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PhenixFIN Corporation Announces Fiscal Second Quarter 2023 Financial Results
NEW YORK, May 11, 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, May 11, 2023 (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 2023. Highlights Total investment income of $9.6 million and net investment income of $3.4 million for the six months ended March 31, 2023Net asset value (NAV) of $131.2 million, or $62.70 per share as of March 31, 2023Redeemed the $22.5 million 6.125% unsecured notes on January 17, 2023On February 8, 2023, the Board approved the expansion of the current repurchase program from $25 million to $35 millionWeighted average yield of 11.8% on debt and other income producing investments David Lorber, Chief Executive Officer of the Company, stated: “During the quarter we grew NII per share and NAV per share in what was a difficult environment for the broader markets. In January, we successfully redeemed the 6.125% notes due in March 2023. We believe our strong capital structure and available liquidity well position us to continue our focus on sourcing attractive investment opportunities to drive shareholder value.” Selected Second Quarter 2023 Financial Results For the three and six months ended March 31, 2023, total investment income was $4.9 million and $9.6 million, of which $4.2 million and $8.7 million, respectively, was attributable to portfolio interest and dividend income and $0.7 million and $0.9 million, respectively, was attributable to fee and other income. For the three and six months ended March 31, 2023, total net expenses were $3.1 million and $6.2 million and total net investment income was $1.8 million and $3.4 million. For the three and six months ended March 31, 2023, the Company recorded a net realized loss of $0.8 million and $0.8 million and net unrealized gain of $5.7 million and $8.0 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of March 31, 2023, the fair value of the Company's investment portfolio totaled $200.1 million and consisted of 43 portfolio companies. As of March 31, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $9.6 million. Liquidity and Capital Resources At March 31, 2023, the Company had $10.7 million in cash and cash equivalents and $57.5 million and $23.2 million out...