Patient Capital Management, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Patient Capital Management, LLC reported 38 stock positions worth $2.7 billion . Its top holding was Royalty Pharma Class A (RPRX) at 6.5% of the portfolio, followed by Citigroup (C, 6.0% ) and Alphabet Class A (GOOGL, 5.7% ). Compared with Q4 2025, it opened 2 new positions, sold out of 4, added to 23 and reduced 11. The biggest buy was a new position in Adobe (ADBE) and the biggest sale an exit from Mattel (MAT).
Location BALTIMORE, MD
CIK 0001854794
Portfolio Value $2.7B (Q1 2026) Holdings 38 stocks · $2.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 RPRX Royalty Pharma PLC Class A 3,643,716 $174.8M Add +9.3% C Citigroup Inc. 1,413,870 $160.3M Add +9.4% GOOGL Alphabet Inc. Class A 533,993 $153.6M Reduce -8.2% AMZN Amazon.com Inc. 654,419 $136.3M Add +16.3% QXO Qxo Inc. 6,778,389 $131.6M Add +4.8% NVDA Nvidia Corp. 711,115 $124.0M Add +11.3% UNH Unitedhealth Group Inc. 437,141 $118.3M Add +18.7% ET Energy Transfer LP 6,088,203 $117.5M Add +15.5% PPLI People Inc. filed as IAC INC 2,699,564 $108.1M Add +13.7% NCLH Norwegian Cruise Line Holdin 5,749,640 $107.5M Add +8.3% SDRL Seadrill Limited 2,152,685 $97.9M Add +4.8% META Meta Platforms Inc. Class A 171,086 $97.9M Add +19.6% CVS CVS Health Corp. 1,357,159 $97.5M Add +10.2% COIN Coinbase Global Inc. Class A 430,405 $75.2M Add +140.6% ADBE Adobe Inc. 297,279 $72.3M New CROX Crocs Inc. 842,842 $70.0M Add +11.1% BIIB Biogen Inc. 379,741 $69.6M Reduce -34.1% PGEN Precigen Inc. 17,817,387 $69.0M Reduce -4.6% UAL United Airlines Holdings Inc. 732,020 $67.4M Add +11.9% ILMN Illumina Inc. 544,780 $67.1M Reduce -5.4% NE Noble Corp. PLC 1,347,854 $66.1M Add +5.2% GM General Motors Co. 744,630 $55.5M Reduce -3.5% FISV Fiserv Inc. 968,194 $54.0M Add +273.6% CHYM Chime Financial Inc. Class A 2,882,016 $54.0M Add +41.6% UBS UBS Group AG-Reg 1,241,955 $48.5M Add +4.6% IBIT iShares Bitcoin Trust ETF 1,100,000 $42.3M New OMF Onemain Holdings Inc. 781,371 $41.8M Reduce -5.3% JD Jd.com Inc.-ADR 1,399,468 $41.4M Add +66.4% EXPE Expedia Group Inc. 167,784 $38.7M Reduce -4.8% DAL Delta Air Lines Inc. 552,514 $36.7M Reduce -18.8% SOFI Sofi Technologies Inc. 1,326,246 $21.1M Add +10.7% FBTC Fidelity Wise Origin Bitcoin 353,831 $20.9M Reduce -54.7% TEM Tempus AI Inc. Class A 442,199 $20.0M Add +15.7% PLAY Dave & Buster's Entertainmen 1,151,658 $12.5M Reduce -30.8% JPM JPMorgan Chase & Co. 29,362 $8.6M Reduce -0.1% APA Apa Corp. 50,000 $2.1M No change LEN.B Lennar Corp. Class B 12,500 $1.1M No change SPY SS SPDR S&P 500 ETF Trust-US 1,115 $726K Add +3.7%
Options reported separately and not counted above: BIOGEN INC calls ($34.7M), TESLA INC puts ($18.6M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ MAT Mattel Inc. Sold out 0.00% −2.14 FBTC Fidelity Wise Origin Bitcoin Reduce -54.7% 0.78% −1.52 BIIB Biogen Inc. Reduce -34.1% 2.60% −1.32 GOOGL Alphabet Inc. Class A Reduce -8.2% 5.73% −1.30 OMF Onemain Holdings Inc. Reduce -5.3% 1.56% −0.59 PLAY Dave & Buster's Entertainmen Reduce -30.8% 0.47% −0.58 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.57 EXPE Expedia Group Inc. Reduce -4.8% 1.44% −0.48 DAL Delta Air Lines Inc. Reduce -18.8% 1.37% −0.45 PTON Peloton Interactive Inc. Class A Sold out 0.00% −0.45 PGEN Precigen Inc. Reduce -4.6% 2.57% −0.44 ILMN Illumina Inc. Reduce -5.4% 2.50% −0.41 GM General Motors Co. Reduce -3.5% 2.07% −0.35 YOU Clear Secure Inc. Class A Sold out 0.00% −0.17 JPM JPMorgan Chase & Co. Reduce -0.1% 0.32% −0.04
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ ADBE Adobe Inc. New 2.69% +2.69 IBIT iShares Bitcoin Trust ETF New 1.58% +1.58 RPRX Royalty Pharma PLC Class A Add +9.3% 6.52% +1.55 FISV Fiserv Inc. Add +273.6% 2.01% +1.34 COIN Coinbase Global Inc. Class A Add +140.6% 2.80% +1.24 NE Noble Corp. PLC Add +5.2% 2.47% +1.07 ET Energy Transfer LP Add +15.5% 4.38% +1.03 SDRL Seadrill Limited Add +4.8% 3.65% +0.91 JD Jd.com Inc.-ADR Add +66.4% 1.54% +0.61 PPLI People Inc. Add +13.7% 4.03% +0.45 C Citigroup Inc. Add +9.4% 5.98% +0.16 CROX Crocs Inc. Add +11.1% 2.61% +0.10 QXO Qxo Inc. Add +4.8% 4.91% +0.09 AMZN Amazon.com Inc. Add +16.3% 5.08% +0.07 CHYM Chime Financial Inc. Class A Add +41.6% 2.01% +0.04 NVDA Nvidia Corp. Add +11.3% 4.62% +0.03 META Meta Platforms Inc. Class A Add +19.6% 3.65% +0.00 SPY SS SPDR S&P 500 ETF Trust-US Add +3.7% 0.03% −0.00 TEM Tempus AI Inc. Class A Add +15.7% 0.75% −0.13 CVS CVS Health Corp. Add +10.2% 3.63% −0.14 UNH Unitedhealth Group Inc. Add +18.7% 4.41% −0.28 UAL United Airlines Holdings Inc. Add +11.9% 2.51% −0.31 UBS UBS Group AG-Reg Add +4.6% 1.81% −0.31 SOFI Sofi Technologies Inc. Add +10.7% 0.79% −0.43 NCLH Norwegian Cruise Line Holdin Add +8.3% 4.01% −0.56
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ BIOGEN INC call New 1,894 $34.7M TESLA INC put New 500 $18.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 39 $3.0B RPRX, C, GOOGL, UNH, AMZN Q1 2026 38 $2.7B RPRX, C, GOOGL, AMZN, QXO Q4 2025 40 $2.6B GOOGL, C, AMZN, RPRX, QXO Q3 2025 41 $2.5B GOOGL, C, UNH, QXO, AMZN Q2 2025 40 $2.2B QXO, AMZN, C, GOOGL, RPRX Q1 2025 39 $1.9B AMZN, C, QXO, GOOGL, RPRX Q4 2024 43 $2.2B AMZN, QXO, GOOGL, C, ET Q3 2024 41 $2.0B QXO, AMZN, GOOGL, C, EXPE Q2 2024 40 $1.9B AMZN, GOOGL, C, EXPE, ET Q1 2024 42 $2.1B AMZN, C, EXPE, OMF, DAL