Saba's 1.51M Position in Real Asset Acquisition (RAAQW) Represents 4.82%

Rhea-AI Filing Summary

Saba Capital Management, Saba Capital Management GP and Boaz R. Weinstein report beneficial ownership of 1,510,059 securities of Real Asset Acquisition Corp., representing 4.82% of the class based on 31,325,000 aggregate shares outstanding as disclosed in the company filings. The holding is composed of 822,246 ordinary shares and 687,813 warrants, and the Reporting Persons filed jointly under a joint filing agreement.

The Schedule 13G/A clarifies ownership and voting/dispositive powers: the Reporting Persons report shared voting and dispositive power over the 1,510,059 securities. The disclosure is a routine beneficial-ownership statement for the combined class of common shares and warrants and does not, on its face, assert an intent to influence control of the issuer.

Insights

Financial Analyst

TL;DR: Routine 13G/A shows a 4.82% economic position (1,510,059 securities) split between shares and warrants.

The filing documents a modest minority economic stake in RAAQW totaling 1,510,059 instruments, comprised of 822,246 ordinary shares and 687,813 warrants. Using the issuer's disclosed capital base of 31,325,000 aggregate instruments, the position equals 4.82% of the class. Classification and shared voting/dispositive power suggest these interests are held in advisory/fund accounts rather than as a controlling block. This is a transparency disclosure rather than a corporate-control action.

Corporate Governance Expert

TL;DR: Disclosure is procedurally appropriate and signals no control intent; ownership remains below the 5% threshold.

The Schedule 13G/A indicates joint reporting by Saba Capital entities and an individual, with shared voting and dispositive powers recorded. Because the reported 4.82% falls under 5%, the filing aligns with passive/beneficial-ownership reporting standards rather than active 13D control disclosures. The split between ordinary shares and warrants is material to economic exposure but does not, by itself, imply governance influence.

08/14/2025 - 12:40 PM

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)

Common Shares, $0.0001 par value and Warrants

(Title of Class of Securities)

G73944111

(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. G73944111

1

Names of Reporting Persons

Saba Capital Management, L.P.

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 1,510,059.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,059.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,059.00

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)

4.82 %

12

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 31,325,000 shares outstanding as of June 12, 2025, which includes (i) 17,250,000 Ordinary Shares and (ii) 14,075,000 Warrants, as disclosed in the company's 10-Q filed 6/12/25. Rows 6, 8 and 9 include (i) 822,246 ordinary shares, par value $0.0001 per share and (ii) 687,813 Warrants.

SCHEDULE 13G

CUSIP No. G73944111

1

Names of Reporting Persons

Boaz R. Weinstein

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,510,059.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,059.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,059.00

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)

4.82 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 31,325,000 shares outstanding as of June 12, 2025, which includes (i) 17,250,000 Ordinary Shares and (ii) 14,075,000 Warrants, as disclosed in the company's 10-Q filed 6/12/25. Rows 6, 8 and 9 include (i) 822,246 ordinary shares, par value $0.0001 per share and (ii) 687,813 Warrants.

SCHEDULE 13G

CUSIP No. G73944111

1

Names of Reporting Persons

Saba Capital Management GP, 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 1,510,059.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,510,059.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,510,059.00

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)

4.82 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 31,325,000 shares outstanding as of June 12, 2025, which includes (i) 17,250,000 Ordinary Shares and (ii) 14,075,000 Warrants, as disclosed in the company's 10-Q filed 6/12/25. Rows 6, 8 and 9 include (i) 822,246 ordinary shares, par value $0.0001 per share and (ii) 687,813 Warrants.

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: Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"), Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"), and Mr. Boaz R. Weinstein (together, the "Reporting Persons"). The Reporting Persons have entered into a Joint Filing Agreement, dated May 13, 2025, pursuant to which the Reporting Persons have agreed to file this statement and any subsequent amendments hereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any of the forgoing persons or the Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	Citizenship: Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
(d)	Title of class of securities: Common Shares, $0.0001 par value and Warrants
(e)	CUSIP No.: G73944111
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: The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(b)	Percent of class: Not Applicable.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Not Applicable.
	(ii) Shared power to vote or to direct the vote: Not Applicable.
	(iii) Sole power to dispose or to direct the disposition of: Not Applicable.
	(iv) Shared power to dispose or to direct the disposition of: Not Applicable.
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.
	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. The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Stock.
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 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.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/13/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/13/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/13/2025

Comments accompanying signature: *** Pursuant to a Power of Attorney dated as of November 16, 2015

FAQ

What stake did Saba Capital disclose in RAAQW?

The Reporting Persons disclosed ownership of 1,510,059 securities, representing 4.82% of the class.

How is the 1,510,059 position in RAAQW composed?

The position comprises 822,246 ordinary shares and 687,813 warrants as stated in the filing.

Which entities filed the Schedule 13G/A for RAAQW?

The filing was made jointly by Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein.

On what share base was the 4.82% calculated?

The percentage is calculated using 31,325,000 aggregate instruments outstanding, consisting of 17,250,000 ordinary shares and 14,075,000 warrants as disclosed by the issuer.

Does the filing indicate an intent to change control of RAAQW?

The certification in the filing states the securities were not acquired or held for the purpose of changing or influencing control; the filing presents no explicit control intent.