AQR Group Discloses 5.77% Ownership in Blue Water Acquisition Corp. III

Rhea-AI Filing Summary

AQR Capital affiliates report beneficial ownership of 1,500,000 Class A ordinary shares of Blue Water Acquisition Corp. III, representing 5.77% of the class. The filing shows the position is held with shared voting and shared dispositive power (no sole voting or sole dispositive authority), and the reporting persons are classified as investment adviser and holding company entities.

The exhibits state that AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC and that AQR Arbitrage, LLC is deemed controlled by AQR Capital Management, LLC. The filing includes a certification that the securities are held in the ordinary course of business and are not held for the purpose of changing or influencing control.

Positive

• Material disclosure: Reports ownership of 1,500,000 Class A shares, equal to 5.77% of the class
• Consolidated reporting: Position is aggregated across related AQR entities, improving transparency
• Certification of ordinary-course holdings: Filing includes an explicit statement that the securities are held in the ordinary course of business

Negative

• No sole voting or dispositive power: Each reporting person shows 0 shares of sole voting or dispositive authority
• No indication of control intent: The certification states the position was not acquired to change or influence control

Insights

Financial Analyst

TL;DR: AQR group discloses a material passive stake of 1.5M shares (5.77%) with shared voting and dispositive power.

The Schedule 13G reports a meaningful >5% stake that meets the SEC threshold for public disclosure but shows no sole control rights. For investors, this confirms institutional interest without direct control: the position is aggregated across related AQR entities and flagged under reporting person types consistent with advisory and holding company structures. The certification that holdings are in the ordinary course further signals a passive intent as reported here.

Corporate Governance Expert

TL;DR: Ownership is material but structured as shared authority across AQR entities; governance influence appears limited per the filing.

The filing documents shared voting and dispositive power for 1,500,000 Class A shares, and explicitly reports zero sole voting or dispositive power. The exhibit clarifies the corporate relationships among the filing entities, which explains the aggregated reporting. Because the statement includes the certification that the stake is not for changing control, the filing is a standard disclosure of a passive institutional holding rather than an activist or control-seeking move.

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 ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G1368E106

(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. G1368E106

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 1,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,500,000.00

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)

5.77 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G1368E106

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 1,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,500,000.00

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)

5.77 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G1368E106

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 1,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,500,000.00

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)

5.77 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Blue Water Acquisition Corp. III
(b)	Address of issuer's principal executive offices: 15 E. PUTNUM AVENUE, SUITE 363, GREENWICH, CONNECTICUT 06830
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.: 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).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,500,000* *Units representing 1,500,000 shares of Class A ordinary shares, par value $0.0001 per share
(b)	Percent of class: 5.77 %
(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 - 1,500,000 AQR Capital Management Holdings, LLC - 1,500,000 AQR Arbitrage, LLC - 1,500,000
	(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 - 1,500,000 AQR Capital Management Holdings, LLC - 1,500,000 AQR Arbitrage, LLC - 1,500,000
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

How many BLUWW shares does AQR report owning?

AQR reports beneficial ownership of 1,500,000 Class A ordinary shares of Blue Water Acquisition Corp. III.

What percent of BLUWW does AQR's stake represent?

The reported holdings represent 5.77% of the Class A ordinary shares.

Does AQR have sole voting or dispositive power over these BLUWW shares?

No. The filing shows 0 shares of sole voting power and 0 shares of sole dispositive power; voting and dispositive power are reported as shared for 1,500,000 shares.

What type of SEC filing is this for BLUWW?

This is a Schedule 13G filing reporting beneficial ownership over the 5% threshold.

Which entities filed the Schedule 13G for BLUWW?

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