SCHEDULE 13G 0001688382 XXXXXXXX LIVE Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant 12/31/2025 0002074973 Churchill Capital Corp XI G2131A124 640 FIFTH AVENUE, 14TH FLOOR NEW YORK NY 10019 Rule 13d-1(b) Fort Baker Capital Management LP b DE 0.00 2252979.00 0.00 2252979.00 2252979.00 5.4 IA Steven Patrick Pigott b X1 0.00 2252979.00 0.00 2252979.00 2252979.00 5.4 IN Fort Baker Capital, LLC b DE 0.00 2252979.00 0.00 2252979.00 2252979.00 5.4 HC Churchill Capital Corp XI 640 FIFTH AVENUE, 14TH FLOOR, NEW YORK, NEW YORK, 10019. Fort Baker Capital Management LP Steven Patrick Pigott Fort Baker Capital, LLC The principal business address of each reporting person is 700 Larkspur Landing Circle, Suite 275, Larkspur, CA 94939. Fort Baker Capital Management LP: Delaware Limited Partnership Steven Patrick Pigott: Citizen of the United States Fort Baker Capital, LLC: Delaware Limited Liability Company N IA HC Reference is hereby made to Items 5-9 of this Schedule, which Items are incorporated by reference herein. Fort Baker Capital Management LP directly holds 2,252,979 Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant. Steven Patrick Pigott acts as Limited Partner/Chief Investment Officer for Fort Baker Capital Management LP. Fort Baker Capital, LLC acts as General Partner for Fort Baker Capital Management LP. The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein. The calculation of percentage of beneficial ownership in Item 11 was derived from the Issuer's Form 8-K filed with the Securities and Exchange Commission on December 23, 2025, in which the Issuer stated that the number of Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant, outstanding was 41,900,000 as of December 18, 2025. Fort Baker Capital Management LP: 5.4% Steven Patrick Pigott: 5.4% Fort Baker Capital, LLC: 5.4% Fort Baker Capital Management LP: 0 Steven Patrick Pigott: 0 Fort Baker Capital, LLC: 0 Fort Baker Capital Management LP: 2,252,979 Steven Patrick Pigott: 2,252,979 Fort Baker Capital, LLC: 2,252,979 Fort Baker Capital Management LP: 0 Steven Patrick Pigott: 0 Fort Baker Capital, LLC: 0 Fort Baker Capital Management LP: 2,252,979 Steven Patrick Pigott: 2,252,979 Fort Baker Capital, LLC: 2,252,979 Y N Y Y Y Y N 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. Fort Baker Capital Management LP /s/ Steven Patrick Pigott 02/17/2026 Steven Patrick Pigott /s/ Steven Patrick Pigott 02/17/2026 Fort Baker Capital, LLC /s/ Steven Patrick Pigott 02/17/2026