Vault-13

RF ACQUISITION CORP II RFAI

SHS · Common Stock · CUSIP G75389109

13 institutional holders -2 vs Q1 2026
5,111,5585.1m shares reported held*
145.5% of all shares outstanding*
$56.2mreported value*
0 new 5 added 4 reduced 2 sold out net bought ≈ $7.3m (+666.0k 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: 3.5m as of 2026-08-07, 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 ≈ $10.99.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q3 24: 31Q4 24: 36Q1 25: 31Q2 25: 29Q3 25: 30Q4 25: 15Q1 26: 15Q2 26: 1313Q3 24Q1 25Q3 25Q1 26Q2 26
Numbers
QuarterHolders
Q3 202431
Q4 202436
Q1 202531
Q2 202529
Q3 202530
Q4 202515
Q1 202615
Q2 202613

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 24: 14 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 5 bought or addedQ1 25: 13 cut or sold outQ2 25: 7 bought or addedQ2 25: 6 cut or sold outQ2 25Q3 25: 8 bought or addedQ3 25: 9 cut or sold outQ4 25: 5 bought or addedQ4 25: 26 cut or sold outQ4 25Q1 26: 4 bought or addedQ1 26: 6 cut or sold outQ2 26: 5 bought or addedQ2 26: 6 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q4 20241414
Q1 2025513
Q2 202576
Q3 202589
Q4 2025526
Q1 202646
Q2 202656

Biggest buyers

MIZUHO SECURITIES USA LLC Added +734,379+734.4k
BERKLEY W R CORP Added +48,426+48.4k
Clear Street Group Inc. Added +3,533+3.5k
AQR Arbitrage LLC Added +1,379+1.4k
MORGAN STANLEY Added +592+592

Biggest sellers

GLAZER CAPITAL, LLC Reduced -56,508-56.5k
Logan Stone Capital, LLC Sold out -27,630-27.6k
Karpus Management, Inc. Reduced -21,200-21.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -11,657-11.7k
DEUTSCHE BANK AG\ Reduced -3,000-3.0k
WOLVERINE ASSET MANAGEMENT LLC Reduced -2,347-2.3k

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
Karpus Management, Inc. 13G · institution +5.1 pts · filed 2026-09-04 24.8% +5.1 pts 989.4k≈ $10.5m 2026-09-04
BERKLEY W R CORP 13G · institution +5.6 pts · filed 2026-05-08 9.2% +5.6 pts 766.4k≈ $3.9m 2026-05-08
MIZUHO FINANCIAL GROUP INC 13G · institution new · filed 2026-05-14 8.8% new 732.4k≈ $3.8m 2026-05-14

Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (2.0%, 2026-02-12), Wealthspring Capital LLC (0.0%, 2026-01-14), WOLVERINE ASSET MANAGEMENT LLC (1.8%, 2025-11-21)

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 Karpus Management, Inc. 0.51% of their portfolio Pittsford, NY 1,619,5331.6m $17.9m $17.9m 0.51% Reduced -21.2k -21,200
2 MIZUHO SECURITIES USA LLC 0.15% of their portfolio NEW YORK, NY 1,466,7581.5m $16.0m $16.0m 0.15% Added +734.4k +734,379
3 BERKLEY W R CORP 0.44% of their portfolio Greenwich, CT 814,851814.9k $9.0m $9.0m 0.44% Added +48.4k +48,426
4 First Trust Capital Management L.P. 0.33% of their portfolio CHICAGO, IL 514,506514.5k $5.7m $5.7m 0.33% Unchanged
5 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 240,000240.0k $2.6m $2.6m 0.00% Reduced -3.0k -3,000
6 AQR Arbitrage LLC 0.03% of their portfolio Greenwich, CT 170,479170.5k $1.9m $1.9m 0.03% Added +1.4k +1,379
7 WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio CHICAGO, IL 132,119132.1k $1.5m $1.5m 0.02% Reduced -2.3k -2,347
8 Polar Asset Management Partners Inc. 0.01% of their portfolio TORONTO, A6 50,00050.0k $551.5k $551.5k 0.01% Unchanged
9 GLAZER CAPITAL, LLC 0.01% of their portfolio New York, NY 39,98840.0k $441.0k $441.0k 0.01% Reduced -56.5k -56,508
10 Kepos Capital LP 0.44% of their portfolio NEW YORK, NY 29,05729.1k $320.0k $320.0k 0.44% Unchanged
11 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 17,38417.4k $191.7k $191.7k 0.00% Added +3.5k +3,533
12 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 16,21416.2k $178.8k $178.8k 0.00% Unchanged
13 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 669669 $7.4k $7.4k 0.00% Added +592 +592