Business
PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2023 Financial Results
For the Fiscal Year ended 2023, NAV per share grew 23% year over year and NII per share more than doubled NEW YORK, Dec. 22, 2023 (GLOBE NEWSWIRE) --
About this update from Phenixfin Corporation
[{"type":"text","content":"For the Fiscal Year ended 2023, NAV per share grew 23% year over year and NII per share more than doubled\nNEW YORK, Dec. 22, 2023 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the \"Company\"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2023. Highlights Fourth quarter total investment income of $5.7 million; net investment income of $1.9 millionNet asset value (NAV) of $146.7 million, or $70.75 per share as of September 30, 2023, vs. $57.49 per share as of September 30, 2022Weighted average yield was 13.3% on debt and other income producing investments as of the fiscal year endRepurchased 28,416 shares in Fiscal Year 2023 David Lorber, Chief Executive Officer of the Company, stated: “We are pleased with our performance in 2023 as we grew NAV per share 23%, from $57.29 per share to $70.75 per share, along with NII per share growth of 110%, from $1.48 per share to $3.11 per share. We look to continue to execute on our investment strategy through credit, equity, and other bespoke investment opportunities.” Selected Fourth Quarter 2023 Financial Results for the Quarter Ended September 30, 2023: Total investment income was $5.7 million of which $5.6 million was attributable to portfolio interest and dividend income and $0.1 million was attributable to fee and other income. Total net expenses were $3.8 million and total net investment income was $1.9 million. The Company recorded a net realized loss of $9.4 million and net unrealized gain of $14.9 million. Portfolio and Investment Activities for the Quarter Ended September 30, 2023: The fair value of the Company's investment portfolio totaled $226.5 million and consisted of 42 portfolio companies. The Company had 4 portfolio company investments on non-accrual status with a fair market value of $6.5 million. Liquidity and Capital Resources At September 30, 2023, the Company had $6.0 million in cash and cash equivalents, $57.5 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $28.4 million outstanding under the Credit Facility. ABOUT PHENIXFIN CORPORATION PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Invest...