[SCHEDULE 13G/A] XCF Global, Inc. SEC Filing

Rhea-AI Filing Summary

XCF Global Inc. is reported as having a disclosed, passive stake held by Polar Asset Management Partners Inc., which filed this Schedule 13G as an investment adviser. The filing states Polar, acting as adviser to Polar Multi-Strategy Master Fund, beneficially owns 2,153,609 shares of XCF Global, and that the total includes 742,500 shares issuable upon exercise of warrants. The holder reports sole voting and sole dispositive power over the reported shares and classifies its status as an IA (investment adviser).

The statement includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. Item 5 notes this ownership falls within the category of 5 percent or less of a class.

Insights

Financial Analyst

TL;DR: Polar reports a passive, non-control stake of 2,153,609 XCF Global shares (1.4%), including 742,500 warrants.

The filing documents a disclosed beneficial position of 2,153,609 shares representing 1.4% of the class, with the reporting entity asserting sole voting and dispositive power. The position is reported under an investment-adviser classification and is certified as held in the ordinary course of business, not for control. From an investor-impact standpoint, this is a small, passive disclosure rather than an activist or controlling move; the inclusion of 742,500 warrants is noted as part of the reported aggregate ownership.

Corporate Governance Expert

TL;DR: Filing confirms sole control over disclosed shares but explicitly disclaims intent to influence issuer control; ownership is reported as 5% or less.

The Schedule 13G shows Polar Asset Management Partners Inc. as the reporting adviser with sole voting and dispositive authority for the disclosed position. The signer certifies the holdings were not acquired to change or influence control, consistent with a passive Schedule 13G filing. Item 5 explicitly classifies the position as ownership of 5 percent or less of the class. Governance implications are therefore limited given the filer’s passive stance and sub-5% disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

XCF Global Inc (formerly known as Focus Impact BH3 Acquisition Co)

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

98400U103

(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. 98400U103

1

Names of Reporting Persons

Polar Asset Management Partners 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,153,609.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,153,609.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,153,609.00

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)

1.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: XCF Global Inc (formerly known as Focus Impact BH3 Acquisition Co)
(b)	Address of issuer's principal executive offices: 2500 CityWest Blvd, Suite 150-138, Houston, TX, 77042
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 98400U103
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).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2,153,609 (including 742,500 shares issuable upon the exercise of warrants)
(b)	Percent of class: 1.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,153,609 (including 742,500 shares issuable upon the exercise of warrants)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,153,609 (including 742,500 shares issuable upon the exercise of warrants)
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	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.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	08/14/2025

FAQ

What stake in XCF Global (SAFX) did Polar Asset Management report?

Polar Asset Management reported beneficial ownership of 2,153,609 shares of XCF Global, representing 1.4% of the class.

Does the reported amount include warrants in the XCF Global filing?

Yes. The reported aggregate includes 742,500 shares issuable upon exercise of warrants.

Who filed the Schedule 13G on behalf of the holder of XCF Global shares?

The filing was made by Polar Asset Management Partners Inc., acting as investment adviser to Polar Multi-Strategy Master Fund.

Does the filing indicate Polar intends to influence control of XCF Global?

No. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting and dispositive powers does Polar report for the XCF Global shares?

Polar reports sole power to vote and sole power to dispose of the 2,153,609 shares (including warrants).