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 Third Quarter 2023 Financial Results By: PhenixFIN Corporation via GlobeNewswire August 10, 2023 at 20:31 PM EDT NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2023. Highlights Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 2023Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 millionWeighted average yield of 12.2% on debt and other income producing investments David Lorber, Chief Executive Officer of the Company, stated: “We reported another strong quarter driven by NII, strong performance from our equity investments, and increased investment activity all of which contributed to our increase in NAV/share. Our relationships and sourcing capabilities have us well positioned to capitalize on the growing demand for flexible capital and our bespoke solutions in the market.” Selected Third Quarter 2023 Financial Results For the three and nine months ended June 30, 2023, total investment income was $4.8 million and $14.5 million, of which $4.7 million and $13.8 million, respectively, was attributable to portfolio interest and dividend income and $0.1 million and $0.7 million, respectively, was attributable to fee and other income. For the three and nine months ended June 30, 2023, total net expenses were $3.6 million and $9.8 million and total net investment income was $1.2 million and $4.6 million. For the three and nine months ended June 30, 2023, the Company recorded a net realized loss of $1.3 million and $2.1 million and net unrealized gain of $9.0 million and $17.1 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of June 30, 2023, the fair value of the Company's investment portfolio totaled $218.7 million and consisted of 46 portfolio companies. As of June 30, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $6.8 million. Liquidity and Capital Resources At June 30, 2023, the Company had $10.9 million in cash and cash equivalents and $57.5 million and $28.2 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and the Credit Facility, 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, source and 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 June 30,2023(Unaudited) September 30, 2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $142,762,992 and $147,378,917, respectively) $124,234,092 $122,616,275 Affiliated investments (amortized cost of $50,295,960 and $30,585,884, respectively) 35,336,778 12,314,192 Controlled investments (amortized cost of $79,039,463 and $85,483,093, respectively) 59,115,748 58,026,182 Total Investments at fair value 218,686,618 192,956,649 Cash and cash equivalents 10,876,185 22,768,066 Receivables: Interest receivable 865,458 727,576 Paydown receivable - 112,500 Dividends receivable 220,636 269,330 Other receivable 6,835 36,992 Prepaid share repurchase 11,443 489,156 Deferred financing costs 763,744 50,000 Due from Affiliate 396,419 271,962 Other assets 615,438 1,192,677 Total Assets $232,442,776 $218,874,908 Liabilities: Credit facility and note payable (net of debt issuance costs of $1,782,166 and $2,059,164, respectively) $83,959,776 $77,962,636 Investments purchased payable 5,118,912 - Accounts payable and accrued expenses 2,018,046 2,040,277 Interest and fees payable 669,577 503,125 Other liabilities 466,500 572,949 Deferred revenue 255,301 325,602 Administrator expenses payable (see Note 6) - 74,911 Due to broker - 16,550,000 Total Liabilities 92,488,112 98,029,500 Commitments and Contingencies (see Note 8) Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,088,589 and 2,102,129 common shares outstanding, respectively 2,089 2,102 Capital in excess of par value 674,934,277 675,401,802 Total distributable earnings (loss) (534,981,702) (554,558,496)Total Net Assets 139,954,664 120,845,408 Total Liabilities and Net Assets $232,442,776 $218,874,908 Net Asset Value Per Common Share $67.01 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months Ended June 30, For the Nine Months EndedJune 30, 2023 2022 2023 2022 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,794,974 $1,468,171 $5,827,756 $3,748,190 Payment in-kind 110,477 102,063 336,257 340,636 Affiliated investments: Cash 652,304 (23,496) 1,111,785 486,569 Payment in-kind - 93,275 - 283,036 Controlled investments: Cash 30,610 4,375 282,425 1,365,035 Payment in-kind 134,550 - 380,287 - Total interest income 2,722,915 1,644,388 7,938,510 6,223,466 Dividend income 1,926,049 1,846,507 5,461,782 3,463,386 Interest from cash and cash equivalents 95,356 9,255 313,053 18,025 Fee income (see Note 9) 94,482 65,014 339,136 420,279 Other income - 93,394 401,986 323,828 Total Investment Income 4,838,802 3,658,558 14,454,467 10,448,984 Expenses: Interest and financing expenses 1,415,102 1,201,623 4,029,874 3,910,361 Salaries and benefits 1,277,797 1,037,602 2,937,420 1,973,770 Professional fees, net 310,878 469,550 1,036,024 936,895 General and administrative expenses 253,298 362,989 674,456 849,684 Directors fees 170,833 164,500 541,333 540,000 Insurance expenses 115,654 155,449 361,125 469,803 Administrator expenses (see Note 6) 76,351 58,881 232,172 210,162 Total expenses 3,619,913 3,450,594 9,812,404 8,890,675 Net Investment Income 1,218,889 207,964 4,642,063 1,558,309 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (1,374,437) (188,638) (2,199,059) 749,791 Affiliated investments 30,211 - 30,211 14,737,897 Controlled investments 858 925 24,131 1,850 Total net realized gains (losses) (1,343,368) (187,713) (2,144,717) 15,489,538 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 3,907,130 (9,623,302) 6,233,742 (11,630,618)Affiliated investments 2,322,910 405,381 3,312,510 (8,529,483)Controlled investments 2,811,099 (31,533) 7,533,196 1,954,912 Total net change in unrealized gains (losses) 9,041,139 (9,249,454) 17,079,448 (18,205,189)Loss on extinguishment of debt (see Note 5) - - - (296,197)Total realized and unrealized gains (losses) 7,697,771 (9,437,167) 14,934,731 (3,011,848) Net Increase (Decrease) in Net Assets Resulting from Operations $8,916,660 $(9,229,203) $19,576,794 $(1,453,539) Weighted average basic and diluted earnings per common share $4.26 $(4.19) $9.34 $(0.61)Weighted average common shares outstanding - basic and diluted (see Note 11) 2,090,691 2,202,115 2,095,591 2,372,849 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 Third Quarter 2023 Financial Results By: PhenixFIN Corporation via GlobeNewswire August 10, 2023 at 20:31 PM EDT NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2023. Highlights Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 2023Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 millionWeighted average yield of 12.2% on debt and other income producing investments David Lorber, Chief Executive Officer of the Company, stated: “We reported another strong quarter driven by NII, strong performance from our equity investments, and increased investment activity all of which contributed to our increase in NAV/share. Our relationships and sourcing capabilities have us well positioned to capitalize on the growing demand for flexible capital and our bespoke solutions in the market.” Selected Third Quarter 2023 Financial Results For the three and nine months ended June 30, 2023, total investment income was $4.8 million and $14.5 million, of which $4.7 million and $13.8 million, respectively, was attributable to portfolio interest and dividend income and $0.1 million and $0.7 million, respectively, was attributable to fee and other income. For the three and nine months ended June 30, 2023, total net expenses were $3.6 million and $9.8 million and total net investment income was $1.2 million and $4.6 million. For the three and nine months ended June 30, 2023, the Company recorded a net realized loss of $1.3 million and $2.1 million and net unrealized gain of $9.0 million and $17.1 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of June 30, 2023, the fair value of the Company's investment portfolio totaled $218.7 million and consisted of 46 portfolio companies. As of June 30, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $6.8 million. Liquidity and Capital Resources At June 30, 2023, the Company had $10.9 million in cash and cash equivalents and $57.5 million and $28.2 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and the Credit Facility, 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, source and 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 June 30,2023(Unaudited) September 30, 2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $142,762,992 and $147,378,917, respectively) $124,234,092 $122,616,275 Affiliated investments (amortized cost of $50,295,960 and $30,585,884, respectively) 35,336,778 12,314,192 Controlled investments (amortized cost of $79,039,463 and $85,483,093, respectively) 59,115,748 58,026,182 Total Investments at fair value 218,686,618 192,956,649 Cash and cash equivalents 10,876,185 22,768,066 Receivables: Interest receivable 865,458 727,576 Paydown receivable - 112,500 Dividends receivable 220,636 269,330 Other receivable 6,835 36,992 Prepaid share repurchase 11,443 489,156 Deferred financing costs 763,744 50,000 Due from Affiliate 396,419 271,962 Other assets 615,438 1,192,677 Total Assets $232,442,776 $218,874,908 Liabilities: Credit facility and note payable (net of debt issuance costs of $1,782,166 and $2,059,164, respectively) $83,959,776 $77,962,636 Investments purchased payable 5,118,912 - Accounts payable and accrued expenses 2,018,046 2,040,277 Interest and fees payable 669,577 503,125 Other liabilities 466,500 572,949 Deferred revenue 255,301 325,602 Administrator expenses payable (see Note 6) - 74,911 Due to broker - 16,550,000 Total Liabilities 92,488,112 98,029,500 Commitments and Contingencies (see Note 8) Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,088,589 and 2,102,129 common shares outstanding, respectively 2,089 2,102 Capital in excess of par value 674,934,277 675,401,802 Total distributable earnings (loss) (534,981,702) (554,558,496)Total Net Assets 139,954,664 120,845,408 Total Liabilities and Net Assets $232,442,776 $218,874,908 Net Asset Value Per Common Share $67.01 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months Ended June 30, For the Nine Months EndedJune 30, 2023 2022 2023 2022 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,794,974 $1,468,171 $5,827,756 $3,748,190 Payment in-kind 110,477 102,063 336,257 340,636 Affiliated investments: Cash 652,304 (23,496) 1,111,785 486,569 Payment in-kind - 93,275 - 283,036 Controlled investments: Cash 30,610 4,375 282,425 1,365,035 Payment in-kind 134,550 - 380,287 - Total interest income 2,722,915 1,644,388 7,938,510 6,223,466 Dividend income 1,926,049 1,846,507 5,461,782 3,463,386 Interest from cash and cash equivalents 95,356 9,255 313,053 18,025 Fee income (see Note 9) 94,482 65,014 339,136 420,279 Other income - 93,394 401,986 323,828 Total Investment Income 4,838,802 3,658,558 14,454,467 10,448,984 Expenses: Interest and financing expenses 1,415,102 1,201,623 4,029,874 3,910,361 Salaries and benefits 1,277,797 1,037,602 2,937,420 1,973,770 Professional fees, net 310,878 469,550 1,036,024 936,895 General and administrative expenses 253,298 362,989 674,456 849,684 Directors fees 170,833 164,500 541,333 540,000 Insurance expenses 115,654 155,449 361,125 469,803 Administrator expenses (see Note 6) 76,351 58,881 232,172 210,162 Total expenses 3,619,913 3,450,594 9,812,404 8,890,675 Net Investment Income 1,218,889 207,964 4,642,063 1,558,309 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (1,374,437) (188,638) (2,199,059) 749,791 Affiliated investments 30,211 - 30,211 14,737,897 Controlled investments 858 925 24,131 1,850 Total net realized gains (losses) (1,343,368) (187,713) (2,144,717) 15,489,538 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 3,907,130 (9,623,302) 6,233,742 (11,630,618)Affiliated investments 2,322,910 405,381 3,312,510 (8,529,483)Controlled investments 2,811,099 (31,533) 7,533,196 1,954,912 Total net change in unrealized gains (losses) 9,041,139 (9,249,454) 17,079,448 (18,205,189)Loss on extinguishment of debt (see Note 5) - - - (296,197)Total realized and unrealized gains (losses) 7,697,771 (9,437,167) 14,934,731 (3,011,848) Net Increase (Decrease) in Net Assets Resulting from Operations $8,916,660 $(9,229,203) $19,576,794 $(1,453,539) Weighted average basic and diluted earnings per common share $4.26 $(4.19) $9.34 $(0.61)Weighted average common shares outstanding - basic and diluted (see Note 11) 2,090,691 2,202,115 2,095,591 2,372,849
NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2023. Highlights Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 2023Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 millionWeighted average yield of 12.2% on debt and other income producing investments David Lorber, Chief Executive Officer of the Company, stated: “We reported another strong quarter driven by NII, strong performance from our equity investments, and increased investment activity all of which contributed to our increase in NAV/share. Our relationships and sourcing capabilities have us well positioned to capitalize on the growing demand for flexible capital and our bespoke solutions in the market.” Selected Third Quarter 2023 Financial Results For the three and nine months ended June 30, 2023, total investment income was $4.8 million and $14.5 million, of which $4.7 million and $13.8 million, respectively, was attributable to portfolio interest and dividend income and $0.1 million and $0.7 million, respectively, was attributable to fee and other income. For the three and nine months ended June 30, 2023, total net expenses were $3.6 million and $9.8 million and total net investment income was $1.2 million and $4.6 million. For the three and nine months ended June 30, 2023, the Company recorded a net realized loss of $1.3 million and $2.1 million and net unrealized gain of $9.0 million and $17.1 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of June 30, 2023, the fair value of the Company's investment portfolio totaled $218.7 million and consisted of 46 portfolio companies. As of June 30, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $6.8 million. Liquidity and Capital Resources At June 30, 2023, the Company had $10.9 million in cash and cash equivalents and $57.5 million and $28.2 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and the Credit Facility, 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, source and 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 June 30,2023(Unaudited) September 30, 2022 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $142,762,992 and $147,378,917, respectively) $124,234,092 $122,616,275 Affiliated investments (amortized cost of $50,295,960 and $30,585,884, respectively) 35,336,778 12,314,192 Controlled investments (amortized cost of $79,039,463 and $85,483,093, respectively) 59,115,748 58,026,182 Total Investments at fair value 218,686,618 192,956,649 Cash and cash equivalents 10,876,185 22,768,066 Receivables: Interest receivable 865,458 727,576 Paydown receivable - 112,500 Dividends receivable 220,636 269,330 Other receivable 6,835 36,992 Prepaid share repurchase 11,443 489,156 Deferred financing costs 763,744 50,000 Due from Affiliate 396,419 271,962 Other assets 615,438 1,192,677 Total Assets $232,442,776 $218,874,908 Liabilities: Credit facility and note payable (net of debt issuance costs of $1,782,166 and $2,059,164, respectively) $83,959,776 $77,962,636 Investments purchased payable 5,118,912 - Accounts payable and accrued expenses 2,018,046 2,040,277 Interest and fees payable 669,577 503,125 Other liabilities 466,500 572,949 Deferred revenue 255,301 325,602 Administrator expenses payable (see Note 6) - 74,911 Due to broker - 16,550,000 Total Liabilities 92,488,112 98,029,500 Commitments and Contingencies (see Note 8) Net Assets: Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,088,589 and 2,102,129 common shares outstanding, respectively 2,089 2,102 Capital in excess of par value 674,934,277 675,401,802 Total distributable earnings (loss) (534,981,702) (554,558,496)Total Net Assets 139,954,664 120,845,408 Total Liabilities and Net Assets $232,442,776 $218,874,908 Net Asset Value Per Common Share $67.01 $57.49 PHENIXFIN CORPORATIONConsolidated Statements of Operations(Unaudited) For the Three Months Ended June 30, For the Nine Months EndedJune 30, 2023 2022 2023 2022 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $1,794,974 $1,468,171 $5,827,756 $3,748,190 Payment in-kind 110,477 102,063 336,257 340,636 Affiliated investments: Cash 652,304 (23,496) 1,111,785 486,569 Payment in-kind - 93,275 - 283,036 Controlled investments: Cash 30,610 4,375 282,425 1,365,035 Payment in-kind 134,550 - 380,287 - Total interest income 2,722,915 1,644,388 7,938,510 6,223,466 Dividend income 1,926,049 1,846,507 5,461,782 3,463,386 Interest from cash and cash equivalents 95,356 9,255 313,053 18,025 Fee income (see Note 9) 94,482 65,014 339,136 420,279 Other income - 93,394 401,986 323,828 Total Investment Income 4,838,802 3,658,558 14,454,467 10,448,984 Expenses: Interest and financing expenses 1,415,102 1,201,623 4,029,874 3,910,361 Salaries and benefits 1,277,797 1,037,602 2,937,420 1,973,770 Professional fees, net 310,878 469,550 1,036,024 936,895 General and administrative expenses 253,298 362,989 674,456 849,684 Directors fees 170,833 164,500 541,333 540,000 Insurance expenses 115,654 155,449 361,125 469,803 Administrator expenses (see Note 6) 76,351 58,881 232,172 210,162 Total expenses 3,619,913 3,450,594 9,812,404 8,890,675 Net Investment Income 1,218,889 207,964 4,642,063 1,558,309 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (1,374,437) (188,638) (2,199,059) 749,791 Affiliated investments 30,211 - 30,211 14,737,897 Controlled investments 858 925 24,131 1,850 Total net realized gains (losses) (1,343,368) (187,713) (2,144,717) 15,489,538 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments 3,907,130 (9,623,302) 6,233,742 (11,630,618)Affiliated investments 2,322,910 405,381 3,312,510 (8,529,483)Controlled investments 2,811,099 (31,533) 7,533,196 1,954,912 Total net change in unrealized gains (losses) 9,041,139 (9,249,454) 17,079,448 (18,205,189)Loss on extinguishment of debt (see Note 5) - - - (296,197)Total realized and unrealized gains (losses) 7,697,771 (9,437,167) 14,934,731 (3,011,848) Net Increase (Decrease) in Net Assets Resulting from Operations $8,916,660 $(9,229,203) $19,576,794 $(1,453,539) Weighted average basic and diluted earnings per common share $4.26 $(4.19) $9.34 $(0.61)Weighted average common shares outstanding - basic and diluted (see Note 11) 2,090,691 2,202,115 2,095,591 2,372,849