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PhenixFIN Corporation Announces Fiscal Fourth Quarter 2022 Financial Results
NEW YORK, Dec. 16, 2022 (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, Dec. 16, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the \"Company\"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2022. Highlights Fourth quarter total investment income was $5.1 million; net investment income of $1.9 millionNet asset value (NAV) of $120.8 million, or $57.49 per share as of September 30, 2022, vs. $57.08 per share as of September 30, 2021Secured a 3-year $50 million credit facility with Woodforest National Bank as lead lender (SOFR + 2.90%)Notice of Redemption issued for the $22.5 million 6.125% unsecured notes due March 30, 2023Repurchased 16.5% of shares outstanding in Fiscal Year 2022Weighted average yield to maturity of 10.85% on yield-oriented investmentsFlexFIN continues to grow with over $40 million allocated to the business David Lorber, Chief Executive Officer of the Company, stated: “We are pleased to announce the signing of a $50mm credit facility led by Woodforest National Bank which we believe further strengthens our balance sheet. With this increased liquidity we will be redeeming the $22.5 million 6.125% unsecured notes due March 30, 2023. This facility should also allow us to expand our investment activity to continue to grow. During the fourth quarter, the portfolio continued to perform given the market environment as we continued generating positive Net Investment Income driven by the deployment of cash balances, the rising interest rate environment, and the general stability in our portfolio. In addition, during our FY2022 we successfully took advantage of our trading discount to NAV through buying back 16.5% of our shares outstanding. Given the volatility of 2022, as we look forward, we are excited about opportunities in the markets to generate returns through both attractive yields and capital appreciation.” The Company expects to hold an investor update call in early 2023. Details will be announced at a later date. Selected Fourth Quarter 2022 Financial Results For the quarter ended September 30, 2022, total investment income totaled $5.1 million, of which $5.0 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to other income. For the quarter ended September 30, 2022, total net expenses were $3.2 million and total net investment income wa...