RENATUS TACTICAL ACQUIS

Ticker: RTAC CUSIP: G7490F101 Class: SHS CL A

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (7)

Melqart Asset Management (UK) Ltd

Value ($000) $7,406 Shares 694,096

Sphera Management Technology Funds Ltd

Value ($000) $1,067 Shares 100,000

MATAURO, LLC

Value ($000) $1,594 Shares 149,399

Harraden Circle Investments, LLC

Value ($000) $657 Shares 61,587

PenderFund Capital Management Ltd.

Value ($000) $240 Shares 22,500

Alberta Investment Management Corp

Value ($000) $2,668 Shares 250,000

Hudson Bay Capital Management LP

Value ($000) $427 Shares 40,000

Institution	Shares	Value ($000)
Melqart Asset Management (UK) Ltd	694,096	$7,406
Sphera Management Technology Funds Ltd	100,000	$1,067
MATAURO, LLC	149,399	$1,594
Harraden Circle Investments, LLC	61,587	$657
PenderFund Capital Management Ltd.	22,500	$240
Alberta Investment Management Corp	250,000	$2,668
Hudson Bay Capital Management LP	40,000	$427

Increased Positions (17)

Praetorian PR LLC

Value ($000) $10,510 (+4.7%) Shares 985,000 (+7.1%)

Cannon Global Investment Management, LLC

Value ($000) $812 (+8.9%) Shares 76,065 (+11.4%)

Dauntless Investment Group, LLC

Value ($000) $965 (+22.2%) Shares 90,461 (+25.0%)

Governors Lane LP

Value ($000) $9,393 (+15.9%) Shares 880,333 (+18.5%)

DLD Asset Management, LP

Value ($000) $1,707 (+145.6%) Shares 160,000 (+151.2%)

Massar Capital Management, LP

Value ($000) $1,938 (+18.4%) Shares 181,584 (+21.1%)

Shaolin Capital Management LLC

Value ($000) $1,601 (+193.4%) Shares 150,000 (+200.0%)

Quarry LP

Value ($000) $164 (+2000.8%) Shares 15,359 (+2048.1%)

RIVERNORTH CAPITAL MANAGEMENT, LLC

Value ($000) $1,536 (+23.5%) Shares 144,000 (+26.3%)

Radcliffe Capital Management, L.P.

Value ($000) $1,492 (+20.9%) Shares 139,812 (+23.6%)

Diametric Capital, LP

Value ($000) $579 (+6.1%) Shares 54,258 (+8.5%)

J. Goldman & Co LP

Value ($000) $2,990 (+7.9%) Shares 280,230 (+10.3%)

TORONTO DOMINION BANK

Value ($000) $2,573 (+135.9%) Shares 241,159 (+141.2%)

Shay Capital LLC

Value ($000) $396 (+9.4%) Shares 37,087 (+11.8%)

ROYAL BANK OF CANADA

Value ($000) $1,223 (+104.2%) Shares 114,630 (+108.8%)

GOLDMAN SACHS GROUP INC

Value ($000) $1,401 (+16.1%) Shares 131,259 (+18.7%)

Caitong International Asset Management Co., Ltd

Value ($000) $8 (+76.1%) Shares 742 (+80.1%)

Institution	Prev Shares	Curr Shares	Change
Praetorian PR LLC	920,000	985,000	+65,000 (+7.1%)
Cannon Global Investment Management, LLC	68,300	76,065	+7,765 (+11.4%)
Dauntless Investment Group, LLC	72,371	90,461	+18,090 (+25.0%)
Governors Lane LP	742,957	880,333	+137,376 (+18.5%)
DLD Asset Management, LP	63,704	160,000	+96,296 (+151.2%)
Massar Capital Management, LP	150,000	181,584	+31,584 (+21.1%)
Shaolin Capital Management LLC	50,000	150,000	+100,000 (+200.0%)
Quarry LP	715	15,359	+14,644 (+2048.1%)
RIVERNORTH CAPITAL MANAGEMENT, LLC	114,000	144,000	+30,000 (+26.3%)
Radcliffe Capital Management, L.P.	113,079	139,812	+26,733 (+23.6%)
Diametric Capital, LP	50,000	54,258	+4,258 (+8.5%)
J. Goldman & Co LP	254,060	280,230	+26,170 (+10.3%)
TORONTO DOMINION BANK	100,000	241,159	+141,159 (+141.2%)
Shay Capital LLC	33,158	37,087	+3,929 (+11.8%)
ROYAL BANK OF CANADA	54,905	114,630	+59,725 (+108.8%)
GOLDMAN SACHS GROUP INC	110,588	131,259	+20,671 (+18.7%)
Caitong International Asset Management Co., Ltd	412	742	+330 (+80.1%)

Decreased Positions (13)

FIFTH LANE CAPITAL, LP

Value ($000) $7,867 (-7.7%) Shares 737,304 (-5.6%)

BOOTHBAY FUND MANAGEMENT, LLC

Value ($000) $4,870 (-18.3%) Shares 456,462 (-16.5%)

First Trust Capital Management L.P.

Value ($000) $3,557 (-5.9%) Shares 333,400 (-3.8%)

Verition Fund Management LLC

Value ($000) $1,067 (-60.9%) Shares 100,000 (-60.0%)

BERKLEY W R CORP

Value ($000) $1,658 (-10.9%) Shares 155,358 (-8.9%)

Clear Street Group Inc.

Value ($000) $106 (-92.2%) Shares 9,947 (-92.0%)

K2 PRINCIPAL FUND, L.P.

Value ($000) $1,381 (-6.0%) Shares 129,458 (-3.9%)

PRELUDE CAPITAL MANAGEMENT, LLC

Value ($000) $144 (-32.5%) Shares 13,500 (-31.0%)

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $61 (-78.1%) Shares 5,727 (-77.6%)

JANE STREET GROUP, LLC

Value ($000) $160 (-57.3%) Shares 15,019 (-56.3%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $1,622 (-8.5%) Shares 152,000 (-6.4%)

UBS Group AG

Value ($000) $1 (-99.3%) Shares 76 (-99.3%)

MORGAN STANLEY

Value ($000) $450 (-10.4%) Shares 42,200 (-8.4%)

Institution	Prev Shares	Curr Shares	Change
FIFTH LANE CAPITAL, LP	781,004	737,304	-43,700 (-5.6%)
BOOTHBAY FUND MANAGEMENT, LLC	546,381	456,462	-89,919 (-16.5%)
First Trust Capital Management L.P.	346,662	333,400	-13,262 (-3.8%)
Verition Fund Management LLC	250,000	100,000	-150,000 (-60.0%)
BERKLEY W R CORP	170,508	155,358	-15,150 (-8.9%)
Clear Street Group Inc.	123,927	9,947	-113,980 (-92.0%)
K2 PRINCIPAL FUND, L.P.	134,710	129,458	-5,252 (-3.9%)
PRELUDE CAPITAL MANAGEMENT, LLC	19,562	13,500	-6,062 (-31.0%)
WOLVERINE ASSET MANAGEMENT LLC	25,597	5,727	-19,870 (-77.6%)
JANE STREET GROUP, LLC	34,397	15,019	-19,378 (-56.3%)
MILLENNIUM MANAGEMENT LLC	162,401	152,000	-10,401 (-6.4%)
UBS Group AG	10,373	76	-10,297 (-99.3%)
MORGAN STANLEY	46,076	42,200	-3,876 (-8.4%)

Exited Positions (2)

ExodusPoint Capital Management, LP

Value ($000) $5,455 Shares 500,000

Tower Research Capital LLC (TRC)

Value ($000) $0 Shares 4

Institution	Prev Shares	Prev Value ($000)
ExodusPoint Capital Management, LP	500,000	$5,455
Tower Research Capital LLC (TRC)	4	$0