Who owns Armada Acquisition Corp. II (XRPN)
Which tracked institutional funds hold XRPN, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See XRPN company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-14). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
9 tracked funds added or opened XRPN while 19 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
XRPN’s largest tracked holder by dollar value, TENOR CAPITAL MANAGEMENT Co., L.P., sizes it at 6.3% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 6.3pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in XRPN divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 67 tracked filers holding XRPN, 15 increased or opened the position and 28 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in XRPN between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 1
- Crossingbridge Advisors, LLC$1M
Full exits 8
- TENOR CAPITAL MANAGEMENT Co., L.P.$472M
- Harraden Circle Investments, LLC$292M
- METEORA CAPITAL, LLC$28M
- Mint Tower Capital Management B.V.$4M
- SkyView Investment Advisors, LLC$3M
- GLAZER CAPITAL, LLC$2M
Largest adds
- RIVERNORTH CAPITAL MANAGEMENT, LLC$5M
- RLH Capital LLC$3M
- HIGHBRIDGE CAPITAL MANAGEMENT LLC$3M
- Quarry LP$2M
- Shaolin Capital Management LLC$713K
- Arrington Capital Management, LLC$673K
Largest trims
- Context Capital Management, LLC$135M
- Karpus Management, Inc.$3M
- O'Connor Alternative Investments LLC$3M
- JPMORGAN CHASE & CO$3M
- TORONTO DOMINION BANK$3M
- DLD Asset Management, LP$2M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Arrington Capital Management, LLC | 5,796,000 | $60M | 4.7% | 2026-Q2 |
| BERKLEY W R CORP | 1,233,735 | $13M | 1.0% | 2026-Q2 |
| AQR Arbitrage LLC added | 1,067,803 | $11M | 0.9% | 2026-Q2 |
| Westchester Capital Management, LLC | 833,400 | $9M | 0.7% | 2026-Q2 |
| Magnetar Financial LLC | 814,266 | $8M | 0.7% | 2026-Q2 |
| Linden Advisors LP | 800,000 | $8M | 0.7% | 2026-Q2 |
| LMR Partners LLP | 800,000 | $8M | 0.7% | 2026-Q2 |
| RLH Capital LLC added | 757,278 | $8M | 0.6% | 2026-Q2 |
| Polar Asset Management Partners Inc. | 635,835 | $7M | 0.5% | 2026-Q2 |
| WOLVERINE ASSET MANAGEMENT LLC trimmed | 566,567 | $6M | 0.5% | 2026-Q2 |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC added | 543,153 | $6M | 0.4% | 2026-Q2 |
| RIVERNORTH CAPITAL MANAGEMENT, LLC added | 502,222 | $5M | 0.4% | 2026-Q2 |
| ARISTEIA CAPITAL, L.L.C. | 500,000 | $5M | 0.4% | 2026-Q2 |
| Quarry LP added | 482,137 | $5M | 0.4% | 2026-Q2 |
| Radcliffe Capital Management, L.P. trimmed | 463,845 | $5M | 0.4% | 2026-Q2 |
| First Trust Capital Management L.P. | 458,864 | $5M | 0.4% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC | 454,850 | $5M | 0.4% | 2026-Q2 |
| MIZUHO SECURITIES USA LLC | 458,272 | $5M | 0.4% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC | 365,976 | $4M | 0.3% | 2026-Q2 |
| Context Capital Management, LLC added | 350,000 | $4M | 0.3% | 2026-Q2 |
| Shaolin Capital Management LLC added | 267,393 | $3M | 0.2% | 2026-Q2 |
| Karpus Management, Inc. trimmed | 253,925 | $3M | 0.2% | 2026-Q2 |
| TORONTO DOMINION BANK trimmed | 250,275 | $3M | 0.2% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 213,482 | $2M | 0.2% | 2026-Q2 |
| PICTON MAHONEY ASSET MANAGEMENT | 200,000 | $2M | 0.2% | 2026-Q2 |
| MOORE CAPITAL MANAGEMENT, LP | 200,000 | $2M | 0.2% | 2026-Q2 |
| WHITEBOX ADVISORS LLC | 200,000 | $2M | 0.2% | 2026-Q2 |
| HEIGHTS CAPITAL MANAGEMENT, INC trimmed | 176,886 | $2M | 0.1% | 2026-Q2 |
| O'Connor Alternative Investments LLC trimmed | 150,000 | $2M | 0.1% | 2026-Q2 |
| Cable Car Capital, LP | 150,000 | $2M | 0.1% | 2026-Q2 |
| Hudson Bay Capital Management LP trimmed | 119,564 | $1M | 0.1% | 2026-Q2 |
| Crossingbridge Advisors, LLC trimmed | 110,000 | $1M | 0.1% | 2026-Q2 |
| READYSTATE ASSET MANAGEMENT LP | 99,086 | $1M | 0.1% | 2026-Q2 |
| Verition Fund Management LLC trimmed | 101,364 | $1M | 0.1% | 2026-Q2 |
| CITIGROUP INC trimmed | 90,000 | $938K | 0.1% | 2026-Q2 |
| Periscope Capital Inc. trimmed | 84,800 | $884K | 0.1% | 2026-Q2 |
| Clear Street Group Inc. trimmed | 84,725 | $883K | 0.1% | 2026-Q2 |
| BOOTHBAY FUND MANAGEMENT, LLC trimmed | 83,660 | $872K | 0.1% | 2026-Q2 |
| CSS LLC/IL | 70,068 | $730K | 0.1% | 2026-Q2 |
| MORGAN STANLEY trimmed | 50,540 | $527K | 0.0% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS | 40,503 | $422K | 0.0% | 2026-Q2 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 350,000 | $298K | 0.0% | 2026-Q2 |
| DLD Asset Management, LP trimmed | 25,000 | $260K | 0.0% | 2026-Q2 |
| Wealthspring Capital LLC | 290,865 | $247K | 0.0% | 2026-Q2 |
| Qube Research & Technologies Ltd new | 22,642 | $236K | 0.0% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC | 21,524 | $224K | 0.0% | 2026-Q2 |
| JPMORGAN CHASE & CO trimmed | 19,894 | $207K | 0.0% | 2026-Q2 |
| CITADEL ADVISORS LLC trimmed | 18,303 | $191K | 0.0% | 2026-Q2 |
| Saba Capital Management, L.P. | 183,597 | $150K | 0.0% | 2026-Q2 |
| RK Capital Management, LLC/FL | 166,711 | $142K | 0.0% | 2026-Q2 |
| Mann Financial Group, Inc. | 12,450 | $130K | 0.0% | 2026-Q2 |
| Western Wealth Management, LLC new | 11,465 | $119K | 0.0% | 2026-Q2 |
| Sculptor Capital LP trimmed | 94,665 | $80K | 0.0% | 2026-Q2 |
| Walleye Capital LLC trimmed | 75,000 | $64K | 0.0% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 3,100 | $32K | 0.0% | 2026-Q2 |
| HUNTINGTON NATIONAL BANK | 3,001 | $31K | 0.0% | 2026-Q2 |
| Purpose Unlimited Inc. | 2,800 | $29K | 0.0% | 2026-Q2 |
| ROYAL BANK OF CANADA | 1,975 | $20K | 0.0% | 2026-Q2 |
| Skaana Management L.P. | 16,025 | $14K | 0.0% | 2026-Q2 |
| UBS Group AG | 1,158 | $13K | 0.0% | 2026-Q2 |
| CENTRAL TRUST Co | 1,000 | $10K | 0.0% | 2026-Q2 |
| PNC Financial Services Group, Inc. | 975 | $10K | 0.0% | 2026-Q2 |
| Glass Jacobson Investment Advisors llc | 582 | $6K | 0.0% | 2026-Q2 |
| EverSource Wealth Advisors, LLC trimmed | 250 | $3K | 0.0% | 2026-Q2 |
| Creative Capital Management Investments LLC | 100 | $1K | 0.0% | 2026-Q2 |
| Global Retirement Partners, LLC | 50 | $521 | 0.0% | 2026-Q2 |
| NATIONAL BANK OF CANADA /FI/ | 27 | $110 | 0.0% | 2026-Q2 |
| TENOR CAPITAL MANAGEMENT Co., L.P. | 750,000 | $450M | 35.3% | 2026-Q1 stale (1 quarter behind) |
| Harraden Circle Investments, LLC trimmed | 487,579 | $292M | 22.9% | 2026-Q1 stale (1 quarter behind) |
| METEORA CAPITAL, LLC added | 2,281,240 | $24M | 1.8% | 2026-Q1 stale (1 quarter behind) |
| SkyView Investment Advisors, LLC | 250,000 | $3M | 0.2% | 2026-Q1 stale (1 quarter behind) |
| Mint Tower Capital Management B.V. | 250,000 | $3M | 0.2% | 2026-Q1 stale (1 quarter behind) |
| GLAZER CAPITAL, LLC trimmed | 200,852 | $2M | 0.2% | 2026-Q1 stale (1 quarter behind) |
| Cambridge Investment Research Advisors, Inc. added | 96,276 | $993K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| Diametric Capital, LP trimmed | 57,499 | $593K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| HRT FINANCIAL LP added | 42,050 | $433K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Virtu Financial LLC trimmed | 18,562 | $191K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| PRELUDE CAPITAL MANAGEMENT, LLC | 14,555 | $150K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| FNY Investment Advisers, LLC added | 990 | $10K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Ground Swell Capital, LLC new | 16,427 | $10K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Parallax Volatility Advisers, L.P. trimmed | 10,000 | $6K | 0.0% | 2026-Q1 stale (1 quarter behind) |
| Pantera Capital Partners LP new | 1,000,000 | $10M | 0.8% | 2025-Q4 stale (2 quarters behind) |
| TWO SIGMA INVESTMENTS, LP | 664,583 | $7M | 0.5% | 2025-Q4 stale (2 quarters behind) |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS added | 200,000 | $2M | 0.2% | 2025-Q4 stale (2 quarters behind) |
| Bulldog Investors, LLP | 100,000 | $1M | 0.1% | 2025-Q4 stale (2 quarters behind) |
| STEADFAST CAPITAL MANAGEMENT LP | 80,000 | $819K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| Schonfeld Strategic Advisors LLC added | 50,069 | $513K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Caitlin John, LLC new | 1,600 | $16K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Stone House Investment Management, LLC new | 100 | $1K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Decagon Asset Management LLP added | 231,385 | $220M | 17.2% | 2025-Q3 stale (3 quarters behind) |
| ATW SPAC MANAGEMENT LLC trimmed | 25,000 | $24M | 1.9% | 2025-Q3 stale (3 quarters behind) |
| Driehaus Capital Management LLC | 150,000 | $2M | 0.1% | 2025-Q3 stale (3 quarters behind) |
| CANTOR FITZGERALD, L. P. new | 28,364 | $296K | 0.0% | 2025-Q3 stale (3 quarters behind) |
| CLEAR STREET LLC new | 481,038 | $5M | 0.4% | 2025-Q2 stale (4 quarters behind) |
| HGC Investment Management Inc. new | 250,000 | $3M | 0.2% | 2025-Q2 stale (4 quarters behind) |
| Centiva Capital, LP new | 250,000 | $3M | 0.2% | 2025-Q2 stale (4 quarters behind) |
| MANGROVE PARTNERS IM, LLC new | 185,700 | $2M | 0.1% | 2025-Q2 stale (4 quarters behind) |
| StoneX Group Inc. new | 50,000 | $502K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Warberg Asset Management LLC new | 30,000 | $306K | 0.0% | 2025-Q2 stale (4 quarters behind) |
1 parent filing withheld from the table above, and from the coverage figures, to avoid listing one book twice: OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) (last filed 2025-Q4, 150,000 shares) reconciles to its 1 current affiliate (150,000 shares) — 0.000% apart.
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.