Blue Water Acquisition Corp. III: Picton Mahoney owns 5.39%

Picton Mahoney certified that the Canadian regulatory scheme applicable to it is substantially comparable to that for functionally equivalent U.S. institutions.

Rhea-AI Filing Summary

Blue Water Acquisition Corp. III (BLUW) is the issuer whose Class A shares Picton Mahoney Asset Management reported beneficially owning: 1,400,000 shares, or 5.39% of the class. Picton Mahoney reported sole voting and dispositive power over 1,400,000 shares, with shared voting and dispositive power over 0 shares.

Key Figures

Beneficial ownership: 1,400,000 shares Percent of class: 5.39% Sole voting power: 1,400,000 shares +3 more

6 metrics

Beneficial ownership 1,400,000 shares Blue Water Acquisition Corp. III Class A

Percent of class 5.39% Class A shares

Sole voting power 1,400,000 shares Class A shares

Shared voting power 0 shares Class A shares

Sole dispositive power 1,400,000 shares Class A shares

Shared dispositive power 0 shares Class A shares

Key Terms

beneficially owned, Sole power to vote, Sole power to dispose, Schedule 13D

4 terms

beneficially owned regulatory

"Amount beneficially owned: 1400000"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole power to vote regulatory

"Sole power to vote or to direct the vote"

Sole power to dispose regulatory

"Sole power to dispose or to direct the disposition"

Schedule 13D regulatory

"information that would otherwise be disclosed in a Schedule 13D"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BLUW shares does Picton Mahoney Asset Management beneficially own?

Picton Mahoney reported beneficial ownership of 1,400,000 Class A shares, equal to 5.39% of the class.

What did Picton Mahoney certify about its BLUW ownership report?

Picton Mahoney certified that the Canadian regulatory scheme applicable to it is substantially comparable to the scheme for functionally equivalent U.S. institutions. It also undertook to furnish Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/20/2026 - 11:57 AM EDT Accepted by SEC EDGAR 10/20/2026 - 11:57 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Blue Water Acquisition Corp. III

(Name of Issuer)

Class A

(Title of Class of Securities)

G1368E106

(CUSIP Number)

09/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G1368E106

1

Names of Reporting Persons

Picton Mahoney Asset Management

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,400,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,400,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,400,000.00

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)

5.39 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Blue Water Acquisition Corp. III
(b)	Address of issuer's principal executive offices: 15 E. Putnam Avenue, Suite 363, Greenwich, CONNECTICUT, 06830
Item 2.
(a)	Name of person filing: Picton Mahoney Asset Management
(b)	Address or principal business office or, if none, residence: 33 Yonge Street #320
(c)	Citizenship: CANADA
(d)	Title of class of securities: Class A
(e)	CUSIP Number(s): G1368E106
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).
	Investment Fund Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 1400000
(b)	Percent of class: 5.39 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1400000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1400000
	(iv) Shared power to dispose or to direct the disposition of: 0
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 foreign regulatory scheme applicable to Investment Fund Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Picton Mahoney Asset Management

Signature:	Ahsan Ahmed
Name/Title:	Chief Compliance Officer
Date:	10/20/2026

Comments accompanying 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.