BFI Co., LLC tied to Phibro Animal Health (PAHC) sells converted Class A shares

Rhea-AI Filing Summary

Phibro Animal Health Corp’s insider filing shows activity on February 5, 2026 involving an entity associated with President and CEO Jack Bendheim. BFI Co., LLC converted 185,000 shares of Class B Common Stock into 185,000 shares of Class A Common Stock at an exercise price of $0.

BFI then executed several open-market sales of Class A shares under a Rule 10b5-1 trading plan, with individual trades ranging from 409 to 46,275 shares at weighted average prices between $44.4688 and $49.5718. After these transactions, BFI indirectly held 122,958 Class A shares, while Jack Bendheim directly held 16,840 Class A shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BENDHEIM JACK

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NJ 07666

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PHIBRO ANIMAL HEALTH CORP [ PAHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/05/2026		C(1)		185,000	A	$0	233,800	I	See(2)
Class A Common Stock	02/05/2026		S(3)		409	D	$44.4688(4)	233,391	I	See(2)
Class A Common Stock	02/05/2026		S(3)		3,640	D	$45.4242(5)	229,751	I	See(2)
Class A Common Stock	02/05/2026		S(3)		3,171	D	$46.6816(6)	226,580	I	See(2)
Class A Common Stock	02/05/2026		S(3)		38,209	D	$47.9055(7)	188,371	I	See(2)
Class A Common Stock	02/05/2026		S(3)		46,275	D	$48.653(8)	142,096	I	See(2)
Class A Common Stock	02/05/2026		S(3)		19,138	D	$49.5718(9)	122,958	I	See(2)
Class A Common Stock								16,840	D(10)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	$0	02/05/2026		C			185,000	(1)	(1)	Class A Common Stock	185,000	$0	19,696,034	I	See(2)

1. Name and Address of Reporting Person^*

BENDHEIM JACK

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NJ 07666

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

1. Name and Address of Reporting Person^*

BFI Co., LLC

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NJ 07666

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, at the holder's election, and has no expiration date.

2. The reported securities are directly held by BFI Co., LLC ("BFI"). Jack Bendheim, a reporting person, director and officer of Phibro Animal Health Corporation (the "Issuer"), exercises voting and dispositive power over BFI and may be deemed to have shared voting and investment power over the securities held by BFI. Mr. Bendheim disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

3. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI on May 30, 2025.

4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.035 to $44.73. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote and in footnotes 5 through 9.

5. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.04 to $46.02.

6. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.10 to $47.08.

7. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $47.17 to $48.17.

8. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $48.175 to $49.17.

9. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.18 to $50.01.

10. The reported securities are directly held by Jack Bendheim.

	/s/ Judith Weinstein, as Attorney-in-Fact for Jack Bendheim	02/09/2026
	/s/ Judith Weinstein, as Attorney-in-Fact for BFI Co., LLC	02/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did PAHC report on February 5, 2026?

Phibro Animal Health reported that BFI Co., LLC converted 185,000 Class B shares into Class A at $0, then sold multiple Class A share blocks in open-market trades at weighted average prices between $44.4688 and $49.5718, all on February 5, 2026.

Who is BFI Co., LLC in relation to Phibro Animal Health (PAHC)?

BFI Co., LLC holds Phibro Animal Health shares and is associated with President and CEO Jack Bendheim. He exercises voting and dispositive power over BFI and may be deemed to share voting and investment power, while disclaiming beneficial ownership beyond his pecuniary interest.

How many PAHC Class A shares does BFI Co., LLC hold after these trades?

Following the February 5, 2026 transactions, BFI Co., LLC indirectly held 122,958 shares of Phibro Animal Health Class A Common Stock. These holdings reflect the conversions and open-market sales executed that day under BFI’s pre-established Rule 10b5-1 trading plan.

What PAHC shares does Jack Bendheim hold directly after the Form 4?

After the reported activity, Jack Bendheim directly held 16,840 shares of Phibro Animal Health Class A Common Stock. Separate from this direct position, additional shares are held indirectly through BFI Co., LLC, an entity over which he has voting and dispositive power.

What is notable about PAHC’s Class B to Class A share conversion?

On February 5, 2026, 185,000 shares of Phibro’s Class B Common Stock were converted into 185,000 Class A shares at an exercise price of $0. Class B is convertible into Class A on a one-for-one basis at the holder’s election and has no expiration date.

Were PAHC insider share sales made under a trading plan?

Yes. The reported sales of Phibro Animal Health Class A shares were executed under a Rule 10b5-1 trading plan adopted by BFI Co., LLC on May 30, 2025. Such plans pre-schedule trades, helping separate trading decisions from day-to-day corporate developments.