PHENIXFIN CORP

Ticker: PFX CUSIP: 71742W103 Class: CEF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

ROYAL BANK OF CANADA

Value ($000) $2 Shares 50

US BANCORP \DE\

Value ($000) $0 Shares 3

Institution	Shares	Value ($000)
ROYAL BANK OF CANADA	50	$2
US BANCORP \DE\	3	$0

Increased Positions (3)

Adalta Capital Management LLC

Value ($000) $7,836 (-4.6%) Shares 175,569 (+1.5%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $988 (+1.9%) Shares 22,368 (+9.8%)

Legal & General Group Plc

Value ($000) $589 (-2.5%) Shares 13,093 (+3.1%)

Institution	Prev Shares	Curr Shares	Change
Adalta Capital Management LLC	172,939	175,569	+2,630 (+1.5%)
RAYMOND JAMES FINANCIAL INC	20,369	22,368	+1,999 (+9.8%)
Legal & General Group Plc	12,695	13,093	+398 (+3.1%)

Decreased Positions (5)

Value ($000) $2,448 (-11.3%) Shares 55,406 (-4.3%)

Value ($000) $6 (-94.3%) Shares 130 (-93.8%)

OSAIC HOLDINGS, INC.

Value ($000) $18 (-47.8%) Shares 400 (-42.6%)

MAI Capital Management

Value ($000) $0 (-53.6%) Shares 11 (-50.0%)

WELLS FARGO & COMPANY/MN

Value ($000) $11 (-11.1%) Shares 250 (-4.2%)

Institution	Prev Shares	Curr Shares	Change
MORGAN STANLEY	57,917	55,406	-2,511 (-4.3%)
UBS Group AG	2,099	130	-1,969 (-93.8%)
OSAIC HOLDINGS, INC.	697	400	-297 (-42.6%)
MAI Capital Management	22	11	-11 (-50.0%)
WELLS FARGO & COMPANY/MN	261	250	-11 (-4.2%)

Exited Positions (1)

AlphaCentric Advisors LLC

Value ($000) $507 Shares 10,300

Institution	Prev Shares	Prev Value ($000)
AlphaCentric Advisors LLC	10,300	$507