Vault-13

TRAILBLAZER MERGER CORP I TBMC

CL A · Common Stock · CUSIP 89278D109

38 institutional holders +1 vs Q1 2024
5,942,9345.9m shares reported held*
$64.2mreported value*
5 new 8 added 8 reduced 4 sold out net sold ≈ $3.6m (-336.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.80.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

02040Q2 23: 39Q3 23: 35Q4 23: 35Q1 24: 37Q2 24: 3838Q2 23Q3 23Q4 23Q1 24Q2 24
Numbers
QuarterHolders
Q2 202339
Q3 202335
Q4 202335
Q1 202437
Q2 202438

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q3 23: 7 bought or addedQ3 23: 9 cut or sold outQ3 23Q4 23: 12 bought or addedQ4 23: 4 cut or sold outQ4 23Q1 24: 7 bought or addedQ1 24: 14 cut or sold outQ1 24Q2 24: 13 bought or addedQ2 24: 12 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q3 202379
Q4 2023124
Q1 2024714
Q2 20241312

Biggest buyers

BERKLEY W R CORP Added +665,743+665.7k
COWEN AND COMPANY, LLC Added +101,443+101.4k
Hudson Bay Capital Management LP New +76,000+76.0k
MIZUHO SECURITIES USA LLC Added +70,255+70.3k
Quarry LP New +10,602+10.6k
Virtu Financial LLC New +10,541+10.5k
Warberg Asset Management LLC Added +9,502+9.5k
Verition Fund Management LLC Added +7,701+7.7k
Karpus Management, Inc. Added +6,640+6.6k
CLEAR STREET LLC Added +5,512+5.5k

Biggest sellers

HGC Investment Management Inc. Sold out -330,000-330.0k
Exos Asset Management LLC Sold out -301,322-301.3k
KIM, LLC Reduced -200,000-200.0k
CAAS CAPITAL MANAGEMENT LP Sold out -170,000-170.0k
Schechter Investment Advisors, LLC Reduced -97,396-97.4k
Bulldog Investors, LLP Reduced -89,394-89.4k
GLAZER CAPITAL, LLC Reduced -75,006-75.0k
Tidal Investments LLC Sold out -23,380-23.4k
ROBINSON CAPITAL MANAGEMENT, LLC Reduced -19,589-19.6k
Wealthspring Capital LLC Reduced -1,496-1.5k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Trailblazer Sponsor Group, LLC 13G · exempt (held before listing) filed 2025-02-14 47.1% 2.1m 2025-02-14

Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (0.0%, 2026-02-11), PROPPER KERRY (0.0%, 2026-02-06)

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BERKLEY W R CORP 0.50% of their portfolio Greenwich, CT 825,785825.8k $8.9m $8.9m 0.50% Added +665.7k +665,743
2 AQR Arbitrage LLC 0.16% of their portfolio Greenwich, CT 588,763588.8k $6.4m $6.4m 0.16% Unchanged
3 COWEN AND COMPANY, LLC 0.14% of their portfolio NEW YORK, NY 471,724471.7k $5.1m $5.1m 0.14% Added +101.4k +101,443
4 BOOTHBAY FUND MANAGEMENT, LLC 0.11% of their portfolio NEW YORK, NY 336,600336.6k $3.6m $3.6m 0.11% Unchanged
5 ATW SPAC MANAGEMENT LLC 4.45% of their portfolio NEW YORK, NY 336,600336.6k $3.6m $3.6m 4.45% Unchanged
6 Schechter Investment Advisors, LLC 0.27% of their portfolio BIRMINGHAM, MI 333,875333.9k $3.6m $3.6m 0.27% Reduced -97.4k -97,396
7 Yakira Capital Management, Inc. 1.19% of their portfolio Westport, CT 278,848278.8k $3.0m $3.0m 1.19% Reduced -402 -402
8 Karpus Management, Inc. 0.08% of their portfolio Pittsford, NY 266,285266.3k $2.9m $2.9m 0.08% Added +6.6k +6,640
9 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 258,696258.7k $2.8m $2.8m 0.02% Unchanged
10 Crossingbridge Advisors, LLC 1.57% of their portfolio PLEASANTVILLE, NY 245,500245.5k $2.7m $2.7m 1.57% Reduced -100 -100
11 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 236,706236.7k $2.6m $2.6m 0.02% Added +7.7k +7,701
12 Wealthspring Capital LLC 2.25% of their portfolio WEST HARRISON, NY 179,074179.1k $1.9m $1.9m 2.25% Reduced -1.5k -1,496
13 Bulldog Investors, LLP 0.69% of their portfolio SADDLE BROOK, NJ 171,730171.7k $1.9m $1.9m 0.69% Reduced -89.4k -89,394
14 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.08% of their portfolio WEST PALM BEACH, FL 161,088161.1k $1.7m $1.7m 0.08% Unchanged
15 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 150,000150.0k $1.6m $1.6m 0.00% Unchanged
16 GABELLI FUNDS LLC 0.01% of their portfolio Rye, NY 139,050139.1k $1.5m $1.5m 0.01% Unchanged
17 CVI Holdings, LLC 1.21% of their portfolio WILMINGTON, DE 130,000130.0k $1.4m $1.4m 1.21% Unchanged
18 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 115,200115.2k $1.2m $1.2m 0.01% Unchanged
19 GABELLI & Co INVESTMENT ADVISERS, INC. 0.20% of their portfolio Rye, NY 110,950111.0k $1.2m $1.2m 0.20% Unchanged
20 DELTEC ASSET MANAGEMENT LLC 0.23% of their portfolio New York, NY 110,000110.0k $1.2m $1.2m 0.23% Unchanged
21 MIZUHO SECURITIES USA LLC 0.02% of their portfolio NEW YORK, NY 102,203102.2k $1.1m $1.1m 0.02% Added +70.3k +70,255
22 KIM, LLC 0.12% of their portfolio WICHITA, KS 100,000100.0k $1.1m $1.1m 0.12% Reduced -200.0k -200,000
23 Meteora Capital, LLC 0.16% of their portfolio Boca Raton, FL 80,00080.0k $864.4k $864.4k 0.16% Unchanged
24 Hudson Bay Capital Management LP 0.01% of their portfolio STAMFORD, CT 76,00076.0k $820.0k $820.0k 0.01% New
25 GLAZER CAPITAL, LLC 0.06% of their portfolio New York, NY 65,86765.9k $712.0k $712.0k 0.06% Reduced -75.0k -75,006
26 Walleye Trading LLC 0.01% of their portfolio NEW YORK, NY 64,80064.8k $700.1k $700.1k 0.01% Unchanged
27 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 50,00050.0k $539.5k $539.5k 0.00% Unchanged
28 Warberg Asset Management LLC 0.13% of their portfolio WINNETKA, IL 43,73643.7k $472.5k $472.5k 0.13% Added +9.5k +9,502
29 TrueMark Investments, LLC 0.07% of their portfolio CHICAGO, IL 19,08819.1k $206.0k $206.0k 0.07% Unchanged
30 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 18,08818.1k $195.2k $195.2k 0.00% Added +5.3k +5,309
31 ROBINSON CAPITAL MANAGEMENT, LLC 0.06% of their portfolio GROSSE POINTE FARMS, MI 15,79115.8k $170.6k $170.6k 0.06% Reduced -19.6k -19,589
32 CONDOR CAPITAL MANAGEMENT 0.01% of their portfolio MARTINSVILLE, NJ 11,41211.4k $123.3k $123.3k 0.01% Unchanged
33 Quarry LP 0.02% of their portfolio NEW YORK, NY 10,60210.6k $114.5k $114.5k 0.02% New
34 Virtu Financial LLC 0.01% of their portfolio New York, NY 10,54110.5k $114.0k $114.0k 0.01% New
35 CLEAR STREET LLC 0.00% of their portfolio NEW YORK, NY 5,5195.5k $59.6k $59.6k 0.00% Added +5.5k +5,512
36 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,7941.8k $19.4k $19.4k 0.00% New
37 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 9393 $1.0k $1.0k 0.00% New
38 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged