Institutional Adviser Discloses 5.4% Holding in Real Asset Acquisition (RAAQW)

Rhea-AI Filing Summary

First Trust entities report beneficial ownership of 931,200 Class A Ordinary Shares of Real Asset Acquisition Corp., equal to 5.40% of the outstanding class. The position is held through client accounts advised by First Trust Capital Management L.P., which has sole voting and sole dispositive power over the reported shares. First Trust Capital Solutions L.P. and FTCS Sub GP LLC are identified as control persons of the adviser and join in the joint filing.

The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. Reported ownership shows no shared voting or dispositive power and does not identify additional parties with rights to dividends or sale proceeds.

Positive

• Material disclosure of a >5% stake in the issuer: 931,200 shares representing 5.40% of the class
• Sole voting and dispositive power reported for the adviser over all 931,200 shares (no shared power)
• Declaration that holdings are in the ordinary course and not acquired to change or influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Institutional adviser group discloses a 5.40% stake (931,200 shares), routine disclosure without stated intent to seek control.

The Schedule 13G reflects a material passive holding above the 5% threshold that triggered the disclosure requirement. Ownership is attributed to client accounts managed by First Trust Capital Management L.P., with the adviser holding sole voting and dispositive authority over the 931,200 shares. Because the filing affirms the position is held in the ordinary course and not to influence control, this is effectively a transparency event rather than an actionable corporate-control signal. Investors should note concentrated voting power resides with the adviser for these client accounts.

Corporate Governance Expert

TL;DR: Reporting entities confirm adviser control of votes for a >5% stake while disclaiming any intent to change issuer control.

The joint filing names First Trust Capital Management L.P. as the investment adviser with sole voting and dispositive power and identifies First Trust Capital Solutions L.P. and FTCS Sub GP LLC as control persons of the adviser. Although the control-person relationship may lead to attribution of beneficial ownership to the parent entities, the filing explicitly states the shares are not held to influence control. This disclosure clarifies governance alignment: a single adviser will exercise the reported voting rights, but no coordinated effort to change management or control is asserted in the document.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Real Asset Acquisition Corp.

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share ("Ordinary Shares")

(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

First Trust 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 931,200.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 931,200.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

931,200.00

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)

5.40 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G73944111

1

Names of Reporting Persons

First Trust Capital Solutions 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 931,200.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 931,200.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

931,200.00

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)

5.40 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G73944111

1

Names of Reporting Persons

FTCS Sub 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 931,200.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 931,200.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

931,200.00

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)

5.40 %

12

Type of Reporting Person (See Instructions)

HC

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, NJ, 08542
Item 2.
(a)	Name of person filing: (a) Name of person filing: This Schedule 13G is being filed jointly by First Trust Capital Management L.P. ("FTCM"), First Trust Capital Solutions L.P. ("FTCS") and FTCS Sub GP LLC ("Sub GP"). (1) FTCM, an investment adviser registered with the SEC that provides investment advisory services to, among others, (i) series of Investment Managers Series Trust II, an investment company registered under the Investment Company Act of 1940, specifically First Trust Multi-Strategy Fund and First Trust Merger Arbitrage Fund, (ii) First Trust Alternative Opportunities Fund, an investment company registered under the Investment Company Act of 1940, and (iii) Highland Capital Management Institutional Fund II, LLC, a Delaware limited liability company (collectively, the "Client Accounts"). (2) FTCS, a Delaware limited partnership and control person of FTCM. (3) Sub GP, a Delaware limited liability company and control person of FTCM. Each of the persons identified herein is referred to as a "Reporting Person" and, collectively, as the "Reporting Persons." Each of the Reporting Persons is a party to that certain Joint Filing Agreement attached hereto.
(b)	Address or principal business office or, if none, residence: The principal business address of FTCM, FTCS and Sub GP is 225 W. Wacker Drive, 21st Floor, Chicago, IL 60606.
(c)	Citizenship: United States
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share ("Ordinary Shares")
(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: As investment adviser to the Client Accounts, FTCM has the authority to invest the funds of the Client Accounts in securities (including Ordinary Shares of Real Asset Acquisition Corp (the "Issuer")) as well as the authority to purchase, vote and dispose of securities, and may thus be deemed the beneficial owner of any shares of the Issuer's Ordinary Shares held in the Client Accounts. As of June 30, 2025 FTCM, FTCS and Sub GP collectively owned 931,200 shares of the outstanding Ordinary Shares of the Issuer. FTCS and Sub GP may be deemed to control FTCM and therefore may be deemed to be beneficial owners of the Ordinary Shares reported in this Schedule 13G. No one individual controls FTCS or Sub GP. FTCS and Sub GP do not own any Ordinary Shares of the Issuer for their own accounts.
(b)	Percent of class: FTCM, FTCS and Sub GP: 5.40
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: FTCM, FTCS and Sub GP: 931,200
	(ii) Shared power to vote or to direct the vote: FTCM, FTCS and Sub GP: 0
	(iii) Sole power to dispose or to direct the disposition of: FTCM, FTCS and Sub GP: 931,200
	(iv) Shared power to dispose or to direct the disposition of: FTCM, FTCS and Sub GP: 0
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. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2.
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.

First Trust Capital Management L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

First Trust Capital Solutions L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

FTCS Sub GP LLC

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	08/14/2025

Exhibit Information

Exhibit I: Joint Filing Statement

FAQ

How many shares of RAAQW do the First Trust entities report owning?

They report beneficial ownership of 931,200 Class A Ordinary Shares of Real Asset Acquisition Corp.

What percentage of RAAQW does the 931,200-share position represent?

The reported position represents 5.40% of the outstanding Class A Ordinary Shares.

Which First Trust entity has voting and dispositive authority over the shares?

First Trust Capital Management L.P. (the investment adviser) has sole voting and sole dispositive power over the reported shares.

Do First Trust Capital Solutions L.P. or FTCS Sub GP LLC own the shares directly?

No; the filing states FTCS and Sub GP are control persons of the adviser and do not own the Ordinary Shares for their own accounts.

Were the shares acquired to influence control of the issuer?

No; the filing certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.