PhenixFIN Corporation Announces Fiscal First Quarter 2025 Financial Results
Rhea-AI Summary
PhenixFIN (PFX) has reported its fiscal first quarter 2025 financial results with several key achievements. The company posted total investment income of $6.2 million and net investment income of $1.6 million. The Net Asset Value (NAV) reached $162.8 million, or $80.59 per share as of December 31, 2024.
Notable highlights include a weighted average yield of 13.3% on debt and income-producing investments, and the completion of a merger with The National Security Group (NSG) on October 1, 2024. The Board has declared a special dividend of $1.43 per share, payable on February 18, 2025.
The investment portfolio's fair value totaled $300.1 million across 43 portfolio companies, with three investments on non-accrual status valued at $1.5 million. The company's liquidity position includes $7.2 million in cash, $59.2 million in unsecured notes due 2028, and $84.0 million outstanding under the Credit Facility.
Positive
- Total investment income of $6.2 million with $1.6 million net investment income
- Strong weighted average yield of 13.3% on debt investments
- Special dividend declaration of $1.43 per share
- Net realized gain of $1.2 million
- Successful completion of NSG merger
Negative
- Net unrealized loss of $0.3 million
- Three portfolio companies on non-accrual status worth $1.5 million
- Significant debt exposure with $143.2 million in combined notes and credit facility
News Market Reaction
On the day this news was published, PFX gained 2.10%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NAV per share
NEW YORK, Feb. 07, 2025 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter for its year ending September 30, 2025.
Highlights
- First quarter total investment income of
$6.2 million ; net investment income of$1.6 million - Net asset value (NAV) of
$162.8 million , or$80.59 per share as of December 31, 2024 - Weighted average yield was
13.3% on debt and other income producing investments - On October 1, 2024, the Company completed the merger and reorganization of The National Security Group, Inc. (“NSG”) an Alabama based insurance holding company
- On February 6, 2025, the Board declared a special dividend of
$1.43 per share to be paid on February 18, 2025, to stockholders of record as of February 17, 2025.
David Lorber, Chief Executive Officer of the Company, stated:
“We have had a great start to fiscal year 2025 as we continue to remain focused on executing our strategic priorities which include growing our platforms, pursuing compelling investment opportunities and increasing NAV per share.”
Selected First Quarter 2025 Financial Results for the Quarter Ended December 31, 2024:
Total investment income was
Total net expenses were
The Company recorded a net realized gain of
Portfolio and Investment Activities for the Quarter Ended December 31, 2024:
The fair value of the Company's investment portfolio totaled
The Company had certain investments in 3 portfolio companies on non-accrual status with a fair market value of
Liquidity and Capital Resources
As of December 31, 2024, the Company had
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 execute on its strategic initiatives, 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 per share and perform well in the prevailing market environment, the ability of our portfolio companies, including National Security Group, Inc. 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, 2024 (Unaudited) | September 30, 2024 | |||||||
| Assets: | ||||||||
| Investments at fair value | ||||||||
| Non-controlled, non-affiliated investments (amortized cost of | $ | 160,343,098 | $ | 142,233,426 | ||||
| Affiliated investments (amortized cost of | 13,861,599 | 14,750,785 | ||||||
| Controlled investments (amortized cost of | 125,889,697 | 70,931,647 | ||||||
| Total Investments at fair value | 300,094,394 | 227,915,858 | ||||||
| Cash and cash equivalents | 7,187,110 | 67,571,559 | ||||||
| Receivables: | ||||||||
| Interest receivable | 1,313,520 | 1,313,598 | ||||||
| Other receivable | 16,640 | 65,838 | ||||||
| Dividends receivable | 105,804 | 23,468 | ||||||
| Due from Affiliate | 1,040,512 | 90,500 | ||||||
| Deferred tax asset | 887,099 | 887,099 | ||||||
| Deferred financing costs | 625,323 | 760,680 | ||||||
| Other assets | 514,630 | 1,066,323 | ||||||
| Prepaid share repurchase | 101,115 | 101,115 | ||||||
| Receivable for investments sold | 41,897 | 2,955,775 | ||||||
| Total Assets | $ | 311,928,044 | $ | 302,751,813 | ||||
| Liabilities: | ||||||||
| Credit facility and notes payable (net of debt issuance costs of | $ | 141,743,682 | $ | 135,723,636 | ||||
| Payable for investments purchased | 3,688,247 | - | ||||||
| Accounts payable and accrued expenses | 2,391,430 | 5,570,150 | ||||||
| Interest and fees payable | 1,029,334 | 768,043 | ||||||
| Other liabilities | 256,426 | 294,063 | ||||||
| Due to Affiliate | 46,995 | 88,148 | ||||||
| Total Liabilities | 149,156,114 | 142,444,040 | ||||||
| Commitments and Contingencies (see Note 8) | ||||||||
| Net Assets: | ||||||||
| Common Shares, | 2,020 | 2,020 | ||||||
| Capital in excess of par value | 704,909,588 | 704,909,588 | ||||||
| Total distributable earnings (loss) | (542,139,678 | ) | (544,603,835 | ) | ||||
| Total Net Assets | 162,771,930 | 160,307,773 | ||||||
| Total Liabilities and Net Assets | $ | 311,928,044 | $ | 302,751,813 | ||||
| Net Asset Value Per Common Share | $ | 80.59 | $ | 79.37 | ||||
| PHENIXFIN CORPORATION Consolidated Statements of Operations (Unaudited) | ||||||||
| For the Three Months Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Interest Income: | ||||||||
| Interest from investments | ||||||||
| Non-controlled, non-affiliated investments: | ||||||||
| Cash | $ | 2,824,594 | $ | 2,682,143 | ||||
| Payment in-kind | 354,681 | 90,674 | ||||||
| Affiliated investments: | ||||||||
| Cash | - | 455,692 | ||||||
| Payment in-kind | - | - | ||||||
| Controlled investments: | ||||||||
| Cash | 588,195 | 286,238 | ||||||
| Payment in-kind | - | 149,967 | ||||||
| Total interest income | 3,767,470 | 3,664,714 | ||||||
| Dividend income | ||||||||
| Non-controlled, non-affiliated investments | 596,298 | 665,526 | ||||||
| Affiliated investments | 142,495 | - | ||||||
| Controlled investments | 1,399,350 | 1,348,200 | ||||||
| Total dividend income | 2,138,143 | 2,013,726 | ||||||
| Interest from cash and cash equivalents | 227,032 | 41,108 | ||||||
| Fee income (see Note 9) | 11,064 | 2,108 | ||||||
| Other income | 72,774 | 22 | ||||||
| Total Investment Income | 6,216,483 | 5,721,678 | ||||||
| Expenses: | ||||||||
| Interest and financing expenses | 2,545,811 | 1,542,061 | ||||||
| Salaries and benefits | 1,028,617 | 1,424,992 | ||||||
| Professional fees, net | 418,013 | 357,554 | ||||||
| Directors fees | 204,000 | 187,500 | ||||||
| Insurance expenses | 88,421 | 97,756 | ||||||
| Administrator expenses (see Note 6) | 84,355 | 77,852 | ||||||
| General and administrative expenses | 221,793 | 325,061 | ||||||
| Total expenses | 4,591,010 | 4,012,776 | ||||||
| Net Investment Income | 1,625,473 | 1,708,902 | ||||||
| Realized and unrealized gains (losses) on investments | ||||||||
| Net realized gains (losses): | ||||||||
| Non-controlled, non-affiliated investments | 1,168,670 | 229,804 | ||||||
| Affiliated investments | - | - | ||||||
| Controlled investments | - | - | ||||||
| Total net realized gains (losses) | 1,168,670 | 229,804 | ||||||
| Net change in unrealized gains (losses): | ||||||||
| Non-controlled, non-affiliated investments | 808,538 | 1,364,243 | ||||||
| Affiliated investments | (889,186 | ) | 2,431,263 | |||||
| Controlled investments | (249,338 | ) | (1,200,373 | ) | ||||
| Total net change in unrealized gains (losses) | (329,986 | ) | 2,595,133 | |||||
| Deferred tax benefit (expense) | - | - | ||||||
| Total realized and unrealized gains (losses) | 838,684 | 2,824,937 | ||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,464,157 | $ | 4,533,839 | ||||
| Weighted average basic and diluted earnings per common share | $ | 1.22 | $ | 2.19 | ||||
| Weighted average common shares outstanding - basic and diluted (see Note 11) | 2,019,778 | 2,072,694 | ||||||
FAQ
What was PhenixFIN's (PFX) NAV per share in Q1 2025?
How much is PhenixFIN's (PFX) special dividend for February 2025?
What was PFX's total investment income for Q1 2025?
How many portfolio companies does PhenixFIN (PFX) invest in as of Q1 2025?
What is PhenixFIN's (PFX) weighted average yield on debt investments?
