Karpus Management reveals 6.44% AIIA stake as passive investment

Rhea-AI Filing Summary

Karpus Management, Inc., doing business as Karpus Investment Management, reported a passive ownership stake in AI Infrastructure Acquisition Corp. common shares. Karpus beneficially owns 1,241,923 shares, representing 6.44% of the outstanding common stock as of the 12/31/2025 event date.

Karpus, a New York investment adviser, has sole voting and sole dispositive power over all reported shares, held in accounts it manages. The firm states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

AI Infrastructure Acquisition Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

G01336109

(CUSIP Number)

12/31/2025

(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. G01336109

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,241,923.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,241,923.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,241,923.00

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)

6.44 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AI Infrastructure Acquisition Corp.
(b)	Address of issuer's principal executive offices: 10845 Griffith Peak Drive, Suite 200, Las Vegas, Nevada 89135
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G01336109
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: 1,241,923.00
(b)	Percent of class: 6.44 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,241,923.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 1,241,923.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	Not Applicable
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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	02/13/2026

FAQ

What ownership stake in AIIA does Karpus Management, Inc. report?

Karpus Management, Inc. reports beneficial ownership of 1,241,923 shares of AI Infrastructure Acquisition Corp. common stock, representing 6.44% of the class. These shares are held in accounts managed by Karpus, with sole voting and dispositive power over the entire position.

Is Karpus Management, Inc. a passive or activist holder of AIIA?

Karpus Management, Inc. describes its AIIA holdings as acquired and held in the ordinary course of business, not to change or influence control. It certifies the position is not connected with any control-related transaction, indicating a passive investment under the disclosed standards.

How many AIIA shares can Karpus Management, Inc. vote and dispose of?

Karpus Management, Inc. has sole voting power and sole dispositive power over all 1,241,923 AIIA common shares it reports. It lists zero shared voting power and zero shared dispositive power, meaning decisions rest entirely with Karpus for these accounts.

What type of entity is Karpus Management, Inc. in relation to AIIA?

Karpus Management, Inc., doing business as Karpus Investment Management, is a registered investment adviser and a New York corporation. It manages client accounts that directly own the AIIA shares, and it controls voting and investment decisions for those securities.

How is Karpus Management, Inc. related to City of London Investment Group plc?

Karpus Management, Inc. is controlled by City of London Investment Group plc, listed on the London Stock Exchange. The filing states effective informational barriers exist so Karpus exercises voting and investment power over AIIA independently, avoiding attribution of beneficial ownership to City of London.

When did Karpus Management, Inc.’s AIIA ownership trigger this disclosure?

The reported ownership in AI Infrastructure Acquisition Corp. is tied to an event date of 12/31/2025. That date is when Karpus Management, Inc.’s beneficial holdings and percentage of AIIA common stock met the threshold requiring this ownership disclosure filing.