PhenixFIN Corp: 22NW Fund reports disclosure of holdings. 22NW Fund, together with affiliated entities 22NW, 22NW Fund GP, 22NW GP, Inc. and Aron R. English, states that 22NW Fund directly owned 43,115 shares of Common Stock as of the close of business on 03/31/2026, representing approximately 2.2% of the class. The percentage is calculated using 1,998,259 shares outstanding as of 02/09/2026 as reported in the issuer's Form 10-Q. The filing clarifies voting and dispositive powers for the listed reporting persons and contains customary disclaimers of beneficial ownership by affiliates.
Positive
None.
Negative
None.
Insights
22NW Fund holds a 2.2% stake (43,115 shares) in PhenixFIN as of 03/31/2026.
The filing lists 43,115 shares owned directly by 22NW Fund and attributes those shares to affiliated reporting persons by virtue of managerial and partnership roles. The disclosure uses the issuer's reported 1,998,259 shares outstanding as of 02/09/2026 to calculate 2.2%.
Cash‑flow treatment and any planned purchases or sales are not stated in the excerpt; subsequent filings would show changes to this position. Ownership percentages and voting/dispositive powers are explicitly described in the filing.
Key Figures
Direct holdings:43,115 sharesShares outstanding:1,998,259 sharesPercent of class:2.2%
3 metrics
Direct holdings43,115 sharesOwned by 22NW Fund as of 03/31/2026
Shares outstanding1,998,259 sharesOutstanding as of 02/09/2026 per issuer Form 10-Q
Percent of class2.2%Calculated using 1,998,259 shares outstanding
Key Terms
beneficially own, sole dispositive power, Schedule 13G/A
3 terms
beneficially ownregulatory
"may be deemed to beneficially own the 43,115 Shares owned directly by 22NW Fund"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
sole dispositive powerregulatory
"Sole Dispositive Power 43,115.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Schedule 13G/Aregulatory
"This statement is filed by 22NW Fund, LP ... (Amendment No. 2 )"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
PhenixFIN Corp
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
71742W103
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
71742W103
1
Names of Reporting Persons
22NW Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
43,115.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
43,115.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,115.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
71742W103
1
Names of Reporting Persons
22NW, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
43,115.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
43,115.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,115.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
71742W103
1
Names of Reporting Persons
22NW Fund GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
43,115.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
43,115.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,115.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
71742W103
1
Names of Reporting Persons
22NW GP, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
43,115.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
43,115.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,115.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.2 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
71742W103
1
Names of Reporting Persons
English Aron R.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
43,115.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
43,115.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
43,115.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.2 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PhenixFIN Corp
(b)
Address of issuer's principal executive offices:
445 Park Avenue, 10th Floor, New York, New York 10022
Item 2.
(a)
Name of person filing:
This statement is filed by 22NW Fund, LP, a Delaware limited partnership ("22NW Fund"), 22NW, LP, a Delaware limited partnership ("22NW"), 22NW Fund GP, LLC, a Delaware limited liability company ("22NW GP"), 22NW GP, Inc., a Delaware S Corporation ("22NW Inc."), and Aron R. English. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
22NW serves as the investment manager of 22NW Fund. 22NW GP serves as the general partner of 22NW Fund. 22NW Inc. serves as the general partner of 22NW. Mr. English is the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc. By virtue of these relationships, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own the shares of Common Stock, par value $0.001 per share (the "Shares"), owned directly by 22NW Fund.
(b)
Address or principal business office or, if none, residence:
The address of the principal office of each of the Reporting Persons is 590 1st Ave. S, Unit C1, Seattle, Washington 98104.
(c)
Citizenship:
22NW Fund, 22NW, 22NW GP and 22NW Inc. are organized under the laws of the State of Delaware. Mr. English is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
71742W103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of the close of business on March 31, 2026:
(i) 22NW Fund directly owned 43,115 Shares.
(ii) Each of 22NW, as the investment manager of 22NW Fund, 22NW GP, as the general partner of 22NW Fund, 22NW Inc., as the general partner of 22NW, and Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the 43,115 Shares owned directly by 22NW Fund.
The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person.
(b)
Percent of class:
The following percentages are based on 1,998,259 Shares outstanding as of February 9, 2026, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on February 9, 2026.
As of the close of business on March 31, 2026, each of 22NW Fund, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own approximately 2.2% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on February 13, 2023.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
22NW Fund, LP
Signature:
/s/ Aron R. English
Name/Title:
Aron R. English, Manager of 22NW Fund GP, LLC, its General Partner
Date:
05/15/2026
22NW, LP
Signature:
/s/ Aron R. English
Name/Title:
Aron R. English, President and Sole Shareholder of 22NW GP, Inc., its General Partner
What stake does 22NW Fund report in PhenixFIN (PFX)?
22NW Fund directly owned 43,115 shares of PhenixFIN Common Stock as of 03/31/2026. That equals about 2.2% using 1,998,259 shares outstanding reported as of 02/09/2026.
Who are the reporting persons named in the 13G/A for PFX?
The statement is filed by 22NW Fund, 22NW, 22NW Fund GP, 22NW GP, Inc. and Aron R. English. Roles include investment manager, general partner, and portfolio manager as described in the filing.
Does the filing state voting or dispositive power for the shares?
Yes. The cover data shows sole voting power and sole dispositive power of 43,115 shares for the listed reporting persons. Shared voting and dispositive powers are shown as zero in the excerpt.
What outstanding share count was used to compute the percentage for PFX?
The filing uses 1,998,259 shares outstanding as of 02/09/2026, taken from the issuer's Form 10-Q, to compute the reported ~2.2% ownership figure.
Does the 13G/A amendment indicate any intent to buy or sell more PFX shares?
The amendment discloses current beneficial ownership and related roles; it does not state any purchase or sale intentions or planned transactions in the provided excerpt.
