SCHEDULE: Endure Capital Discloses 7.1% Stake in Patria Investments

Endure Capital Management and related entities, including Ryan Simes, have disclosed a 7.1% beneficial ownership stake in Patria Investments Limited's Class A common shares.

Summary

• Endure Capital Management, LLC, Enduring Alpha Fund, LP, Endure Capital GP, LP, and Ryan Simes (collectively, 'Reporting Persons') have filed an Amendment No. 1 to Schedule 13G.
• As of September 30, 2025, the Reporting Persons collectively beneficially own 4,584,996 Class A common shares of Patria Investments Limited.
• This aggregate amount represents 7.1% of the Issuer's Class A common shares outstanding.
• The total number of Class A common shares outstanding used for calculation is 65,021,566 as of September 30, 2025.
• Enduring Alpha Fund, LP directly owns 4,318,863 shares, representing 6.6% of the class, with shared voting and dispositive power.
• Ryan Simes directly owns 266,133 shares, including 101 shares held in IRA accounts, with sole voting and dispositive power.
• Ryan Simes also has shared voting and dispositive power over the 4,318,863 shares held by Enduring Alpha Fund, LP, through his roles in Endure Capital Management, LLC and Endure Capital GP, LP.
• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of the Issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently convey positive or negative sentiment.

Future Outlook

NA

Industry Context

This filing indicates a significant institutional investment in Patria Investments Limited, a private markets investment firm. Such disclosures are common for publicly traded companies and reflect the investment decisions of various funds and individuals.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional holdings, potentially influencing market perception of the company's investor base.
• Market: Informs the market of a substantial stake held by Endure Capital Management and related entities, which could be interpreted as a vote of confidence or a precursor to future engagement, although the filing explicitly denies intent to influence control.

Key Dates

Keywords

Patria Investments Limited, Endure Capital Management, Ryan Simes, Beneficial Ownership, Schedule 13G, Institutional Investor, Class A Common Shares, Investment Management