AREX Capital Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), AREX Capital Management, LP reported 19 stock positions worth $51.3 million. Its top holding was Enhabit (EHAB) at 46.6% of the portfolio, followed by Skillsoft (SKIL, 12.6%) and Callaway Golf (CALY, 11.1%). Compared with Q1 2025, it opened 8 new positions, sold out of 2, added to 8 and reduced 3. The biggest buy was Enhabit (EHAB, shares +0%) and the biggest sale an exit from NCR Atleos (NATL).
- Most Recent 13F
- Q1 2026
- Location
- NEW YORK, NY
- CIK
- 0001800261
- Portfolio Value
- $51.3M (Q2 2025)
- SEC Filing
- 0000919574-25-004657 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $51.3M
| EHAB Enhabit Inc. | 46.65% | 2,482,556 | $23.9M | Add +0.2% |
| SKIL Skillsoft Corp. | 12.59% | 404,391 | $6.5M | Add +1.4% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 11.07% | 705,247 | $5.7M | Add +0.9% |
| VYX NCR Voyix Corp. | 7.84% | 342,900 | $4.0M | Add +12.3% |
| PPLI People Inc. filed as IAC INC | 4.83% | 66,300 | $2.5M | Add +19.5% |
| ODP The Odp Corp. filed as THE ODP CORP | 4.24% | 120,000 | $2.2M | Reduce -23.8% |
| XRAY Dentsply Sirona Inc. | 3.48% | 112,500 | $1.8M | Add +4.7% |
| CNNE Cannae Holdings Inc. | 2.34% | 57,500 | $1.2M | Add +9.5% |
| CNR Core Natural Resources Inc. | 1.29% | 9,500 | $663K | New |
| BN Brookfield Corp. | 1.29% | 10,691 | $661K | Reduce -21.7% |
| BHF Brighthouse Financial Inc. | 0.79% | 7,500 | $403K | New |
| DK Delek US Holdings Inc. | 0.72% | 17,500 | $371K | Add +16.7% |
| FIP Ftai Infrastructure Inc. | 0.72% | 60,000 | $370K | New |
| NN Nextnav Inc. | 0.59% | 20,000 | $304K | New |
| TAC Transalta Corp. | 0.53% | 25,000 | $270K | New |
| OFIX Orthofix Medical Inc. | 0.38% | 17,500 | $195K | Reduce -78.4% |
| SHC Sotera Health Co. | 0.38% | 17,500 | $195K | New |
| BSLK Bolt Projects Holdings Inc. | 0.17% | 31,635 | $89K | New |
| VSTS Vestis Corp. | 0.11% | 10,000 | $57K | New |
Portfolio Sells Q1 2025 → Q2 2025
| NATL NCR Atleos Corp. | Sold out | 0.00% | −4.69 |
| OFIX Orthofix Medical Inc. | Reduce -78.4% | 0.38% | −2.30 |
| BOLT PROJS HLDGS INC | Sold out | 0.00% | −0.49 |
| ODP The Odp Corp. | Reduce -23.8% | 4.24% | −0.34 |
| BN Brookfield Corp. | Reduce -21.7% | 1.29% | −0.17 |
Portfolio Buys Q1 2025 → Q2 2025
| EHAB Enhabit Inc. | Add +0.2% | 46.65% | +2.40 |
| VYX NCR Voyix Corp. | Add +12.3% | 7.84% | +1.79 |
| CALY Callaway Golf Company | Add +0.9% | 11.07% | +1.71 |
| CNR Core Natural Resources Inc. | New | 1.29% | +1.29 |
| BHF Brighthouse Financial Inc. | New | 0.79% | +0.79 |
| FIP Ftai Infrastructure Inc. | New | 0.72% | +0.72 |
| NN Nextnav Inc. | New | 0.59% | +0.59 |
| TAC Transalta Corp. | New | 0.53% | +0.53 |
| CNNE Cannae Holdings Inc. | Add +9.5% | 2.34% | +0.38 |
| SHC Sotera Health Co. | New | 0.38% | +0.38 |
| DK Delek US Holdings Inc. | Add +16.7% | 0.72% | +0.26 |
| XRAY Dentsply Sirona Inc. | Add +4.7% | 3.48% | +0.22 |
| BSLK Bolt Projects Holdings Inc. | New | 0.17% | +0.17 |
| VSTS Vestis Corp. | New | 0.11% | +0.11 |
| PPLI People Inc. | Add +19.5% | 4.83% | −0.35 |
| SKIL Skillsoft Corp. | Add +1.4% | 12.59% | −3.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 26 | $60.5M | EHAB, PPLI, GNW, CALY, VYX |
| Q4 2025 | 9 | $35.2M | EHAB, CALY, SKIL, PPLI, VYX |
| Q3 2025 | 12 | $43.4M | EHAB, SKIL, CALY, VYX, PPLI |
| Q2 2025 | 19 | $51.3M | EHAB, SKIL, CALY, VYX, PPLI |
| Q1 2025 | 13 | $49.2M | EHAB, SKIL, CALY, VYX, PPLI |
| Q4 2024 | 14 | $70.2M | EHAB, CNNE, SKIL, CALY, VYX |
| Q3 2024 | 13 | $82.3M | CNNE, EHAB, CALY, KBR, VYX |
| Q2 2024 | 13 | $87.5M | CNNE, EHAB, ODP, CALY, KBR |
| Q1 2024 | 10 | $89.3M | EHAB, CNNE, ODP, NATL, KBR |