David A. Lorber Increases Direct Stake in PhenixFIN Corp to 10.3% Following Fund Distribution

On March 31, 2026, David A. Lorber increased his direct beneficial ownership in PhenixFIN Corp (PFX) following a pro rata in-kind distribution of common stock from FrontFour Master Fund, Ltd. As an investor in the Master Fund, Mr. Lorber received 56,537 shares of common stock. Following this distribution, FrontFour Master Fund, Ltd. and FrontFour Capital Group LLC no longer beneficially own any shares of the Company. Mr. Lorber now directly holds 203,133 shares and has shared power over 3,378 shares held in his spouse's IRA, resulting in a total beneficial ownership of 206,511 shares. This represents approximately 10.3% of the Company's 1,998,259 outstanding shares of common stock. No additional consideration was paid by Mr. Lorber in connection with this distribution. This filing serves as Amendment No. 5 to the original Schedule 13D filed in December 2021, reflecting the restructuring of ownership from the investment entities to Mr. Lorber individually.