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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0001358538 XXXXXXXX LIVE 4 Common Stock 06/16/2025 false 0001490349 71742W103 PhenixFIN Corp 445 PARK AVENUE 10TH FLOOR NEW YORK NY 10022 David Lorber (212) 859-0390 445 Park Avenue, 10th Floor New York NY 10022 0001358538 N David A. Lorber AF PF N X1 143145.00 85040.41 143145.00 85040.41 228185.41 N 11.3 IN Based on 2,019,778 common shares outstanding as of May 6, 2025 as reported by the issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 7, 2025. 0001571801 N FrontFour Master Fund, Ltd. WC N E9 81662.41 0.00 81662.41 0.00 81662.41 N 4.0 CO Based on 2,019,778 common shares outstanding as of May 6, 2025 as reported by the issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 7, 2025. 0001430308 N FrontFour Capital Group LLC AF N DE 81662.41 0.00 81662.41 0.00 81662.41 N 4.0 IA OO Based on 2,019,778 common shares outstanding as of May 6, 2025 as reported by the issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 7, 2025. Common Stock PhenixFIN Corp 445 PARK AVENUE 10TH FLOOR NEW YORK NY 10022 This Amendment No. 4 amends the Schedule 13D originally filed with the U.S. Securities and Exchange Commission ("SEC") on December 20, 2021, and amended by Amendment No. 1 filed with the SEC on May 16, 2022, Amendment No. 2 filed with the SEC on January 3, 2023, and Amendment No. 3 filed with the SEC on March 5, 2024 by David A. Lorber, FrontFour Master Fund, Ltd. and FrontFour Capital Group LLC (collectively, the "Reporting Persons"), with respect to the common stock (the "Common Stock") of PhenixFIN Corporation (the "Company"). The amount of funds used by Mr. Lorber to acquire the Common Stock beneficially owned by him and by his spouse's individual retirement account (IRA), as to which he is deemed to have beneficial ownership, is $6,057,747.10, which was obtained from personal funds. As of the date hereof, the Master Fund beneficially owned 81,662.416 shares of Common Stock, Mr. Lorber beneficially owned directly 143,145 shares of Common Stock, and Mr. Lorber was deemed to beneficially own 3,378 shares of Common Stock in his spouse's IRA, constituting approximately 4.0%, 7.1% and less than 1%, respectively, of the shares of Common Stock outstanding. Mr. Lorber, as a managing member and principal owner of FrontFour Capital, may be deemed to beneficially own the 81,662.416 shares of Common Stock beneficially owned by the Master Fund, which, together with the 143,145 shares of Common Stock he beneficially owns directly and 3,378 shares of Common Stock of which he is deemed to have beneficial ownership, constitute approximately 11.3% of the Common Stock outstanding. Mr. Lorber has the sole power to vote or dispose of 143,145 shares of Common Stock beneficially owned by him and the shared power to vote or dispose of 3,378 shares of Common Stock held in his spouse's IRA. By reason of his responsibility for the supervision and conduct of investment activities of the Master Fund and as managing member and principal owner of FrontFour Capital, Mr. Lorber may be deemed to possess the shared power to vote and dispose of the shares of Common Stock beneficially owned by the Master Fund. By reason of its responsibility for the supervision and conduct of investment activities of the Master Fund as its investment manager, FrontFour Capital may be deemed to possess the sole power to vote and dispose of the shares of Common Stock beneficially owned by the Master Fund. Attached as Schedule 5(c). Schedule 5(c) - Transaction Description David A. Lorber /s/ David A. Lorber David A. Lorber 06/18/2025 FrontFour Master Fund, Ltd. /s/ David A. Lorber David A. Lorber/Managing Member 06/18/2025 FrontFour Capital Group LLC /s/ David A. Lorber David A. Lorber/Managing Member 06/18/2025