RBF Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), RBF Capital, LLC reported 569 stock positions worth $2.2 billion. Its top holding was Morgan Stanley (MS) at 5.9% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 4.5%) and AppLovin Class A (APP, 3.8%). Compared with Q2 2025, it opened 21 new positions, sold out of 41, added to 16 and reduced 61. The biggest buy was a new position in Masterbrand (MBC) and the biggest sale Uber Technologies (UBER, shares −22%).

Most Recent 13F
Q2 2026
Location
RENO, NV
CIK
0001134621
Portfolio Value
$2.2B (Q3 2025)
SEC Filing
0001062993-25-016789 ↗ filed Nov 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.8B Q1 2024 Q2 2024: $1.7B Q2 2024 Q3 2024: $2.0B Q3 2024 Q4 2024: $1.9B Q4 2024 Q1 2025: $1.6B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.2B $2.2B Q3 2025 Q4 2025: $2.2B Q4 2025 Q1 2026: $2.0B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 569 stocks · $2.2B
MS Morgan Stanley 5.92% 810,432 $128.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 4.48% 146,300 $97.5M No change
APP AppLovin Corp. Class A 3.80% 114,955 $82.6M No change
META Meta Platforms Inc. Class A 3.54% 105,000 $77.1M No change
BRK.A Berkshire Hathaway Inc. Class A 2.63% 76 $57.3M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.80% 760,000 $39.2M No change
DAC Danaos Corp. 1.73% 418,015 $37.5M No change
MA Mastercard Inc. Class A 1.71% 65,500 $37.3M No change
V Visa Inc. Class A 1.49% 95,000 $32.4M No change
HCA HCA Healthcare Inc. 1.47% 75,000 $32.0M No change
BLDR Builders Firstsource Inc. 1.44% 258,702 $31.4M No change
AAPL Apple Inc. 1.40% 120,000 $30.6M No change
FICO Fair Isaac Corp. 1.38% 20,000 $29.9M No change
GOOG Alphabet Inc. Class C 1.34% 120,000 $29.2M No change
MSFT Microsoft Corp. 1.19% 50,000 $25.9M No change
SPGI S&P Global Inc. 1.12% 50,000 $24.3M No change
MMYT Makemytrip Ltd. 0.94% 218,722 $20.5M No change
PEP Pepsico Inc. 0.93% 143,400 $20.1M Add +32.3%
UNH Unitedhealth Group Inc. 0.87% 55,000 $19.0M No change
THC Tenet Healthcare Corp. 0.87% 93,237 $18.9M No change
GS Goldman Sachs Group Inc. 0.84% 23,000 $18.3M No change
WLDN Willdan Group Inc. 0.82% 184,600 $17.8M Reduce -0.5%
ET Energy Transfer LP 0.79% 1,000,000 $17.2M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.77% 214,574 $16.8M No change
WMT Walmart Inc. 0.74% 155,322 $16.0M No change
UTI Universal Technical Institut 0.71% 475,840 $15.5M No change
JLL Jones Lang Lasalle Inc. 0.69% 50,000 $14.9M No change
WLFC Willis Lease Finance Corp. 0.68% 107,711 $14.8M No change
UBER Uber Technologies Inc. 0.68% 178,000 $14.7M Reduce -21.9%
COF Capital One Financial Corp. 0.67% 68,916 $14.7M No change
UBS UBS Group AG-Reg 0.66% 348,859 $14.3M No change
MOD Modine Manufacturing Co. 0.65% 100,000 $14.2M No change
VIPS Vipshop Holdings Ltd. - ADR 0.65% 722,165 $14.2M No change
GBTC Grayscale Bitcoin Trust ETF 0.62% 150,000 $13.5M No change
GSL Global Ship Lease Inc. Class A 0.62% 437,463 $13.4M No change
JPM JPMorgan Chase & Co. 0.59% 41,000 $12.9M No change
WFC Wells Fargo & Co. 0.58% 150,000 $12.6M No change
OPY Oppenheimer Holdings Class A 0.56% 165,000 $12.2M No change
GOOGL Alphabet Inc. Class A 0.56% 50,000 $12.2M No change
LINC Lincoln Educational Services 0.54% 499,070 $11.7M No change
MSCI MSCI Inc. 0.52% 20,000 $11.3M No change
TPR Tapestry Inc. 0.52% 100,000 $11.3M No change
NVDA Nvidia Corp. 0.51% 60,000 $11.2M No change
STT State Street Corp. 0.51% 96,000 $11.1M No change
AVGO Broadcom Inc. 0.51% 33,730 $11.1M No change
TOL Toll Brothers Inc. 0.51% 80,500 $11.1M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.50% 100,000 $10.9M No change
ASC Ardmore Shipping Corp. 0.49% 901,880 $10.7M No change
STC Stewart Information Services 0.49% 145,540 $10.7M No change
URI United Rentals Inc. 0.48% 11,000 $10.5M No change
ENTG Entegris Inc. 0.47% 111,735 $10.3M No change
BKD Brookdale Senior Living Inc. 0.46% 1,191,385 $10.1M Reduce -4.8%
VCTR Victory Capital Holding - A 0.44% 149,063 $9.7M No change
DAL Delta Air Lines Inc. 0.44% 170,000 $9.6M No change
BGC BGC Group Inc. Class A 0.40% 928,365 $8.8M No change
MLCO Melco Resorts & Entert-ADR 0.40% 950,000 $8.7M Reduce -5.0%
OSCR Oscar Health Inc. Class A 0.39% 449,604 $8.5M No change
BCS Barclays PLC-Spons ADR 0.38% 400,000 $8.3M No change
NBIS Nebius Group NV 0.38% 73,000 $8.2M Reduce -2.7%
BKNG Booking Holdings Inc. 0.37% 1,500 $8.1M No change
AIG American International Group 0.36% 100,000 $7.9M No change
ROCK Gibraltar Industries Inc. 0.36% 123,099 $7.7M No change
UAL United Airlines Holdings Inc. 0.35% 80,000 $7.7M No change
AXP American Express Co. 0.35% 23,000 $7.6M No change
SPNT Siriuspoint Ltd. 0.35% 416,943 $7.5M No change
CTEV Claritev Corp. 0.34% 140,000 $7.4M Reduce -9.1%
CNO Cno Financial Group Inc. 0.34% 185,034 $7.3M No change
CAT Caterpillar Inc. 0.33% 15,000 $7.2M No change
BLK BlackRock Inc. 0.32% 6,000 $7.0M No change
ETHE Grayscale Ethereum Staking E 0.32% 200,001 $6.9M No change
BKR Baker Hughes Co. 0.31% 140,000 $6.8M No change
PSX Phillips 66 0.31% 50,000 $6.8M No change
PHM Pultegroup Inc. 0.30% 50,000 $6.6M No change
JEF Jefferies Financial Group Inc. 0.30% 100,000 $6.5M No change
LPG Dorian LPG Ltd. 0.30% 219,406 $6.5M No change
LYV Live Nation Entertainment Inc. 0.30% 40,000 $6.5M No change
HIPO Hippo Holdings Inc. 0.30% 180,000 $6.5M No change
CSV Carriage Services Inc. 0.29% 143,430 $6.4M No change
OPLN Openlane Inc. 0.29% 220,000 $6.3M No change
GBLI Global Indemnity Group LLC-A 0.29% 214,941 $6.2M No change
PCG P G & E Corp. 0.28% 400,000 $6.0M No change
MHO M/I Homes Inc. 0.28% 41,700 $6.0M No change
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.27% 15,000 $6.0M No change
MDY State Street SPDR S&P Midcap 0.27% 10,000 $6.0M No change
USPH U.S. Physical Therapy Inc. 0.27% 69,999 $5.9M No change
AMCR Amcor PLC 0.27% 726,065 $5.9M No change
HBAN Huntington Bancshares Inc. 0.27% 339,596 $5.9M No change
MHK Mohawk Industries Inc. 0.27% 45,000 $5.8M Add +275.0%
DHC Diversified Healthcare Trust 0.26% 1,263,460 $5.6M No change
NWL Newell Brands Inc. 0.26% 1,060,000 $5.6M Reduce -40.4%
JRVR James River Group Holdings I 0.26% 1,000,000 $5.5M No change
MDLZ Mondelez International Inc. Class A 0.24% 85,000 $5.3M No change
MPAA Motorcar Parts of America Inc. 0.24% 314,021 $5.2M Reduce -41.7%
RCL Royal Caribbean Cruises Ltd. 0.24% 16,000 $5.2M No change
LEG Leggett & Platt Inc. 0.24% 579,999 $5.2M Add +3.4%
MBC Masterbrand Inc. 0.24% 390,382 $5.1M New
JBI Janus International Group Inc. 0.24% 520,000 $5.1M Reduce -11.9%
RNR Renaissancere Holdings Ltd. 0.23% 20,000 $5.1M No change
AER Aercap Holdings NV 0.22% 40,000 $4.8M No change
ONIT Onity Group Inc. 0.22% 120,656 $4.8M Reduce -6.7%

Show all 569 holdings

Options reported separately and not counted above: BRK.B puts ($32.7M), TSLA puts ($24.0M), UBER puts ($4.6M), MSTR puts ($3.2M), DJT puts ($1.3M), MS puts ($316K), SNAP calls ($308K).

Portfolio Sells Q2 2025 → Q3 2025
UBER Uber Technologies Inc. Reduce -21.9% 0.68% −0.38
NWL Newell Brands Inc. Reduce -40.4% 0.26% −0.22
CE Celanese Corp. Reduce -28.0% 0.20% −0.19
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.16
DOCU Docusign Inc. Sold out 0.00% −0.12
AOUT American Outdoor Brands Inc. Reduce -63.1% 0.03% −0.08
BZH Beazer Homes USA Inc. Reduce -53.6% 0.07% −0.08
VSTS Vestis Corp. Reduce -5.0% 0.18% −0.08
SQQQ Proshares TR Sold out 0.00% −0.07
SABR Sabre Corp. Reduce -21.4% 0.05% −0.07
MTRX Matrix Service Co. Sold out 0.00% −0.07
KRMD Koru Medical Systems Inc. Sold out 0.00% −0.06
MTN Vail Resorts Inc. Sold out 0.00% −0.06
CDW CDW Corp. Reduce -30.8% 0.08% −0.06
MPAA Motorcar Parts of America Inc. Reduce -41.7% 0.24% −0.06
ALLY Ally Financial Inc. Reduce -16.7% 0.18% −0.05
FRAF Franklin Financial Services Sold out 0.00% −0.05
CVX Chevron Corp. Sold out 0.00% −0.05
CWH Camping World Holdings Inc. Class A Reduce -6.2% 0.19% −0.05
OXY Occidental Petroleum Corp. Reduce -32.8% 0.11% −0.05
SNAP Snap Inc. Class A Sold out 0.00% −0.04
CPB The Campbell's Company Reduce -26.3% 0.10% −0.04
OI O-I Glass Inc. Sold out 0.00% −0.04
JBLU Jetblue Airways Corp. Sold out 0.00% −0.04
HSY The Hershey Co. Sold out 0.00% −0.04
FCAP First Capital Inc. Sold out 0.00% −0.04
CRWD CrowdStrike Holdings Inc. Class A Reduce -16.7% 0.11% −0.04
THRY Thryv Holdings Inc. Sold out 0.00% −0.04
PWOD Penns Woods Bancorp Inc. Sold out 0.00% −0.04
BV Brightview Holdings Inc. Reduce -66.7% 0.01% −0.04
SHEL Shell PLC-ADR Sold out 0.00% −0.03
OPRT Oportun Financial Corp. Reduce -87.8% 0.00% −0.03
THR Thermon Group Holdings Inc. Reduce -2.7% 0.21% −0.03
YELP Yelp Inc. Sold out 0.00% −0.03
EHTH Ehealth Inc. Reduce -30.2% 0.06% −0.03
TWLO Twilio Inc. Class A Reduce -13.3% 0.06% −0.03
INDI Indie Semiconductor Inc. Class A Reduce -87.6% 0.00% −0.03
LARK Landmark Bancorp Inc. Sold out 0.00% −0.03
TSLA Tesla Inc. Sold out 0.00% −0.03
HRL Hormel Foods Corp. Sold out 0.00% −0.03
BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −0.03
EXFY Expensify Inc. Class A Sold out 0.00% −0.03
BSET Bassett Furniture Inds Reduce -24.7% 0.07% −0.03
WNC Wabash National Corp. Reduce -17.5% 0.06% −0.03
TBI Trueblue Inc. Reduce -8.3% 0.11% −0.03
OLO Olo Inc. Class A Sold out 0.00% −0.03
ONIT Onity Group Inc. Reduce -6.7% 0.22% −0.02
UNF Unifirst Corp. Reduce -50.0% 0.02% −0.02
KD Kyndryl Holdings Inc. Sold out 0.00% −0.02
PARR Par Pacific Holdings Inc. Sold out 0.00% −0.02

Portfolio Buys Q2 2025 → Q3 2025
MBC Masterbrand Inc. New 0.24% +0.24
PEP Pepsico Inc. Add +32.3% 0.93% +0.22
MHK Mohawk Industries Inc. Add +275.0% 0.27% +0.20
REAL The Realreal Inc. New 0.20% +0.20
KHC The Kraft Heinz Co. Add +157.1% 0.22% +0.13
HPE Hewlett Packard Enterprise New 0.09% +0.09
ANGI Angi Inc. Add +306.6% 0.11% +0.08
GAP The Gap Inc. New 0.06% +0.06
W Wayfair Inc. Class A New 0.04% +0.04
RH RH New 0.04% +0.04
CVGI Commercial Vehicle Group Inc. Add +126.0% 0.07% +0.04
DLO Dlocal Ltd. New 0.04% +0.04
AVAH Aveanna Healthcare Holdings New 0.03% +0.03
DCH Dauch Corporation New 0.02% +0.02
RDN Radian Group Inc. Add +20.0% 0.20% +0.02
TNL Travel + Leisure Co. New 0.02% +0.02
NNBR NN Inc. Add +69.9% 0.05% +0.02
BZ Kanzhun Ltd. - ADR New 0.01% +0.01
NMIH Nmi Holdings Inc. New 0.01% +0.01
THO Thor Industries Inc. New 0.01% +0.01
FUL H.B. Fuller Co. New 0.01% +0.01
ALTG Alta Equipment Group Inc. Add +33.1% 0.04% +0.01
DNTH Dianthus Therapeutics Inc. New 0.01% +0.01
WWW Wolverine World Wide Inc. New 0.01% +0.01
EEFT Euronet Worldwide Inc. New 0.01% +0.01
TRS Trimas Corp. New 0.01% +0.01
CPA Copa Holdings SA Class A Add +37.1% 0.04% +0.01
PAL Proficient Auto Logistics Inc. New 0.01% +0.01
NLY Annaly Capital Management Inc. New 0.01% +0.01
SNCR Synchronoss Technologies Inc. Add +86.4% 0.03% +0.01
DIBS 1STDIBS.COM Inc. Add +257.1% 0.01% +0.01
CRON Cronos Group Inc. Add +13.4% 0.01% +0.01
ATYR Atyr Pharma Inc. New 0.00% +0.00
CMCO Columbus McKinnon Corp. Add +4.4% 0.09% −0.01
LEG Leggett & Platt Inc. Add +3.4% 0.24% −0.01
BMBL Bumble Inc. Class A Add +1.1% 0.11% −0.02
SNFCA Security Natl Finl Corp. Class A Add +5.0% 0.12% −0.02

Options Activity Q2 2025 → Q3 2025
BRK.B Berkshire Hathaway Inc. Class B put Add +225.0% 65,000 $32.7M
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 25,000 $15.4Mbefore exit
C Citigroup Inc. put Sold out 50,000 $4.3Mbefore exit
SMCI Super Micro Computer Inc. call Sold out 30,000 $1.5Mbefore exit
C Citigroup Inc. call Sold out 10,000 $851Kbefore exit
LYFT LYFT Inc. Class A call Sold out 40,000 $630Kbefore exit
MS Morgan Stanley put Reduce -98.7% 2,000 $316K
SNAP Snap Inc. Class A call Reduce -66.7% 40,000 $308K

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
AP.WS Ampco-Pittsburgh Corp. -CW25 *W EXP 08/01/202 Sold out 211,652 $4Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 506$2.4BMS, SPY, APP, META, BRK.A
Q1 2026Amended 487$2.0BMS, SPY, META, BRK.A, DAC
Q4 2025Amended 547$2.2BMS, SPY, APP, META, BRK.A
Q3 2025 569$2.2BMS, SPY, APP, META, BRK.A
Q2 2025 589$2.0BMS, SPY, META, BRK.A, APP
Q1 2025 558$1.6BBRK.A, META, FICO, MA, V
Q4 2024 536$1.9BMS, SPY, META, BRK.A, APP
Q3 2024 589$2.0BMS, SPY, META, BRK.A, BLDR
Q2 2024 561$1.7BSPY, MS, META, BRK.A, DAC
Q1 2024 547$1.8BSPY, MS, BLDR, META, BRK.A