Rangeley Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Rangeley Capital, LLC reported 111 stock positions worth $114.4 million. Its top holding was Warner Bros Discovery (WBD) at 5.4% of the portfolio, followed by Golden Entertainment (GDEN, 5.0%) and Calumet (CLMT, 4.5%). Compared with Q3 2025, it opened 42 new positions, sold out of 50, added to 25 and reduced 26. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from Wideopenwest (WOW).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001517796
- Portfolio Value
- $114.4M (Q4 2025)
- SEC Filing
- 0000919574-26-001155 ↗ filed Feb 17, 2026
Holdings Value
Holdings 111 stocks · $114.4M
| WBD Warner Bros Discovery Inc. | 5.44% | 216,000 | $6.2M | New |
| GDEN Golden Entertainment Inc. | 4.99% | 209,881 | $5.7M | New |
| CLMT Calumet Inc. | 4.50% | 259,300 | $5.2M | Reduce -21.7% |
| PRTA Prothena Corp. PLC | 4.38% | 524,600 | $5.0M | Reduce -6.4% |
| YEXT Yext Inc. | 4.12% | 585,360 | $4.7M | Add +7.4% |
| ARVN Arvinas Inc. | 4.10% | 395,800 | $4.7M | Reduce -43.1% |
| ABUS Arbutus Biopharma Corp. | 3.53% | 840,000 | $4.0M | No change |
| RNAM Avidity Biosciences Inc. | 3.40% | 54,000 | $3.9M | New |
| RPTX Repare Therapeutics Inc. | 2.93% | 1,287,829 | $3.3M | Add +99.4% |
| KW Kennedy-Wilson Holdings Inc. | 2.89% | 342,000 | $3.3M | New |
| SEG Seaport Entertainment Group | 2.65% | 153,517 | $3.0M | Reduce -0.3% |
| DK Delek US Holdings Inc. | 2.64% | 102,000 | $3.0M | Reduce -50.5% |
| TACO Berto Acquisition Corp. | 2.57% | 289,514 | $2.9M | Reduce -8.7% |
| GRND Grindr Inc. | 2.51% | 212,000 | $2.9M | New |
| ECHO Echostar Corp. Class A | 2.28% | 24,000 | $2.6M | Add +4.3% |
| PLYM Plymouth Industrial REIT Inc. | 2.18% | 114,000 | $2.5M | New |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 2.04% | 896,000 | $2.3M | Add +0.6% |
| KROS Keros Therapeutics Inc. | 1.72% | 96,800 | $2.0M | Reduce -62.6% |
| CWAN Clearwater Analytics HDS-A | 1.69% | 80,000 | $1.9M | New |
| FWRD Forward Air Corp. | 1.66% | 76,000 | $1.9M | Add +177.4% |
| SEPN Septerna Inc. | 1.60% | 65,800 | $1.8M | Reduce -25.2% |
| NLOP Net Lease Office Property | 1.54% | 68,480 | $1.8M | Reduce -2.2% |
| MRSN Mersana Therapeutics Inc. | 1.44% | 57,098 | $1.7M | New |
| AVDL Avadel Pharmaceuticals Ltd. | 1.43% | 75,953 | $1.6M | New |
| BHF Brighthouse Financial Inc. | 1.42% | 25,000 | $1.6M | Add +153.8% |
| STHO Star Holdings filed as STAR HLDGS | 1.35% | 187,100 | $1.5M | Add +5.7% |
| LEG Leggett & Platt Inc. | 1.31% | 135,930 | $1.5M | New |
| CDZI Cadiz Inc. | 1.22% | 249,000 | $1.4M | Reduce -51.7% |
| SEM Select Medical Holdings Corp. | 1.05% | 81,072 | $1.2M | New |
| OMEX Odyssey Marine Exploration | 1.04% | 608,749 | $1.2M | Add +27.0% |
| RGR Sturm Ruger & Co. Inc. | 1.00% | 35,107 | $1.1M | New |
| SWKH SWK Holdings Corp. filed as SWK HLDGS CORP | 0.95% | 63,000 | $1.1M | Add +53.7% |
| KURA Kura Oncology Inc. | 0.93% | 102,900 | $1.1M | Reduce -14.3% |
| GLUE Monte Rosa Therapeutics Inc. | 0.93% | 67,500 | $1.1M | Reduce -40.3% |
| TGNA Tegna Inc. | 0.90% | 53,000 | $1.0M | Add +430.0% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.82% | 132,000 | $935K | Add +1.5% |
| ZIM Zim Integrated Shipping Serv | 0.76% | 41,052 | $872K | New |
| PL Planet Labs PBC | 0.69% | 40,000 | $789K | New |
| LNSR Lensar Inc. | 0.60% | 59,000 | $686K | Add +7.3% |
| HGV Hilton Grand Vacations Inc. | 0.59% | 15,000 | $671K | No change |
| WENN Wen Acquisition Corp. Class A | 0.55% | 62,530 | $632K | Reduce -25.7% |
| GBIO Generation Bio Co. | 0.49% | 98,280 | $558K | New |
| EM Smart Share Global Ltd. - ADR | 0.49% | 476,600 | $558K | Reduce -23.9% |
| KORE Kore Group Holdings Inc. | 0.48% | 131,347 | $554K | New |
| KZR Kezar Life Sciences Inc. | 0.47% | 85,926 | $540K | New |
| ABVX Abivax SA-ADR | 0.47% | 4,000 | $539K | Reduce -33.3% |
| BUR Burford Capital Ltd. | 0.45% | 58,000 | $517K | Add +5.5% |
| GPACU General Purpose Acquisition | 0.44% | 50,000 | $501K | New |
| HEPS D-Market Electronic Serv-ADR | 0.43% | 200,000 | $496K | No change |
| PCAP Procap Acquisition Corp. Class A | 0.42% | 47,304 | $479K | No change |
| FONR Fonar Corp. | 0.41% | 25,113 | $466K | New |
| DRDB Roman DBDR Acquisition Corp. | 0.39% | 43,200 | $451K | No change |
| THS Treehouse Foods Inc. | 0.38% | 18,530 | $437K | New |
| OACC Oaktree Acquisition Corp. I-A | 0.37% | 40,032 | $424K | Add +5.8% |
| OKUR Onkure Therapeutics Inc. Class A | 0.37% | 145,000 | $421K | Reduce -6.8% |
| GTERU Globa Terra Acquisition Corp. | 0.36% | 40,361 | $415K | Reduce -0.1% |
| NWAX.U New America Acquisition I Co. | 0.36% | 40,000 | $414K | New |
| TMQ Trilogy Metals Inc. | 0.33% | 87,000 | $375K | No change |
| JANX Janux Therapeutics Inc. | 0.31% | 25,414 | $351K | New |
| WW WW International Inc.-New filed as WW INTL INC | 0.31% | 12,000 | $351K | Add +9.1% |
| BCARU D Boral Arc Acquisition I Co. | 0.30% | 33,780 | $345K | Add +26.1% |
| FERA Fifth Era Acquisition Corp. Class A | 0.30% | 33,458 | $344K | Add +8.0% |
| PRTH Priority Technology Holdings | 0.29% | 61,000 | $332K | New |
| NBIS Nebius Group NV | 0.29% | 3,900 | $326K | No change |
| DMIIU Drugs Made in America Acquis | 0.28% | 32,551 | $326K | New |
| ABEO Abeona Therapeutics Inc. | 0.27% | 57,600 | $304K | New |
| FDMT 4D Molecular Therapeutics Inc. | 0.25% | 38,665 | $290K | Reduce -9.4% |
| AVIR Atea Pharmaceuticals Inc. | 0.25% | 80,000 | $286K | No change |
| OTGAU Otg Acquisition Corp. I | 0.25% | 27,520 | $280K | Add +10.1% |
| PLRX Pliant Therapeutics Inc. | 0.24% | 225,000 | $275K | Add +273.6% |
| KOYNU CSLM Digital Asset Acquisiti | 0.23% | 26,092 | $264K | Add +10.6% |
| EVC Entravision Communications-A | 0.23% | 90,000 | $264K | New |
| TDAY USA Today Co. Inc. | 0.21% | 47,300 | $244K | Reduce -52.7% |
| PETS Petmed Express Inc. | 0.21% | 75,000 | $240K | New |
| PEPG Pepgen Inc. | 0.21% | 36,200 | $236K | Reduce -17.7% |
| PACHU Pioneer Acquisition I Corp. | 0.20% | 22,145 | $226K | Reduce -0.1% |
| EXEL Exelixis Inc. | 0.19% | 5,000 | $219K | New |
| CCII Cohen Circle Acquisit II - A | 0.19% | 20,809 | $213K | New |
| BHR Braemar Hotels & Resorts Inc. | 0.19% | 73,895 | $212K | New |
| DBRG Digitalbridge Group Inc. | 0.18% | 13,800 | $212K | New |
| ACET Adicet Bio Inc. | 0.18% | 25,001 | $211K | New |
| RDAG Republic Digital Acquis Class A | 0.18% | 20,188 | $204K | Add +0.9% |
| QURE Uniqure NV | 0.18% | 8,500 | $203K | New |
| HVMCU Highview Merger Corp. | 0.18% | 20,000 | $203K | No change |
| NVRI Enviri Corp. | 0.17% | 10,667 | $191K | New |
| RZLT Rezolute Inc. | 0.16% | 78,200 | $185K | New |
| EMIS Emmis Acquisition Corp. Class A | 0.16% | 18,107 | $180K | No change |
| SOC Sable Offshore Corp. | 0.15% | 19,000 | $171K | Reduce -54.8% |
| IMXI International Money Express | 0.13% | 10,000 | $154K | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.13% | 364,000 | $152K | New |
| CORZ Core Scientific Inc. | 0.13% | 10,000 | $146K | No change |
| HCMA HCM III Acquisition Cor Class A | 0.12% | 14,046 | $141K | Add +12.1% |
| IMA Imagenebio Inc. | 0.11% | 18,244 | $126K | Add +21.6% |
| CPAC Cementos Pacasmayo Saa - ADR | 0.11% | 12,000 | $125K | New |
| SPKLF Spark I Acquisition Corp. | 0.11% | 10,813 | $124K | Reduce -23.7% |
| TASK Taskus Inc. Class A | 0.10% | 10,000 | $118K | New |
| PMTR Perimeter Acquis Corp. I Class A | 0.09% | 10,000 | $103K | New |
| MCGAU Yorkville Acquisition Corp. | 0.09% | 10,000 | $103K | No change |
| RAAQ Real Asset Acquisiti Class A | 0.09% | 10,000 | $102K | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 0.08% | 14,000 | $90K | No change |
| SHCO Soho House & Co. Inc. | 0.08% | 10,000 | $90K | Reduce -89.3% |
| ANTX AN2 Therapeutics Inc. | 0.06% | 65,000 | $74K | No change |
| NKTX Nkarta Inc. | 0.05% | 32,078 | $59K | New |
| BRNS Barinthus Biotherapeutics PL | 0.05% | 84,441 | $59K | New |
| VYNE THERAPEUTICS INC | 0.05% | 100,000 | $58K | Add +100.0% |
| PMVP PMV Pharmaceuticals Inc. | 0.05% | 45,500 | $57K | No change |
| ANEB Anebulo Pharmaceuticals Inc. | 0.04% | 50,000 | $51K | Add +150.0% |
| MGNX Macrogenics Inc. | 0.04% | 30,220 | $49K | No change |
| SEER Seer Inc. | 0.03% | 20,000 | $37K | No change |
| AIFC AI Financial Corp. filed as ALT5 SIGMA CORP | 0.03% | 29,000 | $32K | Reduce -40.0% |
| RLYB Rallybio Corp. | 0.02% | 40,000 | $27K | Reduce -51.8% |
Options reported separately and not counted above: WBD calls ($1.7M), IWM puts ($1.2M), FWRD calls ($558K), BBIO calls ($382K), BHF calls ($279K), PLYM calls ($142K), NVRI calls ($18K), PLYM puts ($2K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 96,400 | $1.4M | Reduce -29.2% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 17,245 | $255K | New |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 18,107 | $18K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 15,000 | $16K | New |
Total filed on the 13F, all lines: $116.1M.
Portfolio Sells Q3 2025 → Q4 2025
| WOW Wideopenwest Inc. | Sold out | 0.00% | −4.70 |
| DK Delek US Holdings Inc. | Reduce -50.5% | 2.64% | −3.75 |
| SGRY Surgery Partners Inc. | Sold out | 0.00% | −2.58 |
| KROS Keros Therapeutics Inc. | Reduce -62.6% | 1.72% | −2.21 |
| ARVN Arvinas Inc. | Reduce -43.1% | 4.10% | −1.60 |
| CLMT Calumet Inc. | Reduce -21.7% | 4.50% | −1.31 |
| NRP Natural Resource Partners LP | Sold out | 0.00% | −1.22 |
| CDZI Cadiz Inc. | Reduce -51.7% | 1.22% | −1.12 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −1.12 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −1.10 |
| UAN CVR Partners LP | Sold out | 0.00% | −1.08 |
| GEL Genesis Energy L.P. | Sold out | 0.00% | −1.00 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −1.00 |
| BSM Black Stone Minerals LP | Sold out | 0.00% | −0.99 |
| PRTA Prothena Corp. PLC | Reduce -6.4% | 4.38% | −0.88 |
| BRR Columbus Circle Capital Co. Class A | Sold out | 0.00% | −0.81 |
| SBXDF Silverbox Corp. IV-A | Sold out | 0.00% | −0.78 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.76 |
| SEG Seaport Entertainment Group | Reduce -0.3% | 2.65% | −0.74 |
| SHCO Soho House & Co. Inc. | Reduce -89.3% | 0.08% | −0.71 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.61 |
| TACO Berto Acquisition Corp. | Reduce -8.7% | 2.57% | −0.61 |
| NATH Nathan's Famous Inc. | Sold out | 0.00% | −0.58 |
| SOC Sable Offshore Corp. | Reduce -54.8% | 0.15% | −0.56 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.53 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.51 |
| NLOP Net Lease Office Property | Reduce -2.2% | 1.54% | −0.45 |
| MGRM Monogram Technologies Inc. | Sold out | 0.00% | −0.42 |
| ODP The Odp Corp. | Sold out | 0.00% | −0.41 |
| VLOS Velos Acquisition I Corp. | Sold out | 0.00% | −0.37 |
| LBTYK Liberty Global Ltd. Class C | Sold out | 0.00% | −0.34 |
| CCIX Churchill Capital Corp. Ix | Sold out | 0.00% | −0.33 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.33 |
| EM Smart Share Global Ltd. - ADR | Reduce -23.9% | 0.49% | −0.33 |
| K Kellanova | Sold out | 0.00% | −0.32 |
| MLAC Mountain Lake Acquisition-A | Sold out | 0.00% | −0.30 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −0.29 |
| BRSL Brightstar Lottery PLC | Sold out | 0.00% | −0.28 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.27 |
| WENN Wen Acquisition Corp. Class A | Reduce -25.7% | 0.55% | −0.27 |
| STAA Staar Surgical Co. | Sold out | 0.00% | −0.26 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.26 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.25 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −0.25 |
| LVTX Lava Therapeutics NV | Sold out | 0.00% | −0.25 |
| FRNM Freenome Inc. | Sold out | 0.00% | −0.21 |
| FG NEXUS INC. | Sold out | 0.00% | −0.21 |
| TACOU Berto Acquisition Corp. | Sold out | 0.00% | −0.19 |
| TIPT Tiptree Inc. | Sold out | 0.00% | −0.18 |
| TDAY USA Today Co. Inc. | Reduce -52.7% | 0.21% | −0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| WBD Warner Bros Discovery Inc. | New | 5.44% | +5.44 |
| GDEN Golden Entertainment Inc. | New | 4.99% | +4.99 |
| RNAM Avidity Biosciences Inc. | New | 3.40% | +3.40 |
| KW Kennedy-Wilson Holdings Inc. | New | 2.89% | +2.89 |
| GRND Grindr Inc. | New | 2.51% | +2.51 |
| PLYM Plymouth Industrial REIT Inc. | New | 2.18% | +2.18 |
| RPTX Repare Therapeutics Inc. | Add +99.4% | 2.93% | +1.83 |
| CWAN Clearwater Analytics HDS-A | New | 1.69% | +1.69 |
| MRSN Mersana Therapeutics Inc. | New | 1.44% | +1.44 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 1.43% | +1.43 |
| LEG Leggett & Platt Inc. | New | 1.31% | +1.31 |
| SEM Select Medical Holdings Corp. | New | 1.05% | +1.05 |
| RGR Sturm Ruger & Co. Inc. | New | 1.00% | +1.00 |
| FWRD Forward Air Corp. | Add +177.4% | 1.66% | +0.98 |
| BHF Brighthouse Financial Inc. | Add +153.8% | 1.42% | +0.91 |
| ZIM Zim Integrated Shipping Serv | New | 0.76% | +0.76 |
| TGNA Tegna Inc. | Add +430.0% | 0.90% | +0.70 |
| PL Planet Labs PBC | New | 0.69% | +0.69 |
| ECHO Echostar Corp. Class A | Add +4.3% | 2.28% | +0.59 |
| GBIO Generation Bio Co. | New | 0.49% | +0.49 |
| KORE Kore Group Holdings Inc. | New | 0.48% | +0.48 |
| KZR Kezar Life Sciences Inc. | New | 0.47% | +0.47 |
| GPACU General Purpose Acquisition | New | 0.44% | +0.44 |
| FONR Fonar Corp. | New | 0.41% | +0.41 |
| THS Treehouse Foods Inc. | New | 0.38% | +0.38 |
| SWKH SWK Holdings Corp. | Add +53.7% | 0.95% | +0.37 |
| NWAX.U New America Acquisition I Co. | New | 0.36% | +0.36 |
| JANX Janux Therapeutics Inc. | New | 0.31% | +0.31 |
| PRTH Priority Technology Holdings | New | 0.29% | +0.29 |
| DMIIU Drugs Made in America Acquis | New | 0.28% | +0.28 |
| ABEO Abeona Therapeutics Inc. | New | 0.27% | +0.27 |
| EVC Entravision Communications-A | New | 0.23% | +0.23 |
| PETS Petmed Express Inc. | New | 0.21% | +0.21 |
| EXEL Exelixis Inc. | New | 0.19% | +0.19 |
| CCII Cohen Circle Acquisit II - A | New | 0.19% | +0.19 |
| BHR Braemar Hotels & Resorts Inc. | New | 0.19% | +0.19 |
| DBRG Digitalbridge Group Inc. | New | 0.18% | +0.18 |
| ACET Adicet Bio Inc. | New | 0.18% | +0.18 |
| QURE Uniqure NV | New | 0.18% | +0.18 |
| NVRI Enviri Corp. | New | 0.17% | +0.17 |
| RZLT Rezolute Inc. | New | 0.16% | +0.16 |
| PLRX Pliant Therapeutics Inc. | Add +273.6% | 0.24% | +0.15 |
| OMEX Odyssey Marine Exploration | Add +27.0% | 1.04% | +0.14 |
| MREO Mereo Biopharma Group PL-ADR | New | 0.13% | +0.13 |
| CPAC Cementos Pacasmayo Saa - ADR | New | 0.11% | +0.11 |
| TASK Taskus Inc. Class A | New | 0.10% | +0.10 |
| PMTR Perimeter Acquis Corp. I Class A | New | 0.09% | +0.09 |
| RAAQ Real Asset Acquisiti Class A | New | 0.09% | +0.09 |
| NKTX Nkarta Inc. | New | 0.05% | +0.05 |
| BRNS Barinthus Biotherapeutics PL | New | 0.05% | +0.05 |
Options Activity Q3 2025 → Q4 2025
| CHTR Charter Communications Inc. Class A | call | Sold out | 9,000 | $2.5Mbefore exit |
| WBD Warner Bros Discovery Inc. | call | New | 58,600 | $1.7M |
| IWM iShares Russell 2000 ETF | put | Reduce -75.0% | 5,000 | $1.2M |
| FWRD Forward Air Corp. | call | Add +10.9% | 22,300 | $558K |
| BHF Brighthouse Financial Inc. | call | Reduce -69.9% | 4,300 | $279K |
| EA Electronic Arts Inc. | call | Sold out | 1,000 | $202Kbefore exit |
| PLYM Plymouth Industrial REIT Inc. | call | New | 6,500 | $142K |
| NVRI Enviri Corp. | call | New | 1,000 | $18K |
| PLYM Plymouth Industrial REIT Inc. | put | New | 100 | $2K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Reduce -29.2% | 96,400 | $1.4M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | New | 17,245 | $255K |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | Sold out | 10,000 | $104Kbefore exit |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | New | 15,000 | $16K |
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 |