PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2024 Financial Results
PhenixFIN (PFX) reported strong fiscal year 2024 results, highlighting a 12% year-over-year growth in NAV per share from $70.75 to $79.37. The fourth quarter showed total investment income of $5.6 million and net investment income of $0.5 million. The company's investment portfolio reached $227.9 million across 41 companies, with a weighted average yield of 12.3% on debt investments.
A significant milestone was achieved with the acquisition of approximately 80% equity in The National Security Group (NSG), an Alabama-based insurance holding company, completed on October 1, 2024. The company's financial position includes $67.6 million in cash, $59.2 million in unsecured notes due 2028, and $78.1 million outstanding under the Credit Facility.
PhenixFIN (PFX) ha riportato risultati fiscali robusti per l'anno 2024, evidenziando una crescita del 12% rispetto all'anno precedente nel NAV per azione, passando da $70.75 a $79.37. Il quarto trimestre ha mostrato un reddito totale da investimenti di $5.6 milioni e un reddito netto da investimenti di $0.5 milioni. Il portafoglio d'investimenti dell'azienda ha raggiunto $227.9 milioni distribuiti su 41 aziende, con un rendimento medio ponderato del 12.3% sugli investimenti in debito.
Un traguardo significativo è stato raggiunto con l'acquisizione di circa l'80% delle azioni di The National Security Group (NSG), una holding assicurativa con sede in Alabama, completata il 1° ottobre 2024. La posizione finanziaria dell'azienda include $67.6 milioni in liquidità, $59.2 milioni in titoli non garantiti in scadenza nel 2028, e $78.1 milioni di debito residuo sotto la linea di credito.
PhenixFIN (PFX) informó resultados sólidos para el año fiscal 2024, destacando un crecimiento del 12% año tras año en el NAV por acción, que pasó de $70.75 a $79.37. El cuarto trimestre mostró un ingreso total por inversiones de $5.6 millones y un ingreso neto de inversiones de $0.5 millones. La cartera de inversiones de la empresa alcanzó los $227.9 millones distribuidos en 41 empresas, con un rendimiento promedio ponderado del 12.3% en inversiones de deuda.
Se logró un hito significativo con la adquisición de aproximadamente el 80% de las acciones de The National Security Group (NSG), una compañía de seguros con sede en Alabama, completada el 1 de octubre de 2024. La posición financiera de la empresa incluye $67.6 millones en efectivo, $59.2 millones en notas no garantizadas que vencen en 2028, y $78.1 millones pendientes bajo la línea de crédito.
PhenixFIN (PFX)는 2024 회계 연도의 강력한 실적을 보고하며, 주당 NAV의 연간 12% 성장률을 강조했습니다. NAV는 $70.75에서 $79.37로 증가했습니다. 4분기 전체 투자 수익은 $5.6백만 달러, 순 투자 수익은 $0.5백만 달러에 달했습니다. 회사의 투자 포트폴리오는 41개 기업을 통해 $227.9백만 달러에 도달했으며, 채무 투자에 대한 가중 평균 수익률은 12.3%입니다.
알라바마에 본사를 둔 보험 지주회사인 The National Security Group (NSG)의 약 80% 지분을 인수하면서 중요한 이정표를 달성했습니다. 이 인수는 2024년 10월 1일에 완료되었습니다. 회사의 재무 상태는 $67.6백만 달러의 현금, 2028년 만기인 $59.2백만 달러의 무담보 채권, 신용 시설 아래에 있는 $78.1백만 달러의 미결제 잔액을 포함합니다.
PhenixFIN (PFX) a signalé de solides résultats financiers pour l'année fiscale 2024, mettant en évidence une croissance de 12% d'une année sur l'autre du NAV par action, passant de 70,75 $ à 79,37 $. Le quatrième trimestre a montré des revenus totaux d'investissement de 5,6 millions de dollars et des revenus nets d'investissement de 0,5 million de dollars. Le portefeuille d'investissement de l'entreprise a atteint 227,9 millions de dollars répartis sur 41 entreprises, avec un rendement moyen pondéré de 12,3 % sur les investissements en dette.
Un jalon significatif a été atteint avec l'acquisition d'environ 80 % des actions de The National Security Group (NSG), une société de holding d'assurance basée en Alabama, complétée le 1er octobre 2024. La position financière de l'entreprise comprend 67,6 millions de dollars en espèces, 59,2 millions de dollars en obligations non garanties échéant en 2028, et 78,1 millions de dollars d'excédent sous la facilité de crédit.
PhenixFIN (PFX) meldete für das Geschäftsjahr 2024 starke Ergebnisse und hob ein jährliches Wachstum des NAV pro Aktie von 12% hervor, das von $70.75 auf $79.37 gestiegen ist. Im vierten Quartal gab es ein Gesamteinkommen aus Investitionen von $5.6 Millionen und ein Nettoinvestitionseinkommen von $0.5 Millionen. Das Anlageportfolio des Unternehmens erreichte $227.9 Millionen über 41 Unternehmen, mit einer gewichteten durchschnittlichen Rendite von 12.3% bei Schuldinvestitionen.
Ein bedeutender Meilenstein wurde mit dem Erwerb von etwa 80% der Anteile an der National Security Group (NSG), einer in Alabama ansässigen Versicherungsgesellschaft, erreicht, der am 1. Oktober 2024 abgeschlossen wurde. Die finanzielle Lage des Unternehmens umfasst $67.6 Millionen in Barbestand, $59.2 Millionen in ungesicherten Anleihen mit Fälligkeit 2028 und $78.1 Millionen an ausstehenden Beträgen unter der Kreditfazilität.
- 12% growth in NAV per share from $70.75 to $79.37
- Portfolio fair value of $227.9 million across 41 companies
- 12.3% weighted average yield on debt investments
- Strategic acquisition of 80% equity in NSG
- Strong liquidity position with $67.6 million in cash
- Only $0.5 million in net investment income for Q4
- 3 portfolio companies on non-accrual status worth $2.4 million
- Significant debt exposure with $137.3 million in combined notes and credit facility
Insights
PhenixFIN delivered a solid fiscal year 2024 with notable financial metrics. The 12% NAV growth from
The acquisition of
The strategic acquisition of The National Security Group marks PhenixFIN's expansion into the insurance sector, potentially reducing portfolio concentration risk. The
The substantial cash position of
For the Fiscal Year ended 2024 NAV per share grew
NEW YORK, Dec. 17, 2024 (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 2024.
Highlights
- Fourth quarter total investment income of
$5.6 million ; net investment income of$0.5 million - Net asset value (NAV) of
$160.3 million , or$79.37 per share as of September 30, 2024, vs.$70.75 per share as of September 30, 2023 - Weighted average yield was
12.3% on debt and other income producing investments as of the fiscal year end - On October 1, 2024 the Company completed the acquisition of approximately
80% of the equity of The National Security Group, Inc. (“NSG”) an Alabama based insurance holding company.
David Lorber, Chief Executive Officer of the Company, stated:
“We are pleased with our performance in 2024 as we grew NAV per share
Selected Fourth Quarter 2024 Financial Results for the Quarter Ended September 30, 2024:
Total investment income was
Total net expenses were
The Company recorded a net realized gain of
Portfolio and Investment Activities for the Quarter Ended September 30, 2024:
The fair value of the Company's investment portfolio totaled
The Company had 3 portfolio company investments on non-accrual status with a fair market value of
Liquidity and Capital Resources
At September 30, 2024, the Company had
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, increase investment activity, increase net investment income, implement its investment strategy and achieve its investment objective, source and capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, the ability of our portfolio companies, including National Security Group, Inc. to perform well and generate income 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 | ||||||||
September 30, 2024 | September 30, 2023 | |||||||
Assets: | ||||||||
Investments at fair value | ||||||||
Non-controlled, non-affiliated investments (amortized cost of | $ | 142,233,426 | $ | 125,531,031 | ||||
Affiliated investments (amortized cost of | 14,750,785 | 37,289,617 | ||||||
Controlled investments (amortized cost of | 70,931,647 | 63,640,043 | ||||||
Total Investments at fair value | 227,915,858 | 226,460,691 | ||||||
Cash and cash equivalents | 67,571,559 | 5,988,223 | ||||||
Receivables: | ||||||||
Other receivable | 65,838 | 31,425 | ||||||
Interest receivable | 1,313,598 | 971,115 | ||||||
Dividends receivable | 23,468 | 161,479 | ||||||
Receivable for investments sold | 2,955,775 | 3,940,175 | ||||||
Other assets | 1,066,323 | 833,000 | ||||||
Deferred tax asset | 887,099 | - | ||||||
Deferred financing costs | 760,680 | 699,124 | ||||||
Prepaid share repurchase | 101,115 | 199,019 | ||||||
Due from Affiliate | 90,500 | 409,214 | ||||||
Total Assets | $ | 302,751,813 | $ | 239,693,465 | ||||
Liabilities: | ||||||||
Credit facility and notes payable (net of debt issuance costs of | $ | 135,723,636 | $ | 84,253,106 | ||||
Accounts payable and accrued expenses | 5,570,150 | 3,066,984 | ||||||
Interest and fees payable | 768,043 | 690,398 | ||||||
Other liabilities | 294,063 | 432,698 | ||||||
Due to Affiliate | 88,148 | - | ||||||
Payable for investments purchased | - | 4,123,059 | ||||||
Deferred revenue | - | 421,685 | ||||||
Total Liabilities | 142,444,040 | 92,987,930 | ||||||
Commitments and Contingencies (see Note 8) | ||||||||
Net Assets: | ||||||||
Common Shares, | 2,020 | 2,074 | ||||||
Capital in excess of par value | 704,909,588 | 694,812,239 | ||||||
Total distributable earnings (loss) | (544,603,835 | ) | (548,108,778 | ) | ||||
Total Net Assets | 160,307,773 | 146,705,535 | ||||||
Total Liabilities and Net Assets | $ | 302,751,813 | $ | 239,693,465 | ||||
Net Asset Value Per Common Share | $ | 79.37 | $ | 70.75 |
PHENIXFIN CORPORATION Consolidated Statements of Operations | ||||||||||||
For the Years Ended September 30, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Interest Income: | ||||||||||||
Interest from investments | ||||||||||||
Non-controlled, non-affiliated investments: | ||||||||||||
Cash | $ | 10,231,111 | $ | 8,031,539 | $ | 5,207,850 | ||||||
Payment in-kind | 938,879 | 506,555 | 444,741 | |||||||||
Affiliated investments: | ||||||||||||
Cash | 742,881 | 1,925,293 | 639,733 | |||||||||
Payment in-kind | - | 460,856 | 374,981 | |||||||||
Controlled investments: | ||||||||||||
Cash | 2,121,713 | 667,312 | 2,489,381 | |||||||||
Payment in-kind | 268,831 | 557,981 | - | |||||||||
Total interest income | 14,303,415 | 12,149,536 | 9,156,686 | |||||||||
Dividend income | ||||||||||||
Non-controlled, non-affiliated investments | 2,691,393 | 3,139,592 | 1,996,374 | |||||||||
Affiliated investments | 199,388 | - | - | |||||||||
Controlled investments | 3,972,352 | 3,716,676 | 3,507,051 | |||||||||
Total dividend income | 6,863,133 | 6,856,268 | 5,503,425 | |||||||||
Interest from cash and cash equivalents | 500,079 | 400,031 | 139,942 | |||||||||
Fee income (see Note 9) | 514,949 | 324,290 | 420,279 | |||||||||
Other income | 22 | 402,138 | 323,828 | |||||||||
Total Investment Income | 22,181,598 | 20,132,263 | 15,544,160 | |||||||||
Expenses: | ||||||||||||
Interest and financing expenses | 6,609,473 | 5,531,833 | 5,113,105 | |||||||||
Salaries and benefits | 6,850,792 | 4,186,852 | 2,952,106 | |||||||||
Professional fees, net | 1,462,766 | 1,404,676 | 1,340,828 | |||||||||
General and administrative expenses | 1,093,922 | 983,274 | 1,103,125 | |||||||||
Directors fees | 750,000 | 728,833 | 712,000 | |||||||||
Insurance expenses | 378,854 | 466,319 | 590,178 | |||||||||
Administrator expenses (see Note 6) | 301,931 | 320,310 | 301,281 | |||||||||
Total expenses | 17,447,738 | 13,622,097 | 12,112,623 | |||||||||
Net Investment Income | 4,733,860 | 6,510,166 | 3,431,537 | |||||||||
Realized and unrealized gains (losses) on investments | ||||||||||||
Net realized gains (losses): | ||||||||||||
Non-controlled, non-affiliated investments | 740,924 | (10,538,228 | ) | 810,240 | ||||||||
Affiliated investments | (1,991,456 | ) | (1,018,267 | ) | 4,408,961 | |||||||
Controlled investments | 8,542,831 | 23,456 | 1,850 | |||||||||
Total net realized gains (losses) | 7,292,299 | (11,533,039 | ) | 5,221,051 | ||||||||
Net change in unrealized gains (losses): | ||||||||||||
Non-controlled, non-affiliated investments | 7,862,162 | 15,954,552 | (16,701,153 | ) | ||||||||
Affiliated investments | 5,130,836 | 7,327,399 | 96,490 | |||||||||
Controlled investments | (7,287,134 | ) | 8,659,262 | 2,141,326 | ||||||||
Total net change in unrealized gains (losses) | 5,705,864 | 31,941,213 | (14,463,337 | ) | ||||||||
Loss on extinguishment of debt (see Note 5) | - | - | (296,197 | ) | ||||||||
Deferred tax benefit (expense) | 887,099 | - | - | |||||||||
Total realized and unrealized gains (losses) | 13,885,262 | 20,408,174 | (9,538,483 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 18,619,122 | $ | 26,918,340 | $ | (6,106,946 | ) | |||||
Weighted average basic and diluted earnings per common share | $ | 9.13 | $ | 12.87 | $ | (2.63 | ) | |||||
Weighted average common shares outstanding - basic and diluted (see Note 11) | 2,040,253 | 2,092,326 | 2,323,601 |
FAQ
What was PhenixFIN's (PFX) NAV per share growth in fiscal year 2024?
How much was PFX's total investment income in Q4 2024?
What is the size of PhenixFIN's (PFX) investment portfolio as of Q4 2024?
What major acquisition did PFX complete in October 2024?