10-K · December 12, 2025
PhenixFIN (PFX) positions itself as an internally-managed BDC focused on private debt and private equity investments to generate current income and capital appreciation, supplemented by an asset-based lending affiliate…
Earnings analysis · 10-Q
PFX earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
PhenixFIN Corporation (PFX) reported a total investment income of $5.198 million for the quarter ended March 31, 2026, which shows a decline compared to the $6.019 million in the same period last year. The company…
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PhenixFIN Corporation (PFX) reported a total investment income of $5.198 million for the quarter ended March 31, 2026, which shows a decline compared to the $6.019 million in the same period last year. The company recognized a net increase in net assets resulting from operations at $1.133 million, as opposed to a decrease of $(0.896) million in the prior year, reflecting improved performance despite reported realized losses. Significant adjustments to cash and debt positions indicate shifts in liquidity and capital structure.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
What stood out
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Total Revenue of $5.198 Million
PhenixFIN recorded total investment income of $5.198 million for Q2 2026, down from $6.019 million in Q2 2025.
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Net Investment Income Turnaround
The net increase in net assets from operations was $1.133 million compared to a net loss of $(0.896) million in the prior year.
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Reduced Operating Expenses
Operating expenses decreased by 11.9% year-on-year from $5.053 million in Q2 2025 to $4.451 million in Q2 2026.
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Management Signals Optimism
Management anticipates continued focus on income generation through loans and investments despite market volatility.
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Improved Cash Position
Cash and cash equivalents decreased from $7.3 million to $3.1 million, reflecting strategic funding activities.
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SPAC Backing Programs
The share repurchase program has seen 787,425 shares repurchased, indicating confidence in stock valuation.
What to watch
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Net Realized Losses
The company reported a net realized loss of $(1.119) million, impacting overall profitability.
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Interest Rate Sensitivity
Continued risk exists with rising interest rates which could affect the cost of capital and net investment income.
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Single Asset on Non-accrual Status
A portfolio investment valued at $0.0 million remains on non-accrual status with a cost of $7.6 million.
Management's outlook
Management did not provide explicit numerical guidance but indicated a focus on portfolio adjustments and income generation.
Earlier filings 4
10-Q · May 7, 2025
PhenixFIN reported investment income of $6,019,023 for the quarter ended March 31, 2025 (vs $4,658,849 a year ago), but net realized and unrealized losses of $(1,862,108) drove a net operating loss of $(896,133) and…
10-Q · August 6, 2024
PhenixFIN reported higher investment income and realized gains in the quarter but saw a large swing in unrealized valuations that materially reduced total realized+unrealized results and EPS versus prior year. Net…
10-Q · May 10, 2024
PhenixFin reported quarter ended March 31, 2024 with total investment income of $4,658,849 (down from $4,912,431 a year earlier) and net investment income of $571,319 (down from $1,774,511). Net assets/NAV rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.