X0202 SCHEDULE 13G 0002050194 XXXXXXXX LIVE Class A Ordinary Shares, par value $0.0001 per share 06/30/2026 0002118032 Research Alliance Corp III G75226103 600 FIFTH AVENUE, 23RD FLOOR NEW YORK NY 10020 Rule 13d-1(b) Spruce Street Capital LP DE 0.00 500000.00 0.00 500000.00 500000.00 N 6.4 IA PN Alex R. Rosen X1 0.00 500000.00 0.00 500000.00 500000.00 N 6.4 HC IN Simon Basseyn X1 0.00 500000.00 0.00 500000.00 500000.00 N 6.4 HC IN Research Alliance Corp III 600 Fifth Avenue, 23rd Floor, New York, NY 10020 This statement is filed by: (i) Spruce Street Capital LP (the "Investment Manager"), the investment manager to certain investment funds and/or accounts (collectively, the "Spruce Street Funds"), with respect to the Class A Ordinary Shares, par value $0.0001 per share (the "Class A Ordinary Shares") of Research Alliance Corp. III (the "Company") held by the Spruce Street Funds; (ii) Alex R. Ryan, co-Managing Member of Spruce Street Capital GP LLC, the general partner of the Investment Manager, and the co-Managing Partner of the Investment Manager, with respect to the Class A Ordinary Shares held by the Spruce Street Funds; and (iii) Simon Basseyn, co-Managing Member of Spruce Street Capital GP LLC, the general partner of the Investment Manager, and the co-Managing Partner of the Investment Manager, with respect to the Class A Ordinary Shares held by the Spruce Street Funds. The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Class A Ordinary Shares reported herein. The address of the business office of each of the Reporting Persons is: 777 Third Avenue, Suite 1704 New York, New York 10017 Citizenship is set forth in Row (4) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. N IA HC The information required by Item 4(a) is set forth in Row (9) of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 7,775,000 Class A Ordinary Shares outstanding as of June 24, 2026, as reported in the Issuer's quarterly report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission on July 2, 2026. 6.4% The information required by Item 4(c)(i) is set forth in Row (5) of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row (6) of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row (7) of the cover page for each of the Reporting Persons and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row (8) of the cover page for each of the Reporting Persons and is incorporated herein by reference. Y N See Item 2(a). Spruce Street Capital Master Fund LP, a Spruce Street Fund, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the outstanding Class A Ordinary Shares. 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. Exhibit 99.1: Joint Filing Agreement Spruce Street Capital LP Alex R. Rosen 08/13/2026 Alex R. Rosen /s/ Alex R. Rosen 08/13/2026 Simon Basseyn /s/ Simon Basseyn 08/13/2026