David A. Lorber boosts PhenixFIN (PFX) stake to 12.9% with new share buys

Rhea-AI Filing Summary

PhenixFIN Corp’s large shareholder David A. Lorber filed an amended Schedule 13D reporting beneficial ownership of 248,576 shares of Common Stock, or about 12.9% of the company, based on 1,932,600 shares outstanding as of May 5, 2026.

Lorber holds 245,198 shares directly and 3,378 shares through his spouse’s IRA, over which he shares voting and dispositive power. He used approximately $7,896,209.19 of personal funds to acquire his position, including an in-kind distribution at no additional cost.

In the last 60 days, Lorber purchased 42,065 shares in open-market transactions on May 12, 2026 at a weighted average price of $39.95 per share, with trade prices ranging from $39.00 to $40.00.

Insights

Equity ownership & governance analyst

Lorber reports a 12.9% PhenixFIN stake with recent open-market buying.

David A. Lorber now reports beneficial ownership of 248,576 PhenixFIN shares, representing about 12.9% of outstanding Common Stock. This level of ownership gives him meaningful influence in shareholder matters, especially votes on governance or strategic decisions, although no specific plans are described here.

The filing notes roughly $7.9M of personal funds used to build the stake, plus an in-kind distribution from a prior fund position. A recent purchase of 42,065 shares on May 12, 2026 at a weighted average of $39.95 per share signals continued accumulation in the open market.

The overall impact depends on how Lorber chooses to use this influence. Future company filings or additional Schedule 13D amendments may clarify his intentions regarding engagement with PhenixFIN’s board, capital allocation, or other strategic actions.

Key Figures

Beneficial ownership: 248,576 shares Ownership percentage: 12.9% Shares outstanding: 1,932,600 shares +5 more

8 metrics

Beneficial ownership 248,576 shares Total PhenixFIN Common Stock beneficially owned by David A. Lorber

Ownership percentage 12.9% Portion of PhenixFIN Common Stock outstanding as of May 5, 2026

Shares outstanding 1,932,600 shares PhenixFIN Common Stock outstanding as of May 5, 2026

Acquisition funds $7,896,209.19 Approximate personal funds used by Lorber to acquire his PhenixFIN stake

Recent purchase size 42,065 shares Open-market purchase on May 12, 2026

Recent purchase price $39.95/share Weighted average price for May 12, 2026 transactions (range $39.00–$40.00)

Solely held shares 245,198 shares Shares held directly by Lorber with sole voting/dispositive power

Spouse IRA shares 3,378 shares Shares held in spouse’s IRA with shared voting/dispositive power

Key Terms

Schedule 13D, beneficial ownership, in-kind distribution, individual retirement account (IRA), +1 more

5 terms

Schedule 13D regulatory

"This Amendment No. 6 amends the originally filed with the U.S. Securities and Exchange Commission ("SEC") on December 20, 2021"

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.

beneficial ownership financial

"Mr. Lorber beneficially owns 248,576 shares of Common Stock, 3,378 shares of which are held in his spouse's IRA"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

in-kind distribution financial

"certain shares of Common Stock were acquired by Mr. Lorber through an in-kind distribution from FrontFour Master Fund Ltd."

individual retirement account (IRA) financial

"3,378 shares of which are held in his spouse's individual retirement account (IRA), as to which he is deemed to have beneficial ownership"

An individual retirement account (IRA) is a personal savings account that offers tax advantages to help people set aside money for retirement, similar to a dedicated piggy bank with special tax rules. It matters to investors because contributions, growth, and withdrawals may be taxed differently than regular accounts, affecting long‑term returns and retirement income planning; choosing the right type of IRA can change how much you keep after taxes.

weighted average price financial

"The price reported is a weighted average price. These shares were purchased in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

PhenixFIN Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

71742W103

(CUSIP Number)

David Lorber
445 Park Avenue, 10th Floor,
New York, NY, 10022
(212) 859-0390

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

05/12/2026

(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): 71742W103

1

Name of reporting person

David A. Lorber

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)

PF

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 245,198.00
8	Shared Voting Power 3,378.00
9	Sole Dispositive Power 245,198.00
10	Shared Dispositive Power 3,378.00

11

Aggregate amount beneficially owned by each reporting person

248,576.00

12

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

13

Percent of class represented by amount in Row (11)

12.9 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Based on 1,932,600 shares of common stock outstanding as of May 5, 2026 as reported by the issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 5, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: PhenixFIN Corp
(c)	Address of Issuer's Principal Executive Offices: 445 Park Avenue, 10th Floor, New York, NEW YORK , 10022.
Item 1 Comment: This Amendment No. 6 amends the Schedule 13D originally filed with the U.S. Securities and Exchange Commission ("SEC") on December 20, 2021, as amended by Amendment No. 1 filed with the SEC on May 16, 2022, Amendment No. 2 filed with the SEC on January 3, 2023, Amendment No. 3 filed with the SEC on March 5, 2024, Amendment No. 4 filed with the SEC on June 18, 2025, and Amendment No. 5 filed with the SEC on April 2, 2026 (as amended, the "Schedule 13D") by David A. Lorber, FrontFour Master Fund, Ltd. and FrontFour Capital Group LLC), with respect to the common stock (the "Common Stock") of PhenixFIN Corporation (the "Company"). FrontFour Master Fund, Ltd. and FrontFour Capital Group LLC ceased to be a reporting person on the Schedule 13D upon the filing of Amendment No. 5.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented to reflect that the amount of funds used by Mr. Lorber to acquire the Common Stock beneficially owned by him and by his spouse's individual retirement account (IRA), as to which he is deemed to have beneficial ownership, is approximately $7,896,209.19, which was obtained from personal funds. As previously disclosed, certain shares of Common Stock were acquired by Mr. Lorber through an in-kind distribution from FrontFour Master Fund Ltd. for no additional consideration.
Item 5.	Interest in Securities of the Issuer
(a)	As of the date hereof, Mr. Lorber beneficially owns 248,576 shares of Common Stock, 3,378 shares of which are held in his spouse's IRA, representing approximately 12.9% of the Company's outstanding Common Stock, based on 1,932,600 shares of Common Stock outstanding as of May 5, 2026 as reported by the Company in the Form 10-Q filed with the Securities and Exchange Commission on May 5, 2026.
(b)	Mr. Lorber has sole voting and dispositive power with respect to the 245,198 shares of Common Stock held directly by him and shared voting and dispositive power of the 3,378 shares of Common Stock held in his spouse's IRA.
(c)	The following purchases of Common Stock were made by Mr. Lorber in the past 60 days. All such purchases were made in the open market in routine brokerage transactions. Other than the transactions listed in the table below, there have been no transactions in the Common Stock effected by the Reporting Person during the past 60 days. Date: 5/12/2026 --- Number of Shares: 42,065 --- Price Per Share: $39.95* (*) The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $39.00 to $40.00, inclusive. The reporting person undertakes to provide to PhenixFIN Corporation, any security holder of PhenixFIN Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote.

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.

David A. Lorber

Signature:	/s/ David A. Lorber
Name/Title:	David A. Lorber
Date:	05/14/2026

FAQ

How many PhenixFIN Corp (PFX) shares does David A. Lorber now beneficially own?

David A. Lorber beneficially owns 248,576 shares of PhenixFIN Common Stock. This total includes 245,198 shares held directly and 3,378 shares held in his spouse’s IRA, over which he has shared voting and dispositive power, according to the amended Schedule 13D.

What percentage of PhenixFIN Corp (PFX) does David A. Lorber’s stake represent?

Lorber’s 248,576 shares represent approximately 12.9% of PhenixFIN’s outstanding Common Stock. This percentage is based on 1,932,600 shares outstanding as of May 5, 2026, as reported by the company in its Form 10-Q filed with the Securities and Exchange Commission.

How much has David A. Lorber spent acquiring his PhenixFIN Corp (PFX) shares?

The filing states that approximately $7,896,209.19 of personal funds were used to acquire the Common Stock Lorber beneficially owns. This amount covers his holdings and the shares held in his spouse’s IRA, excluding an in-kind distribution received for no additional consideration.

What recent PhenixFIN Corp (PFX) share purchases did David A. Lorber report?

Lorber reported buying 42,065 PhenixFIN shares on May 12, 2026, in open-market brokerage transactions. The weighted average purchase price was $39.95 per share, with individual trade prices ranging from $39.00 to $40.00, according to the Schedule 13D amendment disclosure.

How are David A. Lorber’s PhenixFIN Corp (PFX) shares held and controlled?

Lorber has sole voting and dispositive power over 245,198 shares held directly in his name. He has shared voting and dispositive power over 3,378 additional shares held in his spouse’s individual retirement account, and all are included in his reported beneficial ownership.

What share count did PhenixFIN Corp (PFX) report as outstanding for this ownership calculation?

PhenixFIN reported 1,932,600 shares of Common Stock outstanding as of May 5, 2026. This figure, disclosed in the company’s Form 10-Q filed with the SEC, was used to calculate Lorber’s approximately 12.9% beneficial ownership percentage in the amended Schedule 13D.