Here are 1-3 brief analogies for PhenixFIN (PFX):

• Like **Apollo Global Management**, but focused on providing debt to mid-sized private companies.
• Like **Blackstone's credit arm**, but exclusively lending to smaller, private businesses.

PhenixFIN (PFX) provides the following major services:

• Debt Financing: Provides various forms of secured and unsecured loans to middle-market companies.
• Equity Investments: Makes direct equity investments or investments in instruments convertible into equity to support growth and provide capital.

PhenixFIN (PFX) is a Business Development Company (BDC) that primarily provides financing, in the form of debt and equity investments, to other companies. Therefore, its "major customers" are the portfolio companies to which it lends capital or in which it makes strategic investments. PFX primarily focuses on investing in private, middle-market companies, but also includes investments in the debt of larger, publicly traded companies.

Based on its most recent regulatory filings (10-K as of September 30, 2023), PhenixFIN's major customer companies, by fair value of investment, include:

• Allied Universal Finance 2 LLC (Private Company)
• APX Group, Inc. (Private Company)
• Astec Industries, Inc. (NASDAQ: ASTE)
• Enact Holdings, Inc. (NASDAQ: ENCT)
• Clear Channel Outdoor Holdings, Inc. (NYSE: CCO)

It is important to note that the majority of PhenixFIN's portfolio consists of investments in privately held companies across various industries, making the direct identification of widely recognized "customers" with public symbols less common for the bulk of its portfolio.

• The Bank of New York Mellon (BK)
• Deloitte & Touche LLP
• Dechert LLP
• American Stock Transfer & Trust Company, LLC

David Lorber, Chairman & Chief Executive Officer

Mr. Lorber is the Chairman and Chief Executive Officer of PhenixFIN Corporation. He is a Co-Founder of FrontFour Capital Group LLC, an investment adviser, and has served as a Portfolio Manager since January 2007. He is also a Co-Founder of FrontFour Capital Corp., an investment adviser, and has been a Principal since January 2011. Previously, Mr. Lorber was a Senior Investment Analyst at Pirate Capital LLC, a hedge fund, from 2003 to 2006, and an Analyst at Vantis Capital Management LLC, a money management firm and hedge fund, from 2001 to 2003. He has also served as a director for several public companies, including Ferro Corporation, Aerojet Rocketdyne Holdings, Inc., Huntingdon Capital Corp., IAT Air Cargo Facilities Income Fund, and Fisher Communications Inc.

Ellida McMillan, Chief Financial Officer

Ms. McMillan is the Chief Financial Officer of PhenixFIN. Prior to PhenixFIN, she served as Chief Financial Officer and Chief Operating Officer of Alcentra Capital Corporation, a NASDAQ-traded BDC, from April 2017 through February 2020. Previously, beginning in November 2013, she served as Chief Accounting Officer, Treasurer, and Secretary of Alcentra Capital. At Alcentra, she built the company's financial and operating infrastructure, oversaw its IPO and initial NASDAQ listing, and assisted in all corporate M&A and strategic processes involving the BDC.

Chris Cannellos, Controller

Mr. Cannellos is the Controller of PhenixFIN. Before joining PhenixFIN, he worked as a Senior Vice President at Cantor Fitzgerald. He possesses 14 years of experience in both public and private sectors, with 10 years specifically within the financial services industry.

Ryan Phalen, Managing Director

Mr. Phalen is a member of the investment team at PhenixFIN, primarily responsible for sourcing, underwriting, executing, monitoring, and exiting investments. Prior to PhenixFIN, from 2007 until 2020, he was a Director at Ironwood Capital, a lower middle market mezzanine firm. During his tenure there, he co-led mezzanine and equity investments in 14 platforms and played key roles in underwriting, monitoring, and exit on seven additional portfolio companies.

Ben Tilewick, Senior Investment Analyst

Mr. Tilewick is a Senior Investment Analyst at PhenixFIN. Before this role, he was an Analyst within the Portfolio Management Group at Credit Suisse, where his focus was on high-yield companies in the broadly syndicated loan market.

Here are 3-5 expected drivers of future revenue growth for PhenixFIN (PFX) over the next 2-3 years:

1. Growth in Investment Portfolio and Loan Origination: As a Business Development Company (BDC), PhenixFIN's primary revenue is derived from interest and dividend income generated by its investment portfolio. The company has demonstrated consistent growth in its portfolio, with the fair value increasing from $227.9 million across 41 companies in Q4 2024 to $300.1 million across 43 companies in Q1 2025. The expansion and reduced costs of its credit facility provide increased capacity for originating new debt and equity investments, directly fueling future revenue.
2. Expansion into the Insurance Sector through Acquisition: A significant driver is the acquisition of approximately 80% equity in The National Security Group (NSG), an Alabama-based insurance holding company, completed on October 1, 2024. This strategic move diversifies PhenixFIN's revenue streams beyond traditional direct lending into the insurance sector, offering a new avenue for growth and income generation.
3. Optimization of Capital Structure and Reduced Funding Costs: PhenixFIN has actively managed its capital structure by extending and upsizing its credit facility, notably increasing it to $100 million with a maturity extension to April 2030 and reducing funding costs from SOFR+290 to SOFR+250. These actions are expected to improve net investment income by lowering interest expenses, thereby enhancing profitability and supporting further investment activities.
4. Focus on Higher-Yielding Debt and Income-Producing Investments: PhenixFIN maintains a strategy focused on generating strong current income, as evidenced by a weighted average yield on debt and income-producing investments ranging from 12.3% to 13.8%. Continued emphasis on originating and managing such high-yielding assets within its diversified portfolio (including business services, insurance, and real estate) will be crucial for sustained revenue growth.

Share Repurchases

• On January 11, 2021, PhenixFIN's board of directors approved a share repurchase program authorizing up to $15 million in share repurchases.
• Since the beginning of 2021, the company has bought back over a quarter of its shares.
• Insiders have consistently accumulated shares in the open market, now owning over 20% of the company.

Outbound Investments

• PhenixFIN, a business development company, focuses on direct lending and equity investments in small and middle-market companies.
• A significant investment was the acquisition of approximately 80% equity in The National Security Group (NSG), an Alabama-based insurance holding company, completed on October 1, 2024. This investment was valued at $48.4 million and represented about 16% of total assets and one-third of their NAV as of March 2025.
• In April 2024, PhenixFIN entered into a deal with ECC Capital (ECRO) to transfer ownership of the Kemmerer coal mine in Wyoming to ECC in exchange for debt and a 44% interest in ECRO.

Capital Expenditures

• PhenixFIN has reported no capital expenditures for the historical years from 2020 to 2024, with projections also showing zero for 2025 through 2029.