Vault-13

THAYER VENTURES ACQ CORP II TVAI

CL A · Common Stock · CUSIP G87890102

43 institutional holders +2 vs Q3 2025
19,018,18019.0m shares reported held*
$192.4mreported value*
3 new 9 added 7 reduced 1 sold out net bought ≈ $6.6m (+652.1k 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. Holder counts are more reliable. Implied quarter-end price ≈ $10.12.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 25: 41Q4 25: 4343Q3 25Q4 25
Numbers
QuarterHolders
Q3 202541
Q4 202543

Biggest buyers

Logan Stone Capital, LLC New +379,200+379.2k
Meteora Capital, LLC Added +346,328+346.3k
Westchester Capital Management, LLC Added +275,000+275.0k
WOLVERINE ASSET MANAGEMENT LLC Added +242,577+242.6k
Shaolin Capital Management LLC Added +82,947+82.9k
RIVERNORTH CAPITAL MANAGEMENT, LLC Added +80,000+80.0k
PenderFund Capital Management Ltd. New +36,000+36.0k
Radcliffe Capital Management, L.P. Added +25,000+25.0k
ABC ARBITRAGE SA New +23,300+23.3k
Verition Fund Management LLC Added +5,755+5.8k

Biggest sellers

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -655,000-655.0k
Virtu Financial LLC Reduced -77,879-77.9k
Clear Street Group Inc. Reduced -43,236-43.2k
MIZUHO SECURITIES USA LLC Reduced -25,300-25.3k
TORONTO DOMINION BANK Sold out -22,798-22.8k
Schonfeld Strategic Advisors LLC Reduced -20,563-20.6k
GLAZER CAPITAL, LLC Reduced -1,242-1.2k
Periscope Capital Inc. Reduced -503-503

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
BARCLAYS PLC 13G · institution new · filed 2025-11-12 7.4% new 1.5m≈ $15.7m 2025-11-12

Fell to 5% or below in the last year: METEORA CAPITAL, LLC (3.0%, 2026-08-14)

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 Linden Advisors LP 0.11% of their portfolio New York, NY 1,750,0001.8m $17.7m $17.7m 0.11% Unchanged
2 Meteora Capital, LLC 0.99% of their portfolio Boca Raton, FL 1,166,5591.2m $11.8m $11.8m 0.99% Added +346.3k +346,328
3 ARISTEIA CAPITAL, L.L.C. 0.32% of their portfolio GREENWICH, CT 1,125,0001.1m $11.4m $11.4m 0.32% Unchanged
4 TENOR CAPITAL MANAGEMENT Co., L.P. 0.14% of their portfolio NEW YORK, NY 1,000,0001.0m $10.1m $10.1m 0.14% Unchanged
5 Polar Asset Management Partners Inc. 0.18% of their portfolio TORONTO, A6 900,000900.0k $9.1m $9.1m 0.18% Unchanged
6 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 875,000875.0k $8.9m $8.9m 0.01% Unchanged
7 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 700,000700.0k $7.1m $7.1m 0.01% Unchanged
8 Alberta Investment Management Corp 0.04% of their portfolio EDMONTON, A0 700,000700.0k $7.1m $7.1m 0.04% Unchanged
9 Verition Fund Management LLC 0.04% of their portfolio GREENWICH, CT 686,042686.0k $6.9m $6.9m 0.04% Added +5.8k +5,755
10 AQR Arbitrage LLC 0.14% of their portfolio Greenwich, CT 668,973669.0k $6.8m $6.8m 0.14% Unchanged
11 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 634,375634.4k $6.4m $6.4m 0.01% Unchanged
12 GLAZER CAPITAL, LLC 0.16% of their portfolio New York, NY 592,500592.5k $6.0m $6.0m 0.16% Reduced -1.2k -1,242
13 WOLVERINE ASSET MANAGEMENT LLC 0.08% of their portfolio CHICAGO, IL 589,695589.7k $6.0m $6.0m 0.08% Added +242.6k +242,577
14 Radcliffe Capital Management, L.P. 0.29% of their portfolio BALA CYNWYD, PA 525,000525.0k $5.3m $5.3m 0.29% Added +25.0k +25,000
15 Westchester Capital Management, LLC 0.25% of their portfolio VALHALLA, NY 525,000525.0k $5.3m $5.3m 0.25% Added +275.0k +275,000
16 Karpus Management, Inc. 0.16% of their portfolio Pittsford, NY 523,600523.6k $5.3m $5.3m 0.16% Added +2.5k +2,500
17 BERKLEY W R CORP 0.26% of their portfolio Greenwich, CT 463,391463.4k $4.7m $4.7m 0.26% Unchanged
18 Shaolin Capital Management LLC 0.18% of their portfolio Miami, FL 457,947457.9k $4.6m $4.6m 0.18% Added +82.9k +82,947
19 MANGROVE PARTNERS IM, LLC 0.37% of their portfolio Greenwich, CT 450,000450.0k $4.6m $4.6m 0.37% Unchanged
20 Periscope Capital Inc. 0.83% of their portfolio Toronto, A6 424,497424.5k $4.3m $4.3m 0.83% Reduced -503 -503
21 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.19% of their portfolio WEST PALM BEACH, FL 398,000398.0k $4.0m $4.0m 0.19% Added +80.0k +80,000
22 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 387,262387.3k $3.9m $3.9m 0.02% Unchanged
23 Logan Stone Capital, LLC 0.95% of their portfolio CHICAGO, IL 379,200379.2k $3.8m $3.8m 0.95% New
24 Hudson Bay Capital Management LP 0.02% of their portfolio STAMFORD, CT 375,000375.0k $3.8m $3.8m 0.02% Unchanged
25 Magnetar Financial LLC 0.03% of their portfolio EVANSTON, IL 350,000350.0k $3.5m $3.5m 0.03% Unchanged
26 PICTON MAHONEY ASSET MANAGEMENT 0.03% of their portfolio Toronto, A6 300,000300.0k $3.0m $3.0m 0.03% Unchanged
27 Centiva Capital, LP 0.17% of their portfolio New York, NY 285,146285.1k $2.9m $2.9m 0.17% Unchanged
28 HEIGHTS CAPITAL MANAGEMENT, INC 0.96% of their portfolio SAN FRANCISCO, CA 250,000250.0k $2.5m $2.5m 0.96% Unchanged
29 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
30 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 221,227221.2k $2.2m $2.2m 0.00% Unchanged
31 MIZUHO SECURITIES USA LLC 0.03% of their portfolio NEW YORK, NY 209,626209.6k $2.1m $2.1m 0.03% Reduced -25.3k -25,300
32 WHITEBOX ADVISORS LLC 0.03% of their portfolio MINNEAPOLIS, MN 200,000200.0k $2.0m $2.0m 0.03% Unchanged
33 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 200,000200.0k $2.0m $2.0m 0.01% Reduced -20.6k -20,563
34 Clear Street Group Inc. 0.01% of their portfolio NEW YORK, NY 170,620170.6k $1.7m $1.7m 0.01% Reduced -43.2k -43,236
35 DLD Asset Management, LP 0.05% of their portfolio NEW YORK, NY 48,73048.7k $493.1k $493.1k 0.05% Unchanged
36 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio TORONTO, A6 45,00045.0k $455.4k $455.4k 0.00% Reduced -655.0k -655,000
37 Warberg Asset Management LLC 0.14% of their portfolio WINNETKA, IL 44,69944.7k $452.4k $452.4k 0.14% Unchanged
38 CSS LLC/IL 0.02% of their portfolio CHICAGO, IL 38,60038.6k $390.6k $390.6k 0.02% Unchanged
39 PenderFund Capital Management Ltd. 0.06% of their portfolio VANCOUVER, A1 36,00036.0k $364.3k $364.3k 0.06% New
40 DELTEC ASSET MANAGEMENT LLC 0.04% of their portfolio New York, NY 25,00025.0k $253.0k $253.0k 0.04% Unchanged
41 ABC ARBITRAGE SA 0.02% of their portfolio PARIS, I0 23,30023.3k $235.8k $235.8k 0.02% New
42 Virtu Financial LLC 0.01% of their portfolio New York, NY 23,12223.1k $234.0k $234.0k 0.01% Reduced -77.9k -77,879
43 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6969 $698 $698 0.00% Added +54 +54