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PhenixFIN Corporation Announces Fiscal Second Quarter 2022 Financial Results
NEW YORK, May 09, 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, May 09, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the \"Company\"), a publicly traded business development company, today announced its financial results for the fiscal second quarter of 2022. Highlights During the second quarter, total investment income of $3.7 million; net investment income of $1.2 millionNet asset value (NAV) of $138.9 million, or $62.94 per share as of March 31, 2022, vs. $57.08 per share as of September 30, 2021NAV per share has increased 18.9% and operating expenses have declined by 44% since internalization (effective January 1, 2021)Weighted average yield to maturity of 8.32% on debt investments David Lorber, Chief Executive Officer of the Company, stated: “During the quarter we continued the successful deployment of capital while executing on our strategy to grow NAV/share, which increased to $62.94 as of the end of the quarter. NAV growth from investments contributed approximately $3 million or $1.17 per share. In addition, we continued to execute on the Company’s stock buyback program, repurchasing 309,427 shares for $12.5 million during the quarter, increasing NAV per share by $2.78.” Since our internalization on January 1, 2021, we have monetized 20 positions totaling $126.4 million and deployed capital into 25 investments, aggregating $155.5 million. Selected Second Quarter 2022 Financial Results For the quarter ended March 31, 2022, total investment income totaled $3.7 million, of which $3.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. For the quarter ended March 31, 2022, total net expenses were $2.5 million and total net investment income was $1.2 million. For the quarter ended March 31, 2022, the Company recorded a net realized gain of $0.5 million and net positive change in unrealized appreciation of $1.4 million. Portfolio and Investment Activities As of March 31, 2022, the fair value of the Company's investment portfolio totaled $188.8 million and consisted of 48 portfolio companies. As of March 31, 2022, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $12.8 million. Liquidity and Capital Resources At March 31, 2022, the Company had $37.7 million in cash and $57.5 million and $22.5 million outstanding in aggregate principal amount of...