INCOME RESEARCH & MANAGEMENT
Q1 2025 Form 13-F

BOSTON, MASSACHUSETTS
CIK 0001165830 · CRD 104863 · SEC-registered investment adviser
$234.8M Reported Value Total

INCOME RESEARCH + MANAGEMENT reports 949 total accounts under management (AUM). There are 946 discretionary accounts valued at $108,313,000,000, and 3 non-discretionary accounts valued at $675,405,707.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Firm Brochure (Part 2A) Client Relationship Summary (Form CRS)
Private funds (Form ADV)
16 funds · $13.7B gross asset value
Other: $13.7B
Source: Form ADV filed 2026-08-24
Reported value
$234.8M
Quarter over quarter
+2.6%
Holdings
27
Top-10 concentration
52.8%

Filing Structure

Reports holdings for

Key People

Form ADV owners & control persons
William Austin O'Malley
CHIEF EXECUTIVE OFFICER, DIRECTOR
Matthew John Cannata
GENERAL COUNSEL, SECRETARY
Mark William D'Alfonso
CHIEF OPERATING OFFICER
Q4 2024
Q2 2025
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q1 2025 13F filing summary

Period of report March 31, 2025
Filed April 22, 2025
Form 13F-HR
Reported value $234.8M
Positions 27
Change in reported value +12.1%
New positions 4
Exited positions 2
Position turnover 20.7%
Top-10 concentration 52.8%

13F filings by quarter

Quarter Positions Value
Q3 2026 13F
Filed Oct 21, 2026
 33 $163.6M
Q2 2026 13F
Filed Jul 24, 2026
 30 $184.5M
Q1 2026 13F
Filed Apr 17, 2026
 26 $168.6M
Q4 2025 13F
Filed Jan 20, 2026
 32 $190.4M
Q3 2025 13F
Filed Oct 16, 2025
 35 $204.5M
Q2 2025 13F
Filed Jul 17, 2025
 40 $374.2M
Q1 2025 13F
Filed Apr 22, 2025
 27 $234.8M
Q4 2024 13F
Filed Jan 21, 2025
 25 $209.6M
Q3 2024 13F
Filed Oct 22, 2024
 22 $207.7M
Q2 2024 13F
Filed Jul 23, 2024
 18 $173.4M
Q1 2024 13F
Filed Apr 25, 2024
 16 $148.2M
Q4 2023 13F
Filed Jan 19, 2024
 12 $144.3M
Q3 2023 13F
Filed Oct 24, 2023
 10 $127.8M
Q2 2023 13F
Filed Jul 21, 2023
 16 $160.9M
Q1 2023 13F
Filed Apr 20, 2023
 17 $193.6M
Q4 2022 13F
Filed Jan 31, 2023
 21 $211.9M
Q3 2022 13F
Filed Oct 20, 2022
 22 $213.0M
Q2 2022 13F
Filed Jul 21, 2022
 24 $233.1M
Q1 2022 13F
Filed Apr 20, 2022
 22 $252.7M
Q4 2021 13F
Filed Jan 24, 2022
 18 $251.2M

34 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q1 2025

# Holding Reported value % of portfolio
1 EXPE 0 02/15/26 EXPEDIA GROUP INC $13.6M 5.78%
2 PPL 2.875 03/15/28 PPL CAP FDG INC $13.3M 5.67%
3 LNT 3.875 03/15/26 ALLIANT ENERGY CORP $13.2M 5.63%
4 VTR 3.75 06/01/26 VENTAS RLTY LTD PARTNERSHIP $12.9M 5.48%
5 CMS 3.375 05/01/28 CMS ENERGY CORP $12.3M 5.23%
6 NMFC 7.5 10/15/25 NEW MTN FIN CORP $12.2M 5.19%
7 EEFT 0.75 03/15/49 EURONET WORLDWIDE INC $12.1M 5.13%
8 LUV SOUTHWEST AIRLS CO $11.9M 5.07%
9 DUK 4.125 04/15/26 DUKE ENERGY CORP NEW $11.7M 4.96%
10 CNP 4.25 08/15/26 CENTERPOINT ENERGY INC $10.8M 4.61%
11 AWK 3.625 06/15/26 AMERICAN WTR CAP CORP $10.2M 4.35%
12 AKAM 0.375 09/01/27 AKAMAI TECHNOLOGIES INC $8.9M 3.77%
13 CSWC 5.125 11/15/29 CAPITAL SOUTHWEST CORP $8.7M 3.72%
14 BAC 0.6 05/25/27 MTN BOFA FIN LLC $8.7M 3.72%
15 F 0 03/15/26 FORD MTR CO $8.6M 3.65%
16 ETSY 0.25 06/15/28 ETSY INC $8.1M 3.45%
17 ON 0.5 03/01/29 ON SEMICONDUCTOR CORP $7.7M 3.29%
18 NVST 1.75 08/15/28 ENVISTA HOLDINGS CORPORATION $7.6M 3.26%
19 GPN 1.5 03/01/31 GLOBAL PMTS INC $7.5M 3.21%
20 NEE 3 03/01/27 NEXTERA ENERGY CAP HLDGS INC $7.5M 3.19%

Values as reported on the Q1 2025 Form 13F. Every position is in the holdings table below.

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