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

Rhea-AI Filing Summary

Form 4 snapshot: On 06/17/2025, PhenixFIN Corp. (PFX) director and 10% owner Howard Amster disclosed open-market purchases of the company’s common stock.

• Total acquired: 639 shares across three separate transactions.
• Price ranges: 315 shares at $48.12–$48.64 (avg $48.64); 167 shares at $49.74–$49.96 (avg $49.87); 157 shares at $50.01–$50.14 (avg $50.04).
• Direct ownership after purchases: 234,608 common shares.
• Indirect ownership: Unchanged, reported across multiple charitable remainder unitrusts and Pleasant Lake Corp., totaling 29,367 additional shares.
• No derivative activity was reported in Table II.

The Form 4 was electronically signed on 06/20/2025. Because Amster already controls more than 10 % of outstanding shares, the incremental purchase (<0.3 % of his direct holdings) modestly increases his exposure but may still be viewed as a vote of confidence.

Insights

Securities Analyst

TL;DR: Small but positive insider buy; strengthens confidence signal, limited size tempers impact.

Insider transactions from large shareholders often act as sentiment indicators. Amster’s additional 639-share purchase, despite representing less than 1 day’s average volume and only 0.3 % of his existing direct position, reaffirms a constructive outlook from a deeply informed stakeholder. With no sales and no derivatives exercised, the filing shows pure cash purchases at prices up to $50, near recent market levels. While the absolute dollar value (~$31 k) is immaterial to fundamentals, accumulation by a director/10 % owner historically correlates with positive excess returns for thinly traded BDCs such as PhenixFIN. Investors should note the limited scale before assigning outsized significance.

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^*

Amster Howard

(Last) (First) (Middle)

C/O PHENIXFIN CORPORATION

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		P		315	D	$48.64(1)	234,284	D
Common Stock, $0.001 par value	06/17/2025		P		167	D	$49.87(2)	234,451	D
Common Stock, $0.001 par value	06/17/2025		P		157	D	$50.04(3)	234,608	D
Common Stock, $0.001 par value								409	I	By Howard Amster 2021 Charitable Remainder Unitrust 1(4)
Common Stock, $0.001 par value								10,971	I	By Howard Amster 2021 Charitable Remainder Unitrust 2(5)
Common Stock, $0.001 par value								109	I	By Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993(6)
Common Stock, $0.001 par value								676	I	By Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998(7)
Common Stock, $0.001 par value								41	I	By Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005(8)
Common Stock, $0.001 par value								557	I	By Pleasant Lake Corp(9)
Common Stock, $0.001 par value								16,604	I	By Howard Amster 2019 Charitable Remainder Unitrust 1(10)

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 $48.12 to $48.64, 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 sold 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 $49.74 to $49.96, 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 sold at each separate price within the ranges set forth in footnote (1) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $50.01 to $50.14, 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 sold at each separate price within the ranges set forth in footnote (1) to this Form 4.

4. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster 2021 Charitable Remainder Unitrust 1.

5. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster 2021 Charitable Remainder Unitrust 2.

6. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993.

7. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998.

8. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005.

9. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as President of Pleasant Lake Corp.

10. These shares are deemed to be beneficially owned by Howard Amster as a result of his capacity as trustee of Howard Amster 2019 Charitable Remainder Unitrust 1.

	/s/ Howard Amster	06/20/2025
	** 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).
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FAQ

How many PFX shares did Howard Amster buy on 06/17/2025?

He purchased 639 shares in three separate open-market transactions.

At what prices were the insider purchases executed?

Weighted-average prices were $48.64, $49.87, and $50.04 per share.

What is Howard Amster’s direct ownership after the Form 4 filing?

Amster now directly holds 234,608 common shares of PhenixFIN.

Were any derivative securities involved in this filing?

No. Table II reported no derivative activity.

When was the Form 4 for PhenixFIN signed and filed?

The filing was signed by Howard Amster on 06/20/2025.

Does Amster control additional shares indirectly?

Yes. Multiple charitable unitrusts and Pleasant Lake Corp. collectively hold 29,367 shares reported as indirect ownership.