Rangeley Capital, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Rangeley Capital, LLC reported 69 stock positions worth $87.4 million. Its top holding was Calumet (CLMT) at 7.5% of the portfolio, followed by Delek US (DK, 5.8%) and Arbutus Biopharma (ABUS, 5.4%). Compared with Q4 2024, it opened 22 new positions, sold out of 23, added to 11 and reduced 28. The biggest buy was a new position in Keros Therapeutics (KROS) and the biggest sale Calumet (CLMT, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001517796
- Portfolio Value
- $87.4M (Q1 2025)
- SEC Filing
- 0000919574-25-003019 ↗ filed May 14, 2025
Holdings Value
Holdings 69 stocks · $87.4M
| CLMT Calumet Inc. | 7.54% | 519,787 | $6.6M | Reduce -2.8% |
| DK Delek US Holdings Inc. | 5.85% | 339,000 | $5.1M | Add +1.5% |
| ABUS Arbutus Biopharma Corp. | 5.39% | 1,349,000 | $4.7M | Reduce -7.5% |
| BUR Burford Capital Ltd. | 5.31% | 351,000 | $4.6M | Reduce -23.9% |
| AMPY Amplify Energy Corp. | 4.79% | 1,120,000 | $4.2M | Reduce -17.6% |
| KROS Keros Therapeutics Inc. | 4.76% | 408,234 | $4.2M | New |
| ARVN Arvinas Inc. | 4.36% | 543,000 | $3.8M | New |
| WOW Wideopenwest Inc. | 4.29% | 757,248 | $3.7M | Add +0.9% |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 4.25% | 889,104 | $3.7M | Add +12.8% |
| SEG Seaport Entertainment Group | 4.04% | 164,500 | $3.5M | Add +3.3% |
| NLOP Net Lease Office Property | 3.95% | 110,064 | $3.5M | Reduce -34.3% |
| SAGE Sage Therapeutics Inc. | 3.50% | 384,687 | $3.1M | New |
| GEL Genesis Energy L.P. | 3.39% | 189,000 | $3.0M | Reduce -10.4% |
| LQDA Liquidia Corp. | 2.70% | 160,000 | $2.4M | Reduce -16.2% |
| SGRY Surgery Partners Inc. | 2.47% | 90,900 | $2.2M | New |
| PARR Par Pacific Holdings Inc. | 2.31% | 141,687 | $2.0M | Add +9.8% |
| CDZI Cadiz Inc. | 2.11% | 630,000 | $1.8M | Reduce -4.5% |
| UAN CVR Partners LP | 1.99% | 23,183 | $1.7M | Reduce -3.4% |
| CEE Central and Eastern Europe F | 1.88% | 113,892 | $1.6M | Add +2.6% |
| HGV Hilton Grand Vacations Inc. | 1.80% | 42,000 | $1.6M | Add +2.4% |
| SWTX Springworks Therapeutics Inc. | 1.69% | 33,400 | $1.5M | New |
| ROIV Roivant Sciences Ltd. | 1.62% | 140,178 | $1.4M | Reduce -41.4% |
| LBRDA Liberty Broadband-A | 1.61% | 16,500 | $1.4M | No change |
| JACK Jack in the Box Inc. | 1.37% | 44,000 | $1.2M | Add +60.0% |
| BFIN Bankfinancial Corp. | 1.29% | 89,000 | $1.1M | No change |
| STHO Star Holdings filed as STAR HLDGS | 1.26% | 129,000 | $1.1M | Add +1.6% |
| THRD Third Harmonic Bio Inc. | 1.07% | 270,000 | $937K | New |
| DRDB Roman DBDR Acquisition Corp. | 1.02% | 89,167 | $894K | Reduce -59.1% |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 0.87% | 43,662 | $759K | No change |
| FNA Paragon 28 Inc. | 0.75% | 50,000 | $653K | New |
| TRIP Tripadvisor Inc. | 0.73% | 45,009 | $638K | New |
| CORZ Core Scientific Inc. | 0.72% | 86,400 | $626K | Reduce -50.0% |
| DESP Despegar.com Corp. | 0.64% | 29,702 | $558K | New |
| SMC Summit Midstream Corp. | 0.58% | 15,000 | $508K | Reduce -74.0% |
| BBIO Bridgebio Pharma Inc. | 0.51% | 13,000 | $449K | No change |
| TUSK Mammoth Energy Services Inc. | 0.48% | 205,880 | $420K | Reduce -52.4% |
| HEPS D-Market Electronic Serv-ADR | 0.47% | 144,326 | $411K | Add +44.3% |
| HHH Howard Hughes Holdings Inc. | 0.41% | 4,781 | $354K | Reduce -56.4% |
| CRGX Cargo Therapeutics Inc. | 0.38% | 81,851 | $333K | New |
| SEPN Septerna Inc. | 0.35% | 52,950 | $307K | New |
| MLAC Mountain Lake Acquisition-A | 0.33% | 29,000 | $291K | Reduce -69.5% |
| CEP Cantor Equity Partners Inc. | 0.33% | 26,482 | $284K | No change |
| INBX Inhibrx Biosciences Inc. | 0.29% | 17,810 | $249K | Reduce -64.0% |
| BATRK Atlanta Braves Holdings in-C | 0.27% | 5,981 | $239K | Reduce -40.2% |
| CDLX Cardlytics Inc. | 0.27% | 130,000 | $237K | Reduce -59.4% |
| BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG | 0.27% | 14,249 | $232K | New |
| AMTM Amentum Holdings Inc. | 0.26% | 12,500 | $228K | Reduce -73.4% |
| BLCO Bausch + Lomb Corp. | 0.25% | 15,000 | $218K | Reduce -7.4% |
| SSUP Superior Industries Intl | 0.25% | 100,533 | $214K | Add +0.5% |
| SHCO Soho House & Co. Inc. | 0.24% | 34,134 | $211K | New |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.24% | 6,000 | $210K | Reduce -40.0% |
| NBIS Nebius Group NV | 0.24% | 9,900 | $209K | Reduce -56.0% |
| PDLB Ponce Financial Group Inc. | 0.21% | 14,781 | $187K | Reduce -67.9% |
| MAGN Magnera Corp. | 0.21% | 10,000 | $182K | Reduce -35.5% |
| GES Guess? Inc. | 0.19% | 15,000 | $166K | New |
| SHC Sotera Health Co. | 0.19% | 14,000 | $163K | No change |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.18% | 12,197 | $157K | No change |
| TMQ Trilogy Metals Inc. | 0.17% | 98,074 | $152K | New |
| FSEA First Seacoast Bancorp Inc. | 0.17% | 13,000 | $151K | No change |
| MAPS WM Technology Inc. | 0.16% | 125,000 | $141K | New |
| ESPR Esperion Therapeutics Inc. | 0.15% | 92,500 | $133K | Reduce -13.6% |
| XIFR XPLR Infrastructure LP | 0.13% | 12,200 | $116K | New |
| GAN Gan Ltd. | 0.12% | 59,912 | $106K | Reduce -40.1% |
| FPH Five Point Holdings LLC Class A | 0.09% | 14,851 | $79K | New |
| NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP | 0.09% | 14,950 | $74K | Reduce -40.2% |
| ANTX AN2 Therapeutics Inc. | 0.08% | 50,000 | $68K | New |
| PLRX Pliant Therapeutics Inc. | 0.08% | 50,000 | $68K | New |
| PEPG Pepgen Inc. | 0.02% | 15,000 | $21K | New |
| LYEL Lyell Immunopharma Inc. | 0.01% | 10,000 | $5K | New |
Options reported separately and not counted above: CHTR calls ($3.3M), HYG puts ($592K), SWTX calls ($583K), BBIO calls ($173K), CLMT calls ($76K), SHCO calls ($9K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.3M (not counted above)
Total filed on the 13F, all lines: $88.6M.
Portfolio Sells Q4 2024 → Q1 2025
| CLMT Calumet Inc. | Reduce -2.8% | 7.54% | −3.81 |
| AMPY Amplify Energy Corp. | Reduce -17.6% | 4.79% | −3.07 |
| CORZ Core Scientific Inc. | Reduce -50.0% | 0.72% | −1.63 |
| SMC Summit Midstream Corp. | Reduce -74.0% | 0.58% | −1.52 |
| TH Target Hospitality Corp. | Sold out | 0.00% | −1.35 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −1.22 |
| CDZI Cadiz Inc. | Reduce -4.5% | 2.11% | −1.20 |
| ROIV Roivant Sciences Ltd. | Reduce -41.4% | 1.62% | −1.11 |
| NLOP Net Lease Office Property | Reduce -34.3% | 3.95% | −1.09 |
| DRDB Roman DBDR Acquisition Corp. | Reduce -59.1% | 1.02% | −1.07 |
| PSTX Poseida Therapeutics Inc. | Sold out | 0.00% | −0.90 |
| CDLX Cardlytics Inc. | Reduce -59.4% | 0.27% | −0.87 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.87 |
| TUSK Mammoth Energy Services Inc. | Reduce -52.4% | 0.48% | −0.77 |
| INBK First Internet Bancorp | Sold out | 0.00% | −0.71 |
| AMTM Amentum Holdings Inc. | Reduce -73.4% | 0.26% | −0.69 |
| DRVN Driven Brands Holdings Inc. | Sold out | 0.00% | −0.67 |
| NECB Northeast Community Bancorp | Sold out | 0.00% | −0.65 |
| MLAC Mountain Lake Acquisition-A | Reduce -69.5% | 0.33% | −0.59 |
| BALY Bally's Corp. | Sold out | 0.00% | −0.47 |
| INBX Inhibrx Biosciences Inc. | Reduce -64.0% | 0.29% | −0.45 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.45 |
| HHH Howard Hughes Holdings Inc. | Reduce -56.4% | 0.41% | −0.41 |
| BUR Burford Capital Ltd. | Reduce -23.9% | 5.31% | −0.36 |
| PDLB Ponce Financial Group Inc. | Reduce -67.9% | 0.21% | −0.36 |
| NBIS Nebius Group NV | Reduce -56.0% | 0.24% | −0.36 |
| LFCR Lifecore Biomedical Inc. | Sold out | 0.00% | −0.31 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.29 |
| QURE Uniqure NV | Sold out | 0.00% | −0.28 |
| VOXX Voxx International Corp. | Sold out | 0.00% | −0.25 |
| WLFC Willis Lease Finance Corp. | Sold out | 0.00% | −0.20 |
| GSRTU GSR III Acquisition Corp. | Sold out | 0.00% | −0.20 |
| YPF YPF S.A.-Sponsored ADR | Reduce -40.0% | 0.24% | −0.17 |
| FTW Eqv Ventures Acquisition C-A | Sold out | 0.00% | −0.17 |
| MRLN Merlin Inc. | Sold out | 0.00% | −0.11 |
| CCIRU Cohen Circle Acquisition Cor | Sold out | 0.00% | −0.11 |
| OACCU Oaktree Acquisition III Life | Sold out | 0.00% | −0.10 |
| HDRN Hadron Energy Inc. | Sold out | 0.00% | −0.10 |
| BATRK Atlanta Braves Holdings in-C | Reduce -40.2% | 0.27% | −0.10 |
| ESPR Esperion Therapeutics Inc. | Reduce -13.6% | 0.15% | −0.07 |
| MAGN Magnera Corp. | Reduce -35.5% | 0.21% | −0.06 |
| NSLR Neostellar Capital Corp. | Reduce -40.2% | 0.09% | −0.06 |
| GAN Gan Ltd. | Reduce -40.1% | 0.12% | −0.05 |
| LUNA Luna Innovations Inc. | Sold out | 0.00% | −0.05 |
| OABI Omniab Inc. | Sold out | 0.00% | −0.04 |
| BLCO Bausch + Lomb Corp. | Reduce -7.4% | 0.25% | −0.03 |
| SHF HOLDINGS INC | Sold out | 0.00% | −0.01 |
| UAN CVR Partners LP | Reduce -3.4% | 1.99% | +0.24 |
| LQDA Liquidia Corp. | Reduce -16.2% | 2.70% | +0.53 |
| ABUS Arbutus Biopharma Corp. | Reduce -7.5% | 5.39% | +0.79 |
Portfolio Buys Q4 2024 → Q1 2025
| KROS Keros Therapeutics Inc. | New | 4.76% | +4.76 |
| ARVN Arvinas Inc. | New | 4.36% | +4.36 |
| SAGE Sage Therapeutics Inc. | New | 3.50% | +3.50 |
| SGRY Surgery Partners Inc. | New | 2.47% | +2.47 |
| SWTX Springworks Therapeutics Inc. | New | 1.69% | +1.69 |
| FLL Full House Resorts Inc. | Add +12.8% | 4.25% | +1.15 |
| THRD Third Harmonic Bio Inc. | New | 1.07% | +1.07 |
| FNA Paragon 28 Inc. | New | 0.75% | +0.75 |
| TRIP Tripadvisor Inc. | New | 0.73% | +0.73 |
| CEE Central and Eastern Europe F | Add +2.6% | 1.88% | +0.71 |
| WOW Wideopenwest Inc. | Add +0.9% | 4.29% | +0.70 |
| DESP Despegar.com Corp. | New | 0.64% | +0.64 |
| CRGX Cargo Therapeutics Inc. | New | 0.38% | +0.38 |
| SEPN Septerna Inc. | New | 0.35% | +0.35 |
| PARR Par Pacific Holdings Inc. | Add +9.8% | 2.31% | +0.27 |
| BRSL Brightstar Lottery PLC | New | 0.27% | +0.27 |
| JACK Jack in the Box Inc. | Add +60.0% | 1.37% | +0.26 |
| HGV Hilton Grand Vacations Inc. | Add +2.4% | 1.80% | +0.26 |
| SHCO Soho House & Co. Inc. | New | 0.24% | +0.24 |
| GES Guess? Inc. | New | 0.19% | +0.19 |
| HEPS D-Market Electronic Serv-ADR | Add +44.3% | 0.47% | +0.18 |
| TMQ Trilogy Metals Inc. | New | 0.17% | +0.17 |
| MAPS WM Technology Inc. | New | 0.16% | +0.16 |
| XIFR XPLR Infrastructure LP | New | 0.13% | +0.13 |
| FPH Five Point Holdings LLC Class A | New | 0.09% | +0.09 |
| ANTX AN2 Therapeutics Inc. | New | 0.08% | +0.08 |
| PLRX Pliant Therapeutics Inc. | New | 0.08% | +0.08 |
| STHO Star Holdings | Add +1.6% | 1.26% | +0.06 |
| SSUP Superior Industries Intl | Add +0.5% | 0.25% | +0.05 |
| PEPG Pepgen Inc. | New | 0.02% | +0.02 |
| LYEL Lyell Immunopharma Inc. | New | 0.01% | +0.01 |
| DK Delek US Holdings Inc. | Add +1.5% | 5.85% | −0.11 |
| SEG Seaport Entertainment Group | Add +3.3% | 4.04% | −0.25 |
Options Activity Q4 2024 → Q1 2025
| LDOS Leidos Holdings Inc. | put | Sold out | 6,000 | $864Kbefore exit |
| CACI Caci International Inc. Class A | put | Sold out | 2,000 | $808Kbefore exit |
| BAH Booz Allen Hamilton Holdings | put | Sold out | 6,000 | $772Kbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 7,500 | $592K |
| SWTX Springworks Therapeutics Inc. | call | New | 13,200 | $583K |
| RVNC Revance Therapeutics Inc. | call | Sold out | 110,000 | $334Kbefore exit |
| CORZ Core Scientific Inc. | put | Sold out | 9,500 | $133Kbefore exit |
| CLMT Calumet Inc. | call | Add +20.0% | 6,000 | $76K |
| BALY Bally's Corp. | call | Sold out | 2,500 | $45Kbefore exit |
| BLCO Bausch + Lomb Corp. | call | Sold out | 2,000 | $36Kbefore exit |
| SHCO Soho House & Co. Inc. | call | New | 1,400 | $9K |
| LUNA Luna Innovations Inc. | call | Sold out | 2,000 | $4Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | Sold out | 31,136 | $1.4Mbefore exit |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Reduce -15.8% | 80,000 | $804K |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | Reduce -59.1% | 44,583 | $447K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 170 | $101.7M | DRVN, PRTA, SEG, GRND, STHO |
| Q1 2026 | 131 | $92.2M | DRVN, PRTA, SEG, GRND, DK |
| Q4 2025 | 111 | $114.4M | WBD, GDEN, CLMT, PRTA, YEXT |
| Q3 2025 | 119 | $104.0M | DK, CLMT, ARVN, PRTA, WOW |
| Q2 2025 | 68 | $76.9M | SAGE, DK, ARVN, CLMT, PRTA |
| Q1 2025 | 69 | $87.4M | CLMT, DK, ABUS, BUR, AMPY |
| Q4 2024 | 70 | $103.7M | CLMT, AMPY, DK, BUR, NLOP |