Executive Summary

FY and Q4 snapshot: NAV per share rose 12% YoY to $79.37 as of September 30, 2024, with Q4 total investment income (TII) of $5.6M and net investment income (NII) of $0.5M; realized gains of $0.2M and unrealized gains of $4.6M supported book value accretion .
Balance sheet/liquidity stepped up materially ahead of new investments: cash of $67.6M, $59.2M notes due 2028, and $78.1M drawn on the credit facility at quarter-end .
Credit quality steady-to-better: portfolio at 41 companies with 3 on non‑accrual (FMV $2.4M), down from 4 non‑accruals at 12/31/23 (FMV $8.9M) .
Strategic actions/catalysts: acquisition of ~80% of National Security Group (NSG) on Oct 1 and a November joint financing for MB Precision/Midstate Machine position PFX for new growth vectors and deployment opportunities .
Consensus context: S&P Global Wall Street consensus for Q4 2024 was unavailable during retrieval; beats/misses cannot be assessed versus Street estimates (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well
- NAV per share increased 12% YoY to $79.37; CEO emphasized successful execution and the NSG transaction as a milestone aligned with strategy .
- Credit quality improved: non‑accrual investments declined to 3 (FMV $2.4M) by 9/30/24 vs. 4 (FMV $8.9M) at 12/31/23 .
- Robust liquidity and access to capital: cash $67.6M and $78.1M drawn under the facility at 9/30; weighted average yield remained double‑digit at 12.3% at FY‑end .
What Went Wrong
- Sequential earnings softness: NII fell to $0.5M in Q4 vs. $2.0M in Q3 on lower TII and higher total net expenses ($5.1M in Q4) .
- TII stepped down sequentially to $5.6M in Q4 from $6.2M in Q3 (Q2 was $4.7M), reflecting variability in income components/fees across quarters .
- Leverage/utilization rose sharply into/around quarter‑end (credit facility outstanding $78.1M vs. $27.6M at Q3), raising investor focus on deployment discipline and funding costs despite strong cash on hand .

Financial Results

Note: PFX is a BDC; we present Total Investment Income (TII), Net Investment Income (NII), realized/unrealized gains, NAV, and key balance sheet items. Quarterly GAAP EPS was disclosed for Q1–Q3; Q4 EPS was not separately disclosed in the 8‑K (FY EPS provided).

Metric	Q2 2024 (Mar 31, 2024)	Q3 2024 (Jun 30, 2024)	Q4 2024 (Sep 30, 2024)
Total Investment Income ($M)	$4.66	$6.23	$5.60
Net Investment Income ($M)	$0.57	$2.00	$0.50
Net Realized Gains (Losses) ($M)	$(1.79)	$8.70	$0.20
Net Unrealized Gains (Losses) ($M)	$6.59	$(8.07)	$4.60
Total Realized & Unrealized ($M)	$4.80	$0.63	$4.80 (sum of above)
GAAP EPS (basic/diluted)	$2.62	$1.29	N/A in 8‑K; FY EPS $9.13
NAV per Share (period end)	$76.35	$76.35 (after special dividend)	$79.37
Cash & Cash Equivalents ($M)	$19.12	$8.87	$67.57
Credit Facility Outstanding ($M)	$28.4	$27.6	$78.1
5.25% Notes Due 2028 (Principal, $M)	$57.5	$59.1	$59.2

Portfolio and Credit Quality KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Portfolio Companies (#)	41	43	41
Weighted Avg Yield (income assets)	13.6%	13.8%	12.3% (FY‑end)
Non‑Accrual Investments	N/A	N/A	3 (FMV $2.4M)

Comparison vs Prior Year

NAV/share YoY: $79.37 at 9/30/24 vs. $70.75 at 9/30/23 (+12%) .
Quarterly YoY TII/NII for Q4 vs. Q4’23 not disclosed in the press release (annual statements provided) .

Estimates

S&P Global consensus estimates for Q4 2024 were unavailable during retrieval; beats/misses versus Street could not be assessed (S&P Global consensus unavailable).

Segment breakdown: Not applicable (BDC; single reportable investment portfolio) .

Guidance Changes

No formal quantitative forward guidance was provided in Q4 materials. Dividend actions and capital framework updates are summarized.

Metric	Period	Previous Guidance	Current Guidance/Action	Change
Revenue/EBITDA/EPS Guidance	FY/Quarter	None	None provided	Maintained: no guidance
Dividend	Q2 FY24	None	Special dividend $1.31/share declared on May 9, 2024 (paid June 10, 2024)	Announced
Credit Facility Capacity	Q3 FY24	$62.5M capacity (Feb 21, 2024)	Amended to $87.5M (Aug 5, 2024)	Increased

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available in our document set; themes below are drawn from company press releases.

Topic	Previous Mentions (Q-2: Q2 FY24)	Previous Mentions (Q-1: Q3 FY24)	Current Period (Q4 FY24)	Trend
Capital Access / Facility	Increased facility to $62.5M	Increased to $87.5M	$78.1M outstanding at 9/30; $67.6M cash	Capacity up; utilization increased
Dividend/Capital Returns	Special dividend $1.31 declared	Emphasized NAV/share growth; special dividend reflected in NAV	No new dividend action in Q4 release	One‑off special dividend; no run‑rate
NAV / Book Value	NAV/share $76.35	NAV/share $76.35 (post special dividend)	NAV/share $79.37; +12% YoY	Up QoQ and YoY
Credit Quality	—	—	3 non‑accruals (FMV $2.4M); prior Q1 had 4 (FMV $8.9M)	Improving
Deployment / M&A	—	—	Closed ~80% NSG equity acquisition Oct 1	New growth vector
Deal Activity	—	—	Co‑provided senior secured credit + preferred equity to support MB Precision refinancing (Nov 6)	Ongoing origination

Management Commentary

“We are pleased with our performance in 2024 as we grew NAV per share 12%, from $70.75 to $79.37 per share. We are also excited with the successful transaction with NSG and look forward to new avenues of growth. This acquisition marks a significant milestone for PhenixFIN and aligns with our commitment to execute on our investment strategy.” — CEO David Lorber .
Q3 context: “We had a strong quarter with increased investment activity, continued strong credit fundamentals, and a robust weighted average yield... well‑positioned to grow our NAV per share.” — CEO .
Q2 context: “We continue to be pleased with our progress in growing our NAV per share... potential future investments that should provide additional growth opportunities.” — CEO .
Q1 context: “We are pleased with our continued progress in growing our NAV per share…” — CEO .

Q&A Highlights

No Q4 FY24 earnings call transcript was available; no Q&A highlights or guidance clarifications to report from a call [List returned none].

Estimates Context

S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable during retrieval; as a result, we cannot assess beats/misses versus Wall Street for this quarter (S&P Global consensus unavailable).
Given the lack of published consensus in this review set, estimate revisions may hinge on: (i) lower‑than‑Q3 NII run‑rate, (ii) higher utilization/leverage, and (iii) incremental income from NSG and new financings once fully integrated/deployed .

Key Takeaways for Investors

Book value momentum intact: NAV/share advanced to $79.37 (+12% YoY), supported by net unrealized gains and stable portfolio performance .
Income volatility: Q4 NII of $0.5M was a step down from Q3 ($2.0M) on lower TII and elevated expenses; watch expense trajectory and fee income cadence into FY25 .
Liquidity positioned for deployment: cash of $67.6M and facility utilization at $78.1M suggest capacity and intent to fund opportunities; monitor net interest margin vs. financing costs .
Credit quality improving: non‑accruals decreased to 3 (FMV $2.4M) from 4 (FMV $8.9M) at the start of FY24; continued vigilance warranted in a higher‑rate environment .
Strategic catalysts: NSG acquisition and MB Precision financing expand optionality and potential income streams; integration and ramp will be key drivers of forward NII/TII .
Yield remains attractive: weighted average yield on income assets of 12.3% at FY‑end underpins earnings capacity if deployment normalizes .
Near‑term focus: absent Street estimates, price action likely keys off sequential NII recovery, deployment of cash, credit costs, and updates on NSG integration and origination pipeline .

PhenixFIN Corp (PFX)·Q4 2024 Earnings Summary