Vault-13

DUNE ACQUISITION CORP II CCAQ

SHS CL A · Common Stock · CUSIP G2867S109

42 institutional holders +5 vs Q3 2025
13,645,74413.6m shares reported held*
$139.2mreported value*
5 new 6 added 6 reduced 1 sold out net bought ≈ $9.1m (+897.8k 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. Implied quarter-end price ≈ $10.20.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 31Q3 25: 37Q4 25: 4242Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202531
Q3 202537
Q4 202542

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 25: 16 bought or addedQ3 25: 8 cut or sold outQ3 25Q4 25: 11 bought or addedQ4 25: 7 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 2025168
Q4 2025117

Biggest buyers

Westchester Capital Management, LLC New +666,477+666.5k
Meteora Capital, LLC New +146,615+146.6k
Centiva Capital, LP New +100,000+100.0k
CITADEL ADVISORS LLC New +61,228+61.2k
WOLVERINE ASSET MANAGEMENT LLC Added +31,499+31.5k
Radcliffe Capital Management, L.P. Added +24,606+24.6k
ABC ARBITRAGE SA New +20,733+20.7k
MIZUHO SECURITIES USA LLC Added +10,940+10.9k
UBS Group AG Added +8,807+8.8k
BERKLEY W R CORP Added +27+27

Biggest sellers

Clear Street Group Inc. Reduced -70,159-70.2k
Schonfeld Strategic Advisors LLC Reduced -49,700-49.7k
Shaolin Capital Management LLC Reduced -25,000-25.0k
GLAZER CAPITAL, LLC Reduced -14,437-14.4k
Virtu Financial LLC Sold out -11,095-11.1k
Bulldog Investors, LLP Reduced -1,769-1.8k
Warberg Asset Management LLC Reduced -1,013-1.0k

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
ARISTEIA CAPITAL, L.L.C. 13G · institution new · filed 2025-08-14 7.6% new 1.1m≈ $11.5m 2025-08-14
Magnetar Financial LLC 13G · institution new · filed 2025-08-08 5.9% new 850.0k≈ $8.9m 2025-08-08

Fell to 5% or below in the last year: BARCLAYS PLC (4.3%, 2026-02-11)

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.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ARISTEIA CAPITAL, L.L.C. 0.32% of their portfolio GREENWICH, CT 1,100,0001.1m $11.2m $11.2m 0.32% Unchanged
2 TENOR CAPITAL MANAGEMENT Co., L.P. 0.14% of their portfolio NEW YORK, NY 1,000,0001.0m $10.2m $10.2m 0.14% Unchanged
3 Magnetar Financial LLC 0.09% of their portfolio EVANSTON, IL 850,000850.0k $8.7m $8.7m 0.09% Unchanged
4 First Trust Capital Management L.P. 0.43% of their portfolio CHICAGO, IL 699,992700.0k $7.2m $7.2m 0.43% Unchanged
5 WOLVERINE ASSET MANAGEMENT LLC 0.10% of their portfolio CHICAGO, IL 696,586696.6k $7.1m $7.1m 0.10% Added +31.5k +31,499
6 Westchester Capital Management, LLC 0.32% of their portfolio VALHALLA, NY 666,477666.5k $6.8m $6.8m 0.32% New
7 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 598,000598.0k $6.1m $6.1m 0.00% Unchanged
8 AQR Arbitrage LLC 0.12% of their portfolio Greenwich, CT 565,876565.9k $5.8m $5.8m 0.12% Unchanged
9 Polar Asset Management Partners Inc. 0.11% of their portfolio TORONTO, A6 550,000550.0k $5.6m $5.6m 0.11% Unchanged
10 BERKLEY W R CORP 0.29% of their portfolio Greenwich, CT 500,155500.2k $5.1m $5.1m 0.29% Added +27 +27
11 GLAZER CAPITAL, LLC 0.13% of their portfolio New York, NY 484,021484.0k $4.9m $4.9m 0.13% Reduced -14.4k -14,437
12 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 453,124453.1k $4.6m $4.6m 0.01% Unchanged
13 MANGROVE PARTNERS IM, LLC 0.37% of their portfolio Greenwich, CT 450,000450.0k $4.6m $4.6m 0.37% Unchanged
14 Radcliffe Capital Management, L.P. 0.24% of their portfolio BALA CYNWYD, PA 424,606424.6k $4.3m $4.3m 0.24% Added +24.6k +24,606
15 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 400,000400.0k $4.1m $4.1m 0.02% Unchanged
16 WHITEBOX ADVISORS LLC 0.07% of their portfolio MINNEAPOLIS, MN 400,000400.0k $4.1m $4.1m 0.07% Unchanged
17 PICTON MAHONEY ASSET MANAGEMENT 0.04% of their portfolio Toronto, A6 350,000350.0k $3.6m $3.6m 0.04% Unchanged
18 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.16% of their portfolio WEST PALM BEACH, FL 337,760337.8k $3.4m $3.4m 0.16% Unchanged
19 Shaolin Capital Management LLC 0.11% of their portfolio Miami, FL 275,000275.0k $2.8m $2.8m 0.11% Reduced -25.0k -25,000
20 Bulldog Investors, LLP 0.57% of their portfolio SADDLE BROOK, NJ 252,905252.9k $2.6m $2.6m 0.57% Reduced -1.8k -1,769
21 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.07% of their portfolio CHICAGO, IL 250,000250.0k $2.5m $2.5m 0.07% Unchanged
22 Clear Street Group Inc. 0.01% of their portfolio NEW YORK, NY 245,000245.0k $2.5m $2.5m 0.01% Reduced -70.2k -70,159
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 206,104206.1k $2.1m $2.1m 0.00% Unchanged
24 Hudson Bay Capital Management LP 0.01% of their portfolio STAMFORD, CT 200,000200.0k $2.0m $2.0m 0.01% Unchanged
25 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 200,000200.0k $2.0m $2.0m 0.01% Unchanged
26 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 200,000200.0k $2.0m $2.0m 0.01% Reduced -49.7k -49,700
27 MIZUHO SECURITIES USA LLC 0.03% of their portfolio NEW YORK, NY 187,376187.4k $1.9m $1.9m 0.03% Added +10.9k +10,940
28 Meteora Capital, LLC 0.13% of their portfolio Boca Raton, FL 146,615146.6k $1.5m $1.5m 0.13% New
29 Karpus Management, Inc. 0.05% of their portfolio Pittsford, NY 146,000146.0k $1.5m $1.5m 0.05% Unchanged
30 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 143,290143.3k $1.5m $1.5m 0.00% Unchanged
31 Context Capital Management, LLC 0.03% of their portfolio LAJOLLA, CA 100,000100.0k $1.0m $1.0m 0.03% Unchanged
32 MOORE CAPITAL MANAGEMENT, LP 0.02% of their portfolio NEW YORK, NY 100,000100.0k $1.0m $1.0m 0.02% Unchanged
33 Centiva Capital, LP 0.06% of their portfolio New York, NY 100,000100.0k $1.0m $1.0m 0.06% New
34 Lineage Point Capital LP 0.39% of their portfolio PALM BEACH, FL 100,000100.0k $1.0m $1.0m 0.39% First filing
35 L1 Global Manager Pty Ltd 0.50% of their portfolio Melbourne, C3 75,00075.0k $766.5k $766.5k 0.50% First filing
36 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 61,22861.2k $623.9k $623.9k 0.00% New
37 HEIGHTS CAPITAL MANAGEMENT, INC 0.12% of their portfolio SAN FRANCISCO, CA 30,00030.0k $305.7k $305.7k 0.12% Unchanged
38 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 30,00030.0k $306.6k $306.6k 0.01% Unchanged
39 Warberg Asset Management LLC 0.09% of their portfolio WINNETKA, IL 28,40328.4k $289.9k $289.9k 0.09% Reduced -1.0k -1,013
40 UBS Group AG 0.00% of their portfolio ZURICH, V8 21,45421.5k $218.6k $218.6k 0.00% Added +8.8k +8,807
41 ABC ARBITRAGE SA 0.02% of their portfolio PARIS, I0 20,73320.7k $211.9k $211.9k 0.02% New
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3939 $397 $397 0.00% Added +12 +12