# AREX Capital Management, LP

> Institutional holdings reported to the SEC as of Q1 2026 on Form 13F. CIK 1800261. Source: https://holderbook.com/funds/1800261-arex-capital-management-lp/

- Reported value: $60.5M
- Positions: 26
- Weight of the ten largest: 92.8%
- Filed: 2026-05-15

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ENHABIT INC | [EHAB](https://holderbook.com/stocks/EHAB/) | $35.1M | 2,494,155 | 58.1% | 15 |
| PEOPLE INC | [PPLI](https://holderbook.com/stocks/PPLI/) | $10.0M | 250,000 | 16.5% | 7 |
| GENWORTH FINL INC | [GNW](https://holderbook.com/stocks/GNW/) | $4.2M | 515,616 | 6.9% | 1 |
| CALLAWAY GOLF CO | [CALY](https://holderbook.com/stocks/CALY/) | $2.5M | 178,700 | 4.1% | 11 |
| NCR VOYIX CORPORATION | [VYX](https://holderbook.com/stocks/VYX/) | $1.0M | 158,864 | 1.7% | 17 |
| SKILLSOFT CORP | [SKIL](https://holderbook.com/stocks/SKIL/) | $914.5K | 213,161 | 1.5% | 10 |
| XPONENTIAL FITNESS INC | [XPOF](https://holderbook.com/stocks/XPOF/) | $903.0K | 150,000 | 1.5% | 1 |
| TRANSALTA CORP | [TAC](https://holderbook.com/stocks/TAC/) | $525.9K | 40,000 | 0.9% | 1 |
| RIOT PLATFORMS INC | [RIOT](https://holderbook.com/stocks/RIOT/) | $525.3K | 42,500 | 0.9% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $487.7K | 1,700 | 0.8% | 1 |
| PERRIGO CO PLC | [PRGO](https://holderbook.com/stocks/PRGO/) | $483.3K | 45,000 | 0.8% | 1 |
| KBR INC | [KBR](https://holderbook.com/stocks/KBR/) | $460.8K | 12,500 | 0.8% | 1 |
| WEX INC | [WEX](https://holderbook.com/stocks/WEX/) | $459.1K | 3,000 | 0.8% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $456.8K | 1,800 | 0.8% | 1 |
| CORE NATURAL RESOURCES INC | [CNR](https://holderbook.com/stocks/CNR/) | $445.1K | 4,250 | 0.7% | 1 |
| KYNDRYL HLDGS INC | [KD](https://holderbook.com/stocks/KD/) | $393.6K | 30,000 | 0.7% | 1 |
| FTAI INFRASTRUCTURE INC | [FIP](https://holderbook.com/stocks/FIP/) | $370.5K | 75,000 | 0.6% | 4 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $208.3K | 3,000 | 0.3% | 1 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $171.2K | 9,500 | 0.3% | 1 |
| PROSPECT CAP CORP | [PSEC](https://holderbook.com/stocks/PSEC/) | $169.7K | 65,000 | 0.3% | 1 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $165.8K | 7,000 | 0.3% | 1 |
| OAKTREE SPECIALTY LENDING | [OCSL](https://holderbook.com/stocks/OCSL/) | $141.2K | 12,500 | 0.2% | 1 |
| MORGAN STANLEY DIRECT LENDIN | [MSDL](https://holderbook.com/stocks/MSDL/) | $132.6K | 9,500 | 0.2% | 1 |
| HERCULES CAPITAL INC | [HTGC](https://holderbook.com/stocks/HTGC/) | $118.2K | 8,000 | 0.2% | 1 |
| NEXTNAV INC | [NN](https://holderbook.com/stocks/NN/) | $88.1K | 5,500 | 0.1% | 4 |
| GOLDMAN SACHS BDC INC | [GSBD](https://holderbook.com/stocks/GSBD/) | $79.0K | 8,900 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | +33.1% | -4.6% | +37.8% | 100% |
| Q4 2025 | +5.0% | +2.4% | +2.6% | 96% |
| Q3 2025 | -5.8% | +7.8% | -13.7% | 100% |
| Q2 2025 | +5.7% | +10.5% | -4.8% | 100% |
| Q1 2025 | -8.3% | -4.6% | -3.7% | 100% |
| Q4 2024 | -1.3% | +2.1% | -3.4% | 100% |
| Q3 2024 | -4.4% | +5.4% | -9.8% | 100% |
| Q2 2024 | -10.9% | +4.0% | -15.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2026 | $60.5M | 26 |
| Q4 2025 | $35.2M | 9 |
| Q3 2025 | $43.4M | 12 |
| Q2 2025 | $51.3M | 19 |
| Q1 2025 | $49.2M | 13 |
| Q4 2024 | $70.2M | 14 |
| Q3 2024 | $82.3M | 13 |
| Q2 2024 | $87.5M | 13 |
| Q1 2024 | $89.3M | 10 |
| Q4 2023 | $68.5M | 11 |
| Q3 2023 | $147.0M | 11 |
| Q2 2023 | $134.9M | 11 |