[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), purchased shares of the issuer’s common stock on two consecutive days. On 08/19/2025 he acquired 189 shares at a weighted average price of $49.25 per share, increasing his beneficial ownership to 2,100 shares. On 08/20/2025 he acquired an additional 75 shares at $49.28 per share, bringing his total to 2,175 shares. The Form 4 notes the 08/19 price is a weighted average for multiple trades that ranged from $49.10 to $49.27, and the reporting person offers to provide detailed fill-level prices on request.

Positive

• Director purchase disclosed: Lowell W. Robinson purchased 189 and 75 shares on 08/19/2025 and 08/20/2025, respectively.
• Transparent pricing disclosure: Form 4 includes a weighted-average price and a noted price range ($49.10–$49.27) with offer to provide trade-level details.
• Post-transaction holdings reported: Beneficial ownership updated to 2,100 shares after 08/19/2025 and 2,175 shares after 08/20/2025.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of 264 shares across two days at about $49.26 each, modest in absolute size but aligns management with equity.

The reporting shows routine open-market purchases by a director, totaling 264 shares acquired on 08/19/2025 and 08/20/2025 at weighted prices of $49.25 and $49.28. The filings disclose the post-transaction beneficial holdings of 2,100 and 2,175 shares. These transactions are documented with the required weighted-average disclosure and an offer to provide trade-level detail, indicating compliance with Section 16 reporting. Without additional context on outstanding shares or insider holdings, the transactions appear to be small, documented insider buys rather than transformative corporate events.

Corporate Governance Expert

TL;DR: Form 4 shows standard director purchases and proper disclosure; no governance concerns evident from the form itself.

The Form 4 identifies Lowell W. Robinson as a director and lists two non-derivative open-market purchases with clear reporting of amounts and weighted pricing, including a footnote disclosing the price range for the aggregated trade. The signature and explanatory footnote meet disclosure norms. The document does not report any derivative transactions, sales, plan-based trades, or changes in reporting status, so there are no governance red flags apparent from this filing alone.

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
Estimated average burden
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)
08/19/2025

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	08/19/2025		P		189	A	$49.25(1)	2,100	D
COMMON STOCK, $0.001 par value	08/20/2025		P		75	A	$49.28	2,175	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 $49.10 to $49.27, 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	08/21/2025
	** 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 trades did the PhenixFIN (PFX) insider make on 08/19–08/20/2025?

Lowell W. Robinson purchased 189 shares on 08/19/2025 at a weighted average price of $49.25 and 75 shares on 08/20/2025 at $49.28.

How many shares does Lowell W. Robinson beneficially own after these transactions?

The Form 4 reports beneficial ownership of 2,100 shares following the 08/19/2025 trades and 2,175 shares after the 08/20/2025 trades.

Does the Form 4 disclose the exact fill-level prices for the 08/19/2025 purchases?

The filing states the 08/19/2025 price is a weighted average and that trades ranged from $49.10 to $49.27, and the reporting person offers to provide detailed per-trade prices upon request.

What is Lowell W. Robinson’s role at PhenixFIN as listed on the Form 4?

The Form 4 identifies Lowell W. Robinson as a Director of PhenixFIN Corporation.

Were any derivative transactions or sales reported in this Form 4?

No. Table II (derivative securities) contains no reported transactions; only non-derivative common stock purchases are listed.