TRAILBLAZER MERGER CORP I

Ticker: TBMC CUSIP: 89278D109 Class: CL A

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

Decreased Positions (5)

Shay Capital LLC
Value ($000) $236 (-85.6%) Shares 17,716 (-87.4%)
BERKLEY W R CORP
Value ($000) $576 (-76.4%) Shares 43,243 (-79.0%)
Clear Street Group Inc.
Value ($000) $292 (-86.6%) Shares 21,903 (-88.3%)
UBS Group AG
Value ($000) $4 (-95.1%) Shares 315 (-95.7%)
MORGAN STANLEY
Value ($000) $0 (+0.5%) Shares 15 (-11.8%)

Exited Positions (5)

Harraden Circle Investments, LLC
Value ($000) $2,546 Shares 217,972
AQR Arbitrage LLC
Value ($000) $5,100 Shares 435,910
RIVERNORTH CAPITAL MANAGEMENT, LLC
Value ($000) $1,907 Shares 160,109
TrueMark Investments, LLC
Value ($000) $216 Shares 18,109
BOOTHBAY FUND MANAGEMENT, LLC
Value ($000) $1,559 Shares 133,434