Trailblazer Merger Corp I (TBMCR) — Institutional Holders, Q4 2025
22 institutional investment managers reported a TBMCR position on SEC Form 13F-HR for the quarter ended December 31, 2025, with a combined reported value of $2.2M. Every filer is listed below, ranked by position value. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.
TBMCR in Q4 2025: what funds did
Funds that filed a 13F for both Q3 2025 and Q4 2025, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.
Biggest buyers
- HIGHBRIDGE CAPITAL MANAGEMENTAdded · +50,100 sh+$12.2K
- SUSQUEHANNA INTERNATIONAL GROUP, LLPNew · +17,739 sh+$4.3K
Biggest sellers
- HEIGHTS CAPITAL MANAGEMENTSold out · -35,142 sh-$8.5K
- Wealthspring CapitalTrimmed · -5,000 sh-$1.2K
- Bulldog Investors, LLPTrimmed · -753 sh-$183.00
- BANK OF AMERICATrimmed · -100 sh-$24.00
- TORONTO DOMINION BANKTrimmed · -100 sh-$24.00
TBMCR 13F holders ranked 1–22 of 22
| # | Institution | Shares | Value | % of portfolio | QoQShares vs Q3 2025 |
|---|---|---|---|---|---|
| 1 | BERKLEY W R#1 · 43,243 sh | 43,243 | $576.1K | — | New |
| 2 | HIGHBRIDGE CAPITAL MANAGEMENT#2 · 1,685,264 sh | 1,685,264 | $408.8K | — | +3.1% |
| 3 | Clear Street Group#3 · 160,511 sh | 160,511 | $325.4K | — | -50.7% |
| 4 | Shay Capital#4 · 17,716 sh | 17,716 | $236.0K | — | -87.4% |
| 5 | Harraden Circle Investments#5 · 857,046 sh | 857,046 | $207.9K | — | 0.0% |
| 6 | AQR Arbitrage#6 · 538,763 sh | 538,763 | $130.7K | — | -44.7% |
| 7 | BOOTHBAY FUND MANAGEMENT#7 · 336,600 sh | 336,600 | $81.7K | — | -28.4% |
| 8 | Wealthspring Capital#8 · 211,300 sh | 211,300 | $51.2K | — | -2.3% |
| 9 | Limestone Investment Advisors#9 · 170,000 sh | 170,000 | $41.2K | — | 0.0% |
| 10 | RIVERNORTH CAPITAL MANAGEMENT#10 · 161,088 sh | 161,088 | $39.1K | — | -49.8% |
| 11 | GABELLI FUNDS#11 · 139,050 sh | 139,050 | $33.7K | — | 0.0% |
| 12 | GABELLI & INVESTMENT ADVISERS#12 · 110,950 sh | 110,950 | $26.9K | — | 0.0% |
| 13 | Bulldog Investors, LLP#13 · 74,399 sh | 74,399 | $18.0K | — | -1.0% |
| 14 | Yakira Capital Management#14 · 74,118 sh | 74,118 | $18.0K | — | 0.0% |
| 15 | D. E. Shaw#15 · 50,000 sh | 50,000 | $12.1K | — | 0.0% |
| 16 | TrueMark Investments#16 · 19,088 sh | 19,088 | $4.6K | — | -48.7% |
| 17 | SUSQUEHANNA INTERNATIONAL GROUP, LLP#17 · 17,739 sh | 17,739 | $4.3K | — | New |
| 18 | UBS Group AG#18 · 315 sh | 315 | $4.2K | — | -95.7% |
| 19 | TORONTO DOMINION BANK#19 · 9,900 sh | 9,900 | $2.4K | — | -1.0% |
| 20 | GLAZER CAPITAL#20 · 47,389 sh | 47,389 | $631.00 | — | -0.4% |
| 21 | MORGAN STANLEY#21 · 15 sh | 15 | $200.00 | — | -11.8% |
| 22 | BANK OF AMERICA#22 · 200 sh | 200 | $48.00 | — | -33.3% |
Funds that sold out of TBMCR in Q4 2025 (1)
Held TBMCR at the end of Q3 2025 and filed a Q4 2025 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.
| Institution | Shares sold | Value in Q3 2025 |
|---|---|---|
| HEIGHTS CAPITAL MANAGEMENT35,142 sh | 35,142 | $8.8K |
Source: Form 13F-HR filings on SEC EDGAR, Q4 2025. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q3 2025 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.