AQR-affiliated Funds Hold 1.5M Shares of Armada Acquisition Corp. II

Rhea-AI Filing Summary

Armada Acquisition Corp. II has a meaningful passive stake held by AQR-affiliated entities. The reporting parties—AQR Capital Management, LLC, AQR Capital Management Holdings, LLC and AQR Arbitrage, LLC—collectively hold 1,499,633 shares, representing 6.32% of the Class A ordinary shares. The filings show these shares are held as units representing those Class A shares and that the three AQR entities have shared voting and shared dispositive power over the full position, with no sole voting or sole dispositive power reported.

The statement also records that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The filings classify the reporting persons as investment adviser and holding company entities, reflecting an institutional, non-controlling investment position.

Positive

• Material institutional stake: Holding 1,499,633 shares (6.32%) signals meaningful institutional interest.
• Passive intent declared: Filers certify the securities are held in the ordinary course and not to change control, reducing near-term governance risk.

Negative

• No sole voting or dispositive power reported, limiting ability to effect change or extract strategic concessions.
• Concentration risk: A single institutional group owning >5% increases shareholder concentration in the issuer.

Insights

Financial Analyst

TL;DR: AQR holds a >5% passive stake in Armada II via affiliated funds, signaling notable institutional interest without control intent.

The aggregated 1,499,633-share (6.32%) position is large enough to trigger Schedule 13G disclosure and indicates material institutional ownership but not an activist posture. Shared voting and dispositive power across AQR entities suggests the stake is managed centrally but structured through multiple legal entities. The Item 10 certification that the securities are held in the ordinary course and not to influence control supports a passive investment thesis. For market participants this is informative about shareholder base concentration but not a governance change.

Corporate Governance Expert

TL;DR: The filing documents significant ownership but explicitly denies intent to influence corporate control.

The reported classification of the filers as investment adviser (IA) and holding company (HC) combined with the certification language indicates compliance with passive investor treatment under Rule 13d-1. Shared voting power without any sole voting or dispositive power reported means the holders are unlikely to unilaterally steer board or strategic actions. Investors should view this as increased institutional ownership that may affect liquidity and shareholder composition without signaling imminent governance change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Armada Acquisition Corp. II

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G0R38G104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G0R38G104

1

Names of Reporting Persons

AQR Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,499,633.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,499,633.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,499,633.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.32 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G0R38G104

1

Names of Reporting Persons

AQR Capital Management Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,499,633.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,499,633.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,499,633.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.32 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G0R38G104

1

Names of Reporting Persons

AQR Arbitrage, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,499,633.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,499,633.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,499,633.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.32 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Armada Acquisition Corp. II
(b)	Address of issuer's principal executive offices: C/O OGIER GLOBAL (CAYMAN) LIMITED, 89 NEXUS WAY, CARMANA BAY, GRAND CAYMAN, CAYMAN ISLANDS KY 1-9009
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC AQR Arbitrage, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES AQR Arbitrage, LLC - UNITED STATES
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G0R38G104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,499,633* *Units representing 1,499,633 shares of Class A ordinary shares, par value $0.0001 per share
(b)	Percent of class: 6.32 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 1,499,633 AQR Capital Management Holdings, LLC - 1,499,633 AQR Arbitrage, LLC - 1,499,633
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 1,499,633 AQR Capital Management Holdings, LLC - 1,499,633 AQR Arbitrage, LLC - 1,499,633
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

AQR Arbitrage, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

Exhibit Information

AQR Capital Management Holdings, LLC, AQR Capital Management, LLC, and AQR Arbitrage, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC.

FAQ

What stake did AQR disclose in Armada Acquisition Corp. II (AACIW)?

AQR-affiliated entities reported owning 1,499,633 shares, equivalent to 6.32% of the Class A ordinary shares.

Which AQR entities filed the Schedule 13G for AACIW?

The filing was made on behalf of AQR Capital Management, LLC, AQR Capital Management Holdings, LLC and AQR Arbitrage, LLC.

Do the filers have voting or dispositive control over the AACIW shares?

The filers report shared voting power and shared dispositive power of 1,499,633 shares and report no sole voting or sole dispositive power.

Is AQR positioning this stake to influence Armada II's control or governance?

No. The filers certify the securities are held in the ordinary course of business and were not acquired to change or influence control.

How are the reporting persons classified in the filing?

The filing identifies the reporting persons as IA (investment adviser) for two entities and HC (holding company) for the parent entity.