortized cost of $75,017,459 and $85,483,093, respectively) 47,611,717 58,026,182 Total Investments at fair value 183,271,179 192,956,649 Cash and cash equivalents 17,654,080 22,768,066 Receivables: Interest receivable 1,712,890 727,576 Paydown receivable 400,308 112,500 Dividends receivable 269,330 269,330 Other receivable - 36,992 Prepaid share repurchase 384,637 489,156 Deferred financing costs 332,092 50,000 Due from Affiliate 301,020 271,962 Other assets 1,054,413 1,192,677 Total Assets $205,379,949 $218,874,908 Liabilities: Notes payable (net of debt issuance costs of $1,955,972 and $2,059,164, respectively) $78,065,828 $77,962,636 Accounts payable and accrued expenses 1,042,136 2,040,277 Other liabilities 535,267 572,949 Interest and fees payable 503,125 503,125 Deferred revenue 472,521 325,602 Administrator expenses payable 68,267 74,911 Due to broker - 16,550,000 Total Liabilities 80,687,144 98,029,500 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,099,824 and 2,102,129 common shares outstanding, respectively 2,100 2,102 Capital in excess of par value 675,297,285 675,401,802 Total distributable earnings (loss) (550,606,580) (554,558,496)Total Net Assets 124,692,805 120,845,408 Total Liabilities and Net Assets $205,379,949 $218,874,908 Net Asset Value Per Common Share $59.38 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months EndedDecember 31, 2022 2021 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,916,041 $1,015,692 Payment in-kind 106,187 138,511 Affiliated investments: Cash 198,453 122,147 Payment in-kind 89,743 97,028 Controlled investments: Cash 194,627 553,638 Total interest income 2,505,051 1,927,016 Dividend income 2,032,358 702,930 Interest from cash and cash equivalents 92,226 2,739 Fee income 73,599 270,122 Other income - 230,434 Total Investment Income 4,703,234 3,133,241 Expenses: Interest and financing expenses 1,233,176 1,487,675 Salaries and benefits 857,533 505,875 Professional fees, net 347,917 306,751 General and administrative expenses 219,977 196,559 Directors fees 194,000 208,500 Insurance expenses 124,084 158,904 Administrator expenses 77,884 68,866 Total expenses 3,054,571 2,933,130 Net Investment Income 1,648,663 200,111 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 13,448 484,513 Affiliated investments - 14,737,897 Controlled investments - 925 Total net realized gains (losses) 13,448 15,223,335 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 1,523,099 131,963 Affiliated investments 715,537 (10,473,843)Controlled investments 51,169 17,641 Total net change in unrealized gains (losses) 2,289,805 (10,324,239)Loss on extinguishment of debt - (296,197)Total realized and unrealized gains (losses) 2,303,253 4,602,899 Net Increase (Decrease) in Net Assets Resulting from Operations $3,951,916 $4,803,010 Weighted average basic and diluted earnings per common share $1.88 $1.91 Weighted average basic and diluted net investment income (loss) per common share $0.78 $0.08 Weighted average common shares outstanding - basic and diluted 2,100,876 2,517,221 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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PhenixFIN Corporation Announces Fiscal First Quarter 2023 Financial Results By: PhenixFIN Corporation via GlobeNewswire February 09, 2023 at 06:00 AM EST NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2023. Highlights First quarter total investment income was $4.7 million; net investment income of $1.7 millionNet asset value (NAV) of $124.7 million, or $59.38 per share as of December 31, 2022Secured a 3-year $50 million credit facility with Woodforest National Bank as lead arranger (SOFR + 2.90%)Weighted average yield of 11.3% on debt and other income producing investments Subsequent Events: On January 17, 2023, redeemed the $22.5 million 6.125% unsecured notes due March 30, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million. Since announcing the plan on January 11, 2021 through February 7, 2023, the Company has repurchased 627,137 shares at an aggregate price of $24.9 million. David Lorber, Chief Executive Officer of the Company, stated: “While the capital markets remain volatile, they also present attractive investment opportunities for generating shareholder value. For the quarter the portfolio performed well with strong income generation coupled with NAV/share growth. In addition, we are pleased to announce a $10 million increase in the share repurchase program. Since the program’s inception we have repurchased 23% of our shares outstanding.” Selected First Quarter 2023 Financial Results For the quarter ended December 31, 2022, total investment income was $4.7 million, of which $4.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. For the quarter ended December 31, 2022, total net expenses were $3.1 million and total net investment income was $1.6 million. For the quarter ended December 31, 2022, the Company recorded a net realized gain of $13k and net unrealized gain of $2.3 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of December 31, 2022, the fair value of the Company's investment portfolio totaled $183.3 million and consisted of 43 portfolio companies. As of December 31, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.4 million. Liquidity and Capital Resources At December 31, 2022, the Company had $17.6 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, the ability of our portfolio companies 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 31,2022(Unaudited) September 30,2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $146,467,213 and $147,378,917, respectively) $123,227,670 $122,616,275 Affiliated investments (amortized cost of $29,987,947 and $30,585,884, respectively) 12,431,792 12,314,192 Controlled investments (amortized cost of $75,017,459 and $85,483,093, respectively) 47,611,717 58,026,182 Total Investments at fair value 183,271,179 192,956,649 Cash and cash equivalents 17,654,080 22,768,066 Receivables: Interest receivable 1,712,890 727,576 Paydown receivable 400,308 112,500 Dividends receivable 269,330 269,330 Other receivable - 36,992 Prepaid share repurchase 384,637 489,156 Deferred financing costs 332,092 50,000 Due from Affiliate 301,020 271,962 Other assets 1,054,413 1,192,677 Total Assets $205,379,949 $218,874,908 Liabilities: Notes payable (net of debt issuance costs of $1,955,972 and $2,059,164, respectively) $78,065,828 $77,962,636 Accounts payable and accrued expenses 1,042,136 2,040,277 Other liabilities 535,267 572,949 Interest and fees payable 503,125 503,125 Deferred revenue 472,521 325,602 Administrator expenses payable 68,267 74,911 Due to broker - 16,550,000 Total Liabilities 80,687,144 98,029,500 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,099,824 and 2,102,129 common shares outstanding, respectively 2,100 2,102 Capital in excess of par value 675,297,285 675,401,802 Total distributable earnings (loss) (550,606,580) (554,558,496)Total Net Assets 124,692,805 120,845,408 Total Liabilities and Net Assets $205,379,949 $218,874,908 Net Asset Value Per Common Share $59.38 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months EndedDecember 31, 2022 2021 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,916,041 $1,015,692 Payment in-kind 106,187 138,511 Affiliated investments: Cash 198,453 122,147 Payment in-kind 89,743 97,028 Controlled investments: Cash 194,627 553,638 Total interest income 2,505,051 1,927,016 Dividend income 2,032,358 702,930 Interest from cash and cash equivalents 92,226 2,739 Fee income 73,599 270,122 Other income - 230,434 Total Investment Income 4,703,234 3,133,241 Expenses: Interest and financing expenses 1,233,176 1,487,675 Salaries and benefits 857,533 505,875 Professional fees, net 347,917 306,751 General and administrative expenses 219,977 196,559 Directors fees 194,000 208,500 Insurance expenses 124,084 158,904 Administrator expenses 77,884 68,866 Total expenses 3,054,571 2,933,130 Net Investment Income 1,648,663 200,111 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 13,448 484,513 Affiliated investments - 14,737,897 Controlled investments - 925 Total net realized gains (losses) 13,448 15,223,335 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 1,523,099 131,963 Affiliated investments 715,537 (10,473,843)Controlled investments 51,169 17,641 Total net change in unrealized gains (losses) 2,289,805 (10,324,239)Loss on extinguishment of debt - (296,197)Total realized and unrealized gains (losses) 2,303,253 4,602,899 Net Increase (Decrease) in Net Assets Resulting from Operations $3,951,916 $4,803,010 Weighted average basic and diluted earnings per common share $1.88 $1.91 Weighted average basic and diluted net investment income (loss) per common share $0.78 $0.08 Weighted average common shares outstanding - basic and diluted 2,100,876 2,517,221
NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2023. Highlights First quarter total investment income was $4.7 million; net investment income of $1.7 millionNet asset value (NAV) of $124.7 million, or $59.38 per share as of December 31, 2022Secured a 3-year $50 million credit facility with Woodforest National Bank as lead arranger (SOFR + 2.90%)Weighted average yield of 11.3% on debt and other income producing investments Subsequent Events: On January 17, 2023, redeemed the $22.5 million 6.125% unsecured notes due March 30, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million. Since announcing the plan on January 11, 2021 through February 7, 2023, the Company has repurchased 627,137 shares at an aggregate price of $24.9 million. David Lorber, Chief Executive Officer of the Company, stated: “While the capital markets remain volatile, they also present attractive investment opportunities for generating shareholder value. For the quarter the portfolio performed well with strong income generation coupled with NAV/share growth. In addition, we are pleased to announce a $10 million increase in the share repurchase program. Since the program’s inception we have repurchased 23% of our shares outstanding.” Selected First Quarter 2023 Financial Results For the quarter ended December 31, 2022, total investment income was $4.7 million, of which $4.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. For the quarter ended December 31, 2022, total net expenses were $3.1 million and total net investment income was $1.6 million. For the quarter ended December 31, 2022, the Company recorded a net realized gain of $13k and net unrealized gain of $2.3 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of December 31, 2022, the fair value of the Company's investment portfolio totaled $183.3 million and consisted of 43 portfolio companies. As of December 31, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.4 million. Liquidity and Capital Resources At December 31, 2022, the Company had $17.6 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, the ability of our portfolio companies 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 31,2022(Unaudited) September 30,2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $146,467,213 and $147,378,917, respectively) $123,227,670 $122,616,275 Affiliated investments (amortized cost of $29,987,947 and $30,585,884, respectively) 12,431,792 12,314,192 Controlled investments (amortized cost of $75,017,459 and $85,483,093, respectively) 47,611,717 58,026,182 Total Investments at fair value 183,271,179 192,956,649 Cash and cash equivalents 17,654,080 22,768,066 Receivables: Interest receivable 1,712,890 727,576 Paydown receivable 400,308 112,500 Dividends receivable 269,330 269,330 Other receivable - 36,992 Prepaid share repurchase 384,637 489,156 Deferred financing costs 332,092 50,000 Due from Affiliate 301,020 271,962 Other assets 1,054,413 1,192,677 Total Assets $205,379,949 $218,874,908 Liabilities: Notes payable (net of debt issuance costs of $1,955,972 and $2,059,164, respectively) $78,065,828 $77,962,636 Accounts payable and accrued expenses 1,042,136 2,040,277 Other liabilities 535,267 572,949 Interest and fees payable 503,125 503,125 Deferred revenue 472,521 325,602 Administrator expenses payable 68,267 74,911 Due to broker - 16,550,000 Total Liabilities 80,687,144 98,029,500 Commitments and Contingencies Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,099,824 and 2,102,129 common shares outstanding, respectively 2,100 2,102 Capital in excess of par value 675,297,285 675,401,802 Total distributable earnings (loss) (550,606,580) (554,558,496)Total Net Assets 124,692,805 120,845,408 Total Liabilities and Net Assets $205,379,949 $218,874,908 Net Asset Value Per Common Share $59.38 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months EndedDecember 31, 2022 2021 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,916,041 $1,015,692 Payment in-kind 106,187 138,511 Affiliated investments: Cash 198,453 122,147 Payment in-kind 89,743 97,028 Controlled investments: Cash 194,627 553,638 Total interest income 2,505,051 1,927,016 Dividend income 2,032,358 702,930 Interest from cash and cash equivalents 92,226 2,739 Fee income 73,599 270,122 Other income - 230,434 Total Investment Income 4,703,234 3,133,241 Expenses: Interest and financing expenses 1,233,176 1,487,675 Salaries and benefits 857,533 505,875 Professional fees, net 347,917 306,751 General and administrative expenses 219,977 196,559 Directors fees 194,000 208,500 Insurance expenses 124,084 158,904 Administrator expenses 77,884 68,866 Total expenses 3,054,571 2,933,130 Net Investment Income 1,648,663 200,111 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments 13,448 484,513 Affiliated investments - 14,737,897 Controlled investments - 925 Total net realized gains (losses) 13,448 15,223,335 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 1,523,099 131,963 Affiliated investments 715,537 (10,473,843)Controlled investments 51,169 17,641 Total net change in unrealized gains (losses) 2,289,805 (10,324,239)Loss on extinguishment of debt - (296,197)Total realized and unrealized gains (losses) 2,303,253 4,602,899 Net Increase (Decrease) in Net Assets Resulting from Operations $3,951,916 $4,803,010 Weighted average basic and diluted earnings per common share $1.88 $1.91 Weighted average basic and diluted net investment income (loss) per common share $0.78 $0.08 Weighted average common shares outstanding - basic and diluted 2,100,876 2,517,221
