Fort Baker discloses 5.4% Churchill Capital Corp XI stake (CCXI)

Rhea-AI Filing Summary

Fort Baker Capital Management LP and related parties reported a 5.4% beneficial stake in Churchill Capital Corp XI’s units. They collectively hold 2,252,979 units, each unit consisting of one Class A ordinary share and one-tenth of one redeemable warrant.

The percentage is based on 41,900,000 units outstanding as of December 18, 2025, as disclosed by the issuer. The reporting persons state the holdings are in the ordinary course of business, are not for changing or influencing control, and that they are filing jointly but each disclaims membership in a group and beneficial ownership beyond their pecuniary interest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Churchill Capital Corp XI

(Name of Issuer)

Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant

(Title of Class of Securities)

G2131A124

(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. G2131A124

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 2,252,979.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,252,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,979.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G2131A124

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 2,252,979.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,252,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,979.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. G2131A124

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 2,252,979.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,252,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,979.00

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)

5.4 %

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: Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant
(e)	CUSIP No.: G2131A124
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 2,252,979 Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant. 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 of percentage of beneficial ownership in Item 11 was derived from the Issuer's Form 8-K filed with the Securities and Exchange Commission on December 23, 2025, in which the Issuer stated that the number of Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant, outstanding was 41,900,000 as of December 18, 2025.
(b)	Percent of class: Fort Baker Capital Management LP: 5.4% Steven Patrick Pigott: 5.4% Fort Baker Capital, LLC: 5.4%
(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: 2,252,979 Steven Patrick Pigott: 2,252,979 Fort Baker Capital, LLC: 2,252,979
	(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: 2,252,979 Steven Patrick Pigott: 2,252,979 Fort Baker Capital, LLC: 2,252,979
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.

Fort Baker Capital Management LP

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott, Chief Investment Officer
Date:	02/17/2026

Steven Patrick Pigott

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott
Date:	02/17/2026

Fort Baker Capital, LLC

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott, Chief Investment Officer
Date:	02/17/2026

FAQ

What stake in Churchill Capital Corp XI does Fort Baker Capital report (CCXI)?

Fort Baker Capital Management LP and related reporting persons disclose beneficial ownership of 2,252,979 units, representing 5.4% of the outstanding class. Each unit consists of one Class A ordinary share and one-tenth of one redeemable warrant, giving them a significant minority position.

Which securities of Churchill Capital Corp XI are covered in this Schedule 13G?

The filing covers units of Churchill Capital Corp XI, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant. These units are identified by CUSIP G2131A124 and form the basis for the reported 5.4% beneficial ownership stake.

Who are the reporting persons in the Churchill Capital Corp XI (CCXI) Schedule 13G?

The reporting persons are Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC. Pigott serves as Chief Investment Officer and limited partner of Fort Baker Capital Management LP, while Fort Baker Capital, LLC is its general partner, and they file jointly.

How was the 5.4% ownership in Churchill Capital Corp XI calculated?

The 5.4% figure is based on 2,252,979 units held compared with 41,900,000 units outstanding as of December 18, 2025. That outstanding unit count comes from the issuer’s Form 8-K, which the reporting persons reference as the basis for their percentage calculation.

Do the reporting persons intend to influence control of Churchill Capital Corp XI (CCXI)?

The reporting persons certify the securities were acquired and are held in the ordinary course of business and not for changing or influencing control of the issuer. They also state the holdings are not in connection with any transaction intended to affect control, aside from specified nomination activities.

How do the reporting persons describe their group and beneficial ownership status?

They state they are filing jointly but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of the securities beyond their pecuniary interest, clarifying the economic nature of their reported stake.