# EDGAR Filing Document

**Accession Number:** 0000855702
**File Stem:** 0001193125-26-021156
**Filing Date:** 2026-1
**Character Count:** 6854
**Document Hash:** 63791cee47f43f71d4ee59b3992d8e8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-021156.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-021156

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Mutual Asset Management
- **CENTRAL INDEX KEY:** 0000855702

**ORGANIZATION NAME:**
- **EIN:** 232566941
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18923
- **FILM NUMBER:** 26557140

**BUSINESS ADDRESS:**
- **STREET 1:** EIGHT TOWER BRIDGE
- **STREET 2:** 161 WASHINGTON STREET, SUITE 1111
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 215-956-8114

**MAIL ADDRESS:**
- **STREET 1:** EIGHT TOWER BRIDGE
- **STREET 2:** 161 WASHINGTON STREET, SUITE 1111
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Penn Mutual Asset Management, LLC
- **DATE OF NAME CHANGE:** 20181018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEPENDENCE CAPITAL MANAGEMENT INC                     /ADV
- **DATE OF NAME CHANGE:** 19890926

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Penn Mutual Asset Management<br>**Address:** EIGHT TOWER BRIDGE<br>161 WASHINGTON STREET SUITE 1111<br>CONSHOHOCKEN, PA 19428

**Form 13F File Number:** 028-18923

**CRD Number (if applicable):** 000161110

**SEC File Number (if applicable):** 801-74127

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:** Keith Huckerby<br>**Title:** Seith Huckerby<br>**Phone:** 215-956-8033

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

Keith Huckerby  Conshohocken, PA  01-23-2026<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 12

**Form 13F Information Table Value Total:** $167294216

      (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.]

|   No. | Name                                        | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | Janus Henderson Investors                   | 028-01343              |    000104652 | 801-13991         |
|     2 | DIFA Macquarie Investment Management        | 028-05267              |    000105390 | 801-32108         |
|     3 | AllianceBernstein L.P.                      | 028-10562              |    000108477 | 801-56720         |
|     4 | American Century Investment Management Inc. | 028-01091              |    000105778 | 801-8174          |
|     5 | Cohen  Steers Capital Management Inc.       | 028-02405              |    000106266 | 801-27721         |
|     6 | Goldman Sachs Asset Management L.P.         | 028-10981              |    000107738 | 801-37591         |
|     7 | MFS Investment Management                   | 028-13177              |    000110045 | 801-17352         |
|     8 | SSgA Funds Management Inc.                  | 028-11338              |    000111242 | 801-60103         |
|     9 | T. Rowe Price Associates Inc.               | 028-00115              |    000105496 | 801-856           |
|    10 | Vontobel Asset Management Inc.              | 028-04490              |    000105007 | 801-21953         |
|    11 | Eaton Vance Management                      | 028-04139              |    000104859 | 801-15930         |

### 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 |
| AGNC INVT CORP COM | COM | 00123Q104 |  | 3859200 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN COM NEW | COM NEW | 035710839 |  | 3970868 | 177588 | SH |  | SOLE |  | 177588 | 0 | 0 |
| ARMOUR RESIDENTIAL REIT INC COM SHS | COM SHS | 042315705 |  | 3078945 | 174050 | SH |  | SOLE |  | 174050 | 0 | 0 |
| BRAZE INC COM CL A | COM CL A | 10576N102 |  | 148167 | 4321 | SH |  | SOLE |  | 4321 | 0 | 0 |
| ISHARES TR IBOXX INV CP ETF | IBOXX INV CP ETF | 464287242 |  | 142181683 | 1290332 | SH |  | SOLE |  | 1290332 | 0 | 0 |
| ISHARES TR PFD AND INCM SEC | PFD AND INCM SEC | 464288687 |  | 3012408 | 97300 | SH |  | SOLE |  | 97300 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC COM | COM | 71722W107 |  | 1041885 | 62802 | SH |  | SOLE |  | 62802 | 0 | 0 |
| RUBRIK INC. CL A | CL A | 781154109 |  | 1259779 | 16472 | SH |  | SOLE |  | 16472 | 0 | 0 |
| SERVICENOW INC COM | COM | 81762P102 |  | 814205 | 5315 | SH |  | SOLE |  | 5315 | 0 | 0 |
| SERVICETITAN INC SHS CL A | SHS CL A | 81764X103 |  | 190316 | 1787 | SH |  | SOLE |  | 1787 | 0 | 0 |
| VANECK ETF TRUST JP MRGAN EM LOC | JP MRGAN EM LOC | 92189H300 |  | 464760 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| WELLS FARGO CO NEW PERP PFD CNV A | PERP PFD CNV A | 949746804 |  | 7272000 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |

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