ALDEL FINL II INC

Ticker: ALDF CUSIP: G01558108 Class: CL A

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (1)

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

Value ($000) $4,196 Shares 400,000

Institution	Shares	Value ($000)
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS	400,000	$4,196

Increased Positions (7)

METEORA CAPITAL, LLC

Value ($000) $8,155 (+11.6%) Shares 777,447 (+11.2%)

Radcliffe Capital Management, L.P.

Value ($000) $3,886 (+12.0%) Shares 370,459 (+11.6%)

Shaolin Capital Management LLC

Value ($000) $1,574 (+50.4%) Shares 150,000 (+49.9%)

Verition Fund Management LLC

Value ($000) $1,838 (+90.4%) Shares 174,890 (+89.3%)

UBS Group AG

Value ($000) $3,161 (+795.4%) Shares 301,350 (+792.0%)

READYSTATE ASSET MANAGEMENT LP

Value ($000) $531 (+1.6%) Shares 50,512 (+1.0%)

MORGAN STANLEY

Value ($000) $1 (+19.9%) Shares 92 (+19.5%)

Institution	Prev Shares	Curr Shares	Change
METEORA CAPITAL, LLC	699,150	777,447	+78,297 (+11.2%)
Radcliffe Capital Management, L.P.	332,032	370,459	+38,427 (+11.6%)
Shaolin Capital Management LLC	100,100	150,000	+49,900 (+49.9%)
Verition Fund Management LLC	92,399	174,890	+82,491 (+89.3%)
UBS Group AG	33,783	301,350	+267,567 (+792.0%)
READYSTATE ASSET MANAGEMENT LP	50,000	50,512	+512 (+1.0%)
MORGAN STANLEY	77	92	+15 (+19.5%)

Decreased Positions (12)

Tuttle Capital Management, LLC

Value ($000) $157 (-62.4%) Shares 15,000 (-62.5%)

Sandia Investment Management LP

Value ($000) $315 (-19.7%) Shares 30,000 (-20.0%)

Wealthspring Capital LLC

Value ($000) $7,643 (-3.0%) Shares 728,601 (-3.4%)

Periscope Capital Inc.

Value ($000) $3,882 (-21.8%) Shares 370,081 (-22.1%)

Quarry LP

Value ($000) $315 (-19.7%) Shares 30,000 (-20.0%)

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $2,166 (-15.7%) Shares 206,452 (-16.0%)

MIZUHO SECURITIES USA LLC

Value ($000) $1,554 (-10.9%) Shares 149,374 (-11.4%)

TORONTO DOMINION BANK

Value ($000) $4,196 (-5.1%) Shares 400,000 (-5.4%)

Clear Street Group Inc.

Value ($000) $734 (-17.6%) Shares 70,000 (-17.9%)

Bulldog Investors, LLP

Value ($000) $597 (-1.4%) Shares 56,940 (-1.7%)

Schonfeld Strategic Advisors LLC

Value ($000) $210 (-33.1%) Shares 20,000 (-33.3%)

GLAZER CAPITAL, LLC

Value ($000) $5 (-4.0%) Shares 433,895 (-4.3%)

Institution	Prev Shares	Curr Shares	Change
Tuttle Capital Management, LLC	40,000	15,000	-25,000 (-62.5%)
Sandia Investment Management LP	37,500	30,000	-7,500 (-20.0%)
Wealthspring Capital LLC	754,397	728,601	-25,796 (-3.4%)
Periscope Capital Inc.	475,000	370,081	-104,919 (-22.1%)
Quarry LP	37,500	30,000	-7,500 (-20.0%)
WOLVERINE ASSET MANAGEMENT LLC	245,768	206,452	-39,316 (-16.0%)
MIZUHO SECURITIES USA LLC	168,531	149,374	-19,157 (-11.4%)
TORONTO DOMINION BANK	423,000	400,000	-23,000 (-5.4%)
Clear Street Group Inc.	85,260	70,000	-15,260 (-17.9%)
Bulldog Investors, LLP	57,944	56,940	-1,004 (-1.7%)
Schonfeld Strategic Advisors LLC	30,000	20,000	-10,000 (-33.3%)
GLAZER CAPITAL, LLC	453,582	433,895	-19,687 (-4.3%)