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PhenixFIN Corporation Announces Fiscal Third Quarter 2023 Financial Results
NEW YORK, Aug. 10, 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, Aug. 10, 2023 (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 2023. Highlights Total investment income of $14.5 million and net investment income of $4.6 million for the nine months ended June 30, 2023Net asset value (NAV) of $140.0 million, or $67.01 per share as of June 30, 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 12.2% on debt and other income producing investments David Lorber, Chief Executive Officer of the Company, stated: “We reported another strong quarter driven by NII, strong performance from our equity investments, and increased investment activity all of which contributed to our increase in NAV/share. Our relationships and sourcing capabilities have us well positioned to capitalize on the growing demand for flexible capital and our bespoke solutions in the market.” Selected Third Quarter 2023 Financial Results For the three and nine months ended June 30, 2023, total investment income was $4.8 million and $14.5 million, of which $4.7 million and $13.8 million, respectively, was attributable to portfolio interest and dividend income and $0.1 million and $0.7 million, respectively, was attributable to fee and other income. For the three and nine months ended June 30, 2023, total net expenses were $3.6 million and $9.8 million and total net investment income was $1.2 million and $4.6 million. For the three and nine months ended June 30, 2023, the Company recorded a net realized loss of $1.3 million and $2.1 million and net unrealized gain of $9.0 million and $17.1 million, due largely to market volatility in various investments. Portfolio and Investment Activities As of June 30, 2023, the fair value of the Company's investment portfolio totaled $218.7 million and consisted of 46 portfolio companies. As of June 30, 2023, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $6.8 million. Liquidity and Capital Resources At June 30, 2023, the Company had $10.9 million in cash and cash equivalents and $57.5 million and $28.2 million outstanding in aggregat...