Private Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Private Capital Management, LLC reported 130 stock positions worth $894.0 million. Its top holding was Quinstreet (QNST) at 8.1% of the portfolio, followed by Lantheus (LNTH, 5.7%) and Harrow (HROW, 5.6%). Compared with Q4 2024, it opened 16 new positions, sold out of 11, added to 60 and reduced 35. The biggest buy was International Workplace Grou (IWGFF, shares +891%) and the biggest sale Jefferies Financial (JEF, shares −23%).

Most Recent 13F
Q2 2026
Location
NAPLES, FL
CIK
0001588456
Portfolio Value
$894.0M (Q1 2025)
SEC Filing
0001214659-25-007857 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $885.4M Q1 2024 Q2 2024: $843.2M Q2 2024 Q3 2024: $912.9M Q3 2024 Q4 2024: $937.3M Q4 2024 Q1 2025: $894.0M $894.0M Q1 2025 Q2 2025: $985.6M Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $979.0M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 130 stocks · $894.0M

QNST Quinstreet Inc. 8.13% 4,083,846 $72.7M Add +0.5%
LNTH Lantheus Holdings Inc. 5.71% 524,450 $51.1M Add +4.8%
HROW Harrow Inc. 5.61% 1,890,627 $50.2M Add +11.5%
BBSI Barrett Business SVCS Inc. 5.26% 1,145,929 $47.0M Reduce -0.7%
AIOT Powerfleet Inc. 4.13% 6,745,713 $36.9M Reduce -1.3%
BGC BGC Group Inc. Class A 4.09% 3,998,857 $36.6M Add +26.4%
ASUR Asure Software Inc. 4.05% 3,797,112 $36.2M Add +2.1%
KKR KKR & Co. Inc. 3.91% 302,847 $34.9M Add +2.8%
ECNCF Ecn Capital Corp. 3.82% 18,832,006 $34.2M Add +0.4%
TH Target Hospitality Corp. 3.71% 5,053,243 $33.2M Add +0.9%
JPM JPMorgan Chase & Co. 3.13% 113,952 $28.0M Reduce -0.0%
PERI Perion Network Ltd. 2.80% 3,078,139 $25.0M Add +21.3%
SECYF Secure Waste Infrastructure 2.79% 2,291,510 $24.9M Add +43.5%
MPAA Motorcar Parts of America Inc. 2.65% 2,501,546 $23.7M Reduce -0.7%
III Information Services Group 2.56% 5,869,240 $22.9M Add +4.9%
JEF Jefferies Financial Group Inc. 2.38% 398,459 $21.3M Reduce -22.8%
SNEX Stonex Group Inc. 2.38% 278,818 $21.2M Reduce -2.9%
LAKE Lakeland Industries Inc. 2.26% 996,873 $20.2M Reduce -1.0%
IWGFF International Workplace Grou 1.95% 7,271,825 $17.4M Add +890.7%
TROX Tronox Holdings PLC 1.93% 2,461,840 $17.3M Add +43.4%
SMBK Smartfinancial Inc. 1.80% 517,891 $16.1M Reduce -0.9%
LGND Ligand Pharmaceuticals 1.74% 148,125 $15.5M Add +10.8%
VIVID SEATS INC 1.74% 5,258,129 $15.5M Add +4.0%
SNV Synovus Financial Corp. 1.52% 292,090 $13.6M Add +2.7%
ASLE Aersale Corp. 1.38% 1,656,742 $12.4M Add +4.1%
ACNB Acnb Corp. 1.25% 271,596 $11.2M New
ATRO Astronics Corp. 1.09% 402,958 $9.7M New
RJF Raymond James Financial Inc. 0.91% 58,494 $8.1M Reduce -0.6%
GOOGL Alphabet Inc. Class A 0.66% 38,355 $5.9M Add +8.5%
FNWB First Northwest Bancorp 0.61% 540,216 $5.5M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.60% 9,617 $5.4M Add +1.0%
PLTR Palantir Technologies Inc. Class A 0.57% 60,911 $5.1M Add +1.2%
SSBK Southern States Bancshares 0.57% 142,354 $5.1M Add +271.6%
EVRI Everi Holdings Inc. 0.53% 347,625 $4.7M Reduce -79.5%
NOBL Proshares S&P 500 Dividend A 0.48% 42,151 $4.3M Reduce -6.1%
VIG Vanguard Dividend Apprec ETF 0.48% 22,038 $4.3M Add +2.9%
AAPL Apple Inc. 0.45% 17,985 $4.0M Reduce -1.0%
DON Wisdomtree US Midcap Dividen 0.45% 80,663 $4.0M Add +4.7%
GOOG Alphabet Inc. Class C 0.43% 24,837 $3.9M Add +0.1%
MSFT Microsoft Corp. 0.42% 10,086 $3.8M Add +38.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.35% 12,482 $3.1M Reduce -0.8%
PBFS Pioneer Bancorp Inc. 0.34% 259,904 $3.0M New
IVV iShares Core S&P 500 ETF 0.34% 5,354 $3.0M Add +23.9%
WTPI Wisdomtree Equity Premium Inc. 0.30% 87,399 $2.7M Add +39.7%
CVX Chevron Corp. 0.30% 15,895 $2.7M Reduce -13.2%
CEFS Saba Opport Hedg Cef ETF-Usd 0.29% 122,719 $2.6M Add +209.6%
IJH iShares Core S&P Midcap ETF 0.29% 43,829 $2.6M Add +1.6%
AMZN Amazon.com Inc. 0.27% 12,451 $2.4M Add +58.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.25% 28,215 $2.2M Reduce -1.2%
HTB Hometrust Bancshares Inc. 0.23% 58,804 $2.0M New
PFE Pfizer Inc. 0.22% 76,484 $1.9M Add +0.4%
XLE SS Energy Select Sector 0.20% 18,868 $1.8M Reduce -0.5%
DGX Quest Diagnostics Inc. 0.20% 10,400 $1.8M No change
TGT Target Corp. 0.19% 15,876 $1.7M Add +46.6%
PSX Phillips 66 0.18% 13,197 $1.6M Add +0.4%
MA Mastercard Inc. Class A 0.18% 2,866 $1.6M Reduce -2.5%
HP Helmerich & Payne 0.17% 59,000 $1.5M Add +51.3%
BTU Peabody Energy Corp. 0.17% 109,788 $1.5M Add +49.6%
SCHF Schwab Intl Equity ETF 0.16% 73,865 $1.5M Add +1.9%
CPB The Campbell's Company 0.16% 36,300 $1.4M Add +38.0%
FE Firstenergy Corp. 0.16% 35,127 $1.4M Add +49.3%
CLX Clorox Company 0.15% 8,900 $1.3M Add +12.7%
NTR Nutrien Ltd. 0.14% 24,787 $1.2M Reduce -1.4%
PYPL PayPal Holdings Inc. 0.14% 18,700 $1.2M No change
KDP Keurig Dr Pepper Inc. 0.13% 33,900 $1.2M Add +21.1%
QQQ Invesco QQQ Trust Series 1 0.13% 2,406 $1.1M Reduce -3.5%
BND Vanguard Total Bond Market 0.12% 15,092 $1.1M New
FAS Dirx DLY Finacial B3X ETF-Ui 0.12% 7,000 $1.1M Add +27.3%
HD Home Depot Inc. 0.12% 2,919 $1.1M Reduce -3.6%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.11% 8,300 $983K Add +64.8%
EQWL Invesco S&P 100 Equal Weight 0.10% 9,094 $938K Add +17.1%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.10% 11,442 $894K Add +23.8%
NFG National Fuel Gas Co. 0.10% 10,900 $863K Reduce -47.6%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.09% 9,374 $817K Add +108.6%
NVDA Nvidia Corp. 0.09% 7,476 $810K Add +261.2%
META Meta Platforms Inc. Class A 0.09% 1,367 $788K Reduce -12.2%
IWM iShares Russell 2000 ETF 0.09% 3,937 $785K Add +98.1%
TSCO Tractor Supply Company 0.09% 14,200 $782K No change
SHEL Shell PLC-ADR 0.09% 10,500 $769K No change
SO The Southern Co. 0.08% 8,122 $747K No change
AEP American Electric Power 0.08% 6,750 $738K No change
TMO Thermo Fisher Scientific Inc. 0.08% 1,396 $695K No change
VYM Vanguard High DVD Yield ETF 0.08% 5,242 $676K Add +39.8%
QCOM Qualcomm Inc. 0.07% 4,305 $661K Add +7.5%
VEU Vanguard Ftse All-World Ex-U 0.07% 10,590 $642K Add +0.3%
VCIT Vanguard Int-Term Corporate 0.07% 7,259 $594K Add +8.1%
CMP Compass Minerals Internation 0.06% 59,500 $553K Add +2.6%
XLV SS Health Care Select Sector 0.06% 3,569 $521K Reduce -1.3%
WMT Walmart Inc. 0.06% 5,772 $507K Add +3.3%
XOM Exxon Mobil Corp. 0.06% 4,237 $504K Add +3.5%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.06% 1,200 $504K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.05% 1,324 $491K Add +110.2%
WM Waste Management Inc. 0.05% 2,111 $489K No change
ZBRA Zebra Technologies Corp. Class A 0.05% 1,725 $487K No change
HON Honeywell International Inc. 0.05% 2,046 $433K No change
VOO Vanguard S&P 500 ETF 0.05% 836 $429K Reduce -2.2%
RRC Range Resources Corp. 0.05% 10,500 $419K Reduce -53.3%
XLF SS Financial Select Sector 0.05% 8,216 $409K Reduce -7.0%
LMT Lockheed Martin Corp. 0.04% 878 $392K Reduce -0.2%
IJR iShares Core S&P Small-Cap E 0.04% 3,639 $381K Add +99.8%

Show all 130 holdings

Options reported separately and not counted above: PFE calls ($3.2M), BTU calls ($1.9M), QNST calls ($1.5M), TNA calls ($1.5M), GOOG calls ($1.3M), GOOGL puts ($1.3M), HROW calls ($1.2M), TTE calls ($970K), LNTH calls ($956K), PFE puts ($900K), BTU puts ($745K), TGT calls ($731K), and 7 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.6M (not counted above)
SecurityClassShares / PrincipalValueChange
HIGHLAND OPP & INC FUND (HFRO 5.375 PERP A) PFD 100,292$1.6MAdd +98.6%

Total filed on the 13F, all lines: $895.6M.

Portfolio Sells Q4 2024 → Q1 2025

JEF Jefferies Financial Group Inc. Reduce -22.8% 2.38% −1.93
EVRI Everi Holdings Inc. Reduce -79.5% 0.53% −1.92
VC Visteon Corp. Sold out 0.00% −0.85
AIOT Powerfleet Inc. Reduce -1.3% 4.13% −0.72
LAKE Lakeland Industries Inc. Reduce -1.0% 2.26% −0.49
SHBI Shore Bancshares Inc. Sold out 0.00% −0.40
AGG iShares Core U.S. Aggregate Reduce -84.3% 0.02% −0.11
HEES H&E Equipment Services Inc. Sold out 0.00% −0.11
TAP Molson Coors Beverage Co. Class B Sold out 0.00% −0.09
BBSI Barrett Business SVCS Inc. Reduce -0.7% 5.26% −0.09
HFRO Highland Opport & Income Sold out 0.00% −0.08
RJF Raymond James Financial Inc. Reduce -0.6% 0.91% −0.07
RRC Range Resources Corp. Reduce -53.3% 0.05% −0.04
AAPL Apple Inc. Reduce -1.0% 0.45% −0.04
NFG National Fuel Gas Co. Reduce -47.6% 0.10% −0.04
IMAX Imax Corp. Sold out 0.00% −0.04
AVGO Broadcom Inc. Sold out 0.00% −0.04
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.03
COST Costco Wholesale Corp. Sold out 0.00% −0.03
ADBE Adobe Inc. Sold out 0.00% −0.02
INTC Intel Corp. Sold out 0.00% −0.02
REAL The Realreal Inc. Reduce -6.3% 0.01% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -3.5% 0.13% −0.01
META Meta Platforms Inc. Class A Reduce -12.2% 0.09% −0.01
XLK SS Technology Select Sector Reduce -14.6% 0.03% −0.01
HD Home Depot Inc. Reduce -3.6% 0.12% −0.01
UNH Unitedhealth Group Inc. Reduce -16.6% 0.02% −0.00
LMT Lockheed Martin Corp. Reduce -0.2% 0.04% −0.00
VOO Vanguard S&P 500 ETF Reduce -2.2% 0.05% −0.00
BAC Bank of America Corp. Reduce -0.5% 0.04% −0.00
XLF SS Financial Select Sector Reduce -7.0% 0.05% +0.00
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -2.8% 0.03% +0.00
V Visa Inc. Class A Reduce -0.8% 0.03% +0.00
NOBL Proshares S&P 500 Dividend A Reduce -6.1% 0.48% +0.00
XLV SS Health Care Select Sector Reduce -1.3% 0.06% +0.01
MA Mastercard Inc. Class A Reduce -2.5% 0.18% +0.01
CVX Chevron Corp. Reduce -13.2% 0.30% +0.01
NTR Nutrien Ltd. Reduce -1.4% 0.14% +0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -1.2% 0.25% +0.02
XLE SS Energy Select Sector Reduce -0.5% 0.20% +0.02
FNWB First Northwest Bancorp Reduce -0.3% 0.61% +0.02
IBM Intl Business Machines Corp. Reduce -0.8% 0.35% +0.05
SMBK Smartfinancial Inc. Reduce -0.9% 1.80% +0.07
JPM JPMorgan Chase & Co. Reduce -0.0% 3.13% +0.21
SNEX Stonex Group Inc. Reduce -2.9% 2.38% +0.38
MPAA Motorcar Parts of America Inc. Reduce -0.7% 2.65% +0.61

Portfolio Buys Q4 2024 → Q1 2025

IWGFF International Workplace Grou Add +890.7% 1.95% +1.79
ACNB Acnb Corp. New 1.25% +1.25
ATRO Astronics Corp. New 1.09% +1.09
BGC BGC Group Inc. Class A Add +26.4% 4.09% +1.04
LNTH Lantheus Holdings Inc. Add +4.8% 5.71% +0.94
SECYF Secure Waste Infrastructure Add +43.5% 2.79% +0.87
III Information Services Group Add +4.9% 2.56% +0.57
PERI Perion Network Ltd. Add +21.3% 2.80% +0.50
SSBK Southern States Bancshares Add +271.6% 0.57% +0.43
PBFS Pioneer Bancorp Inc. New 0.34% +0.34
ASLE Aersale Corp. Add +4.1% 1.38% +0.31
ASUR Asure Software Inc. Add +2.1% 4.05% +0.31
HTB Hometrust Bancshares Inc. New 0.23% +0.23
LGND Ligand Pharmaceuticals Add +10.8% 1.74% +0.21
CEFS Saba Opport Hedg Cef ETF-Usd Add +209.6% 0.29% +0.20
BND Vanguard Total Bond Market New 0.12% +0.12
MSFT Microsoft Corp. Add +38.5% 0.42% +0.10
TROX Tronox Holdings PLC Add +43.4% 1.93% +0.09
PLTR Palantir Technologies Inc. Class A Add +1.2% 0.57% +0.09
WTPI Wisdomtree Equity Premium Inc. Add +39.7% 0.30% +0.08
AMZN Amazon.com Inc. Add +58.5% 0.27% +0.08
IVV iShares Core S&P 500 ETF Add +23.9% 0.34% +0.07
NVDA Nvidia Corp. Add +261.2% 0.09% +0.06
FE Firstenergy Corp. Add +49.3% 0.16% +0.06
SJM The JM Smucker Co. Add +64.8% 0.11% +0.05
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Add +108.6% 0.09% +0.05
CPB The Campbell's Company Add +38.0% 0.16% +0.04
IWM iShares Russell 2000 ETF Add +98.1% 0.09% +0.04
FTIS Enhanced Liquid Income Offshore Fund New 0.04% +0.04
HP Helmerich & Payne Add +51.3% 0.17% +0.04
TQQQ Proshares Ultrapro QQQ New 0.04% +0.04
FAS Dirx DLY Finacial B3X ETF-Ui Add +27.3% 0.12% +0.04
KRE SS SPDR S&P Regional Bank New 0.04% +0.04
KDP Keurig Dr Pepper Inc. Add +21.1% 0.13% +0.03
VIG Vanguard Dividend Apprec ETF Add +2.9% 0.48% +0.03
PEP Pepsico Inc. New 0.03% +0.03
TGT Target Corp. Add +46.6% 0.19% +0.03
VO Vngrd Mrngstr MD-Cap ETF-Usd New 0.03% +0.03
DON Wisdomtree US Midcap Dividen Add +4.7% 0.45% +0.03
DGRO iShares Core Dividend Growth New 0.03% +0.03
VUG Vanguard Mrngstar GR ETF-Sui Add +110.2% 0.05% +0.03
IHE iShares US Pharmaceuticals E New 0.03% +0.03
BRK.B Berkshire Hathaway Inc. Class B New 0.02% +0.02
VYM Vanguard High DVD Yield ETF Add +39.8% 0.08% +0.02
IEFA iShares Core MSCI Eafe ETF New 0.02% +0.02
VWO Vanguard Ftse Emerging Marke New 0.02% +0.02
JNJ Johnson & Johnson New 0.02% +0.02
PSX Phillips 66 Add +0.4% 0.18% +0.02
SCHF Schwab Intl Equity ETF Add +1.9% 0.16% +0.02
IJR iShares Core S&P Small-Cap E Add +99.8% 0.04% +0.02

Options Activity Q4 2024 → Q1 2025

PLNT Planet Fitness Inc. Class A put Sold out 35,000 $3.5Mbefore exit
PFE Pfizer Inc. call Add +31.6% 125,000 $3.2M
BTU Peabody Energy Corp. call Add +189.7% 137,600 $1.9M
INTC Intel Corp. call Sold out 80,000 $1.6Mbefore exit
QNST Quinstreet Inc. call New 85,000 $1.5M
TNA Dir Dai SML Ca Bul 3X Et-Usd call New 50,000 $1.5M
GOOG Alphabet Inc. Class C call New 8,500 $1.3M
GOOGL Alphabet Inc. Class A put New 8,500 $1.3M
HROW Harrow Inc. call New 43,500 $1.2M
LNTH Lantheus Holdings Inc. call Add +96.0% 9,800 $956K
BTU Peabody Energy Corp. put Add +214.3% 55,000 $745K
TGT Target Corp. call New 7,000 $731K
TGT Target Corp. put New 7,000 $731K
TROX Tronox Holdings PLC call Sold out 60,000 $604Kbefore exit
CMP Compass Minerals Internation call Reduce -76.8% 42,500 $395K
DIA SS SPDR Dow Jones Indus Avg put Add +250.0% 700 $294K
TH Target Hospitality Corp. call Sold out 30,000 $290Kbefore exit
VIVID SEATS INC call Reduce -86.1% 40,000 $118K
BGC BGC Group Inc. Class A call Sold out 10,000 $91Kbefore exit
IWM iShares Russell 2000 ETF put Add +100.0% 400 $80K
ASLE Aersale Corp. call Sold out 10,000 $63Kbefore exit
CMP Compass Minerals Internation put New 3,300 $31K
RVNC Revance Therapeutics Inc. call Sold out 10,000 $30Kbefore exit
PERI Perion Network Ltd. call Sold out 900 $8Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025

HIGHLAND OPP & INC FUND (HFRO 5.375 PERP A) PFD Add +98.6% 100,292 $1.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 175$1.1BQNST, HROW, TH, LGND, PERI
Q1 2026 173$979.0MHROW, QNST, PERI, TH, KKR
Q4 2025 164$1.1BHROW, QNST, KKR, AIOT, LGND
Q3 2025 147$1.1BHROW, QNST, BBSI, KKR, LGND
Q2 2025 137$985.6MQNST, HROW, BBSI, LNTH, BGC
Q1 2025 130$894.0MQNST, LNTH, HROW, BBSI, AIOT
Q4 2024 125$937.3MQNST, HROW, BBSI, TH, AIOT
Q3 2024 122$912.9MHROW, QNST, LNTH, KKR, BBSI
Q2 2024 128$843.2MQNST, HROW, TH, KKR, LNTH
Q1 2024 126$885.4MQNST, TH, KKR, BBSI, HROW