PhenixFIN Corporation Announces September 30, 2021 Financial Results
PhenixFIN Corporation Announces September 30, 2021 Financial Results
David Lorber, Chief Executive Officer of the Company, stated:NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter and fiscal year ended September 30, 2021.
纽约，2021年12月20日(环球通讯社)--上市商业开发公司菲尼克斯FIN公司(纳斯达克：PFX)(以下简称“公司”)今天公布了截至2021年9月30日的第四财季和本财年的财务业绩。
Fourth Quarter Highlights
第四季度亮点
- Total investment income of $4.4 million; net investment income of $1.1 million
- $69.4 million in cash and cash equivalents on September 30, 2021
- Net asset value of $143.7 million, or $57.08 per share as of September 30, 2021 vs. $55.30 per share as of September 30, 2020
- 141,700 shares repurchased for an aggregate purchase price of $5.9 million during the fourth quarter
- Launched FlexFIN, LLC, an asset-based lending business engaged in the gem and jewelry industry.
- 总投资收入为440万美元；净投资收入为110万美元
- 2021年9月30日现金及现金等价物6940万美元
- 截至2021年9月30日的资产净值为1.437亿美元，或每股57.08美元，而截至2020年9月30日的资产净值为每股55.30美元
- 第四季度回购了141,700股股票，总回购价格为590万美元
- 推出了FlexFIN，LLC，这是一家从事宝石和珠宝行业的基于资产的贷款公司。
Subsequent Event
后续事件
- On November 15, 2021, PhenixFIN issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 (NASDAQ: PFXNZ)
- 2021年11月15日，PhenixFIN发行了本金总额为5750万美元的2028年到期的5.25%无担保票据(纳斯达克代码：PFXNZ)
David Lorber, Chief Executive Officer of the Company, stated:
该公司首席执行官大卫·洛伯表示：
"In our first three quarters as being an internally managed BDC we have made appreciable progress on repositioning the portfolio as we continue to be focused on optimizing the long-term value of PhenixFIN."
作为一家内部管理的BDC，在我们的前三个季度，我们在重新定位投资组合方面取得了可观的进展，因为我们继续专注于优化PhenixFIN的长期价值。“
Since January 1, 2021 we have monetized 13 positions and deployed capital into 16 new investments.
自2021年1月1日以来，我们已将13个头寸货币化，并将资本部署到16项新投资中。
During the fourth quarter, we launched FlexFIN, LLC, a partnership with Kwiat & Fred Leighton to provide alternative financing to the gem and jewelry industry. The partnership is intended to leverage Kwiat's rich 115-year history and network within the gem and jewelry industry. We believe this new business affords us the opportunity to generate higher-yielding, risk adjusted returns within the multi-billion-dollar jewelry industry.
在第四季度，我们推出了FlexFIN，LLC，这是我们与Kwiat&Fred Leighton的合作伙伴关系，为宝石和珠宝行业提供替代融资。这一合作关系旨在利用Kwiat在宝石和珠宝行业丰富的115年历史和网络。我们相信，这项新业务为我们提供了在价值数十亿美元的珠宝行业内产生更高收益、风险调整后回报的机会。
In addition, as of September 30, 2021, the Company had a net capital loss carryforward of $490 million. "We are focused on implementing strategies seeking to increase our NAV and optimize the value of our tax attributes," added Mr. Lorber.
此外，截至2021年9月30日，该公司的净资本亏损为4.9亿美元。洛伯补充说：“我们专注于实施战略，寻求增加我们的资产净值并优化我们税收属性的价值。”
On January 11, 2021, the Company announced that the Board of Directors approved a share repurchase program authorizing up to $15 million in share repurchases. Under the share repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements. Under this program, 206,488 shares were repurchased through September 30, 2021 at a weighted average share price of $39.73/share.
2021年1月11日，该公司宣布，董事会批准了一项股份回购计划，授权进行高达1500万美元的股票回购。根据股份回购计划，本公司有权在公开市场或其他交易中不时回购其普通股，但须符合适用的监管要求。根据这一计划，截至2021年9月30日，以加权平均股价39.73美元/股的价格回购了206,488股股票。
Selected Fourth Quarter 2021 Financial Results
精选2021年第四季度财务业绩
For the quarter ended September 30, 2021, investment income totaled $4.4 million, of which $2.4 million was attributable to portfolio interest and dividend income and $1.9 million was attributable to fee income.
截至2021年9月30日的季度，投资收入总计440万美元，其中240万美元归因于投资组合利息和股息收入，190万美元归因于手续费收入。
For the quarter ended September 30, 2021, total net expenses were $3.3 million and total net investment income was $1.1 million.
截至2021年9月30日的季度，总净支出为330万美元，总净投资收入为110万美元。
For the quarter ended September 30, 2021, the Company recorded a net realized gain of $4.0 million and net change in unrealized depreciation of $12.1 million.
在截至2021年9月30日的季度，该公司录得已实现净收益400万美元，未实现折旧净变化1210万美元。
Portfolio and Investment Activities
投资组合和投资活动
As of September 30, 2021, the fair value of the Company's investment portfolio totaled $151.6 million and consisted of 42 portfolio companies.
截至2021年9月30日，该公司投资组合的公允价值总计1.516亿美元，由42家投资组合公司组成。
As of September 30, 2021, the Company had 9 portfolio company investments on non-accrual status with a fair market value of $13.9 million.
截至2021年9月30日，该公司有9项非权责发生状态的投资组合公司投资，公平市值为1390万美元。
Liquidity and Capital Resources
流动性与资本资源
At September 30, 2021, the Company had $69.4 million in cash and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.
截至2021年9月30日，该公司有6,940万美元的现金和7,780万美元的未偿还本金总额为6.125%的无担保票据将于2023年到期。
ABOUT PHENIXFIN CORPORATION
关于菲尼希芬公司
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 Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.
PhenixFIN公司是一家在特拉华州注册成立的非多元化、内部管理的封闭式管理投资公司，该公司已选择根据1940年修订后的“投资公司法”作为一家业务开发公司进行监管。我们于2011年1月20日完成首次公开募股(IPO)并开始运营。根据修订后的1986年美国国税法M子章，本公司已经选择，并打算每年都有资格被视为符合美国联邦所得税标准的受监管投资公司。自2021年1月1日起，公司在内部化管理结构下运营。
SAFE HARBOR STATEMENT AND OTHER DISCLOSURES
安全港声明和其他披露
This press release contains "forward-looking" statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN's ability to deliver value to shareholders, implement its investment objective, capitalize on investment opportunities, optimize its tax attributes, develop FlexFIN into a successful business and perform well and operate effectively under an internalized management structure, and other factors that are enumerated in the Company's periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
本新闻稿包含“前瞻性”陈述。这些前瞻性陈述反映了当前对未来事件和财务表现的看法，公司可能在本新闻稿发布之日或之后发表相关的口头前瞻性陈述。这些前瞻性陈述受预测未来结果和条件的内在不确定性的影响。某些因素可能导致实际结果和条件与这些前瞻性陈述中预测的大不相同，其中包括PhenixFIN向股东提供价值的能力、实现其投资目标、利用投资机会、优化其税务属性、将FlexFIN发展成一项成功的业务、在内部化管理结构下表现良好和有效运营的能力，以及该公司定期向美国证券交易委员会提交的文件中列举的其他因素。PhenixFIN公司不承担任何义务来更新或修改本新闻稿中的任何前瞻性陈述。
The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation's common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective.
新闻稿包含未经审计的财务结果。为便于审查，我们在舍入结果时排除了“大约”一词。本新闻稿仅供参考，并不是购买或征集出售PhenixFIN公司普通股的要约。不能保证PhenixFIN公司会实现其投资目标。
For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.
欲查询PhenixFIN投资者关系，请致电212-859-0390。如有媒体查询，请联系info@henixfc.com。
PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities
非尼西芬公司
合并资产负债表
|
September 30, 2021 |
September 30, 2020 |
|||||||
| Assets: | ||||||||
| Investments at fair value | ||||||||
| Non-controlled, non-affiliated investments (amortized cost of $92,214,167 and $117,360,954, respectively) | $ | 84,152,678 | $ | 114,321,948 | ||||
| Affiliated investments (amortized cost of $75,963,427 and $92,898,755, respectively) | 57,595,245 | 84,873,023 | ||||||
| Controlled investments (amortized cost of $39,490,097 and $117,874,821, respectively) | 9,891,860 | 47,548,578 | ||||||
| Total Investments at fair value | 151,639,783 | 246,743,549 | ||||||
| Cash and cash equivalents | 69,433,256 | 56,522,148 | ||||||
| Receivables: | ||||||||
| Fees receivable | 1,872,700 | 119,028 | ||||||
| Interest receivable | 371,576 | 624,524 | ||||||
| Paydown receivable | 292,015 | - | ||||||
| Dividends receivable | 81,211 | - | ||||||
| Other assets | 1,401,746 | 2,093,559 | ||||||
| Total Assets | $ | 225,092,287 | $ | 306,102,808 | ||||
| Liabilities: | ||||||||
| Notes payable (net of debt issuance costs of $412,795 and $905,624, respectively) | $ | 77,434,005 | $ | 150,960,662 | ||||
| Due to broker | 1,586,000 | - | ||||||
| Accounts payable and accrued expenses | 1,416,524 | 2,108,225 | ||||||
| Due to affiliates | 280,323 | 53,083 | ||||||
| Administrator expenses payable | 67,920 | 156,965 | ||||||
| Management and incentive fees payable | - | 1,392,022 | ||||||
| Interest and fees payable | - | 801,805 | ||||||
| Deferred revenue | - | 10,529 | ||||||
| Other liabilities | 613,534 | - | ||||||
| Total Liabilities | 81,398,306 | 155,483,291 | ||||||
| Commitments and Contingencies | ||||||||
| Net Assets: | ||||||||
| Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,517,221 and 2,723,709 common shares outstanding, respectively | 2,517 | 2,724 | ||||||
| Capital in excess of par value | 688,866,642 | 672,381,617 | ||||||
| Total distributable earnings (loss) | (545,175,178 | ) | (521,764,824 | ) | ||||
| Total Net Assets | 143,693,981 | 150,619,517 | ||||||
| Total Liabilities and Net Assets | $ | 225,092,287 | $ | 306,102,808 | ||||
| Net Asset Value Per Common Share | $ | 57.08 | $ | 55.30 | ||||
|
9月30日， 2021 |
9月30日， 2020 |
|||||||
| 资产： | ||||||||
| 公允价值投资 | ||||||||
| 非控制、非附属投资(摊销成本分别为92,214,167美元和117,360,954美元) | $ | 84,152,678 | $ | 114,321,948 | ||||
| 附属投资(摊销成本分别为75963427美元和92898755美元) | 57,595,245 | 84,873,023 | ||||||
| 受控投资(摊销成本分别为39,490,097美元和117,874,821美元) | 9,891,860 | 47,548,578 | ||||||
| 按公允价值计算的总投资 | 151,639,783 | 246,743,549 | ||||||
| 现金和现金等价物 | 69,433,256 | 56,522,148 | ||||||
| 应收款： | ||||||||
| 应收费用 | 1,872,700 | 119,028 | ||||||
| 应收利息 | 371,576 | 624,524 | ||||||
| 应收定金 | 292,015 | - | ||||||
| 应收股利 | 81,211 | - | ||||||
| 其他资产 | 1,401,746 | 2,093,559 | ||||||
| 总资产 | $ | 225,092,287 | $ | 306,102,808 | ||||
| 负债： | ||||||||
| 应付票据(分别扣除债务发行成本412795美元和905624美元) | $ | 77,434,005 | $ | 150,960,662 | ||||
| 由于经纪人的原因 | 1,586,000 | - | ||||||
| 应付账款和应计费用 | 1,416,524 | 2,108,225 | ||||||
| 由于附属公司 | 280,323 | 53,083 | ||||||
| 应付管理费用 | 67,920 | 156,965 | ||||||
| 应付管理费和激励费 | - | 1,392,022 | ||||||
| 应付利息及费用 | - | 801,805 | ||||||
| 递延收入 | - | 10,529 | ||||||
| 其他负债 | 613,534 | - | ||||||
| 总负债 | 81,398,306 | 155,483,291 | ||||||
| 承诺和或有事项 | ||||||||
| 净资产： | ||||||||
| 普通股，面值0.001美元；授权发行5,000,000股；已发行2,723,709股；已发行普通股分别为2,517,221股和2,723,709股 | 2,517 | 2,724 | ||||||
| 超出票面价值的资本 | 688,866,642 | 672,381,617 | ||||||
| 总可分配收益(亏损) | (545,175,178 | ) | (521,764,824 | ) | ||||
| 总净资产 | 143,693,981 | 150,619,517 | ||||||
| 总负债和净资产 | $ | 225,092,287 | $ | 306,102,808 | ||||
| 每股普通股资产净值 | $ | 57.08 | $ | 55.30 | ||||
PHENIXFIN CORPORATION
Consolidated Statements of Operations
非尼西芬公司
合并业务报表
| For the Years Ended September 30 | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Interest Income: | ||||||||||||
| Interest from investments | ||||||||||||
| Non-controlled, non-affiliated investments: | ||||||||||||
| Cash | $ | 5,974,807 | $ | 9,137,394 | $ | 25,368,027 | ||||||
| Payment in-kind | 609,964 | 863,744 | 1,755,260 | |||||||||
| Affiliated investments: | ||||||||||||
| Cash | 1,099,809 | 1,182,294 | 2,197,555 | |||||||||
| Payment in-kind | 327,804 | 2,425,557 | 2,604,279 | |||||||||
| Controlled investments: | ||||||||||||
| Cash | 75,000 | 84,505 | 337,956 | |||||||||
| Payment in-kind | - | 500,767 | 2,800,890 | |||||||||
| Total interest income | 8,087,384 | 14,194,261 | 35,063,967 | |||||||||
| Dividend income | 21,564,348 | 6,256,250 | 8,218,480 | |||||||||
| Interest from cash and cash equivalents | 10,402 | 378,077 | 712,017 | |||||||||
| Fee income | 2,566,519 | 692,988 | 2,304,287 | |||||||||
| Other income | 78,204 | - | - | |||||||||
| Total Investment Income | 32,306,857 | 21,521,576 | 46,298,751 | |||||||||
| Expenses: | ||||||||||||
| Base management fees | 1,146,403 | 6,358,750 | 11,189,646 | |||||||||
| Interest and financing expenses | 5,800,100 | 14,935,017 | 24,049,485 | |||||||||
| General and administrative expenses | 1,012,147 | 3,285,259 | 7,398,534 | |||||||||
| Salaries and benefits | 1,993,277 | - | - | |||||||||
| Administrator expenses | 612,983 | 2,226,831 | 3,323,989 | |||||||||
| Insurance expenses | 1,619,536 | 1,463,391 | 623,064 | |||||||||
| Directors fees | 1,039,717 | 1,451,077 | 1,258,378 | |||||||||
| Professional fees, net | 559,975 | (4,768,050 | ) | 19,323,082 | ||||||||
| Expenses before expense support reimbursement and management and incentive fee waivers | 13,784,138 | 24,952,275 | 67,166,178 | |||||||||
| Expense support reimbursement | - | (710,294 | ) | - | ||||||||
| Total expenses net of expense support reimbursement and management and incentive fee waivers | 13,784,138 | 24,241,981 | 67,166,178 | |||||||||
| Net Investment Income | 18,522,719 | (2,720,405 | ) | (20,867,427 | ) | |||||||
| Realized and unrealized gains (losses) on investments | ||||||||||||
| Net realized gains (losses): | ||||||||||||
| Non-controlled, non-affiliated investments | 7,747,672 | (9,973,416 | ) | (24,762,224 | ) | |||||||
| Affiliated investments | (10,088,405 | ) | (928,990 | ) | (7,670,970 | ) | ||||||
| Controlled investments | (40,144,795 | ) | (39,076,425 | ) | (79,739,742 | ) | ||||||
| Total net realized gains (losses) | (42,485,528 | ) | (49,978,831 | ) | (112,172,936 | ) | ||||||
| Net change in unrealized gains (losses): | ||||||||||||
| Non-controlled, non-affiliated investments | (5,022,484 | ) | 9,898,237 | 20,727,499 | ||||||||
| Affiliated investments | (10,342,450 | ) | 2,648,353 | (6,864,255 | ) | |||||||
| Controlled investments | 40,728,006 | (23,178,993 | ) | 24,634,707 | ||||||||
| Total net change in unrealized gains (losses) | 25,363,072 | (10,632,403 | ) | 38,497,951 | ||||||||
| Loss on extinguishment of debt | (122,355 | ) | (2,481,374 | ) | (2,032,655 | ) | ||||||
| Total realized and unrealized gains (losses) | (17,244,811 | ) | (63,092,608 | ) | (75,707,640 | ) | ||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,277,908 | $ | (65,813,013 | ) | $ | (96,575,067 | ) | ||||
| Weighted Average Basic and diluted earnings per common share | $ | 0.48 | $ | (24.16 | ) | $ | (35.46 | ) | ||||
| Weighted Average Basic and diluted net investment income (loss) per common share | $ | 6.92 | $ | (1.00 | ) | $ | (7.66 | ) | ||||
| Weighted Average Common Shares Outstanding - Basic and Diluted | 2,677,891 | 2,723,709 | 2,723,709 | |||||||||
| Dividends Declared per Common Share | $ | - | $ | - | $ | 3.00 | ||||||
| 截至九月三十日止的年度 | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| 利息收入： | ||||||||||||
| 投资利息 | ||||||||||||
| 非控制、非附属投资： | ||||||||||||
| 现金 | $ | 5,974,807 | $ | 9,137,394 | $ | 25,368,027 | ||||||
| 实物付款 | 609,964 | 863,744 | 1,755,260 | |||||||||
| 附属投资： | ||||||||||||
| 现金 | 1,099,809 | 1,182,294 | 2,197,555 | |||||||||
| 实物付款 | 327,804 | 2,425,557 | 2,604,279 | |||||||||
| 受控投资： | ||||||||||||
| 现金 | 75,000 | 84,505 | 337,956 | |||||||||
| 实物付款 | - | 500,767 | 2,800,890 | |||||||||
| 利息收入总额 | 8,087,384 | 14,194,261 | 35,063,967 | |||||||||
| 股息收入 | 21,564,348 | 6,256,250 | 8,218,480 | |||||||||
| 现金和现金等价物的利息 | 10,402 | 378,077 | 712,017 | |||||||||
| 手续费收入 | 2,566,519 | 692,988 | 2,304,287 | |||||||||
| 其他收入 | 78,204 | - | - | |||||||||
| 总投资收益 | 32,306,857 | 21,521,576 | 46,298,751 | |||||||||
| 费用： | ||||||||||||
| 基地管理费 | 1,146,403 | 6,358,750 | 11,189,646 | |||||||||
| 利息和融资费用 | 5,800,100 | 14,935,017 | 24,049,485 | |||||||||
| 一般和行政费用 | 1,012,147 | 3,285,259 | 7,398,534 | |||||||||
| 薪金和福利 | 1,993,277 | - | - | |||||||||
| 管理员费用 | 612,983 | 2,226,831 | 3,323,989 | |||||||||
| 保险费 | 1,619,536 | 1,463,391 | 623,064 | |||||||||
| 董事酬金 | 1,039,717 | 1,451,077 | 1,258,378 | |||||||||
| 专业费用，净额 | 559,975 | (4,768,050 | ) | 19,323,082 | ||||||||
| 费用前费用支持报销、管理和奖励费用减免 | 13,784,138 | 24,952,275 | 67,166,178 | |||||||||
| 费用支持报销 | - | (710,294 | ) | - | ||||||||
| 扣除费用支持报销、管理和奖励费用后的总费用 | 13,784,138 | 24,241,981 | 67,166,178 | |||||||||
| 净投资收益 | 18,522,719 | (2,720,405 | ) | (20,867,427 | ) | |||||||
| 已实现和未实现的投资收益(亏损) | ||||||||||||
| 已实现净收益(亏损)： | ||||||||||||
| 非控制、非附属投资 | 7,747,672 | (9,973,416 | ) | (24,762,224 | ) | |||||||
| 关联投资 | (10,088,405 | ) | (928,990 | ) | (7,670,970 | ) | ||||||
| 受控投资 | (40,144,795 | ) | (39,076,425 | ) | (79,739,742 | ) | ||||||
| 已实现净收益(亏损)合计 | (42,485,528 | ) | (49,978,831 | ) | (112,172,936 | ) | ||||||
| 未实现收益(亏损)净变化： | ||||||||||||
| 非控制、非附属投资 | (5,022,484 | ) | 9,898,237 | 20,727,499 | ||||||||
| 关联投资 | (10,342,450 | ) | 2,648,353 | (6,864,255 | ) | |||||||
| 受控投资 | 40,728,006 | (23,178,993 | ) | 24,634,707 | ||||||||
| 未实现收益(亏损)净变动总额 | 25,363,072 | (10,632,403 | ) | 38,497,951 | ||||||||
| 债务清偿损失 | (122,355 | ) | (2,481,374 | ) | (2,032,655 | ) | ||||||
| 已实现和未实现收益(亏损)合计 | (17,244,811 | ) | (63,092,608 | ) | (75,707,640 | ) | ||||||
| 经营所致净资产净增(减) | $ | 1,277,908 | $ | (65,813,013 | ) | $ | (96,575,067 | ) | ||||
| 普通股加权平均基本收益和稀释后收益 | $ | 0.48 | $ | (24.16 | ) | $ | (35.46 | ) | ||||
| 普通股加权平均基本和摊薄净投资收益(亏损) | $ | 6.92 | $ | (1.00 | ) | $ | (7.66 | ) | ||||
| 加权平均普通股流通股-基本和稀释 | 2,677,891 | 2,723,709 | 2,723,709 | |||||||||
| 宣布的每股普通股股息 | $ | - | $ | - | $ | 3.00 | ||||||