# EDGAR Filing Document

**Accession Number:** 0001381055
**File Stem:** 0001381055-25-000005
**Filing Date:** 2025-7
**Character Count:** 14432
**Document Hash:** 858d06beb36c405b1c50d4b81e952d14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381055-25-000005.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001381055-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penbrook Management LLC
- **CENTRAL INDEX KEY:** 0001381055

**ORGANIZATION NAME:**
- **EIN:** 133983976
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12868
- **FILM NUMBER:** 251152198

**BUSINESS ADDRESS:**
- **STREET 1:** 880 THIRD AVENUE
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-792-6952

**MAIL ADDRESS:**
- **STREET 1:** 880 THIRD AVENUE
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Penbrook Management LLC<br>**Address:** 880 THIRD AVENUE<br>16TH FLOOR<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-12868

**CRD Number (if applicable):** 000127269

**SEC File Number (if applicable):** 028-12868

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Barbara DiCostanzo<br>**Title:** Managing Member and CCO<br>**Phone:** 2127926953

**Signature, Place, and Date of Signing:**

Barbara DiCostanzo  New York, NY  07-25-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $132295726

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | Stock | 00287Y109 |  | 1104799 | 5273 | SH |  | SOLE |  | 0 | 0 | 5273 |
| ABRDN PHYSICAL GOLD SHARES ETF | ETF | 00326A104 |  | 457439 | 15340 | SH |  | SOLE |  | 0 | 0 | 15340 |
| AEHR TEST SYS | Stock | 00760J108 |  | 301624 | 41375 | SH |  | SOLE |  | 0 | 0 | 41375 |
| AFLAC INC | Stock | 001055102 |  | 316892 | 2850 | SH |  | SOLE |  | 0 | 0 | 2850 |
| AIRBNB INC  CL A | Stock | 009066101 |  | 1057221 | 8850 | SH |  | SOLE |  | 0 | 0 | 8850 |
| ALKAMI TECHNOLOGY INC | Stock | 01644J108 |  | 1087013 | 41410 | SH |  | SOLE |  | 0 | 0 | 41410 |
| ALPHABET INC CAP STK CL A | Stock | 02079K305 |  | 3583009 | 23170 | SH |  | SOLE |  | 0 | 0 | 23170 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 3862006 | 24720 | SH |  | SOLE |  | 0 | 0 | 24720 |
| AMAZON COM INC | Stock | 023135106 |  | 9939182 | 52240 | SH |  | SOLE |  | 0 | 0 | 52240 |
| APPLE INC | Stock | 037833100 |  | 900515 | 4054 | SH |  | SOLE |  | 0 | 0 | 4054 |
| AQUESTIVE THERAPEUTICS INC | Stock | 03843E104 |  | 65497 | 22585 | SH |  | SOLE |  | 0 | 0 | 22585 |
| ARES CAPITAL CORP | CEF | 04010L103 |  | 298938 | 13490 | SH |  | SOLE |  | 0 | 0 | 13490 |
| ASPEN AEROGELS INC | Stock | 04523Y105 |  | 116010 | 18155 | SH |  | SOLE |  | 0 | 0 | 18155 |
| ASURE SOFTWARE INC | Stock | 04649U102 |  | 983507 | 102985 | SH |  | SOLE |  | 0 | 0 | 102985 |
| AT INC | Stock | 00206R102 |  | 408787 | 14455 | SH |  | SOLE |  | 0 | 0 | 14455 |
| AUTOMATIC DATA PROCESSING INC | Stock | 053015103 |  | 1924839 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| AXCELIS TECHNOLOGIES INC  NEW | Stock | 054540208 |  | 975519 | 19640 | SH |  | SOLE |  | 0 | 0 | 19640 |
| BACKBLAZE INC CL A | Stock | 05637B105 |  | 228338 | 47275 | SH |  | SOLE |  | 0 | 0 | 47275 |
| BARRETT BUSINESS SVCS INC | Stock | 068463108 |  | 477340 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| BECTON DICKINSON  CO | Stock | 075887109 |  | 255402 | 1115 | SH |  | SOLE |  | 0 | 0 | 1115 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 1906636 | 3580 | SH |  | SOLE |  | 0 | 0 | 3580 |
| BIOLIFE SOLUTIONS INC NEW | Stock | 09062W204 |  | 694907 | 30425 | SH |  | SOLE |  | 0 | 0 | 30425 |
| BLACKSTONE INC | Stock | 09260D107 |  | 2166590 | 15500 | SH |  | SOLE |  | 0 | 0 | 15500 |
| BUILDERS FIRSTSOURCE INC | Stock | 12008R107 |  | 342461 | 2741 | SH |  | SOLE |  | 0 | 0 | 2741 |
| CENOVUS ENERGY INC | Stock | 15135U109 |  | 400608 | 28800 | SH |  | SOLE |  | 0 | 0 | 28800 |
| CHEVRON CORP NEW | Stock | 166764100 |  | 249262 | 1490 | SH |  | SOLE |  | 0 | 0 | 1490 |
| CISCO SYS INC | Stock | 17275R102 |  | 1132379 | 18350 | SH |  | SOLE |  | 0 | 0 | 18350 |
| COHU INC | Stock | 192576106 |  | 739913 | 50300 | SH |  | SOLE |  | 0 | 0 | 50300 |
| CONOCOPHILLIPS | Stock | 20825C104 |  | 212666 | 2025 | SH |  | SOLE |  | 0 | 0 | 2025 |
| CRYOPORT INC PAR $0.001 | Stock | 229050307 |  | 317194 | 52170 | SH |  | SOLE |  | 0 | 0 | 52170 |
| CURIOSITYSTREAM INC CL A | Stock | 23130Q107 |  | 429738 | 160350 | SH |  | SOLE |  | 0 | 0 | 160350 |
| CVS HEALTH CORP | Stock | 126650100 |  | 304875 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| DATA I O CORP | Stock | 237690102 |  | 660153 | 269450 | SH |  | SOLE |  | 0 | 0 | 269450 |
| DORCHESTER MINERALS LP UNIT | Stock | 25820R105 |  | 437664 | 14550 | SH |  | SOLE |  | 0 | 0 | 14550 |
| ELECTROVAYA INC  NEW | Stock | 28617B606 |  | 424160 | 182215 | SH |  | SOLE |  | 0 | 0 | 182215 |
| EMERSON ELEC CO | Stock | 291011104 |  | 592056 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| ENERGY TRANSFER L P  UT LTD PTN | Stock | 29273V100 |  | 1551614 | 83465 | SH |  | SOLE |  | 0 | 0 | 83465 |
| ENTERPRISE PRODS PARTNERS L P | Stock | 293792107 |  | 409339 | 11990 | SH |  | SOLE |  | 0 | 0 | 11990 |
| EXAGEN INC | Stock | 30068X103 |  | 141320 | 39365 | SH |  | SOLE |  | 0 | 0 | 39365 |
| FIDELITY NATIONAL FINANCIAL IN FNF GROUP | Stock | 31620R303 |  | 1761000 | 27059 | SH |  | SOLE |  | 0 | 0 | 27059 |
| FIDELITY NATL INFORMATION SVCS | Stock | 31620M106 |  | 322916 | 4324 | SH |  | SOLE |  | 0 | 0 | 4324 |
| FIRST AMERN FINL CORP | Stock | 31847R102 |  | 305180 | 4650 | SH |  | SOLE |  | 0 | 0 | 4650 |
| FIRST BANCORP P R NEW | Stock | 318672706 |  | 1046682 | 54600 | SH |  | SOLE |  | 0 | 0 | 54600 |
| FORD MTR CO | Stock | 345370860 |  | 115345 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| GOLUB CAP BDC INC | CEF | 38173M102 |  | 512943 | 33880 | SH |  | SOLE |  | 0 | 0 | 33880 |
| HERCULES CAPITAL INC | CEF | 427096508 |  | 479901 | 24982 | SH |  | SOLE |  | 0 | 0 | 24981 |
| HESS MIDSTREAM LP CL A SHS | Stock | 428103105 |  | 973939 | 23030 | SH |  | SOLE |  | 0 | 0 | 23030 |
| IDENTIV INC NEW | Stock | 45170X205 |  | 307018 | 96244 | SH |  | SOLE |  | 0 | 0 | 96244 |
| INTERNATIONAL BUSINESS MACHS | Stock | 459200101 |  | 627867 | 2525 | SH |  | SOLE |  | 0 | 0 | 2525 |
| INVESCO MUNICIPAL TRUST | CEF | 46131J103 |  | 193000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| INVESCO QQQ TRUST SERIES I | ETF | 46090E103 |  | 958941 | 2045 | SH |  | SOLE |  | 0 | 0 | 2045 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 375909 | 2170 | SH |  | SOLE |  | 0 | 0 | 2170 |
| ISHARES 20 YEAR TREASURY BOND ETF | ETF | 464287432 |  | 236223 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| ISHARES BIOTECHNOLOGY ETF | ETF | 464287556 |  | 414396 | 3240 | SH |  | SOLE |  | 0 | 0 | 3240 |
| JPMORGAN EQUITY PREMIUM INCOME ETF | ETF | 46641Q332 |  | 294271 | 5150 | SH |  | SOLE |  | 0 | 0 | 5150 |
| KOPIN CORP | Stock | 500600101 |  | 86998 | 93325 | SH |  | SOLE |  | 0 | 0 | 93325 |
| KULICKE  SOFFA INDS INC | Stock | 501242101 |  | 628434 | 19055 | SH |  | SOLE |  | 0 | 0 | 19055 |
| LINCOLN EDL SVCS CORP | Stock | 533535100 |  | 269727 | 16996 | SH |  | SOLE |  | 0 | 0 | 16996 |
| MAGNITE INC | Stock | 55955D100 |  | 435520 | 38170 | SH |  | SOLE |  | 0 | 0 | 38170 |
| MAMMOTH ENERGY SVCS INC | Stock | 56155L108 |  | 28560 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| MESOBLAST LTD SPONS ADR | ADR | 590717401 |  | 1094184 | 87675 | SH |  | SOLE |  | 0 | 0 | 87675 |
| META PLATFORMS INC CL A | Stock | 30303M102 |  | 979812 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| MFS INTER INCOME TR SH BEN INT | CEF | 55273C107 |  | 96552 | 35893 | SH |  | SOLE |  | 0 | 0 | 35893 |
| MICROSOFT CORP | Stock | 594918104 |  | 9762768 | 26007 | SH |  | SOLE |  | 0 | 0 | 26007 |
| MOODYS CORP | Stock | 615369105 |  | 6356669 | 13650 | SH |  | SOLE |  | 0 | 0 | 13650 |
| MP MATERIALS CORP  CL A | Stock | 553368101 |  | 482464 | 19765 | SH |  | SOLE |  | 0 | 0 | 19765 |
| MR COOPER GROUP INC | Stock | 62482R107 |  | 1892670 | 15825 | SH |  | SOLE |  | 0 | 0 | 15825 |
| NAVIGATOR HLDGS LTD SHS | Stock | Y62132108 |  | 696113 | 52300 | SH |  | SOLE |  | 0 | 0 | 52300 |
| NOVARTIS AG SPONSORED ADR | ADR | 66987V109 |  | 642125 | 5760 | SH |  | SOLE |  | 0 | 0 | 5760 |
| NOVO-NORDISK A S ADR | ADR | 670100205 |  | 21623616 | 311400 | SH |  | SOLE |  | 0 | 0 | 311400 |
| NPK INTERNATIONAL INC | Stock | 651718504 |  | 472992 | 81410 | SH |  | SOLE |  | 0 | 0 | 81410 |
| NU HLDGS LTD ORD SHS CL A | Stock | G6683N103 |  | 524186 | 51190 | SH |  | SOLE |  | 0 | 0 | 51190 |
| NUVEEN MUN VALUE FD INC | CEF | 670928100 |  | 175400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| NUVEEN N Y MUN VALUE FD | CEF | 67062M105 |  | 1765385 | 213727 | SH |  | SOLE |  | 0 | 0 | 213727 |
| NUVEEN PFD  INCOME OPPORTUNIT | CEF | 67073B106 |  | 204652 | 25710 | SH |  | SOLE |  | 0 | 0 | 25710 |
| NVIDIA CORPORATION | Stock | 67066G104 |  | 566069 | 5223 | SH |  | SOLE |  | 0 | 0 | 5223 |
| OCEAN PWR TECHNOLOGIES INC NEW | Stock | 674870506 |  | 6837 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| OLD REP INTL CORP | Stock | 680223104 |  | 332586 | 8480 | SH |  | SOLE |  | 0 | 0 | 8480 |
| ONEOK INC NEW | Stock | 682680103 |  | 1174269 | 11835 | SH |  | SOLE |  | 0 | 0 | 11835 |
| ORION ENERGY SYS INC | Stock | 686275108 |  | 243441 | 337597 | SH |  | SOLE |  | 0 | 0 | 337597 |
| PAR TECHNOLOGY CORP | Stock | 698884103 |  | 550833 | 8980 | SH |  | SOLE |  | 0 | 0 | 8980 |
| PHOTRONICS INC | Stock | 719405102 |  | 1910854 | 92045 | SH |  | SOLE |  | 0 | 0 | 92045 |
| PITNEY BOWES INC | Stock | 724479100 |  | 263581 | 29125 | SH |  | SOLE |  | 0 | 0 | 29125 |
| PLANET LABS PBC  CL A | Stock | 72703X106 |  | 1292360 | 382355 | SH |  | SOLE |  | 0 | 0 | 382355 |
| POPULAR INC NEW | Stock | 733174700 |  | 1242377 | 13450 | SH |  | SOLE |  | 0 | 0 | 13450 |
| POWER INTEGRATIONS INC | Stock | 739276103 |  | 464600 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| PUBMATIC INC CL A | Stock | 74467Q103 |  | 323967 | 35445 | SH |  | SOLE |  | 0 | 0 | 35445 |
| PUTNAM MASTER INTER INCOME TR SH BEN INT | CEF | 746909100 |  | 491901 | 148163 | SH |  | SOLE |  | 0 | 0 | 148163 |
| RANGE RES CORP | Stock | 75281A109 |  | 572596 | 14340 | SH |  | SOLE |  | 0 | 0 | 14340 |
| REAVES UTIL INCOME FD SH BEN INT | CEF | 756158101 |  | 316452 | 9725 | SH |  | SOLE |  | 0 | 0 | 9725 |
| REGENERON PHARMACEUTICALS | Stock | 75886F107 |  | 568904 | 897 | SH |  | SOLE |  | 0 | 0 | 897 |
| SEABRIDGE GOLD INC | Stock | 811916105 |  | 1157606 | 99195 | SH |  | SOLE |  | 0 | 0 | 99195 |
| SHELL PLC SPON ADS | ADR | 780259305 |  | 725472 | 9900 | SH |  | SOLE |  | 0 | 0 | 9900 |
| SONY GROUP CORP SPONSORED ADR | ADR | 835699307 |  | 1739215 | 68500 | SH |  | SOLE |  | 0 | 0 | 68500 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 1211079 | 2165 | SH |  | SOLE |  | 0 | 0 | 2165 |
| SYNCHRONY FINANCIAL | Stock | 87165B103 |  | 1048212 | 19800 | SH |  | SOLE |  | 0 | 0 | 19800 |
| TARGA RES CORP | Stock | 87612G101 |  | 2496052 | 12451 | SH |  | SOLE |  | 0 | 0 | 12451 |
| THOMSON REUTERS CORP | Stock | 884903808 |  | 4288132 | 24848 | SH |  | SOLE |  | 0 | 0 | 24848 |
| USA COMPRESSION PARTNERS LP UNIT LTDPAR | Stock | 90290N109 |  | 1065063 | 39476 | SH |  | SOLE |  | 0 | 0 | 39476 |
| VEREN INC NEW | Stock | 92340V107 |  | 2918130 | 441125 | SH |  | SOLE |  | 0 | 0 | 441125 |
| VERIZON COMMUNICATIONS INC | Stock | 92343V104 |  | 1581749 | 34871 | SH |  | SOLE |  | 0 | 0 | 34871 |
| VERMILION ENERGY INC | Stock | 923725105 |  | 1476583 | 182400 | SH |  | SOLE |  | 0 | 0 | 182400 |
| VIEMED HEALTHCARE INC | Stock | 92663R105 |  | 1503881 | 206577 | SH |  | SOLE |  | 0 | 0 | 206577 |
| WEBSTER FINL CORP | Stock | 947890109 |  | 261874 | 5080 | SH |  | SOLE |  | 0 | 0 | 5080 |
| WESTERN MIDSTREAM PARTNERS LP UNIT LP INT | Stock | 958669103 |  | 475136 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| WILEY JOHN  SONS INC CL A | Stock | 968223206 |  | 245080 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| WILLIAMS COS INC | Stock | 969457100 |  | 1179065 | 19730 | SH |  | SOLE |  | 0 | 0 | 19730 |

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