Penn Mutual Asset Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Penn Mutual Asset Management reported 11 stock positions worth $160.0 million. Its top holding was Ishr Ibx Usd Invgd CB ETF-Ui (LQD) at 88.9% of the portfolio, followed by Annaly Capital Management (NLY, 2.5%) and AGNC Investment (AGNC, 2.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 52 and added to 1. The biggest buy was a new position in Ishr Ibx Usd Invgd CB ETF-Ui (LQD) and the biggest sale an exit from Park Aerospace (PKE).

Most Recent 13F
Q2 2026
Location
Conshohocken, PA
CIK
0000855702
Portfolio Value
$160.0M (Q4 2025)
SEC Filing
0001193125-26-021156 ↗ filed Jan 23, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $30.7M Q1 2024 Q2 2024: $30.3M Q2 2024 Q3 2024: $35.1M Q3 2024 Q4 2024: $38.6M Q4 2024 Q1 2025: $39.5M Q1 2025 Q2 2025: $45.1M Q2 2025 Q3 2025: $40.9M Q3 2025 Q4 2025: $160.0M $160.0M Q4 2025 Q1 2026: $12.6M Q1 2026 Q2 2026: $12.5M Q2 2026

Holdings 11 stocks · $160.0M
LQD Ishr Ibx Usd Invgd CB ETF-Ui 88.85% 1,290,332 $142.2M New
NLY Annaly Capital Management Inc. 2.48% 177,588 $4.0M No change
AGNC AGNC Investment Corp. 2.41% 360,000 $3.9M No change
ARR Armour Residential REIT Inc. 1.92% 174,050 $3.1M No change
PFF iShares Preferred & Income S 1.88% 97,300 $3.0M No change
RBRK Rubrik Inc. Class A 0.79% 16,472 $1.3M Add +56.3%
PHAT Phathom Pharmaceuticals Inc. 0.65% 62,802 $1.0M No change
NOW ServiceNow Inc. 0.51% 5,315 $814K New
EMLC Vaneck JPM Em Local Curr BND 0.29% 18,000 $465K No change
TTAN Servicetitan Inc. Class A 0.12% 1,787 $190K New
BRZE Braze Inc. Class A 0.09% 4,321 $148K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.3M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 6,000$7.3MNo change

Total filed on the 13F, all lines: $167.3M.

Portfolio Sells Q3 2025 → Q4 2025
PKE Park Aerospace Corp. Sold out 0.00% −2.58
OPRA Opera Ltd.-ADR Sold out 0.00% −2.54
HII Huntington Ingalls Industrie Sold out 0.00% −2.27
CSV Carriage Services Inc. Sold out 0.00% −2.01
B Barrick Mining Corp. Sold out 0.00% −1.99
PZZA Papa John's Intl Inc. Sold out 0.00% −1.97
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −1.94
IMMR Immersion Corporation Sold out 0.00% −1.87
NC Nacco Industries Class A Sold out 0.00% −1.81
ALCO Alico Inc. Sold out 0.00% −1.78
RYN Rayonier Inc. Sold out 0.00% −1.75
ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −1.75
MPLX MPLX LP Sold out 0.00% −1.71
IDCC Interdigital Inc. Sold out 0.00% −1.69
CWT California Water Service Grp Sold out 0.00% −1.68
YORW York Water Co. Sold out 0.00% −1.56
AAON Aaon Inc. Sold out 0.00% −1.48
OXY Occidental Petroleum Corp. Sold out 0.00% −1.31
CURI Curiositystream Inc. Sold out 0.00% −1.27
ADEA Adeia Inc. Sold out 0.00% −1.23
SNN Smith & Nephew PLC -Spon ADR Sold out 0.00% −1.18
NOMD Nomad Foods Ltd. Sold out 0.00% −1.17
MATW Matthews Intl Corp. Class A Sold out 0.00% −1.13
GSL Global Ship Lease Inc. Class A Sold out 0.00% −1.13
AES AES Corp. Sold out 0.00% −1.11
MNRO Monro Inc. Sold out 0.00% −1.10
OGN Organon & Co. Sold out 0.00% −1.10
AGX Argan Inc. Sold out 0.00% −1.02
DVN Devon Energy Corp. Sold out 0.00% −0.99
COFS Choiceone Financial SVCS Inc. Sold out 0.00% −0.96
TRS Trimas Corp. Sold out 0.00% −0.94
JBSS John B. Sanfilippo & Son Inc. Sold out 0.00% −0.94
GEN Gen Digital Inc. Sold out 0.00% −0.90
WTTR Select Water Solutions Inc. Sold out 0.00% −0.90
SUI Sun Communities Inc. Sold out 0.00% −0.88
C Citigroup Inc. Sold out 0.00% −0.87
LYTS Lsi Industries Inc. Sold out 0.00% −0.87
CVGW Calavo Growers Inc. Sold out 0.00% −0.86
SIGA Siga Technologies Inc. Sold out 0.00% −0.86
PAA Plains All Amer Pipeline LP Sold out 0.00% −0.81
NRC NRC Health Sold out 0.00% −0.79
CBRL Cracker Barrel Old Country Sold out 0.00% −0.74
MCHP Microchip Technology Inc. Sold out 0.00% −0.71
PRGO Perrigo Co. PLC Sold out 0.00% −0.70
NX Quanex Building Products Sold out 0.00% −0.70
LXFR Luxfer Holdings PLC Sold out 0.00% −0.69
BTI British American Tob-SP ADR Sold out 0.00% −0.67
COLB Columbia Banking System Inc. Sold out 0.00% −0.63
FF Futurefuel Corp. Sold out 0.00% −0.60
OSPN Onespan Inc. Sold out 0.00% −0.58

Portfolio Buys Q3 2025 → Q4 2025
LQD Ishr Ibx Usd Invgd CB ETF-Ui New 88.85% +88.85
NOW ServiceNow Inc. New 0.51% +0.51
TTAN Servicetitan Inc. Class A New 0.12% +0.12
BRZE Braze Inc. Class A New 0.09% +0.09
RBRK Rubrik Inc. Class A Add +56.3% 0.79% −1.33

Notes & Other Activity Q3 2025 → Q4 2025
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal Sold out 2,575,000 $2.1Mbefore exit
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal Sold out 1,000,000 $1.0Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$12.5MNLY, AGNC, ARR, PHAT, EMLC
Q1 2026 8$12.6MNLY, AGNC, ARR, RBRK, PHAT
Q4 2025 11$160.0MLQD, NLY, AGNC, ARR, PFF
Q3 2025 59$40.9MNLY, AGNC, PFF, ARR, PKE
Q2 2025 63$45.1MRBRK, NLY, AGNC, PFF, ARR
Q1 2025 57$39.5MNLY, AGNC, PFF, ARR, RBRK
Q4 2024 56$38.6MAGNC, ARR, NLY, PFF, AES
Q3 2024 49$35.1MAGNC, NLY, ARR, PFF, CMTL
Q2 2024 53$30.3MAGNC, NLY, ARR, PFF, PHAT
Q1 2024 52$30.7MAGNC, NLY, ARR, PFF, UTMD