Vault-13

ALDEL FINL II INC ALDF

CL A · Common Stock · CUSIP G01558108

49 institutional holders +2 vs Q3 2025
23,012,33823.0m shares reported held*
77.0% of all shares outstanding*
$241.6mreported value*
1 new 7 added 13 reduced 0 sold out net bought ≈ $6.5m (+618.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 29.9m as of 2025-10-27, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $10.50.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 21Q1 25: 37Q2 25: 47Q3 25: 47Q4 25: 4949Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q4 202421
Q1 202537
Q2 202547
Q3 202547
Q4 202549

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q1 25: 25 bought or addedQ1 25: 7 cut or sold outQ1 25Q2 25: 20 bought or addedQ2 25: 12 cut or sold outQ2 25Q3 25: 15 bought or addedQ3 25: 14 cut or sold outQ3 25Q4 25: 8 bought or addedQ4 25: 13 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025257
Q2 20252012
Q3 20251514
Q4 2025813

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20k$40k$60kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $32.5kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $52.6kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$32.5k$00.00
Q3 2025$52.6k$00.00
Q4 2025$0$0—

Biggest buyers

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS New +400,000+400.0k
UBS Group AG Added +267,567+267.6k
Verition Fund Management LLC Added +82,491+82.5k
Meteora Capital, LLC Added +78,297+78.3k
Shaolin Capital Management LLC Added +49,900+49.9k
Radcliffe Capital Management, L.P. Added +38,427+38.4k
READYSTATE ASSET MANAGEMENT LP Added +512+512
MORGAN STANLEY Added +15+15

Biggest sellers

Periscope Capital Inc. Reduced -104,919-104.9k
WOLVERINE ASSET MANAGEMENT LLC Reduced -39,316-39.3k
Wealthspring Capital LLC Reduced -25,796-25.8k
Tuttle Capital Management, LLC Reduced -25,000-25.0k
TORONTO DOMINION BANK Reduced -23,000-23.0k
GLAZER CAPITAL, LLC Reduced -19,687-19.7k
MIZUHO SECURITIES USA LLC Reduced -19,157-19.2k
Clear Street Group Inc. Reduced -15,260-15.3k
Schonfeld Strategic Advisors LLC Reduced -10,000-10.0k
Sandia Investment Management LP Reduced -7,500-7.5k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Aldel Investors II LLC 13D · may seek influence new · filed 2025-02-14
Stated purposeIn connection with the organization of the Issuer, on July 19, 2024, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain expenses on our behalf in consideration of 5,750,000 Class B Ordinary Shares (the "Founder Shares"), pursuant to a Securities Subscription Agreement by and between the Sponsor and the Issuer (the "Founder Share Purchase Agreement"), as more fully described in Item 6 of this Schedule 13D which information is incorporated herein by reference. On August 13, 2024, the Sponsor transferred 690,000 founder shares to our officers, directors, senior advisor, and FG Merchant Partner LP, resulting in the Sponsor holding 5,060,000 founder shares. On September 25, 2024, the Sposor purchased an additional 410,714 founder shares for $0.004 per share, resulting… Full filing
 20.2% new 6.0m≈ $64.6m 2025-02-14
Harraden Circle Investments, LLC 13G · institution no change · filed 2026-08-14 9.9% no change 2.4m≈ $25.1m 2026-08-14
Magnetar Financial LLC 13G · institution filed 2026-02-17 8.3% 1.9m≈ $20.3m 2026-02-17
AQR CAPITAL MANAGEMENT LLC 13G · institution -1.2 pts · filed 2026-05-13 6.4% -1.2 pts 1.5m≈ $16.2m 2026-05-13
LMR Partners LLP 13G · institution new · filed 2025-05-15 5.1% new 1.2m≈ $12.8m 2025-05-15

Insider purchases and sales in Q4 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 1 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25Q3 25: 0 buyingQ3 25: 0 sellingQ4 25: 0 buyingQ4 25: 0 sellingQ4 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20240—0——
Q2 20240—0——
Q3 20240—0——
Q4 20241—0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Harraden Circle Investments, LLC 4.52% of their portfolio NEW YORK, NY 2,351,2882.4m $24.7m $24.7m 4.52% Unchanged
2 Magnetar Financial LLC 0.20% of their portfolio EVANSTON, IL 1,899,0981.9m $20.0m $20.0m 0.20% Unchanged
3 AQR Arbitrage LLC 0.36% of their portfolio Greenwich, CT 1,614,8701.6m $17.0m $17.0m 0.36% Unchanged
4 LMR Partners LLP 0.12% of their portfolio LONDON, X0 1,200,0001.2m $12.6m $12.6m 0.12% Unchanged
5 Westchester Capital Management, LLC 0.57% of their portfolio VALHALLA, NY 1,159,4481.2m $12.2m $12.2m 0.57% Unchanged
6 Hudson Bay Capital Management LP 0.07% of their portfolio STAMFORD, CT 1,100,0001.1m $11.6m $11.6m 0.07% Unchanged
7 Linden Advisors LP 0.06% of their portfolio New York, NY 950,000950.0k $10.0m $10.0m 0.06% Unchanged
8 Ghisallo Capital Management LLC 0.42% of their portfolio BOSTON, MA 900,000900.0k $9.5m $9.5m 0.42% Unchanged
9 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 880,057880.1k $9.2m $9.2m 0.01% Unchanged
10 Meteora Capital, LLC 0.68% of their portfolio Boca Raton, FL 777,447777.4k $8.2m $8.2m 0.68% Added +78.3k +78,297
11 PICTON MAHONEY ASSET MANAGEMENT 0.09% of their portfolio Toronto, A6 750,000750.0k $7.9m $7.9m 0.09% Unchanged
12 Wealthspring Capital LLC 1.80% of their portfolio WEST HARRISON, NY 728,601728.6k $7.6m $7.6m 1.80% Reduced -25.8k -25,796
13 TENOR CAPITAL MANAGEMENT Co., L.P. 0.10% of their portfolio NEW YORK, NY 699,234699.2k $7.3m $7.3m 0.10% Unchanged
14 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 605,314605.3k $6.3m $6.3m 0.00% Unchanged
15 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.30% of their portfolio WEST PALM BEACH, FL 599,023599.0k $6.3m $6.3m 0.30% Reduced -463 -463
16 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 500,000500.0k $5.2m $5.2m 0.01% Unchanged
17 Fort Baker Capital Management LP 0.53% of their portfolio Larkspur, CA 454,193454.2k $4.8m $4.8m 0.53% Unchanged
18 GLAZER CAPITAL, LLC 0.12% of their portfolio New York, NY 433,895433.9k $4.6m $4.6m 0.12% Reduced -19.7k -19,687
19 BERKLEY W R CORP 0.25% of their portfolio Greenwich, CT 425,000425.0k $4.5m $4.5m 0.25% Unchanged
20 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 400,000400.0k $4.2m $4.2m 0.01% Reduced -23.0k -23,000
21 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 400,000400.0k $4.2m $4.2m 0.02% New
22 WHITEBOX ADVISORS LLC 0.07% of their portfolio MINNEAPOLIS, MN 400,000400.0k $4.2m $4.2m 0.07% Unchanged
23 GRITSTONE ASSET MANAGEMENT LLC 3.95% of their portfolio Bethesda, MD 394,214394.2k $4.1m $4.1m 3.95% Unchanged
24 Radcliffe Capital Management, L.P. 0.21% of their portfolio BALA CYNWYD, PA 370,459370.5k $3.9m $3.9m 0.21% Added +38.4k +38,427
25 Periscope Capital Inc. 0.75% of their portfolio Toronto, A6 370,081370.1k $3.9m $3.9m 0.75% Reduced -104.9k -104,919
26 UBS Group AG 0.00% of their portfolio ZURICH, V8 301,350301.4k $3.2m $3.2m 0.00% Added +267.6k +267,567
27 Alberta Investment Management Corp 0.02% of their portfolio EDMONTON, A0 250,581250.6k $2.6m $2.6m 0.02% Unchanged
28 MOORE CAPITAL MANAGEMENT, LP 0.05% of their portfolio NEW YORK, NY 250,000250.0k $2.6m $2.6m 0.05% Unchanged
29 WOLVERINE ASSET MANAGEMENT LLC 0.03% of their portfolio CHICAGO, IL 206,452206.5k $2.2m $2.2m 0.03% Reduced -39.3k -39,316
30 Mint Tower Capital Management B.V. 0.25% of their portfolio AMSTERDAM, P7 200,000200.0k $2.1m $2.1m 0.25% Unchanged
31 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 175,000175.0k $1.8m $1.8m 0.00% Unchanged
32 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 174,890174.9k $1.8m $1.8m 0.01% Added +82.5k +82,491
33 L1 Global Manager Pty Ltd 1.10% of their portfolio Melbourne, C3 160,000160.0k $1.7m $1.7m 1.10% First filing
34 Shaolin Capital Management LLC 0.06% of their portfolio Miami, FL 150,000150.0k $1.6m $1.6m 0.06% Added +49.9k +49,900
35 MIZUHO SECURITIES USA LLC 0.03% of their portfolio NEW YORK, NY 149,374149.4k $1.6m $1.6m 0.03% Reduced -19.2k -19,157
36 CSS LLC/IL 0.06% of their portfolio CHICAGO, IL 105,610105.6k $1.1m $1.1m 0.06% Unchanged
37 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.03% of their portfolio CHICAGO, IL 100,000100.0k $1.1m $1.1m 0.03% Unchanged
38 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 70,00070.0k $734.3k $734.3k 0.00% Reduced -15.3k -15,260
39 Bulldog Investors, LLP 0.13% of their portfolio SADDLE BROOK, NJ 56,94056.9k $597.3k $597.3k 0.13% Reduced -1.0k -1,004
40 READYSTATE ASSET MANAGEMENT LP 0.02% of their portfolio CHICAGO, IL 50,51250.5k $530.9k $530.9k 0.02% Added +512 +512
41 DELTEC ASSET MANAGEMENT LLC 0.09% of their portfolio New York, NY 50,00050.0k $524.5k $524.5k 0.09% Unchanged
42 Kepos Capital LP 2.98% of their portfolio NEW YORK, NY 50,00050.0k $525.0k $525.0k 2.98% Unchanged
43 ARISTEIA CAPITAL, L.L.C. 0.01% of their portfolio GREENWICH, CT 33,55833.6k $352.0k $352.0k 0.01% Unchanged
44 Sandia Investment Management LP 0.78% of their portfolio BOSTON, MA 30,00030.0k $314.7k $314.7k 0.78% Reduced -7.5k -7,500
45 Quarry LP 0.05% of their portfolio NEW YORK, NY 30,00030.0k $314.7k $314.7k 0.05% Reduced -7.5k -7,500
46 Alyeska Investment Group, L.P. 0.00% of their portfolio CHICAGO, IL 20,75720.8k $222.7k $222.7k 0.00% Unchanged
47 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 20,00020.0k $209.8k $209.8k 0.00% Reduced -10.0k -10,000
48 Tuttle Capital Management, LLC 0.35% of their portfolio RIVERSIDE, CT 15,00015.0k $157.3k $157.3k 0.35% Reduced -25.0k -25,000
49 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 9292 $965 $965 0.00% Added +15 +15