PFXNasdaqUS GAAP · USD

PhenixFIN Corp

PhenixFIN Corp is a U.S.-based business development company that invests primarily in debt and equity securities of privately held middle-market companies. Through its wholly owned subsidiaries, it provides capital to portfolio companies and earns income from interest, fees, dividends, and realized gains on investments.

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Net income4.2m USD
−77.7 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

01m USD2022202320242025
RevenueOperating profit (EBIT)
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Business

Share of revenue
Debt investments70 %

Loans and debt securities held in privately owned portfolio companies, including fixed and floating rate instruments.

Equity investments15 %

Minority equity positions and related capital appreciation interests in portfolio companies.

Fee income10 %

Upfront and recurring fees tied to originating, structuring, committing, and servicing investments.

Investment gains and other income5 %

Realized gains or losses, prepayment penalties, and other investment-related income items.

Customers

PhenixFIN’s customers are not end consumers but privately held middle-market companies that need flexible capital for growth, acquisitions, refinancing, or balance-sheet support. The company also serves businesses that value a lender capable of combining debt financing with selective equity participation and ongoing investment support.

Middle-market private companies

Privately held companies with enterprise or asset values of roughly $25 million to $250 million that borrow debt capital and sometimes accept equity investment.

Sponsored and unsponsored borrowers

Operating businesses that need customized financing structures, often outside traditional bank lending channels.

Companies needing structured capital

Borrowers that may use a mix of debt, equity, and fee-bearing financing solutions for growth or recapitalization.

Strategy

PhenixFIN’s strategy is to deploy capital into privately held companies where it can earn contractual income and potentially benefit from equity upside. As a regulated investment company and BDC, it also manages capital structure and liquidity to support ongoing investment activity and shareholder distributions.

Source attractive private credit and equity opportunitiesShort term

The company depends on finding suitable middle-market investments that can generate contractual income and capital appreciation.

Manage capital and liquidity for ongoing deploymentShort term

As a RIC, the company must support investments and distributions while maintaining access to financing.

Maintain portfolio quality and monitor downside riskMedium term

Returns depend on borrower performance, valuation discipline, and avoiding credit losses in privately held companies.

Geography

PhenixFIN is headquartered in the United States and its investment activity is centered on U.S. private companies. The business is primarily domestic in orientation, although portfolio company performance can still be affected by broader U.S. and global credit conditions, interest rates, and sector cycles.

Risks

PhenixFIN is exposed to credit risk, valuation risk, and capital markets risk because its assets are concentrated in privately held debt and equity investments. Its results also depend on access to financing and on the performance of portfolio companies, which can be affected by economic slowdowns, sector concentration, and distressed situations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Capital markets disruption1Portfolio company credit deterioration2Fair value estimation risk3Distressed issuer exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Capital markets disruptionImpact: HighLikelihood: Medium

    The company may need external capital to fund investments and distributions, and market stress can make financing harder or more expensive.

    ExposureEquity offeringsDebt issuanceCredit facility access
  2. Portfolio company credit deteriorationImpact: HighLikelihood: Medium

    Income depends on borrowers paying interest and principal; defaults or restructurings can reduce returns.

    Exposure: middle-market private debt portfolio

  3. Fair value estimation riskImpact: HighLikelihood: Medium

    Private investments are marked using valuation judgments and third-party data, which can move reported NAV materially.

    Exposure: illiquid debt and equity holdings

  4. Distressed issuer exposureImpact: MediumLikelihood: Low

    Investments in troubled borrowers may not generate current cash income and can require lengthy workouts.

    Exposure: defaulted or covenant-stressed obligations

  5. Sector concentrationImpact: Medium

    A meaningful share of assets may be exposed to a limited number of sectors, increasing sensitivity to industry downturns.

    ExposureBusiness servicesInsuranceReal estateAutomotive
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Accounting

Judgemental items
Fair value of portfolio investments

Private debt and equity holdings require valuation models and market inputs, directly affecting net asset value and earnings.

Impact: Unrealized appreciation/depreciation

PIK interest recognition

PIK income is only accrued when collectible, so revenue timing depends on borrower performance and valuation.

Impact: Interest income and net investment income

Fee recognition

Origination, closing, commitment, and other fees are recognized at different times, affecting quarter-to-quarter comparability.

Impact: Other income and fee revenue

Deferred tax assets and valuation allowance

Taxable subsidiaries can create deferred tax assets from NOLs and unrealized losses, but realizability depends on future taxable income.

Impact: Balance sheet and tax expense

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Last updated: 24/09/2026