SCHEDULE: First Trust Entities Report 6.39% Stake in Rithm

First Trust Capital Management L.P. and its affiliates have disclosed a collective 6.39% beneficial ownership in Rithm Acquisition Corp.'s Class A Ordinary Shares.

Summary

• First Trust Capital Management L.P. (FTCM), First Trust Capital Solutions L.P. (FTCS), and FTCS Sub GP LLC (Sub GP) have jointly filed a Schedule 13G.
• These entities, along with First Trust Merger Arbitrage Fund (VARBX), collectively report beneficial ownership in Rithm Acquisition Corp.'s Class A Ordinary Shares.
• As of June 30, 2025, the First Trust group (FTCM, FTCS, Sub GP) beneficially owned 1,512,450 shares, representing 6.39% of the Class A Ordinary Shares.
• First Trust Merger Arbitrage Fund (VARBX), a series advised by FTCM, specifically owned 1,245,249 shares, accounting for 5.26% of the class.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of Rithm Acquisition Corp.

Sentiment

Score: 6

Explanation: The filing indicates a significant institutional investment, which is generally a neutral to slightly positive signal as it shows confidence from a large asset manager, but it does not provide operational or financial performance details.

Positives

• Increased institutional ownership by First Trust entities, indicating a notable investment by a recognized financial institution.

Risks

• The filing does not detail specific business risks of Rithm Acquisition Corp.; it is an ownership disclosure.

Future Outlook

The filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding Rithm Acquisition Corp.'s future operations or financial performance.

Industry Context

This filing indicates a significant stake taken by a major institutional investment firm in a Special Purpose Acquisition Company (SPAC). Such disclosures are common as institutional investors build positions in public companies, including those seeking merger targets.

Comparison to Industry Standards

• The reported beneficial ownership of 6.39% by First Trust entities is a substantial stake, exceeding the 5% threshold that triggers Schedule 13G reporting requirements for passive institutional investors.
• This level of institutional interest is comparable to other SPACs that attract significant investment from large asset managers and funds specializing in merger arbitrage or special situations.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially signaling increased liquidity or institutional confidence in the company's prospects.

Key Dates

Keywords

Rithm Acquisition Corp, First Trust, Schedule 13G, Beneficial Ownership, Institutional Investor, Class A Ordinary Shares, Investment Management, SEC Filing, SPAC