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Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): August 10, 2023



(Exact name of registrant as specified in its charter)


Delaware   814-00818   27-4576073
(State or other jurisdiction of
incorporation or organization)
  (Commission file number)   (I.R.S. employer
identification no.)


445 Park Avenue, 10th Floor, New York, NY   10022
(Address of principal executive offices)   (Zip code)


Registrant’s telephone number, including area code: (212) 859-0390


Not Applicable

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol(s)   Name of exchange on which registered
Common Stock, par value $0.001 per share   PFX   The NASDAQ Global Market
5.25% Notes due 2028   PFXNZ   The NASDAQ Global Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






Item 2.02 Results of Operations and Financial Condition


On August 10, 2023, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended June 30, 2023. The press release is included as Exhibit 99.1 to this Form 8-K.


Item 9.01 Financial Statements and Exhibits.


(d) Exhibits


Exhibit No.   Description
99.1   Press Release dated August 10, 2023







Pursuant to the requirements of the Securities Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  /s / David Lorber
  Name: David Lorber
  Title: Chief Executive Officer







Exhibit 99.1


PhenixFIN Corporation Announces Fiscal Third Quarter 2023 Financial Results


New York, NY, August 10, 2023 -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2023.




Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023
Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 2023
Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023
On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million
Weighted 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.







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.






Consolidated Statements of Assets and Liabilities



   June 30,
   September 30,
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 
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 
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 






Consolidated Statements of Operations



   For the Three Months Ended
June 30,
   For the Nine Months Ended
June 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 
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