Income Research & Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), Income Research & Management reported 33 stock positions worth $203.6 million. Its top holding was Euronet Worldwide Inc. (eeft 0.75 03/15/49) at 5.1% of the portfolio, followed by CMS Energy Corp. (cms 3.375 05/01/28) (4.9%) and PPL Capital Funding Inc. (ppl 2.875 03/15/28) (4.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 7, added to 9 and reduced 16. The biggest buy was Capital Southwest Corp. (cswc 5.125 11/15/29) (shares +6%) and the biggest sale an exit from Vanguard Long-Term Bond ETF (BLV).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001165830
Portfolio Value
$203.6M (Q3 2025)
SEC Filing
0001214659-25-015028 ↗ filed Oct 16, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $148.0M Q1 2024 Q2 2024: $173.4M Q2 2024 Q3 2024: $207.5M Q3 2024 Q4 2024: $209.6M Q4 2024 Q1 2025: $234.8M Q1 2025 Q2 2025: $373.4M Q2 2025 Q3 2025: $203.6M $203.6M Q3 2025 Q4 2025: $189.0M Q4 2025 Q1 2026: $167.3M Q1 2026 Q2 2026: $183.1M Q2 2026

Holdings 33 stocks · $203.6M
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) 5.06% 12,112,000 $10.3M No change
CMS ENERGY CORP (CMS 3.375 05/01/28) 4.85% 9,024,000 $9.9M Reduce -20.7%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) 4.77% 8,501,000 $9.7M Reduce -30.0%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) 4.72% 9,757,000 $9.6M Add +5.6%
EXPEDIA GROUP INC (EXPE 0 02/15/26) 4.62% 9,337,000 $9.4M Reduce -33.5%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) 4.59% 9,763,000 $9.3M Add +4.9%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 4.58% 9,458,000 $9.3M Add +5.0%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) 4.55% 9,258,000 $9.3M Reduce -9.8%
DUKE ENERGY CORP (DUK 4.125 04/15/26) 4.52% 8,563,000 $9.2M Reduce -22.3%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) 4.39% 9,690,000 $8.9M Add +4.8%
FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO 4.02% 8,073,000 $8.2M Reduce -9.8%
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) 3.84% 8,305,000 $7.8M Reduce -4.5%
ETSY INC (ETSY 0.25 06/15/28) 3.61% 8,342,000 $7.4M Reduce -13.9%
BLOCK INC (XYZ 0.25 11/01/27) 3.58% 8,005,000 $7.3M Add +7.2%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) 3.36% 7,465,000 $6.8M Reduce -9.6%
VENTAS REALTY LP (VTR 3.75 06/01/26) 3.36% 5,290,000 $6.8M Reduce -47.9%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) 3.30% 5,685,000 $6.7M Reduce -15.3%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) 3.26% 6,843,000 $6.6M Reduce -7.7%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) 2.89% 4,005,000 $5.9M Add +7.2%
MERITAGE HOMES CORP (MTH 1.75 05/15/28) 2.88% 5,725,000 $5.9M Add +6.4%
EVERGY INC (EVRG 4.5 12/15/27) 2.64% 4,272,000 $5.4M Reduce -16.7%
DEXCOM INC (DXCM 0.375 05/15/28) 2.59% 5,781,000 $5.3M Reduce -7.2%
TAXX BBLX Irm Tax-Aware S Dur ETF 2.50% 100,000 $5.1M No change
TXXI BBLX Irm Tax-Aware I Dur ETF 2.48% 100,000 $5.0M No change
TAXM Bondbloxx Ir+m Tax-Aware Mas 2.46% 100,000 $5.0M No change
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) 2.23% 4,595,000 $4.5M New
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 1.50% 2,851,000 $3.1M Add +9.2%
HAEMONETICS CORP (HAE 2.5 06/01/29) 1.43% 3,145,000 $2.9M Add +5.4%
AGGS Harbor Disciplined Bond ETF 1.02% 50,000 $2.1M No change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) 0.20% 371,000 $412K Reduce -96.4%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) filed as NEW MTN FIN CORP 0.15% 299,000 $299K Reduce -97.6%
ETSY INC (ETSY 0.125 09/01/27) 0.03% 70,000 $64K New
CABLE ONE INC (CABO 1.125 03/15/28) 0.01% 35,000 $30K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $897K (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 355$455KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 358$442KNo change

Total filed on the 13F, all lines: $204.5M.

Portfolio Sells Q2 2025 → Q3 2025
BLV Vanguard Long-Term Bond ETF Sold out 0.00% −13.43
VGLT Vanguard Long-Term Treasury Sold out 0.00% −10.61
EDV Vanguard Extended Dur Treas Sold out 0.00% −7.28
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) Reduce -97.6% 0.15% −3.14
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) Reduce -96.4% 0.20% −2.77
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) Sold out 0.00% −1.52
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) Sold out 0.00% −1.28
SOUTHERN CO (SO 4.5 06/15/27) Sold out 0.00% −1.18
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) Sold out 0.00% −0.03
VENTAS REALTY LP (VTR 3.75 06/01/26) Reduce -47.9% 3.36% +0.10
EXPEDIA GROUP INC (EXPE 0 02/15/26) Reduce -33.5% 4.62% +0.96
DEXCOM INC (DXCM 0.375 05/15/28) Reduce -7.2% 2.59% +1.02
EVERGY INC (EVRG 4.5 12/15/27) Reduce -16.7% 2.64% +1.03
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) Reduce -15.3% 3.30% +1.25
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) Reduce -30.0% 4.77% +1.25
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) Reduce -7.7% 3.26% +1.31
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) Reduce -9.6% 3.36% +1.38
ETSY INC (ETSY 0.25 06/15/28) Reduce -13.9% 3.61% +1.39
DUKE ENERGY CORP (DUK 4.125 04/15/26) Reduce -22.3% 4.52% +1.39
CMS ENERGY CORP (CMS 3.375 05/01/28) Reduce -20.7% 4.85% +1.62
FORD MOTOR COMPANY (F 0 03/15/26) Reduce -9.8% 4.02% +1.65
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) Reduce -4.5% 3.84% +1.68
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) Reduce -9.8% 4.55% +1.79

Portfolio Buys Q2 2025 → Q3 2025
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) Add +5.6% 4.72% +2.29
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) New 2.23% +2.23
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) Add +5.0% 4.58% +2.22
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) Add +4.9% 4.59% +2.17
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) Add +4.8% 4.39% +2.10
BLOCK INC (XYZ 0.25 11/01/27) Add +7.2% 3.58% +1.79
MERITAGE HOMES CORP (MTH 1.75 05/15/28) Add +6.4% 2.88% +1.48
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) Add +7.2% 2.89% +1.47
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) Add +9.2% 1.50% +0.75
HAEMONETICS CORP (HAE 2.5 06/01/29) Add +5.4% 1.43% +0.63
ETSY INC (ETSY 0.125 09/01/27) New 0.03% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 28$183.1MBOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), ALLIANT ENERGY CORP (LNT 3.25 05/30/28), WEC ENERGY GROUP INC (WEC 3.375 06/01/28)
Q1 2026 24$167.3MBOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49)
Q4 2025 30$189.0MBOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)
Q3 2025 33$203.6MEURONET WORLDWIDE INC (EEFT 0.75 03/15/49), CMS ENERGY CORP (CMS 3.375 05/01/28), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), EXPEDIA GROUP INC (EXPE 0 02/15/26)
Q2 2025 38$373.4MBLV, VGLT, EDV, EXPEDIA GROUP INC (EXPE 0 02/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)
Q1 2025 27$234.8MEXPEDIA GROUP INC (EXPE 0 02/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), VENTAS REALTY LP (VTR 3.75 06/01/26), CMS ENERGY CORP (CMS 3.375 05/01/28)
Q4 2024 25$209.6MEXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)
Q3 2024 21$207.5MVENTAS REALTY LP (VTR 3.75 06/01/26), EXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), BOOKING HOLDINGS INC (BKNG 0.75 05/01/25), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)
Q2 2024 18$173.4MEXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25), SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25), BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)
Q1 2024 15$148.0MALLIANT ENERGY CORP (LNT 3.875 03/15/26), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25), SOUTHERN CO (SO 3.875 12/15/25), EXPEDIA GROUP INC (EXPE 0 02/15/26)