Sculptor Group Discloses 2.9% Stake in Real Asset Acquisition Corp. (RAAQW)

Rhea-AI Filing Summary

Sculptor and related entities report beneficial ownership of 499,600 Class A ordinary shares of Real Asset Acquisition Corp., representing 2.9% of the outstanding Class A shares based on the issuer's 17,250,000-share base. The shares are held in accounts managed by Sculptor and Sculptor Capital II LP and the filing attributes shared voting and dispositive power over all 499,600 shares, with no sole voting or dispositive power reported. Multiple affiliated entities (including Sculptor Capital Holding Corp, Sculptor Master Fund, Ltd. and Sculptor Special Funding, LP) are identified as having potential beneficial ownership through management or control relationships. The filing also certifies the holdings are not intended to change or influence control of the issuer.

Positive

• Full disclosure of beneficial ownership across affiliated entities provides investor transparency
• Position size is clearly quantified as 499,600 shares (2.9%), below 5% materiality thresholds
• Certifies holdings are not held to change or influence issuer control, clarifying intent

Negative

• No sole voting or dispositive power reported, indicating limited direct control over the shares
• Stake is below 5%, so it is unlikely to be material to the issuer or trigger stronger disclosure obligations

Insights

Financial Analyst

TL;DR: A professional investment manager group discloses a modest 2.9% stake, indicating informational transparency but limited market influence.

The reported 499,600-share position equals 2.9% of Class A shares, below the 5% threshold that typically signals material ownership changes under SEC rules. Ownership is held in managed Accounts, with shared voting and dispositive power only, which suggests aggregated client positions rather than a concentrated proprietary stake. For valuation or market impact analysis, this position is unlikely to meaningfully affect control or trigger takeover-related dynamics.

Corporate Governance Expert

TL;DR: Multiple affiliated entities are disclosed, reflecting proper attribution of voting and dispositive authority but no single controlling owner.

The Schedule 13G identifies a chain of affiliates (investment adviser, general partners, holding companies and funds) that together report beneficial ownership. The filing explicitly shows no sole voting or dispositive power and includes a certification that holdings are not intended to influence control. This structure is consistent with pooled client holdings managed by an adviser rather than a block holder seeking governance influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Real Asset Acquisition Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

000000000

(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. 000000000

1

Names of Reporting Persons

Sculptor Capital 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 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Sculptor Capital LP ("Sculptor"), a Delaware limited partnership, is the principal investment manager to a number of private funds and discretionary accounts (collectively, the "Accounts").

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Capital II 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 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Sculptor Capital II LP ("Sculptor-II"), a Delaware limited partnership that is wholly owned by Sculptor, also serves as the investment manager to certain of the Accounts. The Ordinary Shares reported in this Schedule 13G are held in the Account(s) managed by Sculptor and Sculptor-II.

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Capital Holding Corp

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 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Sculptor Capital Holding Corporation ("SCHC"), a Delaware corporation, serves as the general partner of Sculptor.

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Capital Holding II 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 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Sculptor Capital Holding II LLC ("SCHC-II"), a Delaware limited liability company that is wholly owned by Sculptor, serves as the general partner of Sculptor-II.

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Capital Management, 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 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Sculptor Capital Management, Inc. ("SCU"), a Delaware limited liability company, is a holding company that is the sole shareholder of SCHC and the ultimate parent company of Sculptor and Sculptor-II.

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Master Fund, Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Sculptor Master Fund, Ltd. ("SCMF") is a Cayman Islands company. Sculptor is the investment adviser to SCMF.

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

Sculptor Special Funding, 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 499,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 499,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

499,600.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Sculptor Special Funding, LP ("NRMD") is a Cayman Islands exempted limited partnership that is wholly owned by SCMF.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Real Asset Acquisition Corp.
(b)	Address of issuer's principal executive offices: 174 Nassau Street, Suite 2100, Princeton, New Jersey, 08542
Item 2.
(a)	Name of person filing: Sculptor Capital LP
(b)	Address or principal business office or, if none, residence: 9 West 57th Street, 40th Floor, New York, NY 10019
(c)	Citizenship: Delaware
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: 000000000
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: 499,600
(b)	Percent of class: 2.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 499,600
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 499,600
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Sculptor and Sculptor-II serve as the principal investment managers to the Accounts and thus may be deemed beneficial owners of the Units/Ordinary Shares in the Accounts managed by Sculptor and Sculptor-II. SCHC-II serves as the sole general partner of Sculptor-II and is wholly owned by Sculptor. SCHC serves as the sole general partner of Sculptor. As such, SCHC and SCHC-II may be deemed to control Sculptor as well as Sculptor-II and, therefore, may be deemed to be the beneficial owners of the Ordinary Shares reported in this Schedule 13G. SCU is the sole shareholder of SCHC, and, for purposes of this Schedule 13G, may be deemed a beneficial owner of the Ordinary Shares reported herein. In accordance with SEC Release No. 34-395338 (January 12, 1998) (the "Release"), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of Sculptor Capital LP and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with the Release. The percentages reported in this Schedule 13G have been calculated based on 17,250,000 Class A ordinary shares, as set forth in the Issuer's 10-K filed June 12, 2025.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 6
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 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.

Sculptor Capital LP

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Capital II LP

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Capital Holding Corp

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Capital Holding II LLC

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Capital Management, Inc.

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Master Fund, Ltd.

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

Sculptor Special Funding, LP

Signature:	/s/ Wayne Cohen
Name/Title:	Wayne Cohen / President and Chief Operating Officer
Date:	08/14/2025

FAQ

How many Real Asset Acquisition Corp. (RAAQW) Class A shares does Sculptor report owning?

The filing reports 499,600 Class A ordinary shares beneficially owned by Sculptor and related entities.

What percentage of RAAQW's Class A shares does the reported holding represent?

The reported amount represents 2.9% of Class A ordinary shares based on 17,250,000 shares outstanding as stated in the filing.

Does Sculptor have voting control over the reported RAAQW shares?

The filing states 0 sole voting power and 499,600 shared voting power, indicating shared rather than sole voting control.

Are the shares held for the purpose of changing or influencing control of RAAQW?

The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Which affiliated entities are disclosed as having beneficial ownership in the filing?

Reported affiliated entities include Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc., Sculptor Master Fund, Ltd., and Sculptor Special Funding, LP.