• |
Total investment income of $6.5 million; net investment income of $3.7 million
|
• |
$59.1 million in cash on March 31, 2021
|
• |
Net asset value of $151.2 million, or $55.91 per share as of March 31, 2021 vs. $55.30 per share as of September 30, 2020
|
March 31, 2021 (Unaudited) |
September 30, 2020 | |||||||
Assets:
| ||||||||
Investments at fair value
| ||||||||
Non-controlled, non-affiliated investments (amortized cost of $95,301,443 and $117,360,954, respectively)
|
$
|
93,283,110
|
$
|
114,321,948
| ||||
Affiliated investments (amortized cost of $79,845,752 and $92,898,755, respectively)
|
68,233,836
|
84,873,023
| ||||||
Controlled investments (amortized cost of $38,487,321 and $117,874,821, respectively)
|
6,727,597
|
47,548,578
| ||||||
Total Investments at fair value
|
168,244,543
|
246,743,549
| ||||||
Cash and cash equivalents
|
59,092,731
|
56,522,148
| ||||||
Receivables:
| ||||||||
Interest receivable
|
299,655
|
624,524
| ||||||
Fees receivable
|
106,528
|
119,028
| ||||||
Other receivable
|
398,551
|
-
| ||||||
Prepaid share repurchases
|
164,258
|
-
| ||||||
Other assets
|
1,210,724
|
2,093,559
| ||||||
Total Assets
|
$
|
229,516,990
|
$
|
306,102,808
| ||||
Liabilities:
| ||||||||
Notes payable (net of debt issuance costs of $551,142 and $905,624, respectively)
|
$
|
77,295,658
|
$
|
150,960,662
| ||||
Interest and fees payable
|
-
|
801,805
| ||||||
Due to affiliates
|
-
|
53,083
| ||||||
Management and incentive fees payable |
-
|
1,392,022
| ||||||
Administrator expenses payable |
94,958
|
156,965
| ||||||
Accounts payable and accrued expenses
|
918,279
|
2,108,225
| ||||||
Deferred revenue
|
30,970
|
10,529
| ||||||
Total Liabilities
|
78,339,865
|
155,483,291
| ||||||
Commitments and Contingencies | ||||||||
Net Assets:
| ||||||||
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,703,936 and 2,723,709 common shares issued and outstanding, respectively
|
2,704
|
2,724
| ||||||
Capital in excess of par value
|
671,589,690
|
672,381,617
| ||||||
Total distributable earnings/(loss)
|
(520,415,269
|
)
|
(521,764,824
|
)
| ||||
Total Net Assets
|
$
|
151,177,125
|
$
|
150,619,517
| ||||
Total Liabilities and Net Assets
|
$
|
229,516,990
|
$
|
306,102,808
| ||||
Net Asset Value Per Common Share
|
$
|
55.91
|
$
|
55.30
|
For the Three Months Ended March 31 |
For the Six Months Ended March 31 | |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Interest Income:
| ||||||||||||||||
Interest from investments
| ||||||||||||||||
Non-controlled, non-affiliated investments:
| ||||||||||||||||
Cash
|
$
|
1,534,904
|
2,320,453
|
$
|
3,206,717
|
5,538,162
| ||||||||||
Payment in-kind
|
-
|
128,309
|
170,029
|
327,321
| ||||||||||||
Affiliated investments:
| ||||||||||||||||
Cash
|
196,328
|
190,193
|
548,619
|
399,441
| ||||||||||||
Payment in-kind
|
-
|
706,789
|
-
|
1,654,262
| ||||||||||||
Controlled investments:
| ||||||||||||||||
Cash
|
(1,190
|
)
|
1,297
|
-
|
84,505
| |||||||||||
Payment in-kind
|
-
|
5,385
|
-
|
500,767
| ||||||||||||
Total interest income
|
1,730,042
|
3,352,426
|
3,925,365
|
8,504,458
| ||||||||||||
Dividend income
|
4,408,234
|
1,662,500
|
14,671,735
|
3,500,000
| ||||||||||||
Interest from cash and cash equivalents
|
506
|
154,290
|
1,446
|
372,428
| ||||||||||||
Fee income |
237,416
|
131,992
|
578,880
|
415,532
| ||||||||||||
Other income
|
78,204
|
-
|
78,204
|
-
| ||||||||||||
Total Investment Income
|
6,454,402
|
5,301,208
|
19,255,630
|
12,792,418
| ||||||||||||
Expenses:
| ||||||||||||||||
Base management fees |
-
|
1,641,271
|
1,146,403
|
3,649,505
| ||||||||||||
Interest and financing expenses
|
1,260,054
|
4,432,118
|
3,277,695
|
9,576,047
| ||||||||||||
General and administrative expenses
|
104,440
|
2,083,397
|
466,049
|
2,600,239
| ||||||||||||
Salaries and Benefits
|
332,317
|
-
|
332,317
|
-
| ||||||||||||
Administrator expenses |
(44,618
|
)
|
576,362
|
439,794
|
1,127,884
| |||||||||||
Insurance expenses
|
474,468
|
356,580
|
959,480
|
654,578
| ||||||||||||
Directors fees
|
220,500
|
296,500
|
696,217
|
612,500
| ||||||||||||
Professional fees, net |
420,220
|
130,630
|
(79,077
|
)
|
(4,285,445
|
)
| ||||||||||
Total expenses net of expense support reimbursement and management and incentive fee waivers
|
2,767,381
|
9,516,858
|
7,238,878
|
13,935,308
| ||||||||||||
Net Investment Income
|
3,687,021
|
(4,215,650
|
)
|
12,016,752
|
(1,142,890
|
)
| ||||||||||
Realized and unrealized gains (losses) on investments
| ||||||||||||||||
Net realized gains (losses):
| ||||||||||||||||
Non-controlled, non-affiliated investments
|
160,926
|
(100,115
|
)
|
4,054,648
|
(157,914
|
)
| ||||||||||
Affiliated investments
|
-
|
-
|
(10,452,928
|
)
|
-
| |||||||||||
Controlled investments
|
-
|
-
|
(40,147,570
|
)
|
(1,686,837
|
)
| ||||||||||
Total net realized gains (losses)
|
160,926
|
(100,115
|
)
|
(46,545,850
|
)
|
(1,844,751
|
)
| |||||||||
Net change in unrealized gains (losses):
| ||||||||||||||||
Non-controlled, non-affiliated investments
|
5,077,737
|
(19,549,944
|
)
|
1,020,673
|
(15,802,570
|
)
| ||||||||||
Affiliated investments
|
(1,467,862
|
)
|
(15,019,332
|
)
|
(3,586,184
|
)
|
(5,578,733
|
)
| ||||||||
Controlled investments
|
329,584
|
(38,994,357
|
)
|
38,566,519
|
(48,451,471
|
)
| ||||||||||
Total net change in unrealized gains (losses)
|
3,939,459
|
(73,563,633
|
)
|
36,001,008
|
(69,832,774
|
)
| ||||||||||
Change in provision for deferred taxes on unrealized (appreciation)/ depreciation on investments
|
-
|
(85,664
|
)
|
-
|
(85,664
|
)
| ||||||||||
Loss on extinguishment of debt |
-
|
(895,033
|
)
|
(122,355
|
)
|
(1,784,183
|
)
| |||||||||
Total realized and unrealized gains (losses)
|
4,100,385
|
(74,644,445
|
)
|
(10,667,197
|
)
|
(73,547,372
|
)
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
$
|
7,787,406
|
$
|
(78,860,095
|
)
|
$
|
1,349,555
|
$
|
(74,690,262
|
)
| ||||||
Weighted Average Basic and diluted earnings per common share
|
$
|
2.87
|
$
|
(28.95
|
)
|
$
|
0.50
|
$
|
(27.42
|
)
| ||||||
Weighted Average Basic and diluted net investment income (loss) per common share
|
$
|
1.36
|
$
|
(1.55
|
)
|
$
|
4.42
|
$
|
(0.42
|
)
| ||||||
Weighted Average Common Shares Outstanding - Basic and Diluted |
2,716,627
|
2,723,711
| (1) |
2,720,226
|
2,723,711
| (1) |
(1) |
Basic and diluted shares has been adjusted for 2020 to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis.
|
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Disclaimer
PhenixFIN Corporation published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 19:12:34 UTC.