X0202 SCHEDULE 13G/A 0000921895-23-000453 0001640809 XXXXXXXX LIVE 2 Common Stock, par value $0.001 per share 03/31/2026 0001490349 PhenixFIN Corp 71742W103 445 PARK AVENUE 9TH FLOOR NEW YORK NY 10022 Rule 13d-1(d) 22NW Fund, LP DE 43115.00 0.00 43115.00 0.00 43115.00 N 2.2 PN 22NW, LP DE 43115.00 0.00 43115.00 0.00 43115.00 N 2.2 PN 22NW Fund GP, LLC DE 43115.00 0.00 43115.00 0.00 43115.00 N 2.2 OO 22NW GP, Inc. DE 43115.00 0.00 43115.00 0.00 43115.00 N 2.2 CO English Aron R. X1 43115.00 0.00 43115.00 0.00 43115.00 N 2.2 IN PhenixFIN Corp 445 Park Avenue, 10th Floor, New York, New York 10022 This statement is filed by 22NW Fund, LP, a Delaware limited partnership ("22NW Fund"), 22NW, LP, a Delaware limited partnership ("22NW"), 22NW Fund GP, LLC, a Delaware limited liability company ("22NW GP"), 22NW GP, Inc., a Delaware S Corporation ("22NW Inc."), and Aron R. English. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." 22NW serves as the investment manager of 22NW Fund. 22NW GP serves as the general partner of 22NW Fund. 22NW Inc. serves as the general partner of 22NW. Mr. English is the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc. By virtue of these relationships, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own the shares of Common Stock, par value $0.001 per share (the "Shares"), owned directly by 22NW Fund. The address of the principal office of each of the Reporting Persons is 590 1st Ave. S, Unit C1, Seattle, Washington 98104. 22NW Fund, 22NW, 22NW GP and 22NW Inc. are organized under the laws of the State of Delaware. Mr. English is a citizen of the United States of America. Y As of the close of business on March 31, 2026: (i) 22NW Fund directly owned 43,115 Shares. (ii) Each of 22NW, as the investment manager of 22NW Fund, 22NW GP, as the general partner of 22NW Fund, 22NW Inc., as the general partner of 22NW, and Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the 43,115 Shares owned directly by 22NW Fund. The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person. The following percentages are based on 1,998,259 Shares outstanding as of February 9, 2026, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on February 9, 2026. As of the close of business on March 31, 2026, each of 22NW Fund, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own approximately 2.2% of the outstanding Shares. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on February 13, 2023. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. 22NW Fund, LP /s/ Aron R. English 05/15/2026 22NW, LP /s/ Aron R. English 05/15/2026 22NW Fund GP, LLC /s/ Aron R. English 05/15/2026 22NW GP, Inc. /s/ Aron R. English 05/15/2026 English Aron R. /s/ Aron R. English 05/15/2026