Here are the 10-K annual reports from PhenixFIN Corporation (PFX) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PFX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PFX filings page.
PhenixFIN Corporation reports on its operations as an internally managed business development company focused on generating current income and capital appreciation from loans and private equity in mostly private U.S. companies.
As of September 30, 2025, the investment portfolio totaled $302,272 thousand at fair value, spread across real estate, business services, insurance and consumer sectors, with notable positions in FlexFIN’s gemstone lending business and The National Security Group. Income‑bearing investments, representing 64.8% of the portfolio, had a weighted average yield of about 12.8%, compared with 12.3% a year earlier.
The company remained within regulatory leverage limits, with asset coverage of 207.8%, and continued to qualify as a regulated investment company for tax purposes. Management highlights risks from leverage, fair‑value estimates and concentrated stakes in the jewelry lender and NSG, along with broader pressures such as rising interest rates, recession risk and capital‑markets volatility.