AREX Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), AREX Capital Management, LP reported 9 stock positions worth $35.2 million. Its top holding was Enhabit (EHAB) at 65.4% of the portfolio, followed by Callaway Golf (CALY, 15.0%) and Skillsoft (SKIL, 6.4%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 2 and reduced 6. The biggest buy was Enhabit (EHAB, shares +0%) and the biggest sale NCR Voyix (VYX, shares −67%).
- Most Recent 13F
- Q1 2026
- Location
- NEW YORK, NY
- CIK
- 0001800261
- Portfolio Value
- $35.2M (Q4 2025)
- SEC Filing
- 0000919574-26-001237 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $35.2M
| EHAB Enhabit Inc. | 65.36% | 2,493,872 | $23.0M | Add +0.2% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 15.03% | 453,000 | $5.3M | Reduce -14.4% |
| SKIL Skillsoft Corp. | 6.36% | 240,661 | $2.2M | Reduce -40.3% |
| PPLI People Inc. filed as IAC INC | 5.17% | 46,500 | $1.8M | Reduce -32.1% |
| VYX NCR Voyix Corp. | 3.52% | 121,364 | $1.2M | Reduce -67.5% |
| FMX Fomento Economico Mex-SP ADR | 1.89% | 6,584 | $665K | Add +93.7% |
| NN Nextnav Inc. | 1.18% | 25,000 | $416K | Reduce -9.1% |
| SPB Spectrum Brands Holdings Inc. | 0.84% | 5,000 | $295K | New |
| FIP Ftai Infrastructure Inc. | 0.66% | 50,000 | $231K | Reduce -63.0% |
Portfolio Sells Q3 2025 → Q4 2025
| VYX NCR Voyix Corp. | Reduce -67.5% | 3.52% | −7.26 |
| SKIL Skillsoft Corp. | Reduce -40.3% | 6.36% | −5.74 |
| XRAY Dentsply Sirona Inc. | Sold out | 0.00% | −4.68 |
| ODP The Odp Corp. | Sold out | 0.00% | −3.53 |
| CNR Core Natural Resources Inc. | Sold out | 0.00% | −1.63 |
| BN Brookfield Corp. | Sold out | 0.00% | −1.34 |
| FIP Ftai Infrastructure Inc. | Reduce -63.0% | 0.66% | −0.70 |
| PPLI People Inc. | Reduce -32.1% | 5.17% | −0.21 |
| NN Nextnav Inc. | Reduce -9.1% | 1.18% | +0.28 |
| CALY Callaway Golf Company | Reduce -14.4% | 15.03% | +3.44 |
Portfolio Buys Q3 2025 → Q4 2025
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 |