Bexil : Reports Third Quarter 2021 Financial Results

Press Release November 12 , 2021

Bexil Corporation Reports Third Quarter 2021 Financial Results

MILLBROOK, NY - November 12, 2021 - Bexil Corporation (Stock Symbol: BXLC) ("Bexil" or the "Company") today reported its financial results for the third quarter ended September 30, 2021.

For the three months ended September 30, 2021, Bexil recorded net income attributable to Bexil shareholders of approximately $0.14 million or $0.18 of diluted earnings per share, compared to net income attributable to Bexil shareholders of approximately $0.40 million or $0.47 of diluted earnings per share for the three months ended September 30, 2020.

For the nine months ended September 30, 2021, Bexil recorded net income attributable to Bexil shareholders of approximately $5.43 million or $6.59 of diluted earnings per share compared to a net loss attributable to Bexil shareholders of approximately $3.61 million or $4.36 of diluted earnings per share for the nine months ended September 30, 2020.

Generally Accepted Accounting Principles ("GAAP") require that the Company include the changes in unrealized gains/ losses of its equity security investments in net income. Such investment gains/losses include losses of $0.32 million in the three months and gains of $4.14 million in the nine months ended September 30, 2021 and losses of $0.97 million in the three months and losses of $5.39 million in the nine months ended September 30, 2020. The amount of investment gains/losses in any given period is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules, as noted in a recent Berkshire Hathaway press release.

The Company's book value per share attributable to Bexil shareholders at September 30, 2021 was $34.19, based on share- holders' equity attributable to Bexil shareholders of approximately $26.8 million and 784,177 shares issued and outstanding. The Company's book value per share attributable to Bexil shareholders at September 30, 2020 was $21.88, based on share- holders' equity attributable to Bexil shareholders of approximately $18.4 million and 841,257 shares issued and outstanding.

The limited information above in this press release is not adequate for making an informed investment judgment, and we urge stockholders and investors to read the Company's unaudited quarterly report for the quarterly period ended Septem- ber 30, 2021, which is available at www.Bexil.comappended to the copy of this press release and at www.otcmarkets.comunder the Company's stock symbol.

About Bexil Corporation

The objective of Bexil Corporation, a holding company, is to increase book value per share over time for the benefit of its shareholders. The Company is primarily engaged through a wholly owned subsidiary, Bexil Advisers LLC, in investment management. Bexil Advisers is a registered investment adviser and the investment manager to Dividend and Income Fund, a closed end fund (Stock Symbol: DNIF) (NAV Symbol: XDNIX). To learn more about Bexil, including Rule 15c2-11 infor- mation, please visit www.Bexil.com.

Bexil.com

Press Release November 12, 2021

Safe Harbor Note

This release may contain certain "forward looking statements" within the meaning of federal securities laws including, but not limited to the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, un- certainties, and other factors, many of which are beyond the control of Bexil, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. The Company may also make additional forward looking statements from time to time. All such subsequent forward looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with the information included in the Company's Annual Report, at http://www.bexil.com/cautionary-language.html, and similar information. All forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of financial perfor- mance. Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial condition and results from operations. The definition of book value as presented in this press release is shareholders' equity attributable to Bexil shareholders divided by currently issued and outstanding shares.

Contact:	Thomas O'Malley
	Chief Financial Officer
	1-212-785-0900
	[e-mail]
	www.Bexil.com

Bexil.com

BEXIL CORPORATION

Unaudited Quarterly Report

For the quarterly period ended September 30, 2021

BEXIL CORPORATION
Contents
Consolidated Unaudited Financial Statements
Consolidated Balance Sheets ..........................................................................................................................................................	1
Consolidated Statements of Income................................................................................................................................................	2
Consolidated Statements of Changes in Equity ..............................................................................................................................	3 - 4
Consolidated Statements of Cash Flows .........................................................................................................................................	5
Notes to Consolidated Financial Statements...................................................................................................................................	6 - 15

BEXIL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	3,199,238	$	3,754,439
Investments in securities		20,181,128			15,261,719
Accounts receivable		234,851			388,503
Prepaid expenses		121,219			51,076
Intangible asset, net		810,937			1,081,250
Deferred tax assets, net		2,473,607			2,473,607
Total assets	$	27,020,980		$	23,010,594
Liabilities and equity
Accounts payable and accrued expenses	$	383,981	$	294,686
Total liabilities		383,981			294,686
Commitments and Contingencies
Equity
Bexil Corporation shareholders' equity
Common stock, $0.01 par value, 9,900,000 shares authorized; 784,177
and 832,654 issued and outstanding at September 30, 2021 and
December 31, 2020, respectively		7,842			8,327
Series A participating preferred stock, $0.01 par value, 100,000 shares
authorized; zero shares issued and outstanding		-			-
Additional paid in capital		12,645,266			14,250,519
Notes receivable for common stock issued		(933,449)			(1,033,603)
Retained earnings		15,092,828			9,664,540
Total Bexil Corporation shareholders' equity		26,812,487			22,889,783
Noncontrolling interests in subsidiary		(175,488)			(173,875)
Total equity		26,636,999			22,715,908
Total liabilities and equity	$	27,020,980		$	23,010,594

See notes to unaudited consolidated financial statements.

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