PhenixFIN (PFX) Q1 2026: strong income but unrealized losses cut NAV

Rhea-AI Filing Summary

PhenixFIN Corporation reported first fiscal quarter 2026 results for the quarter ended December 31, 2025. Total investment income was $6.7 million, driven mainly by portfolio interest and dividends, and the portfolio’s income-producing investments carried a 12.52% weighted average yield.

Net investment income was $2.1 million, but mark-to-market movements led to a $7.2 million net unrealized loss, partly offset by $0.7 million of net realized gains, producing a $4.8 million decrease in net assets from operations and earnings of $(2.38) per share. The investment portfolio had a fair value of $295.6 million across 33 companies, with one investment on non-accrual at zero fair value. Net asset value per share was $77.92 as of December 31, 2025. At that date, the company held $3.4 million in cash, $57.5 million of 5.25% unsecured notes due 2028 and $90.0 million outstanding under its credit facility.

Insights

BDC and credit analyst

Strong income yield but sizable unrealized losses drove a quarterly net asset decline.

PhenixFIN generated total investment income of $6.7 million and net investment income of $2.1 million, supported by a high 12.52% weighted average yield on income-producing investments. This indicates the debt and income-focused portfolio is currently generating solid cash returns.

The quarter was pressured by a net unrealized loss of $7.2 million, attributed to mark-to-market declines in certain equity positions, alongside net realized gains of $0.7 million. Together this produced a net decrease in net assets from operations of $4.77 million and earnings of $(2.38) per share.

At December 31, 2025, the investment portfolio’s fair value was $295.6 million across 33 portfolio companies, with one non-accrual investment marked at zero. Net asset value per share slipped to $77.92 from $80.24. The company’s capital structure included $57.5 million of 5.25% notes due 2028 and $90.0 million drawn on its credit facility, so future results will depend on portfolio performance and valuation movements.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 9, 2026

PHENIXFIN CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		814-00818		27-4576073
(State or other jurisdiction of incorporation or organization)		(Commission file number)		(I.R.S. employer identification no.)

445 Park Avenue, 10th Floor, New York, NY		10022
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (212) 859-0390

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, par value $0.001 per share		PFX		The NASDAQ Global Market
5.25% Notes due 2028		PFXNZ		The NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 9, 2026, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended December 31, 2025. The press release is included as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release dated February 9, 2026
104		Cover page interactive data file (embedded within the Inline XBRL document)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DATE: February 9, 2026	PHENIXFIN CORPORATION
	/s/ David Lorber
	Name:	David Lorber
	Title:	Chief Executive Officer

2

Exhibit 99.1

PhenixFIN Corporation Announces First Quarter 2026 Financial Results

New York, NY, February 9, 2026 -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the “Company”), a publicly traded business development company, today announced its financial results for the first fiscal quarter of 2026.

Highlights

● First quarter total investment income of $6.7 million; net investment income of $2.1 million

● Net asset value (NAV) of $155.8 million, or $77.92 per share as of December 31, 2025

● Weighted average yield was 12.52% on debt and other income producing investments

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

“During the quarter, we generated solid investment income, supported by a 12.52% weighted average yield on income producing investments. While mark-to-market declines in certain equity positions weighed on results, these reflected company-specific softness despite a generally favorable economic backdrop. With our portfolio focused on U.S. companies, and with policy makers signaling support for domestic growth and a more supportive rate environment, we expect U.S. fundamentals to improve throughout 2026.”

Selected First Quarter 2026 Financial Results for the Quarter Ended December 31, 2025:

Total investment income was $6.7 million of which $6.5 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $4.5 million and total net investment income was $2.1 million.

The Company recorded a net realized gain of $0.7 million and net unrealized loss of $7.2 million.

Portfolio and Investment Activities for the Quarter Ended December 31, 2025:

The fair value of the Company’s investment portfolio totaled $295.6 million and consisted of 33 portfolio companies.

The Company had 1 portfolio company investment on non-accrual status with a fair market value of $0.0 million.

Liquidity and Capital Resources

At December 31, 2025, the Company had $3.4 million in cash and cash equivalents, $57.5 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $90.0 million outstanding under the Credit Facility.

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, increase investment activity, increase net investment income, implement its investment strategy and achieve its investment objective, source and capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, the ability of our portfolio companies to perform well and generate income 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.

Past performance is not a guarantee of future results. 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.

2

PHENIXFIN CORPORATION

Consolidated Statements of Assets and Liabilities

		December 31, 2025 (Unaudited)				September 30, 2025
Assets:
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $138,028,011 and $139,342,491, respectively)		$	139,235,510			$	145,280,169
Affiliated investments (amortized cost of $37,022,913 and $35,390,223, respectively)			36,675,568				35,381,405
Controlled investments (amortized cost of $149,859,961 and $149,656,451, respectively)			119,728,486				121,610,914
Total Investments at fair value			295,639,564				302,272,488
Cash and cash equivalents			3,406,847				7,289,371
Receivables:
Interest receivable			1,036,662				1,203,404
Other receivable			-				44,971
Dividends receivable			229,046				42,950
Other assets			2,642,679				2,746,775
Deferred tax asset, net			852,570				1,234,847
Deferred financing costs			1,308,020				1,384,767
Due from Affiliate			301,595				572,331
Prepaid share repurchase			42,076				96,342
Receivable for investments sold			1,922,102				21,549
Total Assets		$	307,381,161			$	316,909,795
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $946,653 and $1,141,393, respectively)		$	146,544,966			$	148,011,724
Accounts payable and accrued expenses			1,063,658				4,226,889
Other liabilities			2,481,418				2,439,405
Interest and fees payable			1,158,816				1,187,574
Taxes payable			178,690				137,538
Due to Affiliate			132,365				132,365
Total Liabilities			151,559,913				156,135,495
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 1,999,634 and 2,003,769 common shares outstanding, respectively			2,000				2,004
Capital in excess of par value			704,457,776				704,640,648
Total distributable earnings (loss)			(548,638,528	)			(543,868,352	)
Total Net Assets			155,821,248				160,774,300
Total Liabilities and Net Assets		$	307,381,161			$	316,909,795
Net Asset Value Per Common Share		$	77.92			$	80.24

3

PHENIXFIN CORPORATION

Consolidated Statements of Operations

(Unaudited)

		For the Three Months Ended December 31,
		2025				2024
Interest Income:
Interest from investments
Non-controlled, non-affiliated investments:
Cash		$	2,351,244			$	2,824,594
Payment in-kind			234,383				354,681
Affiliated investments:
Cash			838,583				-
Payment in-kind			-				-
Controlled investments:
Cash			445,684				588,195
Payment in-kind			-				-
Total interest income			3,869,894				3,767,470
Dividend income
Non-controlled, non-affiliated investments			795,867				596,298
Affiliated investments			-				142,495
Controlled investments			1,751,275				1,399,350
Total dividend income			2,547,142				2,138,143
Interest from cash and cash equivalents			55,366				227,032
Fee income (see Note 9)			187,833				11,064
Other income			-				72,774
Total Investment Income			6,660,235				6,216,483
Expenses:
Interest and financing expenses			2,432,335				2,545,811
Salaries and benefits			969,173				1,028,617
Professional fees, net			389,940				418,013
General and administrative expenses			360,485				221,793
Directors fees			204,000				204,000
Administrator expenses (see Note 6)			102,061				84,355
Insurance expenses			75,634				88,421
Total expenses			4,533,628				4,591,010
Net Investment Income			2,126,607				1,625,473
Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments			692,220				1,168,670
Affiliated investments			1,384				-
Controlled investments			-				-
Total net realized gains (losses)			693,604				1,168,670
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments			(4,730,179	)			808,538
Affiliated investments			(338,527	)			(889,186	)
Controlled investments			(2,085,938	)			(249,338	)
Total net change in unrealized gains (losses)			(7,154,644	)			(329,986	)
Deferred tax benefit (expense)			(423,429	)			-
Loss on Extinguishment of Debt (see Note 5)			(12,314	)			-
Total realized and unrealized gains (losses)			(6,896,783	)			838,684
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(4,770,176	)		$	2,464,157
Weighted average basic and diluted earnings per common share		$	(2.38	)		$	1.22
Weighted average common shares outstanding - basic and diluted (see Note 11)			2,001,470				2,019,778

4

FAQ

How did PhenixFIN (PFX) perform in its first fiscal quarter of 2026?

PhenixFIN reported total investment income of $6.7 million and net investment income of $2.1 million. However, a $7.2 million net unrealized loss on investments drove a $4.8 million decrease in net assets from operations and earnings of $(2.38) per share.

What was PhenixFIN’s net asset value per share as of December 31, 2025?

Net asset value per share was $77.92 as of December 31, 2025. This compares with $80.24 at the prior period end, reflecting the impact of unrealized losses and overall quarterly results on the company’s equity base.

What income did PhenixFIN (PFX) generate from its investment portfolio?

For the quarter ended December 31, 2025, PhenixFIN generated total investment income of $6.7 million, including $6.5 million of interest and dividend income and $0.2 million of fee and other income, supported by a 12.52% weighted average yield on income-producing investments.

How large is PhenixFIN’s investment portfolio and how many companies does it include?

As of December 31, 2025, PhenixFIN’s investment portfolio had a fair value of $295.6 million across 33 portfolio companies. The company reported one portfolio investment on non-accrual status with a fair market value of $0.0 million at quarter end.

What debt obligations does PhenixFIN have outstanding?

At December 31, 2025, PhenixFIN had $57.5 million in aggregate principal amount of 5.25% unsecured notes due 2028 and $90.0 million outstanding under its credit facility, alongside $3.4 million of cash and cash equivalents on its balance sheet.

What were PhenixFIN’s realized and unrealized gains or losses this quarter?

PhenixFIN recorded a net realized gain of $0.7 million and a net unrealized loss of $7.2 million for the quarter ended December 31, 2025. These valuation and realization effects combined to reduce overall net assets from operations for the period.

What is driving PhenixFIN’s outlook for 2026?

Management highlighted solid investment income and a 12.52% yield on income-producing investments, while noting mark-to-market equity declines were company-specific. With a U.S.-focused portfolio and policy makers signaling support for domestic growth, they expect U.S. fundamentals to improve throughout 2026.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 PRESS RELEASE DATED FEBRUARY 9, 2026 62.9 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 3.6 KB
• EX-101 XBRL DEFINITION FILE 25.9 KB
• EX-101 XBRL LABEL FILE 35.7 KB
• EX-101 XBRL PRESENTATION FILE 24.6 KB