PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2025 Financial Results

Rhea-AI Summary

PhenixFIN (NASDAQ: PFX) reported fiscal year and Q4 2025 results for the period ending September 30, 2025.

• Fourth quarter total investment income $6.9M and net investment income $1.4M.
• NAV $160.8M, or $80.24 per share, vs. $79.37 per share a year earlier.
• Weighted average yield 12.8% on debt and other income‑producing investments at year end.
• Portfolio fair value $302.3M across 36 companies; 1 non‑accrual with fair value $0.0M.
• Liquidity included $7.3M cash, $59.2M 5.25% notes due 2028, and $90.0M drawn on the Credit Facility.

The company continued share repurchases, paid a $1.43 per share special dividend in February, and sold its First Brands position at 95.5 to protect capital.

Positive

• Weighted average yield of 12.8% on income investments
• Portfolio fair value of $302.3M across 36 companies
• Paid a special dividend of $1.43 per share in February
• Sold First Brands position at 95.5 to protect capital

Negative

• Cash and cash equivalents of only $7.3M at quarter end
• $90.0M outstanding under the Credit Facility
• One portfolio company on non‑accrual with fair value $0.0M
• Net investment income of $1.4M versus total net expenses $5.5M

Key Figures

Q4 total investment income $6.9M Fourth quarter 2025

Q4 net investment income $1.4M Fourth quarter 2025

NAV $160.8M ($80.24/share) As of September 30, 2025

Prior NAV/share $79.37/share As of September 30, 2024

Weighted average yield 12.8% Debt and other income-producing investments, FY 2025 end

Special dividend $1.43/share Paid February 2025

Portfolio fair value $302.3M Investment portfolio, September 30, 2025

Unsecured notes $59.2M at 5.25% Unsecured notes due 2028, as of September 30, 2025

Market Reality Check

$41.50 Last Close

Volume Volume 487 is 50% below 20-day average 978 ahead of this earnings release. low

Technical Price 41.5 trades below 200-day MA 48.57, sitting 27.7% below 52-week high 57.4 and 1.22% above low 41.

Peers on Argus

Peers show mixed moves: losses in GDO (-0.43%) and OFS (-4.86%) versus gains in GDL (+1.15%) and CEE (+2.15%), suggesting stock-specific drivers for PFX.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Aug 06	Quarterly earnings	Positive	-0.4%	Q3 2025 results with $6.2M income and $1.2M net investment income.
May 06	Quarterly earnings	Positive	+0.0%	Q2 2025 results plus $1.43 special dividend and facility extension.
Feb 07	Quarterly earnings	Positive	+0.0%	Q1 2025 results with $6.2M income and $1.6M net investment income.
Dec 17	Annual results	Positive	+0.0%	FY 2024 results showing 12% NAV per-share growth and NSG acquisition.

Pattern Detected

Earnings and annual results have triggered modest moves, with roughly balanced positive and negative reactions around the news.

Recent Company History

Over the last four earnings-related releases from Dec 2024 through Aug 2025, PhenixFIN has reported steady total investment income around the $6.0–$6.2M range and NAV between roughly $157M and $162.8M. Portfolio fair value has increased from $227.9M to about $300.1M, alongside credit facility amendments and special dividends of $1.43 per share. The new fiscal year and Q4 2025 results extend this sequence of NAV-focused, income-generating updates.

Market Pulse Summary

This announcement details FY and Q4 2025 performance, including total investment income of $6.9M, net investment income of $1.4M, and NAV of $160.8M or $80.24 per share. The portfolio fair value of $302.3M across 36 companies and a 12.8% weighted average yield underscore its income profile. Investors may monitor future NAV per-share trends, credit performance, and use of the credit facility and notes due 2028.

Key Terms

net asset value financial

"Net asset value (NAV) of $160.8 million, or $80.24 per share as of"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

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.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 12, 2025 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal year and the fourth fiscal quarter of 2025.

Highlights

• Fourth quarter total investment income of $6.9 million; net investment income of $1.4 million
• Net asset value (NAV) of $160.8 million, or $80.24 per share as of September 30, 2025, vs. $79.37 per share as of September 30, 2024
• Weighted average yield was 12.8% on debt and other income producing investments as of the fiscal year end
  
  

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

“Throughout fiscal year 2025, we remained focused on executing our strategy to grow NAV per share and enhance shareholder value. We continued our share repurchase program throughout the year, and in February we paid a special dividend of $1.43 per share. As always, we actively monitor our portfolio and assess potential impacts from economic and market developments. During the quarter, upon First Brands Group’s delayed refinancing of the First Lien Term Loan, we quickly sold our entire position at nearly par (95.5), a demonstration of our nimbleness in seeking to protect capital when our investment outlook changes. We look forward to delivering continued value for shareholders in 2026 and beyond.”

Selected Fourth Quarter 2025 Financial Results for the Quarter Ended September 30, 2025:

Total investment income was $6.9 million of which $6.7 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $5.5 million and total net investment income was $1.4 million.

The Company recorded a net realized loss of $0.04 million and net unrealized gain of $2.2 million.  

Portfolio and Investment Activities for the Quarter Ended September 30, 2025:

The fair value of the Company's investment portfolio totaled $302.3 million and consisted of 36 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 September 30, 2025, the Company had $7.3 million in cash and cash equivalents, $59.2 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
		September 30, 2025				September 30, 2024
Assets:
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $139,342,491 and $143,179,354 respectively)		$	145,280,169			$	142,233,426
Affiliated investments (amortized cost of $35,390,223 and $20,564,242, respectively)			35,381,405				14,750,785
Controlled investments (amortized cost of $149,656,451 and $97,016,429, respectively)			121,610,914				70,931,647
Total Investments at fair value			302,272,488				227,915,858
Cash and cash equivalents			7,289,371				67,571,559
Receivables:
Interest receivable			1,203,404				1,313,598
Other receivable			44,971				65,838
Dividends receivable			42,950				23,468
Other assets			2,746,775				1,066,323
Deferred tax asset, net			1,234,847				887,099
Deferred financing costs			1,384,767				760,680
Due from Affiliate			572,331				90,500
Prepaid share repurchase			96,342				101,115
Receivable for investments sold			21,549				2,955,775
Total Assets		$	316,909,795			$	302,751,813
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $1,141,393 and $1,510,815, respectively)		$	148,011,724			$	135,723,636
Accounts payable and accrued expenses			4,226,889				5,570,150
Other liabilities			2,439,405				294,063
Interest and fees payable			1,187,574				768,043
Taxes payable			137,538				-
Due to Affiliate			132,365				88,148
Total Liabilities			156,135,495				142,444,040
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,003,769 and 2,019,778 common shares outstanding, respectively			2,004				2,020
Capital in excess of par value			704,640,648				704,909,588
Total distributable earnings (loss)			(543,868,352	)			(544,603,835	)
Total Net Assets			160,774,300				160,307,773
Total Liabilities and Net Assets		$	316,909,795			$	302,751,813
Net Asset Value Per Common Share		$	80.24			$	79.37

PHENIXFIN CORPORATION
Consolidated Statements of Operations
		For the Year Ended September 30,
		2025				2024				2023
Interest Income:
Interest from investments
Non-controlled, non-affiliated investments:
Cash		$	12,190,186			$	10,231,111			$	8,031,539
Payment in-kind			1,355,918				938,879				506,555
Affiliated investments:
Cash			614,409				742,881				1,925,293
Payment in-kind			-				-				460,856
Controlled investments:
Cash			2,452,227				2,121,713				667,312
Payment in-kind			-				268,831				557,981
Total interest income			16,612,740				14,303,415				12,149,536
Dividend income
Non-controlled, non-affiliated investments			2,183,106				2,691,393				3,139,592
Affiliated investments			254,231				199,388				-
Controlled investments			5,024,928				3,972,352				3,716,676
Total dividend income			7,462,265				6,863,133				6,856,268
Interest from cash and cash equivalents			194,954				500,079				400,031
Fee income (see Note 9)			992,363				514,949				324,290
Other income			-				22				402,138
Total Investment Income			25,262,322				22,181,598				20,132,263
Expenses:
Interest and financing expenses			10,278,961				6,609,473				5,531,833
Salaries and benefits			5,067,324				6,850,792				4,186,852
Professional fees, net			1,977,541				1,462,766				1,404,676
General and administrative expenses			1,239,221				1,093,922				983,274
Directors fees			816,000				750,000				728,833
Administrator expenses (see Note 6)			404,941				301,931				320,310
Insurance expenses			338,013				378,854				466,319
Total expenses			20,122,001				17,447,738				13,622,097
Net Investment Income			5,140,321				4,733,860				6,510,166
Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments			(1,618,869	)			740,924				(10,538,228	)
Affiliated investments			(10,316,867	)			(1,991,456	)			(1,018,267	)
Controlled investments			13,230				8,542,831				23,456
Total net realized gains (losses)			(11,922,506	)			7,292,299				(11,533,039	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments			6,883,606				7,862,162				15,954,552
Affiliated investments			5,804,639				5,130,836				7,327,399
Controlled investments			(1,960,755	)			(7,287,134	)			8,659,262
Total net change in unrealized gains (losses)			10,727,490				5,705,864				31,941,213
Deferred tax benefit (expense)			210,210				887,099				-
Total realized and unrealized gains (losses)			(984,806	)			13,885,262				20,408,174
Net Increase (Decrease) in Net Assets Resulting from Operations		$	4,155,515			$	18,619,122			$	26,918,340
Weighted average basic and diluted earnings per common share		$	2.06			$	9.13			$	12.87
Weighted average common shares outstanding - basic and diluted (see Note 11)			2,015,157				2,040,253				2,092,326

FAQ

What were PhenixFIN (PFX) Q4 2025 investment income and net investment income?

Q4 2025 total investment income was $6.9M and net investment income was $1.4M.

What is PhenixFIN (PFX) net asset value per share as of September 30, 2025?

NAV was $160.8M, or $80.24 per share, as of September 30, 2025.

How large is PhenixFIN's (PFX) investment portfolio at fiscal year end 2025?

The portfolio fair value totaled $302.3M and consisted of 36 portfolio companies.

How much debt did PhenixFIN (PFX) have outstanding at September 30, 2025?

PhenixFIN had $59.2M of 5.25% unsecured notes due 2028 and $90.0M outstanding under its Credit Facility.

Did PhenixFIN (PFX) return cash to shareholders in fiscal 2025?

Yes; the company continued share repurchases and paid a special dividend of $1.43 per share in February.

Why did PhenixFIN (PFX) sell its First Brands position in Q4 2025?

The company sold its entire First Brands position at 95.5 after a delayed refinancing to protect capital when the investment outlook changed.