# EDGAR Filing Document

**Accession Number:** 0000855702
**File Stem:** 0001193125-25-306544
**Filing Date:** 2025-12
**Character Count:** 12065
**Document Hash:** faa211b6426d7e983c73cd080fb8458d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306544.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306544

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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:** 251546192

**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:** 09-30-2025

**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:** 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):** 000107518

**SEC File Number (if applicable):** 801-35477

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:** Senior Managing Director and Chief Operating Officer<br>**Phone:** 215-956-8033

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

Keith Huckerby  Conshohocken, PA  11-24-2025<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:** 62

**Form 13F Information Table Value Total:** $51474226

      (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 |
| AAON INC COM PAR $0.004 | COM PAR $0.004 | 000360206 |  | 607360 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| ADEIA INC COM | COM | 00676P107 |  | 504000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| AES CORP COM | COM | 00130H105 |  | 454020 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| AGNC INVT CORP COM | COM | 00123Q104 |  | 3524400 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| AGNICO EAGLE MINES LTD COM | COM | 008474108 |  | 792232 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| ALICO INC COM | COM | 016230104 |  | 727860 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN COM NEW | COM NEW | 035710839 |  | 3589053 | 177588 | SH |  | SOLE |  | 177588 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC SHS CLASS -A - | SHS CLASS -A - | G0457F107 |  | 715500 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| ARGAN INC COM | COM | 04010E109 |  | 416417 | 1542 | SH |  | SOLE |  | 1542 | 0 | 0 |
| ARMOUR RESIDENTIAL REIT INC COM SHS | COM SHS | 042315705 |  | 2600307 | 174050 | SH |  | SOLE |  | 174050 | 0 | 0 |
| BARRICK MNG CORP COM SHS | COM SHS | 06849F108 |  | 812696 | 24800 | SH |  | SOLE |  | 24800 | 0 | 0 |
| BRITISH AMERN TOB PLC SPONSORED ADR | SPONSORED ADR | 110448107 |  | 276016 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| CALAVO GROWERS INC COM | COM | 128246105 |  | 353925 | 13750 | SH |  | SOLE |  | 13750 | 0 | 0 |
| CALIFORNIA WTR SVC GROUP COM | COM | 130788102 |  | 686056 | 14950 | SH |  | SOLE |  | 14950 | 0 | 0 |
| CARRIAGE SVCS INC COM | COM | 143905107 |  | 822565 | 18468 | SH |  | SOLE |  | 18468 | 0 | 0 |
| CERENCE INC NOTE 1.500 7/0 | NOTE 1.500% 7/0 | 156727AD1 |  | 2131662 | 2575000 | PRN |  | SOLE |  | 2575000 | 0 | 0 |
| CHOICEONE FINL SVCS INC COM | COM | 170386106 |  | 390960 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| CITIGROUP INC COM NEW | COM NEW | 172967424 |  | 355250 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| COLUMBIA BKG SYS INC COM | COM | 197236102 |  | 257400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR COM | COM | 22410J106 |  | 304014 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| CURIOSITYSTREAM INC COM CL A | COM CL A | 23130Q107 |  | 519400 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| DEVON ENERGY CORP NEW COM | COM | 25179M103 |  | 404943 | 11550 | SH |  | SOLE |  | 11550 | 0 | 0 |
| FUTUREFUEL CORP COM | COM | 36116M106 |  | 247501 | 63789 | SH |  | SOLE |  | 63789 | 0 | 0 |
| GLOBAL SHIP LEASE INC NEW COM CL A | COM CL A | Y27183600 |  | 460500 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC COM | COM | 446413106 |  | 928510 | 3225 | SH |  | SOLE |  | 3225 | 0 | 0 |
| IMMERSION CORP COM | COM | 452521107 |  | 763360 | 104000 | SH |  | SOLE |  | 104000 | 0 | 0 |
| INTERDIGITAL INC COM | COM | 45867G101 |  | 690460 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ISHARES TR PFD AND INCM SEC | PFD AND INCM SEC | 464288687 |  | 3076626 | 97300 | SH |  | SOLE |  | 97300 | 0 | 0 |
| KEURIG DR PEPPER INC COM | COM | 49271V100 |  | 178570 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| LSI INDS INC OHIO COM | COM | 50216C108 |  | 354150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| LUXFER HLDGS PLC SHS | SHS | G5698W116 |  | 280933 | 20211 | SH |  | SOLE |  | 20211 | 0 | 0 |
| MPLX LP COM UNIT REP LTD | COM UNIT REP LTD | 55336V100 |  | 697802 | 13970 | SH |  | SOLE |  | 13970 | 0 | 0 |
| MATTHEWS INTL CORP CL A | CL A | 577128101 |  | 461320 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. COM | COM | 595017104 |  | 288990 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| MONRO INC COM | COM | 610236101 |  | 449250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| NACCO INDS INC CL A | CL A | 629579103 |  | 741088 | 17578 | SH |  | SOLE |  | 17578 | 0 | 0 |
| NATIONAL RESH CORP COM NEW | COM NEW | 637372202 |  | 323091 | 25281 | SH |  | SOLE |  | 25281 | 0 | 0 |
| NOMAD FOODS LTD USD ORD SHS | USD ORD SHS | G6564A105 |  | 479975 | 36500 | SH |  | SOLE |  | 36500 | 0 | 0 |
| GEN DIGITAL INC COM | COM | 668771108 |  | 369070 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| OCCIDENTAL PETE CORP COM | COM | 674599105 |  | 535106 | 11325 | SH |  | SOLE |  | 11325 | 0 | 0 |
| ONESPAN INC COM | COM | 68287N100 |  | 238350 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| OPERA LTD SPONSORED ADS | SPONSORED ADS | 68373M107 |  | 1040648 | 50419 | SH |  | SOLE |  | 50419 | 0 | 0 |
| ORGANON  CO COMMON STOCK | COMMON STOCK | 68622V106 |  | 448560 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| PACIRA BIOSCIENCES INC NOTE 2.125 5/1 | NOTE 2.125% 5/1 | 695127AJ9 |  | 1021462 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| PAPA JOHNS INTL INC COM | COM | 698813102 |  | 804105 | 16700 | SH |  | SOLE |  | 16700 | 0 | 0 |
| PARK AEROSPACE CORP COM | COM | 70014A104 |  | 1057680 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| PERRIGO CO PLC SHS | SHS | G97822103 |  | 285056 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC COM | COM | 71722W107 |  | 739180 | 62802 | SH |  | SOLE |  | 62802 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN | UNIT LTD PARTN | 726503105 |  | 332670 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| QUANEX BLDG PRODS CORP COM | COM | 747619104 |  | 284400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| RAYONIER INC COM | COM | 754907103 |  | 716580 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| RUBRIK INC. CL A | CL A | 781154109 |  | 866997 | 10541 | SH |  | SOLE |  | 10541 | 0 | 0 |
| SANFILIPPO JOHN B  SON INC COM | COM | 800422107 |  | 385680 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SELECT WATER SOLUTIONS INC CL A COM | CL A COM | 81617J301 |  | 367789 | 34405 | SH |  | SOLE |  | 34405 | 0 | 0 |
| SIGA TECHNOLOGIES INC COM | COM | 826917106 |  | 350262 | 38280 | SH |  | SOLE |  | 38280 | 0 | 0 |
| SMITH  NEPHEW PLC SPDN ADR NEW | SPDN ADR NEW | 83175M205 |  | 483564 | 13325 | SH |  | SOLE |  | 13325 | 0 | 0 |
| SUN CMNTYS INC COM | COM | 866674104 |  | 359265 | 2785 | SH |  | SOLE |  | 2785 | 0 | 0 |
| TRIMAS CORP COM NEW | COM NEW | 896215209 |  | 386400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VANECK ETF TRUST JP MRGAN EM LOC | JP MRGAN EM LOC | 92189H300 |  | 459180 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC COM | COM | 928298108 |  | 229500 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| WELLS FARGO CO NEW PERP PFD CNV A | PERP PFD CNV A | 949746804 |  | 7405740 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| YORK WTR CO COM | COM | 987184108 |  | 638820 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |

---