[SCHEDULE 13G/A] Churchill Capital Corp XI Amended Passive Investment Disclosure
Fort Baker reports 4.8% stake in Churchill Capital XI
Fort Baker Capital Management LP and related parties report beneficial ownership of 2,003,697 Class A Ordinary Shares of Churchill Capital Corp XI, equal to 4.8% of the class.
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Fort Baker Capital Management LP and related parties report beneficial ownership of 2,003,697 Class A Ordinary Shares of Churchill Capital Corp XI, equal to 4.8% of the class. This percentage is based on 41,900,000 Class A shares outstanding as of May 13, 2026.
The shares are held directly by Fort Baker Capital Management LP, with Steven Patrick Pigott as Limited Partner/Chief Investment Officer and Fort Baker Capital, LLC as General Partner. All three reporting persons share voting and dispositive power over the 2,003,697 shares, report ownership jointly but not as a group, and each disclaims beneficial ownership beyond any pecuniary interest.
Key Figures
Shares beneficially owned:2,003,697 Class A Ordinary SharesPercent of class owned:4.8%Shares outstanding:41,900,000 Class A Ordinary Shares+2 more
5 metrics
Shares beneficially owned2,003,697 Class A Ordinary SharesHeld directly by Fort Baker Capital Management LP
Percent of class owned4.8%Beneficial ownership of Class A Ordinary Shares
Shares outstanding41,900,000 Class A Ordinary SharesOutstanding as of May 13, 2026
Shared voting power2,003,697 sharesShared by each of the three reporting persons
Sole voting power0 sharesFor each reporting person
"The calculation percentage of beneficial ownership in Item 11 was derived"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interestfinancial
"disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest"
shared voting powerfinancial
"Shared Voting Power 2,003,697.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 2,003,697.00"
Schedule 13Gregulatory
"The Reporting Persons are filing this jointly under Schedule 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in CCXI does Fort Baker Capital Management report in this Schedule 13G/A?
Fort Baker Capital Management LP and related parties report 2,003,697 Class A Ordinary Shares of Churchill Capital Corp XI, representing 4.8% of the outstanding class based on 41,900,000 shares outstanding as of May 13, 2026.
Who are the reporting persons in the Churchill Capital Corp XI (CCXI) Schedule 13G/A?
The reporting persons are Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC. Fort Baker Capital Management LP holds the shares directly, with Pigott as Limited Partner/Chief Investment Officer and Fort Baker Capital, LLC as General Partner.
How much voting power over CCXI shares do the Fort Baker reporting persons have?
Each reporting person reports 0 shares with sole voting power and 2,003,697 shares with shared voting power. They also report the same split for dispositive power, indicating decisions are made jointly rather than individually.
How was the 4.8% ownership of CCXI calculated for Fort Baker Capital Management?
The 4.8% beneficial ownership is calculated using 41,900,000 Class A Ordinary Shares outstanding, as stated in Churchill Capital Corp XI’s Form 10-Q dated May 13, 2026. Fort Baker’s 2,003,697 shares are measured against this total share count.
Do the Fort Baker reporting persons claim full beneficial ownership of their CCXI shares?
Each reporting person disclaims beneficial ownership of the Churchill Capital Corp XI securities beyond their pecuniary interest. They also state they are filing jointly but not as members of a group under the securities laws.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Churchill Capital Corp XI
(Name of Issuer)
Class A Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G2131A108
(CUSIP Number)
06/30/2026
(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):
G2131A108
1
Names of Reporting Persons
Fort Baker Capital Management LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,003,697.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,003,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,003,697.00
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)
4.8 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G2131A108
1
Names of Reporting Persons
Steven Patrick Pigott
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
2,003,697.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,003,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,003,697.00
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)
4.8 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
G2131A108
1
Names of Reporting Persons
Fort Baker Capital, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,003,697.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,003,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,003,697.00
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)
4.8 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Churchill Capital Corp XI
(b)
Address of issuer's principal executive offices:
640 FIFTH AVENUE, 14TH FLOOR, NEW YORK, NEW YORK, 10019.
Item 2.
(a)
Name of person filing:
Fort Baker Capital Management LP
Steven Patrick Pigott
Fort Baker Capital, LLC
(b)
Address or principal business office or, if none, residence:
The principal business address of each reporting person is 700 Larkspur Landing Circle, Suite 275, Larkspur, CA 94939.
(c)
Citizenship:
Fort Baker Capital Management LP: Delaware Limited Partnership
Steven Patrick Pigott: Citizen of the United States
Fort Baker Capital, LLC: Delaware Limited Liability Company
(d)
Title of class of securities:
Class A Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
G2131A108
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:
Reference is hereby made to Items 5-9 of this Schedule, which Items are incorporated by reference herein.
Fort Baker Capital Management LP directly holds 2,003,697 Class A ordinary shares. Steven Patrick Pigott acts as Limited Partner/Chief Investment Officer for Fort Baker Capital Management LP. Fort Baker Capital, LLC acts as General Partner for Fort Baker Capital Management LP.
The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein.
The calculation percentage of beneficial ownership in Item 11 was derived from the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 13, 2026, in which the Issuer stated that the number of Class A Ordinary Shares outstanding was 41,900,000 as of May 13, 2026.
(b)
Percent of class:
Fort Baker Capital Management LP: 4.8%
Steven Patrick Pigott: 4.8%
Fort Baker Capital, LLC: 4.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Fort Baker Capital Management LP: 0
Steven Patrick Pigott: 0
Fort Baker Capital, LLC: 0
(ii) Shared power to vote or to direct the vote:
Fort Baker Capital Management LP: 2,003,697
Steven Patrick Pigott: 2,003,697
Fort Baker Capital, LLC: 2,003,697
(iii) Sole power to dispose or to direct the disposition of:
Fort Baker Capital Management LP: 0
Steven Patrick Pigott: 0
Fort Baker Capital, LLC: 0
(iv) Shared power to dispose or to direct the disposition of:
Fort Baker Capital Management LP: 2,003,697
Steven Patrick Pigott: 2,003,697
Fort Baker Capital, LLC: 2,003,697
Item 5.
Ownership of 5 Percent or Less of a Class.
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.
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.
