BLUE GOLD LTD

Ticker: BGLWW CUSIP: G1331C112 Class: *W EXP 04/01/203

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (1)

Value ($000) $5 Shares 10,816

Institution	Shares	Value ($000)
CSS LLC/IL	10,816	$5

Increased Positions (1)

Ionic Capital Management LLC

Value ($000) $57 (+352.9%) Shares 134,194 (+392.1%)

Institution	Prev Shares	Curr Shares	Change
Ionic Capital Management LLC	27,271	134,194	+106,923 (+392.1%)

Decreased Positions (5)

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $179 (-46.5%) Shares 407,105 (-44.4%)

Clear Street Group Inc.

Value ($000) $176 (-65.7%) Shares 417,373 (-62.7%)

ADAGE CAPITAL PARTNERS GP, L.L.C.

Value ($000) $204 (-49.1%) Shares 483,499 (-44.7%)

Shaolin Capital Management LLC

Value ($000) $21 (-54.0%) Shares 50,000 (-50.0%)

StoneX Group Inc.

Value ($000) $21 (-23.9%) Shares 49,600 (-17.3%)

Institution	Prev Shares	Curr Shares	Change
HIGHBRIDGE CAPITAL MANAGEMENT LLC	731,555	407,105	-324,450 (-44.4%)
Clear Street Group Inc.	1,119,594	417,373	-702,221 (-62.7%)
ADAGE CAPITAL PARTNERS GP, L.L.C.	875,000	483,499	-391,501 (-44.7%)
Shaolin Capital Management LLC	100,000	50,000	-50,000 (-50.0%)
StoneX Group Inc.	60,000	49,600	-10,400 (-17.3%)

Exited Positions (6)

Polar Asset Management Partners Inc.

Value ($000) $147 Shares 306,052

Parallax Volatility Advisers, L.P.

Value ($000) $37 Shares 80,000

Sculptor Capital LP

Value ($000) $24 Shares 49,900

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $3 Shares 5,820

Value ($000) $0 Shares 540

Virtu Financial LLC

Value ($000) $0 Shares 15,837

Institution	Prev Shares	Prev Value ($000)
Polar Asset Management Partners Inc.	306,052	$147
Parallax Volatility Advisers, L.P.	80,000	$37
Sculptor Capital LP	49,900	$24
WOLVERINE ASSET MANAGEMENT LLC	5,820	$3
UBS Group AG	540	$0
Virtu Financial LLC	15,837	$0