<SEC-DOCUMENT>0001140361-24-042461.txt : 20241112
<SEC-HEADER>0001140361-24-042461.hdr.sgml : 20241112
<ACCEPTANCE-DATETIME>20241001150809
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-24-042461
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241001

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PhenixFIN Corp
		CENTRAL INDEX KEY:			0001490349
		ORGANIZATION NAME:           	
		IRS NUMBER:				274576073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital Corp
		DATE OF NAME CHANGE:	20110118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital BDC LLC
		DATE OF NAME CHANGE:	20100426
</SEC-HEADER>
<DOCUMENT>
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            <td style="width: 50%; text-align: right;" rowspan="1"><img src="image00002.jpg"></td>
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            <td style="width: 50%;" rowspan="1">&#160;</td>
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              <div>
                <div style="text-align: left; color: rgb(0, 0, 0);">George M. Silfen</div>
              </div>
            </td>
            <td style="width: 50%;">
              <div>&#160;</div>
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              <div>
                <div style="text-align: left; color: rgb(0, 0, 0);">Partner</div>
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              <div>&#160;</div>
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              <div>
                <div style="text-align: left; color: #000000; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">T&#160; </font><font style="font-size: 10pt;">212.715.9522</font></div>
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            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
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              <div>
                <div style="text-align: left; color: #000000; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">F&#160; </font><font style="font-size: 10pt;">212.715.8422</font></div>
              </div>
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              <div>&#160;</div>
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              <div>
                <div style="text-align: left;">gsilfen@kramerlevin.com</div>
              </div>
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            <td style="width: 50%;">
              <div>&#160;</div>
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              <div>
                <div style="text-align: left;">1177 Avenue of the Americas</div>
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              <div>&#160;</div>
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              <div>
                <div style="text-align: left;">New York, NY 10036</div>
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              <div>&#160;</div>
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        <div style="color: #000000; font-weight: bold;">October 1, 2024</div>
        <div>&#160;</div>
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                <td style="width: 100%; font-weight: bold;"><u>VIA EDGAR</u></td>
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                  <div>&#160;</div>
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                <td style="width: 100%;">Ms. Mindy Rotter</td>
              </tr>
              <tr>
                <td style="width: 100%;">Division of Investment Management, Disclosure Review and Accounting Office</td>
              </tr>
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                <td style="width: 100%;">U.S. Securities and Exchange Commission</td>
              </tr>
              <tr>
                <td style="width: 100%;">100 Pearl Street, Suite 20-100</td>
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                <td style="width: 100%;">New York, NY 10004-2616</td>
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              <td style="width: 36pt; vertical-align: top; color: #000000;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);"><u>PhenixFIN Corporation (the &#8220;Company&#8221;); File No. 814-00818</u></div>
              </td>
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        </table>
        <div>&#160;</div>
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      <div>
        <div style="color: #000000;">Dear Ms. Rotter,</div>
        <div>&#160;</div>
      </div>
      <div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">Set forth below is our response to the comments received from you on August 15, 2024 in connection with your review of the annual report filed on Form 10-K (the &#8220;Annual Report&#8221;) for the fiscal
          year ended September 30, 2023 for the Company. For your convenience, your comments are bolded and presented below, and each comment is followed by our response.</div>
      </div>
      <div>
        <div><br>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">The report of the independent registered public accounting firm for the year ended September 30, 2023, does not include the reference to the Statement of Changes in Net Assets in the last sentence of the
                  first paragraph. Please explain in correspondence why the reference to the Statement of Changes in Net Assets was not included in the report.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="margin-left: 18pt;">The Company respectfully acknowledges the comment but, per guidance received from its independent registered public accounting firm, believes that inclusion of the Statement of Changes in Net Assets is not required
          in the last sentence of the first paragraph.</div>
      </div>
      <div>
        <div><br>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Please explain in correspondence whether the Company held any covenant-lite loans. If yes, please provide the percentage of such loans held as of September 30, 2023 in correspondence, and confirm that the
                  risks are adequately disclosed regarding these loans.</div>
              </td>
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        </div>
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      <div>
        <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;">As of September 30, 2023, the Company held approximately 26% of its gross assets in covenant-lite loans. We confirm that the principal risk factors adequately address risks
          posed by covenant-lite loans.</div>
      </div>
      <div>
        <div><br>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Please explain in correspondence whether any of the loans held are unitranche loans. Last-out lenders bear a greater risk in exchange for receiving a higher interest rate. If yes, please explain why
                  disclosures regarding such loans were not provided in the notes to the financial statements that explain the risk associated with these investments. In addition, with respect to co-lending arrangements, please explain in correspondence
                  the following:</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Whether the Company has any specific accounting policies it applies to co-lending arrangements;</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">How the valuation of these investments takes into account the payment, prioritization and payment waterfall;</div>
              </td>
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        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">c.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">The impact of such arrangements on the calculation of interest income under the effective interest method; and</div>
              </td>
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        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">d.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Whether any of the co-lenders under these arrangements are affiliates.</div>
              </td>
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      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;">As of September 30, 2023, the Company held less than 6% of its gross assets in unitranche loans.&#160; While risk factors associated with unitranche loans are disclosed in the
          risk factors section of the Annual Report (page 28 of the Annual Report), if the percentage of assets invested in such loans would increase to a more material level, we would add risk disclosures to the notes to the financial statements.</div>
        <div style="margin-left: 18pt;">&#160;</div>
        <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;">With respect to co-lending arrangements:</div>
      </div>
      <div>
        <div><br>
        </div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>There are no specific accounting policies applied to co-lending arrangements.</div>
              </td>
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        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Co-lending arrangements are generally fair valued using the same processes employed for other debt instruments held by the Company, including taking into account relevant factors, based on the particular circumstances of the
                  instrument, that are believed to bear on the current fair value.&#160; In this regard, the financial statement and capital structure of the issuer are considered, including, as applicable, any prioritization of payments.</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No impact.</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">d.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No co-lenders are affiliates.</div>
              </td>
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        </table>
        <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Investment companies are required to disclose if there has been a change in valuation techniques or whether any additional techniques were used and the reasons for those changes. Please confirm that there
                  were no changes required to be disclosed. </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div>&#160;</div>
        <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;">Confirmed.</div>
        <div style="text-align: justify; margin-right: 25.2pt; margin-left: 18pt; color: #000000;"> <br>
        </div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Please confirm in correspondence that the Company&#8217;s investments remain consistent with its diversification status for both RIC and tax purposes.</div>
              </td>
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        </table>
        <div><br>
        </div>
        <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Confirmed.</div>
        <div><br>
        </div>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">It appears the 10-K filing contains numerous XBRL tagging inconsistencies. Please confirm in correspondence that, going forward, the appropriate standard taxonomy noted in the guidance will be utilized.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 18pt;">Confirmed.</div>
        <div style="text-align: justify; margin-left: 18pt;"> <br>
        </div>
      </div>
      <div>
        <div style="text-align: center;"><font style="color: #000000;">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>
        <div>&#160;</div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">We believe that these responses fully address your comments. If you have any questions regarding the responses or require further information, please call me at (212) 715-9522. Thank you for your
          assistance regarding this matter.</div>
        <div><br>
        </div>
      </div>
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            <td style="width: 30%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">Sincerely,</div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 30%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ George M. Silfen</div>
            </td>
            <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 70%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
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            <td style="width: 30%; vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 30%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">George M. Silfen</div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
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            <td style="width: 30%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">GMS</div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>

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        <div><br>
        </div>
        <div>&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
