Vault-13

MOUNTAIN LAKE ACQUISITION CO

SHS CL A · CUSIP G6301B101

45 institutional holders +8 vs Q1 2025
21,923,41321.9m shares reported held*
$223.9mreported value*
12 new 7 added 9 reduced 5 sold out net bought ≈ $50.8m (+4.9m 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 ≈ $10.21. Options: 1 managers hold calls ($55.2k notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q1 25: 37Q2 25: 4545Q1 25Q2 25
Numbers
QuarterHolders
Q1 202537
Q2 202545

Calls vs puts

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

CallsPuts
$0$20k$40k$60kQ3 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: $55.2kQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$55.2k$00.00

Biggest buyers

Magnetar Financial LLC New +1,900,000+1.9m
WOLVERINE ASSET MANAGEMENT LLC Added +1,073,941+1.1m
Alberta Investment Management Corp New +980,000+980.0k
Westchester Capital Management, LLC Added +882,271+882.3k
Governors Lane LP New +733,200+733.2k
Jain Global LLC New +500,000+500.0k
MILLENNIUM MANAGEMENT LLC New +427,587+427.6k
MOORE CAPITAL MANAGEMENT, LP New +200,000+200.0k
Wealthspring Capital LLC New +150,960+151.0k
ARISTEIA CAPITAL, L.L.C. New +150,000+150.0k

Biggest sellers

Crossingbridge Advisors, LLC Sold out -1,024,739-1.0m
Polar Asset Management Partners Inc. Reduced -400,000-400.0k
Karpus Management, Inc. Reduced -195,480-195.5k
DLD Asset Management, LP Reduced -150,000-150.0k
Verition Fund Management LLC Reduced -117,706-117.7k
PNC Financial Services Group, Inc. Sold out -100,000-100.0k
K2 PRINCIPAL FUND, L.P. Sold out -100,000-100.0k
Shaolin Capital Management LLC Sold out -100,000-100.0k
Schonfeld Strategic Advisors LLC Reduced -70,000-70.0k
Virtu Financial LLC Reduced -64,077-64.1k

Biggest calls

DLD Asset Management, LP New $55.2k325.0k 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
AQR CAPITAL MANAGEMENT LLC 13G · institution -1.9 pts · filed 2025-05-14 6.4% -1.9 pts 1.5m 2025-05-14

Fell to 5% or below in the last year: Magnetar Financial LLC (0.0%, 2026-09-04), Polar Asset Management Partners Inc. (0.0%, 2026-08-14), TENOR CAPITAL MANAGEMENT Co., L.P. (0.0%, 2026-08-14), MIZUHO FINANCIAL GROUP INC (0.0%, 2026-08-13), BERKLEY W R CORP (0.0%, 2026-08-06), BANK OF MONTREAL /CAN/ (0.6%, 2026-02-13), WOLVERINE ASSET MANAGEMENT LLC (4.6%, 2025-12-23)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Magnetar Financial LLC 0.09% of their portfolio EVANSTON, IL 1,900,0001.9m $19.5m $19.5m 0.09% New
2 WOLVERINE ASSET MANAGEMENT LLC 0.27% of their portfolio CHICAGO, IL 1,553,4581.6m $15.9m $15.9m 0.27% Added +1.1m +1,073,941
3 AQR Arbitrage LLC 0.36% of their portfolio Greenwich, CT 1,507,9061.5m $15.5m $15.5m 0.36% Reduced -26.0k -26,000
4 Polar Asset Management Partners Inc. 0.38% of their portfolio TORONTO, A6 1,480,0001.5m $15.2m $15.2m 0.38% Reduced -400.0k -400,000
5 Westchester Capital Management, LLC 0.71% of their portfolio VALHALLA, NY 1,182,2711.2m $12.1m $12.1m 0.71% Added +882.3k +882,271
6 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 1,092,5001.1m $11.2m $11.2m 0.01% Added +17.5k +17,500
7 First Trust Capital Management L.P. 0.70% of their portfolio CHICAGO, IL 1,005,0001.0m $10.3m $10.3m 0.70% Added +5.0k +5,000
8 Alberta Investment Management Corp 0.08% of their portfolio EDMONTON, A0 980,000980.0k $10.1m $10.1m 0.08% New
9 Linden Advisors LP 0.06% of their portfolio New York, NY 875,000875.0k $9.0m $9.0m 0.06% Unchanged
10 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 761,250761.2k $7.8m $7.8m 0.01% Unchanged
11 Governors Lane LP 1.03% of their portfolio NEW YORK, NY 733,200733.2k $7.5m $7.5m 1.03% New
12 Karpus Management, Inc. 0.24% of their portfolio Pittsford, NY 724,320724.3k $7.4m $7.4m 0.24% Reduced -195.5k -195,480
13 Hudson Bay Capital Management LP 0.05% of their portfolio STAMFORD, CT 700,000700.0k $7.2m $7.2m 0.05% Unchanged
14 HGC Investment Management Inc. 2.00% of their portfolio TORONTO, A6 700,000700.0k $7.2m $7.2m 2.00% Unchanged
15 GLAZER CAPITAL, LLC 0.23% of their portfolio New York, NY 628,000628.0k $6.4m $6.4m 0.23% Reduced -3.9k -3,859
16 TENOR CAPITAL MANAGEMENT Co., L.P. 0.07% of their portfolio NEW YORK, NY 500,000500.0k $5.1m $5.1m 0.07% Unchanged
17 LMR Partners LLP 0.08% of their portfolio LONDON, X0 500,000500.0k $5.1m $5.1m 0.08% Unchanged
18 Jain Global LLC 0.08% of their portfolio NEW YORK, NY 500,000500.0k $5.1m $5.1m 0.08% New
19 MIZUHO SECURITIES USA LLC 0.10% of their portfolio NEW YORK, NY 450,007450.0k $4.6m $4.6m 0.10% First filing
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 446,094446.1k $4.6m $4.6m 0.00% Unchanged
21 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 427,587427.6k $4.4m $4.4m 0.00% New
22 Periscope Capital Inc. 1.36% of their portfolio Toronto, A6 350,000350.0k $3.6m $3.6m 1.36% Added +103.1k +103,100
23 WHITEBOX ADVISORS LLC 0.08% of their portfolio MINNEAPOLIS, MN 300,000300.0k $3.1m $3.1m 0.08% Unchanged
24 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.07% of their portfolio CHICAGO, IL 250,000250.0k $2.6m $2.6m 0.07% Not comparable
25 PICTON MAHONEY ASSET MANAGEMENT 0.04% of their portfolio Toronto, A6 250,000250.0k $2.6m $2.6m 0.04% Unchanged
26 BERKLEY W R CORP 0.14% of their portfolio Greenwich, CT 218,060218.1k $2.2m $2.2m 0.14% Unchanged
27 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 206,447206.4k $2.1m $2.1m 0.00% Added +3.5k +3,485
28 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 204,944204.9k $2.1m $2.1m 0.01% Reduced -117.7k -117,706
29 MOORE CAPITAL MANAGEMENT, LP 0.04% of their portfolio NEW YORK, NY 200,000200.0k $2.1m $2.1m 0.04% New
30 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.01% of their portfolio HARRISBURG, PA 199,600199.6k $2.0m $2.0m 0.01% Unchanged
31 DLD Asset Management, LP 0.21% of their portfolio NEW YORK, NY 175,000175.0k $1.8m $1.8m 0.21% Reduced -150.0k -150,000
32 GRITSTONE ASSET MANAGEMENT LLC 1.72% of their portfolio Bethesda, MD 169,310169.3k $1.7m $1.7m 1.72% Unchanged
33 Wealthspring Capital LLC 0.41% of their portfolio WEST HARRISON, NY 150,960151.0k $1.5m $1.5m 0.41% New
34 ARISTEIA CAPITAL, L.L.C. 0.04% of their portfolio GREENWICH, CT 150,000150.0k $1.5m $1.5m 0.04% New
35 Mint Tower Capital Management B.V. 0.15% of their portfolio AMSTERDAM, P7 100,000100.0k $1.0m $1.0m 0.15% Unchanged
36 Radcliffe Capital Management, L.P. 0.00% of their portfolio BALA CYNWYD, PA 96,85496.9k $0 $0 0.00% New
37 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 80,00080.0k $820.8k $820.8k 0.01% Reduced -70.0k -70,000
38 DELTEC ASSET MANAGEMENT LLC 0.09% of their portfolio New York, NY 50,00050.0k $513.0k $513.0k 0.09% Unchanged
39 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.04% of their portfolio Englewood, NJ 45,57645.6k $467.6k $467.6k 0.04% New
40 Wellspring Financial Advisors, LLC 0.04% of their portfolio CLEVELAND, OH 35,00035.0k $359.1k $359.1k 0.04% New
41 Centiva Capital, LP 0.02% of their portfolio New York, NY 25,10025.1k $257.5k $257.5k 0.02% New
42 Virtu Financial LLC 0.01% of their portfolio New York, NY 16,03616.0k $165.0k $165.0k 0.01% Reduced -64.1k -64,077
43 CLEAR STREET LLC 0.00% of their portfolio NEW YORK, NY 3,8693.9k $39.7k $39.7k 0.00% Reduced -1.2k -1,153
44 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6464 $657 $657 0.00% Added +20 +20
45 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged