PhenixFIN Corp

PhenixFIN Corporation is an internally-managed non-diversified closed-end management investment company incorporated in Delaware, regulated as a business development company (BDC). The company commenced operations on January 20, 2011, following its initial public offering. Since January 1, 2021, PhenixFIN has operated under an internalized management structure, having previously been externally managed through December 31, 2020. The company aims to generate current income and capital appreciation. It primarily achieves this by making loans and private equity investments in privately-held companies. PhenixFIN may also invest in debt, equity, or other instruments of publicly-traded companies, including other BDCs, closed-end funds, or real estate investment trusts (REITs). The company also operates and manages an asset-based lending business and an insurance business. Its portfolio generally comprises senior secured first lien term loans, senior secured second lien term loans, senior secured bonds, preferred equity, and common equity. PhenixFIN occasionally receives warrants or other equity participation features. The company's loan and other debt investments are primarily rated below investment grade or are unrated. PhenixFIN has formed and expects to continue forming taxable subsidiaries to hold equity securities of portfolio companies organized as pass-through entities, while maintaining its qualification as a regulated investment company (RIC) for U.S. federal income tax purposes.