Form 4: PhenixFIN CEO Boosts Stake with Share Purchases

PhenixFIN Corp's Chairman and CEO, David A. Lorber, reported multiple open market purchases of common stock totaling 1,705 shares in late December 2025.

Summary

• David A. Lorber, who serves as Chairman and CEO, Director, and a 10% Owner of PhenixFIN Corp (PFX), acquired additional common stock through open market transactions.
• On December 22, 2025, Lorber purchased 1,000 shares at a weighted average price of $45.44, with individual transaction prices ranging from $45.00 to $45.50.
• An additional 133 shares were acquired on December 23, 2025, at a weighted average price of $45.59, with prices ranging from $45.33 to $45.68.
• On December 24, 2025, 572 shares were purchased at a weighted average price of $46.05, with prices ranging from $45.76 to $46.05.
• Following these transactions, Lorber's direct beneficial ownership increased to 146,596 shares of common stock.
• Indirect beneficial ownership includes 3,378 shares held in his spouse's individual retirement account and 81,662.416 shares owned by FrontFour Master Fund, Ltd. Mr. Lorber is a managing member and principal owner of the investment manager of FrontFour Master Fund, but disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The multiple open market purchases by the Chairman and CEO, a significant insider, indicate strong confidence in the company's value and future performance. This is generally viewed very positively by the market.

Positives

• Chairman and CEO David A. Lorber increased his direct beneficial ownership by 1,705 shares through open market purchases, signaling strong confidence in the company.
• The purchases occurred at prices ranging from $45.00 to $46.05, indicating management's belief in the company's valuation at these levels.
• The significant increase in direct beneficial ownership to 146,596 shares demonstrates a substantial personal stake and alignment with shareholder interests.

Future Outlook

NA

Management Comments

• The reporting person undertakes to provide to PhenixFIN Corporation, any security holder of PhenixFIN Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.
• Mr. Lorber disclaims beneficial ownership of the shares owned directly by FrontFour Master Fund except to the extent of his pecuniary interest therein.

Industry Context

This filing reflects an individual insider's investment decision and does not directly provide broader industry trends. However, insider buying can sometimes signal confidence in the company's position within its industry, potentially indicating a positive outlook for PhenixFIN Corp relative to its peers.

Related Party Transactions

• Shares held indirectly by David A. Lorber's spouse in an individual retirement account (3,378 shares).
• Shares owned directly by FrontFour Master Fund, Ltd. (81,662.416 shares), where Mr. Lorber is a managing member and principal owner of the investment manager, though he disclaims beneficial ownership except for his pecuniary interest.

Stakeholder Impact

• Shareholders: The insider buying by the Chairman and CEO can be interpreted as a positive signal, potentially increasing investor confidence and demand for the stock, as it aligns management's interests with those of shareholders.

Key Dates

Recommendation

The Chairman and CEO, David A. Lorber, a significant insider and 10% owner, has made multiple open market purchases of PhenixFIN Corp common stock. This action demonstrates strong conviction in the company's valuation and future prospects directly from a key decision-maker. Insider buying, especially from top management, is often a bullish signal, suggesting that the stock may be undervalued or that positive developments are anticipated. This increased personal stake aligns management's interests even more closely with shareholders, making it a compelling reason for investors to consider a 'buy' recommendation.

Keywords

PhenixFIN Corp, PFX, David A. Lorber, insider buying, common stock, share purchase, beneficial ownership, Form 4, SEC filing, CEO, Director, 10% owner