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PhenixFIN Corporation Announces Fiscal Fourth Quarter 2022 Financial Results

NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2022.

Highlights

  • Fourth quarter total investment income was $5.1 million; net investment income of $1.9 million
  • Net asset value (NAV) of $120.8 million, or $57.49 per share as of September 30, 2022, vs. $57.08 per share as of September 30, 2021
  • Secured a 3-year $50 million credit facility with Woodforest National Bank as lead lender (SOFR + 2.90%)
  • Notice of Redemption issued for the $22.5 million 6.125% unsecured notes due March 30, 2023
  • Repurchased 16.5% of shares outstanding in Fiscal Year 2022
  • Weighted average yield to maturity of 10.85% on yield-oriented investments
  • FlexFIN continues to grow with over $40 million allocated to the business

David Lorber, Chief Executive Officer of the Company, stated:

“We are pleased to announce the signing of a $50mm credit facility led by Woodforest National Bank which we believe further strengthens our balance sheet. With this increased liquidity we will be redeeming the $22.5 million 6.125% unsecured notes due March 30, 2023. This facility should also allow us to expand our investment activity to continue to grow. During the fourth quarter, the portfolio continued to perform given the market environment as we continued generating positive Net Investment Income driven by the deployment of cash balances, the rising interest rate environment, and the general stability in our portfolio. In addition, during our FY2022 we successfully took advantage of our trading discount to NAV through buying back 16.5% of our shares outstanding. Given the volatility of 2022, as we look forward, we are excited about opportunities in the markets to generate returns through both attractive yields and capital appreciation.”

The Company expects to hold an investor update call in early 2023. Details will be announced at a later date.

Selected Fourth Quarter 2022 Financial Results

For the quarter ended September 30, 2022, total investment income totaled $5.1 million, of which $5.0 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to other income.

For the quarter ended September 30, 2022, total net expenses were $3.2 million and total net investment income was $1.9 million.

For the quarter ended September 30, 2022, the Company recorded a net realized loss of $10.3 million, due to the sale of Path Medical, a legacy investment, and net unrealized loss of $3.7 million, due largely to market volatility in various investments.

Portfolio and Investment Activities

As of September 30, 2022, the fair value of the Company's investment portfolio totaled $193.0 million and consisted of 44 portfolio companies.

As of September 30, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.2 million.

Liquidity and Capital Resources

At September 30, 2022, the Company had $22.8 million in cash and cash equivalents and $57.5 million and $22.5 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, 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, capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, FlexFIN’s ability to perform effectively and generate attractive returns 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 CORPORATION
Consolidated Statements of Assets and Liabilities

  September 30,
2022
  September 30,
2021
 
Assets:      
Investments at fair value      
Non-controlled, non-affiliated investments (amortized cost of $147,378,917 and $92,214,167, respectively) $122,616,275  $84,152,678 
Affiliated investments (amortized cost of $30,585,884 and $75,963,427, respectively)  12,314,192   57,595,245 
Controlled investments (amortized cost of $85,483,093 and $39,490,097, respectively)  58,026,182   9,891,860 
Total Investments at fair value  192,956,649   151,639,783 
Cash and cash equivalents  22,768,066   69,433,256 
Receivables:        
Fees receivable  -   1,872,700 
Interest receivable  727,576   371,576 
Prepaid share repurchase  489,156   - 
Due from affiliates  271,962   - 
Dividends receivable  269,330   81,211 
Paydown receivable  112,500   292,015 
Other receivable  36,992   - 
Other assets  1,242,677   1,401,746 
Total Assets $218,874,908  $225,092,287 
         
Liabilities:        
Notes payable (net of debt issuance costs of $2,059,164 and $412,795, respectively) $77,962,636  $77,434,005 
Due to broker  16,550,000   1,586,000 
Accounts payable and accrued expenses  2,040,277   1,416,524 
Due to affiliate  -   280,323 
Administrator expenses payable  74,911   67,920 
Interest and fees payable  503,125   - 
Deferred revenue  325,602   - 
Other liabilities  572,949   613,534 
Total Liabilities  98,029,500   81,398,306 
         
Commitments and Contingencies        
         
Net Assets:        
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued;
2,102,129 and 2,517,221 common shares outstanding, respectively
  
2,102
   
2,517
 
Capital in excess of par value  675,401,802   688,866,642 
Total distributable earnings (loss)  (554,558,496)  (545,175,178)
Total Net Assets  120,845,408   143,693,981 
Total Liabilities and Net Assets $218,874,908  $225,092,287 
         
Net Asset Value Per Common Share $57.49  $57.08 



PHENIXFIN CORPORATION
Consolidated Statements of Operations

  For the Years Ended September 30 
  2022  2021  2020 
          
Interest Income:         
Interest from investments         
Non-controlled, non-affiliated investments:         
Cash $5,207,850  $5,974,807  $9,137,394 
Payment in-kind  444,741   609,964   863,744 
Affiliated investments:            
Cash  639,733   1,099,809   1,182,294 
Payment in-kind  374,981   327,804   2,425,557 
Controlled investments:            
Cash  2,489,381   75,000   84,505 
Payment in-kind  -   -   500,767 
Total interest income  9,156,686   8,087,384   14,194,261 
Dividend income  5,503,425   21,564,348   6,256,250 
Interest from cash and cash equivalents  139,942   10,402   378,077 
Fee income  420,279   2,566,519   692,988 
Other income  323,828   78,204   - 
Total Investment Income  15,544,160   32,306,857   21,521,576 
             
Expenses:            
Base management fees  -   1,146,403   6,358,750 
Interest and financing expenses  5,113,105   5,800,100   14,935,017 
Salaries and benefits  2,952,106   1,993,277   - 
General and administrative expenses  1,103,125   1,012,147   3,285,259 
Directors fees  712,000   1,039,717   1,451,077 
Insurance expenses  590,178   1,619,536   1,463,391 
Administrator expenses  301,281   612,983   2,226,831 
Professional fees, net  1,340,828   559,975   (4,768,050)
Expenses before expense support reimbursement  12,112,623   13,784,138   24,952,275 
Expense support reimbursement  -   -   (710,294)
Total expenses net of expense support reimbursement  12,112,623   13,784,138   24,241,981 
Net Investment Income (Loss)  3,431,537   18,522,719   (2,720,405)
             
Realized and unrealized gains (losses) on investments            
Net realized gains (losses):            
Non-controlled, non-affiliated investments  810,240   7,747,672   (9,973,416)
Affiliated investments  4,408,961   (10,088,405)  (928,990)
Controlled investments  1,850   (40,144,795)  (39,076,425)
Total net realized gains (losses)  5,221,051   (42,485,528)  (49,978,831)
Net change in unrealized gains (losses):            
Non-controlled, non-affiliated investments  (16,701,153)  (5,022,484)  9,898,237 
Affiliated investments  96,490   (10,342,450)  2,648,353 
Controlled investments  2,141,326   40,728,006   (23,178,993)
Total net change in unrealized gains (losses)  (14,463,337)  25,363,072   (10,632,403)
Loss on extinguishment of debt  (296,197)  (122,355)  (2,481,374)
Total realized and unrealized gains (losses)  (9,538,483)  (17,244,811)  (63,092,608)
             
Net Increase (Decrease) in Net Assets Resulting from Operations $(6,106,946) $1,277,908  $(65,813,013)
             
Weighted average basic and diluted earnings per common share $(2.63) $0.48  $(24.16)
Weighted average basic and diluted net investment income (loss) per common share $1.48  $6.92  $(1.00)
Weighted average common shares outstanding - basic and diluted  2,323,601   2,677,891   2,723,709 
Dividends declared per common share $0.12  $-  $- 


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