Board Expands Share Repurchase Program to $25 million
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal first quarter of 2022.
Highlights
- During the first quarter, total investment income of $3.1 million; net investment income of $0.2 million
- Net asset value (NAV) of $148.5 million, or $58.99 per share as of December 31, 2021 vs. $57.08 per share as of September 30, 2021
- NAV per share has increased 11.4% over the twelve month period ended December 31, 2021 (since internalization)
- For the full calendar year, operating expenses declined 44% compared to the preceding twelve months
- Weighted average yield to maturity of 8.78% on debt investments
- Issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 (NASDAQ: PFXNZ)
Subsequent Events:
- On February 9, 2022, the Board approved the expansion of the current repurchase program from $15 million to $25 million. Since announcing the plan on January 11, 2021 through February 8, 2022, the Company has repurchased 219,964 shares at an aggregate price of $8.7 million (8.08% of shares outstanding as of plan inception).
David Lorber, Chief Executive Officer of the Company, stated:
"After our first year as an internally managed BDC we have successfully repositioned a significant portion of the portfolio and reduced our cost structure. For the first twelve months of being an internally managed BDC, our operating expenses decreased by 44% as compared to the preceding twelve month period, from $12.5 million to $6.9 million. In addition, we launched FlexFIN, an operating company owned in partnership with Kwiat/Fred Leighton, generating attractive returns."
Since our internalization on January 1, 2021, we have monetized 15 positions totaling $116.2 million and deployed capital into 21 new investments and 6 add on investments, aggregating $135.6 million.
Selected First Quarter 2022 Financial Results
For the quarter ended December 31, 2021, investment income totaled $3.1 million, of which $2.6 million was attributable to portfolio interest and dividend income and $0.5 million was attributable to fee and other income
For the quarter ended December 31, 2021, total net expenses were $2.9 million and total net investment income was $0.2 million
For the quarter ended December 31, 2021, the Company recorded a net realized gain of $15.2 million and net change in unrealized depreciation of $10.3 million.
Portfolio and Investment Activities
As of December 31, 2021, the fair value of the Company's investment portfolio totaled $175.4 million and consisted of 42 portfolio companies.
As of December 31, 2021, the Company had 6 portfolio company investments on non-accrual status with a fair market value of $10.4 million.
Liquidity and Capital Resources
At December 31, 2021, the Company had $59.4 million in cash and $55.2 million and $22.4 million outstanding in aggregate principal amount of its 5.25% unsecured notes due 2028 and 6.125% unsecured notes due 2023, respectively.
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 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.
SAFE HARBOR STATEMENT AND OTHER DISCLOSURES
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, reduce operating expenses for a sustainable period of time, implement its investment objective, capitalize on investment opportunities, execute successfully its share repurchase program and perform well and operate effectively under an internalized management structure, FlexFIN's ability to perform effectively and generate attractive returns 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.
Past performance is not a guarantee of future results. 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.
For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.
PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities
| December 31, 2021 (Unaudited) | | | September 30, 2021 | |
Assets: | | | | | |
Investments at fair value | | | | | |
Non-controlled, non-affiliated investments (amortized cost of $128,348,470 and $92,214,167, respectively) | $ | 120,418,943 | | | $ | 84,152,678 | |
Affiliated investments (amortized cost of $46,411,711 and $75,963,427, respectively) | | 17,569,686 | | | | 57,595,245 | |
Controlled investments (amortized cost of $66,991,021 and $39,490,097, respectively) | | 37,410,426 | | | | 9,891,860 | |
Total Investments at fair value | | 175,399,055 | | | | 151,639,783 | |
Cash and cash equivalents | | 59,380,000 | | | | 69,433,256 | |
Receivables: | | | | | | | |
Paydown receivable | | 3,885,645 | | | | 292,015 | |
Interest receivable | | 533,347 | | | | 371,576 | |
Dividends receivable | | 220,459 | | | | 81,211 | |
Due from Affiliate | | 137 | | | | - | |
Fees receivable | | - | | | | 1,872,700 | |
Other receivable | | 1,293 | | | | - | |
Other assets | | 1,242,845 | | | | 1,401,746 | |
Total Assets | $ | 240,662,781 | | | $ | 225,092,287 | |
Liabilities: | | | | | | | |
Notes payable (net of debt issuance costs of $2,380,843 and $412,795, respectively) | $ | 77,640,957 | | | $ | 77,434,005 | |
Interest and fees payable | | 385,729 | | | | - | |
Deferred revenue | | 386,156 | | | | - | |
Due to broker | | 12,089,033 | | | | 1,586,000 | |
Due to affiliates | | - | | | | 280,323 | |
Administrator expenses payable | | 127,965 | | | | 67,920 | |
Accounts payable and accrued expenses | | 922,416 | | | | 1,416,524 | |
Other liabilities | | 613,534 | | | | 613,534 | |
Total Liabilities | | 92,165,790 | | | | 81,398,306 | |
Commitments and Contingencies | | | | | | | |
Net Assets: | | | | | | | |
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,517,221 common shares outstanding | | 2,517 | | | | 2,517 | |
Capital in excess of par value | | 688,866,642 | | | | 688,866,642 | |
Total distributable earnings (loss) | | (540,372,168 | ) | | | (545,175,178 | ) |
Total Net Assets | $ | 148,496,991 | | | $ | 143,693,981 | |
Total Liabilities and Net Assets | $ | 240,662,781 | | | $ | 225,092,287 | |
Net Asset Value Per Common Share | $ | 58.99 | | | $ | 57.08 | |
PHENIXFIN CORPORATION
Consolidated Statements of Operations
(Unaudited)
| For the Three Months Ended December 31 | |
| 2021 | | | 2020 | |
Interest Income: | | | | | |
Interest from investments | | | | | |
Non-controlled, non-affiliated investments: | | | | | |
Cash | $ | 1,015,692 | | | $ | 1,671,813 | |
Payment in-kind | | 138,511 | | | | 170,029 | |
Affiliated investments: | | | | | | | |
Cash | | 122,147 | | | | 352,291 | |
Payment in-kind | | 97,028 | | | | - | |
Controlled investments: | | | | | | | |
Cash | | 553,638 | | | | 1,190 | |
Total interest income | | 1,927,016 | | | | 2,195,323 | |
Dividend income | | 702,930 | | | | 10,263,501 | |
Interest from cash and cash equivalents | | 2,739 | | | | 940 | |
Fee income | | 270,122 | | | | 341,464 | |
Other income | | 230,434 | | | | - | |
Total Investment Income | | 3,133,241 | | | | 12,801,228 | |
Expenses: | | | | | | | |
Base management fees | | - | | | | 1,146,403 | |
Interest and financing expenses | | 1,487,675 | | | | 2,017,641 | |
General and administrative expenses | | 196,559 | | | | 377,934 | |
Salaries and Benefits | | 505,875 | | | | - | |
Administrator expenses | | 68,866 | | | | 484,412 | |
Insurance expenses | | 158,904 | | | | 485,012 | |
Directors fees | | 208,500 | | | | 475,717 | |
Professional fees, net | | 306,751 | | | | (515,622 | ) |
Total expenses | | 2,933,130 | | | | 4,471,497 | |
Net Investment Income | | 200,111 | | | | 8,329,731 | |
Realized and unrealized gains (losses) on investments | | | | | | | |
Net realized gains (losses): | | | | | | | |
Non-controlled, non-affiliated investments | | 484,513 | | | | 3,893,722 | |
Affiliated investments | | 14,737,897 | | | | (10,452,928 | ) |
Controlled investments | | 925 | | | | (40,147,570 | ) |
Total net realized gains (losses) | | 15,223,335 | | | | (46,706,776 | ) |
Net change in unrealized gains (losses): | | | | | | | |
Non-controlled, non-affiliated investments | | 131,963 | | | | (4,057,063 | ) |
Affiliated investments | | (10,473,843 | ) | | | (2,118,324 | ) |
Controlled investments | | 17,641 | | | | 38,236,935 | |
Total net change in unrealized gains (losses) | | (10,324,239 | ) | | | 32,061,548 | |
Loss on extinguishment of debt | | (296,197 | ) | | | (122,354 | ) |
Total realized and unrealized gains (losses) | | 4,602,899 | | | | (14,767,582 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,803,010 | | | $ | (6,437,851 | ) |
Weighted Average Basic and diluted earnings per common share | $ | 1.91 | | | $ | (2.36 | ) |
Weighted Average Basic and diluted net investment income (loss) per common share | $ | 0.08 | | | $ | 3.06 | |
Weighted Average Common Shares Outstanding - Basic and Diluted | | 2,517,221 | | | | 2,723,709 | |
取締役会は株の買い戻し計画を2500万ドルに拡大した
ニューヨーク、2022年2月10日(環球社)上場商業開発会社ナスダック(PhenixFIN Corporation)(以下、PFX)は本日、2022年度第1四半期の財務業績を発表した。
ハイライト
- 第1四半期の総投資収入は310万ドル、純投資収入は20万ドルだった
- 2021年12月31日現在の純資産価値(NAV)は1株485億ドル、または1株58.99ドルであるが、2021年9月30日現在の純資産額は1株57.08ドルである
- 2021年12月31日までの12カ月間、1株当たり純資産額は11.4%増加した(内部化以来)
- 例年を通して、運営費は前12カ月に比べて44%減少しています
- 債務投資の加重平均満期収益率は8.78%
- 元金総額5,750万ドル、元金5.25%、2028年満期の無担保手形(ナスダック:PFXNZ)を発行
その後の活動:
- 2022年2月9日、取締役会は現在の買い戻し計画を1500万ドルから2500万ドルに拡大することを承認した。同社は2021年1月11日から2022年2月8日までに同計画を発表して以来、219,964株を買い戻し、総価格は870万ドル(計画開始時の発行済み株の8.08%)だった。
会社のCEOデヴィッド·ロベルはこう言いました
私たちが内部管理になったBDCの最初の年後、私たちはポートフォリオの大きな部分を再配置し、コスト構造を下げることに成功しました。内部管理になったBDCになる前の12ヶ月間、私たちの運営費用は前の12ヶ月に比べて44%減少し、1250万ドルから690万ドルに低下しました。また、Kwiat/Fred Leightonと協力して所有する運営会社であるFlexFINを発売し、魅力的なリターンを生み出しました
2021年1月1日以内に化されて以来、私たちは15個のチップを貨幣化し、合計1.162億ドル、21個の新投資と6つの追加投資、合計1兆356億ドルに資本を配置した。
2022年第1四半期の財務業績を厳選する
2021年12月31日までの四半期、投資収入は合計310万ドルで、その中の260万ドルはポートフォリオの利息と配当収入から、50万ドルは手数料とその他の収入から来ている
2021年12月31日までの四半期の総純支出は290万ドル、総純投資収入は20万ドル
同社は2021年12月31日までの四半期に純収益1,520万ドルを記録しており、減価償却純変化は1,030万ドルを実現していない。
ポートフォリオと投資活動
2021年12月31日現在、会社ポートフォリオの公正価値は合計1.754億ドルで、42のポートフォリオ会社から構成されている。
2021年12月31日現在、同社には6つの非権責発生制ポートフォリオ会社が投資されており、公平な市場価値は1040万ドル。
流動性と資本資源
2021年12月31日現在、会社には5,940万ドルの現金があり、2028年に満期となった5.25%の無担保手形元金総額は5,520万ドル、2023年に満期となった6.125%の無担保手形元金総額は2,240万ドルである。
フィニーXFIN社について
PhenixFIN社はデラウェア州に登録して設立された非多元化、内部管理の閉鎖的な管理投資会社であり、1940年に改正された“投資会社法”に基づいて業務発展会社として監督管理を行うことを選択した。私たちは2011年1月20日に初公募を完了し、運営を開始した。改正された1986年の国内税法M分章によると、当社はすでに選択しており、毎年米国連邦所得税の目的に合った規制された投資会社とみなされる資格があると考えられている。2021年1月1日から、会社は内部化管理構造の下で運営されている。
安全港声明とその他の開示
このプレスリリースには“前向き”声明が含まれている。これらの前向きな陳述は、将来の事件および財務表現に対する現在の見方を反映しており、会社は本プレスリリースの日または後に関連する口頭前向き陳述を行う可能性がある。このような展望的陳述は未来の結果と条件を予測する内在的不確実性の影響を受ける。いくつかの要因は、PhenixFINが株主に価値を提供する能力、持続可能な期間内に運営費用を減少させる能力、その投資目標を達成すること、投資機会を利用すること、その株式買い戻し計画を成功裏に実行し、内部管理構造下で良好かつ効率的な運営を示す能力、FlexFINが効果的に実行し、魅力的なリターンを生成する能力、および同社が米国証券取引委員会に提出する定期報告に列挙された他の要素を含む、実際の結果および条件がこれらの前向き陳述で予測されたものと大きく異なる可能性がある。PhenixFIN社は、本プレスリリースの任意の前向きな陳述を更新または修正するためのいかなる義務も負いません。
過去の表現は未来の結果を保障できない。プレスリリースには監査されていない財政的結果が含まれている。検討を容易にするために、私たちは四捨五入の結果で“約”という言葉を排除した。本プレスリリースは参考までに、PhenixFIN社の普通株の購入または販売の要約ではありません。PhenixFIN社がその投資目標を達成することは保証されない
PhenixFIN投資家関係を知るためには、212-859-0390に電話してください。メディア検索がありましたら、info@henixfc.comに連絡してください。
フェニセフィン社
合併貸借対照表
| 十二月三十一日 2021 (未監査) | | | 九月三十日 2021 | |
資産: | | | | | |
公正価値計算の投資 | | | | | |
非制御、非付属投資(償却コストはそれぞれ128348470ドル、92214167ドル) | $ | 120,418,943 | | | $ | 84,152,678 | |
付属投資(分担費用はそれぞれ46411ドル、75 963 427ドル) | | 17,569,686 | | | | 57,595,245 | |
制御された投資(償却コストはそれぞれ66,991,021ドルと39,490,097ドル) | | 37,410,426 | | | | 9,891,860 | |
公平な価値で計算される総投資 | | 175,399,055 | | | | 151,639,783 | |
現金と現金等価物 | | 59,380,000 | | | | 69,433,256 | |
入金: | | | | | | | |
手付金を受け取る | | 3,885,645 | | | | 292,015 | |
受取利息 | | 533,347 | | | | 371,576 | |
売掛金 | | 220,459 | | | | 81,211 | |
付属会社が支払わなければならない | | 137 | | | | - | |
受取費用 | | - | | | | 1,872,700 | |
その他売掛金 | | 1,293 | | | | - | |
その他の資産 | | 1,242,845 | | | | 1,401,746 | |
総資産 | $ | 240,662,781 | | | $ | 225,092,287 | |
負債: | | | | | | | |
支払手形(債務発行費用2380843ドルおよび412795ドルをそれぞれ差し引く) | $ | 77,640,957 | | | $ | 77,434,005 | |
利子と費用をまかなう | | 385,729 | | | | - | |
収入を繰り越す | | 386,156 | | | | - | |
マネージャーのせいで | | 12,089,033 | | | | 1,586,000 | |
付属会社のせいで | | - | | | | 280,323 | |
管理費用に対処する | | 127,965 | | | | 67,920 | |
売掛金と売掛金 | | 922,416 | | | | 1,416,524 | |
その他負債 | | 613,534 | | | | 613,534 | |
総負債 | | 92,165,790 | | | | 81,398,306 | |
引受金とその他の事項 | | | | | | | |
純資産: | | | | | | | |
普通株、額面0.001ドル;発行許可5,000,000株;発行済み2,723,709株;発行済み普通株2,517,221株 | | 2,517 | | | | 2,517 | |
額面価値を超えた資本 | | 688,866,642 | | | | 688,866,642 | |
分配可能収益(損失)総額 | | (540,372,168 | ) | | | (545,175,178 | ) |
純資産総額 | $ | 148,496,991 | | | $ | 143,693,981 | |
総負債と純資産 | $ | 240,662,781 | | | $ | 225,092,287 | |
普通株式1株当たり純資産額 | $ | 58.99 | | | $ | 57.08 | |
フェニセフィン社
連結業務報告書
(未監査)
| 上には 3か月まで 十二月三十一日 | |
| 2021 | | | 2020 | |
利息収入: | | | | | |
投資利息 | | | | | |
非制御された非付属投資: | | | | | |
現金 | $ | 1,015,692 | | | $ | 1,671,813 | |
実物払い | | 138,511 | | | | 170,029 | |
付属投資: | | | | | | | |
現金 | | 122,147 | | | | 352,291 | |
実物払い | | 97,028 | | | | - | |
支配的な投資: | | | | | | | |
現金 | | 553,638 | | | | 1,190 | |
利子収入総額 | | 1,927,016 | | | | 2,195,323 | |
配当収入 | | 702,930 | | | | 10,263,501 | |
現金と現金等価物の利息 | | 2,739 | | | | 940 | |
費用収入 | | 270,122 | | | | 341,464 | |
その他の収入 | | 230,434 | | | | - | |
総投資収益 | | 3,133,241 | | | | 12,801,228 | |
費用: | | | | | | | |
基地管理費 | | - | | | | 1,146,403 | |
利子と融資費用 | | 1,487,675 | | | | 2,017,641 | |
一般と行政費用 | | 196,559 | | | | 377,934 | |
賃金と福祉 | | 505,875 | | | | - | |
管理人費用 | | 68,866 | | | | 484,412 | |
保険料 | | 158,904 | | | | 485,012 | |
役員謝礼金 | | 208,500 | | | | 475,717 | |
専門費用,純額 | | 306,751 | | | | (515,622 | ) |
総費用 | | 2,933,130 | | | | 4,471,497 | |
純投資収益 | | 200,111 | | | | 8,329,731 | |
実現していない投資収益(赤字) | | | | | | | |
純利益(損失): | | | | | | | |
非制御·非付属投資 | | 484,513 | | | | 3,893,722 | |
関連投資 | | 14,737,897 | | | | (10,452,928 | ) |
制御投資 | | 925 | | | | (40,147,570 | ) |
純収益合計を実現した | | 15,223,335 | | | | (46,706,776 | ) |
未実現収益(損失)純変化: | | | | | | | |
非制御·非付属投資 | | 131,963 | | | | (4,057,063 | ) |
関連投資 | | (10,473,843 | ) | | | (2,118,324 | ) |
制御投資 | | 17,641 | | | | 38,236,935 | |
未達成収益(赤字)純変動総額 | | (10,324,239 | ) | | | 32,061,548 | |
債務返済損失 | | (296,197 | ) | | | (122,354 | ) |
実現した収益と未実現収益を合計する | | 4,602,899 | | | | (14,767,582 | ) |
経営純資産が純増する | $ | 4,803,010 | | | $ | (6,437,851 | ) |
普通株1株あたりの加重平均基本収益と希薄収益 | $ | 1.91 | | | $ | (2.36 | ) |
普通株加重平均基本と希薄純投資収益(損失) | $ | 0.08 | | | $ | 3.06 | |
加重平均普通株式流通株−基本と希釈− | | 2,517,221 | | | | 2,723,709 | |