13F Insight
DOSSIER · 13F-HR · Q1 2026

Penn Capital Management Company, LLC

$1.3B in tracked AUM across 172 positions as of Q1 2026.

PC
CIK 0001158202 · last filed Mar 31, 2026
Total AUM
$1.3B
as of Q1 2026
Holdings
172
—
positions
Whale Score
50
50
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Mid-quarter, the pivot inside Penn Capital Management's book is a hard cut to Applied Optoelectronics: shares down about 60%, roughly $22.8 million of share-flow selling, while the position's market value barely budged—price strength masked a large disposal. Zoom out and that trim sits inside a $1.29 billion, 172-name small/mid-cap engine that opened fourteen new lines (Select Water Solutions, Constellium, Legence, RXO, SSR Mining among them) and fully exited fourteen others of similar size, including The RealReal and Eldorado Gold. No holding tops 1.85%; the product is breadth and rotation, not concentration.

Start with Applied Optoelectronics. Penn Capital Management reduced the line from about 446 thousand shares to 176 thousand—roughly a 60% share cut and about $22.8 million of share-flow selling, the quarter's largest disposal by flow. Ending market value only slipped from $15.6 million to $14.9 million. That is textbook price-masking: the firm was a heavy seller even though a glance at position dollars would understate the exit. Chemours and Modine show the same geometry in reverse magnitude—share counts down about 29% and 32% respectively (flow near $9.0 million and $7.7 million) while reported values rose. Selling into strength, not building.

Zoom out: a revolving SMID roster

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
MIRM
MIRUM PHARMACEUTICALS INC
$24M257K1.8%02
CZR
CAESARS ENTERTAINMENT INC NE
$24M896K1.8%03
GPOR
GULFPORT ENERGY CORP
$24M111K1.8%04
G48833118
WEATHERFORD INTL PLC
$23M238K1.7%05
WTTR
SELECT WATER SOLUTIONS INC
$22M1.5M1.7%06
CC
CHEMOURS CO
$22M981K1.7%07
BANC
BANC OF CALIFORNIA INC
$21M1.2M1.7%08
H8817H100
TRANSOCEAN LTD
$21M3.2M1.6%09
F21107101
CONSTELLIUM SE
$21M845K1.6%10
DCOM
DIME CMNTY BANCSHARES INC
$21M609K1.6%

Filing history

2026Q1Mar 31
$1.3B▲ 2.8%
172 positionsView →2025Q4Dec 31
$1.3B▲ 57.5%
165 positionsView →2025Q3Sep 30
$797M▼ 31.1%
104 positionsView →2025Q2Jun 30
$1.2B▲ 87.0%
157 positionsLocked2025Q1Mar 31
$618M▼ 39.3%
94 positionsLocked2024Q4Dec 31
$1.0B▼ 6.4%
143 positionsLocked2024Q3Sep 30
$1.1B▲ 3.3%
146 positionsLocked2024Q2Jun 30
$1.1B▼ 6.3%
144 positionsLocked2024Q1Mar 31
$1.1B▲ 3.1%
144 positionsLocked2023Q4Dec 31
$1.1B▲ 11.8%
145 positionsLocked2023Q3Sep 30
$976M▼ 5.1%
150 positionsLocked2023Q2Jun 30
$1.0B▲ 3.3%
145 positionsLocked
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