Rangeley Capital, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Rangeley Capital, LLC reported 68 stock positions worth $76.9 million. Its top holding was Sage Therapeutics (SAGE) at 8.7% of the portfolio, followed by Delek US (DK, 8.6%) and Arvinas (ARVN, 6.6%). Compared with Q1 2025, it opened 38 new positions, sold out of 39, added to 13 and reduced 17. The biggest buy was a new position in Prothena (PRTA) and the biggest sale Burford Capital (BUR, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001517796
- Portfolio Value
- $76.9M (Q2 2025)
- SEC Filing
- 0000919574-25-004826 ↗ filed Aug 14, 2025
Holdings Value
Holdings 68 stocks · $76.9M
| SAGE Sage Therapeutics Inc. | 8.66% | 730,000 | $6.7M | Add +89.8% |
| DK Delek US Holdings Inc. | 8.62% | 313,000 | $6.6M | Reduce -7.7% |
| ARVN Arvinas Inc. | 6.65% | 694,800 | $5.1M | Add +28.0% |
| CLMT Calumet Inc. | 6.53% | 319,000 | $5.0M | Reduce -38.6% |
| PRTA Prothena Corp. PLC | 5.65% | 715,367 | $4.3M | New |
| KROS Keros Therapeutics Inc. | 4.95% | 285,400 | $3.8M | Reduce -30.1% |
| SGRY Surgery Partners Inc. | 4.80% | 166,060 | $3.7M | Add +82.7% |
| WOW Wideopenwest Inc. | 4.22% | 799,000 | $3.2M | Add +5.5% |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 4.20% | 882,426 | $3.2M | Reduce -0.8% |
| ITOS Iteos Therapeutics Inc. | 3.92% | 302,080 | $3.0M | New |
| SEG Seaport Entertainment Group | 3.83% | 158,000 | $2.9M | Reduce -4.0% |
| ABUS Arbutus Biopharma Corp. | 3.48% | 865,000 | $2.7M | Reduce -35.9% |
| NLOP Net Lease Office Property | 2.96% | 70,000 | $2.3M | Reduce -36.4% |
| SKX Skechers USA Inc. Class A | 2.95% | 36,000 | $2.3M | New |
| THRD Third Harmonic Bio Inc. | 2.05% | 290,000 | $1.6M | Add +7.4% |
| CDZI Cadiz Inc. | 1.82% | 469,000 | $1.4M | Reduce -25.6% |
| STHO Star Holdings filed as STAR HLDGS | 1.75% | 172,000 | $1.3M | Add +33.3% |
| UAN CVR Partners LP | 1.73% | 15,000 | $1.3M | Reduce -35.3% |
| GEL Genesis Energy L.P. | 1.66% | 74,000 | $1.3M | Reduce -60.9% |
| WBA Walgreens Boots Alliance Inc. | 1.52% | 102,000 | $1.2M | New |
| NRP Natural Resource Partners LP | 1.50% | 12,100 | $1.2M | New |
| AMPY Amplify Energy Corp. | 1.17% | 280,000 | $896K | Reduce -75.0% |
| BUR Burford Capital Ltd. | 0.95% | 51,000 | $727K | Reduce -85.5% |
| VERV Verve Therapeutics Inc. | 0.91% | 62,000 | $696K | New |
| KURA Kura Oncology Inc. | 0.87% | 116,000 | $669K | New |
| LNSR Lensar Inc. | 0.86% | 50,000 | $659K | New |
| BPMC Blueprint Medicines Corp. | 0.83% | 5,000 | $641K | New |
| SEPN Septerna Inc. | 0.81% | 58,605 | $619K | Add +10.7% |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 0.79% | 41,000 | $604K | Reduce -6.1% |
| SOC Sable Offshore Corp. | 0.71% | 25,000 | $550K | New |
| HEPS D-Market Electronic Serv-ADR | 0.70% | 200,000 | $540K | Add +38.6% |
| VIGL Vigil Neuroscience Inc. | 0.70% | 67,800 | $539K | New |
| BCYC Bicycle Therapeutics PLC-ADR | 0.68% | 75,000 | $521K | New |
| RPTX Repare Therapeutics Inc. | 0.64% | 355,292 | $494K | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.59% | 40,001 | $452K | Add +228.0% |
| TBPH Theravance Biopharma Inc. | 0.48% | 33,729 | $372K | New |
| ELEV Elevation Oncology Inc. | 0.43% | 905,289 | $332K | New |
| HLVX Hillevax Inc. | 0.40% | 153,790 | $306K | New |
| EPIX Essa Pharma Inc. | 0.38% | 170,000 | $289K | New |
| BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG | 0.35% | 17,000 | $269K | Add +19.3% |
| K Kellanova | 0.31% | 3,000 | $239K | New |
| NBIS Nebius Group NV | 0.28% | 3,900 | $216K | Reduce -60.6% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.28% | 20,000 | $212K | New |
| SHCO Soho House & Co. Inc. | 0.26% | 27,600 | $203K | Reduce -19.1% |
| AVIR Atea Pharmaceuticals Inc. | 0.25% | 53,000 | $191K | New |
| CRGX Cargo Therapeutics Inc. | 0.22% | 41,851 | $172K | Reduce -48.9% |
| ARES ACQUISITION CORP II | 0.18% | 11,920 | $135K | New |
| GSRT GSR III Acquisition Corp. | 0.15% | 11,000 | $119K | New |
| THTX Theratechnologies Inc. | 0.15% | 50,000 | $118K | New |
| TMQ Trilogy Metals Inc. | 0.15% | 87,000 | $117K | Reduce -11.3% |
| MURA Mural Oncology PLC | 0.15% | 46,513 | $115K | New |
| SBXDF Silverbox Corp. IV-A | 0.14% | 10,000 | $110K | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.09% | 29,902 | $71K | New |
| PLRX Pliant Therapeutics Inc. | 0.09% | 60,220 | $70K | Add +20.4% |
| ANTX AN2 Therapeutics Inc. | 0.09% | 65,000 | $69K | Add +30.0% |
| FDMT 4D Molecular Therapeutics Inc. | 0.06% | 13,000 | $48K | New |
| AKYA Akoya Biosciences Inc. | 0.06% | 33,035 | $43K | New |
| VIVID SEATS INC | 0.05% | 25,000 | $42K | New |
| PEPG Pepgen Inc. | 0.05% | 35,000 | $39K | Add +133.3% |
| LVTX Lava Therapeutics NV | 0.05% | 27,073 | $36K | New |
| MGNX Macrogenics Inc. | 0.04% | 27,000 | $33K | New |
| NUVB Nuvation Bio Inc. | 0.03% | 13,000 | $25K | New |
| LITS Lite Strategy Inc. filed as MEI PHARMA INC | 0.03% | 10,000 | $25K | New |
| CABA Cabaletta Bio Inc. | 0.03% | 16,000 | $24K | New |
| ZURA Zura Bio Ltd. | 0.03% | 21,000 | $22K | New |
| SEER Seer Inc. | 0.03% | 10,000 | $21K | New |
| NOVABAY PHARMACEUTICALS INC | 0.03% | 33,210 | $19K | New |
| SYBX Synlogic Inc. | 0.02% | 13,597 | $17K | New |
Options reported separately and not counted above: CHTR calls ($3.7M), BBIO calls ($216K), WOW calls ($203K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
Total filed on the 13F, all lines: $79.7M.
Portfolio Sells Q1 2025 → Q2 2025
| BUR Burford Capital Ltd. | Reduce -85.5% | 0.95% | −4.36 |
| AMPY Amplify Energy Corp. | Reduce -75.0% | 1.17% | −3.63 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −2.70 |
| PARR Par Pacific Holdings Inc. | Sold out | 0.00% | −2.31 |
| ABUS Arbutus Biopharma Corp. | Reduce -35.9% | 3.48% | −1.91 |
| CEE Central and Eastern Europe F | Sold out | 0.00% | −1.88 |
| HGV Hilton Grand Vacations Inc. | Sold out | 0.00% | −1.80 |
| GEL Genesis Energy L.P. | Reduce -60.9% | 1.66% | −1.74 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −1.69 |
| ROIV Roivant Sciences Ltd. | Sold out | 0.00% | −1.62 |
| LBRDA Liberty Broadband-A | Sold out | 0.00% | −1.61 |
| JACK Jack in the Box Inc. | Sold out | 0.00% | −1.37 |
| BFIN Bankfinancial Corp. | Sold out | 0.00% | −1.29 |
| DRDB Roman DBDR Acquisition Corp. | Sold out | 0.00% | −1.02 |
| CLMT Calumet Inc. | Reduce -38.6% | 6.53% | −1.01 |
| NLOP Net Lease Office Property | Reduce -36.4% | 2.96% | −0.99 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.75 |
| TRIP Tripadvisor Inc. | Sold out | 0.00% | −0.73 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.72 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.64 |
| SMC Summit Midstream Corp. | Sold out | 0.00% | −0.58 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.51 |
| TUSK Mammoth Energy Services Inc. | Sold out | 0.00% | −0.48 |
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −0.41 |
| MLAC Mountain Lake Acquisition-A | Sold out | 0.00% | −0.33 |
| CEP Cantor Equity Partners Inc. | Sold out | 0.00% | −0.33 |
| CDZI Cadiz Inc. | Reduce -25.6% | 1.82% | −0.29 |
| INBX Inhibrx Biosciences Inc. | Sold out | 0.00% | −0.29 |
| BATRK Atlanta Braves Holdings in-C | Sold out | 0.00% | −0.27 |
| CDLX Cardlytics Inc. | Sold out | 0.00% | −0.27 |
| UAN CVR Partners LP | Reduce -35.3% | 1.73% | −0.26 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.26 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.25 |
| SSUP Superior Industries Intl | Sold out | 0.00% | −0.25 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.24 |
| PDLB Ponce Financial Group Inc. | Sold out | 0.00% | −0.21 |
| SEG Seaport Entertainment Group | Reduce -4.0% | 3.83% | −0.21 |
| MAGN Magnera Corp. | Sold out | 0.00% | −0.21 |
| GES Guess? Inc. | Sold out | 0.00% | −0.19 |
| SHC Sotera Health Co. | Sold out | 0.00% | −0.19 |
| FSEA First Seacoast Bancorp Inc. | Sold out | 0.00% | −0.17 |
| MAPS WM Technology Inc. | Sold out | 0.00% | −0.16 |
| CRGX Cargo Therapeutics Inc. | Reduce -48.9% | 0.22% | −0.16 |
| ESPR Esperion Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −0.13 |
| GAN Gan Ltd. | Sold out | 0.00% | −0.12 |
| FPH Five Point Holdings LLC Class A | Sold out | 0.00% | −0.09 |
| NSLR Neostellar Capital Corp. | Sold out | 0.00% | −0.09 |
| SWKH SWK Holdings Corp. | Reduce -6.1% | 0.79% | −0.08 |
| FLL Full House Resorts Inc. | Reduce -0.8% | 4.20% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| PRTA Prothena Corp. PLC | New | 5.65% | +5.65 |
| SAGE Sage Therapeutics Inc. | Add +89.8% | 8.66% | +5.16 |
| ITOS Iteos Therapeutics Inc. | New | 3.92% | +3.92 |
| SKX Skechers USA Inc. Class A | New | 2.95% | +2.95 |
| SGRY Surgery Partners Inc. | Add +82.7% | 4.80% | +2.33 |
| ARVN Arvinas Inc. | Add +28.0% | 6.65% | +2.29 |
| WBA Walgreens Boots Alliance Inc. | New | 1.52% | +1.52 |
| NRP Natural Resource Partners LP | New | 1.50% | +1.50 |
| THRD Third Harmonic Bio Inc. | Add +7.4% | 2.05% | +0.98 |
| VERV Verve Therapeutics Inc. | New | 0.91% | +0.91 |
| KURA Kura Oncology Inc. | New | 0.87% | +0.87 |
| LNSR Lensar Inc. | New | 0.86% | +0.86 |
| BPMC Blueprint Medicines Corp. | New | 0.83% | +0.83 |
| SOC Sable Offshore Corp. | New | 0.71% | +0.71 |
| VIGL Vigil Neuroscience Inc. | New | 0.70% | +0.70 |
| BCYC Bicycle Therapeutics PLC-ADR | New | 0.68% | +0.68 |
| RPTX Repare Therapeutics Inc. | New | 0.64% | +0.64 |
| STHO Star Holdings | Add +33.3% | 1.75% | +0.49 |
| TBPH Theravance Biopharma Inc. | New | 0.48% | +0.48 |
| SEPN Septerna Inc. | Add +10.7% | 0.81% | +0.45 |
| ELEV Elevation Oncology Inc. | New | 0.43% | +0.43 |
| SITC Site Centers Corp. | Add +228.0% | 0.59% | +0.41 |
| HLVX Hillevax Inc. | New | 0.40% | +0.40 |
| EPIX Essa Pharma Inc. | New | 0.38% | +0.38 |
| K Kellanova | New | 0.31% | +0.31 |
| FRNM Freenome Inc. | New | 0.28% | +0.28 |
| AVIR Atea Pharmaceuticals Inc. | New | 0.25% | +0.25 |
| HEPS D-Market Electronic Serv-ADR | Add +38.6% | 0.70% | +0.23 |
| ARES ACQUISITION CORP II | New | 0.18% | +0.18 |
| GSRT GSR III Acquisition Corp. | New | 0.15% | +0.15 |
| THTX Theratechnologies Inc. | New | 0.15% | +0.15 |
| MURA Mural Oncology PLC | New | 0.15% | +0.15 |
| SBXDF Silverbox Corp. IV-A | New | 0.14% | +0.14 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.09% | +0.09 |
| BRSL Brightstar Lottery PLC | Add +19.3% | 0.35% | +0.08 |
| FDMT 4D Molecular Therapeutics Inc. | New | 0.06% | +0.06 |
| AKYA Akoya Biosciences Inc. | New | 0.06% | +0.06 |
| VIVID SEATS INC | New | 0.05% | +0.05 |
| LVTX Lava Therapeutics NV | New | 0.05% | +0.05 |
| MGNX Macrogenics Inc. | New | 0.04% | +0.04 |
| NUVB Nuvation Bio Inc. | New | 0.03% | +0.03 |
| LITS Lite Strategy Inc. | New | 0.03% | +0.03 |
| CABA Cabaletta Bio Inc. | New | 0.03% | +0.03 |
| ZURA Zura Bio Ltd. | New | 0.03% | +0.03 |
| SEER Seer Inc. | New | 0.03% | +0.03 |
| PEPG Pepgen Inc. | Add +133.3% | 0.05% | +0.03 |
| NOVABAY PHARMACEUTICALS INC | New | 0.03% | +0.03 |
| SYBX Synlogic Inc. | New | 0.02% | +0.02 |
| PLRX Pliant Therapeutics Inc. | Add +20.4% | 0.09% | +0.01 |
| ANTX AN2 Therapeutics Inc. | Add +30.0% | 0.09% | +0.01 |
Options Activity Q1 2025 → Q2 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 7,500 | $592Kbefore exit |
| SWTX Springworks Therapeutics Inc. | call | Sold out | 13,200 | $583Kbefore exit |
| WOW Wideopenwest Inc. | call | New | 50,000 | $203K |
| CLMT Calumet Inc. | call | Sold out | 6,000 | $76Kbefore exit |
| SHCO Soho House & Co. Inc. | call | Sold out | 1,400 | $9Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | New | 146,200 | $2.5M |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | Sold out | 44,583 | $447Kbefore exit |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Reduce -62.5% | 30,000 | $308K |
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 |