# EDGAR Filing Document

**Accession Number:** 0001381055
**File Stem:** 0001381055-26-000001
**Filing Date:** 2026-1
**Character Count:** 13761
**Document Hash:** 3e25fb5c776119cd3b0493641bbec872
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381055-26-000001.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001381055-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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:** 26511234

**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:** 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:** 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<br>**Phone:** 6096588179

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

Barbara DiCostanzo  New York, NY  12-31-2025<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:** 97

**Form 13F Information Table Value Total:** $144978590

      (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 COM | Stock | 00287Y109 |  | 1195003 | 5230 | SH |  | SOLE |  | 0 | 0 | 5230 |
| ABRDN PHYSICAL GOLD SHARES ETF | ETF | 00326A104 |  | 704727 | 17155 | SH |  | SOLE |  | 0 | 0 | 17155 |
| AEHR TEST SYS COM | Stock | 00760J108 |  | 2319831 | 114900 | SH |  | SOLE |  | 0 | 0 | 114900 |
| AFLAC INC COM | Stock | 001055102 |  | 215027 | 1950 | SH |  | SOLE |  | 0 | 0 | 1950 |
| AIRBNB INC COM CL A | Stock | 009066101 |  | 1214694 | 8950 | SH |  | SOLE |  | 0 | 0 | 8950 |
| ALKAMI TECHNOLOGY INC COM | Stock | 01644J108 |  | 2945693 | 127685 | SH |  | SOLE |  | 0 | 0 | 127685 |
| ALPHABET INC CAP STK CL A | Stock | 02079K305 |  | 7252210 | 23170 | SH |  | SOLE |  | 0 | 0 | 23170 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 7077445 | 22554 | SH |  | SOLE |  | 0 | 0 | 22554 |
| AMAZON COM INC | Stock | 023135106 |  | 11947243 | 51760 | SH |  | SOLE |  | 0 | 0 | 51760 |
| APPLE INC COM | Stock | 037833100 |  | 415674 | 1529 | SH |  | SOLE |  | 0 | 0 | 1529 |
| AQUESTIVE THERAPEUTICS INC COM | Stock | 03843E104 |  | 272354 | 42160 | SH |  | SOLE |  | 0 | 0 | 42160 |
| ASURE SOFTWARE INC COM | Stock | 04649U102 |  | 840594 | 89235 | SH |  | SOLE |  | 0 | 0 | 89235 |
| AUTOMATIC DATA PROCESSING INC COM | Stock | 053015103 |  | 1620549 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| AXCELIS TECHNOLOGIES INC COM NEW | Stock | 054540208 |  | 1277004 | 15895 | SH |  | SOLE |  | 0 | 0 | 15895 |
| BACKBLAZE INC COM CL A | Stock | 05637B105 |  | 332491 | 71350 | SH |  | SOLE |  | 0 | 0 | 71350 |
| BARRETT BUSINESS SVCS INC COM | Stock | 068463108 |  | 318648 | 8800 | SH |  | SOLE |  | 0 | 0 | 8800 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 1683877 | 3350 | SH |  | SOLE |  | 0 | 0 | 3350 |
| BIOLIFE SOLUTIONS INC COM NEW | Stock | 09062W204 |  | 555052 | 22955 | SH |  | SOLE |  | 0 | 0 | 22955 |
| BLACKSTONE INC COM | Stock | 09260D107 |  | 2281272 | 14800 | SH |  | SOLE |  | 0 | 0 | 14800 |
| BRISTOL-MYERS SQUIBB CO COM | Stock | 110122108 |  | 337125 | 6250 | SH |  | SOLE |  | 0 | 0 | 6250 |
| BTQ TECHNOLOGIES CORP COM | Stock | 055869101 |  | 54118 | 10570 | SH |  | SOLE |  | 0 | 0 | 10570 |
| CENOVUS ENERGY INC COM | Stock | 15135U109 |  | 505570 | 29880 | SH |  | SOLE |  | 0 | 0 | 29880 |
| CHEVRON CORP NEW COM | Stock | 166764100 |  | 209869 | 1377 | SH |  | SOLE |  | 0 | 0 | 1377 |
| CISCO SYS INC COM | Stock | 17275R102 |  | 1413501 | 18350 | SH |  | SOLE |  | 0 | 0 | 18350 |
| COHU INC COM | Stock | 192576106 |  | 891241 | 38300 | SH |  | SOLE |  | 0 | 0 | 38300 |
| CRYOPORT INC COM PAR $0.001 | Stock | 229050307 |  | 507216 | 52835 | SH |  | SOLE |  | 0 | 0 | 52835 |
| CURIOSITYSTREAM INC COM CL A | Stock | 23130Q107 |  | 1319740 | 347300 | SH |  | SOLE |  | 0 | 0 | 347300 |
| DATA I O CORP COM | Stock | 237690102 |  | 1131215 | 356850 | SH |  | SOLE |  | 0 | 0 | 356850 |
| DORCHESTER MINERALS LP COM UNIT | Stock | 25820R105 |  | 362791 | 16225 | SH |  | SOLE |  | 0 | 0 | 16225 |
| DOUBLEVERIFY HLDGS INC COM | Stock | 25862V105 |  | 1177290 | 102910 | SH |  | SOLE |  | 0 | 0 | 102910 |
| ELECTROVAYA INC COM NEW | Stock | 28617B606 |  | 2763902 | 349861 | SH |  | SOLE |  | 0 | 0 | 349861 |
| EMERSON ELEC CO COM | Stock | 291011104 |  | 703416 | 5300 | SH |  | SOLE |  | 0 | 0 | 5300 |
| ENERGY TRANSFER L P COM UT LTD PTN | Stock | 29273V100 |  | 1228324 | 74489 | SH |  | SOLE |  | 0 | 0 | 74489 |
| ENTERPRISE PRODS PARTNERS L P COM | Stock | 293792107 |  | 366350 | 11427 | SH |  | SOLE |  | 0 | 0 | 11427 |
| EXAGEN INC COM | Stock | 30068X103 |  | 81654 | 13430 | SH |  | SOLE |  | 0 | 0 | 13430 |
| FIDELITY NATIONAL FINANCIAL IN COM SHS | Stock | 31620R303 |  | 1109323 | 20321 | SH |  | SOLE |  | 0 | 0 | 20321 |
| FIDELITY NATL INFORMATION SVCS COM | Stock | 31620M106 |  | 214267 | 3224 | SH |  | SOLE |  | 0 | 0 | 3224 |
| FIRST AMERN FINL CORP COM | Stock | 31847R102 |  | 264192 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| FIRST BANCORP P R COM NEW | Stock | 318672706 |  | 930777 | 44900 | SH |  | SOLE |  | 0 | 0 | 44900 |
| GLOBAL PMTS INC | Stock | 37940X102 |  | 395901 | 5115 | SH |  | SOLE |  | 0 | 0 | 5115 |
| GOLUB CAP BDC INC COM | CEF | 38173M102 |  | 321338 | 23680 | SH |  | SOLE |  | 0 | 0 | 23680 |
| HERCULES CAPITAL INC COM | CEF | 427096508 |  | 277917 | 14767 | SH |  | SOLE |  | 0 | 0 | 14767 |
| HESS MIDSTREAM LP CL A SHS | Stock | 428103105 |  | 1036898 | 30055 | SH |  | SOLE |  | 0 | 0 | 30055 |
| INTERNATIONAL BUSINESS MACHS COM | Stock | 459200101 |  | 481934 | 1627 | SH |  | SOLE |  | 0 | 0 | 1627 |
| INVESCO MUNICIPAL TRUST COM | CEF | 46131J103 |  | 193000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| INVESCO QQQ TRUST SERIES I | ETF | 46090E103 |  | 1148760 | 1870 | SH |  | SOLE |  | 0 | 0 | 1870 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 319905 | 1670 | SH |  | SOLE |  | 0 | 0 | 1670 |
| IOVANCE BIOTHERAPEUTICS INC COM | Stock | 462260100 |  | 92670 | 33945 | SH |  | SOLE |  | 0 | 0 | 33945 |
| JPMORGAN CHASE  CO. COM | Stock | 46625H100 |  | 212665 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| JPMORGAN EQUITY PREMIUM INCOME ETF | ETF | 46641Q332 |  | 241839 | 4225 | SH |  | SOLE |  | 0 | 0 | 4225 |
| KOPIN CORP COM | Stock | 500600101 |  | 269042 | 114975 | SH |  | SOLE |  | 0 | 0 | 114975 |
| KULICKE  SOFFA INDS INC COM | Stock | 501242101 |  | 323476 | 7100 | SH |  | SOLE |  | 0 | 0 | 7100 |
| LINCOLN EDL SVCS CORP COM | Stock | 533535100 |  | 411178 | 17026 | SH |  | SOLE |  | 0 | 0 | 17026 |
| MAGNITE INC COM | Stock | 55955D100 |  | 504996 | 31115 | SH |  | SOLE |  | 0 | 0 | 31115 |
| MARVELL TECHNOLOGY INC COM | Stock | 573874104 |  | 826855 | 9730 | SH |  | SOLE |  | 0 | 0 | 9730 |
| MESOBLAST LTD SPONS ADR | ADR | 590717401 |  | 1579853 | 87575 | SH |  | SOLE |  | 0 | 0 | 87575 |
| META PLATFORMS INC CL A | Stock | 30303M102 |  | 1122153 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| MFS INTER INCOME TR SH BEN INT | CEF | 55273C107 |  | 48938 | 18750 | SH |  | SOLE |  | 0 | 0 | 18750 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 11002355 | 22750 | SH |  | SOLE |  | 0 | 0 | 22750 |
| MOODYS CORP COM | Stock | 615369105 |  | 6947560 | 13600 | SH |  | SOLE |  | 0 | 0 | 13600 |
| NIKE INC CL B | Stock | 654106103 |  | 247513 | 3885 | SH |  | SOLE |  | 0 | 0 | 3885 |
| NOVARTIS AG SPONSORED ADR | ADR | 66987V109 |  | 773451 | 5610 | SH |  | SOLE |  | 0 | 0 | 5610 |
| NOVO-NORDISK A S ADR | ADR | 670100205 |  | 16098432 | 316400 | SH |  | SOLE |  | 0 | 0 | 316400 |
| NPK INTERNATIONAL INC COM SHS | Stock | 651718504 |  | 801620 | 67250 | SH |  | SOLE |  | 0 | 0 | 67250 |
| NUVEEN MUN VALUE FD INC COM | CEF | 670928100 |  | 181200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| NUVEEN N Y MUN VALUE FD COM | CEF | 67062M105 |  | 1830358 | 213727 | SH |  | SOLE |  | 0 | 0 | 213727 |
| NVIDIA CORPORATION COM | Stock | 67066G104 |  | 974090 | 5223 | SH |  | SOLE |  | 0 | 0 | 5223 |
| ONDAS HLDGS INC COM NEW | Stock | 68236H204 |  | 97649 | 10005 | SH |  | SOLE |  | 0 | 0 | 10005 |
| ONE STOP SYS INC COM | Stock | 68247W109 |  | 335593 | 46740 | SH |  | SOLE |  | 0 | 0 | 46740 |
| ONEOK INC NEW COM | Stock | 682680103 |  | 831285 | 11310 | SH |  | SOLE |  | 0 | 0 | 11310 |
| PAR TECHNOLOGY CORP COM | Stock | 698884103 |  | 718888 | 19815 | SH |  | SOLE |  | 0 | 0 | 19815 |
| PAYSIGN INC COM | Stock | 70451A104 |  | 158749 | 30825 | SH |  | SOLE |  | 0 | 0 | 30825 |
| PHOTRONICS INC COM | Stock | 719405102 |  | 3541760 | 110680 | SH |  | SOLE |  | 0 | 0 | 110680 |
| PLANET LABS PBC COM CL A | Stock | 72703X106 |  | 5822231 | 295245 | SH |  | SOLE |  | 0 | 0 | 295245 |
| POPULAR INC COM NEW | Stock | 733174700 |  | 1475562 | 11850 | SH |  | SOLE |  | 0 | 0 | 11850 |
| POWER INTEGRATIONS INC COM | Stock | 739276103 |  | 326968 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| PUTNAM MASTER INTER INCOME TR SH BEN INT | CEF | 746909100 |  | 491190 | 147063 | SH |  | SOLE |  | 0 | 0 | 147063 |
| RANGE RES CORP COM | Stock | 75281A109 |  | 502102 | 14240 | SH |  | SOLE |  | 0 | 0 | 14240 |
| REAVES UTIL INCOME FD COM SH BEN INT | CEF | 756158101 |  | 220395 | 6025 | SH |  | SOLE |  | 0 | 0 | 6025 |
| REGENERON PHARMACEUTICALS COM | Stock | 75886F107 |  | 615180 | 797 | SH |  | SOLE |  | 0 | 0 | 797 |
| SEABRIDGE GOLD INC COM | Stock | 811916105 |  | 2840344 | 95990 | SH |  | SOLE |  | 0 | 0 | 95990 |
| SHELL PLC SPON ADS | ADR | 780259305 |  | 690712 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| SONY GROUP CORP SPONSORED ADR | ADR | 835699307 |  | 1753600 | 68500 | SH |  | SOLE |  | 0 | 0 | 68500 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 1172902 | 1720 | SH |  | SOLE |  | 0 | 0 | 1720 |
| STATE STREET SPDR PORTFOLIO S 500 ETF | ETF | 78464A854 |  | 256704 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| SYNCHRONY FINANCIAL COM | Stock | 87165B103 |  | 1293165 | 15500 | SH |  | SOLE |  | 0 | 0 | 15500 |
| TARGA RES CORP COM | Stock | 87612G101 |  | 1296666 | 7028 | SH |  | SOLE |  | 0 | 0 | 7028 |
| TETRA TECHNOLOGIES INC DEL COM | Stock | 88162F105 |  | 412046 | 43975 | SH |  | SOLE |  | 0 | 0 | 43975 |
| THOMSON REUTERS CORP COM | Stock | 884903808 |  | 3296510 | 24948 | SH |  | SOLE |  | 0 | 0 | 24948 |
| TRIPLE FLAG PRECIOUS METAL COM | Stock | 89679M104 |  | 202277 | 6089 | SH |  | SOLE |  | 0 | 0 | 6089 |
| USA COMPRESSION PARTNERS LP COM UNIT LTDPAR | Stock | 90290N109 |  | 943874 | 41038 | SH |  | SOLE |  | 0 | 0 | 41038 |
| VERIZON COMMUNICATIONS INC COM | Stock | 92343V104 |  | 1268129 | 31135 | SH |  | SOLE |  | 0 | 0 | 31135 |
| VERMILION ENERGY INC COM | Stock | 923725105 |  | 1648298 | 197825 | SH |  | SOLE |  | 0 | 0 | 197825 |
| VIEMED HEALTHCARE INC COM | Stock | 92663R105 |  | 2017602 | 271548 | SH |  | SOLE |  | 0 | 0 | 271548 |
| WEBSTER FINL CORP COM | Stock | 947890109 |  | 263089 | 4180 | SH |  | SOLE |  | 0 | 0 | 4180 |
| WESTERN MIDSTREAM PARTNERS LP COM UNIT LP INT | Stock | 958669103 |  | 628050 | 15900 | SH |  | SOLE |  | 0 | 0 | 15900 |
| WILLIAMS COS INC COM | Stock | 969457100 |  | 1149904 | 19130 | SH |  | SOLE |  | 0 | 0 | 19130 |

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