AREX Capital Management, LP

Hedge Fund • Value

AREX Capital Management, LP is a Value-focused Hedge Fund based in New York, NY led by Andrew Victor Rechtschaffen, reporting $139.1M in AUM as of Q3 2025 with 51% Healthcare concentration, 98% concentrated in top 10 holdings, and 46% allocation to EHAB.

Managing PartnerAndrew Victor Rechtschaffen

Portfolio Value: $43.4M
Positions: 12
Top Holding: EHAB at 45.94%
Last Reported: Q3 2025

Address10 East 53rd Street, 11th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in AREX Capital Management, LP's portfolio (98.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Enhabit EHAB	Medical - Care Facilities Healthcare	$19.9M	45.94%	+$52.0K Bought	4.91% 2.5M shares	Q3 2022 Held for 3y 2m
2 Skillsoft SKIL	Education & Training Services Consumer Defensive	$5.3M	12.10%	-$13.0K Sold	4.63% 403.4K shares	Q4 2020 Held for 4y 11m
3 Topgolf Callaway Brands MODG	Leisure Consumer Cyclical	$5.0M	11.58%	-$1.7M Sold	0.29% 529.3K shares	Q3 2023 Held for 2y 2m
4 NCR Voyix VYX	Information Technology Services Technology	$4.7M	10.78%	+$376.5K Bought	0.27% 372.9K shares	Q4 2022 Held for 2y 11m
5 IAC, Inc. IAC	Internet Content & Information Communication Services	$2.3M	5.38%	+$75.0K Bought	— 68.5K shares	Q3 2024 Held for 1y 2m
6 DENTSPLY SIRONA XRAY	Medical - Instruments & Supplies Healthcare	$2.0M	4.68%	+$602.8K Bought	0.08% 160.0K shares	Q4 2024 Held for 11 months
7 The ODP Corporation ODP	Specialty Retail Consumer Cyclical	$1.5M	3.53%	-$1.8M Sold	0.18% 55.0K shares	Q3 2021 Held for 4y 2m
8 Cornerstone Building Brands CNR	Unknown Unknown	$709.6K	1.63%	-$83.5K Sold	— 8.5K shares	Q2 2025 Held for 5 months
9 FTAI Infrastructure Inc. FIP	Conglomerates Industrials	$588.6K	1.36%	+$327.0K Bought	0.12% 135.0K shares	Q2 2025 Held for 5 months
10 Brookfield BN	Asset Management Financial Services	$582.3K	1.34%	-$150.9K Sold	0.00% 8.5K shares	Q3 2024 Held for 1y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in AREX Capital Management, LP's latest filing

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Market Value

$43.4M

Prior: $51.3M

Q/Q Change

-15.4%

-$7.9M

Net Flows % of MV

-11.45%

Turnover Ratio

9.66%

New Purchases

0 stocks

Added To

6 stocks

+$1.5M

Sold Out Of

8 stocks

$2.8M

Reduced Holdings

5 stocks

-$3.7M

Increased Positions

Position	Shares Δ	Change
1 FTAI Infrastructure Inc. FIP	+125.0%	60.0K → 135.0K +$327.0K
2 DENTSPLY SIRONA XRAY	+42.22%	112.5K → 160.0K +$602.8K
3 NextNav NN	+37.5%	20.0K → 27.5K +$107.3K
4 NCR Voyix VYX	+8.75%	342.9K → 372.9K +$376.5K
5 IAC, Inc. IAC	+3.32%	66.3K → 68.5K +$75.0K

Decreased Positions

Position	Shares Δ	Change
1 Cannae Holdings, Inc. CNNE	Sold	57.5K → 0 −$1.2M
2 Brighthouse Financial BHF	Sold	7.5K → 0 −$403.3K
3 Delek US Holdings DK	Sold	17.5K → 0 −$370.7K
4 TransAlta TAC	Sold	25.0K → 0 −$269.6K
5 Orthofix Medical Inc. OFIX	Sold	17.5K → 0 −$195.1K