PhenixFIN is an internally managed Business Development Company (BDC) that makes debt and equity investments in privately held middle market companies. Its core activity is originating senior secured first and second lien term loans to below-investment-grade borrowers that are too small or risky for traditional banks. PhenixFIN sources deals primarily through relationships with private equity sponsors and financial intermediaries, favoring direct origination over broadly marketed auctions. Beyond its traditional lending portfolio, PhenixFIN holds several unusual investments that together represent a large share of assets: FlexFIN, an affiliate that makes asset-based loans to the gemstone and jewelry industry; National Security Group, an Alabama-based insurance holding company in which PhenixFIN owns roughly 80%; and NVTN, the operator of the Dick's Last Resort restaurant chain. These holdings reflect PhenixFIN's willingness to own and operate businesses, not just lend to them. The total investment portfolio was approximately $302M at fair value as of September 2025. PhenixFIN earns primarily through interest income, with a weighted average yield of roughly 12.8% on its income-bearing portfolio. Most loans are floating-rate, so income is sensitive to interest rate moves. As a BDC electing RIC status, PhenixFIN must distribute at least 90% of taxable income to shareholders. Being internally managed, PhenixFIN avoids external management fees and operates with a lean team of 4 investment professionals.