Vault-13

BLACK HAWK ACQUISITION CORP BKHA

USD CL A SHS · Common Stock · CUSIP G1148A101

22 institutional holders -2 vs Q1 2026
2,315,3942.3m shares reported held*
55.7% of all shares outstanding*
$27.4mreported value*
1 new 4 added 5 reduced 2 sold out net bought ≈ $4.4m (+365.4k 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: 4.2m as of 2026-07-15, 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 ≈ $11.84.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q2 24: 25Q3 24: 33Q4 24: 30Q1 25: 31Q2 25: 29Q3 25: 22Q4 25: 20Q1 26: 24Q2 26: 2222Q2 24Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q2 202425
Q3 202433
Q4 202430
Q1 202531
Q2 202529
Q3 202522
Q4 202520
Q1 202624
Q2 202622

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 24: 15 bought or addedQ3 24: 4 cut or sold outQ4 24: 7 bought or addedQ4 24: 11 cut or sold outQ4 24Q1 25: 6 bought or addedQ1 25: 7 cut or sold outQ2 25: 7 bought or addedQ2 25: 8 cut or sold outQ2 25Q3 25: 6 bought or addedQ3 25: 17 cut or sold outQ4 25: 6 bought or addedQ4 25: 4 cut or sold outQ4 25Q1 26: 5 bought or addedQ1 26: 4 cut or sold outQ2 26: 5 bought or addedQ2 26: 7 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024154
Q4 2024711
Q1 202567
Q2 202578
Q3 2025617
Q4 202564
Q1 202654
Q2 202657

Biggest buyers

MIZUHO SECURITIES USA LLC Added +373,800+373.8k
Logan Stone Capital, LLC New +13,385+13.4k
Clear Street Group Inc. Added +6,845+6.8k
BERKLEY W R CORP Added +5,663+5.7k
AQR Arbitrage LLC Added +903+903

Biggest sellers

Meteora Capital, LLC Reduced -25,012-25.0k
WOLVERINE ASSET MANAGEMENT LLC Reduced -9,588-9.6k
Warberg Asset Management LLC Reduced -400-400
TORONTO DOMINION BANK Sold out -201-201
UBS Group AG Reduced -16-16
MORGAN STANLEY Reduced -3-3
Legacy Wealth Managment, LLC/ID Sold out -2-2

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
MIZUHO FINANCIAL GROUP INC 13G · institution -0.2 pts · filed 2025-08-13 8.4% -0.2 pts 750.0k≈ $4.6m 2025-08-13
BERKLEY W R CORP 13G · institution +2.2 pts · filed 2025-11-10 7.4% +2.2 pts 308.6k≈ $3.7m 2025-11-10
PROPPER KERRY 13G · institution filed 2025-11-13 5.8% 241.0k≈ $2.9m 2025-11-13
WOLVERINE ASSET MANAGEMENT LLC 13G · institution -3.6 pts · filed 2026-10-07 5.1% -3.6 pts 211.2k≈ $2.5m 2026-10-07

Fell to 5% or below in the last year: First Trust Capital Management L.P. (0.0%, 2025-11-14), AQR CAPITAL MANAGEMENT LLC (3.4%, 2025-11-12)

Insider purchases and sales since 1 Apr 2026

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.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MIZUHO SECURITIES USA LLC 0.08% of their portfolio NEW YORK, NY 747,600747.6k $8.6m $8.6m 0.08% Added +373.8k +373,800
2 WOLVERINE ASSET MANAGEMENT LLC 0.05% of their portfolio CHICAGO, IL 331,222331.2k $3.9m $3.9m 0.05% Reduced -9.6k -9,588
3 BERKLEY W R CORP 0.19% of their portfolio Greenwich, CT 314,797314.8k $3.9m $3.9m 0.19% Added +5.7k +5,663
4 AQR Arbitrage LLC 0.02% of their portfolio Greenwich, CT 133,108133.1k $1.6m $1.6m 0.02% Added +903 +903
5 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 120,000120.0k $1.4m $1.4m 0.03% Unchanged
6 Westchester Capital Management, LLC 0.06% of their portfolio VALHALLA, NY 102,000102.0k $1.2m $1.2m 0.06% Unchanged
7 Yakira Capital Management, Inc. 0.31% of their portfolio Westport, CT 88,74988.7k $1.1m $1.1m 0.31% Unchanged
8 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 81,48181.5k $970.4k $970.4k 0.00% Added +6.8k +6,845
9 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 75,00075.0k $882.8k $882.8k 0.00% Unchanged
10 Warberg Asset Management LLC 0.25% of their portfolio WINNETKA, IL 71,92371.9k $856.6k $856.6k 0.25% Reduced -400 -400
11 Meteora Capital, LLC 0.07% of their portfolio Boca Raton, FL 63,98864.0k $831.2k $831.2k 0.07% Reduced -25.0k -25,012
12 Crossingbridge Advisors, LLC 0.11% of their portfolio PLEASANTVILLE, NY 53,02453.0k $631.5k $631.5k 0.11% Unchanged
13 Polar Asset Management Partners Inc. 0.01% of their portfolio TORONTO, A6 39,10039.1k $483.1k $483.1k 0.01% Unchanged
14 RLH Capital LLC 0.17% of their portfolio Great Neck, NY 29,44829.4k $351.8k $351.8k 0.17% Unchanged
15 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 24,59124.6k $289.4k $289.4k 0.00% Unchanged
16 Logan Stone Capital, LLC 0.03% of their portfolio CHICAGO, IL 13,38513.4k $165.4k $165.4k 0.03% New
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 10,63510.6k $124.6k $124.6k 0.00% Unchanged
18 Quarry LP 0.02% of their portfolio NEW YORK, NY 10,52810.5k $130.1k $130.1k 0.02% Unchanged
19 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,5724.6k $53.6k $53.6k 0.00% Unchanged
20 UBS Group AG 0.00% of their portfolio ZURICH, V8 184184 $2.2k $2.2k 0.00% Reduced -16 -16
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5757 $668 $668 0.00% Reduced -3 -3
22 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 22 $24 $24 0.00% Unchanged