PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2024 Financial Results

For the Fiscal Year ended 2024 NAV per share grew 12% year over year

NEW YORK, Dec. 17, 2024 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2024.

Highlights

   -- Fourth quarter total investment income of $5.6 million; net investment 
      income of $0.5 million 
 
   -- Net asset value $(NAV)$ of $160.3 million, or $79.37 per share as of 
      September 30, 2024, vs. $70.75 per share as of September 30, 2023 
 
   -- Weighted average yield was 12.3% on debt and other income producing 
      investments as of the fiscal year end 
 
   -- On October 1, 2024 the Company completed the acquisition of approximately 
      80% of the equity of The National Security Group, Inc. ("NSG") an Alabama 
      based insurance holding company. 

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

"We are pleased with our performance in 2024 as we grew NAV per share 12%, from $70.75 to $79.37 per share. We are also excited with the successful transaction with NSG and look forward to new avenues of growth. This acquisition marks a significant milestone for PhenixFIN and aligns with our commitment to execute on our investment strategy."

Selected Fourth Quarter 2024 Financial Results for the Quarter Ended September 30, 2024:

Total investment income was $5.6 million of which $5.4 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $5.1 million and total net investment income was $0.5 million.

The Company recorded a net realized gain of $0.2 million and net unrealized gain of $4.6 million.

Portfolio and Investment Activities for the Quarter Ended September 30, 2024:

The fair value of the Company's investment portfolio totaled $227.9 million and consisted of 41 portfolio companies.

The Company had 3 portfolio company investments on non-accrual status with a fair market value of $2.4 million.

Liquidity and Capital Resources

At September 30, 2024, the Company had $67.6 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $78.1 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, 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 
 
                                    September 30,   September 30, 
                                         2024            2023 
                                    -------------   ------------- 
Assets: 
Investments at fair value 
    Non-controlled, non-affiliated 
     investments (amortized cost 
     of $143,179,354 and 
     $134,339,121 respectively)     $ 142,233,426   $ 125,531,031 
    Affiliated investments 
     (amortized cost of 
     $20,564,242 and $48,233,910, 
     respectively)                     14,750,785      37,289,617 
    Controlled investments 
     (amortized cost of 
     $97,016,429 and $82,437,692, 
     respectively)                     70,931,647      63,640,043 
                                     ------------    ------------ 
Total Investments at fair value       227,915,858     226,460,691 
Cash and cash equivalents              67,571,559       5,988,223 
Receivables: 
    Other receivable                       65,838          31,425 
    Interest receivable                 1,313,598         971,115 
    Dividends receivable                   23,468         161,479 
Receivable for investments sold         2,955,775       3,940,175 
Other assets                            1,066,323         833,000 
Deferred tax asset                        887,099               - 
Deferred financing costs                  760,680         699,124 
Prepaid share repurchase                  101,115         199,019 
Due from Affiliate                         90,500         409,214 
                                     ------------    ------------ 
    Total Assets                    $ 302,751,813   $ 239,693,465 
                                     ============    ============ 
 
Liabilities: 
Credit facility and notes payable 
 (net of debt issuance costs of 
 $1,510,815 and $1,688,835, 
 respectively)                      $ 135,723,636   $  84,253,106 
Accounts payable and accrued 
 expenses                               5,570,150       3,066,984 
Interest and fees payable                 768,043         690,398 
Other liabilities                         294,063         432,698 
Due to Affiliate                           88,148               - 
Payable for investments purchased               -       4,123,059 
Deferred revenue                                -         421,685 
                                     ------------    ------------ 
    Total Liabilities                 142,444,040      92,987,930 
 
Commitments and Contingencies 
(see Note 8) 
 
Net Assets: 
Common Shares, $0.001 par value; 
 5,000,000 shares authorized; 
 2,723,709 shares issued; 
 2,019,778 and 2,073,713 common 
 shares outstanding, respectively           2,020           2,074 
Capital in excess of par value        704,909,588     694,812,239 
Total distributable earnings 
 (loss)                              (544,603,835)   (548,108,778) 
                                     ------------    ------------ 
    Total Net Assets                  160,307,773     146,705,535 
                                     ------------    ------------ 
    Total Liabilities and Net 
     Assets                         $ 302,751,813   $ 239,693,465 
                                     ============    ============ 
 
    Net Asset Value Per Common 
     Share                          $       79.37   $       70.75 
 
 
 
                      PHENIXFIN CORPORATION 
               Consolidated Statements of Operations 
 
                          For the Years Ended September 30, 
                      ----------------------------------------- 
                         2024           2023           2022 
                      -----------   ------------   ------------ 
Interest Income: 
Interest from 
investments 
Non-controlled, 
non-affiliated 
investments: 
     Cash             $10,231,111   $  8,031,539   $  5,207,850 
     Payment in-kind      938,879        506,555        444,741 
   Affiliated 
   investments: 
     Cash                 742,881      1,925,293        639,733 
     Payment in-kind            -        460,856        374,981 
   Controlled 
   investments: 
     Cash               2,121,713        667,312      2,489,381 
     Payment in-kind      268,831        557,981              - 
                       ----------    -----------    ----------- 
Total interest 
 income                14,303,415     12,149,536      9,156,686 
Dividend income 
   Non-controlled, 
    non-affiliated 
    investments         2,691,393      3,139,592      1,996,374 
   Affiliated 
    investments           199,388              -              - 
   Controlled 
    investments         3,972,352      3,716,676      3,507,051 
                       ----------    -----------    ----------- 
Total dividend 
 income                 6,863,133      6,856,268      5,503,425 
Interest from cash 
 and cash 
 equivalents              500,079        400,031        139,942 
Fee income (see Note 

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December 17, 2024 06:05 ET (11:05 GMT)