IKAV Reveals Sub-5 % Holding in California Resources via 13D Amendment

Rhea-AI Filing Summary

Amendment No. 1 to Schedule 13D filed on 23 June 2025 details several IKAV-affiliated and SIMLOG entities’ holdings in California Resources Corporation (CRC) common stock.

Key ownership disclosures:

• IKAV SICAV FIS SCA and its general partner report 3,803,418 shares, or 4.5 % of the outstanding class, with shared voting and dispositive power.
• SIMLOG Inc. and Simlog S. a r.l. jointly hold 279,737 shares (0.3 %), also on a shared-power basis.
• IKAV Energy Inc., IKAV Energy Holdings LLC, IKAV Inc., IKAV Energy Spain S.L. each disclose 115,906 shares (0.1 %) with shared authority.

All reporting persons cite “OO” as the source of funds, indicate zero sole voting or dispositive power, and list no outstanding legal proceedings. Citizenship spans Delaware, Spain and Luxembourg. The amendment signals that IKAV’s collective investment remains below the 5 % threshold that would classify it as a statutory “control” position, yet still represents a meaningful 4 %–5 % strategic stake in CRC.

Insights

Financial Analyst

Stake revealed is sizable but below 5 %; neutral valuation impact.

The filing shows IKAV-linked vehicles controlling up to 4.5 % of CRC, with no single entity exceeding the 5 % control threshold. Shared rather than sole voting power suggests a coordinated, yet not activist, posture. Absent pricing, purchase dates or strategic intentions, the amendment mainly refreshes ownership data. For investors, the disclosure confirms incremental institutional interest but does not, on its own, alter earnings outlook, capital structure or governance dynamics. Accordingly, the near-term impact on CRC’s valuation or trading liquidity is expected to be muted.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

California Resources Corporation

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

13057Q305

(CUSIP Number)

Bobby Saadati
1201 Louisiana Street, Suite 3400,
Houston, TX, 77002
(833) 706-0273

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/23/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV Energy Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 115,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 115,906.00

11

Aggregate amount beneficially owned by each reporting person

115,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV Energy Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 115,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 115,906.00

11

Aggregate amount beneficially owned by each reporting person

115,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 115,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 115,906.00

11

Aggregate amount beneficially owned by each reporting person

115,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV Energy Spain, S.L.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 115,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 115,906.00

11

Aggregate amount beneficially owned by each reporting person

115,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

SIMLOG Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 279,737.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 279,737.00

11

Aggregate amount beneficially owned by each reporting person

279,737.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

Simlog S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 279,737.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 279,737.00

11

Aggregate amount beneficially owned by each reporting person

279,737.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV SICAV FIS SCA

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,803,418.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,803,418.00

11

Aggregate amount beneficially owned by each reporting person

3,803,418.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV General Partner S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,803,418.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,803,418.00

11

Aggregate amount beneficially owned by each reporting person

3,803,418.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

Institut fur Kapitalanlagen und Vesicherungslosungen GmbH

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,803,418.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,803,418.00

11

Aggregate amount beneficially owned by each reporting person

3,803,418.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

IKAV Impact S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,523,681.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,523,681.00

11

Aggregate amount beneficially owned by each reporting person

3,523,681.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 13057Q305

1

Name of reporting person

Constantin von Wasserschleben

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,919,324.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,919,324.00

11

Aggregate amount beneficially owned by each reporting person

3,919,324.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value
(b)	Name of Issuer: California Resources Corporation
(c)	Address of Issuer's Principal Executive Offices: 1 World Trade Center, Suite 1500, Long Beach, CALIFORNIA , 90831.
Item 1 Comment: This Amendment No. 1 to Schedule 13D (the "Amendment No. 1") amends and supplements the statement on Schedule 13D originally filed with the United States Securities and Exchange Commission on July 9, 2024 (as amended, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Common Stock"), of California Resources Corporation, a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Stock Repurchase On June 23, 2025, the Issuer agreed to repurchase 4,950,000 shares of Common Stock from IKAV Impact S.a r.l. at a price of $46.00 per share, for an aggregate purchase price of $227,700,000 (the "Stock Repurchase"). The Stock Repurchase closed on June 25, 2025 (the "Closing Date"). Effective as of the completion of the Stock Repurchase, the lock-up restrictions applicable to sales of Common Stock by the Reporting Persons, pursuant to the previously disclosed Registration Rights Agreement, ceased to be effective. In connection with the completion of the Stock Repurchase, Bobby Saadati resigned from the Issuer's board of directors effective as of the Closing Date, as contemplated by that certain Stockholder Agreement, dated July 1, 2024, by and among the Issuer, IKAV Impact S.a.r.l., and the other stockholders party thereto.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages to this Schedule 13D is incorporated herein by reference. The information set forth herein is based on 84,225,034 shares of Common Stock outstanding as of the Closing Date. The securities reported herein include 115,906 shares of Common Stock held of record by IKAV Energy Inc., 279,737 shares of Common Stock held of record by SIMLOG Inc. and 3,523,681 shares of Common Stock held of record by IKAV Impact S.a r.l. IKAV Energy Inc. is wholly owned by IKAV Energy Holdings LLC, whose majority managing member is IKAV Inc. The shareholders of IKAV Inc. are IKAV Energy Spain, S.L. and Mr. von Wasserschleben. Mr. von Wasserschleben is the sole owner of IKAV Energy Spain, S.L. As such, each of the foregoing entities and Mr. von Wasserschleben may be deemed to share beneficial ownership of the securities held of record by IKAV Energy Inc. SIMLOG Inc. is wholly owned by Simlog S.a r.l., which is controlled by IKAV SICAV FIS SCA, whose general partner is IKAV General Partner S.a r.l., which is wholly owned by Institut fur Kapitalanlagen und Vesicherungslosungen GmbH, whose majority owner is Mr. von Wasserschleben. As such, each of the foregoing entities and Mr. von Wasserschleben may be deemed to share beneficial ownership of the securities held of record by SIMLOG Inc. IKAV Impact S.a r.l. is controlled by IKAV SICAV FIS SCA, whose general partner is IKAV General Partner S.a r.l., which is wholly owned by Institut fur Kapitalanlagen und Vesicherungslosungen GmbH, whose majority owner is Mr. von Wasserschleben. As such, each of the foregoing entities and Mr. von Wasserschleben may be deemed to share beneficial ownership of the securities held of record by IKAV Impact S.a r.l.
(b)	The information contained on the cover pages to this Schedule 13D is incorporated herein by reference.
(c)	Except as described in Item 4, during the past 60 days, the Reporting Persons have not effected any transactions with respect to the Common Stock.
(d)	None.
(e)	As of June 25, 2025, the Reporting Persons ceased to be the beneficial owners of more than five percent of the outstanding Common Stock.

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.

IKAV Energy Inc.

Signature:	/s/ Bobby Saadati
Name/Title:	Bobby Saadati, Chief Executive Officer
Date:	06/25/2025

Signature:	/s/ Megan Ebadat
Name/Title:	Megan Ebadat, Chief Financial Officer
Date:	06/25/2025

IKAV Energy Holdings LLC

Signature:	/s/ Bobby Saadati
Name/Title:	Bobby Saadati, Manager
Date:	06/25/2025

Signature:	/s/ Constantin von Wasserschleben
Name/Title:	Constantin von Wasserschleben, Manager
Date:	06/25/2025

IKAV Inc.

Signature:	/s/ Constantin von Wasserschleben
Name/Title:	Constantin von Wasserschleben, President
Date:	06/25/2025

IKAV Energy Spain, S.L.

Signature:	/s/ Constantin von Wasserschleben
Name/Title:	Constantin von Wasserschleben, Director
Date:	06/25/2025

SIMLOG Inc.

Signature:	/s/ Bobby Saadati
Name/Title:	Bobby Saadati, President
Date:	06/25/2025

Signature:	/s/ Megan Ebadat
Name/Title:	Megan Ebadat, Treasurer
Date:	06/25/2025

Simlog S.a r.l.

Signature:	/s/ Gregor Gruber
Name/Title:	Gregor Gruber, Director
Date:	06/25/2025

Signature:	/s/ Marco Hoopmann
Name/Title:	Marco Hoopmann, Director
Date:	06/25/2025

IKAV SICAV FIS SCA

Signature:	By: IKAV General Partner S.a r.l., its general partner, /s/ Gregor Gruber
Name/Title:	Gregor Gruber, Director
Date:	06/25/2025

Signature:	By: IKAV General Partner S.a r.l., its general partner, /s/ Marco Hoopmann
Name/Title:	Marco Hoopmann, Director
Date:	06/25/2025

IKAV General Partner S.a r.l.

Signature:	/s/ Gregor Gruber
Name/Title:	Gregor Gruber, Director
Date:	06/25/2025

Signature:	/s/ Marco Hoopmann
Name/Title:	Marco Hoopmann, Director
Date:	06/25/2025

Institut fur Kapitalanlagen und Vesicherungslosungen GmbH

Signature:	/s/ Evelin Foelster
Name/Title:	Evelin Foelster, Director
Date:	06/25/2025

IKAV Impact S.a r.l.

Signature:	/s/ Gregor Gruber
Name/Title:	Gregor Gruber, Director
Date:	06/25/2025

Signature:	/s/ Marco Hoopmann
Name/Title:	Marco Hoopmann, Director
Date:	06/25/2025

Constantin von Wasserschleben

Signature:	/s/ Constantin von Wasserschleben
Name/Title:	Constantin von Wasserschleben
Date:	06/25/2025

FAQ

How many CRC shares does IKAV SICAV FIS SCA own?

The entity reported 3,803,418 CRC shares, representing 4.5 % of the common stock.

What is the filing date of CRC’s latest Schedule 13D/A?

The amendment is dated June 23, 2025.

Do the reporting persons have sole voting power over CRC shares?

No. All entities disclosed 0 shares with sole voting or dispositive power; authority is held jointly.

Which entities disclosed a 0.3 % stake in CRC?

SIMLOG Inc. and Simlog S. a r.l. jointly hold 279,737 shares, or 0.3 % of CRC.

Why was an amendment to Schedule 13D filed by IKAV?

The amendment updates beneficial ownership following an event on June 23 2025; no additional transaction details are provided in the excerpt.