# EDGAR Filing Document

**Accession Number:** 0001381055
**File Stem:** 0001381055-25-000008
**Filing Date:** 2025-10
**Character Count:** 14491
**Document Hash:** 3dd776c52df3c8a951bbe8151631fdec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381055-25-000008.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001381055-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251022

**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:** 251410257

**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:** 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:** 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  10-22-2025<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:** 104

**Form 13F Information Table Value Total:** $143225197

      (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 |
| AMAZON COM INC COM | Stock | 023135106 |  | 11360551 | 51740 | SH |  | SOLE |  | 0 | 0 | 51740 |
| GLOBAL PMTS INC COM | Stock | 37940X102 |  | 424954 | 5115 | SH |  | SOLE |  | 0 | 0 | 5115 |
| TETRA TECHNOLOGIES INC DEL COM | Stock | 88162F105 |  | 256450 | 44600 | SH |  | SOLE |  | 0 | 0 | 44600 |
| INVESCO QQQ TRUST SERIES I | ETF | 46090E103 |  | 1167719 | 1945 | SH |  | SOLE |  | 0 | 0 | 1945 |
| THOMSON REUTERS CORP COM | Stock | 884903808 |  | 3859716 | 24848 | SH |  | SOLE |  | 0 | 0 | 24848 |
| NPK INTERNATIONAL INC COM SHS | Stock | 651718504 |  | 775696 | 68585 | SH |  | SOLE |  | 0 | 0 | 68585 |
| SHELL PLC SPON ADS | ADR | 780259305 |  | 672382 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| POPULAR INC COM NEW | Stock | 733174700 |  | 1587625 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| ENTERPRISE PRODS PARTNERS L P COM | Stock | 293792107 |  | 357322 | 11427 | SH |  | SOLE |  | 0 | 0 | 11427 |
| COHU INC COM | Stock | 192576106 |  | 1006335 | 49500 | SH |  | SOLE |  | 0 | 0 | 49500 |
| WILEY JOHN  SONS INC CL A | Stock | 968223206 |  | 202350 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 1195793 | 1795 | SH |  | SOLE |  | 0 | 0 | 1795 |
| EMERSON ELEC CO COM | Stock | 291011104 |  | 708372 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| OCEAN PWR TECHNOLOGIES INC COM NEW | Stock | 674870506 |  | 7555 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| VERMILION ENERGY INC COM | Stock | 923725105 |  | 1403073 | 179575 | SH |  | SOLE |  | 0 | 0 | 179575 |
| VERIZON COMMUNICATIONS INC COM | Stock | 92343V104 |  | 1460678 | 33235 | SH |  | SOLE |  | 0 | 0 | 33235 |
| UNITED STATES ANTIMONY CORP COM | Stock | 911549103 |  | 91915 | 14825 | SH |  | SOLE |  | 0 | 0 | 14825 |
| MARVELL TECHNOLOGY INC COM | Stock | 573874104 |  | 818841 | 9740 | SH |  | SOLE |  | 0 | 0 | 9740 |
| HESS MIDSTREAM LP CL A SHS | Stock | 428103105 |  | 795686 | 23030 | SH |  | SOLE |  | 0 | 0 | 23030 |
| PAR TECHNOLOGY CORP COM | Stock | 698884103 |  | 504842 | 12755 | SH |  | SOLE |  | 0 | 0 | 12755 |
| AUTOMATIC DATA PROCESSING INC COM | Stock | 053015103 |  | 1849050 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| ABRDN PHYSICAL GOLD SHARES ETF | ETF | 00326A104 |  | 660555 | 17945 | SH |  | SOLE |  | 0 | 0 | 17945 |
| WEBSTER FINL CORP COM | Stock | 947890109 |  | 248459 | 4180 | SH |  | SOLE |  | 0 | 0 | 4180 |
| CENOVUS ENERGY INC COM | Stock | 15135U109 |  | 507661 | 29880 | SH |  | SOLE |  | 0 | 0 | 29880 |
| VIEMED HEALTHCARE INC COM | Stock | 92663R105 |  | 1849107 | 272328 | SH |  | SOLE |  | 0 | 0 | 272328 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 1696747 | 3375 | SH |  | SOLE |  | 0 | 0 | 3375 |
| ALPHABET INC CAP STK CL A | Stock | 02079K305 |  | 5632627 | 23170 | SH |  | SOLE |  | 0 | 0 | 23170 |
| ONE STOP SYS INC COM | Stock | 68247W109 |  | 254133 | 47413 | SH |  | SOLE |  | 0 | 0 | 47413 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 12588774 | 24305 | SH |  | SOLE |  | 0 | 0 | 24305 |
| IDENTIV INC COM NEW | Stock | 45170X205 |  | 253899 | 73594 | SH |  | SOLE |  | 0 | 0 | 73594 |
| AQUESTIVE THERAPEUTICS INC COM | Stock | 03843E104 |  | 243640 | 43585 | SH |  | SOLE |  | 0 | 0 | 43585 |
| NIKE INC CL B | Stock | 654106103 |  | 274387 | 3935 | SH |  | SOLE |  | 0 | 0 | 3935 |
| PUTNAM MASTER INTER INCOME TR SH BEN INT | CEF | 746909100 |  | 505896 | 147063 | SH |  | SOLE |  | 0 | 0 | 147063 |
| BARRETT BUSINESS SVCS INC COM | Stock | 068463108 |  | 500816 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| GOLUB CAP BDC INC COM | CEF | 38173M102 |  | 341633 | 24955 | SH |  | SOLE |  | 0 | 0 | 24955 |
| DATA I O CORP COM | Stock | 237690102 |  | 1178185 | 352750 | SH |  | SOLE |  | 0 | 0 | 352750 |
| TARGA RES CORP COM | Stock | 87612G101 |  | 1492948 | 8911 | SH |  | SOLE |  | 0 | 0 | 8911 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 316799 | 1670 | SH |  | SOLE |  | 0 | 0 | 1670 |
| EXAGEN INC COM | Stock | 30068X103 |  | 218810 | 19910 | SH |  | SOLE |  | 0 | 0 | 19910 |
| MESOBLAST LTD SPONS ADR | ADR | 590717401 |  | 1412444 | 87675 | SH |  | SOLE |  | 0 | 0 | 87675 |
| FIRST BANCORP P R COM NEW | Stock | 318672706 |  | 1159830 | 52600 | SH |  | SOLE |  | 0 | 0 | 52600 |
| FIDELITY NATL INFORMATION SVCS COM | Stock | 31620M106 |  | 271936 | 4124 | SH |  | SOLE |  | 0 | 0 | 4124 |
| AFLAC INC COM | Stock | 001055102 |  | 217815 | 1950 | SH |  | SOLE |  | 0 | 0 | 1950 |
| JPMORGAN EQUITY PREMIUM INCOME ETF | ETF | 46641Q332 |  | 246957 | 4325 | SH |  | SOLE |  | 0 | 0 | 4325 |
| SONY GROUP CORP SPONSORED ADR | ADR | 835699307 |  | 1972115 | 68500 | SH |  | SOLE |  | 0 | 0 | 68500 |
| CURIOSITYSTREAM INC COM CL A | Stock | 23130Q107 |  | 1848110 | 348700 | SH |  | SOLE |  | 0 | 0 | 348700 |
| REGENERON PHARMACEUTICALS COM | Stock | 75886F107 |  | 448129 | 797 | SH |  | SOLE |  | 0 | 0 | 797 |
| ONDAS HLDGS INC COM NEW | Stock | 68236H204 |  | 106960 | 13855 | SH |  | SOLE |  | 0 | 0 | 13855 |
| AIRBNB INC COM CL A | Stock | 009066101 |  | 1074567 | 8850 | SH |  | SOLE |  | 0 | 0 | 8850 |
| ENERGY TRANSFER L P COM UT LTD PTN | Stock | 29273V100 |  | 1400153 | 81594 | SH |  | SOLE |  | 0 | 0 | 81594 |
| ALKAMI TECHNOLOGY INC COM | Stock | 01644J108 |  | 3083637 | 124140 | SH |  | SOLE |  | 0 | 0 | 124140 |
| CISO GLOBAL INC COM NEW | Stock | 15672X201 |  | 14983 | 14270 | SH |  | SOLE |  | 0 | 0 | 14270 |
| BACKBLAZE INC COM CL A | Stock | 05637B105 |  | 482792 | 52025 | SH |  | SOLE |  | 0 | 0 | 52025 |
| IREN LIMITED ORDINARY SHARES | Stock | Q4982L109 |  | 290966 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |
| PLANET LABS PBC COM CL A | Stock | 72703X106 |  | 4078575 | 314220 | SH |  | SOLE |  | 0 | 0 | 314220 |
| NUVEEN MUN VALUE FD INC COM | CEF | 670928100 |  | 179600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| META PLATFORMS INC CL A | Stock | 30303M102 |  | 1248446 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| KULICKE  SOFFA INDS INC COM | Stock | 501242101 |  | 349504 | 8600 | SH |  | SOLE |  | 0 | 0 | 8600 |
| INVESCO MUNICIPAL TRUST COM | CEF | 46131J103 |  | 193000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| BUILDERS FIRSTSOURCE INC COM | Stock | 12008R107 |  | 332346 | 2741 | SH |  | SOLE |  | 0 | 0 | 2741 |
| MOODYS CORP COM | Stock | 615369105 |  | 6503952 | 13650 | SH |  | SOLE |  | 0 | 0 | 13650 |
| NOVARTIS AG SPONSORED ADR | ADR | 66987V109 |  | 719426 | 5610 | SH |  | SOLE |  | 0 | 0 | 5610 |
| WESTERN MIDSTREAM PARTNERS LP COM UNIT LP INT | Stock | 958669103 |  | 573634 | 14600 | SH |  | SOLE |  | 0 | 0 | 14600 |
| NVIDIA CORPORATION COM | Stock | 67066G104 |  | 974507 | 5223 | SH |  | SOLE |  | 0 | 0 | 5223 |
| ABBVIE INC COM | Stock | 00287Y109 |  | 1220910 | 5273 | SH |  | SOLE |  | 0 | 0 | 5273 |
| BTQ TECHNOLOGIES CORP COM | Stock | 055869101 |  | 102070 | 14750 | SH |  | SOLE |  | 0 | 0 | 14750 |
| USA COMPRESSION PARTNERS LP COMUNIT LTDPAR | Stock | 90290N109 |  | 932112 | 38838 | SH |  | SOLE |  | 0 | 0 | 38838 |
| RANGE RES CORP COM | Stock | 75281A109 |  | 539757 | 14340 | SH |  | SOLE |  | 0 | 0 | 14340 |
| ELECTROVAYA INC COM NEW | Stock | 28617B606 |  | 1814858 | 307911 | SH |  | SOLE |  | 0 | 0 | 307911 |
| BLACKSTONE INC COM | Stock | 09260D107 |  | 2528580 | 14800 | SH |  | SOLE |  | 0 | 0 | 14800 |
| DEFI TECHNOLOGIES INC COM | Stock | 244916102 |  | 22788 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| CISCO SYS INC COM | Stock | 17275R102 |  | 1255507 | 18350 | SH |  | SOLE |  | 0 | 0 | 18350 |
| SEABRIDGE GOLD INC COM | Stock | 811916105 |  | 2331561 | 96545 | SH |  | SOLE |  | 0 | 0 | 96545 |
| ONEOK INC NEW COM | Stock | 682680103 |  | 832587 | 11410 | SH |  | SOLE |  | 0 | 0 | 11410 |
| PITNEY BOWES INC COM | Stock | 724479100 |  | 194540 | 17050 | SH |  | SOLE |  | 0 | 0 | 17050 |
| DORCHESTER MINERALS LP COM UNIT | Stock | 25820R105 |  | 363107 | 14025 | SH |  | SOLE |  | 0 | 0 | 14025 |
| JPMORGAN CHASE  CO. COM | Stock | 46625H100 |  | 208183 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| POWER INTEGRATIONS INC COM | Stock | 739276103 |  | 369932 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| CHEVRON CORP NEW COM | Stock | 166764100 |  | 213834 | 1377 | SH |  | SOLE |  | 0 | 0 | 1377 |
| ASURE SOFTWARE INC COM | Stock | 04649U102 |  | 743412 | 90660 | SH |  | SOLE |  | 0 | 0 | 90660 |
| REAVES UTIL INCOME FD COM SH BEN INT | CEF | 756158101 |  | 240691 | 6075 | SH |  | SOLE |  | 0 | 0 | 6075 |
| NUVEEN N Y MUN VALUE FD COM | CEF | 67062M105 |  | 1765385 | 213727 | SH |  | SOLE |  | 0 | 0 | 213727 |
| INTERNATIONAL BUSINESS MACHS COM | Stock | 459200101 |  | 466128 | 1652 | SH |  | SOLE |  | 0 | 0 | 1652 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 5533456 | 22720 | SH |  | SOLE |  | 0 | 0 | 22720 |
| MAGNITE INC COM | Stock | 55955D100 |  | 618987 | 28420 | SH |  | SOLE |  | 0 | 0 | 28420 |
| WILLIAMS COS INC COM | Stock | 969457100 |  | 1221388 | 19280 | SH |  | SOLE |  | 0 | 0 | 19280 |
| FIDELITY NATIONAL FINANCIAL IN COM SHS | Stock | 31620R303 |  | 1440932 | 23821 | SH |  | SOLE |  | 0 | 0 | 23821 |
| ORION ENERGY SYS INC COM NEW | Stock | 686275207 |  | 145801 | 16644 | SH |  | SOLE |  | 0 | 0 | 16644 |
| CRYOPORT INC COM PAR $0.001 | Stock | 229050307 |  | 500259 | 52770 | SH |  | SOLE |  | 0 | 0 | 52770 |
| HERCULES CAPITAL INC COM | CEF | 427096508 |  | 279410 | 14775 | SH |  | SOLE |  | 0 | 0 | 14775 |
| NUVEEN PFD  INCOME OPPORTUNIT COM | CEF | 67073B106 |  | 210822 | 25710 | SH |  | SOLE |  | 0 | 0 | 25710 |
| SPDR PORTFOLIO S 500 ETF | ETF | 78464A854 |  | 274190 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| SYNCHRONY FINANCIAL COM | Stock | 87165B103 |  | 1293110 | 18200 | SH |  | SOLE |  | 0 | 0 | 18200 |
| ASPEN AEROGELS INC COM | Stock | 04523Y105 |  | 98692 | 14180 | SH |  | SOLE |  | 0 | 0 | 14180 |
| AXCELIS TECHNOLOGIES INC COM NEW | Stock | 054540208 |  | 1649627 | 16895 | SH |  | SOLE |  | 0 | 0 | 16895 |
| FIRST AMERN FINL CORP COM | Stock | 31847R102 |  | 282656 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| LINCOLN EDL SVCS CORP COM | Stock | 533535100 |  | 293773 | 12501 | SH |  | SOLE |  | 0 | 0 | 12501 |
| KOPIN CORP COM | Stock | 500600101 |  | 332849 | 136975 | SH |  | SOLE |  | 0 | 0 | 136975 |
| AEHR TEST SYS COM | Stock | 00760J108 |  | 3500287 | 116250 | SH |  | SOLE |  | 0 | 0 | 116250 |
| BIOLIFE SOLUTIONS INC COM NEW | Stock | 09062W204 |  | 590684 | 23155 | SH |  | SOLE |  | 0 | 0 | 23155 |
| NOVO-NORDISK A S ADR | ADR | 670100205 |  | 17290684 | 311600 | SH |  | SOLE |  | 0 | 0 | 311600 |
| PHOTRONICS INC COM | Stock | 719405102 |  | 2556171 | 111380 | SH |  | SOLE |  | 0 | 0 | 111380 |
| APPLE INC COM | Stock | 037833100 |  | 440255 | 1729 | SH |  | SOLE |  | 0 | 0 | 1729 |
| MFS INTER INCOME TR SH BEN INT | CEF | 55273C107 |  | 68857 | 25693 | SH |  | SOLE |  | 0 | 0 | 25693 |

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