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PhenixFIN Corporation Announces Fiscal Third Quarter 2022 Financial Results
NEW YORK, Aug. 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, Aug. 09, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the \"Company\"), a publicly traded business development company, today announced its financial results for the fiscal third quarter of 2022. Highlights During the third quarter total investment income of $3.7 million; net investment income of $0.2 millionNet asset value (NAV) of $129.1 million, or $58.74 per share as of June 30, 2022, vs. $57.08 per share as of September 30, 2021Weighted average yield to maturity of 9.09% on debt investmentsFlexFIN continues to grow with over $40 million allocated to the business David Lorber, Chief Executive Officer of the Company, stated: “During the third quarter the portfolio performed relatively well given the market environment as we continued generating positive Net Investment Income. While during the quarter the portfolio was impacted by increasing broader market volatility, global instability, inflation and rising interest rates, we remain confident in the underlying investments. With a strong balance sheet and low leverage, we believe we continue to position the Company to grow NII through successful capital deployment while remaining prudent and judicious in terms of these new investments. FlexFIN continued to grow with over $40 million allocated to the unique business at quarter end generating a meaningful cash flow stream for the Company.” Since our internalization on January 1, 2021, we generated proceeds from the monetization of positions totaling $142.0 million and deployed $175.9 million across new and add on investments. In addition, we continue to execute on our share repurchase program. Selected Third Quarter 2022 Financial Results For the quarter ended June 30, 2022, total investment income totaled $3.7 million, of which $3.5 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income. For the quarter ended June 30, 2022, total net expenses were $3.5 million and total net investment income was $0.2 million. For the quarter ended June 30, 2022, the Company recorded a net realized loss of $0.2 million and net unrealized depreciation of $9.2 million largely due to market volatility in various investments. Portfolio and Investment Activities As of June 30, 2022, the fair value of the Company's investment portfolio totaled $182.8 milli...