AREX Capital Management, LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), AREX Capital Management, LP reported 26 stock positions worth $60.5 million. Its top holding was Enhabit (EHAB) at 58.1% of the portfolio, followed by People (PPLI, 16.5%) and Genworth Financial (GNW, 6.9%). Compared with Q4 2025, it opened 19 new positions, sold out of 2, added to 4 and reduced 3. The biggest buy was People (PPLI, shares +438%) and the biggest sale Callaway Golf (CALY, shares −61%).

Most Recent 13F
Q1 2026
Location
NEW YORK, NY
CIK
0001800261
Portfolio Value
$60.5M (Q1 2026)
SEC Filing
0001800261-26-000001 ↗ filed May 15, 2026

Holdings Value

0$20.0M$40.0M$60.0M$80.0M$100.0M Q1 2024: $89.3M Q1 2024 Q2 2024: $87.5M Q2 2024 Q3 2024: $82.3M Q3 2024 Q4 2024: $70.2M Q4 2024 Q1 2025: $49.2M Q1 2025 Q2 2025: $51.3M Q2 2025 Q3 2025: $43.4M Q3 2025 Q4 2025: $35.2M Q4 2025 Q1 2026: $60.5M $60.5M Q1 2026

Holdings 26 stocks · $60.5M
EHAB Enhabit Inc. 58.07% 2,494,155 $35.1M Add +0.0%
PPLI People Inc. filed as IAC INC 16.54% 250,000 $10.0M Add +437.6%
GNW Genworth Financial Inc. 6.92% 515,616 $4.2M New
CALY Callaway Golf Company 4.10% 178,700 $2.5M Reduce -60.5%
VYX NCR Voyix Corp. 1.66% 158,864 $1.0M Add +30.9%
SKIL Skillsoft Corp. 1.51% 213,161 $914K Reduce -11.4%
XPOF Xponential Fitness Inc. Class A 1.49% 150,000 $903K New
TAC Transalta Corp. 0.87% 40,000 $526K New
RIOT Riot Platforms Inc. 0.87% 42,500 $525K New
GOOG Alphabet Inc. Class C 0.81% 1,700 $488K New
PRGO Perrigo Co. PLC 0.80% 45,000 $483K New
KBR KBR Inc. 0.76% 12,500 $461K New
WEX Wex Inc. 0.76% 3,000 $459K New
AAPL Apple Inc. 0.75% 1,800 $457K New
CNR Core Natural Resources Inc. 0.74% 4,250 $445K New
KD Kyndryl Holdings Inc. 0.65% 30,000 $394K New
FIP Ftai Infrastructure Inc. 0.61% 75,000 $371K Add +50.0%
APTV Aptiv PLC 0.34% 3,000 $208K New
ARCC Ares Capital Corp. 0.28% 9,500 $171K New
PSEC Prospect Capital Corp. 0.28% 65,000 $170K New
BXSL Blackstone Secured Lending F 0.27% 7,000 $166K New
OCSL Oaktree Specialty Lending Co. 0.23% 12,500 $141K New
MSDL Morgan Stanley Direct Lendin 0.22% 9,500 $133K New
HTGC Hercules Capital Inc. 0.20% 8,000 $118K New
NN Nextnav Inc. 0.15% 5,500 $88K Reduce -78.0%
GSBD Goldman Sachs BDC Inc. 0.13% 8,900 $79K New

Portfolio Sells Q4 2025 → Q1 2026
CALY Callaway Golf Company Reduce -60.5% 4.10% −10.93
SKIL Skillsoft Corp. Reduce -11.4% 1.51% −4.85
FMX Fomento Economico Mex-SP ADR Sold out 0.00% −1.89
NN Nextnav Inc. Reduce -78.0% 0.15% −1.04
SPB Spectrum Brands Holdings Inc. Sold out 0.00% −0.84

Portfolio Buys Q4 2025 → Q1 2026
PPLI People Inc. Add +437.6% 16.54% +11.37
GNW Genworth Financial Inc. New 6.92% +6.92
XPOF Xponential Fitness Inc. Class A New 1.49% +1.49
TAC Transalta Corp. New 0.87% +0.87
RIOT Riot Platforms Inc. New 0.87% +0.87
GOOG Alphabet Inc. Class C New 0.81% +0.81
PRGO Perrigo Co. PLC New 0.80% +0.80
KBR KBR Inc. New 0.76% +0.76
WEX Wex Inc. New 0.76% +0.76
AAPL Apple Inc. New 0.75% +0.75
CNR Core Natural Resources Inc. New 0.74% +0.74
KD Kyndryl Holdings Inc. New 0.65% +0.65
APTV Aptiv PLC New 0.34% +0.34
ARCC Ares Capital Corp. New 0.28% +0.28
PSEC Prospect Capital Corp. New 0.28% +0.28
BXSL Blackstone Secured Lending F New 0.27% +0.27
OCSL Oaktree Specialty Lending Co. New 0.23% +0.23
MSDL Morgan Stanley Direct Lendin New 0.22% +0.22
HTGC Hercules Capital Inc. New 0.20% +0.20
GSBD Goldman Sachs BDC Inc. New 0.13% +0.13
FIP Ftai Infrastructure Inc. Add +50.0% 0.61% −0.04
VYX NCR Voyix Corp. Add +30.9% 1.66% −1.86
EHAB Enhabit Inc. Add +0.0% 58.07% −7.29

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 26$60.5MEHAB, PPLI, GNW, CALY, VYX
Q4 2025 9$35.2MEHAB, CALY, SKIL, PPLI, VYX
Q3 2025 12$43.4MEHAB, SKIL, CALY, VYX, PPLI
Q2 2025 19$51.3MEHAB, SKIL, CALY, VYX, PPLI
Q1 2025 13$49.2MEHAB, SKIL, CALY, VYX, PPLI
Q4 2024 14$70.2MEHAB, CNNE, SKIL, CALY, VYX
Q3 2024 13$82.3MCNNE, EHAB, CALY, KBR, VYX
Q2 2024 13$87.5MCNNE, EHAB, ODP, CALY, KBR
Q1 2024 10$89.3MEHAB, CNNE, ODP, NATL, KBR