SCHEDULE: David Lorber Increases PhenixFIN Stake Post-Distribution

David A. Lorber now beneficially owns 10.3% of PhenixFIN Corp. common stock following an in-kind distribution from FrontFour Master Fund, Ltd.

Summary

• This filing is an amendment (Amendment No. 5) to a Schedule 13D, originally filed on December 20, 2021, concerning the common stock of PhenixFIN Corporation.
• The amendment details a pro rata in-kind distribution of 81,662.416 shares of PhenixFIN common stock by FrontFour Master Fund, Ltd. to its investors on March 31, 2026.
• David A. Lorber received 56,537 shares of common stock from this distribution in his capacity as an investor in the Master Fund.
• As a result of this distribution, FrontFour Master Fund, Ltd. and its investment manager, FrontFour Capital Group LLC, no longer beneficially own any shares of PhenixFIN common stock.
• David A. Lorber now beneficially owns a total of 206,511 shares of PhenixFIN common stock, representing approximately 10.3% of the company's outstanding shares.
• This percentage is based on 1,998,259 shares of common stock outstanding as of February 9, 2026, as reported by PhenixFIN in its Form 10-Q filed on February 9, 2026.
• Mr. Lorber holds sole voting and dispositive power over 203,133 shares directly, and shared power over 3,378 shares held in his spouse's IRA.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting a change in ownership structure due to a distribution rather than new investment or divestment based on performance.

Positives

• David A. Lorber has increased his direct beneficial ownership in PhenixFIN Corp. to 10.3%.
• The distribution mechanism allowed for a direct transfer of shares to Mr. Lorber without additional consideration.
• The filing clarifies the ownership structure, with FrontFour entities no longer holding shares.

Negatives

• The filing does not contain any negative financial results or operational issues.
• The change in ownership structure is a result of a distribution, not a sale or divestment due to performance concerns.

Risks

• Potential for future changes in Mr. Lorber's stake, as his beneficial ownership is now direct and significant.
• The concentration of 10.3% ownership in a single individual could lead to increased influence on corporate decisions.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from PhenixFIN Corp. It primarily details changes in beneficial ownership.

Management Comments

• Mr. Lorber received 56,537 shares of the Common Stock solely in his capacity as an investor in the Master Fund as a result of the distribution.
• As result of the distribution, the Master Fund and FrontFour Capital Group LLC, the investment manager of the Master Fund, no longer beneficially own any shares of Common Stock.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant changes in beneficial ownership, often indicating a shift in investor strategy or potential activism. This particular amendment highlights a restructuring of holdings by an investment fund and its principal investor.

Related Party Transactions

• The in-kind distribution of shares from FrontFour Master Fund, Ltd. to its investors, including David A. Lorber, is a related party transaction.

Stakeholder Impact

• Shareholders: The increased concentration of ownership by David A. Lorber could influence future corporate governance and strategic decisions.
• Management: May need to engage more directly with Mr. Lorber regarding company strategy and performance.
• Creditors: No immediate impact indicated, as the filing concerns equity ownership changes.

Next Steps

• Monitor future filings by David A. Lorber for any further changes in his beneficial ownership of PhenixFIN Corp. stock.
• Observe any potential strategic actions or communications from Mr. Lorber given his increased direct stake.

Key Dates

Keywords

PhenixFIN Corp, Schedule 13D, David A. Lorber, FrontFour Master Fund, FrontFour Capital Group, Beneficial Ownership, Common Stock, SEC Filing, Amendment, Shareholder