PhenixFin (PFX) in Clark Street Value 2021 Q4

Activist-Led Transformation and Strategic Challenges

Jul 09, 2025

Summary

Internalized BDC with a focus on asset-based lending in niche markets.
Risks include lack of strategic direction and management's motivation.
Potential for monetizing loss carryforwards remains uncertain.
Trades at approximately 70% of book value, offering potential upside.

PhenixFin (PFX, Financial) was highlighted in the Clark Street Value 2021 Q4 letter as a frustrating investment with potential upside. The company's activist-led transformation and strategic challenges present both risks and opportunities for investors.

"PhenixFin is frustrating to me, this company shouldn't exist... Neither is a sign that they're selling unfortunately, but I might be, this is no longer a strong conviction holding." — Clark Street Value, 2021 Q4 Fund Letter

Read full letter at gurufocus Clark Street Value 2021 Q4 page.

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