RF ACQUISITION CORP II

Ticker: RFAI CUSIP: G75389109 Class: SHS

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (1)

Institution	Shares	Value ($000)
Logan Stone Capital, LLC	19,004	$206

Increased Positions (4)

MIZUHO SECURITIES USA LLC

Value ($000) $2,443 (+48.4%) Shares 229,362 (+47.0%)

Clear Street Group Inc.

Value ($000) $99 (+4470.4%) Shares 9,179 (+4466.7%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $174 (+32.2%) Shares 16,150 (+30.9%)

MORGAN STANLEY

Value ($000) $6 (+7.5%) Shares 564 (+7.6%)

Institution	Prev Shares	Curr Shares	Change
MIZUHO SECURITIES USA LLC	156,019	229,362	+73,343 (+47.0%)
Clear Street Group Inc.	201	9,179	+8,978 (+4466.7%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	12,342	16,150	+3,808 (+30.9%)
MORGAN STANLEY	524	564	+40 (+7.6%)

Decreased Positions (9)

First Trust Capital Management L.P.

Value ($000) $5,531 (-50.0%) Shares 514,506 (-50.0%)

BERKLEY W R CORP

Value ($000) $3,196 (-68.3%) Shares 297,878 (-68.2%)

AQR Arbitrage LLC

Value ($000) $1,836 (-77.7%) Shares 170,331 (-78.0%)

Kepos Capital LP

Value ($000) $0 (-1.9%) Shares 29,057 (-3.1%)

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $1,625 (-82.2%) Shares 150,750 (-82.3%)

GLAZER CAPITAL, LLC

Value ($000) $2 (-61.5%) Shares 199,986 (-61.5%)

Polar Asset Management Partners Inc.

Value ($000) $538 (-77.8%) Shares 50,000 (-77.8%)

GOLDMAN SACHS GROUP INC

Value ($000) $174 (-78.0%) Shares 16,214 (-78.0%)

DEUTSCHE BANK AG\

Value ($000) $2,607 (-17.1%) Shares 243,000 (-17.1%)

Institution	Prev Shares	Curr Shares	Change
First Trust Capital Management L.P.	1,029,114	514,506	-514,608 (-50.0%)
BERKLEY W R CORP	937,845	297,878	-639,967 (-68.2%)
AQR Arbitrage LLC	772,982	170,331	-602,651 (-78.0%)
Kepos Capital LP	30,000	29,057	-943 (-3.1%)
WOLVERINE ASSET MANAGEMENT LLC	851,974	150,750	-701,224 (-82.3%)
GLAZER CAPITAL, LLC	518,917	199,986	-318,931 (-61.5%)
Polar Asset Management Partners Inc.	225,000	50,000	-175,000 (-77.8%)
GOLDMAN SACHS GROUP INC	73,558	16,214	-57,344 (-78.0%)
DEUTSCHE BANK AG\	293,000	243,000	-50,000 (-17.1%)

Exited Positions (16)

Wealthspring Capital LLC

Value ($000) $8,020 Shares 746,745

Periscope Capital Inc.

Value ($000) $1,881 Shares 175,100

Westchester Capital Management, LLC

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

Robinson Capital Management, LLC

Value ($000) $216 Shares 20,250

RIVERNORTH CAPITAL MANAGEMENT, LLC

Value ($000) $1,000 Shares 93,099

Warberg Asset Management LLC

Value ($000) $408 Shares 38,000

Mint Tower Capital Management B.V.

Value ($000) $1 Shares 80,000

Shaolin Capital Management LLC

Value ($000) $940 Shares 87,500

Radcliffe Capital Management, L.P.

Value ($000) $323 Shares 30,066

Magnetar Financial LLC

Value ($000) $1,056 Shares 99,000

D. E. Shaw & Co., Inc.

Value ($000) $5,774 Shares 541,134

TWO SIGMA INVESTMENTS, LP

Value ($000) $2,685 Shares 250,000

TORONTO DOMINION BANK

Value ($000) $1,074 Shares 100,000

CITADEL ADVISORS LLC

Value ($000) $175 Shares 16,388

UBS Group AG

Value ($000) $21 Shares 1,999

PICTON MAHONEY ASSET MANAGEMENT

Value ($000) $1 Shares 100,000

Institution	Prev Shares	Prev Value ($000)
Wealthspring Capital LLC	746,745	$8,020
Periscope Capital Inc.	175,100	$1,881
Westchester Capital Management, LLC	250,000	$2,668
Robinson Capital Management, LLC	20,250	$216
RIVERNORTH CAPITAL MANAGEMENT, LLC	93,099	$1,000
Warberg Asset Management LLC	38,000	$408
Mint Tower Capital Management B.V.	80,000	$1
Shaolin Capital Management LLC	87,500	$940
Radcliffe Capital Management, L.P.	30,066	$323
Magnetar Financial LLC	99,000	$1,056
D. E. Shaw & Co., Inc.	541,134	$5,774
TWO SIGMA INVESTMENTS, LP	250,000	$2,685
TORONTO DOMINION BANK	100,000	$1,074
CITADEL ADVISORS LLC	16,388	$175
UBS Group AG	1,999	$21
PICTON MAHONEY ASSET MANAGEMENT	100,000	$1