As of May 20, 2025, PhenixFIN Corporation 5.25% Notes due 2028 has 136 shares failed to deliver, representing 7.44% of the average daily volume of 1,827 shares. Over the past year, the monthly average FTD is 272 shares, with the current level 50% below the historical average, indicating moderate settlement pressure. The weighted FTD ratio above 1% suggests potential liquidity constraints or heightened short-selling activity.