PhenixFIN Corporation reported its financial results for the quarter ending March 31, 2025, revealing a total investment income of $6.0 million, a significant increase from $4.7 million in the same period last year. The company’s net investment income for the quarter was $966,000, compared to $571,000 in the prior year, reflecting a 69% increase. However, the company experienced a net decrease in net assets resulting from operations of $896,000, contrasting sharply with a net increase of $5.4 million in the previous year. This decline was attributed to net realized losses of $1.1 million on investments and net unrealized depreciation of $467,000.
In terms of overall financial performance, PhenixFIN's total assets decreased to $300.7 million as of March 31, 2025, down from $302.8 million at the end of the previous fiscal period. The company's liabilities also saw a slight reduction, totaling $141.7 million compared to $142.4 million in September 2024. The net asset value per common share decreased to $78.72 from $79.37, indicating a decline in shareholder value.
Strategically, PhenixFIN has been active in expanding its investment portfolio, with total investments at fair value rising to $286.8 million from $227.9 million. The company reported significant investment activity, including proceeds from sales and settlements of investments amounting to $74.0 million during the six months ended March 31, 2025, compared to $45.6 million in the same period last year. The company also increased its borrowings under a revolving credit facility, which now stands at $79.6 million, reflecting a strategic move to leverage its capital for further investments.
Operationally, PhenixFIN's portfolio remains concentrated in senior secured first lien term loans, which accounted for 41% of the total fair value of investments. The company has also seen a shift in its investment strategy, with a focus on floating-rate investments, which now represent 51.6% of its income-bearing portfolio. This shift is aimed at mitigating risks associated with rising interest rates, which have been a concern in the current economic environment. Looking ahead, PhenixFIN aims to continue its strategy of generating current income and capital appreciation while navigating the challenges posed by market volatility and interest rate fluctuations.
About PhenixFIN Corp
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