AREX Capital Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), AREX Capital Management, LP reported 12 stock positions worth $43.4 million. Its top holding was Enhabit (EHAB) at 45.9% of the portfolio, followed by Skillsoft (SKIL, 12.1%) and Callaway Golf (CALY, 11.6%). Compared with Q2 2025, it opened 1 new position, sold out of 8, added to 6 and reduced 5. The biggest buy was NCR Voyix (VYX, shares +9%) and the biggest sale an exit from Cannae (CNNE).
- Most Recent 13F
- Q1 2026
- Location
- NEW YORK, NY
- CIK
- 0001800261
- Portfolio Value
- $43.4M (Q3 2025)
- SEC Filing
- 0000919574-25-006886 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $43.4M
| EHAB Enhabit Inc. | 45.94% | 2,489,046 | $19.9M | Add +0.3% |
| SKIL Skillsoft Corp. | 12.10% | 403,391 | $5.3M | Reduce -0.3% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 11.58% | 529,263 | $5.0M | Reduce -24.9% |
| VYX NCR Voyix Corp. | 10.78% | 372,900 | $4.7M | Add +8.8% |
| PPLI People Inc. filed as IAC INC | 5.38% | 68,500 | $2.3M | Add +3.3% |
| XRAY Dentsply Sirona Inc. | 4.68% | 160,000 | $2.0M | Add +42.2% |
| ODP The Odp Corp. filed as THE ODP CORP | 3.53% | 55,000 | $1.5M | Reduce -54.2% |
| CNR Core Natural Resources Inc. | 1.63% | 8,500 | $710K | Reduce -10.5% |
| FIP Ftai Infrastructure Inc. | 1.36% | 135,000 | $589K | Add +125.0% |
| BN Brookfield Corp. | 1.34% | 8,491 | $582K | Reduce -20.6% |
| NN Nextnav Inc. | 0.91% | 27,500 | $393K | Add +37.5% |
| FMX Fomento Economico Mex-SP ADR | 0.77% | 3,400 | $335K | New |
Portfolio Sells Q2 2025 → Q3 2025
| CNNE Cannae Holdings Inc. | Sold out | 0.00% | −2.34 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.79 |
| DK Delek US Holdings Inc. | Sold out | 0.00% | −0.72 |
| ODP The Odp Corp. | Reduce -54.2% | 3.53% | −0.71 |
| TAC Transalta Corp. | Sold out | 0.00% | −0.53 |
| SKIL Skillsoft Corp. | Reduce -0.3% | 12.10% | −0.49 |
| OFIX Orthofix Medical Inc. | Sold out | 0.00% | −0.38 |
| SHC Sotera Health Co. | Sold out | 0.00% | −0.38 |
| BSLK Bolt Projects Holdings Inc. | Sold out | 0.00% | −0.17 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.11 |
| BN Brookfield Corp. | Reduce -20.6% | 1.34% | +0.05 |
| CNR Core Natural Resources Inc. | Reduce -10.5% | 1.63% | +0.34 |
| CALY Callaway Golf Company | Reduce -24.9% | 11.58% | +0.52 |
Portfolio Buys Q2 2025 → Q3 2025
| VYX NCR Voyix Corp. | Add +8.8% | 10.78% | +2.94 |
| XRAY Dentsply Sirona Inc. | Add +42.2% | 4.68% | +1.20 |
| FMX Fomento Economico Mex-SP ADR | New | 0.77% | +0.77 |
| FIP Ftai Infrastructure Inc. | Add +125.0% | 1.36% | +0.63 |
| PPLI People Inc. | Add +3.3% | 5.38% | +0.55 |
| NN Nextnav Inc. | Add +37.5% | 0.91% | +0.31 |
| EHAB Enhabit Inc. | Add +0.3% | 45.94% | −0.71 |
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 |