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PhenixFIN Corporation Announces Fiscal First Quarter 2023 Financial Results
NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today
About this update from Phenixfin Corporation
[{"type":"text","content":"NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the \"Company\"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2023. Highlights First quarter total investment income was $4.7 million; net investment income of $1.7 millionNet asset value (NAV) of $124.7 million, or $59.38 per share as of December 31, 2022Secured a 3-year $50 million credit facility with Woodforest National Bank as lead arranger (SOFR + 2.90%)Weighted average yield of 11.3% on debt and other income producing investments Subsequent Events: On January 17, 2023, redeemed the $22.5 million 6.125% unsecured notes due March 30, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 million. Since announcing the plan on January 11, 2021 through February 7, 2023, the Company has repurchased 627,137 shares at an aggregate price of $24.9 million. David Lorber, Chief Executive Officer of the Company, stated: “While the capital markets remain volatile, they also present attractive investment opportunities for generating shareholder value. For the quarter the portfolio performed well with strong income generation coupled with NAV/share growth. In addition, we are pleased to announce a $10 million increase in the share repurchase program. Since the program’s inception we have repurchased 23% of our shares outstanding.” Selected First Quarter 2023 Financial Results For the quarter ended December 31, 2022, total investment income was $4.7 million, of which $4.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. For the quarter ended December 31, 2022, total net expenses were $3.1 million and total net investment income was $1.6 million. For the quarter ended December 31, 2022, the Company recorded a net realized gain of $13k and net unrealized gain of $2.3 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of December 31, 2022, the fair value of the Company's investment portfolio totaled $183.3 million and consisted of 43 portfolio companies. As of December 31, 2022, the Company had 5 portfolio company investments on non-accrual status with a fair market value of $5.4 million. Liquidity an...