Exhibit 99.1

PhenixFIN Corporation Announces September 30, 2021 Financial Results

New York, NY, December 20, 2021 -- PhenixFIN Corporation (NASDAQ: PFX) (the “Company”), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter and fiscal year ended September 30, 2021.

Fourth Quarter Highlights

● Total investment income of $4.4 million; net investment income of $1.1 million

● $69.4 million in cash and cash equivalents on September 30, 2021

● Net asset value of $143.7 million, or $57.08 per share as of September 30, 2021 vs. $55.30 per share as of September 30, 2020

● 141,700 shares repurchased for an aggregate purchase price of $5.9 million during the fourth quarter

● Launched FlexFIN, LLC, an asset-based lending business engaged in the gem and jewelry industry.

Subsequent Event

● On November 15, 2021, PhenixFIN issued $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 (NASDAQ: PFXNZ)

David Lorber, Chief Executive Officer of the Company, stated:

“In our first three quarters as being an internally managed BDC we have made appreciable progress on repositioning the portfolio as we continue to be focused on optimizing the long-term value of PhenixFIN.”

Since January 1, 2021 we have monetized 13 positions and deployed capital into 16 new investments.

During the fourth quarter, we launched FlexFIN, LLC, a partnership with Kwiat & Fred Leighton to provide alternative financing to the gem and jewelry industry. The partnership is intended to leverage Kwiat’s rich 115-year history and network within the gem and jewelry industry. We believe this new business affords us the opportunity to generate higher-yielding, risk adjusted returns within the multi-billion-dollar jewelry industry.

In addition, as of September 30, 2021, the Company had a net capital loss carryforward of $490 million. “We are focused on implementing strategies seeking to increase our NAV and optimize the value of our tax attributes,” added Mr. Lorber.

On January 11, 2021, the Company announced that the Board of Directors approved a share repurchase program authorizing up to $15 million in share repurchases. Under the share repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements. Under this program, 206,488 shares were repurchased through September 30, 2021 at a weighted average share price of $39.73/share.

Selected Fourth Quarter 2021 Financial Results

For the quarter ended September 30, 2021, investment income totaled $4.4 million, of which $2.4 million was attributable to portfolio interest and dividend income and $1.9 million was attributable to fee income.

For the quarter ended September 30, 2021, total net expenses were $3.3 million and total net investment income was $1.1 million

For the quarter ended September 30, 2021, the Company recorded a net realized gain of $4.0 million and net change in unrealized depreciation of $12.1 million.

Portfolio and Investment Activities

As of September 30, 2021, the fair value of the Company’s investment portfolio totaled $151.6 million and consisted of 42 portfolio companies.

As of September 30, 2021, the Company had 9 portfolio company investments on non-accrual status with a fair market value of $13.9 million.

Liquidity and Capital Resources

At September 30, 2021, the Company had $69.4 million in cash and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.

ABOUT PHENIXFIN CORPORATION

 PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.

 Safe Harbor Statement and Other Disclosures

This press release contains “forward-looking” statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN’s ability to deliver value to shareholders, implement its investment objective, capitalize on investment opportunities, optimize its tax attributes, develop FlexFIN into a successful business and perform well and operate effectively under an internalized management structure, and other factors that are enumerated in the Company’s periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.

The press release contains unaudited financial results. For ease of review, we have excluded the word “approximately” when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation’s common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective. 

For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.

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PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities

	September 30, 2021			September 30, 2020
Assets:
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $92,214,167 and $117,360,954, respectively)	$	84,152,678		$	114,321,948
Affiliated investments (amortized cost of $75,963,427 and $92,898,755, respectively)		57,595,245			84,873,023
Controlled investments (amortized cost of $39,490,097 and $117,874,821, respectively)		9,891,860			47,548,578
Total Investments at fair value		151,639,783			246,743,549
Cash and cash equivalents		69,433,256			56,522,148
Receivables:
Fees receivable		1,872,700			119,028
Interest receivable		371,576			624,524
Paydown receivable		292,015			-
Dividends receivable		81,211			-
Other assets		1,401,746			2,093,559
Total Assets	$	225,092,287		$	306,102,808
Liabilities:
Notes payable (net of debt issuance costs of $412,795 and $905,624, respectively)	$	77,434,005		$	150,960,662
Due to broker		1,586,000			-
Accounts payable and accrued expenses		1,416,524			2,108,225
Due to affiliates		280,323			53,083
Administrator expenses payable		67,920			156,965
Management and incentive fees payable		-			1,392,022
Interest and fees payable		-			801,805
Deferred revenue		-			10,529
Other liabilities		613,534			-
Total Liabilities		81,398,306			155,483,291
Commitments and Contingencies
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,517,221 and 2,723,709 common shares outstanding, respectively		2,517			2,724
Capital in excess of par value		688,866,642			672,381,617
Total distributable earnings (loss)		(545,175,178	)		(521,764,824	)
Total Net Assets		143,693,981			150,619,517
Total Liabilities and Net Assets	$	225,092,287		$	306,102,808
Net Asset Value Per Common Share	$	57.08		$	55.30

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PHENIXFIN CORPORATION
Consolidated Statements of Operations 

	For the Years Ended September 30
	2021			2020			2019
Interest Income:
Interest from investments
Non-controlled, non-affiliated investments:
Cash	$	5,974,807		$	9,137,394		$	25,368,027
Payment in-kind		609,964			863,744			1,755,260
Affiliated investments:
Cash		1,099,809			1,182,294			2,197,555
Payment in-kind		327,804			2,425,557			2,604,279
Controlled investments:
Cash		75,000			84,505			337,956
Payment in-kind		-			500,767			2,800,890
Total interest income		8,087,384			14,194,261			35,063,967
Dividend income		21,564,348			6,256,250			8,218,480
Interest from cash and cash equivalents		10,402			378,077			712,017
Fee income		2,566,519			692,988			2,304,287
Other income		78,204			-			-
Total Investment Income		32,306,857			21,521,576			46,298,751
Expenses:
Base management fees		1,146,403			6,358,750			11,189,646
Interest and financing expenses		5,800,100			14,935,017			24,049,485
General and administrative expenses		1,012,147			3,285,259			7,398,534
Salaries and benefits		1,993,277			-			-
Administrator expenses		612,983			2,226,831			3,323,989
Insurance expenses		1,619,536			1,463,391			623,064
Directors fees		1,039,717			1,451,077			1,258,378
Professional fees, net		559,975			(4,768,050	)		19,323,082
Expenses before expense support reimbursement and management and incentive fee waivers		13,784,138			24,952,275			67,166,178
Expense support reimbursement		-			(710,294	)		-
Total expenses net of expense support reimbursement and management and incentive fee waivers		13,784,138			24,241,981			67,166,178
Net Investment Income		18,522,719			(2,720,405	)		(20,867,427	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments		7,747,672			(9,973,416	)		(24,762,224	)
Affiliated investments		(10,088,405	)		(928,990	)		(7,670,970	)
Controlled investments		(40,144,795	)		(39,076,425	)		(79,739,742	)
Total net realized gains (losses)		(42,485,528	)		(49,978,831	)		(112,172,936	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(5,022,484	)		9,898,237			20,727,499
Affiliated investments		(10,342,450	)		2,648,353			(6,864,255	)
Controlled investments		40,728,006			(23,178,993	)		24,634,707
Total net change in unrealized gains (losses)		25,363,072			(10,632,403	)		38,497,951
Loss on extinguishment of debt		(122,355	)		(2,481,374	)		(2,032,655	)
Total realized and unrealized gains (losses)		(17,244,811	)		(63,092,608	)		(75,707,640	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,277,908		$	(65,813,013	)	$	(96,575,067	)
Weighted Average Basic and diluted earnings per common share	$	0.48		$	(24.16	)	$	(35.46	)
Weighted Average Basic and diluted net investment income (loss) per common share	$	6.92		$	(1.00	)	$	(7.66	)
Weighted Average Common Shares Outstanding - Basic and Diluted		2,677,891			2,723,709			2,723,709
Dividends Declared per Common Share	$	-		$	-		$	3.00

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