SCHEDULE 13D/A: CSL Funds Liquidate Ranger Energy Services Holdings, Shifting Millions of Shares to Members

CSL Energy Opportunities Fund II, L.P. and CSL Energy Opportunities Offshore Fund II, L.P. have completed liquidating distributions of their entire holdings in Ranger Energy Services, Inc., totaling over 3.5 million shares.

Summary

• This document is Amendment No. 9 to a Schedule 13D filing for Ranger Energy Services, Inc. (NYSE: RNGR).
• CSL Energy Opportunities Fund II, L.P. (CSL OII) distributed all 2,055,830 shares of Class A Common Stock it held to its members pro rata in a liquidating distribution on May 30, 2025.
• CSL Energy Opportunities Offshore Fund II, L.P. (Offshore Fund II) also distributed all 1,469,170 shares of Class A Common Stock it held to its members pro rata in a liquidating distribution on May 30, 2025.
• Following these distributions, both CSL OII and Offshore Fund II now beneficially own 0 shares of Ranger Energy Services, Inc.
• Charles S. Leykum, who is the managing member of CSL GP II and CSL CM GP, is now the record holder of 106,005 shares of Class A Common Stock, representing 0.5% of the outstanding shares.
• CSL Energy Opportunity GP II, LLC, CSL CM GP, LLC, and CSL Capital Management, L.P. each beneficially own 1,679 shares, representing 0.01% of the outstanding shares.
• The calculations of beneficial ownership are based on 22,498,082 shares of Class A Common Stock outstanding, as reported in the Issuer's Quarterly Report on Form 10-Q filed on April 30, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the significant reduction in reported institutional beneficial ownership by the CSL funds, which could be interpreted as a divestment signal.

Negatives

• The liquidating distribution by CSL Energy Opportunities Fund II, L.P. and CSL Energy Opportunities Offshore Fund II, L.P. represents a significant reduction in the reported beneficial ownership by these institutional funds, totaling 3,525,000 shares, which could be perceived as a divestment by a major investor group.

Future Outlook

NA

Industry Context

This filing primarily concerns a change in beneficial ownership structure for a specific investor group and does not provide broader industry trends or competitive analysis.

Related Party Transactions

• CSL Energy Opportunities Fund II, L.P. and CSL Energy Opportunities Offshore Fund II, L.P. conducted pro rata liquidating distributions of their Class A Common Stock holdings to their respective members, which are related parties.

Stakeholder Impact

• Shareholders: The significant reduction in reported institutional ownership by the CSL funds may influence market perception and potentially share price.
• Members of CSL Funds: Members of the distributing funds now directly hold shares previously held by the funds.

Key Dates

Keywords

Schedule 13D, beneficial ownership, liquidating distribution, share distribution, Ranger Energy Services, CSL Capital Management, institutional ownership, SEC filing