TOP SHIPS INC

Ticker: TOPS CUSIP: Y8897Y230 Class: SHS NEW

Holders for Q4 2025 Position Changes for Q4 2025

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

Increased Positions (4)

CITADEL ADVISORS LLC

Value ($000) $106 (+55.4%) Shares 23,572 (+103.0%)

DIMENSIONAL FUND ADVISORS LP

Value ($000) $83 (-15.8%) Shares 18,325 (+9.9%)

Value ($000) $3 (+4252.1%) Shares 685 (+5608.3%)

ROYAL BANK OF CANADA

Value ($000) $0 Shares 3 (+200.0%)

Institution	Prev Shares	Curr Shares	Change
CITADEL ADVISORS LLC	11,613	23,572	+11,959 (+103.0%)
DIMENSIONAL FUND ADVISORS LP	16,669	18,325	+1,656 (+9.9%)
UBS Group AG	12	685	+673 (+5608.3%)
ROYAL BANK OF CANADA	1	3	+2 (+200.0%)

Decreased Positions (5)

Value ($000) $65 (-33.5%) Shares 14,500 (-13.2%)

Cetera Investment Advisers

Value ($000) $59 (-33.8%) Shares 13,126 (-13.5%)

Tower Research Capital LLC (TRC)

Value ($000) $1 (-83.8%) Shares 223 (-78.9%)

Federation des caisses Desjardins du Quebec

Value ($000) $0 (-99.6%) Shares 4 (-99.4%)

Value ($000) $0 (-91.5%) Shares 1 (-90.0%)

Institution	Prev Shares	Curr Shares	Change
MORGAN STANLEY	16,700	14,500	-2,200 (-13.2%)
Cetera Investment Advisers	15,179	13,126	-2,053 (-13.5%)
Tower Research Capital LLC (TRC)	1,057	223	-834 (-78.9%)
Federation des caisses Desjardins du Quebec	704	4	-700 (-99.4%)
CITIGROUP INC	10	1	-9 (-90.0%)

Exited Positions (1)

Value ($000) $0 Shares 5

Institution	Prev Shares	Prev Value ($000)
ASSETMARK, INC	5	$0