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

Rhea-AI Filing Summary

Lowell W. Robinson, a director of PhenixFIN Corporation (ticker: PFX), reported purchases of the issuer's common stock across two transactions. The Form 4 shows a purchase of 100 shares on 09/03/2025 at a weighted average price of $48.23 (prices ranged $48.00–$48.75) and a purchase of 49 shares on 09/05/2025 at $48.15. After the second transaction the reporting person beneficially owned 2,324 shares. The transactions were direct purchases of common stock and the filer offered to provide, upon request, full breakdowns of the number of shares bought at each price within the disclosed range.

Positive

• Insider purchase disclosed: A company director acquired common stock in two direct transactions, increasing reported ownership to 2,324 shares.
• Price transparency: The Form 4 provides a weighted average price and an offer to supply detailed per-transaction pricing within the disclosed range ($48.00–$48.75).

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A director made modest direct purchases totaling 149 shares, increasing beneficial ownership to 2,324 shares.

The Form 4 discloses two small open-market purchases by a director, reported as direct beneficial ownership. These are routine insider purchases and, based on the disclosed quantities and prices, do not indicate a material change in control or a significant shift in ownership. The filing includes a weighted-average price disclosure and offers to supply detailed per-transaction breakdowns on request, which supports transparency around execution prices.

Securities Analyst

TL;DR: Insider buying of common stock is documented; total incremental acquisition was 149 shares at roughly $48.20 average.

The reported purchases—100 shares at a $48.23 weighted average and 49 shares at $48.15—raise the director's reported share count to 2,324. Transaction sizes are small relative to typical institutional holdings and the filing shows direct ownership. No derivative activity or disposals are reported in the provided tables.

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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hours per response:			0.5

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)
09/03/2025

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, $0.001 par value	09/03/2025		P		100	A	$48.23(1)	2,275	D
COMMON STOCK, $0.001 par value	09/05/2025		P		49	A	$48.15	2,324	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 $48.00 to $48.75, 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	09/08/2025
	** 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 director Lowell W. Robinson report for PFX common stock?

He reported two direct purchases: 100 shares on 09/03/2025 at a weighted average of $48.23 and 49 shares on 09/05/2025 at $48.15.

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

Following the reported transactions the reporting person beneficially owned 2,324 shares.

Were any derivative securities reported in this Form 4 for PFX?

No. The provided Table II shows no derivative securities acquired, disposed of, or beneficially owned in the disclosed content.

What price range did the filing disclose for the purchases?

The filing states the shares were purchased in multiple transactions at prices ranging from $48.00 to $48.75.

Did the filing indicate indirect ownership or anything other than direct purchases?

No. The transactions are reported as direct (D) ownership with no indirect ownership nature specified in the provided tables.