Income Research & Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), Income Research & Management reported 30 stock positions worth $189.0 million. Its top holding was Bofa Finance LLC (bac 0.6 05/25/27 Mtn) at 5.6% of the portfolio, followed by Euronet Worldwide Inc. (eeft 0.75 03/15/49) (5.4%) and Akamai Technologies Inc. (akam 0.375 09/01/27) (5.3%). Compared with Q3 2025, it sold out of 3, added to 21 and reduced 2. The biggest buy was Bofa Finance LLC (bac 0.6 05/25/27 Mtn) (shares +4%) and the biggest sale an exit from CMS Energy Corp. (cms 3.375 05/01/28).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001165830
Portfolio Value
$189.0M (Q4 2025)
SEC Filing
0001214659-26-000644 ↗ filed Jan 20, 2026

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 Q3 2025 Q4 2025: $189.0M $189.0M Q4 2025 Q1 2026: $167.3M Q1 2026 Q2 2026: $183.1M Q2 2026

Holdings 30 stocks · $189.0M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) 5.63% 9,803,000 $10.6M Add +3.6%
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) 5.41% 12,112,000 $10.2M No change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) 5.34% 10,068,000 $10.1M Add +3.1%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) 5.29% 10,127,000 $10.0M Add +3.8%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) 5.15% 10,280,000 $9.7M Add +6.1%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) 5.09% 9,668,000 $9.6M Add +4.4%
DUKE ENERGY CORP (DUK 4.125 04/15/26) 4.83% 8,858,000 $9.1M Add +3.5%
EXPEDIA GROUP INC (EXPE 0 02/15/26) 4.43% 7,512,000 $8.4M Reduce -19.6%
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) 4.42% 8,715,000 $8.4M Add +4.9%
BLOCK INC (XYZ 0.25 11/01/27) 4.15% 8,485,000 $7.8M Add +6.0%
VENTAS REALTY LP (VTR 3.75 06/01/26) 4.09% 5,475,000 $7.7M Add +3.5%
ETSY INC (ETSY 0.25 06/15/28) 3.94% 8,342,000 $7.4M No change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) 3.89% 5,920,000 $7.3M Add +4.1%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) 3.72% 7,830,000 $7.0M Add +4.9%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) 3.62% 6,978,000 $6.8M Add +2.0%
FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO 3.51% 6,383,000 $6.6M Reduce -20.9%
MERITAGE HOMES CORP (MTH 1.75 05/15/28) 3.23% 6,215,000 $6.1M Add +8.6%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) 3.04% 4,430,000 $5.7M Add +10.6%
DEXCOM INC (DXCM 0.375 05/15/28) 2.97% 6,101,000 $5.6M Add +5.5%
EVERGY INC (EVRG 4.5 12/15/27) 2.78% 4,322,000 $5.3M Add +1.2%
TAXX BBLX Irm Tax-Aware S Dur ETF 2.68% 100,000 $5.1M No change
TXXI BBLX Irm Tax-Aware I Dur ETF 2.68% 100,000 $5.1M No change
TAXM Bondbloxx Ir+m Tax-Aware Mas 2.66% 100,000 $5.0M No change
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) 2.49% 4,830,000 $4.7M Add +5.1%
HAEMONETICS CORP (HAE 2.5 06/01/29) 1.79% 3,270,000 $3.4M Add +4.0%
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) 1.71% 3,031,000 $3.2M Add +6.3%
AGGS Harbor Disciplined Bond ETF 1.09% 50,000 $2.1M No change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) 0.21% 371,000 $406K No change
ETSY INC (ETSY 0.125 09/01/27) 0.11% 225,000 $208K Add +221.4%
CABLE ONE INC (CABO 1.125 03/15/28) 0.03% 75,000 $61K Add +114.3%
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.4M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 803$974KAdd +124.3%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 355$444KNo change

Total filed on the 13F, all lines: $190.4M.

Portfolio Sells Q3 2025 → Q4 2025
CMS ENERGY CORP (CMS 3.375 05/01/28) Sold out 0.00% −4.85
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) Sold out 0.00% −4.77
FORD MOTOR COMPANY (F 0 03/15/26) Reduce -20.9% 3.51% −0.51
EXPEDIA GROUP INC (EXPE 0 02/15/26) Reduce -19.6% 4.43% −0.18
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) Sold out 0.00% −0.15

Portfolio Buys Q3 2025 → Q4 2025
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) Add +3.6% 5.63% +1.05
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) Add +6.1% 5.15% +0.75
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) Add +3.1% 5.34% +0.75
VENTAS REALTY LP (VTR 3.75 06/01/26) Add +3.5% 4.09% +0.73
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) Add +4.1% 3.89% +0.59
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) Add +4.9% 4.42% +0.58
BLOCK INC (XYZ 0.25 11/01/27) Add +6.0% 4.15% +0.57
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) Add +3.8% 5.29% +0.57
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) Add +4.4% 5.09% +0.54
DEXCOM INC (DXCM 0.375 05/15/28) Add +5.5% 2.97% +0.38
HAEMONETICS CORP (HAE 2.5 06/01/29) Add +4.0% 1.79% +0.37
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) Add +4.9% 3.72% +0.36
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) Add +2.0% 3.62% +0.36
MERITAGE HOMES CORP (MTH 1.75 05/15/28) Add +8.6% 3.23% +0.36
DUKE ENERGY CORP (DUK 4.125 04/15/26) Add +3.5% 4.83% +0.31
GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) Add +5.1% 2.49% +0.26
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) Add +6.3% 1.71% +0.21
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) Add +10.6% 3.04% +0.15
EVERGY INC (EVRG 4.5 12/15/27) Add +1.2% 2.78% +0.15
ETSY INC (ETSY 0.125 09/01/27) Add +221.4% 0.11% +0.08
CABLE ONE INC (CABO 1.125 03/15/28) Add +114.3% 0.03% +0.02

Notes & Other Activity Q3 2025 → Q4 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Add +124.3% 803 $974K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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)