PhenixFIN Corp
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
PFX$42.03+1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-09.
0001213900-26-013689
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001213900-26-052253
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 122 previous paragraphs and 124 current paragraphs.
93 unchanged; 26 reworded; 5 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 59 previous and 59 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Separately, ongoing instability and conflict in the Middle East, including tensions involving Iran, present additional risks to global markets. Heightened geopolitical tensions in the region may lead to disruptions in critical energy infrastructure and shipping routes, including key chokepoints such as the Strait of Hormuz, through which a significant portion of global oil supply transits. Any escalation involving Iran—whether through direct military confrontation, proxy conflicts, or expanded sanctions—could materially affect global oil production, transportation, and pricing, contributing to increased volatility in energy markets and broader financial markets. In addition, terrorist activities or regional conflicts may further exacerbate uncertainty, potentially resulting in supply chain interruptions, increased defense and security costs, and shifts in investor sentiment and capital flows. These developments could have cascading effects across global economies and financial systems, amplifying existing market disruptions and contributing to sustained periods of volatility and risk aversion.
Current report
During the three months ended March 31, 2026, we recognized $1.1 million of realized losses on our portfolio investments. The realized losses for the three months ended March 31, 2026 were primarily due to realized losses on sales of Copper Property CTL Pass Through Trust for $0.6 million and Chimera Investment Corp for $0.4 million.
Current report
During the six months ended March 31, 2026, we recognized $0.4 million of realized losses on our portfolio investments. The realized losses for the six months ended March 31, 2026 were primarily due to realized losses on sales of Copper Property CTL Pass Through Trust for $0.6 million and Chimera Investment Corp for $0.4 million, offset by realized gains on sales of Neptune Bidco US Inc. for $0.4 million and CB&L Associates Holdco I, LLC for $0.3 million.
Current report
For the three months ended March 31, 2026, we had $1.7 million of net unrealized appreciation on investments. The net unrealized appreciation resulted primarily from unrealized gains on FST Holdings Parent for $1.2 million, NVTN LLC for $1.2 million, and WHI Global LLC for $1.0 million, offset by unrealized losses on MB Precision Holdings LLC for $1.4 million.
Current report
For the six months ended March 31, 2025, we had $(0.8) million of net unrealized depreciation on investments. The net unrealized depreciation resulted from unrealized depreciation on NVTN LLC of $1.1 million, Black Angus Steakhouses, LLC for $1.0 million, and NSG Captive Inc. for $0.8 million, offset by the reversal of the unrealized loss on Point.360 for $2.1 million.
Removed paragraphs (3)
Previous report
During the three months ended December 31, 2025, we recognized $0.7 million of realized gains on our portfolio investments. The realized gains were primarily due to realized gains on CBL & Associates and Neptune Bidco Inc.
Previous report
Recent Developments
Previous report
In February 2026, the Board of Directors of the Company appointed Howard Amster to be a member of the Audit Committee and Lowell Robinson to be a member of the Nominating & Governance Committee. This follows the unfortunate and sudden passing away of Arthur S. Ainsberg. The Board of Directors has decreased the size of the board to 4 directors.
Reworded paragraphs (26)
Previous wording
The large-scale invasion of Ukraine by Russia in February 2022 resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. In addition, the conflicts in the Middle East and terrorist acts may cause significant volatility in the markets and/or market disruptions.
Current wording
The large-scale invasion of Ukraine by Russia in February 2022 resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers.
Previous wording
In December 2024, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2024 and ending on September 30, 2027 (the “2025 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the 2022 LTIP Plan. The Compensation Committee, in approving the awards, evaluated each performance goal separately.
Current wording
In December 2024, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2024 and ending on September 30, 2027 (the “2025 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the CIP. The Compensation Committee, in approving the awards, evaluated each performance goal separately.
Previous wording
In December 2025, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2025 and ending on September 30, 2028 (the “2026 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the 2022 LTIP Plan. The Compensation Committee, in approving the awards, evaluated each performance goal separately.
Current wording
In December 2025, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2025 and ending on September 30, 2028 (the “2026 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the CIP. The Compensation Committee, in approving the awards, evaluated each performance goal separately.
Previous wording
During the three months ended December 31, 2025 and 2024, the Company recorded an expense of $66,875 and $326,320 respectively, for these awards. During the three months ended December 31, 2025 and December 31, 2024, the Company paid out $2.4 million and $2.0 million, respectively, for these awards.
Current wording
During the three and six months ended March 31, 2026, the Company recorded an expense of $66,875 and $133,750, respectively, for these awards. During the three and six months ended March 31, 2025, the Company recorded an expense of $303,848 and $630,168, respectively, for these awards.
Previous wording
As of December 31, 2025 and September 30, 2025, our portfolio had a fair market value of approximately $295.6 million and $302.3 million, respectively.
Current wording
As of March 31, 2026 and September 30, 2025, our portfolio had a fair market value of approximately $295.8 million and $302.3 million, respectively.
Previous wording
During the three months ended December 31, 2025, we received proceeds from sale and settlements of investments of $19.6 million, including principal proceeds, net realized gains on investments of $0.7 million and invested $19.0 million.
Current wording
During the six months ended March 31, 2026, we received proceeds from sale and settlements of investments of $30.4 million, including principal proceeds, net realized gains on investments of $0.4 million and invested $28.6 million.
Previous wording
During the three months ended December 31, 2024, we received proceeds from sale and settlements of investments of $30.0 million, including principal and dividend proceeds, realized net gains on investments of $1.2 million, and invested $100.9 million.
Current wording
During the six months ended March 31, 2025, we received proceeds from sale and settlements of investments of $74.0 million, including principal proceeds, net realized gains on investments of $0.1 million and invested $132.9 million.
Previous wording
As of December 31, 2025, our income-bearing investment portfolio based upon cost represented 63.1% of our total portfolio of which 60.8% bore interest based on floating rates, such as SOFR, 12.9% bore interest at fixed rates, and 26.3% are income-producing equity investments. As of September 30, 2025, our income-bearing investment portfolio based upon cost represented 64.8% of our total portfolio of which 58.8% bore interest based on floating rates, such as SOFR, 14.9% bore interest at fixed rates, and 26.3% are income-producing equity investments. As of December 31, 2025, the Company had a weighted average yield of 12.5% on debt and other income producing investments. As of September 30, 2025, the Company had a weighted average yield of 12.8% on debt and other income producing investments. The weighted average yield of our total portfolio does not represent the total return to our stockholders.
Current wording
As of March 31, 2026, our income-bearing investment portfolio based upon cost represented 61.1% of our total portfolio of which 63.6% bore interest based on floating rates, such as SOFR, 10.3% bore interest at fixed rates, and 26.1% are income-producing equity investments. As of September 30, 2025, our income-bearing investment portfolio based upon cost represented 64.8% of our total portfolio of which 58.8% bore interest based on floating rates, such as SOFR, 14.9% bore interest at fixed rates, and 26.3% are income-producing equity investments. As of March 31, 2026, the Company had a weighted average yield of 13.1% on debt and other income producing investments. As of September 30, 2025, the Company had a weighted average yield of 12.8% on debt and other income producing investments. The weighted average yield of our total portfolio does not represent the total return to our stockholders.
Previous wording
Operating results for three months ended December 31, 2025 and 2024 are as follows (dollars in thousands):
Current wording
Operating results for three and six months ended March 31, 2026 and 2025 are as follows (dollars in thousands):
Previous wording
For the three months ended December 31, 2024, investment income totaled $6.2 million, of which $3.8 million was attributable to portfolio interest, approximately $2.1 million was attributable to dividend income, $0.1 million was attributable to fee and other income, and $0.2 million was attributable to interest on cash and cash equivalents. Dividend income was received from eight investments during the three months ended December 31, 2024.
Current wording
For the three months ended March 31, 2026, investment income totaled $5.2 million, of which $4.1 million was attributable to portfolio interest, approximately $0.9 million was attributable to dividend income, $0.2 million was attributable to fee and other income, and $0.0 million was attributable to interest on cash and cash equivalents. For the six months ended March 31, 2026, investment income totaled $11.9 million, of which $8.0 million was attributable to portfolio interest, approximately $3.4 million was attributable to dividend income, $0.4 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from nine investments during the six months ended March 31, 2026.
Previous wording
For the three months ended December 31, 2025, investment income totaled $6.7 million, of which $3.9 million was attributable to portfolio interest, approximately $2.5 million was attributable to dividend income, $0.2 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from eight investments during the three months ended December 31, 2025.
Current wording
For the three months ended March 31, 2025, investment income totaled $6.0 million, of which $3.9 million was attributable to portfolio interest, approximately $2.1 million was attributable to dividend income, $0.0 million was attributable to fee and other income, and $0.0 million was attributable to interest on cash and cash equivalents. For the six months ended March 31, 2025, investment income totaled $12.2 million, of which $7.8 million was attributable to portfolio interest, approximately $4.2 million was attributable to dividend income, $0.1 million was attributable to fee and other income, and $0.1 million was attributable to interest on cash and cash equivalents. Dividend income was received from eight investments during the six months ended March 31, 2025.
Previous wording
Operating expenses for the three months ended December 31, 2025 and 2024 are as follows (dollars in thousands):
Current wording
Operating expenses for the three and six months ended March 31, 2026 and 2025 are as follows (dollars in thousands):
Previous wording
For the three months ended December 31, 2025, total operating expenses decreased by $(0.1) million, or (1.2)% compared to the three months ended December 31, 2024.
Current wording
For the three months ended March 31, 2026, total operating expenses decreased by $(0.6) million, or (11.9)% compared to the three months ended March 31, 2025. For the six months ended March 31, 2026, total operating expenses decreased by $(0.7) million, or (6.8)% compared to the six months ended March 31, 2025.
Previous wording
Interest and financing expenses for the three months ended December 31, 2025 decreased by $(0.1) million, or (4.4)% compared to the three months ended December 31, 2024. The decrease in interest and financing expenses for the three months ended December 31, 2025 was primarily due to lower floating interest rates on the Credit Facility.
Current wording
Interest and financing expenses for the three months ended March 31, 2026 decreased by $(0.3) million, or (10.4)% compared to the three months ended March 31, 2025. The decrease in interest and financing expenses for the three and six months ended March 31, 2026 was primarily due to borrowing at lower floating interest rates on the Credit Facility.
Previous wording
Professional fees and general and administrative expenses for the three months ended December 31, 2025 increased by $0.1 million, or 17.2% compared to the three months ended December 31, 2024.
Current wording
Professional fees and general and administrative expenses for the three months ended March 31, 2026 increased by $(0.1) million, or (12.9)% compared to the three months ended March 31, 2025.
Previous wording
During the three months ended December 31, 2024, we recognized $1.2 million of realized gains on our portfolio investments. The realized gains were primarily due to a realized gain on PHH Mortgage Corp. for $0.8 million and a realized gain on Chimera Investment Corp. for $0.3 million.
Current wording
During the three months ended March 31, 2025, we recognized $1.1 million of realized losses on our portfolio investments. During the six months ended March 31, 2025, we recognized $0.1 of realized gain on our portfolio investments. The realized losses for the three months ended March 31, 2025 were due to the realized loss of $1.9 million on Point.360, offset by realized gains on Altisource S.A.R.L., CB&L Associates Holdco I, LLC, and All Around Roustabout, LLC of $0.7 million. The realized gains for six months ended were primarily due to a realized gain on PHH Mortgage Corp. for $0.8 million, a realized gain on Chimera Investment Corp for $0.3 million, and realized gains on Altisource S.A.R.L., CB&L Associates Holdco I, LLC, and All Around Roustabout, LLC of $0.7 million, offset by a realized loss of $1.9 million on Point.360.
Previous wording
For the three months ended December 31, 2025, we had $7.2 million of net unrealized depreciation on investments. The net unrealized depreciation resulted primarily from unrealized losses on NVTN LLC for $5.0 million and Altisource S.A.R.L. for $2.8 million.
Current wording
For the six months ended March 31, 2026, we had $(5.5) million of net unrealized depreciation on investments. The net unrealized depreciation resulted primarily from unrealized losses on NVTN LLC for $3.7 million, Altisource S.A.R.L. for $3.4 million, and MB Precision Holdings LLC for $1.5 million, offset by unrealized gains on ECC Capital Corp for $3.0 million.
Previous wording
For the three months ended December 31, 2024, we had $0.3 million of net unrealized depreciation on investments. The net unrealized depreciation resulted from the reversal of the unrealized gain on PHH Mortgage Corp. for $0.7 million, unrealized depreciation on Black Angus Steakhouses for $0.9 million, offset by unrealized appreciation on JFL-NGS-WGS Partners, LLC for $1.0 million.
Current wording
For the three months ended March 31, 2025, we had $(0.5) million of net unrealized depreciation on investments. The net unrealized depreciation resulted from unrealized depreciation on JFL-NGS-WCS Partners, LLC for $0.9 million, NVTN LLC for $0.9 million, ECC Capital Corp. for $0.4 million, and Staples, Inc. for $0.3 million, offset by the reversal of the unrealized loss on Point.360 for $2.1 million.
Previous wording
Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. For the three months ended December 31, 2025 and 2024, the Company recorded a change in provision for deferred taxes of $(423,429) and $0, respectively.
Current wording
Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. For the three and six months ended March 31, 2026 the Company recorded a change in provision for deferred taxes of $(166,015) and $(589,444), respectively.
Previous wording
For the three months ended December 31, 2025, we recorded a net decrease in net assets resulting from operations of $(4.8) million compared to a net increase in net assets resulting from operations of $2.5 million for the three months ended December 31, 2024. Based on 2,001,470 and 2,019,778 weighted average common shares outstanding for the three months ended December 31, 2025 and 2024, respectively, our per share net increase (decrease) in net assets resulting from operations was $(2.38) for the three months ended December 31, 2025 and $1.22 for the three months ended December 31, 2024.
Current wording
For the three months ended March 31, 2026, we recorded a net increase in net assets resulting from operations of $1.1 million compared to a net decrease in net assets resulting from operations of $(0.9) million for the three months ended March 31, 2025. Based on 1,972,943 and 2,019,778 weighted average common shares outstanding for the three months ended March 31, 2026 and 2025, respectively, our per share net increase (decrease) in net assets resulting from operations was $0.57 for the three months ended March 31, 2026 and $(0.44) for the three months ended March 31, 2025.
Previous wording
As of December 31, 2025 and September 30, 2025, we had $3.4 million and $7.3 million, respectively, in cash and cash equivalents.
Current wording
As of March 31, 2026 and September 30, 2025, we had $3.1 million and $7.3 million, respectively, in cash and cash equivalents.
Previous wording
On January 11, 2021, the Company announced that its board of directors approved a share repurchase program. On February 9, 2022, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $15 million to $25 million. On February 8, 2023, the Board of Directors approved the further expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Under the share repurchase program, the Company repurchased an aggregate of 724,075 shares of common stock through December 31, 2025, or 26.6% of shares outstanding as of the program’s inception, with a total cost of $29.1 million. The total remaining amount authorized under the expanded share repurchase program at December 31, 2025 was approximately $5.9 million.
Current wording
On January 11, 2021, the Company announced that its board of directors approved a share repurchase program. On February 9, 2022, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $15 million to $25 million. On February 8, 2023, the Board of Directors approved the further expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Under the share repurchase program, the Company repurchased an aggregate of 787,425 shares of common stock through March 31, 2026, or 28.9% of shares outstanding as of the program’s inception, with a total cost of $32.2 million. The total remaining amount authorized under the expanded share repurchase program at March 31, 2026 was approximately $2.8 million.
Previous wording
On April 17, 2025 (the “Third Amendment Effective Date”), in order to extend the term and increase the size of the Credit Facility, the parties to the Credit Facility amended the terms of the Credit Facility, effective as of the Third Amendment Effective Date (the “Third Amendment”). The Third Amendment increased the principal amount of the loan available under the Credit Facility by $12.5 million to $100.0 million (with potential access to up to an additional $50,000,000 pursuant to an uncommitted accordion provision) and appointed BankUnited, N.A. to assume all agency and syndication responsibilities from the prior agent and lenders. Outstanding loans under the terms of the Amendment bear a monthly interest rate ranging from ABR + 1.35% to ABR + 1.75% for any alternative base rate loans and from Term SOFR + 2.35% to Term SOFR + 2.75% for any term benchmark loans based on the total debt to tangible net worth ratio. The Amendment also extended the term of the credit facility to April 17, 2030, five years from the Effective Date. Other material terms remain substantially unchanged. As of December 31, 2025, there was $90.0 million outstanding borrowings by the Company under the Credit Facility.
Current wording
On April 17, 2025 (the “Third Amendment Effective Date”), in order to extend the term and increase the size of the Credit Facility, the parties to the Credit Facility amended the terms of the Credit Facility, effective as of the Third Amendment Effective Date (the “Third Amendment”). The Third Amendment increased the principal amount of the loan available under the Credit Facility by $12.5 million to $100.0 million (with potential access to up to an additional $50,000,000 pursuant to an uncommitted accordion provision) and appointed BankUnited, N.A. to assume all agency and syndication responsibilities from the prior agent and lenders. Outstanding loans under the terms of the Amendment bear a monthly interest rate ranging from ABR + 1.35% to ABR + 1.75% for any alternative base rate loans and from Term SOFR + 2.35% to Term SOFR + 2.75% for any term benchmark loans based on the total debt to tangible net worth ratio. The Amendment also extended the term of the credit facility to April 17, 2030, five years from the Effective Date. Other material terms remain substantially unchanged. As of March 31, 2026, there was $90.0 million of outstanding borrowings by the Company under the Credit Facility. As of March 31, 2026, the Company was in compliance in all respects with the terms of the Credit Facility
Previous wording
As of December 31, 2025 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $3.9 million to six portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of December 31, 2025 and September 30, 2025 is shown in the table below (dollars in thousands):
Current wording
As of March 31, 2026 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $3.4 million to six portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of March 31, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):
Previous wording
On May 9, 2024, the Board of Directors declared a special dividend in the amount of $2,645,925. This dividend was paid on June 10, 2024 to stockholders of record as of May 27, 2024. On February 6, 2025, the Board of Directors declared a special dividend in the amount of $2,888,283 for a record date of February 17, 2025 and paid on February 19, 2025. The Company did not declare any distribution payments during the three months ended December 31, 2025 and 2024.
Current wording
The Company did not declare any distribution payments during the six months ended March 31, 2026. On February 6, 2025, the Board of Directors declared a special dividend of $1.43 per share. This dividend was paid on February 19, 2025 to stockholders of record as of February 17, 2025.
Previous wording
The Company has entered into contracts with its affiliated portfolio companies, The National Security Group (and certain of its affiliates) and ECC Capital Corporation, pursuant to which the Company (and/or certain of its subsidiaries) provide such affiliated portfolio companies certain services, including managing a portion of their investment assets. During the three months ended December 31, 2025, the Company recognized $0.2 million of income related to these contracts.
Current wording
The Company has entered into contracts with its affiliated portfolio companies, The National Security Group (and certain of its affiliates) and ECC Capital Corporation, pursuant to which the Company (and/or certain of its subsidiaries) provide such affiliated portfolio companies certain services, including managing a portion of their assets. During the three and six months ended March 31, 2026, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts. During the three and six months ended March 31, 2025, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts.