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PhenixFIN Corporation Announces Fiscal First Quarter 2023 Financial Results
Highlights
- First quarter total investment income was
$4.7 million ; net investment income of$1.7 million - Net asset value (NAV) of
$124.7 million , or$59.38 per share as ofDecember 31, 2022 - Secured a 3-year
$50 million credit facility withWoodforest 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 dueMarch 30, 2023 - On
February 8, 2023 , the Board approved the expansion of the current repurchase program from$25 million to$35 million . Since announcing the plan onJanuary 11, 2021 throughFebruary 7, 2023 , the Company has repurchased 627,137 shares at an aggregate price of$24.9 million .
“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
Selected First Quarter 2023 Financial Results
For the quarter ended
For the quarter ended
For the quarter ended
Portfolio and Investment Activities
As of
As of
Liquidity and Capital Resources
At
ABOUT
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
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
For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.
Consolidated Statements of Assets and Liabilities
2022 (Unaudited) |
2022 |
||||||||
Assets: | |||||||||
Investments at fair value | |||||||||
Non-controlled, non-affiliated investments (amortized cost of |
$ | 123,227,670 | $ | 122,616,275 | |||||
Affiliated investments (amortized cost of |
12,431,792 | 12,314,192 | |||||||
Controlled investments (amortized cost of |
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 |
$ | 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, |
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 | |||||
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended |
||||||||
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 |

PhenixFIN Corporation