American Well Holdings and affiliates report an 8.5% stake in Ranger Energy Services, Inc. Class A common stock. The group reports beneficial ownership of 1,998,401 shares, compared with 23,550,288 shares outstanding as of January 29, 2026, as disclosed in Ranger’s Form S-3.
American Well Holdings received these shares as partial consideration for selling all membership interests of American Well Intermediate Holdings, LLC to Ranger Energy, a transaction previously described in a Form 8-K. Voting and investment power over the shares is shared among related Argonaut and BW Investment Management entities ultimately associated with Steven R. Mitchell.
The reporting persons certify the shares were not acquired and are not held for the purpose of changing or influencing control of Ranger Energy, other than potential activities solely in connection with a nomination under the relevant proxy rules.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Ranger Energy Services, Inc.
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
75282U104
(CUSIP Number)
11/07/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
75282U104
1
Names of Reporting Persons
American Well Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,998,401.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,998,401.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,998,401.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
75282U104
1
Names of Reporting Persons
Argonaut Fund IV GP, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,998,401.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,998,401.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,998,401.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
75282U104
1
Names of Reporting Persons
BW Investment Management, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,998,401.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,998,401.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,998,401.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
75282U104
1
Names of Reporting Persons
Mitchell Steven R
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,998,401.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,998,401.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,998,401.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Ranger Energy Services, Inc.
(b)
Address of issuer's principal executive offices:
10350 RICHMOND AVENUE, SUITE 550, HOUSTON, TEXAS, 77042.
Item 2.
(a)
Name of person filing:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
(i) American Well Holdings, LLC ("AWH"), with respect to the shares of Class A Common Stock directly owned by it;
(ii) Argonaut Fund IV GP, LP ("GP"), with respect to the shares of Class A Common Stock directly owned by AWH;
(iii) BW Investment Management, Inc. ("BW"), with respect to the shares of Class A Common Stock indirectly owned by GP; and
(iv) Steven R. Mitchell, with respect to the shares of Class A Common Stock indirectly owned by BW.
AWH is the direct owner of 1,998,401 shares of Class A Common Stock of the Issuer, representing approximately 8.5% of the 23,550,288 shares of Class A Common Stock outstanding as of January 29, 2026, as disclosed in the Issuer?s Form S-3 filed February 3, 2026.
AWH acquired its shares of Class A Common Stock of the Issuer as partial consideration for AWH's sale to the Issuer of all the membership interests of American Well Intermediate Holdings, LLC, a wholly owned subsidiary of AWH, as described in more detail in the Issuer's Form 8-K filed on November 10, 2025 (the "Transaction"). This statement is being filed in connection with the Issuer's February 3, 2026, registration on Form S-3 of the shares of Class A Common Stock of the Issuer issued to AWH in connection with the Transaction.
BW is ultimately controlled by Mr. Mitchell, the President and Chief Executive Officer of BW, the general partner of GP, which in turn is the general partner of each of Argonaut Private Equity Fund IV, LP and Argonaut Private Equity Fund IV-A, LP (collectively, the "Argonaut Fund IV Entities").
The Argonaut Fund IV Entities indirectly control AWH. GP makes the voting and investment decision on behalf of the Argonaut Fund IV Entities.
Each of Mr. Mitchell, BW, GP, and the Argonaut Fund IV Entities may be deemed to be the beneficial owners of the 1,998,401 shares of Class A Common Stock. Each of BW, GP and Mr. Mitchell disclaim any such beneficial ownership, except to the extent of their pecuniary interests therein.
AWH is managed by a management board (the "Board") which operates by majority vote such that no individual member of the Board has voting or dispositive control over the securities held by AWH. Each individual constituting the Board therefore expressly disclaims beneficial ownership of these securities.
(b)
Address or principal business office or, if none, residence:
The address and principal office of the Reporting Persons is 7030 South Yale Avenue, Suite 810, Tulsa, OK, 74136.
(c)
Citizenship:
(i) AWH is a limited liability company organized under the laws of the State of Texas.
(ii) GP is a limited partnership organized under the laws of the State of Delaware.
(iii) BW is a corporation organized under the laws of the State of Delaware.
(iv) Mr. Mitchell is a United States citizen.
(d)
Title of class of securities:
Class A Common Stock, $0.01 par value
(e)
CUSIP No.:
75282U104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1,998,401 shares
(b)
Percent of class:
8.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
-0- shares
(ii) Shared power to vote or to direct the vote:
1,998,401 shares
(iii) Sole power to dispose or to direct the disposition of:
-0- shares
(iv) Shared power to dispose or to direct the disposition of:
1,998,401 shares
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
American Well Holdings, LLC
Signature:
/s/ Phil VanTrease
Name/Title:
By: APE IV Management, IV, its manager, By Phil VanTrease, Chief Financial Officer and Secretary
Date:
02/04/2026
Argonaut Fund IV GP, LP
Signature:
/s/ Steven R. Mitchell
Name/Title:
By: BW Investment Management, Inc., its general partner, By: Steven R. Mitchell, President and Chief Executive Officer
Date:
02/04/2026
BW Investment Management, Inc.
Signature:
/s/ Steven R. Mitchell
Name/Title:
Steven R. Mitchell, President and Chief Executive Officer
What ownership stake in Ranger Energy (RNGR) does American Well Holdings report?
American Well Holdings reports beneficial ownership of 1,998,401 Ranger Energy Class A shares, representing about 8.5% of the class. This percentage is based on 23,550,288 shares outstanding as of January 29, 2026, as disclosed in Ranger Energy’s Form S-3 filing.
How did American Well Holdings acquire its Ranger Energy (RNGR) shares?
American Well Holdings received its 1,998,401 Ranger Energy shares as partial consideration for selling all membership interests of American Well Intermediate Holdings, LLC to Ranger. The transaction terms were previously described in Ranger’s Form 8-K filed on November 10, 2025, and later registered on Form S-3.
Who are the reporting persons in this Ranger Energy (RNGR) Schedule 13G?
The reporting persons are American Well Holdings, LLC, Argonaut Fund IV GP, LP, BW Investment Management, Inc., and Steven R. Mitchell. The filing explains a control chain in which Argonaut Fund IV entities indirectly control American Well Holdings, with Mitchell ultimately controlling BW Investment Management.
What voting and dispositive power do the reporting persons have over RNGR shares?
The reporting persons disclose no sole voting or dispositive power and shared voting and dispositive power over 1,998,401 Ranger Energy Class A shares. American Well Holdings is managed by a board that acts by majority vote, so no individual board member has unilateral control over these securities.
What does the Schedule 13G say about control intent over Ranger Energy (RNGR)?
The reporting persons certify the securities were not acquired and are not held to change or influence control of Ranger Energy. They also state the holdings are not in connection with any control-related transaction, except possible activities solely tied to a nomination under the specified proxy rule.
Why is Steven R. Mitchell mentioned in the RNGR Schedule 13G filing?
Steven R. Mitchell is identified as a United States citizen who ultimately controls BW Investment Management, Inc., the general partner of Argonaut Fund IV GP, LP. Through this structure, he may be deemed a beneficial owner of the 1,998,401 Ranger Energy shares, though beneficial ownership is disclaimed except for pecuniary interests.
