Patient Capital Management, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIIB	BIOGEN INC	576,352 (+45.3%)	$101,432 (+82.6%)	3.9%	$180.95	-9.7%	COM	09062X103
IAC	IAC INC	2,374,050 (+12.6%)	$92,825 (+29.2%)	3.6%	$42.88	-18.3%	COM NEW	44891N208
MAT	MATTEL INC	2,794,343 (+33.1%)	$55,440 (+56.9%)	2.1%	$18.61	+3.8%	COM	577081102
RPRX	ROYALTY PHARMA PLC	3,333,675 (+6.9%)	$128,813 (+17.1%)	5.0%	$28.53	+33.7%	SHS CLASS A	G7709Q104
COIN	COINBASE GLOBAL INC	178,923 (+4.2%)	$40,462 (-30.2%)	1.6%	$96.82	+207.8%	COM CL A	19260Q107
CROX	CROCS INC	758,797 (+28.9%)	$64,892 (+31.9%)	2.5%	$93.23	-10.3%	COM	227046109
NCLH	NORWEGIAN CRUISE LINE HLDG L	5,308,128 (+16.3%)	$118,477 (+5.4%)	4.6%	$19.05	+10.8%	SHS	G66721104
NE	NOBLE CORP PLC	1,281,155 (+18.5%)	$36,180 (+18.3%)	1.4%	$25.23	+15.9%	ORD SHS A	G65431127
ET	ENERGY TRANSFER L P	5,272,875 (+7.9%)	$86,950 (+3.7%)	3.4%	$13.28	—	COM UT LTD PTN	29273V100
FBTC	FIDELITY WISE ORIGIN BITCOIN	781,695 (+26.1%)	$59,589 (-3.7%)	2.3%	$74.19	—	SHS	315948109
SPY	SPDR S&P 500 ETF TR	1,075 (+155.3%)	$733 (+161.4%)	0.0%	$675.86	—	TR UNIT	78462F103

Exited Positions (3)

ANGI ANGI INC 0.5%

Value ($000) $12,997 Shares 799,342 Est. Cost $14.45 Unrealized -10.9%

KOS KOSMOS ENERGY LTD 0.2%

Value ($000) $5,502 Shares 3,314,653 Est. Cost $5.02 Unrealized -73.8%

MSTR STRATEGY INC 0.0%

Value ($000) $674 Shares 2,092 Est. Cost $371.01 Unrealized -37.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANGI	ANGI INC	799,342	$12,997	0.5%	$14.45	-10.9%	—	00183L201
KOS	KOSMOS ENERGY LTD	3,314,653	$5,502	0.2%	$5.02	-73.8%	—	500688106
MSTR	STRATEGY INC	2,092	$674	0.0%	$371.01	-37.9%	—	594972408

Decreased Positions (16)

BABA ALIBABA GROUP HLDG LTD 0.6%

Value ($000) $14,675 (-83.2%) Shares 100,114 (-79.6%) Est. Cost $84.40 Unrealized —

GOOGL ALPHABET INC 7.0%

Value ($000) $182,052 (+22.1%) Shares 581,637 (-5.2%) Est. Cost $115.84 Unrealized +146.5%

SOFI SOFI TECHNOLOGIES INC 1.2%

Value ($000) $31,376 (-47.3%) Shares 1,198,484 (-46.8%) Est. Cost $7.03 Unrealized +296.6%

C CITIGROUP INC 5.8%

Value ($000) $150,739 (+13.3%) Shares 1,291,794 (-1.4%) Est. Cost $42.91 Unrealized +141.5%

PLAY DAVE & BUSTERS ENTMT INC 1.0%

Value ($000) $26,963 (-30.5%) Shares 1,663,341 (-22.2%) Est. Cost $32.24 Unrealized -48.1%

PTON PELOTON INTERACTIVE INC 0.4%

Value ($000) $11,583 (-49.2%) Shares 1,880,356 (-25.8%) Est. Cost $7.47 Unrealized -5.7%

PGEN PRECIGEN INC 3.0%

Value ($000) $78,055 (-10.3%) Shares 18,673,466 (-29.4%) Est. Cost $1.90 Unrealized +103.8%

UAL UNITED AIRLS HLDGS INC 2.8%

Value ($000) $73,144 (+13.7%) Shares 654,121 (-1.9%) Est. Cost $46.02 Unrealized +119.6%

TEM TEMPUS AI INC 0.9%

Value ($000) $22,565 (-27.9%) Shares 382,128 (-1.5%) Est. Cost $57.34 Unrealized +36.4%

UBS UBS GROUP AG 2.1%

Value ($000) $54,985 (-10.6%) Shares 1,187,326 (-20.9%) Est. Cost $20.29 Unrealized +99.1%

GM GENERAL MTRS CO 2.4%

Value ($000) $62,750 (+9.4%) Shares 771,647 (-18.0%) Est. Cost $35.04 Unrealized +100.9%

EXPE EXPEDIA GROUP INC 1.9%

Value ($000) $49,942 (-7.8%) Shares 176,282 (-30.5%) Est. Cost $102.21 Unrealized +141.5%

SDRL SEADRILL LTD 2.7%

Value ($000) $71,061 (+5.5%) Shares 2,053,797 (-7.9%) Est. Cost $38.17 Unrealized -18.4%

OMF ONEMAIN HLDGS INC 2.2%

Value ($000) $55,725 (+5.3%) Shares 824,942 (-12.0%) Est. Cost $40.03 Unrealized +51.9%

DAL DELTA AIR LINES INC DEL 1.8%

Value ($000) $47,220 (-3.4%) Shares 680,405 (-21.0%) Est. Cost $37.54 Unrealized +66.3%

QXO QXO INC 4.8%

Value ($000) $124,784 (+0.2%) Shares 6,468,854 (-1.0%) Est. Cost $29.17 Unrealized -34.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	100,114 (-79.6%)	$14,675 (-83.2%)	0.6%	$84.40	—	SPONSORED ADS	01609W102
GOOGL	ALPHABET INC	581,637 (-5.2%)	$182,052 (+22.1%)	7.0%	$115.84	+146.5%	CAP STK CL A	02079K305
SOFI	SOFI TECHNOLOGIES INC	1,198,484 (-46.8%)	$31,376 (-47.3%)	1.2%	$7.03	+296.6%	COM	83406F102
C	CITIGROUP INC	1,291,794 (-1.4%)	$150,739 (+13.3%)	5.8%	$42.91	+141.5%	COM NEW	172967424
PLAY	DAVE & BUSTERS ENTMT INC	1,663,341 (-22.2%)	$26,963 (-30.5%)	1.0%	$32.24	-48.1%	COM	238337109
PTON	PELOTON INTERACTIVE INC	1,880,356 (-25.8%)	$11,583 (-49.2%)	0.4%	$7.47	-5.7%	CL A COM	70614W100
PGEN	PRECIGEN INC	18,673,466 (-29.4%)	$78,055 (-10.3%)	3.0%	$1.90	+103.8%	COM	74017N105
UAL	UNITED AIRLS HLDGS INC	654,121 (-1.9%)	$73,144 (+13.7%)	2.8%	$46.02	+119.6%	COM	910047109
TEM	TEMPUS AI INC	382,128 (-1.5%)	$22,565 (-27.9%)	0.9%	$57.34	+36.4%	CL A	88023B103
UBS	UBS GROUP AG	1,187,326 (-20.9%)	$54,985 (-10.6%)	2.1%	$20.29	+99.1%	SHS	H42097107
GM	GENERAL MTRS CO	771,647 (-18.0%)	$62,750 (+9.4%)	2.4%	$35.04	+100.9%	COM	37045V100
EXPE	EXPEDIA GROUP INC	176,282 (-30.5%)	$49,942 (-7.8%)	1.9%	$102.21	+141.5%	COM NEW	30212P303
SDRL	SEADRILL LTD	2,053,797 (-7.9%)	$71,061 (+5.5%)	2.7%	$38.17	-18.4%	COM	G7997W102
OMF	ONEMAIN HLDGS INC	824,942 (-12.0%)	$55,725 (+5.3%)	2.2%	$40.03	+51.9%	COM	68268W103
DAL	DELTA AIR LINES INC DEL	680,405 (-21.0%)	$47,220 (-3.4%)	1.8%	$37.54	+66.3%	COM NEW	247361702
QXO	QXO INC	6,468,854 (-1.0%)	$124,784 (+0.2%)	4.8%	$29.17	-34.3%	COM NEW	82846H405

Unchanged Positions (11)

ILMN ILLUMINA INC 2.9%

Value ($000) $75,518 Shares 575,768 Est. Cost $106.74 Unrealized +10.0%

META META PLATFORMS INC 3.6%

Value ($000) $94,455 Shares 143,094 Est. Cost $249.96 Unrealized +167.0%

UNH UNITEDHEALTH GROUP INC 4.7%

Value ($000) $121,577 Shares 368,293 Est. Cost $338.22 Unrealized -0.3%

AMZN AMAZON COM INC 5.0%

Value ($000) $129,850 Shares 562,559 Est. Cost $115.43 Unrealized +98.2%

JD JD.COM INC 0.9%

Value ($000) $24,136 Shares 840,985 Est. Cost $39.96 Unrealized —

CVS CVS HEALTH CORP 3.8%

Value ($000) $97,725 Shares 1,231,416 Est. Cost $59.10 Unrealized +33.1%

NVDA NVIDIA CORPORATION 4.6%

Value ($000) $119,139 Shares 638,814 Est. Cost $99.33 Unrealized +87.4%

LEN/B LENNAR CORP 0.0%

Value ($000) $1,189 Shares 12,500 Est. Cost $56.95 Unrealized +98.0%

YOU CLEAR SECURE INC 0.2%

Value ($000) $4,385 Shares 125,000 Est. Cost $24.40 Unrealized +39.2%

JPM JPMORGAN CHASE & CO. 0.4%

Value ($000) $9,467 Shares 29,379 Est. Cost $131.03 Unrealized +136.2%

APA APA CORPORATION 0.0%

Value ($000) $1,223 Shares 50,000 Est. Cost $22.14 Unrealized +9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ILMN	ILLUMINA INC	575,768	$75,518	2.9%	$106.74	+10.0%	COM	452327109
META	META PLATFORMS INC	143,094	$94,455	3.6%	$249.96	+167.0%	CL A	30303M102
UNH	UNITEDHEALTH GROUP INC	368,293	$121,577	4.7%	$338.22	-0.3%	COM	91324P102
AMZN	AMAZON COM INC	562,559	$129,850	5.0%	$115.43	+98.2%	COM	023135106
JD	JD.COM INC	840,985	$24,136	0.9%	$39.96	—	SPON ADS CL A	47215P106
CVS	CVS HEALTH CORP	1,231,416	$97,725	3.8%	$59.10	+33.1%	COM	126650100
NVDA	NVIDIA CORPORATION	638,814	$119,139	4.6%	$99.33	+87.4%	COM	67066G104
LEN/B	LENNAR CORP	12,500	$1,189	0.0%	$56.95	+98.0%	CL B	526057302
YOU	CLEAR SECURE INC	125,000	$4,385	0.2%	$24.40	+39.2%	COM CL A	18467V109
JPM	JPMORGAN CHASE & CO.	29,379	$9,467	0.4%	$131.03	+136.2%	COM	46625H100
APA	APA CORPORATION	50,000	$1,223	0.0%	$22.14	+9.0%	COM	03743Q108