SilverBox Capital

#101 of 117

49/100Mixed recordlow confidence

49/100 from 2 resolved vehicles (1 closed, 1 failed), 29% of the raw 48 after small-sample shrink, completion credit gated ×0.85 by the measured post-close record. Confidence: low.

Vehicles

2 in the live DB · 2 SEC-verified priors · computed by SpacBrain from cited rows, as of 2026-09-10

Resolved

1 closed · 1 liquidated · 0 terminated

Best priced exit

-91.5%

BRCC vs the $10.00 baseline

Worst priced exit

-91.5%

BRCC vs the $10.00 baseline

Sponsor DNA

what has happened before, with its sample size

Completion rate—n=2 resolved vehiclesderived
2 resolved vehicles on record; this rate is published from 3. Below three the percentage can only be 0, 50 or 100 and says less than the counts beside it.
Liquidation rate—n=2 resolved vehiclesderived
2 resolved vehicles on record; this rate is published from 3. Below three the percentage can only be 0, 50 or 100 and says less than the counts beside it.
Median post-close return—n=1 priced completed deSPACderived
1 priced completed deSPAC on record; this median is published from 3. Two points have no middle — a median over them is their mean, and moves with either one.
Median redemption—n=1 redemption event with a stated ratederived
1 redemption event with a stated rate on record; this median is published from 3. Two points have no middle — a median over them is their mean, and moves with either one. Extraction covers part of the universe, so a low count is our coverage as much as the sponsor’s history.
Deals terminated0terminated dealscounted
No announced combination on this sponsor’s record has been terminated.
Extension votes on record1extension votecounted
1 extension vote — occasions this sponsor needed more time and asked holders for it.

2 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.

Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.

What this panel will not tell you, and why (6)›

Median day-one move on announcement
PriceBar holds 2026-05-11 → 2026-08-17 only. Of 83 dated announcements across the whole universe, 16 fall on a day we hold a bar for a scored sponsor’s vehicle, spread over 14 sponsors — one sponsor reaches three observations. A bar that does not exist is not a 0% move.
Pre-vote move
Only 12 deals carry a vote date at all, and exactly 1 of them falls inside the PriceBar window. One observation is an anecdote with a decimal point.
Median time from IPO to announcement
42 IPO→announcement pairs exist, but only six sponsors have two and one has three. Enough for a statistic about the asset class; not for one about a sponsor, which is what this panel claims to be.
Median time from signing to close
Exactly 1 deal in the entire database is CLOSED and carries an announcement date. There is no 2nd observation anywhere to take a median over.
12-month post-deSPAC return
`SponsorPriorVehicle.postCloseReturnPct` is measured at the LAST close we hold, whenever that is — not on a 12-month anniversary. We hold no price history for the resulting companies, so the anniversary price does not exist. The median post-close return above is the honest version of this number and says what it is measured against.
Sponsor capital at risk
Nothing stores it. The only sponsor-economics column we hold is `Deal.promotePct` (founder shares as a percentage of post-IPO shares, on 34 deals under a scored sponsor), and that measures the equity the sponsor got nearly free — the opposite of the dollars it put in. Deriving at-risk capital from a promote percentage would be an invention with a citation stapled to it.

Score breakdown

every component, what it measured, and what it could not

Deal completion20% weightn=242/100
1/2 resolved vehicles closed a deal (50%); 1 liquidated, 0 terminated. Gated ×0.85 by measured post-close quality (35/100): closing deals that ended below trust value is not a completed job, so only 85% of the completion credit is earned. Full credit resumes at outcome quality 50/100 (the median deSPAC ending at trust value); the gate can never exceed 1×. Small sample — the shrink below keeps this near neutral.
Liquidation / termination drag16% weightn=475/100
1 liquidation and 0 terminations across 4 vehicles raised → 25% attrition (terminations 1.25×, stale shells 0.75×).
Post-close outcome quality40% weightn=135/100
1 priced deSPAC vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -91%, 0/1 still worth at least half of trust, 1 at under a tenth of it. Worst: BRCC -91%. n=1, pulled toward neutral.
Redemption behaviour10% weightn=135/100
Median 95% of public shares redeemed across 1 filed event (lower is better) — n=1, small sample, pulled toward neutral.
Extension reliance8% weightn=183/100
1 extension vote across 2 in-DB vehicles (0.5 per vehicle; 3+ scores zero).
Live fleet vs trust6% weightn=250/100
1/2 live vehicles trading at or above the trust value they filed.
Measured weak recordflat penaltyn=1not measurable
Only 1 measured prior vehicle (median -91%) — one vehicle is an anecdote, not a record; the rule needs ≥2.

How the number is built: weighted mean of the six components above = 48, then pulled 71% of the way back to the neutral 50 for small sample size (2 resolved vehicles) = 49.

How the Sponsor Score worksoutcome-first weighting

The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.

So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.

A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.

Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.

Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.

Prior vehicles

2 SEC-verified — what happened to holders who stayed in

Vehicle	Outcome	Became	vs $10.00	Today	Source
SilverBox Engaged Merger Corp IIPO 2021	Completed	BRC Inc / Black Rifle CoffeeBRCC	-91.5%	Trading$0.85 · Aug 14, 2026	0001104659-22-003812
SilverBox Engaged Corp II (→ SilverBox Corp III)IPO 2023	Liquidated	—	—	—	0001104659-24-122936

1 of 2 prior vehicles carry an honest post-close price, split-adjusted against the $10.00 trust baseline a holder gave up at the merger. Cash buyouts are read from the per-share consideration stated in the DEFM14A / SC 14D-9; a buyout no filing prices stays unpriced and stays out of the score. “Listing ended” means the quote stopped with no buyer — scored as a total loss because that is what the evidence says, but never printed as a percentage we cannot source.

Current fleet

the vehicles running today

SBXDSilverBox IV$10.87Deal announced$200M
→ Parataxis Holdings LLC
SBXESilverBox V$10.10Searching$276M

Research profile

synthesized from SEC filings + sourced research

SilverBox Capital — Austin-based institutional SPAC sponsor. Prior-vehicle track record (SEC-verified): (1) SilverBox Engaged Merger Corp I COMPLETED → BRC Inc / Black Rifle Coffee (BRCC, 2022; confirmed via joint 425), which has traded below the $10 NAV. (2) SilverBox Engaged Corp II, renamed SilverBox Corp III, LIQUIDATED (25-NSE 2024-11). Current vehicles SBXD (in-deal) and SBXE (searching). Net: 1 completed deSPAC (below NAV), 1 liquidation. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov.

— research profile — SilverBox Capital is an Austin, Texas-based strategic investment and advisory firm that positions itself as an institutional SPAC sponsor focused on creating successful public companies. The firm was co-founded by Stephen M. Kadenacy and Joseph Reece, who serve as Co-Managing Partners. Kadenacy, who chairs and leads the SPAC vehicles as CEO, previously held senior leadership roles at AECOM and brings over 30 years of expertise in capital markets and M&A. Reece brings over 35 years of experience in investing and advising. The broader team includes Duncan Murdoch as Chief Investment Officer (20+ years in private equity), Jin Chun as Partner and Chief Operating Officer, Daniel E. Esters as CFO (a veteran of Jefferies and other investment banks with 24+ years of experience), David Lee as General Counsel, Patrick Wilson as Partner, and Arik Prawer on the board. The firm emphasizes an integrated approach combining capital, counsel, and operating expertise, and it maintains an advisory group of seasoned directors and industry experts spanning consumer goods, telecommunications, hospitality, energy, and other sectors.

Its first, SilverBox Engaged Merger Corp I (SBEA), raised $345 million in March 2021 and completed its business combination with Black Rifle Coffee Company in February 2022. Atlas Technical Consultants, another portfolio company, was acquired by GI Partners for $12.25 per share in April 2023. SilverBox Corp III (SBXC.U) priced an upsized $138 million IPO in March 2023 but ultimately liquidated in late 2024 without completing a deal, a notable blemish on the firm's record. SilverBox Corp IV (SBXD) raised $200 million in its August 2024 IPO and announced a merger agreement in August 2025 with Parataxis Holdings, a Bitcoin-native institutional digital asset management platform; as of the latest filings, SBXD was trading modestly above its $10 offer price (approximately +5%) and the deal remained pending regulatory and shareholder approval. Most recently, SilverBox Corp V (SBXE.U) priced an upsized $240 million IPO in December 2025 (ultimately closing at $276 million), targeting small- to mid-cap businesses with enterprise values of $750 million or more across a broad sector mandate including consumer, financial services, technology, and energy transition.

The firm's reputation appears generally solid within the SPAC ecosystem, with established banking relationships (Santander US Capital Markets has served as sole bookrunner on recent deals) and credible institutional positioning. However, the liquidation of SilverBox Corp III and the pivot of SilverBox IV into a crypto-treasury deal with Parataxis—a relatively speculative digital asset play involving Bitcoin and Ethereum treasury strategies and international (South Korean) market activities—may raise questions about target selection discipline and the durability of de-SPAC performance. No explicit regulatory red flags or enforcement actions are surfaced in the provided materials, but the mixed outcomes (one completed consumer deal, one liquidation, one pending crypto deal, and two newer vehicles still searching) suggest a sponsor whose results have been uneven and whose recent strategic direction has shifted toward higher-risk digital…

1 sentence withheld from the text above. It stated a vehicle count (at least five vehicles) that does not reconcile with the record we counted: 4 vehicles — 2 in the live database and 2 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.

Data provenance & audit trail1 internal entry

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

SilverBox Capital — sponsor record

NOTE-SEAL2026-08-15

Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…rified): (1) SilverBox Engaged Merger Corp I (CIK 0001836707)" · "… Engaged Corp II, renamed SilverBox Corp III (CIK 0001859686)"

The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.