INCOME RESEARCH & MANAGEMENT Long-Term Concentrated

Location: Boston, MA

CIK: 0001165830 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Jan 20, 2026

Total Value: $190M (100.0% shares, 0.0% debt)

Holdings (32)

— BOFA FIN LLC 5.6%

Value $10.64M Shares 9,803,000 Share Price $1.09 Est. Cost/Share $1.10 Unrealized @ Report Date —

— EURONET WORLDWIDE INC 5.4%

Value $10.22M Shares 12,112,000 Share Price $0.84 Est. Cost/Share $0.99 Unrealized @ Report Date —

— AKAMAI TECHNOLOGIES INC 5.3%

Value $10.09M Shares 10,068,000 Share Price $1.00 Est. Cost/Share $0.99 Unrealized @ Report Date —

— CAPITAL SOUTHWEST CORP 5.3%

Value $10M Shares 10,127,000 Share Price $0.99 Est. Cost/Share $0.96 Unrealized @ Report Date —

— ON SEMICONDUCTOR CORP 5.1%

Value $9.725M Shares 10,280,000 Share Price $0.95 Est. Cost/Share $0.94 Unrealized @ Report Date —

— AMERICAN WTR CAP CORP 5.1%

Value $9.627M Shares 9,668,000 Share Price $1.00 Est. Cost/Share $1.02 Unrealized @ Report Date —

— DUKE ENERGY CORP NEW 4.8%

Value $9.124M Shares 8,858,000 Share Price $1.03 Est. Cost/Share $1.00 Unrealized @ Report Date —

— EXPEDIA GROUP INC 4.4%

Value $8.38M Shares 7,512,000 Share Price $1.12 Est. Cost/Share $1.20 Unrealized @ Report Date —

— ENVISTA HOLDINGS 4.4%

Value $8.356M Shares 8,715,000 Share Price $0.96 Est. Cost/Share $0.91 Unrealized @ Report Date —

— BLOCK INC 4.1%

Value $7.844M Shares 8,485,000 Share Price $0.92 Est. Cost/Share $0.90 Unrealized @ Report Date —

— VENTAS RLTY LTD PARTNERSHIP 4.1%

Value $7.731M Shares 5,475,000 Share Price $1.41 Est. Cost/Share $1.06 Unrealized @ Report Date —

— ETSY INC 3.9%

Value $7.441M Shares 8,342,000 Share Price $0.89 Est. Cost/Share $0.74 Unrealized @ Report Date —

— NEXTERA ENERGY CAP HLDGS 3.9%

Value $7.347M Shares 5,920,000 Share Price $1.24 Est. Cost/Share $1.16 Unrealized @ Report Date —

— GLOBAL PMTS INC 3.7%

Value $7.024M Shares 7,830,000 Share Price $0.90 Est. Cost/Share $0.94 Unrealized @ Report Date —

— MICROCHIP TECHNOLOGY INC. 3.6%

Value $6.839M Shares 6,978,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— FORD MTR CO 3.5%

Value $6.629M Shares 6,383,000 Share Price $1.04 Est. Cost/Share $0.99 Unrealized @ Report Date —

— MERITAGE HOMES CORP 3.2%

Value $6.112M Shares 6,215,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— UBER TECHNOLOGIES INC 3.0%

Value $5.746M Shares 4,430,000 Share Price $1.30 Est. Cost/Share $1.18 Unrealized @ Report Date —

— DEXCOM INC 2.9%

Value $5.61M Shares 6,101,000 Share Price $0.92 Est. Cost/Share $0.94 Unrealized @ Report Date —

— EVERGY INC 2.8%

Value $5.26M Shares 4,322,000 Share Price $1.22 Est. Cost/Share $1.09 Unrealized @ Report Date —

TAXX BONDBLOXX ETF TRUST 2.7%

Value $5.072M Shares 100,000 Share Price $50.72 Est. Cost/Share $50.05 Unrealized @ Report Date +1.3%

TXXI BONDBLOXX ETF TRUST 2.7%

Value $5.06M Shares 100,000 Share Price $50.60 Est. Cost/Share $49.82 Unrealized @ Report Date +1.6%

TAXM BONDBLOXX ETF TRUST 2.6%

Value $5.026M Shares 100,000 Share Price $50.26 Est. Cost/Share $49.78 Unrealized @ Report Date +1.0%

— GLADSTONE CAP CORP 2.5%

Value $4.709M Shares 4,830,000 Share Price $0.97 Est. Cost/Share $0.99 Unrealized @ Report Date —

— HAEMONETICS CORP MASS 1.8%

Value $3.387M Shares 3,270,000 Share Price $1.04 Est. Cost/Share $0.99 Unrealized @ Report Date —

— PINNACLE WEST CAP CORP 1.7%

Value $3.236M Shares 3,031,000 Share Price $1.07 Est. Cost/Share $1.08 Unrealized @ Report Date —

AGGS HARBOR ETF TRUST 1.1%

Value $2.061M Shares 50,000 Share Price $41.22 Est. Cost/Share $40.79 Unrealized @ Report Date +1.1%

— WELLS FARGO CO NEW 0.5%

Value $974K Shares 803 Share Price $1213.03 Est. Cost/Share $1195.25 Unrealized @ Report Date —

— BANK AMERICA CORP 0.2%

Value $444K Shares 355 Share Price $1249.63 Est. Cost/Share $1213.79 Unrealized @ Report Date —

— CENTERPOINT ENERGY INC 0.2%

Value $406K Shares 371,000 Share Price $1.09 Est. Cost/Share $1.01 Unrealized @ Report Date —

— ETSY INC 0.1%

Value $208K Shares 225,000 Share Price $0.92 Est. Cost/Share $0.92 Unrealized @ Report Date —

— CABLE ONE INC 0.0%

Value $61,035 Shares 75,000 Share Price $0.81 Est. Cost/Share $0.79 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	BOFA FIN LLC	9,803,000	$10.64M	5.6%	$1.09	$1.10	—	MTNF 0.600% 5/2	09709UV70
—	EURONET WORLDWIDE INC	12,112,000	$10.22M	5.4%	$0.84	$0.99	—	NOTE 0.750% 3/1	298736AL3
—	AKAMAI TECHNOLOGIES INC	10,068,000	$10.09M	5.3%	$1.00	$0.99	—	NOTE 0.375% 9/0	00971TAL5
—	CAPITAL SOUTHWEST CORP	10,127,000	$10M	5.3%	$0.99	$0.96	—	NOTE 5.125%11/1	140501AE7
—	ON SEMICONDUCTOR CORP	10,280,000	$9.725M	5.1%	$0.95	$0.94	—	NOTE 0.500% 3/0	682189AU9
—	AMERICAN WTR CAP CORP	9,668,000	$9.627M	5.1%	$1.00	$1.02	—	NOTE 3.625% 6/1	03040WBE4
—	DUKE ENERGY CORP NEW	8,858,000	$9.124M	4.8%	$1.03	$1.00	—	NOTE 4.125% 4/1	26441CBY0
—	EXPEDIA GROUP INC	7,512,000	$8.38M	4.4%	$1.12	$1.20	—	NOTE 2/1	30212PBE4
—	ENVISTA HOLDINGS	8,715,000	$8.356M	4.4%	$0.96	$0.91	—	NOTE 1.750% 8/1	29415FAD6
—	BLOCK INC	8,485,000	$7.844M	4.1%	$0.92	$0.90	—	NOTE 0.250%11/0	852234AK9
—	VENTAS RLTY LTD PARTNERSHIP	5,475,000	$7.731M	4.1%	$1.41	$1.06	—	NOTE 3.750% 6/0	92277GAZ0
—	ETSY INC	8,342,000	$7.441M	3.9%	$0.89	$0.74	—	NOTE 0.250% 6/1	29786AAN6
—	NEXTERA ENERGY CAP HLDGS	5,920,000	$7.347M	3.9%	$1.24	$1.16	—	NOTE 3.000% 3/0	65339KCY4
—	GLOBAL PMTS INC	7,830,000	$7.024M	3.7%	$0.90	$0.94	—	NOTE 1.500% 3/0	37940XAU6
—	MICROCHIP TECHNOLOGY INC.	6,978,000	$6.839M	3.6%	$0.98	$0.98	—	NOTE 0.750% 6/0	595017BG8
—	FORD MTR CO	6,383,000	$6.629M	3.5%	$1.04	$0.99	—	NOTE 3/1	345370CZ1
—	MERITAGE HOMES CORP	6,215,000	$6.112M	3.2%	$0.98	$0.97	—	NOTE 1.750% 5/1	59001ABF8
—	UBER TECHNOLOGIES INC	4,430,000	$5.746M	3.0%	$1.30	$1.18	—	NOTE 0.875%12/0	90353TAM2
—	DEXCOM INC	6,101,000	$5.61M	2.9%	$0.92	$0.94	—	NOTE 0.375% 5/1	252131AM9
—	EVERGY INC	4,322,000	$5.26M	2.8%	$1.22	$1.09	—	NOTE 4.500%12/1	30034WAD8
TAXX	BONDBLOXX ETF TRUST	100,000	$5.072M	2.7%	$50.72	$50.05	+1.3%	IR M TAXAWARE	09789C721
TXXI	BONDBLOXX ETF TRUST	100,000	$5.06M	2.7%	$50.60	$49.82	+1.6%	IR M TAX AWARE	09789C663
TAXM	BONDBLOXX ETF TRUST	100,000	$5.026M	2.6%	$50.26	$49.78	+1.0%	IR M TAX AWARE	09789C697
—	GLADSTONE CAP CORP	4,830,000	$4.709M	2.5%	$0.97	$0.99	—	NOTE 5.875%10/0	376535AG5
—	HAEMONETICS CORP MASS	3,270,000	$3.387M	1.8%	$1.04	$0.99	—	NOTE 2.500% 6/0	405024AD2
—	PINNACLE WEST CAP CORP	3,031,000	$3.236M	1.7%	$1.07	$1.08	—	NOTE 4.750% 6/1	723484AK7
AGGS	HARBOR ETF TRUST	50,000	$2.061M	1.1%	$41.22	$40.79	+1.1%	DISCIPLINED BOND	41151J794
—	WELLS FARGO CO NEW	803	$974K	0.5%	$1213.03	$1195.25	—	PERP PFD CNV A	949746804
—	BANK AMERICA CORP	355	$444K	0.2%	$1249.63	$1213.79	—	7.25%CNV PFD L	060505682
—	CENTERPOINT ENERGY INC	371,000	$406K	0.2%	$1.09	$1.01	—	NOTE 4.250% 8/1	15189TBD8
—	ETSY INC	225,000	$208K	0.1%	$0.92	$0.92	—	NOTE 0.125% 9/0	29786AAL0
—	CABLE ONE INC	75,000	$61,035	0.0%	$0.81	$0.79	—	NOTE 1.125% 3/1	12685JAG0