13F Insight
DOSSIER · 13F-HR · Q2 2026

Penn Capital Management Company, LLC

$1.6B in tracked AUM across 185 positions as of Q2 2026.

PC
CIK 0001158202 · last filed Jun 30, 2026
Total AUM
$1.6B
as of Q2 2026
Holdings
185
—
positions
Whale Score
55
55
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 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
Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
OUST
OUSTER INC
$41M656K2.6%02
ACMR
ACM RESH INC
$36M286K2.3%03
MIRM
MIRUM PHARMACEUTICALS INC
$35M299K2.2%04
LGND
LIGAND PHARMACEUTICALS INC
$32M100K2.0%05
TGTX
TG THERAPEUTICS INC
$30M536K1.9%06
RXO
RXO INC
$27M975K1.7%07
LGN
LEGENCE CORP
$27M312K1.7%08
PRKS
UNITED PARKS & RESORTS INC
$26M534K1.6%09
PENN
PENN ENTERTAINMENT INC
$25M1.2M1.6%10
WOLF
WOLFSPEED INC
$25M514K1.6%

Filing history

2026Q2Jun 30
$1.6B▲ 22.2%
185 positionsView →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 positionsLocked
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