Press Release
<< Back
PhenixFIN Corporation Announces Third Quarter 2021 Financial Results
Third Quarter 2021 Highlights
- Total investment income of
$8.7 million ; net investment income of$5.4 million $52.9 million in cash onJune 30, 2021 - Net asset value of
$156.7 million , or$58.49 per share as ofJune 30, 2021 vs.$55.30 per share as ofSeptember 30, 2020
On
Third Quarter 2021 Financial Results
For the quarter ended
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, implement its investment objective, capitalize on investment opportunities and perform well and operate effectively under an internalized management structure, and other factors that are enumerated in the Company’s periodic filings with the
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
2021 (Unaudited) |
2020 |
|||||||
Assets: | ||||||||
Investments at fair value | ||||||||
Non-controlled, non-affiliated investments (amortized cost of |
$ | 105,407,064 | $ | 114,321,948 | ||||
Affiliated investments (amortized cost of |
68,722,983 | 84,873,023 | ||||||
Controlled investments (amortized cost of |
7,488,473 | 47,548,578 | ||||||
Total Investments at fair value | 181,618,520 | 246,743,549 | ||||||
Cash and cash equivalents | 52,864,911 | 56,522,148 | ||||||
Receivables: | ||||||||
Interest receivable | 289,832 | 624,524 | ||||||
Fees receivable | 106,528 | 119,028 | ||||||
Dividends receivable | 66,445 | - | ||||||
Other assets | 1,003,437 | 2,093,559 | ||||||
Total Assets | $ | 235,949,673 | $ | 306,102,808 | ||||
Liabilities: | ||||||||
Notes payable (net of debt issuance costs of |
$ | 77,364,454 | $ | 150,960,662 | ||||
Interest and fees payable | - | 801,805 | ||||||
Due to affiliate | - | 53,083 | ||||||
Due to broker | 284,067 | - | ||||||
Management and incentive fees payable | - | 1,392,022 | ||||||
Administrator expenses payable | 60,685 | 156,965 | ||||||
Accounts payable and accrued expenses | 1,547,888 | 2,108,225 | ||||||
Deferred revenue | 14,003 | 10,529 | ||||||
Total Liabilities | 79,271,097 | 155,483,291 | ||||||
Commitments and Contingencies | ||||||||
Net Assets: | ||||||||
Common Shares, |
2,679 | 2,724 | ||||||
Capital in excess of par value | 670,122,430 | 672,381,617 | ||||||
Total distributable earnings (loss) | (513,446,533 | ) | (521,764,824 | ) | ||||
Total Net Assets | $ | 156,678,576 | $ | 150,619,517 | ||||
Total Liabilities and Net Assets | $ | 235,949,673 | $ | 306,102,808 | ||||
Net Asset Value Per Common Share | $ | 58.49 | $ | 55.30 | ||||
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Interest Income: | ||||||||||||||||
Interest from investments | ||||||||||||||||
Non-controlled, non-affiliated investments: | ||||||||||||||||
Cash | $ | 1,578,657 | 1,961,009 | $ | 4,785,374 | 7,499,171 | ||||||||||
Payment in-kind | 186,733 | 138,018 | 356,762 | 465,339 | ||||||||||||
Affiliated investments: | ||||||||||||||||
Cash | 249,157 | 291,569 | 797,776 | 691,010 | ||||||||||||
Payment in-kind | 286,444 | 487,065 | 286,444 | 2,141,327 | ||||||||||||
Controlled investments: | ||||||||||||||||
Cash | - | - | - | 84,505 | ||||||||||||
Payment in-kind | - | - | - | 500,767 | ||||||||||||
Total interest income | 2,300,991 | 2,877,661 | 6,226,356 | 11,382,119 | ||||||||||||
Dividend income | 6,307,408 | 1,225,000 | 20,979,143 | 4,725,000 | ||||||||||||
Interest from cash and cash equivalents | 3,862 | 4,319 | 5,308 | 376,747 | ||||||||||||
Fee income | 71,443 | 202,122 | 650,323 | 617,654 | ||||||||||||
Other income | - | - | 78,204 | - | ||||||||||||
Total Investment Income | 8,683,704 | 4,309,102 | 27,939,334 | 17,101,520 | ||||||||||||
Expenses: | ||||||||||||||||
Base management fees | - | 1,317,223 | 1,146,403 | 4,966,728 | ||||||||||||
Interest and financing expenses | 1,260,825 | 2,736,136 | 4,538,520 | 12,312,183 | ||||||||||||
General and administrative expenses | 294,022 | 540,066 | 856,396 | 3,140,305 | ||||||||||||
Salaries and Benefits | 679,229 | - | 1,011,546 | - | ||||||||||||
Administrator expenses | 106,578 | 614,535 | 546,372 | 1,742,419 | ||||||||||||
Insurance expenses | 444,832 | 333,816 | 1,404,312 | 988,394 | ||||||||||||
Directors fees | 179,000 | 347,500 | 875,217 | 960,000 | ||||||||||||
Professional fees, net | 289,200 | (511,519 | ) | 113,797 | (4,796,964 | ) | ||||||||||
Expenses before expense support reimbursement and management and incentive fee waivers | 3,253,686 | 5,377,757 | 10,492,563 | 19,313,065 | ||||||||||||
Expense support reimbursement | - | (349,427 | ) | - | (349,427 | ) | ||||||||||
Total expenses net of expense support reimbursement and management and incentive fee waivers | 3,253,686 | 5,028,330 | 10,492,563 | 18,963,638 | ||||||||||||
Net Investment Income | 5,430,018 | (719,228 | ) | 17,446,771 | (1,862,118 | ) | ||||||||||
Realized and unrealized gains (losses) on investments | ||||||||||||||||
Net realized gains (losses): | ||||||||||||||||
Non-controlled, non-affiliated investments | 38,852 | (532,253 | ) | 4,093,500 | (690,167 | ) | ||||||||||
Affiliated investments | 19,811 | - | (10,433,117 | ) | - | |||||||||||
Controlled investments | 1,850 | (37,389,588 | ) | (40,145,720 | ) | (39,076,425 | ) | |||||||||
Total net realized gains (losses) | 60,513 | (37,921,841 | ) | (46,485,337 | ) | (39,766,592 | ) | |||||||||
Net change in unrealized gains (losses): | ||||||||||||||||
Non-controlled, non-affiliated investments | (1,794,173 | ) | 7,379,695 | (773,501 | ) | (8,422,875 | ) | |||||||||
Affiliated investments | 1,513,353 | 8,137,213 | (2,072,831 | ) | 2,558,480 | |||||||||||
Controlled investments | 1,759,025 | 31,389,160 | 40,325,544 | (17,062,311 | ) | |||||||||||
Total net change in unrealized gains (losses) | 1,478,205 | 46,906,068 | 37,479,212 | (22,926,706 | ) | |||||||||||
Change in provision for deferred taxes on unrealized (appreciation) depreciation on investments | - | 35,970 | - | (49,694 | ) | |||||||||||
Loss on extinguishment of debt | - | (697,191 | ) | (122,355 | ) | (2,481,374 | ) | |||||||||
Total realized and unrealized gains (losses) | 1,538,718 | 8,323,006 | (9,128,480 | ) | (65,224,366 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,968,736 | $ | 7,603,778 | $ | 8,318,291 | $ | (67,086,484 | ) | |||||||
Weighted Average Basic and diluted earnings per common share | $ | 2.60 | $ | 2.79 | $ | 3.07 | $ | (24.63 | ) | |||||||
Weighted Average Basic and diluted net investment income (loss) per common share | $ | 2.02 | $ | (0.26 | ) | $ | 6.44 | $ | (0.68 | ) | ||||||
Weighted Average Common Shares Outstanding - Basic and Diluted | 2,683,093 | 2,723,711 | 2,707,794 | 2,723,711 |
PhenixFIN Corporation