PhenixFIN (PFX) Q1 2026 earnings summary

Executive summary

• Net assets decreased to $155.8 million as of December 31, 2025, from $160.8 million at September 30, 2025, with NAV per share declining to $77.92 from $80.24.

• Net decrease in net assets from operations was $4.8 million for Q1 2026, compared to a $2.5 million increase in Q1 2025.

• Portfolio consisted of 33 companies with a fair value of $295.6 million; only one investment on non-accrual status.

• Generated total investment income of $6.7 million and net investment income of $2.1 million for Q1 2026, supported by a 12.52% weighted average yield on income-producing investments.

Financial highlights

• Total investment income for Q1 2026 was $6.7 million, with $6.5 million from interest and dividends and $0.2 million from fees and other income.

• Net investment income was $2.1 million, up from $1.6 million year-over-year.

• Net realized gains on investments were $0.7 million, but net unrealized losses were $7.2 million, mainly from NVTN LLC and Altisource S.A.R.L.

• Earnings per share were $(2.38), down from $1.22 in the prior year quarter.

• Net investment income per share was approximately $1.06 per share.

Outlook and guidance

• Management highlights ongoing market volatility, interest rate risks, and potential impacts from geopolitical events.

• Management expects U.S. fundamentals to improve throughout 2026, citing a supportive economic and policy environment.

• No distributions were declared for the quarter; focus remains on maintaining RIC status and prudent capital allocation.