RBF Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), RBF Capital, LLC reported 547 stock positions worth $2.2 billion. Its top holding was Morgan Stanley (MS) at 6.6% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 4.6%) and AppLovin Class A (APP, 3.5%). Compared with Q3 2025, it opened 39 new positions, sold out of 61, added to 18 and reduced 120. The biggest buy was a new position in Manpowergroup (MAN) and the biggest sale an exit from Kraft Heinz (KHC).

Most Recent 13F
Q2 2026
Location
RENO, NV
CIK
0001134621
Portfolio Value
$2.2B (Q4 2025)
SEC Filing
0001062993-26-000975 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $2.2B $2.2B Q4 2025 Q1 2026: $2.0B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 547 stocks · $2.2B
MS Morgan Stanley 6.57% 810,432 $143.9M No change
SPY SS SPDR S&P 500 ETF Trust-US 4.55% 146,300 $99.8M No change
APP AppLovin Corp. Class A 3.54% 114,955 $77.5M No change
META Meta Platforms Inc. Class A 3.16% 105,000 $69.3M No change
BRK.A Berkshire Hathaway Inc. Class A 2.62% 76 $57.4M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.91% 760,000 $41.8M No change
DAC Danaos Corp. 1.80% 418,015 $39.4M No change
GOOG Alphabet Inc. Class C 1.72% 120,000 $37.7M No change
MA Mastercard Inc. Class A 1.71% 65,500 $37.4M No change
HCA HCA Healthcare Inc. 1.60% 75,000 $35.0M No change
FICO Fair Isaac Corp. 1.54% 20,000 $33.8M No change
V Visa Inc. Class A 1.52% 95,000 $33.3M No change
AAPL Apple Inc. 1.49% 120,000 $32.6M No change
BLDR Builders Firstsource Inc. 1.22% 258,702 $26.6M No change
SPGI S&P Global Inc. 1.19% 50,000 $26.1M No change
MSFT Microsoft Corp. 1.10% 50,000 $24.2M No change
GS Goldman Sachs Group Inc. 0.92% 23,000 $20.2M No change
WLDN Willdan Group Inc. 0.87% 184,600 $19.1M No change
UBER Uber Technologies Inc. 0.86% 231,000 $18.9M Add +29.8%
THC Tenet Healthcare Corp. 0.85% 93,237 $18.5M No change
UNH Unitedhealth Group Inc. 0.83% 55,000 $18.2M No change
MMYT Makemytrip Ltd. 0.82% 218,722 $18.0M No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.79% 214,574 $17.2M No change
WMT Walmart Inc. 0.78% 152,822 $17.0M Reduce -1.6%
JLL Jones Lang Lasalle Inc. 0.77% 50,000 $16.8M No change
COF Capital One Financial Corp. 0.76% 68,916 $16.7M No change
ET Energy Transfer LP 0.75% 1,000,000 $16.5M No change
UBS UBS Group AG-Reg 0.72% 340,000 $15.7M Reduce -2.5%
GOOGL Alphabet Inc. Class A 0.71% 50,000 $15.7M No change
PEP Pepsico Inc. 0.71% 108,400 $15.6M Reduce -24.4%
GSL Global Ship Lease Inc. Class A 0.70% 437,463 $15.3M No change
WLFC Willis Lease Finance Corp. 0.67% 107,711 $14.6M No change
WFC Wells Fargo & Co. 0.64% 150,000 $14.0M No change
MAN Manpowergroup Inc. 0.64% 470,083 $14.0M New
MOD Modine Manufacturing Co. 0.61% 100,000 $13.4M No change
JPM JPMorgan Chase & Co. 0.60% 41,000 $13.2M No change
TPR Tapestry Inc. 0.58% 100,000 $12.8M No change
VIPS Vipshop Holdings Ltd. - ADR 0.58% 722,165 $12.8M No change
BKD Brookdale Senior Living Inc. 0.58% 1,170,000 $12.6M Reduce -1.8%
UTI Universal Technical Institut 0.57% 475,840 $12.4M No change
STT State Street Corp. 0.57% 96,000 $12.4M No change
LINC Lincoln Educational Services 0.55% 499,070 $12.1M No change
OPY Oppenheimer Holdings Class A 0.54% 163,771 $11.8M Reduce -0.7%
AVGO Broadcom Inc. 0.53% 33,730 $11.7M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.53% 100,000 $11.6M No change
AMZN Amazon.com Inc. 0.53% 50,000 $11.5M Add +150.0%
MSCI MSCI Inc. 0.52% 20,000 $11.5M No change
TOL Toll Brothers Inc. 0.50% 80,500 $10.9M No change
DAL Delta Air Lines Inc. 0.48% 150,000 $10.4M Reduce -11.8%
GBTC Grayscale Bitcoin Trust ETF 0.47% 150,000 $10.3M No change
STC Stewart Information Services 0.47% 145,540 $10.2M No change
BCS Barclays PLC-Spons ADR 0.46% 400,000 $10.2M No change
ASC Ardmore Shipping Corp. 0.44% 901,880 $9.6M No change
ENTG Entegris Inc. 0.43% 111,735 $9.4M No change
VCTR Victory Capital Holding - A 0.43% 149,063 $9.4M No change
SPNT Siriuspoint Ltd. 0.42% 416,943 $9.1M No change
UAL United Airlines Holdings Inc. 0.41% 80,000 $8.9M No change
URI United Rentals Inc. 0.41% 11,000 $8.9M No change
CAT Caterpillar Inc. 0.39% 15,000 $8.6M No change
AIG American International Group 0.39% 100,000 $8.6M No change
AXP American Express Co. 0.39% 23,000 $8.5M No change
BKNG Booking Holdings Inc. 0.37% 1,500 $8.0M No change
BGC BGC Group Inc. Class A 0.37% 898,365 $8.0M Reduce -3.2%
CNO Cno Financial Group Inc. 0.36% 185,034 $7.9M No change
NVDA Nvidia Corp. 0.34% 40,000 $7.5M Reduce -33.3%
JBI Janus International Group Inc. 0.31% 1,049,184 $6.9M Add +101.8%
JRVR James River Group Holdings I 0.30% 1,050,000 $6.7M Add +5.0%
OSCR Oscar Health Inc. Class A 0.29% 449,604 $6.5M No change
PSX Phillips 66 0.29% 50,000 $6.5M No change
SLGN Silgan Holdings Inc. 0.29% 159,671 $6.4M Add +356.2%
MLCO Melco Resorts & Entert-ADR 0.29% 850,000 $6.4M Reduce -10.5%
PCG P G & E Corp. 0.29% 400,000 $6.4M No change
BLK BlackRock Inc. 0.29% 6,000 $6.4M No change
OPLN Openlane Inc. 0.29% 210,000 $6.3M Reduce -4.5%
JEF Jefferies Financial Group Inc. 0.28% 100,000 $6.2M No change
LEG Leggett & Platt Inc. 0.28% 559,999 $6.2M Reduce -3.5%
NBIS Nebius Group NV 0.28% 73,000 $6.1M No change
GBLI Global Indemnity Group LLC-A 0.28% 214,941 $6.1M No change
ROCK Gibraltar Industries Inc. 0.28% 123,099 $6.1M No change
CSV Carriage Services Inc. 0.28% 143,430 $6.1M No change
AMCR Amcor PLC 0.28% 726,065 $6.1M No change
MDY State Street SPDR S&P Midcap 0.28% 10,000 $6.0M No change
BKR Baker Hughes Co. 0.27% 130,000 $5.9M Reduce -7.1%
HBAN Huntington Bancshares Inc. 0.27% 339,596 $5.9M No change
PHM Pultegroup Inc. 0.27% 50,000 $5.9M No change
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.27% 15,000 $5.8M No change
THR Thermon Group Holdings Inc. 0.26% 155,000 $5.8M Reduce -8.8%
VSTS Vestis Corp. 0.26% 861,242 $5.7M No change
CTEV Claritev Corp. 0.26% 134,187 $5.7M Reduce -4.2%
LYV Live Nation Entertainment Inc. 0.26% 40,000 $5.7M No change
RNR Renaissancere Holdings Ltd. 0.26% 20,000 $5.6M No change
DHC Diversified Healthcare Trust 0.25% 1,144,304 $5.5M Reduce -9.4%
ONIT Onity Group Inc. 0.25% 120,656 $5.5M No change
USPH U.S. Physical Therapy Inc. 0.25% 69,999 $5.5M No change
HIPO Hippo Holdings Inc. 0.25% 180,000 $5.4M No change
LPG Dorian LPG Ltd. 0.24% 219,406 $5.3M No change
MHO M/I Homes Inc. 0.24% 41,700 $5.3M No change
REAL The Realreal Inc. filed as THE REALREAL INC 0.24% 336,889 $5.3M Reduce -15.8%
AER Aercap Holdings NV 0.23% 35,000 $5.0M Reduce -12.5%
DFAI Dimensional International Co. 0.23% 130,000 $5.0M No change

Show all 547 holdings

Options reported separately and not counted above: BRK.B puts ($32.7M), MS puts ($21.2M), META puts ($2.0M), TSLA puts ($1.8M), KMX calls ($1.7M), MSTR puts ($1.5M), DJT puts ($1.1M), SNAP calls ($323K).

Portfolio Sells Q3 2025 → Q4 2025
KHC The Kraft Heinz Co. Sold out 0.00% −0.22
PEP Pepsico Inc. Reduce -24.4% 0.71% −0.22
ATRO Astronics Corp. Sold out 0.00% −0.21
NVDA Nvidia Corp. Reduce -33.3% 0.34% −0.17
HI Hillenbrand Inc. Sold out 0.00% −0.12
NWL Newell Brands Inc. Reduce -18.9% 0.15% −0.11
HBI Hanesbrands Inc. Sold out 0.00% −0.11
MLCO Melco Resorts & Entert-ADR Reduce -10.5% 0.29% −0.11
PPG PPG Industries Inc. Sold out 0.00% −0.11
GTLS Chart Industries Inc. Sold out 0.00% −0.09
SCS Steelcase Inc. Class A Sold out 0.00% −0.09
PBI Pitney Bowes Inc. Reduce -85.0% 0.01% −0.09
CTEV Claritev Corp. Reduce -4.2% 0.26% −0.08
DINO HF Sinclair Corp. Reduce -33.3% 0.11% −0.08
DELL Dell Technologies -C Reduce -58.8% 0.04% −0.07
PRDO Perdoceo Education Corp. Sold out 0.00% −0.07
HPE Hewlett Packard Enterprise Reduce -62.5% 0.03% −0.06
GLD SPDR Gold Shares Sold out 0.00% −0.05
QFIN Qfin Holdings Inc.-ADR Reduce -28.2% 0.04% −0.05
REZI Resideo Technologies Inc. Reduce -57.1% 0.02% −0.05
MBC Masterbrand Inc. Reduce -2.8% 0.19% −0.04
PM Philip Morris International Sold out 0.00% −0.04
CVI CVR Energy Inc. Reduce -50.0% 0.02% −0.04
BKR Baker Hughes Co. Reduce -7.1% 0.27% −0.04
MCHI iShares MSCI China ETF Reduce -20.0% 0.11% −0.04
AMT American Tower Corp. Reduce -40.0% 0.05% −0.04
BGC BGC Group Inc. Class A Reduce -3.2% 0.37% −0.04
RH RH Sold out 0.00% −0.04
ACMR Acm Research Inc. Class A Sold out 0.00% −0.04
GAP The Gap Inc. Reduce -66.7% 0.02% −0.04
GIFI Gulf Island Fabrication Inc. Reduce -85.3% 0.01% −0.04
TBI Trueblue Inc. Reduce -7.8% 0.07% −0.03
OXY Occidental Petroleum Corp. Reduce -20.0% 0.08% −0.03
TME Tencent Music Entertainm-ADR Sold out 0.00% −0.03
CVS CVS Health Corp. Reduce -50.0% 0.04% −0.03
KROS Keros Therapeutics Inc. Reduce -45.5% 0.08% −0.03
SLB SLB Ltd. Reduce -25.0% 0.16% −0.03
HOV Hovnanian Enterprises-A Reduce -44.4% 0.02% −0.03
JD Jd.com Inc.-ADR Reduce -16.7% 0.07% −0.03
SNDL SNDL Inc. Reduce -37.5% 0.02% −0.03
UPLD Upland Software Inc. Reduce -17.6% 0.03% −0.03
CARS Cars.com Inc. Reduce -48.3% 0.03% −0.03
MURA Mural Oncology PLC Sold out 0.00% −0.03
LYB Lyondellbasell Indu Class A Reduce -50.0% 0.02% −0.03
ACET Adicet Bio Inc. Sold out 0.00% −0.02
LYFT LYFT Inc. Class A Reduce -9.1% 0.09% −0.02
DCH Dauch Corporation Sold out 0.00% −0.02
AMPY Amplify Energy Corp. Reduce -19.6% 0.05% −0.02
OPY Oppenheimer Holdings Class A Reduce -0.7% 0.54% −0.02
GEO The Geo Group Inc. Reduce -16.7% 0.04% −0.02

Portfolio Buys Q3 2025 → Q4 2025
MAN Manpowergroup Inc. New 0.64% +0.64
AMZN Amazon.com Inc. Add +150.0% 0.53% +0.33
SLGN Silgan Holdings Inc. Add +356.2% 0.29% +0.23
FCN Fti Consulting Inc. New 0.20% +0.20
UBER Uber Technologies Inc. Add +29.8% 0.86% +0.18
CI The Cigna Group New 0.13% +0.13
ARM Arm Holdings PLC-ADR New 0.10% +0.10
VSXY Victoria's Secret & Co. New 0.10% +0.10
GIL Gildan Activewear Inc. New 0.09% +0.09
FOXF Fox Factory Holding Corp. New 0.09% +0.09
TWLO Twilio Inc. Class A Add +76.9% 0.15% +0.09
MTCH Match Group Inc. New 0.09% +0.09
KMX Carmax Inc. New 0.09% +0.09
JBI Janus International Group Inc. Add +101.8% 0.31% +0.08
SON Sonoco Products Co. Add +59.2% 0.16% +0.06
SBET Sharplink Inc. New 0.06% +0.06
KELYA Kelly Services Inc. Class A New 0.05% +0.05
TRUE Truecar Inc. New 0.05% +0.05
JRVR James River Group Holdings I Add +5.0% 0.30% +0.05
HNI Hni Corp. New 0.05% +0.05
POOL Pool Corp. New 0.04% +0.04
SEE Sealed Air Corp. New 0.04% +0.04
TNA Dir Dai SML Ca Bul 3X Et-Usd New 0.03% +0.03
BRK.B Berkshire Hathaway Inc. Class B New 0.03% +0.03
IBM Intl Business Machines Corp. New 0.03% +0.03
EPAM Epam Systems Inc. New 0.02% +0.02
GIS General Mills Inc. New 0.02% +0.02
AMGN Amgen Inc. New 0.02% +0.02
KLIC Kulicke & Soffa Industries New 0.02% +0.02
IQV Iqvia Holdings Inc. New 0.02% +0.02
VOLATILITY SHS TR New 0.02% +0.02
INGR Ingredion Inc. New 0.02% +0.02
BMY Bristol-Myers Squibb Co. New 0.02% +0.02
SPCE Virgin Galactic Holdings Inc. New 0.02% +0.02
FWDI Forward Industries Inc. New 0.02% +0.02
JKHY Jack Henry & Associates Inc. New 0.02% +0.02
ACET Adicet Bio Inc. New 0.01% +0.01
JBSS John B. Sanfilippo & Son Inc. New 0.01% +0.01
KFRC Kforce Inc. New 0.01% +0.01
FONR Fonar Corp. Add +3.3% 0.06% +0.01
ASPN Aspen Aerogels Inc. New 0.01% +0.01
CASS Cass Information Systems Inc. New 0.01% +0.01
IMOS Chipmos Technologies Inc.-ADR New 0.01% +0.01
CECO Ceco Environmental Corp. New 0.01% +0.01
TCI Transcontinental Realty Inv New 0.01% +0.01
DNOW Dnow Inc. Add +94.9% 0.02% +0.01
HUN Huntsman Corp. New 0.01% +0.01
CHGG Chegg Inc. New 0.01% +0.01
ADSK Autodesk Inc. Add +13.0% 0.15% +0.01
CWH Camping World Holdings Inc. Class A Add +68.1% 0.20% +0.01

Options Activity Q3 2025 → Q4 2025
MS Morgan Stanley put Add +5900.0% 120,000 $21.2M
UBER Uber Technologies Inc. put Sold out 47,000 $4.6Mbefore exit
META Meta Platforms Inc. Class A put New 3,000 $2.0M
TSLA Tesla Inc. put Reduce -92.6% 4,000 $1.8M
KMX Carmax Inc. call New 45,000 $1.7M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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