# EDGAR Filing Document

**Accession Number:** 0001599637
**File Stem:** 0001493152-25-023436
**Filing Date:** 2025-11
**Character Count:** 9907
**Document Hash:** 96c6ceb50f06f7343e89e02c548c0d26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-023436.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001493152-25-023436

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Permanens Capital L.P.
- **CENTRAL INDEX KEY:** 0001599637

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16061
- **FILM NUMBER:** 251485803

**BUSINESS ADDRESS:**
- **STREET 1:** 410 PARK AVENUE
- **STREET 2:** SUITE 430
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-993-7456

**MAIL ADDRESS:**
- **STREET 1:** 410 PARK AVENUE
- **STREET 2:** SUITE 430
- **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:** Permanens Capital L.P.<br>**Address:** 410 PARK AVENUE<br>SUITE 430<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-16061

**CRD Number (if applicable):** 000157476

**SEC File Number (if applicable):** 801-72416

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:** August Politano<br>**Title:** Chief Operating Officer<br>**Phone:** 212-993-7466

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

/s/ August Politano  New York, NY  11-14-2025<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:** 62

**Form 13F Information Table Value Total:** $670510503

      (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 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1062104 | 4369 | SH |  | SOLE |  | 4369 | 0 | 0 |
| ALTI GLOBAL INC | CL A | 02157E106 |  | 277029 | 77817 | SH |  | SOLE |  | 77817 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1057010 | 4814 | SH |  | SOLE |  | 4814 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1292252 | 5075 | SH |  | SOLE |  | 5075 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 1337763 | 65544 | SH |  | SOLE |  | 65544 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 306857 | 5948 | SH |  | SOLE |  | 5948 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 221708 | 441 | SH |  | SOLE |  | 441 | 0 | 0 |
| BGC GROUP INC | CL A | 088929104 |  | 1608200 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 132716 | 21406 | SH |  | SOLE |  | 21406 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 326405 | 9472 | SH |  | SOLE |  | 9472 | 0 | 0 |
| BRT APARTMENTS CORP | COM | 055645303 |  | 3191907 | 201263 | SH |  | SOLE |  | 201263 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 13975101 | 166648 | SH |  | SOLE |  | 166648 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 146800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 576579 | 4067 | SH |  | SOLE |  | 4067 | 0 | 0 |
| FS KKR CAP CORP | COM | 302635206 |  | 188460 | 12058 | SH |  | SOLE |  | 12058 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6662197 | 21121 | SH |  | SOLE |  | 21121 | 0 | 0 |
| LIVEONE INC | COM NEW | 53814X300 |  | 345788 | 83726 | SH |  | SOLE |  | 83726 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1118849 | 1967 | SH |  | SOLE |  | 1967 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 275759 | 118 | SH |  | SOLE |  | 118 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1200711 | 1635 | SH |  | SOLE |  | 1635 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6806899 | 13142 | SH |  | SOLE |  | 13142 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 132234 | 11029 | SH |  | SOLE |  | 11029 | 0 | 0 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 6300652 | 395273 | SH |  | SOLE |  | 395273 | 0 | 0 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 78500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2321109 | 1936 | SH |  | SOLE |  | 1936 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 354143 | 1898 | SH |  | SOLE |  | 1898 | 0 | 0 |
| PODCASTONE INC | COM | 22275C105 |  | 177872 | 105876 | SH |  | SOLE |  | 105876 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 838640 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 59925 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 5975181 | 62587 | SH |  | SOLE |  | 62587 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1178031 | 7927 | SH |  | SOLE |  | 7927 | 0 | 0 |
| TERAWULF INC | COM | 88080T104 |  | 513900 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| UBS GROUP AG SHS | COM | H42097107 |  | 6228597 | 151917 | SH |  | SOLE |  | 151917 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 6143283 | 11236 | SH |  | SOLE |  | 11236 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 6831415 | 19784 | SH |  | SOLE |  | 19784 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 6862662 | 66589 | SH |  | SOLE |  | 66589 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 159500 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| 2023 ETF SERIES TRUST | EAGLE GAPITAL SE | 88339Y102 |  | 23883390 | 764024 | SH |  | SOLE |  | 764024 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 695875 | 1158 | SH |  | SOLE |  | 1158 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 1863633 | 35143 | SH |  | SOLE |  | 35143 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 1863878 | 15596 | SH |  | SOLE |  | 15596 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 3502067 | 53878 | SH |  | SOLE |  | 53878 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 397564 | 594 | SH |  | SOLE |  | 594 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 1204325 | 38220 | SH |  | SOLE |  | 38220 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 64782945 | 890255 | SH |  | SOLE |  | 890255 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 34036603 | 786065 | SH |  | SOLE |  | 786065 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 375921 | 803 | SH |  | SOLE |  | 803 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 294961 | 1449 | SH |  | SOLE |  | 1449 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 39488127 | 931983 | SH |  | SOLE |  | 931983 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS EUR | 46641Q191 |  | 400954 | 5760 | SH |  | SOLE |  | 5760 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 854315 | 20336 | SH |  | SOLE |  | 20336 | 0 | 0 |
| LAZARD ACTIVE ETF TR | JAPANESE EQUITY | 52110K103 |  | 17443253 | 555599 | SH |  | SOLE |  | 555599 | 0 | 0 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 |  | 49084 | 513 | SH |  | SOLE |  | 513 | 0 | 0 |
| PRINCIPAL EXCHANGE TRADED FD | SPECTRUM PFD | 74255Y888 |  | 28107358 | 1468514 | SH |  | SOLE |  | 1468514 | 0 | 0 |
| PROSHARES TR II | ULTRA VIX SHORT | 74347Y755 |  | 261000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PROSHARES TR II | PSHS ULTRA QQQ | 74347R206 |  | 1180606 | 8605 | SH |  | SOLE |  | 8605 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 40520470 | 441640 | SH |  | SOLE |  | 441640 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2884888 | 4318 | SH |  | SOLE |  | 4318 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 121841641 | 253775 | SH |  | SOLE |  | 253775 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 123022784 | 656355 | SH |  | SOLE |  | 656355 | 0 | 0 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 |  | 37350520 | 291733 | SH |  | SOLE |  | 291733 | 0 | 0 |
| DBX ETF TR | XTRACK MSCI EURP | 233051853 |  | 37937602 | 823835 | SH |  | SOLE |  | 823835 | 0 | 0 |

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