PhenixFIN Corporation (NASDAQ: PFX, PFXNZ), a New York-based business development company, reported net asset value of $81.69 per share for its fiscal third quarter ended June 30, 2026. The company said its NAV per share reached a six-year high.
The per-share figure compares with $79.56 as of March 31, 2026, and $80.24 at the close of the prior fiscal year on September 30, 2025. PhenixFIN, which adopted an internalized management structure in January 2021, invests mainly in private credit.
Total net assets were $157.9 million at quarter end, down from $160.8 million at the close of fiscal 2025, as net asset value per share rose on a smaller share base.
NAV shows the estimated underlying value of PhenixFIN’s investments after debt and other liabilities. It matters because, as a Business Development Company (BDC), PhenixFIN primarily owns a portfolio of private investments rather than operating a conventional business, so NAV per share helps investors judge the value of its portfolio and whether the stock trades at a discount or premium to NAV.
#PhenixFIN Reports Net Investment Income of $2.1 Million
Total investment income was $6.5 million for the quarter. Of that, $6.2 million came from portfolio interest, dividend income and payment-in-kind interest, and $0.3 million came from fee and other income.
Net investment income was $2.1 million, compared with $1.2 million in the same quarter a year earlier. Total expenses fell to $4.4 million from $5 million.
The company recorded a net realized gain of $0.4 million and a net unrealized gain of $1.8 million during the quarter.
On a per-share basis, PhenixFIN reported a net increase in net assets from operations of $2.19, against a loss of $0.74 per share a year earlier. The prior-year quarter had produced a net decrease in net assets from operations of $1.5 million, compared with a net increase of $4.2 million in the latest period.
#Portfolio Holds 31 Companies Valued at $301.6 Million
The fair value of PhenixFIN's investment portfolio totaled $301.6 million as of June 30, 2026, held across 31 portfolio companies.
The weighted average yield on debt and other income producing investments was 13.2%.
The quarter's $1.8 million unrealized gain reflected gains on controlled and non-controlled, non-affiliated investments, partly offset by losses on affiliated investments.
"Credit quality across our portfolio remained resilient this quarter amid persistent macroeconomic volatility," David Lorber, Chief Executive Officer, said in the statement. "We continue to source attractive private credit opportunities while optimizing our platform, with continued focus on enhancing long-term shareholder value."
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#PhenixFIN Carries $147.5 Million in Debt at Quarter End
The company held $2.2 million in cash and cash equivalents at June 30, 2026. It also had $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 and $90 million outstanding under its credit facility.
PhenixFIN paid a special dividend of $0.07 per share on May 28, 2026, to stockholders of record as of May 18, 2026.
Shares outstanding declined to about 1.93 million as of June 30, 2026, from roughly 2 million at the close of the prior fiscal year, reflecting share repurchases.
For the first nine months of fiscal 2026, net investment income rose to $4.9 million from $3.7 million a year earlier. Total investment income was $18.3 million, little changed from $18.4 million. Net increase in net assets from operations for the nine-month period was $586,530, compared with $70,561 in the same period of fiscal 2025.
As a business development company regulated under the Investment Company Act of 1940, PhenixFIN lends to and invests in private companies. It competes for private credit deals with other business development companies and private credit funds.
The company is incorporated in Delaware, completed its initial public offering in January 2011, and has elected to be treated as a regulated investment company for U.S. federal tax purposes.
PhenixFIN said its results are unaudited. It cautioned that forward-looking statements are subject to uncertainties, including its ability to source investment opportunities, grow net asset value and have its portfolio companies perform in the prevailing market environment.
Lorber said the company would keep sourcing private credit opportunities while optimizing its platform. PhenixFIN noted that macroeconomic volatility, the performance of its portfolio companies and execution of its investment strategy remain key factors that could affect future results.