TRAILBLAZER MERGER CORP I

Ticker: TBMCR CUSIP: 89278D125 Class: RIGHT 04/21/2028

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (1)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $4 Shares 17,739

Institution	Shares	Value ($000)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	17,739	$4

Increased Positions (1)

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $409 (+0.0%) Shares 1,685,264 (+3.1%)

Institution	Prev Shares	Curr Shares	Change
HIGHBRIDGE CAPITAL MANAGEMENT LLC	1,635,164	1,685,264	+50,100 (+3.1%)

Decreased Positions (4)

Wealthspring Capital LLC

Value ($000) $51 (+18.4%) Shares 211,300 (-2.3%)

Bulldog Investors, LLP

Value ($000) $18 (+20.0%) Shares 74,399 (-1.0%)

TORONTO DOMINION BANK

Value ($000) $2 (-3.8%) Shares 9,900 (-1.0%)

BANK OF AMERICA CORP /DE/

Value ($000) $0 (-20.0%) Shares 200 (-33.3%)

Institution	Prev Shares	Curr Shares	Change
Wealthspring Capital LLC	216,300	211,300	-5,000 (-2.3%)
Bulldog Investors, LLP	75,152	74,399	-753 (-1.0%)
TORONTO DOMINION BANK	10,000	9,900	-100 (-1.0%)
BANK OF AMERICA CORP /DE/	300	200	-100 (-33.3%)

Exited Positions (1)

HEIGHTS CAPITAL MANAGEMENT, INC

Value ($000) $3 Shares 11,714

Institution	Prev Shares	Prev Value ($000)
HEIGHTS CAPITAL MANAGEMENT, INC	11,714	$3