# EDGAR Filing Document

**Accession Number:** 0001517796
**File Stem:** 0000919574-26-001155
**Filing Date:** 2026-2
**Character Count:** 16193
**Document Hash:** fe2632cbf73b59e0298676028512a7bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-001155.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000919574-26-001155

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rangeley Capital, LLC
- **CENTRAL INDEX KEY:** 0001517796

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24993
- **FILM NUMBER:** 26639690

**BUSINESS ADDRESS:**
- **STREET 1:** 3 FOREST STREET
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840
- **BUSINESS PHONE:** 203-801-9970

**MAIL ADDRESS:**
- **STREET 1:** 3 FOREST STREET
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Rangeley Capital LLC<br>**Address:** 3 Forest Street<br>New Canaan, CT 06840

**Form 13F File Number:** 028-24993

**CRD Number (if applicable):** 000152725

**SEC File Number (if applicable):** 801-130770

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Robert Sterner<br>**Title:** Chief Operating Officer<br>**Phone:** 203-801-9978

**Signature, Place, and Date of Signing:**

/s/ Robert Sterner  New Canaan, CT  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 123

**Form 13F Information Table Value Total:** $120412012

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 4D MOLECULAR THERAPEUTICS IN | COM | 35104E100 |  | 289988 | 38665 | SH |  | SOLE |  | 38665 | 0 | 0 |
| ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 |  | 303552 | 57600 | SH |  | SOLE |  | 57600 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 539420 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ADICET BIO INC | COM NEW | 007002207 |  | 210508 | 25001 | SH |  | SOLE |  | 25001 | 0 | 0 |
| ALT5 SIGMA CORP | COM | 47089W104 |  | 31900 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 74100 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| ANEBULO PHARMACEUTICALS INC | COM | 034569103 |  | 50500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 4040400 | 840000 | SH |  | SOLE |  | 840000 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 4694188 | 395800 | SH |  | SOLE |  | 395800 | 0 | 0 |
| ATEA PHARMACEUTICALS INC | COM | 04683R106 |  | 285600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 1636787 | 75953 | SH |  | SOLE |  | 75953 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 3895020 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| BARINTHUS BIOTHERAPEUTICS PL | ADS | 91864C107 |  | 59117 | 84441 | SH |  | SOLE |  | 84441 | 0 | 0 |
| BERTO ACQUISITION CORP | ORD SHS | G1051H101 |  | 2935672 | 289514 | SH |  | SOLE |  | 289514 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 934560 | 132000 | SH |  | SOLE |  | 132000 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 212079 | 73895 | SH |  | SOLE |  | 73895 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | 5.5 CUM CV PFD B | 10482B200 |  | 255398 | 17245 | SH |  | SOLE |  | 17245 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 382450 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 1619750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 278597 | 4300 | SH | Call | SOLE |  | 4300 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 517360 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 1396890 | 249000 | SH |  | SOLE |  | 249000 | 0 | 0 |
| CALUMET INC | COM | 131428104 |  | 5152291 | 259300 | SH |  | SOLE |  | 259300 | 0 | 0 |
| CEMENTOS PACASMAYO S A A | SPONSORED ADR | 15126Q208 |  | 125040 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | CL A | 185123106 |  | 1929600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | SHS CL A | G2254C121 |  | 212876 | 20809 | SH |  | SOLE |  | 20809 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 145600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | *W EXP 01/23/202 | 21874A114 |  | 1403584 | 96400 | SH |  | SOLE |  | 96400 | 0 | 0 |
| CSLM DIGITA ASSET ACQ CORP I | UNIT 08/12/2030 | G2584S135 |  | 264051 | 26092 | SH |  | SOLE |  | 26092 | 0 | 0 |
| D MARKET ELECTR SVCS  TRADI | SPONSORED ADS | 23292B104 |  | 496000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| D. BORAL ARC ACQ I CORP. | UNIT 07/23/2030 | G2616F127 |  | 344556 | 33780 | SH |  | SOLE |  | 33780 | 0 | 0 |
| DELEK US HLDGS INC NEW | COM | 24665A103 |  | 3025320 | 102000 | SH |  | SOLE |  | 102000 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 211692 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| DRUGS MADE IN AMER ACQ II CO | UNIT 09/16/2030 | G2851K120 |  | 325998 | 32551 | SH |  | SOLE |  | 32551 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 2608800 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| EMMIS ACQUISITION CORP. | SHS CL A | G3037D105 |  | 180165 | 18107 | SH |  | SOLE |  | 18107 | 0 | 0 |
| EMMIS ACQUISITION CORP. | RIGHT 09/12/2030 | G3037D113 |  | 18053 | 18107 | SH |  | SOLE |  | 18107 | 0 | 0 |
| ENTRAVISION COMMUNICATIONS C | CL A | 29382R107 |  | 263700 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| ENVIRI CORP | COM | 415864107 |  | 17920 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| ENVIRI CORP | COM | 415864107 |  | 191153 | 10667 | SH |  | SOLE |  | 10667 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 219150 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| FIFTH ERA ACQUISITION CORP I | ORD SHS CL A | G3415K101 |  | 344283 | 33458 | SH |  | SOLE |  | 33458 | 0 | 0 |
| FONAR CORP | COM NEW | 344437405 |  | 466097 | 25113 | SH |  | SOLE |  | 25113 | 0 | 0 |
| FORWARD AIR CORP | COM | 34986A104 |  | 557500 | 22300 | SH | Call | SOLE |  | 22300 | 0 | 0 |
| FORWARD AIR CORP | COM | 34986A104 |  | 1900000 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| FULL HSE RESORTS INC | COM | 359678109 |  | 2338560 | 896000 | SH |  | SOLE |  | 896000 | 0 | 0 |
| GENERAL PURP ACQUISITION COR | UNIT 12/03/2030 | G3810N122 |  | 500500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GENERATION BIO CO | COM NEW | 37148K209 |  | 558230 | 98280 | SH |  | SOLE |  | 98280 | 0 | 0 |
| GLOBA TERRA ACQUISITION COR | UNIT 99/99/9999 | G3933N108 |  | 414911 | 40361 | SH |  | SOLE |  | 40361 | 0 | 0 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 5706664 | 209881 | SH |  | SOLE |  | 209881 | 0 | 0 |
| GRINDR INC | COM | 39854F101 |  | 2870480 | 212000 | SH |  | SOLE |  | 212000 | 0 | 0 |
| HCM III ACQUISITION CORP | ORD SHS CL A | G4365E103 |  | 141022 | 14046 | SH |  | SOLE |  | 14046 | 0 | 0 |
| HIGHVIEW MERGER CORP | UNIT 07/24/2030 | G4569C127 |  | 202600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| HILTON GRAND VACATIONS INC | COM | 43283X105 |  | 671250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| IMAGENEBIO INC | COM | 45175G207 |  | 125884 | 18244 | SH |  | SOLE |  | 18244 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 153600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1230800 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 350713 | 25414 | SH |  | SOLE |  | 25414 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 3307140 | 342000 | SH |  | SOLE |  | 342000 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 1970848 | 96800 | SH |  | SOLE |  | 96800 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 540475 | 85926 | SH |  | SOLE |  | 85926 | 0 | 0 |
| KORE GROUP HLDGS INC | COM NEW | 50066V305 |  | 554284 | 131347 | SH |  | SOLE |  | 131347 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 1069131 | 102900 | SH |  | SOLE |  | 102900 | 0 | 0 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 1495230 | 135930 | SH |  | SOLE |  | 135930 | 0 | 0 |
| LENSAR INC | COM | 52634L108 |  | 686170 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 48654 | 30220 | SH |  | SOLE |  | 30220 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | SPON ADS | 589492107 |  | 151679 | 364000 | SH |  | SOLE |  | 364000 | 0 | 0 |
| MERSANA THERAPEUTICS INC | COM | 59045L205 |  | 1651845 | 57098 | SH |  | SOLE |  | 57098 | 0 | 0 |
| MONTE ROSA THERAPEUTICS INC | COM | 61225M102 |  | 1058400 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| MOUNTAIN LAKE ACQUISITION CO | RIGHT 11/15/2028 | G6301B127 |  | 15600 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 326450 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| NET LEASE OFFICE PROPERTIES | COM | 64110Y108 |  | 1766099 | 68480 | SH |  | SOLE |  | 68480 | 0 | 0 |
| NEW AMER ACQUISITION I CORP | UNIT 99/99/9999 | 023634207 |  | 414000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| NKARTA INC | COM | 65487U108 |  | 59344 | 32078 | SH |  | SOLE |  | 32078 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | SHS CL A | G6717R104 |  | 423539 | 40032 | SH |  | SOLE |  | 40032 | 0 | 0 |
| ODYSSEY MARINE EXPL INC | COM NEW | 676118201 |  | 1193148 | 608749 | SH |  | SOLE |  | 608749 | 0 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 420500 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| OTG ACQUISITION CORP. I | UNIT 09/05/2030 | G6791A126 |  | 280429 | 27520 | SH |  | SOLE |  | 27520 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 235662 | 36200 | SH |  | SOLE |  | 36200 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | COM CL A | G7010A129 |  | 102800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PETMED EXPRESS INC | COM | 716382106 |  | 240000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| PIONEER ACQUISITION I CORP | UNIT 06/16/2030 | G7117W123 |  | 226322 | 22145 | SH |  | SOLE |  | 22145 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 788800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 274500 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 2494320 | 114000 | SH |  | SOLE |  | 114000 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 2188 | 100 | SH | Put | SOLE |  | 100 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 142220 | 6500 | SH | Call | SOLE |  | 6500 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 56875 | 45500 | SH |  | SOLE |  | 45500 | 0 | 0 |
| PRIORITY TECHNOLOGY HLDGS IN | COM | 74275G107 |  | 332450 | 61000 | SH |  | SOLE |  | 61000 | 0 | 0 |
| PROCAP ACQUISITION CORP | SHS CL A | G7257A105 |  | 479190 | 47304 | SH |  | SOLE |  | 47304 | 0 | 0 |
| PROTHENA CORP PLC | SHS | G72800108 |  | 5009930 | 524600 | SH |  | SOLE |  | 524600 | 0 | 0 |
| RALLYBIO CORP | COM | 75120L100 |  | 27444 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| REAL ASSET ACQUISITION CORP | SHS CL A | G73944103 |  | 102200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| REPARE THERAPEUTICS INC | COM | 760273102 |  | 3348355 | 1287829 | SH |  | SOLE |  | 1287829 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | USD CL A ORD SHS | G7515A103 |  | 204404 | 20188 | SH |  | SOLE |  | 20188 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 184552 | 78200 | SH |  | SOLE |  | 78200 | 0 | 0 |
| ROMAN DBDR ACQUISITION CORP | ORD SHS CL A | G7633M104 |  | 450576 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 171380 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| SEAPORT ENTMT GROUP INC | COMMON STOCK | 812215200 |  | 3035031 | 153517 | SH |  | SOLE |  | 153517 | 0 | 0 |
| SEER INC | COM CL A | 81578P106 |  | 36600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 1203919 | 81072 | SH |  | SOLE |  | 81072 | 0 | 0 |
| SEPTERNA INC | COM | 81734D104 |  | 1834504 | 65800 | SH |  | SOLE |  | 65800 | 0 | 0 |
| SITE CTRS CORP | COM | 82981J851 |  | 89880 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| SMART SH GLOBAL LTD | ADS | 83193E102 |  | 557622 | 476600 | SH |  | SOLE |  | 476600 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 89600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SPARK I ACQUISITION CORP | ORD SHS | G8316B100 |  | 123593 | 10813 | SH |  | SOLE |  | 10813 | 0 | 0 |
| STAR HLDGS | SHS BEN INT | 85512G106 |  | 1539833 | 187100 | SH |  | SOLE |  | 187100 | 0 | 0 |
| STURM RUGER  CO INC | COM | 864159108 |  | 1146244 | 35107 | SH |  | SOLE |  | 35107 | 0 | 0 |
| SWK HLDGS CORP | COM NEW | 78501P203 |  | 1083600 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 117900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 1028730 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| TREEHOUSE FOODS INC | COM | 89469A104 |  | 437123 | 18530 | SH |  | SOLE |  | 18530 | 0 | 0 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 374970 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 203405 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| USA TODAY CO INC | COM | 36472T109 |  | 243595 | 47300 | SH |  | SOLE |  | 47300 | 0 | 0 |
| VYNE THERAPEUTICS INC | COM | 92941V308 |  | 58010 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1688852 | 58600 | SH | Call | SOLE |  | 58600 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 6225120 | 216000 | SH |  | SOLE |  | 216000 | 0 | 0 |
| WEN ACQUISITION CORP | COM CL A | G9R39C103 |  | 631553 | 62530 | SH |  | SOLE |  | 62530 | 0 | 0 |
| WW INTL INC | COM NEW | 98262P200 |  | 350580 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| YEXT INC | COM | 98585N106 |  | 4718002 | 585360 | SH |  | SOLE |  | 585360 | 0 | 0 |
| YORKVILLE ACQUISITION CORP. | UNIT 06/06/2030 | G98659108 |  | 102600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 |  | 871534 | 41052 | SH |  | SOLE |  | 41052 | 0 | 0 |

---