Cal Redwood Acquisition Corp. Class A Ordinary Shares

CRAQ • NASDAQ

Cal Redwood Acquisition Corp. Class A Ordinary Shares is a blank checks company on NASDAQ, with a market cap of $317.8M. As of Q3 2025, 65% of shares are held by 47 institutional investors, with Meteora Capital, LLC as the largest holder at 7.27%.

Market Cap$317.8M

BLANK CHECKS

Overview

Overview of institutional ownership in CRAQ as of Q3 2025 with a market cap of $313.3M

All Institutions

Institutions: 47
Value Held: $202.5M
Shares Held: 20.3M
Avg Position: $4.3M
Median Position: $3.0M

Hedge Funds

Hedge Funds: 29
Value Held: $143.2M
Shares Held: 14.3M
Avg Position: $4.9M
Median Position: $3.0M

Ownership Breakdown

Institutional (non-HF)

18.94%

$59.3M

Hedge Funds

45.7%

$143.2M

Retail & Other

35.36%

$110.8M

Based on market cap of $313.3M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CRAQ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Meteora Capital, LLC Hedge Fund•Event Driven	Vikas K Mittal Managing Partner	$22.8M 3.03% of portfolio	7.27% 2.3M shares	Q2 2025 Held for 5 months	$752.0M
TORONTO DOMINION BANK Institution	Leo Salom CEO	$12.8M 0.03% of portfolio	4.08% 1.3M shares	Q2 2025 Held for 5 months	$51.2B
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	$12.0M 1.49% of portfolio	3.83% 1.2M shares	Q3 2025 Held for 2 months	$806.7M
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	Paul Jay Glazer CEO	$11.6M 0.52% of portfolio	3.69% 1.2M shares	Q2 2025 Held for 5 months	$2.2B
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	$10.4M 0.39% of portfolio	3.32% 1.0M shares	Q3 2025 Held for 2 months	$2.7B
Verition Fund Management LLC Hedge Fund•Multi-Strategy	Nicholas Matthew Maounis CEO	$9.6M 0.06% of portfolio	3.07% 963.1K shares	Q2 2025 Held for 5 months	$16.7B
Magnetar Financial LLC Hedge Fund•Multi-Strategy	David Jay Snyderman CEO	$7.3M 0.05% of portfolio	2.33% 730.0K shares	Q2 2025 Held for 5 months	$15.4B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$7.3M 0.01% of portfolio	2.31% 725.0K shares	Q2 2025 Held for 5 months	$62.0B
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	$7.0M 0.72% of portfolio	2.23% 700.0K shares	Q2 2025 Held for 5 months	$971.4M
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$7.0M 0.01% of portfolio	2.23% 700.0K shares	Q2 2025 Held for 5 months	$121.98B

Net Capital Flow

Institutional buying and selling activity for CRAQ in Q3 2025

Traded: +$67.0M
Buyers: 27
Sellers: 8
Total Bought: +$73.1M
Total Sold: −$6.0M
Avg Position: $4.2M

Biggest Buyers

Institution	Net Bought	Current Position
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	+$12.0M +1.2M shares	$12.0M 1.2M shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	+$10.4M +1.0M shares	$10.4M 1.0M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	+$6.5M +650.0K shares	$6.5M 650.0K shares
Westchester Capital Management, LLC Hedge Fund•Merger Arb	+$5.0M +500.0K shares	$5.0M 500.0K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.0M +500.0K shares	$7.0M 700.0K shares
D D. E. Shaw & Co., Inc. Institution	+$4.7M +474.1K shares	$4.7M 474.1K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	+$3.4M +338.5K shares	$3.4M 338.5K shares
GOLDMAN SACHS GROUP INC Institution	+$3.2M +318.8K shares	$3.2M 318.8K shares
K Karpus Management, Inc. Institution	+$3.0M +304.1K shares	$3.0M 304.1K shares
Context Capital Management, LLC Hedge Fund•Convert Bond Arb	+$3.0M +300.0K shares	$3.0M 300.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
UBS OCONNOR LLC Long Only Manager	−$2.0M −200.0K shares	Sold Off 0 shares
C CSS LLC/IL Institution	−$2.0M −198.5K shares	$571.1K 57.1K shares
Shaolin Capital Management LLC Hedge Fund•Multi-Strategy	−$750.1K −75.0K shares	$2.8M 275.0K shares
Radcliffe Capital Management, L.P. Hedge Fund•Multi-Strategy	−$356.5K −35.6K shares	$4.7M 469.0K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	−$325.0K −32.5K shares	$500.0K 50.0K shares
A ATW SPAC MANAGEMENT LLC Institution	−$325.0K −32.5K shares	$500.0K 50.0K shares
V Virtu Financial LLC Institution	−$311.1K −31.1K shares	$1.5M 154.7K shares
INTL FCSTONE INC. Institution	−$640.1 −64.0 shares	$500.0K 50.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CRAQ in Q3 2025

New Positions: 20
New Value: $66.5M
Exited Positions: 1
Exited Value: $2.0M

New Positions

Institution	Position Value
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	$12.0M 1.2M shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$10.4M 1.0M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$6.5M 650.0K shares
Westchester Capital Management, LLC Hedge Fund•Merger Arb	$5.0M 500.0K shares
D D. E. Shaw & Co., Inc. Institution	$4.7M 474.1K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$3.4M 338.5K shares
GOLDMAN SACHS GROUP INC Institution	$3.2M 318.8K shares
K Karpus Management, Inc. Institution	$3.0M 304.1K shares
Context Capital Management, LLC Hedge Fund•Convert Bond Arb	$3.0M 300.0K shares
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$3.0M 297.5K shares

Exited Positions

Institution	Previous Position
UBS OCONNOR LLC Long Only Manager	$2.0M 200.0K shares

Options Activity

Institutions with the largest Call and Put options positions in CRAQ as of Q3 2025

Call Positions: 1
Call Value: $3.0M
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$3.0M 3.0K contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with CRAQ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Meteora Capital, LLC Hedge Fund•Event Driven	Vikas K Mittal Managing Partner	3.03% $22.8M	7.27% 2.3M shares	Q2 2025 Held for 5 months	$752.0M
Context Capital Management, LLC Hedge Fund•Convert Bond Arb	Michael Stuart Rosen CEO	1.60% $3.0M	0.96% 300.0K shares	Q3 2025 Held for 2 months	$187.8M
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	1.49% $12.0M	3.83% 1.2M shares	Q3 2025 Held for 2 months	$806.7M
Radcliffe Capital Management, L.P. Hedge Fund•Multi-Strategy	Steve Brett Katznelson CIO	1.04% $4.7M	1.50% 469.0K shares	Q2 2025 Held for 5 months	$452.3M
W Warberg Asset Management LLC Hedge Fund•Multi-Strategy	Jonathan Alan Blumberg Managing Partner	0.99% $499.0K	0.16% 49.9K shares	Q3 2025 Held for 2 months	$50.4M
PERISCOPE CAPITAL INC. Institution	Scott Allen Hayes President	0.96% $3.5M	1.12% 350.0K shares	Q2 2025 Held for 5 months	$363.3M
A ATW SPAC MANAGEMENT LLC Institution	-	0.81% $500.0K	0.16% 50.0K shares	Q2 2025 Held for 5 months	$61.6M
K K2 PRINCIPAL FUND, L.P. Institution	-	0.81% $2.2M	0.69% 215.0K shares	Q2 2025 Held for 5 months	$265.6M
M Mint Tower Capital Management B.V. Institution	-	0.75% $2.5M	0.80% 250.0K shares	Q3 2025 Held for 2 months	$333.7M
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	0.72% $7.0M	2.23% 700.0K shares	Q2 2025 Held for 5 months	$971.4M