PhenixFIN Corporation Announces First Quarter 2026 Financial Results

Rhea-AI Summary

PhenixFIN (NASDAQ: PFX) reported first fiscal quarter 2026 results for the quarter ended December 31, 2025. Key metrics: total investment income $6.7M, net investment income $2.1M, NAV $155.8M ($77.92/share), and a weighted average yield of 12.52% on income producing investments.

The company recorded a $0.7M net realized gain and a $7.2M net unrealized loss. Portfolio fair value was $295.6M across 33 companies, with one non-accrual showing a $0.0M fair value. Liquidity included $3.4M cash, $57.5M of 5.25% notes due 2028, and $90.0M outstanding under the credit facility.

Positive

• Weighted average yield of 12.52% on income investments
• Total investment income of $6.7M for the quarter
• Net asset value of $155.8M or $77.92 per share

Negative

• Net unrealized loss of $7.2M
• Low cash balance of $3.4M at quarter end
• $90.0M drawn on the credit facility (leverage risk)

Key Figures

Total investment income: $6.7M Net investment income: $2.1M NAV: $155.8M +5 more

8 metrics

Total investment income $6.7M Fiscal Q1 2026

Net investment income $2.1M Fiscal Q1 2026

NAV $155.8M As of Dec 31, 2025

NAV per share $77.92 As of Dec 31, 2025

Weighted average yield 12.52% Debt and income-producing investments

Net realized gain $0.7M Fiscal Q1 2026

Net unrealized loss $7.2M Fiscal Q1 2026

Investment portfolio fair value $295.6M As of Dec 31, 2025 across 33 companies

Market Reality Check

Price: $42.83 Vol: Volume 625 is below 20-da...

low vol

$42.83 Last Close

Volume Volume 625 is below 20-day average 1,314 (relative volume 0.48x). low

Technical Shares at 42.83 trade below 200-day MA of 48.09, about 25.39% under the 52-week high and 4.45% above the 52-week low.

Peers on Argus

PFX fell 2.95% while asset-management peers were mixed: OFS -4.04%, GDL -0.56%, ...

PFX fell 2.95% while asset-management peers were mixed: OFS -4.04%, GDL -0.56%, GDO +0.17%, IGI +0.24%, CEE +1.81%, pointing to a stock-specific reaction.

Previous Earnings Reports

5 past events · Latest: Dec 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 12	FY & Q4 2025 earnings	Positive	+4.8%	Higher NAV per share, strong income, and special dividend payment highlighted.
Aug 06	Q3 2025 earnings	Positive	-0.4%	Steady income and NAV with improved credit facility terms and yield.
May 06	Q2 2025 earnings	Positive	-0.6%	Solid income, special dividend, and upsized, cheaper credit facility.
Feb 07	Q1 2025 earnings	Positive	+2.1%	Strong investment income, high yield, and NSG merger completion.
Dec 17	FY & Q4 2024 earnings	Positive	+1.1%	NAV per-share growth and NSG acquisition drove stronger portfolio metrics.

Pattern Detected

Earnings releases have typically produced modest moves, with both positive and negative reactions despite generally steady investment income and NAV.

Recent Company History

Over the past year, PhenixFIN’s earnings updates have shown total investment income in the $6.0M–$6.9M range and NAV between about $157M and $162.8M. Portfolio fair value has stayed near the high $200M range across roughly 34–43 companies, with weighted average yields around 12–13%. Management also expanded and extended its credit facility and paid special dividends. Today’s Q1 2026 results continue that theme of steady income with mark-to-market volatility in equity positions.

Historical Comparison

earnings

+1.4 %

Average Historical Move

Historical Analysis

Historically, PFX earnings headlines moved the stock about 1.42% on average. Today’s -2.95% reaction to Q1 2026 results is somewhat larger and notably negative versus prior typically modest shifts.

Typical Pattern

Recent earnings reports show investment income around $6M–$6.9M, NAV in the high $150M–$160M range, rising portfolio fair value, and recurring use of special dividends and credit facility enhancements.

Market Pulse Summary

This announcement details fiscal Q1 2026 results, with total investment income of $6.7M, net investm...

Analysis

This announcement details fiscal Q1 2026 results, with total investment income of $6.7M, net investment income of $2.1M, and NAV of $155.8M or $77.92 per share. The portfolio’s fair value was $295.6M across 33 companies, with a 12.52% weighted average yield and one non-accrual investment. Investors may watch future NAV trends, the balance between realized gains and unrealized losses, and usage of the $90.0M drawn under the credit facility versus cash of $3.4M.

Key Terms

net asset value (nav), weighted average yield, mark-to-market, non-accrual status, +2 more

6 terms

net asset value (nav) financial

"Net asset value (NAV) of $155.8 million, or $77.92 per share..."

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

weighted average yield financial

"Weighted average yield was 12.52% on debt and other income producing investments"

Weighted average yield is the combined income rate of a group of securities or holdings, calculated by averaging each holding’s yield while giving larger positions more influence. Investors use it to see the portfolio’s true expected income and to compare funds or bond mixes, because it shows how big holdings drive overall returns—like averaging the gas mileage of a fleet where bigger vehicles count more, revealing the real performance.

mark-to-market financial

"While mark-to-market declines in certain equity positions weighed on results..."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

non-accrual status financial

"The Company had 1 portfolio company investment on non-accrual status..."

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

credit facility financial

"$90.0 million outstanding under the Credit Facility."

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

unsecured notes financial

"$57.5 million in aggregate principal amount of its 5.25% unsecured notes due 2028"

Unsecured notes are loans a company issues to investors that are backed only by the issuer’s promise to pay, not by specific assets like buildings or equipment. Like an IOU without collateral, they usually pay interest but rank below secured creditors if the company fails, so they carry higher risk and often offer higher yields; investors watch them for credit strength, interest payments and recovery prospects in a default.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 09, 2026 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the first fiscal quarter of 2026.

Highlights

• First quarter total investment income of $6.7 million; net investment income of $2.1 million
• Net asset value (NAV) of $155.8 million, or $77.92 per share as of December 31, 2025
• Weighted average yield was 12.52% on debt and other income producing investments
  

David Lorber, Chief Executive Officer of the Company, stated:
“During the quarter, we generated solid investment income, supported by a 12.52% weighted average yield on income producing investments. While mark-to-market declines in certain equity positions weighed on results, these reflected company-specific softness despite a generally favorable economic backdrop. With our portfolio focused on U.S. companies, and with policy makers signaling support for domestic growth and a more supportive rate environment, we expect U.S. fundamentals to improve throughout 2026.”

Selected First Quarter 2026 Financial Results for the Quarter Ended December 31, 2025:

Total investment income was $6.7 million of which $6.5 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $4.5 million and total net investment income was $2.1 million.

The Company recorded a net realized gain of $0.7 million and net unrealized loss of $7.2 million.  

Portfolio and Investment Activities for the Quarter Ended December 31, 2025:

The fair value of the Company's investment portfolio totaled $295.6 million and consisted of 33 portfolio companies.

The Company had 1 portfolio company investment on non-accrual status with a fair market value of $0.0 million.

Liquidity and Capital Resources

At December 31, 2025, the Company had $3.4 million in cash and cash equivalents, $57.5 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $90.0 million outstanding under the Credit Facility.

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, increase net investment income, implement its investment strategy and achieve 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.

PHENIXFIN CORPORATION Consolidated Statements of Assets and Liabilities
		December 31, 2025 (Unaudited)				September 30, 2025
Assets:
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $138,028,011 and $139,342,491, respectively)		$	139,235,510			$	145,280,169
Affiliated investments (amortized cost of $37,022,913 and $35,390,223, respectively)			36,675,568				35,381,405
Controlled investments (amortized cost of $149,859,961 and $149,656,451, respectively)			119,728,486				121,610,914
Total Investments at fair value			295,639,564				302,272,488
Cash and cash equivalents			3,406,847				7,289,371
Receivables:
Interest receivable			1,036,662				1,203,404
Other receivable			-				44,971
Dividends receivable			229,046				42,950
Other assets			2,642,679				2,746,775
Deferred tax asset, net			852,570				1,234,847
Deferred financing costs			1,308,020				1,384,767
Due from Affiliate			301,595				572,331
Prepaid share repurchase			42,076				96,342
Receivable for investments sold			1,922,102				21,549
Total Assets		$	307,381,161			$	316,909,795
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $946,653 and $1,141,393, respectively)		$	146,544,966			$	148,011,724
Accounts payable and accrued expenses			1,063,658				4,226,889
Other liabilities			2,481,418				2,439,405
Interest and fees payable			1,158,816				1,187,574
Taxes payable			178,690				137,538
Due to Affiliate			132,365				132,365
Total Liabilities			151,559,913				156,135,495
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 1,999,634 and 2,003,769 common shares outstanding, respectively			2,000				2,004
Capital in excess of par value			704,457,776				704,640,648
Total distributable earnings (loss)			(548,638,528	)			(543,868,352	)
Total Net Assets			155,821,248				160,774,300
Total Liabilities and Net Assets		$	307,381,161			$	316,909,795
Net Asset Value Per Common Share		$	77.92			$	80.24

PHENIXFIN CORPORATION Consolidated Statements of Operations (Unaudited)
		For the Three Months Ended December 31,
		2025				2024
Interest Income:
Interest from investments
Non-controlled, non-affiliated investments:
Cash		$	2,351,244			$	2,824,594
Payment in-kind			234,383				354,681
Affiliated investments:
Cash			838,583				-
Payment in-kind			-				-
Controlled investments:
Cash			445,684				588,195
Payment in-kind			-				-
Total interest income			3,869,894				3,767,470
Dividend income
Non-controlled, non-affiliated investments			795,867				596,298
Affiliated investments			-				142,495
Controlled investments			1,751,275				1,399,350
Total dividend income			2,547,142				2,138,143
Interest from cash and cash equivalents			55,366				227,032
Fee income (see Note 9)			187,833				11,064
Other income			-				72,774
Total Investment Income			6,660,235				6,216,483
Expenses:
Interest and financing expenses			2,432,335				2,545,811
Salaries and benefits			969,173				1,028,617
Professional fees, net			389,940				418,013
General and administrative expenses			360,485				221,793
Directors fees			204,000				204,000
Administrator expenses (see Note 6)			102,061				84,355
Insurance expenses			75,634				88,421
Total expenses			4,533,628				4,591,010
Net Investment Income			2,126,607				1,625,473
Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments			692,220				1,168,670
Affiliated investments			1,384				-
Controlled investments			-				-
Total net realized gains (losses)			693,604				1,168,670
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments			(4,730,179	)			808,538
Affiliated investments			(338,527	)			(889,186	)
Controlled investments			(2,085,938	)			(249,338	)
Total net change in unrealized gains (losses)			(7,154,644	)			(329,986	)
Deferred tax benefit (expense)			(423,429	)			-
Loss on Extinguishment of Debt (see Note 5)			(12,314	)			-
Total realized and unrealized gains (losses)			(6,896,783	)			838,684
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(4,770,176	)		$	2,464,157
Weighted average basic and diluted earnings per common share		$	(2.38	)		$	1.22
Weighted average common shares outstanding - basic and diluted (see Note 11)			2,001,470				2,019,778

FAQ

What were PhenixFIN (PFX) first quarter 2026 investment income and net investment income?

Total investment income was $6.7 million, with net investment income of $2.1 million. According to the company, $6.5 million of investment income came from portfolio interest and dividends, and $0.2 million from fee and other income.

What was PhenixFIN's NAV and NAV per share reported for Q1 2026 (PFX)?

Net asset value was reported at $155.8 million, or $77.92 per share. According to the company, these figures reflect portfolio valuations as of December 31, 2025.

How did mark-to-market gains and losses affect PhenixFIN (PFX) in Q1 2026?

The company recorded a $0.7 million net realized gain and a $7.2 million net unrealized loss. According to the company, equity mark-to-market declines were company-specific despite a generally favorable economic backdrop.

What liquidity and debt levels did PhenixFIN (PFX) report at December 31, 2025?

PhenixFIN held $3.4 million cash, had $57.5 million of 5.25% notes due 2028, and $90.0 million outstanding under its credit facility. According to the company, these figures reflect quarter-end cash and leverage positions.

How large was PhenixFIN's investment portfolio and non-accrual exposure in Q1 2026 (PFX)?

The portfolio fair value totaled $295.6 million across 33 companies, with one non-accrual holding a reported fair value of $0.0 million. According to the company, this describes quarter-end portfolio composition.