Financial Services - Business Development Companies (BDCs) / Alternative Asset Management
Strategic Profile
The firm targets private debt transactions in companies with enterprise values or asset values between $25 million and $250 million, and seeks to invest in companies with debt investment values between $10 million and $50 million. The company is focused on current income generation coupled with capital appreciation with a focus on net asset value (NAV) accretion to drive total shareholder returns.
Cyborg Score Rationale
PhenixFIN reported strong fiscal year 2024 results, highlighting a 12% year-over-year growth in NAV per share from $70.75 to $79.37. Most recent Q1 2026 metrics show net investment income of $2.1M with a weighted average yield of 12.52% on income producing investments. Stable income generation and portfolio expansion demonstrate competent management execution.
Top Insights
Credit facility expanded to $100 million with $50 million accordion at reduced pricing (SOFR+2.50%) and extended maturity to April 2030
Portfolio fair value reached $295.6M across 33 portfolio companies as of Q1 2026
Significant strategic milestone with acquisition of approximately 80% equity in The National Security Group (NSG), an Alabama-based insurance holding company, completed on October 1, 2024
NAV per share reached $77.92 as of December 31, 2025, demonstrating consistent value accretion
Named Competitors
Golub Capital BDC — Multi-strategy BDC with diversified middle-market credit portfolio
Oaktree Specialty Lending — Specialty finance BDC focused on structured credit and direct lending
Gladstone Capital — Diversified BDC with exposure to middle-market debt and equity
Recent Developments
(December 2025) Reported FY 2025 NAV of $160.8M ($80.24/share) with total investment income of $6.9M
(February 2025) Paid special dividend of $1.43 per share to shareholders
(December 2024) Announced acquisition of ~80% stake in National Security Group insurance holding company
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