# EDGAR Filing Document

**Accession Number:** 0001490349
**File Stem:** 0001213900-25-120904
**Filing Date:** 2025-12
**Character Count:** 15786
**Document Hash:** 65a89d94c42152cc7c01ca3741fa7000
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-120904.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001213900-25-120904

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251212

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PhenixFIN Corp
- **CENTRAL INDEX KEY:** 0001490349

**ORGANIZATION NAME:**
- **EIN:** 274576073
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00818
- **FILM NUMBER:** 251566491

**BUSINESS ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-759-0777

**MAIL ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medley Capital Corp
- **DATE OF NAME CHANGE:** 20110118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medley Capital BDC LLC
- **DATE OF NAME CHANGE:** 20100426

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): December 12, 2025

**PHENIXFIN CORPORATION**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **814-00818** | **27-4576073** |
| (State or other jurisdiction of<br> incorporation or organization) | (Commission file number) | (I.R.S. employer<br> identification no.) |

---

---

| | |
|:---|:---|
| **445 Park Avenue, 10<sup>th</sup> Floor, New York, NY** | **10022** |
| (Address of principal executive offices) | (Zip code) |

---

Registrant's telephone number, including area code: **(212) 859-0390**

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On December 12, 2025, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1 to this Form 8-K.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [Press Release dated December 12, 2025](ea026725101ex99-1_phenixfin.htm) <br> 104 Cover page interactive data file (embedded within the Inline XBRL document)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| DATE: December 12, 2025 | **PHENIXFIN CORPORATION** | **PHENIXFIN CORPORATION** |
|  | /s/ David Lorber | /s/ David Lorber |
|  | Name: | David Lorber |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2025 Financial Results**

New York, NY, December 12, 2025 -- PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the "Company"), a publicly traded business development company, today announced its financial results for the fiscal year and the fourth fiscal quarter of 2025.

<u>Highlights</u>

● Fourth quarter total investment income of $6.9 million; net investment income of $1.4 million

● Net asset value (NAV) of $160.8 million, or $80.24 per share as of September 30, 2025, vs. $79.37 per share as of September 30, 2024

● Weighted average yield was 12.8% on debt and other income producing investments as of the fiscal year end

David Lorber, Chief Executive Officer of the Company, stated:

"Throughout fiscal year 2025, we remained focused on executing our strategy to grow NAV per share and enhance shareholder value. We continued our share repurchase program throughout the year, and in February we paid a special dividend of $1.43 per share. As always, we actively monitor our portfolio and assess potential impacts from economic and market developments. During the quarter, upon First Brands Group's delayed refinancing of the First Lien Term Loan, we quickly sold our entire position at nearly par (95.5), a demonstration of our nimbleness in seeking to protect capital when our investment outlook changes. We look forward to delivering continued value for shareholders in 2026 and beyond."

<u>Selected Fourth Quarter 2025 Financial Results for the Quarter Ended September 30, 2025:</u>

Total investment income was $6.9 million of which $6.7 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $5.5 million and total net investment income was $1.4 million.

The Company recorded a net realized loss of $0.04 million and net unrealized gain of $2.2 million.

<u>Portfolio and Investment Activities for the Quarter Ended September 30, 2025:</u>

The fair value of the Company's investment portfolio totaled $302.3 million and consisted of 36 portfolio companies.

The Company had 1 portfolio company investment on non-accrual status with a fair market value of $0.0 million.

<u>Liquidity and Capital Resources</u>

At September 30, 2025, the Company had $7.3 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $90.0 million outstanding under the Credit Facility.

**ABOUT PHENIXFIN CORPORATION**

PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.

**Safe Harbor Statement and Other Disclosures**

This press release contains "forward-looking" statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN's ability to deliver value to shareholders, increase investment activity, increase net investment income, implement its investment strategy and achieve its investment objective, source and capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, the ability of our portfolio companies to perform well and generate income and other factors that are enumerated in the Company's periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.

**Past performance is not a guarantee of future results.** The press release contains unaudited financial results. For ease of review, we have excluded the word "approximately" when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation's common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective.

For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.

**PHENIXFIN CORPORATION**

**Consolidated Statements of Assets and Liabilities**

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| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **September 30,<br> 2024** |
| **Assets:** | | |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $139,342,491 and $143,179,354 respectively) | $145280169 | $142233426 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (amortized cost of $35,390,223 and $20,564,242, respectively) | 35381405 | 14750785 |
| &nbsp;&nbsp;&nbsp;Controlled investments (amortized cost of $149,656,451 and $97,016,429, respectively) | 121610914 | 70931647 |
| Total Investments at fair value | 302272488 | 227915858 |
| Cash and cash equivalents | 7289371 | 67571559 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 1203404 | 1313598 |
| &nbsp;&nbsp;&nbsp;Other receivable | 44971 | 65838 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 42950 | 23468 |
| Other assets | 2746775 | 1066323 |
| Deferred tax asset, net | 1234847 | 887099 |
| Deferred financing costs | 1384767 | 760680 |
| Due from Affiliate | 572331 | 90500 |
| Prepaid share repurchase | 96342 | 101115 |
| Receivable for investments sold | 21549 | 2955775 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $316909795 | $302751813 |
| **Liabilities:** |  |  |
| Credit facility and notes payable (net of debt issuance costs of $1,141,393 and $1,510,815, respectively) | $148011724 | $135723636 |
| Accounts payable and accrued expenses | 4226889 | 5570150 |
| Other liabilities | 2439405 | 294063 |
| Interest and fees payable | 1187574 | 768043 |
| Taxes payable | 137538 |  |
| Due to Affiliate | 132365 | 88148 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 156135495 | 142444040 |
| Commitments and Contingencies (see Note 8) |  |  |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,003,769 and 2,019,778 common shares outstanding, respectively | 2004 | 2020 |
| Capital in excess of par value | 704640648 | 704909588 |
| Total distributable earnings (loss) | (543868352) | (544603835) |
| &nbsp;&nbsp;&nbsp;**Total Net Assets** | 160774300 | 160307773 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $316909795 | $302751813 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value Per Common Share** | $80.24 | $79.37 |

---

**PHENIXFIN CORPORATION**

**Consolidated Statements of Operations**

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2025** | **2024** | **2023** |
| **Interest Income:** |  |  |  |
| Interest from investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $12190186 | $10231111 | $8031539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind | 1355918 | 938879 | 506555 |
| &nbsp;&nbsp;&nbsp;Affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 614409 | 742881 | 1925293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind |  |  | 460856 |
| &nbsp;&nbsp;&nbsp;Controlled investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 2452227 | 2121713 | 667312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind | - | 268831 | 557981 |
| Total interest income | 16612740 | 14303415 | 12149536 |
| Dividend income |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 2183106 | 2691393 | 3139592 |
| &nbsp;&nbsp;&nbsp;Affiliated investments | 254231 | 199388 |  |
| &nbsp;&nbsp;&nbsp;Controlled investments | 5024928 | 3972352 | 3716676 |
| Total dividend income | 7462265 | 6863133 | 6856268 |
| Interest from cash and cash equivalents | 194954 | 500079 | 400031 |
| Fee income (see Note 9) | 992363 | 514949 | 324290 |
| Other income | - | 22 | 402138 |
| **Total Investment Income** | 25262322 | 22181598 | 20132263 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and financing expenses | 10278961 | 6609473 | 5531833 |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 5067324 | 6850792 | 4186852 |
| &nbsp;&nbsp;&nbsp;Professional fees, net | 1977541 | 1462766 | 1404676 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 1239221 | 1093922 | 983274 |
| &nbsp;&nbsp;&nbsp;Directors fees | 816000 | 750000 | 728833 |
| &nbsp;&nbsp;&nbsp;Administrator expenses (see Note 6) | 404941 | 301931 | 320310 |
| &nbsp;&nbsp;&nbsp;Insurance expenses | 338013 | 378854 | 466319 |
| Total expenses | 20122001 | 17447738 | 13622097 |
| **Net Investment Income** | 5140321 | 4733860 | 6510166 |
| **Realized and unrealized gains (losses) on investments** |  |  |  |
| Net realized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (1618869) | 740924 | (10538228) |
| &nbsp;&nbsp;&nbsp;Affiliated investments | (10316867) | (1991456) | (1018267) |
| &nbsp;&nbsp;&nbsp;Controlled investments | 13230 | 8542831 | 23456 |
| **Total net realized gains (losses)** | (11922506) | 7292299 | (11533039) |
| Net change in unrealized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 6883606 | 7862162 | 15954552 |
| &nbsp;&nbsp;&nbsp;Affiliated investments | 5804639 | 5130836 | 7327399 |
| &nbsp;&nbsp;&nbsp;Controlled investments | (1960755) | (7287134) | 8659262 |
| **Total net change in unrealized gains (losses)** | 10727490 | 5705864 | 31941213 |
| Deferred tax benefit (expense) | 210210 | 887099 | - |
| **Total realized and unrealized gains (losses)** | (984806) | 13885262 | 20408174 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4155515 | $18619122 | $26918340 |
| Weighted average basic and diluted earnings per common share | $2.06 | $9.13 | $12.87 |
| Weighted average common shares outstanding - basic and diluted (see Note 11) | 2015157 | 2040253 | 2092326 |

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