Vault-13

HCM II ACQUISITION CORP IMSR

SHS CL A · Common Stock · CUSIP G43658106

66 institutional holders +20 vs Q1 2025
19,049,71819.0m shares reported held*
$212.4mreported value*
28 new 7 added 23 reduced 8 sold out net sold ≈ $16.7m (-1.5m 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 ≈ $11.15. Options: 1 managers hold calls ($360.2k notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q4 24: 36Q1 25: 46Q2 25: 6666Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202436
Q1 202546
Q2 202566

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 25: 21 bought or addedQ1 25: 23 cut or sold outQ1 25Q2 25: 35 bought or addedQ2 25: 31 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 20252123
Q2 20253531

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $360.2kQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$360.2k$00.00

Biggest buyers

Vennlight Capital Management, LP New +1,027,934+1.0m
Arosa Capital Management LP New +560,000+560.0k
Shay Capital LLC New +548,258+548.3k
PEAK6 LLC New +506,722+506.7k
Balyasny Asset Management L.P. Added +479,894+479.9k
CANTOR FITZGERALD, L. P. New +466,287+466.3k
MYDA Advisors LLC New +300,000+300.0k
Governors Lane LP New +300,000+300.0k
DLD Asset Management, LP Added +239,189+239.2k
SCOGGIN MANAGEMENT LP New +200,000+200.0k

Biggest sellers

AQR Arbitrage LLC Sold out -1,288,674-1.3m
Encompass Capital Advisors LLC Sold out -946,165-946.2k
PICTON MAHONEY ASSET MANAGEMENT Reduced -837,919-837.9k
First Trust Capital Management L.P. Reduced -677,828-677.8k
Magnetar Financial LLC Reduced -562,032-562.0k
TWO SIGMA INVESTMENTS, LP Sold out -500,000-500.0k
Westchester Capital Management, LLC Reduced -470,790-470.8k
LMR Partners LLP Reduced -470,402-470.4k
Context Capital Management, LLC Reduced -245,200-245.2k
Athos Capital Ltd Sold out -200,000-200.0k

Biggest calls

DLD Asset Management, LP New $360.2k153.3k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

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
Linden Capital L.P. 13G · passive investor new · filed 2025-03-31 8.7% new 2.0m 2025-03-31
BARCLAYS PLC 13G · institution no change · filed 2025-03-21 6.2% no change 1.4m 2025-03-21
Magnetar Financial LLC 13G · institution filed 2025-08-08 6.1% 1.4m 2025-08-08
CITADEL ADVISORS LLC 13G · passive investor new · filed 2025-09-30 5.4% new 1.2m 2025-09-30

Insider purchases and sales in Q2 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 Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.13% of their portfolio New York, NY 1,950,0001.9m $21.6m $21.6m 0.13% Reduced -50.0k -50,000
2 Magnetar Financial LLC 0.08% of their portfolio EVANSTON, IL 1,397,1661.4m $16.5m $16.5m 0.08% Reduced -562.0k -562,032
3 First Trust Capital Management L.P. 0.79% of their portfolio CHICAGO, IL 1,051,1241.1m $11.7m $11.7m 0.79% Reduced -677.8k -677,828
4 Vennlight Capital Management, LP 12.52% of their portfolio WESTON, CT 1,027,9341.0m $11.4m $11.4m 12.52% New
5 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 970,000970.0k $10.8m $10.8m 0.01% Unchanged
6 MMCAP International Inc. SPC 1.28% of their portfolio GRAND CAYMAN, E9 962,068962.1k $10.7m $10.7m 1.28% Reduced -17.9k -17,932
7 PICTON MAHONEY ASSET MANAGEMENT 0.15% of their portfolio Toronto, A6 942,081942.1k $10.5m $10.5m 0.15% Reduced -837.9k -837,919
8 LMR Partners LLP 0.16% of their portfolio LONDON, X0 941,287941.3k $10.4m $10.4m 0.16% Reduced -470.4k -470,402
9 Arosa Capital Management LP 4.54% of their portfolio MIAMI BEACH, FL 560,000560.0k $6.2m $6.2m 4.54% New
10 Shay Capital LLC 1.39% of their portfolio NEW YORK, NY 548,258548.3k $6.1m $6.1m 1.39% New
11 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 544,894544.9k $6.0m $6.0m 0.01% Added +479.9k +479,894
12 PEAK6 LLC 0.10% of their portfolio AUSTIN, TX 506,722506.7k $5.6m $5.6m 0.10% New
13 Calamos Advisors LLC 0.02% of their portfolio NAPERVILLE, IL 500,000500.0k $5.5m $5.5m 0.02% Unchanged
14 DLD Asset Management, LP 0.62% of their portfolio NEW YORK, NY 468,825468.8k $5.2m $5.2m 0.62% Added +239.2k +239,189
15 CANTOR FITZGERALD, L. P. 0.13% of their portfolio NEW YORK, NY 466,287466.3k $5.2m $5.2m 0.13% New
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 435,071435.1k $4.8m $4.8m 0.00% Reduced -183.7k -183,701
17 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 405,962406.0k $4.5m $4.5m 0.02% Unchanged
18 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.25% of their portfolio WEST PALM BEACH, FL 400,000400.0k $4.4m $4.4m 0.25% Unchanged
19 BERKLEY W R CORP 0.27% of their portfolio Greenwich, CT 398,021398.0k $4.4m $4.4m 0.27% Added +100.8k +100,781
20 Senator Investment Group LP 0.15% of their portfolio New York, NY 340,000340.0k $3.8m $3.8m 0.15% Not comparable
21 WHITEBOX ADVISORS LLC 0.10% of their portfolio MINNEAPOLIS, MN 318,914318.9k $3.5m $3.5m 0.10% Reduced -81.1k -81,086
22 MYDA Advisors LLC 0.93% of their portfolio WOODMERE, NY 300,000300.0k $3.3m $3.3m 0.93% New
23 Governors Lane LP 0.46% of their portfolio NEW YORK, NY 300,000300.0k $3.3m $3.3m 0.46% New
24 Polar Asset Management Partners Inc. 0.07% of their portfolio TORONTO, A6 257,307257.3k $2.9m $2.9m 0.07% Reduced -98.5k -98,538
25 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 230,069230.1k $2.6m $2.6m 0.01% Added +130.7k +130,749
26 SCOGGIN MANAGEMENT LP 1.03% of their portfolio NEW YORK, NY 200,000200.0k $2.2m $2.2m 1.03% New
27 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 200,000200.0k $2.2m $2.2m 0.00% Unchanged
28 Westchester Capital Management, LLC 0.13% of their portfolio VALHALLA, NY 199,691199.7k $2.2m $2.2m 0.13% Reduced -470.8k -470,790
29 J. Goldman & Co LP 0.06% of their portfolio NEW YORK, NY 176,249176.2k $2.0m $2.0m 0.06% New
30 GRITSTONE ASSET MANAGEMENT LLC 1.91% of their portfolio Bethesda, MD 173,847173.8k $1.9m $1.9m 1.91% Reduced -50.0k -50,000
31 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 150,000150.0k $1.7m $1.7m 0.01% Reduced -32.6k -32,612
32 Mint Tower Capital Management B.V. 0.24% of their portfolio AMSTERDAM, P7 144,903144.9k $1.6m $1.6m 0.24% Unchanged
33 TENOR CAPITAL MANAGEMENT Co., L.P. 0.02% of their portfolio NEW YORK, NY 142,960143.0k $1.6m $1.6m 0.02% Reduced -32.0k -32,040
34 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 121,373121.4k $1.3m $1.3m 0.00% New
35 Bulldog Investors, LLP 0.32% of their portfolio SADDLE BROOK, NJ 113,348113.3k $1.3m $1.3m 0.32% Reduced -162.6k -162,555
36 WEXFORD CAPITAL LP 0.31% of their portfolio WEST PALM BEACH, FL 100,000100.0k $1.1m $1.1m 0.31% New
37 DELTEC ASSET MANAGEMENT LLC 0.20% of their portfolio New York, NY 100,000100.0k $1.1m $1.1m 0.20% Reduced -15.0k -15,000
38 Massar Capital Management, LP 0.83% of their portfolio STAMFORD, CT 100,000100.0k $1.1m $1.1m 0.83% New
39 Hidden Lake Asset Management LP 0.54% of their portfolio NEW YORK, NY 99,37099.4k $1.1m $1.1m 0.54% New
40 Periscope Capital Inc. 0.36% of their portfolio Toronto, A6 85,00085.0k $943.5k $943.5k 0.36% Reduced -70.0k -70,000
41 WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio CHICAGO, IL 83,86983.9k $930.9k $930.9k 0.02% Reduced -170.2k -170,160
42 BLUEFIN CAPITAL MANAGEMENT, LLC 0.64% of their portfolio NEW YORK, NY 74,66574.7k $828.8k $828.8k 0.64% New
43 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 70,96971.0k $787.8k $787.8k 0.00% Added +51.0k +50,969
44 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 69,72169.7k $773.9k $773.9k 0.00% New
45 Context Capital Management, LLC 0.02% of their portfolio LAJOLLA, CA 54,80054.8k $608.3k $608.3k 0.02% Reduced -245.2k -245,200
46 Shaolin Capital Management LLC 0.02% of their portfolio Miami, FL 50,00050.0k $555.0k $555.0k 0.02% New
47 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 49,74049.7k $552.1k $552.1k 0.00% New
48 FIFTH LANE CAPITAL, LP 0.60% of their portfolio Austin, TX 45,00045.0k $499.5k $499.5k 0.60% New
49 FNY Investment Advisers, LLC 0.20% of their portfolio NEW YORK, NY 41,50041.5k $460.0k $460.0k 0.20% Added +41.4k +41,400
50 Yaupon Capital Management LP 0.03% of their portfolio NEW YORK, NY 35,13935.1k $390.0k $390.0k 0.03% New
51 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 34,48534.5k $382.8k $382.8k 0.00% Reduced -41.0k -40,960
52 Virtu Financial LLC 0.01% of their portfolio New York, NY 21,83821.8k $242.0k $242.0k 0.01% Added +8.3k +8,298
53 Patriot Financial Group Insurance Agency, LLC 0.02% of their portfolio Westborough, MA 18,85018.9k $209.2k $209.2k 0.02% New
54 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 15,14615.1k $168.1k $168.1k 0.00% Reduced -25.1k -25,145
55 Tuttle Capital Management, LLC 0.69% of their portfolio RIVERSIDE, CT 15,00015.0k $166.5k $166.5k 0.69% Reduced -20.0k -20,000
56 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 12,56812.6k $139.5k $139.5k 0.00% New
57 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 11,39411.4k $126.5k $126.5k 0.00% Reduced -33.6k -33,615
58 North Capital, Inc. 0.06% of their portfolio SALT LAKE CITY, UT 6,0006.0k $66.6k $66.6k 0.06% New
59 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,6483.6k $40.5k $40.5k 0.00% Reduced -27.4k -27,402
60 IQ EQ FUND MANAGEMENT (SINGAPORE) PRIVATE Ltd 0.05% of their portfolio SINGAPORE, U0 3,0003.0k $33.3k $33.3k 0.05% New
61 Anchor Investment Management, LLC 0.00% of their portfolio COLUMBIA, SC 2,1002.1k $23.3k $23.3k 0.00% New
62 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 1,2001.2k $13.3k $13.3k 0.00% New
63 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 200200 $2.2k $2.2k 0.00% New
64 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 105105 $1.2k $1.2k 0.00% New
65 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5050 $555 $555 0.00% New
66 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged