PhenixFIN Corporation Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>PhenixFIN Corporation has filed its quarterly report for the period ending March 31, 2024, detailing its financial status and compliance with SEC regulations.</b>

AI Summary

PhenixFIN Corp (PFXNZ) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. PhenixFIN Corporation filed a 10-Q quarterly report for the period ended March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on September 30. PhenixFIN Corporation's common stock is traded on The NASDAQ Global Market under the symbol PFX. The company also has 5.25% Notes due 2028 registered under the trading symbol PFXNZ on The NASDAQ Global Market. PhenixFIN Corporation has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking PhenixFIN Corp, this filing contains several important signals. This filing provides investors with an updated view of PhenixFIN Corporation's financial performance and operational status for the first quarter of 2024. The report confirms the company's adherence to SEC filing requirements, indicating a level of transparency and regulatory compliance.

Risk Assessment

Risk Level: low — PhenixFIN Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess PhenixFIN Corporation's performance and outlook.

Key Numbers

• 2024-03-31 — Quarter End Date (Period for the 10-Q filing)
• 2024-05-10 — Filing Date (Date the 10-Q was filed)
• 0930 — Fiscal Year End (Annual fiscal year end)
• 5.25% — Note Interest Rate (Interest rate for the 5.25% Notes due 2028)
• 2028 — Note Maturity Year (Maturity year for the 5.25% Notes)

Key Players & Entities

• PhenixFIN Corporation (company) — Registrant
• March 31, 2024 (date) — Quarterly Period Ended
• 20240510 (date) — Filing Date
• Delaware (jurisdiction) — State of Incorporation
• PFX (ticker) — Common Stock Trading Symbol
• PFXNZ (ticker) — Notes Trading Symbol
• NASDAQ Global Market (exchange) — Exchange where securities are registered
• Medley Capital Corp (company) — Former Company Name

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

SEC

U.S. Securities and Exchange Commission. (The regulatory body that oversees securities markets and requires filings like the 10-Q.)

NASDAQ Global Market

A global electronic marketplace for buying and selling securities. (The exchange where PhenixFIN Corporation's common stock and notes are traded.)

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share PFX The NASDAQ Global Market
• $249,412,548 — ). The tax cost basis of investments is $249,412,548 as of March 31, 2024. The amortized cos
• $154,271,897 — 5) Percentage is based on net assets of $154,271,897 as of March 31, 2024. (6) Affiliated I

Filing Documents

• ea0205196-10q_phenixfin.htm (10-Q) — 3123KB
• ea020519601ex10-13_phenixfin.htm (EX-10.13) — 95KB
• ea020519601ex31-1_phenixfin.htm (EX-31.1) — 10KB
• ea020519601ex31-2_phenixfin.htm (EX-31.2) — 10KB
• ea020519601ex32-1_phenixfin.htm (EX-32.1) — 5KB
• 0001213900-24-041496.txt (&nbsp;) — 13296KB
• pfx-20240331.xsd (EX-101.SCH) — 141KB
• pfx-20240331_cal.xml (EX-101.CAL) — 46KB
• pfx-20240331_def.xml (EX-101.DEF) — 437KB
• pfx-20240331_lab.xml (EX-101.LAB) — 823KB
• pfx-20240331_pre.xml (EX-101.PRE) — 445KB
• ea0205196-10q_phenixfin_htm.xml (XML) — 2841KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 21

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 46

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 60

Other Information

Part II. Other Information 61

Legal Proceedings

Item 1. Legal Proceedings 61

Risk Factors

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 76

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 76

Other Information

Item 5. Other Information 77

Exhibits

Item 6. Exhibits 77

SIGNATURES

SIGNATURES 79 i PHENIXFIN CORPORATION Consolidated Statements of Assets and Liabilities March 31, 2024 (Unaudited) September 30, 2023 Assets: Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $ 138,055,022 and $ 134,339,121 respectively) $ 132,407,942 $ 125,531,031 Affiliated investments (amortized cost of $ 20,564,242 and $ 48,233,910 , respectively) 14,333,867 37,289,617 Controlled investments (amortized cost of $ 90,793,284 and $ 82,437,692 , respectively) 73,307,525 63,640,043 Total Investments at fair value 220,049,334 226,460,691 Cash and cash equivalents 19,123,796 5,988,223 Receivables: Interest receivable 920,769 971,115 Dividends receivable 243,302 161,479 Other receivable - 31,425 Due from Affiliate 5,326,933 409,214 Other assets 1,173,608 833,000 Deferred financing costs 724,568 699,124 Prepaid share repurchase 132,295 199,019 Receivable for investments sold - 3,940,175 Total Assets $ 247,694,605 $ 239,693,465 Liabilities: Credit facility and note payable (net of debt issuance costs of $ 1,522,586 and $ 1,688,835 , respectively) $ 84,419,355 $ 84,253,106 Payable for investments purchased 5,036,284 4,123,059 Accounts payable and accrued expenses 2,707,303 3,066,984 Interest and fees payable 724,564 690,398 Other liabilities 360,477 432,698 Due to Affiliate 99,725 - Administrator expenses payable (see Note 6) 75,000 - Deferred revenue - 421,685 Total Liabilities 93,422,708 92,987,930 Commitments and Contingencies (see Note 8) Net Assets: Common Shares, $ 0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,020,490 and 2,073,713 common shares outstanding, respectively 2,021 2,074 Capital in excess of par value 692,472,513 694,812,239 Total distributable earnings (loss) ( 538,202,637 ) ( 548,108,778 ) Total Net Assets 154,271,897 146,705,535 Total Liabilities and Net Asset

financial statements

financial statements. 1 PHENIXFIN CORPORATION Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, For the Six Months Ended March 31, 2024 2023 2024 2023 Interest Income: Interest from investments Non-controlled, non-affiliated investments: Cash $ 1,950,898 $ 2,116,741 $ 4,633,041 $ 4,032,782 Payment in-kind 90,530 119,593 181,204 225,780 Affiliated investments: Cash 276,484 261,028 732,176 459,481 Payment in-kind - - - - Controlled investments: Cash 294,028 57,188 580,266 251,815 Payment in-kind 118,864 155,994 268,831 245,737 Total interest income 2,730,804 2,710,544 6,395,518 5,215,595 Dividend income 1,652,262 1,503,375 3,665,988 3,535,733 Interest from cash and cash equivalents 199,266 125,471 240,374 217,697 Fee income (see Note 9) 76,517 171,055 78,625 244,654 Other income - 401,986 22 401,986 Total Investment Income 4,658,849 4,912,431 10,380,527 9,615,665 Expenses: Interest and financing expenses 1,567,352 1,381,596 3,109,413 2,614,772 Salaries and benefits 1,524,508 802,090 2,949,500 1,659,623 General and administrative expenses 310,776 201,181 635,837 421,158 Professional fees, net 343,150 377,229 700,704 725,146 Directors fees 187,500 176,500 375,000 370,500 Insurance expenses 96,694 121,387 194,450 245,471 Administrator expenses (see Note 6) 57,550 77,937 135,402 155,821 Total expenses 4,087,530 3,137,920 8,100,306 6,192,491 Net Investment Income 571,319 1,774,511 2,280,221 3,423,174 Realized and unrealized gains (losses) on investments Non-controlled, non-affiliated investments 200,754 ( 838,070 ) 430,558 ( 824,622 ) Affiliated investments ( 1,991,456 ) - ( 1,991,456 ) - Controlled investments - 23,273 - 23,273 Total net realized gains (losses) ( 1,790,702 ) ( 814,797 ) ( 1,560,898 ) ( 801,349 ) Net change in unrealized gains (losses): Non-co

Business

Business Equity Interest 34,729,225 $ 34,729,225 $ 34,729,225 22.51 % 34,729,225 34,729,225 34,729,225 22.51 % Kemmerer Operations, LLC Metals & Mining Senior Secured First Lien Term Loan ( 15.00 % PIK) 6/21/2025 3,286,036 3,286,036 3,286,036 2.13 % Kemmerer Holdings, LLC Metals & Mining Equity - 37 Common Units(21) 37 4,136,157 12,166,174 7.89 % 3,286,073 7,422,193 15,452,210 10.02 % NSG Captive, Inc. Insurance Equity - 100,000 Units(21) 100,000 100,000 100,000 0.06 % 100,000 100,000 100,000 0.06 % NVTN LLC Hotel, Gaming & Leisure Senior Secured First Lien Delayed Draw Term Loan (SOFR + 8.25 %, 2.00 % Floor)(23) 12/31/2026 5,500,000 5,604,805 5,500,000 3.57 % Senior Secured First Lien Term Loan B (SOFR + 9.25 % PIK, 2.00 % Floor)(10) 12/31/2026 17,552,420 13,916,082 17,526,090 11.36 % Senior Secured First Lien Term Loan C (SOFR + 12.00 % PIK, 2.00 % Floor)(10) 12/31/2026 11,506,159 7,570,055 - 0.00 % Equity - 1,000 Class A Units 1,000 21,450,924 - 0.00 % 34,559,579 48,541,866 23,026,090 14.93 % Subtotal Control Investments 72,674,877 $ 90,793,284 $ 73,307,525 47.52 % Total Investments, March 31, 2024 206,263,164 $ 249,412,548 $ 220,049,334 142.66 % (1) All of our investments are domiciled in the United States. Certain investments also have international operations. (2) Par amount is presented for debt investments and the amount includes accumulated payment-in-kind ("PIK") interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("

View Full Filing

View this 10-Q filing on SEC EDGAR