PhenixFIN Corp
NASDAQ:PFX
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PhenixFIN Corp
PhenixFIN Corp is a US-based company operating in Capital Markets industry. The company is headquartered in New York City, New York and currently employs 7 full-time employees. The company went IPO on 2011-01-20. PhenixFIN Corporation is an internally-managed non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation. The firm seeks to achieve objectives primarily through making loans, private equity or other investments in privately-held companies. The firm may also make debt, equity or other investments in publicly-traded companies. The Company’s investments may also include investments in other business development companies, closed-end funds and restate investment trusts. The company may also pursue other strategic opportunities and invest in other assets or operate other businesses to achieve its investment objective. Its portfolio generally consists of senior secured term loans, senior secured second lien term loans, senior secured bonds, unsecured debt, and preferred and common equity/equity equivalents.
PhenixFIN Corp is a US-based company operating in Capital Markets industry. The company is headquartered in New York City, New York and currently employs 7 full-time employees. The company went IPO on 2011-01-20. PhenixFIN Corporation is an internally-managed non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation. The firm seeks to achieve objectives primarily through making loans, private equity or other investments in privately-held companies. The firm may also make debt, equity or other investments in publicly-traded companies. The Company’s investments may also include investments in other business development companies, closed-end funds and restate investment trusts. The company may also pursue other strategic opportunities and invest in other assets or operate other businesses to achieve its investment objective. Its portfolio generally consists of senior secured term loans, senior secured second lien term loans, senior secured bonds, unsecured debt, and preferred and common equity/equity equivalents.
Net Investment Income: Net investment income for the quarter was $0.01 per share after adjusting for merger-related expenses.
NAV Decline: Net asset value per share fell to $5.11 from $5.61 last quarter, mainly due to credit marks, merger and litigation costs, and a dividend in excess of NII.
No Dividend: The Board did not declare a dividend for the quarter ended March 31.
Merger Update: The proposed merger with Sierra has been postponed but is still being pursued; agreements have not been terminated.
Portfolio Activity: $13.3 million was invested in existing borrowers and nearly $27 million in new borrowers via the senior loan joint venture.
Litigation Expenses: $8.5 million in litigation-related professional fees impacted results, and the company is seeking insurance reimbursement.
Debt Update: Post quarter end, $135 million of SBA debentures have been fully repaid.
