PhenixFIN Corporation (PFX)

[Enterprising Investor]

PhenixFIN Corporation Announces Third Quarter 2021 Financial Results (8/11/21)

NEW YORK, Aug. 11, 2021 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2021.

Third Quarter 2021 Highlights

- Total investment income of $8.7 million; net investment income of $5.4 million

- $52.9 million in cash on June 30, 2021

- Net asset value of $156.7 million, or $58.49 per share as of June 30, 2021 vs. $55.30 per share as of September 30, 2020

David Lorber, Chief Executive Officer of the Company, stated: “We are pleased with our performance during the first two quarters of being an internally-managed company. We are encouraged by the improvement in NAV and potential opportunities to deploy capital.”

On January 11, 2021, the Company announced that the Board of Directors approved a share repurchase program authorizing up to $15 million in share repurchases. Under the share repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements. Under this program, 44,788 shares were repurchased through June 30, 2021. In aggregate through August 10, 2021 64,788 shares have been repurchased at an average price of $32.74/share.

Third Quarter 2021 Financial Results

For the quarter ended June 30, 2021, investment income totaled $8.7 million, of which $8.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee income.

For the quarter ended June 30, 2020, investment income totaled $4.3 million, of which $4.1 million was attributable to portfolio interest and dividend income, and $0.2 million to fee income.

For the quarter ended June 30, 2021, total net expenses were $3.3 million and for the quarter ended June 30, 2020, total net expenses were $5.4 million.

For the quarter ended June 30, 2021, the Company recorded a net realized gain of $0.1 million and net unrealized appreciation of $1.5 million. For the quarter ended June 30, 2020, the Company recorded a net realized loss of $(37.9) million and net unrealized appreciation of $46.9 million.

Portfolio and Investment Activities

As of June 30, 2021, the fair value of the Company's investment portfolio totaled $181.6 million and consisted of 42 portfolio companies.

As of June 30, 2021, the Company had 10 portfolio company investments on non-accrual status with a fair market value of $13.6 million.

Liquidity and Capital Resources

At June 30, 2021, the Company had $52.9 million in cash and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.

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.

https://www.globenewswire.com/news-release/2021/08/11/2279258/0/en/PhenixFIN-Corporation-Announces-Third-Quarter-2021-Financial-Results.html