AQR Entities Hold 460,084 TGE Warrants Representing 1.55% Stake

Rhea-AI Filing Summary

AQR Capital Management and affiliated entities report beneficial ownership of warrants representing 460,084 Class A ordinary shares of Generation Essentials Group (f/k/a Black Spade Acquisition II Co), equal to 1.55% of the outstanding class. The position is reported across AQR Capital Management, AQR Capital Management Holdings, and AQR Arbitrage with shared voting and shared dispositive power and no sole voting or dispositive power claimed.

The filing states these warrants are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The reported ownership falls within the category of 5% or less of the class.

Positive

• Transparent disclosure of a 460,084-warrant position representing 1.55% of Class A shares
• Filing certifies passive intent, stating holdings were not acquired to change or influence control

Negative

• Stake is small (1.55%) and under 5%, so it is unlikely to materially influence issuer control or strategy
• Position consists of warrants, not current shares, so voting and economic exposure differ from outright ownership

Insights

Securities Analyst

AQR reports a small, passive position: 460,084 warrants equal to 1.55% of TGE's Class A shares.

This Schedule 13G filing shows a disclosed position formed via warrants rather than current shareholdings and controlled through shared voting and dispositive authority among AQR entities. Because the position is below 5% and the filer certifies the holding is passive and not intended to influence control, the disclosure is routine. Investors should view this as transparency on a modest exposure rather than a catalyst for corporate control or strategic change.

Corporate Governance Expert

Passive disclosure of less-than-5% economic interest via warrants with shared authority among AQR subsidiaries.

The filing indicates coordinated reporting by parent and subsidiaries, clarifying that shared voting and dispositive powers exist but no sole control is asserted. The certification states the holdings were not acquired to affect control of the issuer, which aligns with Schedule 13G treatment. From a governance perspective, this is a transparency item without immediate implications for board control or takeover dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Generation Essentials Group f/k/a Black Spade Acquisition II Co

(Name of Issuer)

Class A ordinary shares

(Title of Class of Securities)

G38268101

(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. G38268101

1

Names of Reporting Persons

AQR Capital Management, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 460,084.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 460,084.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

460,084.00

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)

1.55 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G38268101

1

Names of Reporting Persons

AQR Capital Management Holdings, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 460,084.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 460,084.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

460,084.00

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)

1.55 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G38268101

1

Names of Reporting Persons

AQR Arbitrage, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 460,084.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 460,084.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

460,084.00

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)

1.55 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Generation Essentials Group f/k/a Black Spade Acquisition II Co
(b)	Address of issuer's principal executive offices: PO BOX 2681, HUTCHINS DRIVE, CRICKET SQUARE, GRAND CAYMAN, GEORGE TOWN, CAYMAN ISLANDS KY1-1111
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC AQR Arbitrage, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES AQR Arbitrage, LLC - UNITED STATES
(d)	Title of class of securities: Class A ordinary shares
(e)	CUSIP No.: G38268101
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: 460,084* *Warrants representing 460,084 shares of Class A Ordinary Shares
(b)	Percent of class: 1.55 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 460,084 AQR Capital Management Holdings, LLC - 460,084 AQR Arbitrage, LLC - 460,084
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 460,084 AQR Capital Management Holdings, LLC - 460,084 AQR Arbitrage, LLC - 460,084
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.
	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(a) above.
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.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/14/2025

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/14/2025

AQR Arbitrage, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/14/2025

Exhibit Information

AQR Capital Management Holdings, LLC, AQR Capital Management, LLC, and AQR Arbitrage, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC.

FAQ

How many TGE shares does AQR report beneficially owning?

AQR reports beneficial ownership of warrants representing 460,084 Class A ordinary shares of TGE.

What percentage of TGE does the AQR position represent?

The reported position represents 1.55% of the Class A ordinary share class.

Do the AQR entities claim sole voting or dispositive power over the TGE securities?

No. The filing shows 0 shares with sole voting or dispositive power and 460,084 with shared voting and dispositive power.

Are these holdings reported as passive or active under Schedule 13G?

The filing includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control, indicating passive treatment.

Which AQR entities filed this Schedule 13G for TGE?

The filing lists AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC as reporting persons.