Phibro Animal Health holder updates 48.3% stake

Rhea-AI Filing Summary

BFI Co., LLC and Jack C. Bendheim report updated ownership of Phibro Animal Health Corporation Class A Common Stock in an Amendment No. 24 to Schedule 13D. They beneficially own 19,591,914 shares of Common Stock, representing 48.3% of the Class A Common Stock on an as-converted basis.

BFI directly holds 95,880 shares of Class A Common Stock and 19,496,034 shares of Class B Common Stock, which is convertible into Class A on a one-for-one basis and carries ten votes per share. The filing notes market disposals of Class A shares within the prior 60 days, detailed in an exhibit.

Key Figures

Beneficial ownership: 19,591,914 shares Ownership percentage: 48.3% Class A shares held by BFI: 95,880 shares +5 more

8 metrics

Beneficial ownership 19,591,914 shares Total Common Stock beneficially owned by each reporting person

Ownership percentage 48.3% Percent of Class A Common Stock on an as-converted basis

Class A shares held by BFI 95,880 shares Class A Common Stock directly owned by BFI as of April 23, 2026

Class B shares held by BFI 19,496,034 shares Class B Common Stock directly owned by BFI as of April 23, 2026

Class A shares outstanding 21,068,682 shares Class A Common Stock outstanding as of April 21, 2026

As-converted share base 40,564,716 shares Outstanding Class A plus Class A issuable upon Class B conversion

Class B voting rights 10 votes per share Voting power of each Class B Common Stock share

Class A voting rights 1 vote per share Voting power of each Class A Common Stock share

Key Terms

beneficially owned, Class B Common Stock, Schedule 13D, dispositive power, +1 more

5 terms

beneficially owned financial

"This Amendment No. 24 ... relates to the Class A Common Stock ... beneficially owned by the Reporting Persons."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Class B Common Stock financial

"19,496,034 shares of Class B Common Stock, par value $0.0001 per share"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

dispositive power financial

"Sole Dispositive Power 0.00 10 | Shared Dispositive Power 19,591,914.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Joint Filing Agreement regulatory

"Exhibit 1 - Joint Filing Agreement, dated as of April 29, 2014"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Phibro Animal Health (PAHC) does BFI Co., LLC report?

BFI Co., LLC reports beneficial ownership of 19,591,914 Phibro shares. This represents 48.3% of the Class A Common Stock on an as-converted basis, combining 95,880 Class A shares and 19,496,034 Class B shares held through BFI as of April 23, 2026.

How is the 48.3% ownership of PAHC Class A stock calculated?

The 48.3% figure uses a total base of 40,564,716 shares. That base equals 21,068,682 Class A shares outstanding as of April 21, 2026, plus 19,496,034 Class A shares issuable upon conversion of the Class B shares beneficially owned by the reporting persons.

What is the difference between Class A and Class B Phibro Animal Health shares?

Class A and Class B have identical economics but different voting power. Class B Common Stock converts one-for-one into Class A and carries ten votes per share, while Class A Common Stock carries one vote per share for each share held by the record holder.

What role does Jack C. Bendheim play in BFI Co., LLC’s PAHC holdings?

Jack C. Bendheim may be deemed the beneficial owner of BFI’s holdings. As the Class A Manager of BFI, he exercises voting and dispositive power over 95,880 Class A and 19,496,034 Class B shares that BFI directly owns in Phibro Animal Health Corporation.

Did the reporting persons trade PAHC shares recently?

Yes, they disposed of Class A shares within the prior 60 days. The filing states that the reporting persons sold Class A Common Stock in market transactions listed in Exhibit 3, and indicates no other transactions in Phibro securities during the last 60 days.

What voting power do the reporting persons have in Phibro Animal Health?

The reporting persons share voting and dispositive power over 19,591,914 shares. BFI holds Class B shares that provide ten votes each, and as manager, Jack Bendheim has sole authority to vote all Common Stock of Phibro owned by BFI, alongside managing related economic rights.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 08:36 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 24)

Phibro Animal Health Corporation

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

71742Q106

(CUSIP Number)

Jack C. Bendheim
Glenpointe Centre East, 3rd Fl., 300 Frank W. Burr Blvd., Ste 21
Teaneck, NJ, 07666-6712
(201) 329-7300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/21/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 71742Q106

1

Name of reporting person

BFI Co., LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,591,914.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,591,914.00

11

Aggregate amount beneficially owned by each reporting person

19,591,914.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

48.3 %

14

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person:

The Reporting Person holds 95,880 shares of Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), and 19,496,034 shares of Class B Common Stock, par value $0.0001 per share ("Class B Common Stock" and, together with the Class A Common Stock, the "Common Stock") as of April 23, 2026. Class B Common Stock is convertible into Class A Common Stock at any time after issuance on a one-for-one basis, and has no expiration date. Class B Common Stock has economic rights identical to Class A Common Stock and entitles the record holder to ten (10) votes per share of Class B Common Stock on all matters to be voted on by stockholders generally. Class A Common Stock entitles the record holder to one (1) vote per share of Class A Common Stock. All percentages are calculated using a fraction, the numerator of which is the total number of shares of Common Stock set forth above and the denominator of which is 40,564,716, which is equal to the sum of 21,068,682 shares of Class A Common Stock outstanding as of April 21, 2026, as reported by the Issuer to the Reporting Person, plus 19,496,034 shares of Class A Common Stock issuable upon conversion of Class B Common Stock beneficially owned by the Reporting Person.

SCHEDULE 13D

CUSIP Number(s): 71742Q106

1

Name of reporting person

Jack C. Bendheim

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,591,914.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,591,914.00

11

Aggregate amount beneficially owned by each reporting person

19,591,914.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

48.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The reported securities represent 19,591,914 shares of Common Stock directly held by BFI Co., LLC ("BFI"). Mr. Bendheim 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 may be deemed to be the beneficial owner of 95,880 shares of Class A Common Stock and 19,496,034 shares of Class B Common Stock as of April 23, 2026. Class B Common Stock has economic rights identical to Class A Common Stock and entitles the record holder to ten (10) votes per share of Class B Common Stock on all matters to be voted on by stockholders generally. Class A Common Stock entitles the record holder to one (1) vote per share of Class A Common Stock. All percentages are calculated using a fraction, the numerator of which is the total number of shares of Common Stock set forth above and the denominator of which is 40,564,716, which is equal to the sum of 21,068,682 shares of Class A Common Stock outstanding as of April 21, 2026, as reported by the Issuer to the Reporting Person, plus 19,496,034 shares of Class A Common Stock issuable upon conversion of Class B Common Stock beneficially owned by the Reporting Person.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Phibro Animal Health Corporation
(c)	Address of Issuer's Principal Executive Offices: Glenpointe Centre East, 3rd Fl., 300 Frank W. Burr Blvd., Ste 21, Teaneck, NEW JERSEY , 07666-6712.
Item 1 Comment: This Amendment No. 24 to Schedule 13D (this "Amendment") relates to the Class A Common Stock of Phibro Animal Health Corporation, a Delaware corporation (the "Issuer") beneficially owned by the Reporting Persons. This Amendment is being filed by each of the Reporting Persons to amend the Schedule 13D (the "Schedule 13D") which was originally filed on April 29, 2014 and amended by that certain Amendment No. 1 to Schedule 13D, filed August 11, 2014, that certain Amendment No. 2 to Schedule 13D, filed March 24, 2015, that certain Amendment No. 3 to Schedule 13D, filed August 4, 2015, that certain Amendment No. 4 to Schedule 13D, filed November 2, 2015, that certain Amendment No. 5 to Schedule 13D, filed March 23, 2016, that certain Amendment No. 6 to Schedule 13D, filed May 30, 2017, that certain Amendment No. 7 to Schedule 13D, filed June 23, 2017, that certain Amendment No. 8 to Schedule 13D, filed July 14, 2017, that certain Amendment No. 9 to Schedule 13D, filed December 26, 2017, that certain Amendment No. 10 to Schedule 13D, filed June 26, 2018, that certain Amendment No. 11 to Schedule 13D, filed September 17, 2018, that certain Amendment No. 12 to Schedule 13D, filed June 26, 2019, that certain Amendment No. 13 to Schedule 13D, filed December 20, 2019, that certain Amendment No. 14 to Schedule 13D, filed June 8, 2020, that certain Amendment No. 15 to Schedule 13D, filed December 15, 2020, that certain Amendment No. 16 to Schedule 13D, filed June 25, 2021, that certain Amendment No. 17 to Schedule 13D, filed May 25, 2022, that certain Amendment No. 18 to Schedule 13D, filed December 16, 2022, that certain Amendment No. 19 to Schedule 13D, filed June 8, 2023, that certain Amendment No. 20 to Schedule 13D, filed February 12, 2024, that certain Amendment No. 21 to Schedule 13D, filed November 15, 2024, that certain Amendment No. 22 to Schedule 13D, filed June 3, 2025 and that certain Amendment No. 23 to Schedule 13D, filed December 15, 2025. Except as otherwise set forth herein, this Amendment does not modify any of the information previously reported by the Reporting Persons in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby supplemented as follows: The ownership percentages set forth below are based on 21,068,682 shares of Class A Common Stock outstanding as of April 21, 2026, as reported by the Issuer to the Reporting Persons, plus 19,496,034 shares of Class A Common Stock issuable upon conversion of Class B Common Stock beneficially owned by the Reporting Persons. BFI directly owns 95,880 shares of Class A Common Stock and 19,496,034 shares of Class B Common Stock as of April 23, 2026, representing 48.3% of the total number of shares of Class A Common Stock outstanding, assuming that all outstanding shares of Class B Common Stock are converted into shares of Class A Common Stock. As the Class A Manager of BFI, Mr. Bendheim may be deemed to beneficially own the 95,880 shares of Class A Common Stock and 19,496,034 shares of Class B Common Stock owned by BFI.
(b)	Item 5(b) of the Schedule 13D is hereby supplemented as follows: Mr. Bendheim has the sole authority to vote all of the Common Stock of the Issuer owned by BFI and, together with certain other family members, is the manager of BFI with respect to the economic rights pertaining to such Common Stock of the Issuer owned by BFI.
(c)	Item 5(c) of the Schedule 13D is hereby supplemented as follows: Within the prior 60 days, the Reporting Persons disposed of shares of Class A Common Stock in the market transactions set forth in Exhibit 3 attached hereto. Except for the foregoing or as otherwise set forth herein, there were no transactions in securities of the Issuer beneficially owned by the Reporting Persons in the last 60 days.
(d)	Other than the Reporting Persons, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Reporting Persons' securities.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Joint Filing Agreement, dated as of April 29, 2014, by and among the Reporting Persons (incorporated by reference to Exhibit 1 to Schedule 13D filed with the Securities and Exchange Commission by the Reporting Persons on April 29, 2014). Exhibit 3 - Transactions by the Reporting Persons.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BFI Co., LLC

Signature:	/s/ Jack C. Bendheim
Name/Title:	Jack C. Bendheim/Class A Manager
Date:	04/23/2026

Jack C. Bendheim

Signature:	/s/ Jack C. Bendheim
Name/Title:	Jack C. Bendheim
Date:	04/23/2026