Press Release
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PhenixFIN Corporation Announces Fiscal Second Quarter 2022 Financial Results
Highlights
- During the second quarter, total investment income of
$3.7 million ; net investment income of$1.2 million - Net asset value (NAV) of
$138.9 million , or$62.94 per share as ofMarch 31, 2022 , vs.$57.08 per share as ofSeptember 30, 2021 - NAV per share has increased 18.9% and operating expenses have declined by 44% since internalization (effective
January 1, 2021 ) - Weighted average yield to maturity of 8.32% on debt investments
“During the quarter we continued the successful deployment of capital while executing on our strategy to grow NAV/share, which increased to
Since our internalization on
Selected Second Quarter 2022 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, reduce operating expenses for a sustainable period of time, implement its investment objective, capitalize on investment opportunities, execute successfully its share repurchase program, grow its net asset value and perform well and operate effectively under an internalized management structure, FlexFIN’s ability to perform effectively and generate attractive returns 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) |
2021 |
|||||||
Assets: | ||||||||
Investments at fair value | ||||||||
Non-controlled, non-affiliated investments (amortized cost of |
$ | 137,952,546 | $ | 84,152,678 | ||||
Affiliated investments (amortized cost of |
16,668,073 | 57,595,245 | ||||||
Controlled investments (amortized cost of |
34,184,230 | 9,891,860 | ||||||
Total Investments at fair value | 188,804,849 | 151,639,783 | ||||||
Cash and cash equivalents | 37,676,010 | 69,433,256 | ||||||
Receivables: | ||||||||
Fees receivable | - | 1,872,700 | ||||||
Interest receivable | 717,504 | 371,576 | ||||||
Paydown receivable | - | 292,015 | ||||||
Due from Affiliate | 128,850 | - | ||||||
Dividends receivable | 269,330 | 81,211 | ||||||
Prepaid share repurchases | 480,254 | - | ||||||
Other assets | 1,013,641 | 1,401,746 | ||||||
Total Assets | $ | 229,090,438 | $ | 225,092,287 | ||||
Liabilities: | ||||||||
Notes payable (net of debt issuance costs of |
$ | 77,757,373 | $ | 77,434,005 | ||||
Interest and fees payable | 503,125 | - | ||||||
Due to affiliates | - | 280,323 | ||||||
Due to broker | 10,375,632 | 1,586,000 | ||||||
Administrator expenses payable | 72,818 | 67,920 | ||||||
Accounts payable and accrued expenses | 448,635 | 1,416,524 | ||||||
Deferred revenue | 377,852 | - | ||||||
Other liabilities | 594,863 | 613,534 | ||||||
Total Liabilities | 90,130,298 | 81,398,306 | ||||||
Commitments and Contingencies | ||||||||
Net Assets: | ||||||||
Common Shares, |
||||||||
2,207,794 and 2,517,221 common shares outstanding, respectively | 2,208 | 2,517 | ||||||
Capital in excess of par value | 676,357,446 | 688,866,642 | ||||||
Total distributable earnings (loss) | (537,399,514 | ) | (545,175,178 | ) | ||||
Total Net Assets | $ | 138,960,140 | $ | 143,693,981 | ||||
Total Liabilities and Net Assets | $ | 229,090,438 | $ | 225,092,287 | ||||
Net Asset Value Per Common Share | $ | 62.94 | $ | 57.08 |
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest Income: | ||||||||||||||||
Interest from investments | ||||||||||||||||
Non-controlled, non-affiliated investments: | ||||||||||||||||
Cash | $ | 1,264,327 | $ | 1,534,904 | $ | 2,280,019 | $ | 3,206,717 | ||||||||
Payment in-kind | 100,062 | - | 238,573 | 170,029 | ||||||||||||
Affiliated investments: | ||||||||||||||||
Cash | 387,918 | 196,328 | 510,065 | 548,619 | ||||||||||||
Payment in-kind | 92,733 | - | 189,761 | - | ||||||||||||
Controlled investments: | ||||||||||||||||
Cash | 807,022 | (1,190 | ) | 1,360,660 | - | |||||||||||
Total interest income | 2,652,062 | 1,730,042 | 4,579,078 | 3,925,365 | ||||||||||||
Dividend income | 913,949 | 4,408,234 | 1,616,879 | 14,671,735 | ||||||||||||
Interest from cash and cash equivalents | 6,031 | 506 | 8,770 | 1,446 | ||||||||||||
Fee income | 85,143 | 237,416 | 355,265 | 578,880 | ||||||||||||
Other income | - | 78,204 | 230,434 | 78,204 | ||||||||||||
Total Investment Income | 3,657,185 | 6,454,402 | 6,790,426 | 19,255,630 | ||||||||||||
Expenses: | ||||||||||||||||
Base management fees | - | - | - | 1,146,403 | ||||||||||||
Interest and financing expenses | 1,221,063 | 1,260,054 | 2,708,738 | 3,277,695 | ||||||||||||
General and administrative expenses | 290,136 | 104,440 | 486,695 | 466,049 | ||||||||||||
Salaries and benefits | 430,293 | 332,317 | 936,168 | 332,317 | ||||||||||||
Administrator expenses | 82,415 | (44,618 | ) | 151,281 | 439,794 | |||||||||||
Insurance expenses | 155,450 | 474,468 | 314,354 | 959,480 | ||||||||||||
Directors fees | 167,000 | 220,500 | 375,500 | 696,217 | ||||||||||||
Professional fees, net | 160,594 | 420,220 | 467,345 | (79,077 | ) | |||||||||||
Total expenses | 2,506,951 | 2,767,381 | 5,440,081 | 7,238,878 | ||||||||||||
Net Investment Income | 1,150,234 | 3,687,021 | 1,350,345 | 12,016,752 | ||||||||||||
Realized and unrealized gains (losses) on investments | ||||||||||||||||
Net realized gains (losses): | ||||||||||||||||
Non-controlled, non-affiliated investments | 453,916 | 160,926 | 938,429 | 4,054,648 | ||||||||||||
Affiliated investments | - | - | 14,737,897 | (10,452,928 | ) | |||||||||||
Controlled investments | - | - | 925 | (40,147,570 | ) | |||||||||||
Total net realized gains (losses) | 453,916 | 160,926 | 15,677,251 | (46,545,850 | ) | |||||||||||
Net change in unrealized gains (losses): | ||||||||||||||||
Non-controlled, non-affiliated investments | (2,139,279 | ) | 5,077,737 | (2,007,316 | ) | 1,020,673 | ||||||||||
Affiliated investments | 1,538,979 | (1,467,862 | ) | (8,934,864 | ) | (3,586,184 | ) | |||||||||
Controlled investments | 1,968,804 | 329,584 | 1,986,445 | 38,566,519 | ||||||||||||
Total net change in unrealized gains (losses) | 1,368,504 | 3,939,459 | (8,955,735 | ) | 36,001,008 | |||||||||||
Loss on extinguishment of debt | - | - | (296,197 | ) | (122,355 | ) | ||||||||||
Total realized and unrealized gains (losses) | 1,822,420 | 4,100,385 | 6,425,319 | (10,667,197 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,972,654 | $ | 7,787,406 | $ | 7,775,664 | $ | 1,349,555 | ||||||||
Weighted Average Basic and Diluted Earnings Per Common Share | $ | 1.24 | $ | 2.87 | $ | 3.16 | $ | 0.50 | ||||||||
Weighted Average Basic and Diluted Net Investment Income (Loss) Per Common Share | $ | 0.48 | $ | 1.36 | $ | 0.55 | $ | 4.42 | ||||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 2,397,911 | 2,716,627 | 2,458,222 | 2,720,226 |
PhenixFIN Corporation