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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|
| Delaware                                                       |   | 27-4576073                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
| 445 Park Avenue, 10th FloorNew York, NY  |   | 10022      |
|------------------------------------------|--------|------------|
| (Address of Principal Executive Offices) |   | (Zip Code) |

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| Title of each class                      |   | Trading Symbol(s) |   | Name of each exchange on whichregistered |
|------------------------------------------|--------|-------------------|--------|------------------------------------------|
| Common Stock, par value $0.001 per share |   | PFX               |   | NASDAQ Global Market                     |
| 5.25% Notes due 2028                     |   | PFXNZ             |   | NASDAQ Global Market                     |

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|                                                                                                    | Page |
|---------------------------------------------------------------------------------------------------------|------|
| Explanatory Note                                                                                        | 1    |
|                                                                                                    |      |
| PART III                                                                                                |      |
|                                                                                                    |      |
| Item 10. Directors, Executive Officers and Corporate Governance                                         | 1    |
|                                                                                                    |      |
| Item 11. Executive Compensation                                                                         | 7    |
|                                                                                                    |      |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 13   |
|                                                                                                    |      |
| Item 13. Certain Relationships and Related Transactions, and Director Independence                      | 14   |
|                                                                                                    |      |
| Item 14. Principal Accountant Fees and Services                                                         | 15   |
|                                                                                                    |      |
| Part IV                                                                                                 |      |
|                                                                                                    |      |
| Item 15. Exhibits                                                                                       | 16   |

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| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

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| Name, Address, andAge(1)     |   | Position(s) Held withCompany    |   | Terms of Office andLength of Time Served               |   | PrincipalOccupation(s)During Past 5 Years                                                                                                                                                                                                                                          |   | Other DirectorshipsHeld by Director                                                                                                                                                                                                                                                                            |
|------------------------------|--------|---------------------------------|--------|--------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |   |                            |   |                                                   |   |                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                           |
| Interested Directors         |   |                            |   |                                                   |   |                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                           |
| David A. Lorber, 44     |   | ChairmanChief Executive Officer |   | Class I Director since 2019; Term expires 2024    |   | Chairman and Chief Executive Officer of the Company; Co-Founder, Director, Managing Member, and Portfolio Manager of FrontFour Capital; Co-Founder and Principal of FrontFour Capital Corp.                                                                                        |   | Director of FrontFour Capital and GSR II Meteora Acquisition Corp.                                                                                                                                                                                                                                             |
|                         |   |                            |   |                                                   |   |                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                           |
| Independent Directors        |   |                            |   |                                                   |   |                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                           |
| Arthur S. Ainsberg, 76       |   | Director                        |   | Class II Director, since 2011; Term expires 2025       |   | President of Ainsberg Associates                                                                                                                                                                                                                                                   |   | Former director of AG Mortgage Investment Trust; Nomura Securities International, Inc.; Nomura Global Financial Products, Inc.; Nomura Holding America, Inc.; and National Financial Partners Corporation                                                                                                      |
| Howard Amster, 75            |   | Director                        |   | Class I Director since 2020; Term expires 2024         |   | President, Pleasant Lake Apts. Corp. (since 1992); Principal and registered representative, investment advisor and financial options and operations principal, Ramat Securities Ltd. (since 1998); Registered              Representative, McDonald Partners LLC (2015-July 2020). |   | Director, Novation Companies, Inc.; Director and member of the Executive Committee of Horizon Group Properties, Inc.                                                                                                                                                                                           |
| Karin Hirtler-Garvey, 66     |   | Director                        |   | Class III Director since 2011; Term expires 2023       |   | See “Other Directorships Held by Director”                                                                                                                                                                                                                        |   | Director of ProSight Global Inc.; USAA Federal Savings Bank; VA Capital Management; and Victory Capital Management. Previously director of ARO Liquidation Inc., the successor company to Aeropostale, Inc.;              Aeropostale Inc.; Validus Holdings Ltd.; StarStone and Western World Insurance Group |
| Lowell W. Robinson, 74  |   | Director                        |   | Class III Director since 2019; Term expires 2023  |   | See “Other Directorships Held by Director”                                                                                                                                                                                                                        |   | Director of the New York Academy of Science; The Jones Group, Inc. Former director of Starboard Value Acquisition Corporation; Aratana Therapeutics, Inc.; EVINE Live Inc. (formerly ShopHQ); Higher One                Holdings, Inc.; Barnes and Noble Education.                                            |
|   | (1) | The business address of the directors is c/o PhenixFIN Corporation, 445 Park Avenue, 10th Floor, New York, NY 10022. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

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| Name, Address, and Age(1) |   | Position(s) Held with Company |   | Principal Occupation(s)During Past 5 Years                                                                                                                                                                       |
|---------------------------|--------|-------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |   |                          |   |                                                                                                                                                                                                             |
| Ellida McMillan, 55       |   | Chief Financial Officer       |   | Chief Financial Officer and Chief Operating Officer (April 2017 – February 2020) and Chief Accounting Officer, Secretary and Treasurer (November 2013 – April 2017) of Alcentra Capital Corporation. |
|   | (1) | The business address of the executive officers is c/o PhenixFIN Corporation, 445 Park Avenue, 10th Floor, New York, NY 10022. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

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|  | • | are of high character and integrity; |
|--|---------|--------------------------------------|
|  | • | are accomplished in their respective fields, with superior credentials and recognition; |
|--|---------|-----------------------------------------------------------------------------------------|
|  | • | have relevant expertise and experience upon which to be able to offer advice and guidance to management; |
|--|---------|----------------------------------------------------------------------------------------------------------|
|  | • | have sufficient time available to devote to the affairs of the Company; |
|--|---------|-------------------------------------------------------------------------|
|  | • | are able to work with the other members of the Board of Directors and contribute to the success of the Company; |
|--|---------|-----------------------------------------------------------------------------------------------------------------|
|  | • | can represent the long-term interests of the Company’s stockholders as a whole; and |
|--|---------|-------------------------------------------------------------------------------------------|
|  | • | are selected such that with the other members of the Board of Directors represent a range of backgrounds and experience. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------|

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| Item 11. | Executive Compensation |
|----------|------------------------|

|  | • | David A. Lorber, Chairman of the Board of Directors and Chief Executive Officer; |
|--|---------|----------------------------------------------------------------------------------|
|  | • | Ellida McMillan, Chief Financial Officer |
|--|---------|------------------------------------------|

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| Name and Principal Position                                                   | Year(1) |   | Salary(2) |       |   | Bonus(3) |   |       | Total  |   |
|-------------------------------------------------------------------------------|---------|--------|-----------|------------|--------|----------|--------|------------|--------|--------|
| David A. LorberChairman of the Board of Directors and Chief Executive Officer | 2022    |   | $         | 495,000.00 |   |     | $      | 686,921.00 |   |   | $ | 1,181,921.00 |   |
| Ellida McMillanChief Financial Officer                                        | 2022    |   | $         | 350,000.00 |   |     | $      | 264,928.00 |   |   | $ | 614,928.00 |   |
| (1) | The Company completed the Internalization effective January 1, 2021, prior to which period the Company did not directly compensate its management team in its capacity as such. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Effective January 1, 2021, Mr. Lorber began service as Chairman and Chief Executive Officer, and Ms. McMillan began service as Chief Financial Officer. The salaries of Mr. Lorber and Ms. McMillan were paid                pursuant to the employment arrangements with such individuals and the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Mr. Lorber’s target discretionary annual bonus amount was 137.5% of his base salary, and Mr. Lorber received the full targeted amount. Ms. McMillan’s target discretionary annual bonus amount was 75% of her base salary, and Ms. McMillan              received the full targeted amount. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Name                  |   | Fees Earned orPaid in Cash(1) |    |   | StockAwards(2) |   |   | Total  |   |
|-----------------------|--------|-------------------------------|---------|--------|----------------|--------|--------|--------|--------|
| Interested Directors  |   |                          |    |   |           |   |   |   |   |
| David Lorber(3)       |   | $                             | -       |   |           |   | -      |   |   | $ | - |   |
| Independent Directors |   |                          |    |   |           |   |   |   |   |   |   |   |
| Arthur S. Ainsberg    |   | $                             | 211,000 |   |           |   | -      |   |   | $ | 211,000 |   |
| Howard Amster         |   | $                             | 144,000 |   |           |   | -      |   |   | $ | 144,000 |   |
| Karin Hirtler-Garvey  |   | $                             | 186,500 |   |           |   | -      |   |   | $ | 186,500 |   |
| Lowell W. Robinson    |   | $                             | 170,500 |   |           |   | -      |   |   | $ | 170,500 |   |
| (1) | See below for a breakdown of director fees. |
|-----|---------------------------------------------|
| (2) | We do not maintain a stock or option plan, non-equity incentive plan or pension plan for our directors. However, our independent directors have the option to receive all or a portion of the directors’ fees to              which they would otherwise be entitled in the form of shares of our common stock issued at a price per share equal to the greater of our then current net asset value per share or the market price at the time of payment. No shares were issued              to any of our independent directors in lieu of cash during the fiscal year ended September 30, 2022. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Mr. Lorber is an “interested person” of the Company as that term is defined in Section 2(a)(19) of the 1940 Act and was not paid compensation for his role as Chairman of the Board of Directors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Compensation Type                                           |   | Dollar Amount |    |
|-------------------------------------------------------------|--------|---------------|---------|
| Annual Retainers                                            |   |          |    |
| All Independent Directors                                   |   | $             | 100,000 |   |
| Lead Independent Director                                   |   | $             | 30,000  |   |
| Audit Committee Chair                                       |   | $             | 25,000  |   |
| Compensation Committee Chair                                |   | $             | 15,000  |   |
| Nominating and Corporate Governance Committee Chair         |   | $             | 15,000  |   |
| Other Audit Committee Members                               |   | $             | 12,500  |   |
| Other Compensation Committee Members                        |   | $             | 8,000   |   |
| Other Nominating and Corporate Governance Committee Members |   | $             | 8,000   |   |
|                                                        |   |          |    |   |
| Per Meeting Fees                                            |   |          |    |   |
| Board                                                       |   | $             | 3,000   |   |
| Committee                                                   |   | $             | 2,500   |   |

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

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| Name and Address of Beneficial Owner                        |   | Number of Shares OwnedBeneficially |        |   | Percentage of Class(1) |   |
|-------------------------------------------------------------|--------|------------------------------------|-------------|--------|------------------------|--------|
| Interested Director                                         |   |                               |        |   |                   |   |
| David A. Lorber                                             |   |                               | 169,721.416 | (2)    |                   |   | 8.1 | % |
| Independent Directors                                       |   |                               |        |   |                   |   |   |   |
| Arthur S. Ainsberg                                          |   |                               | 1,000       |   |                   |   | * | % |
| Howard Amster                                               |   |                               | 234,802     | (3)    |                   |   | 11.2 | % |
| Karin Hirtler-Garvey                                        |   |                               | 1,000       |   |                   |   | * | % |
| Lowell W. Robinson                                          |   |                               | 1,000       |   |                   |   | * | % |
| Executive Officer                                           |   |                               |        |   |                   |   |   |   |
| Ellida McMillan.                                            |   |                               | 761         |   |                   |   | * | % |
| All executive officers and directors as a group (6 persons) |   |                               | 408,284.416 |   |                   |   | 19.5 | % |
| (1) | Based on a total of 2,097,216.253 shares of the Company’s common stock issued and outstanding on January 26, 2023. |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (2) | FrontFour Master Fund, Ltd., an exempted company formed under the laws of the Cayman Islands (“FrontFour Master Fund”), beneficially owns 81,662.416 of the reported shares. Each of David A. Lorber, Stephen E.              Loukas, and Zachary R. George is a managing member and principal owner of FrontFour Capital Group LLC (“FrontFour Capital”), which serves as an investment manager of FrontFour Master Fund. Mr. Lorber disclaims beneficial ownership of such              shares of common stock except to the extent of his pecuniary interest therein. Mr. Lorber also beneficially owns 2,440 shares in his spouse’s IRA. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | These shares are deemed to be beneficially owned by Howard Amster, as a result of his personal ownership and in his capacity as President of Pleasant Lakes Apts. Corp., which is the General Partner of Pleasant              Lakes Apts. Limited Partnership, and in his capacity as the trustee of the various trusts listed in the Form 3 filed with the SEC by Mr. Amster on August 24, 2020. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Name of Director      |   | Dollar Range of Equity Securities BeneficiallyOwned(1)(2) |
|-----------------------|--------|-----------------------------------------------------------|
| Interested Director   |   |                                                      |
| David A. Lorber       |   | over $100,000                                             |
| Independent Directors |   |                                                      |
| Arthur S. Ainsberg    |   | $10,001-$50,000                                           |
| Howard Amster         |   | over $100,000                                             |
| Karin Hirtler-Garvey  |   | $10,001-$50,000                                           |
| Lowell W. Robinson    |   | $10,001-$50,000                                           |
| (1) | The dollar ranges are: None, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, or over $100,000. |
|-----|-----------------------------------------------------------------------------------------------------|
| (2) | The dollar range of equity securities beneficially owned in us is based on the closing price for our common stock $33.15 on January 26, 2023 on the NASDAQ Global Market. Beneficial ownership has been determined              in accordance with Rule 16a-1(a)(2) of the Exchange Act. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

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| Item 14. | Principal Accountant Fees and Services |
|----------|----------------------------------------|

|               |   | Fiscal Year EndedSeptember 30, 2022 |   |   | Fiscal Year EndedSeptember 30, 2021 |   |
|--------------------|--------|-------------------------------------|--------|--------|-------------------------------------|--------|
| Audit Fees         |   | $                                   | 642    |   |                                | $      | 670 |   |
| Audit Related Fees |   |                                | -      |   |                                |   | - |   |
| Tax Fees           |   |                                | 90     |   |                                |   | 65 |   |
| All Other Fees     |   |                                | -      |   |                                |   | - |   |
|               |   | $                                   | 732    |   |                                | $      | 735 |   |

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| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

|   | (b) | Exhibits: |
|--------|-----|-----------|

| 31.1   | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |
|--------|-----------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                  |
| 31.2   | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |

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|   | PhenixFIN Corporation |
|--------|-----------------------|
|   |                  |   |
|   | By                    | /s/ David Lorber |
|   |                  | David Lorber |
|   |                  | Chief Executive Officer |
|   |                  | (Principal Executive Officer) |

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