PhenixFin Corporation
Inside PhenixFin Corporation’s $49M private-credit portfolio — 12 holdings disclosed in SEC filings.
Aug 5 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read PHEN as a credit: NAV per share is the Q3 FY2026 book value ($81.69) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates.
| Metric | Value | What healthy looks like |
|---|---|---|
| Dividend Coverage (GAAP NII) | 1.78x GAAP NII ÷ FY2025 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 3.2% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | +2.9% FY2025: ΔNAV/share + distributions 3-yr ≈+13.0%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 0.92x 32nd pct of 11 lower-MM peers | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 209% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 99% of portfolio FV ≈ 31% of Q3 FY2026 NAV largest: FlexFIN, LLC (71.6% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 0.0% of marked debt FV (99% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| Non-Accruals | 0.0% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend6 qtrs |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-05 filing.
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-05 and 2026-08-05 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
Exited 27
- Nvtn Llc$20M
- Ecc Capital Corp.$17M
- Whi Global, Llc$15M
- Ss Acquisition, Llc (Dba Soccer Shots Franchising)$14M
- Ngs-Wcs Group Holdings - Jfl-Ngs-Wcs Partners, Llc$13M
- Mb Precision Investment Holdings Llc$13M
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | FlexFIN, LLC | Debt | — | — | $35M | 71.6% | 22.4% | |
| 2 | - Common Units4 reporting lines · Equity + Equity + Equity | Equity | Real Estate | — | — | $5M | 10.8% | 3.4% |
| 3 | - Preferred Units | Equity | Real Estate | — | — | $4M | 8.1% | 2.5% |
| 4 | - Class E Preferred Units2 reporting lines · Equity + Equity | Equity | — | — | $3M | 6.4% | 2.0% | |
| 5 | - Class C Preferred Units | Equity | Real Estate | — | — | $889K | 1.8% | 0.6% |
| 6 | - Class F Preferred Units | Equity | Real Estate | — | — | $419K | 0.8% | 0.3% |
| 7 | Delayed Draw Term Loan (14.00%) | 1L Sr Secured | — | Aug 2029 | $222K | 0.4% | 0.1% | |
| 8 | - Membership Units | Equity | Consumer Discretionary | — | — | — | — | — |
| Full schedule — all 12 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q3 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Questions this page answers
How large is PhenixFin Corporation's portfolio?
PhenixFin Corporation reported $49M in portfolio fair value across 12 holdings and 8 unique borrowers as of its 2026-08-05 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from PhenixFin Corporation's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-05 filing date.
About PhenixFin Corporation
PhenixFin Corporation (PHEN) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. PhenixFin Corporation discloses its full loan portfolio through SEC filings.