PhenixFIN (PFX) - 2025 Q1 - Quarterly Results

Financial Highlights PhenixFIN Corporation reported strong fiscal Q1 2025 results, with increased investment income, higher NAV per share, and a special dividend - CEO David Lorber stated the company had a great start to fiscal year 2025, focusing on strategic priorities like growing platforms, pursuing compelling investment opportunities, and increasing NAV per share[3] Selected First Quarter 2025 Financial Results (Quarter Ended Dec 31, 2024) | Metric | Value ($) | | :--- | :--- | | Total Investment Income | 6.2 million | | Net Investment Income | 1.6 million | | Net Realized Gain | 1.2 million | | Net Unrealized Loss | 0.3 million | | Net Asset Value (NAV) | 162.8 million | | NAV per Share | 80.59 | - On October 1, 2024, the company completed the merger and reorganization of The National Security Group, Inc. (NSG)[8] - On February 6, 2025, the Board declared a special dividend of $1.43 per share, payable on February 18, 2025, to stockholders of record as of February 17, 2025[8] Portfolio and Investment Activities The company's investment portfolio as of December 31, 2024, comprised $300.1 million across 43 companies, with a 13.3% weighted average yield Portfolio Summary as of December 31, 2024 | Metric | Value ($) | | :--- | :--- | | Fair Value of Investment Portfolio | 300.1 million | | Number of Portfolio Companies | 43 | | Weighted Average Yield (Debt & Income Investments) | 13.3% | | Investments on Non-Accrual (Fair Value) | 1.5 million | | Investments on Non-Accrual (Companies) | 3 | Liquidity and Capital Resources PhenixFIN maintained $7.2 million in cash and equivalents, with $59.2 million in unsecured notes and $84.0 million drawn from its credit facility Liquidity and Capital Position as of December 31, 2024 | Item | Amount ($) | | :--- | :--- | | Cash and Cash Equivalents | 7.2 million | | 5.25% Unsecured Notes due 2028 (Principal) | 59.2 million | | Outstanding under Credit Facility | 84.0 million | Consolidated Financial Statements The consolidated financial statements detail the company's financial position as of December 31, 2024, with total assets increasing to $311.9 million and net assets growing to $162.8 million Consolidated Statements of Assets and Liabilities As of December 31, 2024, total assets were $311.9 million, total liabilities $149.2 million, and net assets $162.8 million, with NAV per share at $80.59 Balance Sheet Comparison | Metric | Dec 31, 2024 (Unaudited) ($) | Sep 30, 2024 ($) | | :--- | :--- | :--- | | Total Investments at fair value | 300,094,394 | 227,915,858 | | Cash and cash equivalents | 7,187,110 | 67,571,559 | | Total Assets | 311,928,044 | 302,751,813 | | Total Liabilities | 149,156,114 | 142,444,040 | | Total Net Assets | 162,771,930 | 160,307,773 | | Net Asset Value Per Common Share | 80.59 | 79.37 | Consolidated Statements of Operations For the three months ended December 31, 2024, the company reported $6.2 million total investment income, $1.6 million net investment income, and a $2.5 million net increase in net assets Statement of Operations Summary (YoY) | Metric | Three Months Ended Dec 31, 2024 ($) | Three Months Ended Dec 31, 2023 ($) | | :--- | :--- | :--- | | Total Investment Income | 6,216,483 | 5,721,678 | | Total Expenses | 4,591,010 | 4,012,776 | | Net Investment Income | 1,625,473 | 1,708,902 | | Net Increase in Net Assets | 2,464,157 | 4,533,839 | | Weighted Average EPS (basic and diluted) | 1.22 | 2.19 |