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

Rhea-AI Filing Summary

Insider purchases of PhenixFIN common stock by Director Lowell W. Robinson. The Form 4 shows Mr. Robinson bought 250 shares on 09/09/2025 at a weighted average price of $48.17 and 34 shares on 09/10/2025 at $48.05. After these transactions he beneficially owns 2,608 shares. The filing notes the $48.17 figure is a weighted average for multiple executions between $48.15 and $48.20 and offers to provide detailed per-trade quantities on request. The report was signed by the reporting person on 09/11/2025.

Insights

Financial Analyst

TL;DR: Director purchased a small number of shares over two days at ~$48, signaling modest insider buying but limited market impact.

The transactions — 250 shares at a weighted average $48.17 on 09/09/2025 and 34 shares at $48.05 on 09/10/2025 — increase the director's beneficial ownership to 2,608 shares. The total volume and dollar value are small relative to typical public company float, so these purchases are unlikely to materially affect valuation or signal a major change in control. The filing's footnote clarifies the $48.17 is a weighted average across executions between $48.15 and $48.20.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of insider purchases with full footnote transparency; governance implications are minimal.

The Form 4 is properly completed, identifies the reporting person as a director, and discloses incremental purchases across two dates. The reporting person offers to provide breakdowns of per-trade quantities within the disclosed price range, which supports transparency. There is no indication of option exercises, dispositions, or related-party transactions in this filing.

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

OMB Number:			3235-0287
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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^*

ROBINSON LOWELL W

(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		10% Owner
	Officer (give title below)		Other (specify below)

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

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, $0.001 par value	09/09/2025		P		250	A	$48.17(1)	2,574	D
COMMON STOCK, $0.001 par value	09/10/2025		P		34	A	$48.05	2,608	D

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 $48.15 to $48.20, 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.

	/s/ Lowell W. Robinson	09/11/2025
	** 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 insider transactions were reported for PhenixFIN (PFX) on this Form 4?

Director Lowell W. Robinson reported purchases of 250 shares on 09/09/2025 at a weighted average $48.17 and 34 shares on 09/10/2025 at $48.05.

How many PhenixFIN shares does the reporting person beneficially own after these transactions?

The filing reports 2,608 shares beneficially owned by the reporting person following the transactions.

Does the Form 4 disclose any derivative transactions or option exercises?

No. Table II for derivative securities shows no entries; the filing only reports non-derivative common stock purchases.

What does the footnote about the $48.17 price state?

It states the $48.17 is a weighted average for purchases executed between $48.15 and $48.20 and the reporting person will provide the per-trade breakdown on request.

When was the Form 4 signed by the reporting person?

The signature block shows the reporting person signed the form on 09/11/2025.