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

0$50.0M$100.0M$150.0M Q4 2024: $103.7M Q4 2024 Q1 2025: $87.4M Q1 2025 Q2 2025: $76.9M Q2 2025 Q3 2025: $104.0M $104.0M Q3 2025 Q4 2025: $114.4M Q4 2025 Q1 2026: $92.2M Q1 2026 Q2 2026: $101.7M Q2 2026

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
AIV Apartment Invt & Mgmt Co. Class A 0.11% 15,000 $119K New
MCGAU Yorkville Acquisition Corp. 0.11% 10,000 $111K New
MLTX Moonlake Immunotherapeutics 0.10% 15,000 $108K New
PLRX Pliant Therapeutics Inc. 0.09% 60,220 $89K No change
ANTX AN2 Therapeutics Inc. 0.08% 65,000 $83K No change
BTBT Bit Digital Inc. 0.07% 22,950 $69K New
PMVP PMV Pharmaceuticals Inc. 0.06% 45,500 $64K New
ACET Adicet Bio Inc. 0.06% 75,000 $61K New
SPRO Spero Therapeutics Inc. 0.05% 30,000 $56K New
AMPY Amplify Energy Corp. 0.05% 10,000 $53K Reduce -96.4%
MGNX Macrogenics Inc. 0.05% 30,220 $51K Add +11.9%
ANEB Anebulo Pharmaceuticals Inc. 0.05% 20,000 $50K New
REPL Replimune Group Inc. 0.04% 10,400 $44K New
SEER Seer Inc. 0.04% 20,000 $43K Add +100.0%
RLYB Rallybio Corp. 0.04% 83,007 $41K New
CABA Cabaletta Bio Inc. 0.03% 11,300 $26K Reduce -29.4%
ETHZILLA CORPORATION 0.02% 10,000 $24K New
NERV Minerva Neurosciences Inc. 0.02% 10,000 $21K New
VYNE THERAPEUTICS INC 0.02% 50,000 $17K 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)
SecurityClassShares / PrincipalValueChange
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 136,200$2.4MReduce -6.8%
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 10,000$104KNew

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 170$101.7MDRVN, PRTA, SEG, GRND, STHO
Q1 2026 131$92.2MDRVN, PRTA, SEG, GRND, DK
Q4 2025 111$114.4MWBD, GDEN, CLMT, PRTA, YEXT
Q3 2025 119$104.0MDK, CLMT, ARVN, PRTA, WOW
Q2 2025 68$76.9MSAGE, DK, ARVN, CLMT, PRTA
Q1 2025 69$87.4MCLMT, DK, ABUS, BUR, AMPY
Q4 2024 70$103.7MCLMT, AMPY, DK, BUR, NLOP