Vault-13

FACT II ACQUISITION CORP FACT

ORD SHS CL A · Common Stock · CUSIP G32901103

41 institutional holders +2 vs Q3 2025
16,904,48816.9m shares reported held*
$176.0mreported value*
3 new 12 added 7 reduced 1 sold out net bought ≈ $6.2m (+597.1k 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 ($3.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.41.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 24: 12Q1 25: 34Q2 25: 40Q3 25: 39Q4 25: 4141Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q4 202412
Q1 202534
Q2 202540
Q3 202539
Q4 202541

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 25: 26 bought or addedQ1 25: 6 cut or sold outQ1 25Q2 25: 24 bought or addedQ2 25: 8 cut or sold outQ2 25Q3 25: 10 bought or addedQ3 25: 10 cut or sold outQ3 25Q4 25: 15 bought or addedQ4 25: 8 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025266
Q2 2025248
Q3 20251010
Q4 2025158

Biggest buyers

TORONTO DOMINION BANK New +398,469+398.5k
Crossingbridge Advisors, LLC New +344,613+344.6k
RiverPark Advisors, LLC New +343,612+343.6k
MIZUHO SECURITIES USA LLC Added +203,062+203.1k
RIVERNORTH CAPITAL MANAGEMENT, LLC Added +109,023+109.0k
WOLVERINE ASSET MANAGEMENT LLC Added +53,870+53.9k
UBS Group AG Added +50,450+50.5k
GLAZER CAPITAL, LLC Added +40,328+40.3k
BERKLEY W R CORP Added +36,572+36.6k
Radcliffe Capital Management, L.P. Added +23,289+23.3k

Biggest sellers

Bulldog Investors, LLP Sold out -255,091-255.1k
Hudson Bay Capital Management LP Reduced -200,000-200.0k
Westchester Capital Management, LLC Reduced -161,884-161.9k
Shaolin Capital Management LLC Reduced -103,750-103.8k
Sandia Investment Management LP Reduced -100,100-100.1k
Quarry LP Reduced -100,100-100.1k
Periscope Capital Inc. Reduced -90,000-90.0k
Wealthspring Capital LLC Reduced -19,550-19.6k

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
FACT II Acquisition LLC 13G · exempt (held before listing) new · filed 2025-02-14 25.2% new 6.1m≈ $64.3m 2025-02-14
HIGHBRIDGE CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-08-14 8.7% new 1.6m≈ $17.1m 2026-08-14
TENOR CAPITAL MANAGEMENT Co., L.P. 13G · passive investor +2.7 pts · filed 2026-05-15 8.1% +2.7 pts 1.5m≈ $15.9m 2026-05-15
BARCLAYS PLC 13G · institution new · filed 2025-05-13 7.2% new 1.3m≈ $14.1m 2025-05-13
AQR CAPITAL MANAGEMENT LLC 13G · institution -2.3 pts · filed 2025-05-14 6.9% -2.3 pts 1.3m≈ $13.6m 2025-05-14
PICTON MAHONEY ASSET MANAGEMENT 13G · institution new · filed 2025-05-13 6.8% new 1.2m≈ $13.3m 2025-05-13
BERKLEY W R CORP 13G · institution new · filed 2026-08-06 6.2% new 1.2m≈ $12.3m 2026-08-06
LMR Partners LLP 13G · institution new · filed 2025-02-14 5.6% new 1.0m≈ $10.6m 2025-02-14

Fell to 5% or below in the last year: GOLDMAN SACHS GROUP INC (4.1%, 2026-08-10), Westchester Capital Management, LLC (5.0%, 2026-02-13), Hudson Bay Capital Management LP (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 AQR Arbitrage LLC 0.28% of their portfolio Greenwich, CT 1,277,6391.3m $13.3m $13.3m 0.28% Unchanged
2 PICTON MAHONEY ASSET MANAGEMENT 0.14% of their portfolio Toronto, A6 1,250,0001.2m $13.0m $13.0m 0.14% Unchanged
3 Magnetar Financial LLC 0.11% of their portfolio EVANSTON, IL 1,061,4981.1m $11.1m $11.1m 0.11% Unchanged
4 LMR Partners LLP 0.10% of their portfolio LONDON, X0 1,002,4701.0m $10.4m $10.4m 0.10% Unchanged
5 TENOR CAPITAL MANAGEMENT Co., L.P. 0.15% of their portfolio NEW YORK, NY 1,000,0001.0m $10.4m $10.4m 0.15% Unchanged
6 Westchester Capital Management, LLC 0.45% of their portfolio VALHALLA, NY 921,116921.1k $9.6m $9.6m 0.45% Reduced -161.9k -161,884
7 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 866,244866.2k $9.0m $9.0m 0.01% Unchanged
8 Hudson Bay Capital Management LP 0.05% of their portfolio STAMFORD, CT 800,000800.0k $8.3m $8.3m 0.05% Reduced -200.0k -200,000
9 WOLVERINE ASSET MANAGEMENT LLC 0.12% of their portfolio CHICAGO, IL 798,468798.5k $8.3m $8.3m 0.12% Added +53.9k +53,870
10 Wealthspring Capital LLC 1.81% of their portfolio WEST HARRISON, NY 734,640734.6k $7.6m $7.6m 1.81% Reduced -19.6k -19,550
11 GLAZER CAPITAL, LLC 0.18% of their portfolio New York, NY 645,836645.8k $6.7m $6.7m 0.18% Added +40.3k +40,328
12 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 634,375634.4k $6.6m $6.6m 0.01% Unchanged
13 Radcliffe Capital Management, L.P. 0.30% of their portfolio BALA CYNWYD, PA 523,289523.3k $5.4m $5.4m 0.30% Added +23.3k +23,289
14 MIZUHO SECURITIES USA LLC 0.08% of their portfolio NEW YORK, NY 500,000500.0k $5.1m $5.1m 0.08% Added +203.1k +203,062
15 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.25% of their portfolio WEST PALM BEACH, FL 499,023499.0k $5.2m $5.2m 0.25% Added +109.0k +109,023
16 MANGROVE PARTNERS IM, LLC 0.38% of their portfolio Greenwich, CT 450,000450.0k $4.7m $4.7m 0.38% Unchanged
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 422,388422.4k $4.4m $4.4m 0.00% Added +28 +28
18 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 398,469398.5k $4.1m $4.1m 0.01% New
19 Crossingbridge Advisors, LLC 1.01% of their portfolio PLEASANTVILLE, NY 344,613344.6k $3.6m $3.6m 1.01% New
20 RiverPark Advisors, LLC 1.03% of their portfolio NEW YORK, NY 343,612343.6k $3.6m $3.6m 1.03% New
21 Periscope Capital Inc. 0.69% of their portfolio Toronto, A6 343,100343.1k $3.6m $3.6m 0.69% Reduced -90.0k -90,000
22 Linden Advisors LP 0.02% of their portfolio New York, NY 300,000300.0k $3.1m $3.1m 0.02% Unchanged
23 Context Capital Management, LLC 0.08% of their portfolio LAJOLLA, CA 300,000300.0k $3.1m $3.1m 0.08% Unchanged
24 BERKLEY W R CORP 0.17% of their portfolio Greenwich, CT 285,082285.1k $3.0m $3.0m 0.17% Added +36.6k +36,572
25 WHITEBOX ADVISORS LLC 0.04% of their portfolio MINNEAPOLIS, MN 250,000250.0k $2.6m $2.6m 0.04% Unchanged
26 Alberta Investment Management Corp 0.02% of their portfolio EDMONTON, A0 250,000250.0k $2.6m $2.6m 0.02% Unchanged
27 Centiva Capital, LP 0.16% of their portfolio New York, NY 250,000250.0k $2.6m $2.6m 0.16% Unchanged
28 Shaolin Capital Management LLC 0.08% of their portfolio Miami, FL 200,000200.0k $2.1m $2.1m 0.08% Reduced -103.8k -103,750
29 MOORE CAPITAL MANAGEMENT, LP 0.02% of their portfolio NEW YORK, NY 100,000100.0k $1.0m $1.0m 0.02% Unchanged
30 GRITSTONE ASSET MANAGEMENT LLC 0.99% of their portfolio Bethesda, MD 100,000100.0k $1.0m $1.0m 0.99% Unchanged
31 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 67,30667.3k $700.7k $700.7k 0.00% Added +23.2k +23,209
32 HEIGHTS CAPITAL MANAGEMENT, INC 0.24% of their portfolio SAN FRANCISCO, CA 60,00060.0k $625.2k $625.2k 0.24% Unchanged
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 55,67355.7k $579.6k $579.6k 0.00% Added +50.5k +50,450
34 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 49,30049.3k $513.2k $513.2k 0.00% Added +300 +300
35 Kepos Capital LP 2.57% of their portfolio NEW YORK, NY 43,50043.5k $453.0k $453.0k 2.57% Unchanged
36 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 30,15330.2k $314.2k $314.2k 0.00% Added +667 +667
37 Sandia Investment Management LP 0.65% of their portfolio BOSTON, MA 25,00025.0k $260.2k $260.2k 0.65% Reduced -100.1k -100,100
38 READYSTATE ASSET MANAGEMENT LP 0.01% of their portfolio CHICAGO, IL 25,00025.0k $260.5k $260.5k 0.01% Unchanged
39 Quarry LP 0.04% of their portfolio NEW YORK, NY 25,00025.0k $260.2k $260.2k 0.04% Reduced -100.1k -100,100
40 ROBINSON CAPITAL MANAGEMENT, LLC 0.07% of their portfolio GROSSE POINTE FARMS, MI 15,25015.2k $158.9k $158.9k 0.07% Unchanged
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5656 $583 $583 0.00% Added +49 +49