CGCT
Cartesian Growth Corporation IIIFinancial Services·Shell Companies
$12.53
$346M market cap
Revenue
$0.0M
Free Cash Flow
$-0.2M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cartesian Growth Corporation III is a blank check company incorporated in 2024 as a Cayman Islands exempted company. It was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
2-Year Price History
$9.86-1.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -0.8 | -0.8 | 1.7 | -0.2 | -0.2 | -0.0 | 0.4 | 0.0 | 27.6 | -3.7% | -- | -- |
Valuation & Metrics
Market Stats
Price$12.53
Market Cap$346M
Enterprise Value$345M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$1.7M
Free Cash Flow$-0.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-3.7%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.0
Change (vs Prior)+10.8%
Need at least 2 settlement dates for chart
Employees
Headcount2
Revenue / Employee$0
Gross Profit / Employee$0
Cash Runway
20.9months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
101.2%(+49.4% YoY)
62 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.0% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Fort Baker Capital Management LP | $27.7M | $10.30 | +$1.8M | +$27.7M | -1.0% | $974M |
| JPMORGAN CHASE & CO | $20.8M | $10.26 | +$19.8M | +$20.8M | -0.2% | $1.47T |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $20.8M | $10.28 | +$257K | +$20.8M | -5.6% | $1.12B |
| TENOR CAPITAL MANAGEMENT Co., L.P. | $15.4M | $10.13 | +$0 | +$15.4M | +5.6% | $1.50B |
| METEORA CAPITAL, LLC | $15.3M | $10.23 | +$10.8M | +$15.3M | -6.1% | $69.12B |
| MMCAP International Inc. SPC | $13.8M | $10.17 | +$0 | +$13.8M | -3.5% | $1.16B |
| PICTON MAHONEY ASSET MANAGEMENT | $13.3M | $10.17 | −$1.0M | +$13.3M | +1.4% | $9.44B |
| D. E. Shaw & Co., Inc. | $12.8M | $10.17 | +$0 | +$12.8M | -0.3% | $118.02B |
| Magnetar Financial LLC | $10.3M | $10.13 | +$0 | +$10.3M | -0.8% | $9.54B |
| AQR Arbitrage LLC | $10.2M | $10.17 | −$516K | +$10.2M | -0.0% | $5.11B |
| LMR Partners LLP | $9.4M | $10.13 | +$0 | +$9.4M | -2.0% | $8.84B |
| CANTOR FITZGERALD, L. P. | $8.9M | $10.27 | +$1.6M | +$8.9M | -3.1% | $2.75B |
| GLAZER CAPITAL, LLC | $7.8M | $10.13 | +$221K | +$7.8M | +8.8% | $4.51B |
| ARISTEIA CAPITAL LLC | $7.7M | $10.13 | +$0 | +$7.7M | +5.0% | $2.68B |
| LINDEN ADVISORS LP | $7.7M | $10.13 | +$0 | +$7.7M | -7.0% | $1.89B |
| TWO SIGMA INVESTMENTS, LP | $6.7M | $10.13 | −$1.9M | +$6.7M | -0.9% | $117.03B |
| Radcliffe Capital Management, L.P. | $6.1M | $10.19 | −$5K | +$6.1M | +3.9% | $1.33B |
| WHITEBOX ADVISORS LLC | $5.6M | $10.17 | +$0 | +$5.6M | +0.6% | $1.77B |
| Polar Asset Management Partners Inc. | $5.1M | $10.13 | +$0 | +$5.1M | +1.8% | $3.16B |
| BERKLEY W R CORP | $4.0M | $10.13 | +$0 | +$4.0M | +0.3% | $1.86B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.53%
avg per quarter
Holders (ex-self)
-0.51%
excl. this stock
Buyers (this Q)
-1.94%
14 buyers · $0.04B in
Sellers (this Q)
+2.03%
19 sellers · $0.01B out
alpha coverage: 99% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-5.1%
how holders react when this stock falls
On quiet Qs
-4.5%
−10% to +10% baseline
On rallies (+10%+)
-13.4%
how they react when this stock rises
Holders' portfolio flow this Q
+9.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+11.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
HGC Investment Management Inc.exited−$4.6MWealthspring Capital LLC−$3.8Mα+4.1Harraden Circle Investments, LLCexited−$3.1MK2 PRINCIPAL FUND, L.P.exited−$2.6MLineage Point Capital LPexited−$2.0MTWO SIGMA INVESTMENTS, LP−$1.9Mα-0.9COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYSexited−$1.0MPICTON MAHONEY ASSET MANAGEMENT−$1.0Mα+1.4Westchester Capital Management, LLC−$735Kα-4.3AQR Arbitrage LLC−$516Kα-0.0
Top-5 holders · 34.4%
Fort Baker Capital Management LP--
JPMORGAN CHASE & CO--
HIGHBRIDGE CAPITAL MANAGEMENT LLC--
TENOR CAPITAL MANAGEMENT Co., L.P.--
METEORA CAPITAL, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fort Baker Capital Management LP2.7MJPMORGAN CHASE & CO2.0MHIGHBRIDGE CAPITAL MANAGEMENT LLC2.0MPICTON MAHONEY ASSET MANAGEMENT1.3MTENOR CAPITAL MANAGEMENT Co., L.P.1.5MMETEORA CAPITAL, LLC1.5MMMCAP International Inc. SPC1.4MD. E. Shaw & Co., Inc.1.2MHEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND—AQR Arbitrage LLC999KGLAZER CAPITAL, LLC760K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$18.94M
9 txns · 1 insider · 1,801,209 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | BUY | CGC III Sponsor LLC | 10 percent owner | 6,089 | $10.38 | $63K | $15.24M |
| 2026-04-17 | BUY | CGC III Sponsor LLC | 10 percent owner | 28,522 | $11.50 | $328K | $3.73M |
| 2026-04-16 | BUY | CGC III Sponsor LLC | 10 percent owner | 252,100 | $11.03 | $2.78M | $16.23M |
| 2026-04-15 | BUY | CGC III Sponsor LLC | 10 percent owner | 134,963 | $10.63 | $1.43M | $14.57M |
| 2026-04-08 | BUY | CGC III Sponsor LLC | 10 percent owner | 208,535 | $10.93 | $2.28M | $13.89M |
| 2026-04-07 | BUY | CGC III Sponsor LLC | 10 percent owner | 100,000 | $10.30 | $1.03M | $12.07M |
| 2026-04-06 | BUY | CGC III Sponsor LLC | 10 percent owner | 100,000 | $10.31 | $1.03M | $11.04M |
| 2026-04-01 | BUY | CGC III Sponsor LLC | 10 percent owner | 671,000 | $10.30 | $6.91M | $10.00M |
| 2026-03-31 | BUY | CGC III Sponsor LLC | 10 percent owner | 300,000 | $10.28 | $3.08M | $3.08M |
Order Flow (FINRA, ~3w lag)
37.7%retail+4.0pp
18.5%dark-1.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Cartesian Growth Corp III: Boilerplate SPAC Structure with Standard Going Concern Red Flags
Overall Risk
6/10
Fraud
2/10
Dilution
9/10
Insolvency
7/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
8/10
Hidden Upside
2/10
Contextually Acceptable
8/10