PhenixFIN Corp (NASDAQ: PFX) is a business development company (BDC) that makes loans and private equity investments in middle-market companies. It generates income primarily through interest on debt investments, including senior secured first lien term loans, senior secured second lien term loans, and senior secured notes, along with potential capital appreciation from equity and equity-related securities such as warrants and minority equity stakes. PhenixFIN is incorporated in Delaware and has operated as an internally managed BDC since January 1, 2021, when it transitioned away from an externally managed structure. The Company completed its IPO and commenced operations on January 20, 2011. It is elected as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. David Lorber serves as Chief Executive Officer and Ellida McMillan as Chief Financial Officer, both appointed effective January 1, 2021. As of December 10, 2025, the Company's common stock closed at $41.50 per share, approximately 51.72% of then-current NAV.

Revenue model

Interest income on debt investments (cash pay and payment-in-kind, or PIK), plus realized and unrealized gains from equity securities, warrants, and minority equity positions in portfolio companies.

Products and services

Senior secured first lien term loans, senior secured second lien term loans, senior secured first lien notes, PIK instruments, warrants, minority equity securities, and preferred equity units deployed into middle-market portfolio companies across sectors including aerospace and defense, real estate, consumer discretionary, energy, construction, metals and mining, and media.

Customers and end markets

Middle-market private companies across multiple industries including aerospace and defense, real estate, consumer discretionary, energy (oil and gas), construction and building, metals and mining, media and broadcasting, and business and consumer services. Portfolio companies include names such as WHI Global LLC, Lucky Bucks LLC, Neptune Bidco US Inc. (dba Nielsen), Arcline FM Holdings LLC, and CB&L Associates Holdco I LLC, among others (as of September 30, 2025).

Value-chain role

Direct lender and equity co-investor providing debt and equity capital to middle-market companies; holds and monitors a portfolio of loans and equity securities as a closed-end non-diversified management investment company regulated under the Investment Company Act of 1940.

Source: SEC 10-K, filed 2025-12-12

Industry: UNKNOWN Peers: 180 DEGREE CAPITAL CORP. /NY/ Blackstone Inc First Eagle Alternative Capital BDC, Inc. Great Elm Capital Corp SuRo Capital Corp Hennessy Advisors Inc OFS Capital Corp OFS Credit Company Inc Safeguard Scientifics Inc Westwood Holdings Group Inc