SteelMill Master Fund LP and affiliated PointState Capital entities filed an amended beneficial ownership statement with the SEC on November 13, 2026, disclosing a combined 6.8% stake in NextNav Inc. (NASDAQ:NN) as of September 30, 2026.

Key Highlights

  • Five reporting persons: SteelMill Master Fund LP, PointState Holdings LLC, PointState Capital LP, PointState Capital GP LLC, and Zachary J. Schreiber each disclosed beneficial ownership of 11,404,953 shares of NextNav common stock.
  • 6.8% of class: The 11,404,953 shares represent 6.8% of NextNav's outstanding common stock, par value $0.0001 per share (CUSIP 65345N106).
  • Shared voting and dispositive power only: Each reporting person reported 0 shares of sole voting or sole dispositive power, with all 11,404,953 shares held under shared voting and shared dispositive power.
  • Event date September 30, 2026: The filing identifies September 30, 2026 as the date of the event that triggered this amended statement.
  • Amendment No. 1: This filing is an amendment to a prior beneficial ownership statement, not an initial filing.
  • No control intent disclosed: The filing certifies that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

PointState Capital's Disclosed Position in NextNav Common Stock

According to the filing, the five reporting persons are connected through a defined organizational structure. SteelMill Master Fund LP is a Cayman Islands exempted limited partnership. PointState Holdings LLC serves as SteelMill's general partner, and PointState Capital LP serves as SteelMill's investment manager. PointState Capital GP LLC acts as the general partner of PointState Capital LP. Zachary J. Schreiber, a United States citizen, serves as managing member of both PointState Holdings LLC and PointState Capital GP LLC. The filing states the reporting persons are filing jointly with respect to the same securities but "not as members of a group."

NextNav Inc., the issuer, is a technology company whose principal executive offices are located at 11911 Freedom Dr., Ste. 200, Reston, VA 20190, according to the filing. The common stock subject to this disclosure carries a par value of $0.0001 per share. All reporting persons share the same beneficial ownership figure of 11,404,953 shares, reflecting the layered control structure through which the position is held. The business address listed for all reporting persons is care of PointState Capital LP, 9 West 57th Street, 37th Floor, New York, NY 10019.

The filing further notes that Items 5 and 6, which address ownership of 5% or less and ownership on behalf of another person, are both marked "Not Applicable," and Items 8 and 9, covering group membership and group dissolution, are similarly marked "Not Applicable." The certification language states the securities were not acquired in connection with any transaction having the purpose or effect of changing or influencing control of NextNav, other than activities solely in connection with a nomination under Rule 240.14a-11.

What Was Disclosed

This amended beneficial ownership statement discloses that SteelMill Master Fund LP and four affiliated PointState entities, including individual Zachary J. Schreiber, together hold shared voting and dispositive power over 11,404,953 shares of NextNav Inc. common stock, equal to 6.8% of the class, as of September 30, 2026.