Investment adviser · CRD 105081

PENN CAPITAL MANAGEMENT COMPANY, LLC

Investment adviser filing (IA)

PHILADELPHIA, PA, United States · Form ADV filed Mar 27, 2026

Regulatory AUM: $1.94B
Client accounts: 602
Employees: 16
Advisory professionals: 12

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Government entities	Fewer than 5	$993,616,067	51.2%
Other clients	567	$477,452,979	24.6%
Charities	Fewer than 5	$121,403,384	6.3%
Investment companies	2	$96,804,162	5.0%
Pooled investment vehicles	2	$89,337,930	4.6%
Retirement plans	Fewer than 5	$87,626,195	4.5%
Individuals	60	$30,549,271	1.6%
Insurance companies	Fewer than 5	$26,716,106	1.4%
Corporations & businesses	Fewer than 5	$16,179,025	0.8%

Filing source

Form ADV 2073412 · Mar 27, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

16 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

PENN CAPITAL DEFENSIVE HIGH YIELD FUND, L.P.Other Private Fund · Last reported Aug 11, 2021$249MGross asset value

Form D fundraising filings

Penn Capital Defensive High Yield Fund, L.P.

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP PHILADELPHIA, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATTI, Ohio, United States Related to adviser: No

Marketer BRINKER CAPITAL SECURITIES, LLC BERWYN, Pennsylvania, United States Related to adviser: No

Marketer JOSEPH GRACE HOLDINGS, INC. NEW YORK, New York, United States Related to adviser: No

Marketer THE STRATEGIC FINANCIAL ALLIANCE ATLANTA, Georgia, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

EISNERAMPER LLP
PCAOB 274

BRINKER CAPITAL SECURITIES, LLC
CRD 38123 · SEC 8-48110

JOSEPH GRACE HOLDINGS, INC.
CRD 103580

THE STRATEGIC FINANCIAL ALLIANCE
CRD 126514 · SEC 801-62226

Fund details & source

Fund ID: 805-8376006280
Reported beneficial owners: 33
Minimum commitment: $1M
Form D file number: 021-69509

Form ADV 1557873 · Aug 11, 2021 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN CORE OPPORTUNISTIC HIGH YIELD BOND FUND LPOther Private Fund · Last reported Jun 8, 2015$92.9MGross asset value

Form D fundraising filings

PENN CORE OPPORTUNISTIC HIGH YIELD BOND FUND LP

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP JENKINTOWN, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATI, Ohio, United States Related to adviser: No

Marketer VSR ADVISORY SERVICES OVERLAND PARK, Kansas, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

VSR ADVISORY SERVICES
CRD 14503 · SEC 801-61672

Fund details & source

Fund ID: 805-7163867113
Reported beneficial owners: 79
Minimum commitment: $1M
Form D file number: 021-64331

Form ADV 927667 · Jun 8, 2015 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN SHORT DURATION HIGH YIELD FUND, L.P.Other Private Fund · Last reported Aug 11, 2021$33.8MGross asset value

Form D fundraising filings

PENN SHORT DURATION HIGH YIELD FUND, L.P.

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP PHILADELPHIA, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATI, Ohio, United States Related to adviser: No

Marketer JOSEPH GRACE HOLDINGS, INC. NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

EISNERAMPER LLP
PCAOB 274

JOSEPH GRACE HOLDINGS, INC.
CRD 103580

Fund details & source

Fund ID: 805-8814755363
Reported beneficial owners: 12
Minimum commitment: $1M
Form D file number: 021-158196

Form ADV 1557873 · Aug 11, 2021 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN SMALL TO MID CAP EQUITY FUND LPOther Private Fund · Last reported Jun 8, 2015$14.8MGross asset value

Form D fundraising filings

PENN SMALL TO MID CAP EQUITY FUND LP

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP JENKINTOWN, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATI, Ohio, United States Related to adviser: No

Marketer VSR ADVISORY SERVICES OVERLAND PARK, Kansas, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

VSR ADVISORY SERVICES
CRD 14503 · SEC 801-61672

Fund details & source

Fund ID: 805-4729267742
Reported beneficial owners: 34
Minimum commitment: $100K
Form D file number: 021-129880

Form ADV 927667 · Jun 8, 2015 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN INSTITUTIONAL LOAN COMMON MASTER FUND, L.P.Other Private Fund · Last reported Feb 28, 2023$12.8MGross asset value

Form D fundraising filings

Penn Institutional Loan Common Master Fund, LP

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP PHILADELPHIA, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATI, Ohio, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

EISNERAMPER LLP
PCAOB 274

Fund details & source

Fund ID: 805-4024859215
Reported beneficial owners: 2
Minimum commitment: $5M
Form D file number: 021-194923

Form ADV 1721368 · Feb 28, 2023 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN SMALL CAPITALIZATION FUND LPOther Private Fund · Last reported Sep 13, 2016$12.3MGross asset value

Form D fundraising filings

PENN SMALL CAPITALIZATION FUND LP

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP PHILADELPHIA, Pennsylvania, United States

Custodian U.S. BANK INSTITUTIONAL TRUST & CUSTODY CINCINNATI, Ohio, United States Related to adviser: No

Marketer VSR ADVISORY SERVICES OVERLAND PARK, Kansas, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

VSR ADVISORY SERVICES
CRD 14503 · SEC 801-61672

Fund details & source

Fund ID: 805-7931094774
Reported beneficial owners: 37
Minimum commitment: $100K
Form D file number: 021-129897

Form ADV 1040277 · Sep 13, 2016 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

PENN CAPITAL STRUCTURE TOTAL RETURN FUND, L.P.Hedge Fund · Last reported Mar 29, 2019$6.67MGross asset value

Form D fundraising filings

Penn Capital Structure Total Return Fund, L.P.

Feeder funds

CAPITAL STRUCTURE OPPORTUNITIES FUND OFFSHORE LTD

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor EISNERAMPER LLP PHILADELPHIA, Pennsylvania, United States

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Marketer THE STRATEGIC FINANCIAL ALLIANCE ATLANTA, Georgia, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

EISNERAMPER LLP
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869 · LEI 9R7GPTSO7KV3UQJZQ078

THE STRATEGIC FINANCIAL ALLIANCE
CRD 126514 · SEC 801-62226

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-5323100618
Reported beneficial owners: 57
Minimum commitment: $100K
Form D file number: 021-68730

Form ADV 1293986 · Mar 29, 2019 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 27, 2026. View historical filings

Reported services

Individual portfolio management · Investment company portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

3025 JOHN F. KENNEDY BLVD, SUITE 270
PHILADELPHIA, PA, 19104, United States

CRD 105081

Filing source

Form ADV 2073412 · Mar 27, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.