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  4. [8-K] PhenixFIN Corp Reports Material Event

PhenixFIN (NASDAQ: PFX) repurchases 3.3% of shares in Q2 2026

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(Moderate)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

PhenixFIN Corporation reported results for the quarter ended March 31, 2026. Total investment income was $5.2 million, mainly from $5.0 million of portfolio interest and dividend income, against total expenses of $4.5 million, producing net investment income of $0.7 million.

The company recorded a net realized loss of $1.1 million and a net unrealized gain of $1.7 million, leading to a net increase in net assets from operations of $1.1 million and earnings of $0.57 per share. The investment portfolio’s fair value was $295.8 million across 32 portfolio companies, with one investment on non-accrual status at zero fair value.

Net asset value per share was $79.56 versus $80.24 as of September 30, 2025. PhenixFIN held $3.1 million in cash, had $57.5 million of 5.25% unsecured notes due 2028 and $90.0 million outstanding under its credit facility. The company repurchased 66,396 shares, equal to 3.3% of its shares outstanding, under its buyback program.

Positive

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Insights

PhenixFIN delivered modest Q2 profitability with active portfolio and capital management.

PhenixFIN generated $5.2 million of total investment income in Q2 2026 and net investment income of $0.7 million. After a net realized loss of $1.1 million and a net unrealized gain of $1.7 million, net assets from operations increased by $1.1 million.

The investment portfolio had a fair value of $295.8 million across 32 companies, with one position on non-accrual at zero fair value, suggesting limited current credit stress in the disclosed data. Net asset value per share was $79.56, slightly below $80.24 as of September 30, 2025.

On capital management, PhenixFIN repurchased 66,396 shares, or 3.3% of shares outstanding, while carrying $57.5 million of 5.25% notes due 2028 and $90.0 million drawn on its credit facility. Future filings may provide additional detail on portfolio credit performance and deployment.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total investment income $5.2 million Quarter ended March 31, 2026
Net investment income $0.7 million Quarter ended March 31, 2026
Net realized loss $1.1 million Quarter ended March 31, 2026
Net unrealized gain $1.7 million Quarter ended March 31, 2026
Portfolio fair value $295.8 million Investment portfolio at March 31, 2026
Cash and cash equivalents $3.1 million Balance at March 31, 2026
Debt outstanding $57.5M notes; $90.0M credit facility Unsecured notes due 2028 and credit facility at March 31, 2026
Share repurchases 66,396 shares (3.3%) Shares repurchased under buyback program during quarter
Net asset value per share $79.56 NAV per common share at March 31, 2026
net investment income financial
"Total net expenses were $4.5 million and total net investment income was $0.7 million."
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
non-accrual status financial
"The Company had 1 portfolio company investment on non-accrual status with a fair market value of $0.0 million."
A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.
business development company regulatory
"the Company, a publicly traded business development company, today announced its financial results"
A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.
net asset value financial
"Net Asset Value Per Common Share | | $ | 79.56 | | | $ | 80.24 |"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
payment in-kind financial
"Payment in-kind | | | 250,799 | | | | 263,784 |"
Total investment income $5.2 million
Net investment income $0.7 million
Net increase in net assets from operations $1.1 million
Net asset value per share $79.56
Understanding 8-K Material Events →
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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): May 5, 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 May 5, 2026, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended March 31, 2026. 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 May 5, 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: May 5, 2026 PHENIXFIN CORPORATION
   
  /s/David Lorber
  Name:  David Lorber
  Title: Chief Executive Officer

 

2

 

Exhibit 99.1

 

PhenixFIN Corporation Announces Second Quarter 2026 Financial Results

 

New York, NY, May 5, 2026 -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the “Company”), a publicly traded business development company, today announced its financial results for the second fiscal quarter of 2026.

 

Highlights

 

●Second quarter total investment income of $5.2 million; net investment income of $0.7 million

 

●Net asset value (NAV) of $153.8 million, or $79.56 per share as of March 31, 2026

 

●Weighted average yield was 13.1% on debt and other income producing investments

 

●Effective May 5, 2026, the Board declared a special dividend of $0.07 per share to be paid on May 28, 2026, to stockholders of record as of May 18, 2026

 

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

 

“While volatility and uncertainty are elevated in the markets, specifically in private credit, we continue to underwrite with a disciplined approach and engage in active portfolio management. Our overall portfolio was stable throughout the quarter. Our investment strategy is generally focused on asset-oriented industries. In addition, during the quarter we returned capital to our shareholders through our share buyback program, having repurchased 66,396 shares or 3.3% of our shares outstanding.”

 

Selected Second Quarter 2026 Financial Results for the Quarter Ended March 31, 2026:

 

Total investment income was $5.2 million of which $5.0 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 $0.7 million.

 

The Company recorded a net realized loss of $1.1 million and net unrealized gain of $1.7 million.

 

Portfolio and Investment Activities for the Quarter Ended March 31, 2026:

 

The fair value of the Company’s investment portfolio totaled $295.8 million and consisted of 32 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 March 31, 2026, the Company had $3.1 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

 

   March 31,
2026
(Unaudited)		   September 30,
2025		 
Assets:        
Investments at fair value        
Non-controlled, non-affiliated investments (amortized cost of $128,237,811 and $139,342,491, respectively)  $130,033,295   $145,280,169 
Affiliated investments (amortized cost of $37,828,011 and $35,390,223, respectively)   36,776,004    35,381,405 
Controlled investments (amortized cost of $157,346,334 and $149,656,451, respectively)   129,001,392    121,610,914 
Total Investments at fair value   295,810,691    302,272,488 
Cash and cash equivalents   3,074,794    7,289,371 
Receivables:          
Interest receivable   1,303,922    1,203,404 
Other receivable   -    44,971 
Dividends receivable   64,800    42,950 
Other assets   2,537,376    2,746,775 
Deferred tax asset, net   727,925    1,234,847 
Deferred financing costs   1,232,943    1,384,767 
Due from Affiliate   275,173    572,331 
Prepaid share repurchase   115,969    96,342 
Receivable for investments sold   431,184    21,549 
Total Assets  $305,574,777   $316,909,795 
           
Liabilities:          
Credit facility and notes payable (net of debt issuance costs of $864,414 and $1,141,393, respectively)  $146,627,205   $148,011,724 
Accounts payable and accrued expenses   1,329,714    4,226,889 
Other liabilities   2,499,673    2,439,405 
Interest and fees payable   1,131,408    1,187,574 
Taxes payable   48,137    137,538 
Due to Affiliate   126,936    132,365 
Total Liabilities   151,763,073    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;           
1,933,238 and 2,003,769 common shares outstanding, respectively   1,933    2,004 
Capital in excess of par value   701,315,531    704,640,648 
Total distributable earnings (loss)   (547,505,760)   (543,868,352)
Total Net Assets   153,811,704    160,774,300 
Total Liabilities and Net Assets  $305,574,777   $316,909,795 
           
Net Asset Value Per Common Share  $79.56   $80.24 

 

3 

 

 

PHENIXFIN CORPORATION

Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months Ended
March 31,		   For the Six Months Ended
March 31,		 
   2026   2025   2026   2025 
Interest Income:                
Interest from investments                
Non-controlled, non-affiliated investments:                
Cash  $2,242,062   $2,957,380   $4,800,297   $5,950,065 
Payment in-kind   250,799    263,784    278,191    618,465 
Affiliated investments:                   
Cash   670,874    -    1,302,466    - 
Payment in-kind   242,930    -    449,921    - 
Controlled investments:                   
Cash   725,479    626,790    1,171,163    1,214,985 
Payment in-kind   -    -    -    - 
Total interest income   4,132,144    3,847,954    8,002,038    7,783,515 
Dividend income                    
Non-controlled, non-affiliated investments   428,380    378,232    1,224,247    974,530 
Affiliated investments   268,540    111,736    268,540    254,231 
Controlled investments   156,084    1,580,616    1,907,359    2,979,966 
Total dividend income   853,004    2,070,584    3,400,146    4,208,727 
Interest from cash and cash equivalents   48,871    45,812    104,237    104,753 
Fee income (see Note 9)   164,374    29,673    352,207    40,737 
Other income   -    25,000    -    97,774 
Total Investment Income   5,198,393    6,019,023    11,858,628    12,235,506 
                     
Expenses:                    
Interest and financing expenses   2,308,578    2,578,963    4,740,913    5,124,774 
Salaries and benefits   1,016,836    1,185,054    1,986,009    2,213,671 
Professional fees, net   410,332    577,965    800,272    995,978 
General and administrative expenses   362,493    307,739    722,978    529,532 
Directors fees   169,428    204,000    373,428    408,000 
Administrator expenses (see Note 6)   109,223    112,829    211,284    197,184 
Insurance expenses   73,990    86,498    149,624    174,919 
Total expenses   4,450,880    5,053,048    8,984,508    9,644,058 
Net Investment Income   747,513    965,975    2,874,120    2,591,448 
                     
Realized and unrealized gains (losses) on investments                    
Net realized gains (losses):                    
Non-controlled, non-affiliated investments   (1,120,698)   (1,065,013)   (428,478)   103,657 
Affiliated investments   2,112    -    3,496    - 
Controlled investments   -    -    -    - 
Total net realized gains (losses)   (1,118,586)   (1,065,013)   (424,982)   103,657 
Net change in unrealized gains (losses):                    
Non-controlled, non-affiliated investments   587,985    1,183,172    (4,142,194)   1,991,710 
Affiliated investments   (704,662)   (92,367)   (1,043,189)   (981,553)
Controlled investments   1,786,533    (1,558,264)   (299,405)   (1,807,602)
Total net change in unrealized gains (losses)   1,669,856    (467,459)   (5,484,788)   (797,445)
Deferred tax benefit (expense)   (166,015)   (329,636)   (589,444)   (329,636)
Loss on Extinguishment of Debt (see Note 5)   -    -    (12,314)   - 
Total realized and unrealized gains (losses)   385,255    (1,862,108)   (6,511,528)   (1,023,424)
Net Increase (Decrease) in Net Assets Resulting from Operations  $1,132,768   $(896,133)  $(3,637,408)  $1,568,024 
Weighted average basic and diluted earnings per common share  $0.57   $(0.44)  $(1.83)  $0.78 
Weighted average common shares outstanding - basic and diluted (see Note 11)   1,972,943    2,019,778    1,987,363    2,019,778 

 

4 

Source: View Original Filing on SEC EDGAR

FAQ

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

PhenixFIN reported total investment income of $5.2 million and net investment income of $0.7 million for the quarter ended March 31, 2026. After realized and unrealized results, net assets from operations increased by $1.1 million, or $0.57 per common share.

What was PhenixFIN’s net asset value per share as of March 31, 2026?

Net asset value per PhenixFIN common share was $79.56 as of March 31, 2026. This compares with $80.24 as of September 30, 2025, reflecting portfolio performance, expenses, and capital actions such as share repurchases during the intervening period.

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

PhenixFIN’s investment portfolio had a fair value of $295.8 million at March 31, 2026. The portfolio consisted of investments in 32 portfolio companies, with one portfolio company investment on non-accrual status, reported with a fair market value of $0.0 million.

What leverage and liquidity levels did PhenixFIN report for March 31, 2026?

At March 31, 2026, PhenixFIN held $3.1 million in cash and cash equivalents. It reported $57.5 million in 5.25% unsecured notes due 2028 and $90.0 million outstanding under its credit facility, providing insight into its funding structure and leverage profile.

Did PhenixFIN (PFX) repurchase any shares during the quarter ended March 31, 2026?

Yes. PhenixFIN repurchased 66,396 shares of its common stock through its share buyback program during the quarter. This represented 3.3% of its shares outstanding, indicating a meaningful level of capital returned to shareholders in the period.

What were PhenixFIN’s realized and unrealized gains or losses in Q2 2026?

For the quarter ended March 31, 2026, PhenixFIN recorded a net realized loss of $1.1 million, primarily on non-controlled, non-affiliated investments, and a net unrealized gain of $1.7 million. Together, these contributed to a total gains and losses figure of $0.4 million.

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