Nomura entities disclose 5.6% Kaiser Corp (KALU) ownership in Schedule 13G

Rhea-AI Filing Summary

Nomura Asset Management International Inc. and Nomura Investment Management Business Trust reported beneficial ownership of 907,978 shares of Kaiser Corp common stock, representing 5.6% of the class. They report shared voting and dispositive power over all of these shares and no sole power.

The percentage is based on 16,206,255 Kaiser Corp shares outstanding as of October 20, 2025, as disclosed in the company’s Form 10-Q. The firms certify the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Kaiser Corp.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

KAISER ALUMINUM CORP

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

483007704

(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. 483007704

1

Names of Reporting Persons

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

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 907,978.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 907,978.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

907,978.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: The percent of class is calculated based on 16,206,255 shares of Common Stock outstanding as of October 20, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2025 filed with the SEC on October 23, 2025.

SCHEDULE 13G

CUSIP No. 483007704

1

Names of Reporting Persons

NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST

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 907,978.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 907,978.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

907,978.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The percent of class is calculated based on 16,206,255 shares of Common Stock outstanding as of October 20, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2025 filed with the SEC on October 23, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KAISER ALUMINUM CORP
(b)	Address of issuer's principal executive offices: 1550 West McEwen Drive, Suite 500, Franklin, Tennessee, 37067
Item 2.
(a)	Name of person filing: Nomura Asset Management International Inc. Nomura Investment Management Business Trust This Schedule 13G excludes securities beneficially owned, if any, by Nomura Holdings Inc. and certain of its subsidiaries whose beneficial ownership of securities are disaggregated from that of Nomura Asset Management International Inc. and the advisory entities underneath Nomura Asset Management International Inc. in accordance with SEC Release No. 34-39538 (January 12, 1998).
(b)	Address or principal business office or, if none, residence: Each of Nomura Asset Management International Inc. and Nomura Investment Management Business Trust: 100 Independence 610 Market Street Philadelphia, PA 19106-2354
(c)	Citizenship: Each of Nomura Asset Management International Inc. and Nomura Investment Management Business Trust: Delaware
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 483007704
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: Items 5-11 of the cover pages are incorporated by reference.
(b)	Percent of class: Items 5-11 of the cover pages are incorporated by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
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.

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

Signature:	/s/ Fernando del Puerto
Name/Title:	Fernando del Puerto, Managing Director
Date:	02/17/2026

NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST

Signature:	/s/ Fernando del Puerto
Name/Title:	Fernando del Puerto, Managing Director
Date:	02/17/2026

Exhibit Information

Exhibit A - Joint Filing Agreement

FAQ

What stake in Kaiser Corp (KALU) did Nomura report on this Schedule 13G?

Nomura reported beneficial ownership of 907,978 Kaiser Corp common shares, representing 5.6% of the outstanding class. This holding reflects a sizable institutional position but is disclosed as being held in the ordinary course of business, not to influence corporate control.

Which Nomura entities are reporting ownership in Kaiser Corp (KALU)?

The filing lists Nomura Asset Management International Inc. and Nomura Investment Management Business Trust as reporting persons. Both are organized in Delaware and share voting and dispositive power over the reported Kaiser Corp shares as institutional investment managers.

How is Nomura’s 5.6% ownership in Kaiser Corp (KALU) calculated?

The 5.6% ownership figure is based on 16,206,255 Kaiser Corp common shares outstanding as of October 20, 2025, as reported in Kaiser’s Form 10-Q for the quarter ended September 30, 2025, which Nomura cites in the Schedule 13G.

Does Nomura have sole or shared voting power over Kaiser Corp (KALU) shares?

The reporting entities disclose 0 shares with sole voting power and 907,978 shares with shared voting power. They also report the same split for dispositive power, indicating all reported Kaiser Corp shares are controlled on a shared basis rather than individually.

Is Nomura’s Kaiser Corp (KALU) position intended to influence control of the company?

The filers certify the Kaiser Corp shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. They also state the position is not part of any transaction designed to affect corporate control.

What type of SEC filing is this Kaiser Corp (KALU) document from Nomura?

This disclosure is a Schedule 13G, which is used by certain investors to report owning more than 5% of a company’s shares. It typically reflects passive or ordinary-course ownership, as opposed to an activist or control-seeking stake.