[Form 4] PhenixFIN Corporation 5.25% Notes due 2028 Insider Trading Activity

Rhea-AI Filing Summary

David A. Lorber, Chairman and CEO of PhenixFIN Corporation (ticker PFX), reported multiple purchases of the issuer's common stock in early September 2025 and filed a Form 4 on 09/05/2025. The filings show purchases of 200 shares on 09/03/2025 at a weighted-average price of $47.83, 300 shares on 09/04/2025 at a weighted-average price of $48.41, and 100 shares on 09/05/2025 at $48.93. Following these transactions Mr. Lorber directly beneficially owned 143,745 shares. The Form also reports 3,378 shares held by his spouse and 81,662.416 shares owned directly by FrontFour Master Fund, Ltd., of which Mr. Lorber disclaims beneficial ownership except to the extent of any pecuniary interest.

Insights

Financial Analyst

TL;DR: CEO David Lorber purchased incremental common shares across three days in September 2025, increasing direct holdings to 143,745 shares.

The transactions are clearly disclosed with weighted-average prices and step-up in direct ownership reported on Form 4 filed 09/05/2025. The purchases are small, discrete open-market buys recorded across 09/03-09/05/2025 with prices reported between $47.82 and $48.93. The filing also documents related-party holdings: shares in a spouse's IRA and substantial shares held by FrontFour Master Fund, Ltd., with a disclaimer of beneficial ownership by Mr. Lorber except to the extent of pecuniary interest.

Corporate Governance Expert

TL;DR: Form 4 shows routine insider purchases with proper disclosure of direct and indirect holdings and required signer certification.

The disclosure identifies Mr. Lorber's roles (Chairman and CEO, Director, and 10% owner) and details the nature of indirect ownership through spouse and FrontFour Master Fund, Ltd. Footnotes clarify weighted-average pricing and provide undertaking to furnish per-trade detail on request. The form is signed and dated 09/05/2025, satisfying Section 16 reporting conventions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lorber David A

(Last) (First) (Middle)

445 PARK AVENUE,

10TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PhenixFIN Corp [ PFX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CHAIRMAN AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	09/03/2025		P		200	A	$47.83(1)	143,345	D
COMMON STOCK	09/04/2025		P		300	A	$48.41(2)	143,645	D
COMMON STOCK	09/05/2025		P		100	A	$48.93	143,745	D
COMMON STOCK								3,378	I	By spouse(3)
COMMON STOCK								81,662.416	I	By FrontFour Master Fund, Ltd.(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $47.82 to $47.84, 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 (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $48.25 to $48.50, 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 (2) to this Form 4.

3. Shares held in David A. Lorber's spouse's individual retirement account.

4. Shares owned directly by FrontFour Master Fund, Ltd. ("FrontFour Master Fund") and indirectly by David A. Lorber by virtue of his position as a managing member and principal owner of the investment manager of FrontFour Master Fund. Mr. Lorber disclaims beneficial ownership of the shares owned directly by FrontFour Master Fund except to the extent of his pecuniary interest therein.

	/s/ David A. Lorber	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did David A. Lorber report on the Form 4 for PFX?

The Form 4 reports purchases of 200 shares on 09/03/2025 at a weighted-average price of $47.83, 300 shares on 09/04/2025 at a weighted-average price of $48.41, and 100 shares on 09/05/2025 at $48.93.

How many PhenixFIN (PFX) shares does David A. Lorber directly own after these transactions?

Following the reported transactions Mr. Lorber directly beneficially owned 143,745 shares according to the Form 4.

Does the Form 4 disclose any indirect holdings related to David A. Lorber?

Yes. The Form discloses 3,378 shares held in his spouse's IRA and 81,662.416 shares owned directly by FrontFour Master Fund, Ltd., with Mr. Lorber disclaiming beneficial ownership of the fund's shares except for pecuniary interest.

What roles does David A. Lorber hold at PhenixFIN as listed on the Form 4?

The Form lists Mr. Lorber as Chairman and CEO, a Director, and a 10% owner of the issuer.

When was the Form 4 signed and filed?

The Form 4 is signed by /s/ David A. Lorber and dated 09/05/2025.