Rangeley Capital, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Rangeley Capital, LLC reported 119 stock positions worth $104.0 million. Its top holding was Delek US (DK) at 6.4% of the portfolio, followed by Calumet (CLMT, 5.8%) and Arvinas (ARVN, 5.7%). Compared with Q2 2025, it opened 73 new positions, sold out of 22, added to 26 and reduced 11. The biggest buy was a new position in Yext (YEXT) and the biggest sale an exit from Sage Therapeutics (SAGE).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001517796
- Portfolio Value
- $104.0M (Q3 2025)
- SEC Filing
- 0000919574-25-006964 ↗ filed Nov 14, 2025
Holdings Value
Holdings 119 stocks · $104.0M
| DK Delek US Holdings Inc. | 6.39% | 206,000 | $6.6M | Reduce -34.2% |
| CLMT Calumet Inc. | 5.81% | 331,000 | $6.0M | Add +3.8% |
| ARVN Arvinas Inc. | 5.70% | 695,400 | $5.9M | Add +0.1% |
| PRTA Prothena Corp. PLC | 5.26% | 560,457 | $5.5M | Reduce -21.6% |
| WOW Wideopenwest Inc. | 4.70% | 948,000 | $4.9M | Add +18.6% |
| YEXT Yext Inc. | 4.47% | 545,000 | $4.6M | New |
| KROS Keros Therapeutics Inc. | 3.94% | 258,619 | $4.1M | Reduce -9.4% |
| ABUS Arbutus Biopharma Corp. | 3.67% | 840,000 | $3.8M | Reduce -2.9% |
| SEG Seaport Entertainment Group | 3.39% | 154,000 | $3.5M | Reduce -2.5% |
| TACO Berto Acquisition Corp. | 3.17% | 317,050 | $3.3M | New |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 2.75% | 891,010 | $2.9M | Add +1.0% |
| SGRY Surgery Partners Inc. | 2.58% | 124,000 | $2.7M | Reduce -25.3% |
| CDZI Cadiz Inc. | 2.34% | 516,000 | $2.4M | Add +10.0% |
| NLOP Net Lease Office Property | 2.00% | 70,000 | $2.1M | No change |
| ECHO Echostar Corp. Class A | 1.69% | 23,000 | $1.8M | New |
| SEPN Septerna Inc. | 1.59% | 88,000 | $1.7M | Add +50.2% |
| STHO Star Holdings filed as STAR HLDGS | 1.40% | 177,000 | $1.5M | Add +2.9% |
| NRP Natural Resource Partners LP | 1.22% | 12,100 | $1.3M | No change |
| LQDA Liquidia Corp. | 1.12% | 51,000 | $1.2M | New |
| CCOI Cogent Communications Holdin | 1.10% | 29,700 | $1.1M | New |
| RPTX Repare Therapeutics Inc. | 1.09% | 645,876 | $1.1M | Add +81.8% |
| UAN CVR Partners LP | 1.08% | 12,496 | $1.1M | Reduce -16.7% |
| KURA Kura Oncology Inc. | 1.02% | 120,000 | $1.1M | Add +3.5% |
| GEL Genesis Energy L.P. | 1.00% | 62,000 | $1.0M | Reduce -16.2% |
| GSRT GSR III Acquisition Corp. | 1.00% | 100,000 | $1.0M | Add +809.1% |
| BSM Black Stone Minerals LP | 0.99% | 78,173 | $1.0M | New |
| BCYC Bicycle Therapeutics PLC-ADR | 0.97% | 130,000 | $1.0M | Add +73.3% |
| OMEX Odyssey Marine Exploration | 0.90% | 479,478 | $935K | New |
| WENN Wen Acquisition Corp. Class A | 0.82% | 84,180 | $852K | New |
| EM Smart Share Global Ltd. - ADR | 0.81% | 626,000 | $845K | New |
| BRR Columbus Circle Capital Co. Class A | 0.81% | 83,000 | $840K | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.81% | 113,000 | $837K | New |
| SHCO Soho House & Co. Inc. | 0.79% | 93,200 | $825K | Add +237.7% |
| SBXDF Silverbox Corp. IV-A | 0.78% | 77,027 | $806K | Add +670.3% |
| ETNB 89BIO Inc. | 0.76% | 54,000 | $794K | New |
| SOC Sable Offshore Corp. | 0.71% | 42,000 | $733K | Add +68.0% |
| FWRD Forward Air Corp. | 0.68% | 27,400 | $703K | New |
| LNSR Lensar Inc. | 0.65% | 55,000 | $679K | Add +10.0% |
| BUR Burford Capital Ltd. | 0.63% | 55,000 | $658K | Add +7.8% |
| MURA Mural Oncology PLC | 0.61% | 305,000 | $631K | Add +555.7% |
| HGV Hilton Grand Vacations Inc. | 0.60% | 15,000 | $627K | New |
| NATH Nathan's Famous Inc. | 0.58% | 5,410 | $599K | New |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 0.57% | 41,000 | $597K | No change |
| CHTR Charter Communications Inc. Class A | 0.53% | 2,000 | $550K | New |
| HEPS D-Market Electronic Serv-ADR | 0.52% | 200,000 | $538K | No change |
| SCPH Scpharmaceuticals Inc. | 0.51% | 93,747 | $532K | New |
| BHF Brighthouse Financial Inc. | 0.50% | 9,850 | $523K | New |
| ABVX Abivax SA-ADR | 0.49% | 6,000 | $509K | New |
| PCAP Procap Acquisition Corp. Class A | 0.47% | 47,304 | $486K | New |
| DRDB Roman DBDR Acquisition Corp. | 0.43% | 43,200 | $446K | New |
| MGRM Monogram Technologies Inc. | 0.42% | 75,000 | $440K | New |
| NBIS Nebius Group NV | 0.42% | 3,900 | $438K | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.41% | 155,490 | $428K | Add +420.0% |
| ODP The Odp Corp. filed as THE ODP CORP | 0.41% | 15,337 | $427K | New |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 0.40% | 100,000 | $413K | New |
| GTERU Globa Terra Acquisition Corp. | 0.40% | 40,388 | $411K | New |
| OACC Oaktree Acquisition Corp. I-A | 0.38% | 37,827 | $398K | New |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.37% | 36,214 | $382K | New |
| FDMT 4D Molecular Therapeutics Inc. | 0.36% | 42,665 | $371K | Add +228.2% |
| LBTYK Liberty Global Ltd. Class C | 0.34% | 30,000 | $353K | New |
| CCIX Churchill Capital Corp. Ix | 0.33% | 33,226 | $348K | New |
| UNH Unitedhealth Group Inc. | 0.33% | 1,000 | $345K | New |
| K Kellanova | 0.32% | 4,000 | $328K | Add +33.3% |
| FERA Fifth Era Acquisition Corp. Class A | 0.30% | 30,990 | $315K | New |
| MLAC Mountain Lake Acquisition-A | 0.30% | 30,000 | $309K | New |
| WW WW International Inc.-New filed as WW INTL INC | 0.29% | 11,000 | $301K | New |
| SRDX Surmodics Inc. | 0.29% | 10,000 | $299K | New |
| BRSL Brightstar Lottery PLC | 0.28% | 17,000 | $293K | No change |
| NKTR Nektar Therapeutics | 0.27% | 4,895 | $279K | New |
| STAA Staar Surgical Co. | 0.26% | 10,000 | $269K | New |
| BCARU D Boral Arc Acquisition I Co. | 0.26% | 26,790 | $268K | New |
| ESTA Establishment Labs Holdings | 0.26% | 6,499 | $266K | New |
| MTSR Metsera Inc. | 0.25% | 5,000 | $262K | New |
| CEPO Cantor Equity Partners I-A | 0.25% | 25,000 | $262K | New |
| LVTX Lava Therapeutics NV | 0.25% | 165,000 | $257K | Add +509.5% |
| OTGAU Otg Acquisition Corp. I | 0.24% | 25,000 | $252K | New |
| KOYNU CSLM Digital Asset Acquisiti | 0.23% | 23,600 | $238K | New |
| AVIR Atea Pharmaceuticals Inc. | 0.22% | 80,000 | $232K | Add +50.9% |
| PACHU Pioneer Acquisition I Corp. | 0.21% | 22,157 | $223K | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.21% | 20,832 | $221K | Add +4.2% |
| FG NEXUS INC. | 0.21% | 40,000 | $220K | New |
| RDAG Republic Digital Acquis Class A | 0.20% | 20,000 | $204K | New |
| TGNA Tegna Inc. | 0.20% | 10,000 | $203K | New |
| PEPG Pepgen Inc. | 0.20% | 44,000 | $203K | Add +25.7% |
| TACOU Berto Acquisition Corp. | 0.19% | 18,900 | $202K | New |
| HVMCU Highview Merger Corp. | 0.19% | 20,000 | $202K | New |
| TIPT Tiptree Inc. | 0.18% | 10,000 | $192K | New |
| TECX Tectonic Therapeutic Inc. | 0.18% | 12,000 | $188K | New |
| TMQ Trilogy Metals Inc. | 0.18% | 87,000 | $183K | No change |
| EMISU Emmis Acquisition Corp. | 0.17% | 18,107 | $181K | New |
| CORZ Core Scientific Inc. | 0.17% | 10,000 | $179K | New |
| SPKLF Spark I Acquisition Corp. | 0.16% | 14,173 | $165K | New |
| LYEL Lyell Immunopharma Inc. | 0.16% | 10,000 | $162K | New |
| IMXI International Money Express | 0.13% | 10,000 | $140K | New |
| FG MERGER II CORP | 0.13% | 13,531 | $135K | New |
| DOLE Dole PLC | 0.13% | 10,000 | $134K | New |
| AIFC AI Financial Corp. filed as ALT5 SIGMA CORP | 0.13% | 48,300 | $130K | New |
| HCMA HCM III Acquisition Cor Class A | 0.12% | 12,530 | $127K | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.12% | 14,000 | $126K | Reduce -65.0% |
| IMA Imagenebio Inc. | 0.12% | 15,000 | $122K | New |
Options reported separately and not counted above: IWM puts ($4.8M), CHTR calls ($2.5M), BHF calls ($759K), FWRD calls ($515K), BBIO calls ($260K), EA calls ($202K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
Total filed on the 13F, all lines: $106.5M.
Portfolio Sells Q2 2025 → Q3 2025
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −8.66 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −3.92 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −2.95 |
| DK Delek US Holdings Inc. | Reduce -34.2% | 6.39% | −2.23 |
| SGRY Surgery Partners Inc. | Reduce -25.3% | 2.58% | −2.22 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −2.05 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −1.52 |
| AMPY Amplify Energy Corp. | Reduce -96.4% | 0.05% | −1.11 |
| KROS Keros Therapeutics Inc. | Reduce -9.4% | 3.94% | −1.02 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.91 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.83 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.70 |
| GEL Genesis Energy L.P. | Reduce -16.2% | 1.00% | −0.66 |
| UAN CVR Partners LP | Reduce -16.7% | 1.08% | −0.65 |
| TBPH Theravance Biopharma Inc. | Sold out | 0.00% | −0.48 |
| SITC Site Centers Corp. | Reduce -65.0% | 0.12% | −0.47 |
| SEG Seaport Entertainment Group | Reduce -2.5% | 3.39% | −0.44 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.43 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.40 |
| PRTA Prothena Corp. PLC | Reduce -21.6% | 5.26% | −0.39 |
| EPIX Essa Pharma Inc. | Sold out | 0.00% | −0.38 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −0.22 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −0.18 |
| THTX Theratechnologies Inc. | Sold out | 0.00% | −0.15 |
| AKYA Akoya Biosciences Inc. | Sold out | 0.00% | −0.06 |
| VIVID SEATS INC | Sold out | 0.00% | −0.05 |
| NUVB Nuvation Bio Inc. | Sold out | 0.00% | −0.03 |
| LITS Lite Strategy Inc. | Sold out | 0.00% | −0.03 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.03 |
| NOVABAY PHARMACEUTICALS INC | Sold out | 0.00% | −0.03 |
| SYBX Synlogic Inc. | Sold out | 0.00% | −0.02 |
| CABA Cabaletta Bio Inc. | Reduce -29.4% | 0.03% | −0.01 |
| ABUS Arbutus Biopharma Corp. | Reduce -2.9% | 3.67% | +0.19 |
Portfolio Buys Q2 2025 → Q3 2025
| YEXT Yext Inc. | New | 4.47% | +4.47 |
| TACO Berto Acquisition Corp. | New | 3.17% | +3.17 |
| ECHO Echostar Corp. Class A | New | 1.69% | +1.69 |
| LQDA Liquidia Corp. | New | 1.12% | +1.12 |
| CCOI Cogent Communications Holdin | New | 1.10% | +1.10 |
| BSM Black Stone Minerals LP | New | 0.99% | +0.99 |
| OMEX Odyssey Marine Exploration | New | 0.90% | +0.90 |
| GSRT GSR III Acquisition Corp. | Add +809.1% | 1.00% | +0.84 |
| WENN Wen Acquisition Corp. Class A | New | 0.82% | +0.82 |
| EM Smart Share Global Ltd. - ADR | New | 0.81% | +0.81 |
| BRR Columbus Circle Capital Co. Class A | New | 0.81% | +0.81 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.81% | +0.81 |
| SEPN Septerna Inc. | Add +50.2% | 1.59% | +0.79 |
| ETNB 89BIO Inc. | New | 0.76% | +0.76 |
| FWRD Forward Air Corp. | New | 0.68% | +0.68 |
| SBXDF Silverbox Corp. IV-A | Add +670.3% | 0.78% | +0.63 |
| HGV Hilton Grand Vacations Inc. | New | 0.60% | +0.60 |
| NATH Nathan's Famous Inc. | New | 0.58% | +0.58 |
| SHCO Soho House & Co. Inc. | Add +237.7% | 0.79% | +0.53 |
| CHTR Charter Communications Inc. Class A | New | 0.53% | +0.53 |
| CDZI Cadiz Inc. | Add +10.0% | 2.34% | +0.52 |
| SCPH Scpharmaceuticals Inc. | New | 0.51% | +0.51 |
| BHF Brighthouse Financial Inc. | New | 0.50% | +0.50 |
| ABVX Abivax SA-ADR | New | 0.49% | +0.49 |
| WOW Wideopenwest Inc. | Add +18.6% | 4.70% | +0.49 |
| PCAP Procap Acquisition Corp. Class A | New | 0.47% | +0.47 |
| MURA Mural Oncology PLC | Add +555.7% | 0.61% | +0.46 |
| RPTX Repare Therapeutics Inc. | Add +81.8% | 1.09% | +0.45 |
| DRDB Roman DBDR Acquisition Corp. | New | 0.43% | +0.43 |
| MGRM Monogram Technologies Inc. | New | 0.42% | +0.42 |
| ODP The Odp Corp. | New | 0.41% | +0.41 |
| TDAY USA Today Co. Inc. | New | 0.40% | +0.40 |
| GTERU Globa Terra Acquisition Corp. | New | 0.40% | +0.40 |
| OACC Oaktree Acquisition Corp. I-A | New | 0.38% | +0.38 |
| VLOS Velos Acquisition I Corp. | New | 0.37% | +0.37 |
| LBTYK Liberty Global Ltd. Class C | New | 0.34% | +0.34 |
| CCIX Churchill Capital Corp. Ix | New | 0.33% | +0.33 |
| UNH Unitedhealth Group Inc. | New | 0.33% | +0.33 |
| OKUR Onkure Therapeutics Inc. Class A | Add +420.0% | 0.41% | +0.32 |
| FERA Fifth Era Acquisition Corp. Class A | New | 0.30% | +0.30 |
| MLAC Mountain Lake Acquisition-A | New | 0.30% | +0.30 |
| FDMT 4D Molecular Therapeutics Inc. | Add +228.2% | 0.36% | +0.29 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +73.3% | 0.97% | +0.29 |
| WW WW International Inc.-New | New | 0.29% | +0.29 |
| SRDX Surmodics Inc. | New | 0.29% | +0.29 |
| NKTR Nektar Therapeutics | New | 0.27% | +0.27 |
| STAA Staar Surgical Co. | New | 0.26% | +0.26 |
| BCARU D Boral Arc Acquisition I Co. | New | 0.26% | +0.26 |
| ESTA Establishment Labs Holdings | New | 0.26% | +0.26 |
| MTSR Metsera Inc. | New | 0.25% | +0.25 |
Options Activity Q2 2025 → Q3 2025
| IWM iShares Russell 2000 ETF | put | New | 20,000 | $4.8M |
| BHF Brighthouse Financial Inc. | call | New | 14,300 | $759K |
| FWRD Forward Air Corp. | call | New | 20,100 | $515K |
| WOW Wideopenwest Inc. | call | Sold out | 50,000 | $203Kbefore exit |
| EA Electronic Arts Inc. | call | New | 1,000 | $202K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Reduce -6.8% | 136,200 | $2.4M |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | Sold out | 30,000 | $308Kbefore exit |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | New | 10,000 | $104K |
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 |