Private Credit Portfolio Analysis | PhenixFIN Corp Reports Q1 2025 Results with Significant Asset Growth
- Editor
- Feb 7
- 2 min read
What's New: PhenixFIN Corp's Q1 2025 results show substantial quarter-over-quarter growth in total assets and investments at fair value. The fund's net asset value per share increased, while liabilities also rose, primarily due to an increase in notes payable.
Portfolio Dynamics:
Total assets grew 3.0% from $302.8M to $311.9M quarter-over-quarter.
Investments owned at fair value increased 31.7% from $227.9M to $300.1M.
Cash and cash equivalents decreased significantly from $67.6M to $7.2M, likely due to new investments.
Investment Activity :
Receivable from investment sales decreased 98.6% from $3.0M to $42K, indicating completed transactions.
Payable for investment purchases increased from $0 to $3.7M, suggesting new investment activity.
Due from affiliates amount increased substantially from $91K to $1.0M.
Capital Structure:
Total liabilities increased 4.7% from $142.4M to $149.2M quarter-over-quarter.
Notes payable current rose 4.4% from $135.7M to $141.7M.
Stockholders' equity grew 1.5% from $160.3M to $162.8M.
Performance Profile:
Net asset value per share improved from $79.37 to $80.59, a 1.5% increase.
Retained earnings deficit decreased by 0.5% from $544.6M to $542.1M.
Interest payable increased 34.0% from $768K to $1.0M, potentially indicating higher debt costs.
Risk & Quality:
Accounts payable and accrued liabilities decreased 57.1% from $5.6M to $2.4M.
Other liabilities reduced by 12.8% from $294K to $256K.
Deferred finance costs net decreased 17.8% from $761K to $625K.
The Wrap: PhenixFIN Corp's Q1 2025 results demonstrate significant growth in investments and total assets, coupled with a modest increase in net asset value per share. While the fund has taken on more debt, evidenced by increased notes payable and interest obligations, it has also improved its equity position. The substantial reduction in cash reserves suggests active deployment of capital into new investments, aligning with the growth in fair value of investments owned.
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