AQR reports 5.15% passive stake in PENN

Rhea-AI Filing Summary

AQR Capital Management, LLC and AQR Capital Management Holdings, LLC report beneficial ownership of PENN Entertainment, Inc. common stock on a Schedule 13G. They disclose aggregate beneficial ownership of 6,892,718 shares of PENN common stock, representing 5.15% of the outstanding class.

Both entities, organized in the United States, report 0 shares with sole voting or dispositive power. They report 6,866,434 shares with shared voting power and 6,892,718 shares with shared dispositive power. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, and the filing is made jointly on behalf of both entities.

Key Figures

Beneficial ownership: 6,892,718 shares Percent of class: 5.15% Shared voting power: 6,866,434 shares +4 more

7 metrics

Beneficial ownership 6,892,718 shares Common stock of PENN Entertainment, Inc. reported by AQR entities

Percent of class 5.15% Portion of PENN common stock beneficially owned by AQR entities

Shared voting power 6,866,434 shares Shares of PENN with shared power to vote or direct the vote

Shared dispositive power 6,892,718 shares Shares of PENN with shared power to dispose or direct disposition

CUSIP 707569109 CUSIP number for PENN Entertainment, Inc. common stock

Reporting date 06/30/2026 Date associated with the PENN ownership information

Signature date 08/12/2026 Date Henry Parkin signed on behalf of AQR entities

Key Terms

beneficially owned, shared voting power, shared dispositive power, parent holding company or control person, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 6,892,718"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 6,866,434.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 6,892,718.00"

parent holding company or control person regulatory

"acquired the Security Being Reported on by the Parent Holding Company or Control Person."

Schedule 13G regulatory

"hereby agree that this is filed on behalf of each of the parties."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in PENN (PENN) does AQR report on this Schedule 13G?

AQR reports beneficial ownership of 6,892,718 PENN shares, representing 5.15% of the company’s common stock, according to the Schedule 13G filing for PENN Entertainment, Inc.

How much voting power in PENN (PENN) does AQR have under this filing?

AQR reports shared voting power over 6,866,434 shares of PENN common stock and no sole voting power, indicating decisions are made jointly under the disclosed arrangements.

Which AQR entities are listed as PENN (PENN) beneficial owners?

The filing lists AQR Capital Management, LLC and AQR Capital Management Holdings, LLC as reporting persons, with AQR Capital Management, LLC a wholly owned subsidiary of the Holdings entity.

What dispositive power over PENN (PENN) shares does AQR disclose?

AQR reports shared dispositive power over 6,892,718 shares of PENN common stock and no sole dispositive power, meaning the entities share authority to decide if and when these shares are sold.

Where are the issuer and AQR entities in the PENN (PENN) Schedule 13G based?

PENN Entertainment’s principal office is at 825 Berkshire Blvd, Wyomissing, Pennsylvania. The AQR entities’ principal business office is at One Greenwich Plaza, Suite 130, Greenwich, Connecticut.

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Available on EDGAR 08/12/2026 - 12:33 PM Accepted by SEC EDGAR 08/12/2026 - 12:32 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PENN Entertainment, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

707569109

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 707569109

1

Names of Reporting Persons

AQR Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,866,434.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,892,718.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,892,718.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.15 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 707569109

1

Names of Reporting Persons

AQR Capital Management Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,866,434.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,892,718.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,892,718.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.15 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PENN Entertainment, Inc.
(b)	Address of issuer's principal executive offices: 825 BERKSHIRE BLVD STE 200, WYOMISSING PROFESSIONAL CENTER, WYOMISSING, PENNSYLVANIA 19610
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(e)	CUSIP Number(s): 707569109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,892,718
(b)	Percent of class: 5.15 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 6,866,434 AQR Capital Management Holdings, LLC - 6,866,434
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 6,892,718 AQR Capital Management Holdings, LLC - 6,892,718
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2026

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2026

Exhibit Information

AQR Capital Management Holdings, LLC and AQR Capital Management, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC.