# TRAILBLAZER MERGER CORP I (TBMC)

> Institutional ownership reported to the SEC as of Q4 2025, from Form 13F filings. Source: https://holderbook.com/stocks/TBMC/

- Reporting holders: 6
- Reported value: $1.7M
- Held through calls: 0.0%
- Held through puts: 0.0%

A 13F reports long US equity positions only. Shorts, bonds, foreign listings and cash are not visible here, and positions are disclosed up to 45 days after the quarter ends.

## Largest holders

| Manager | Value | Shares | Share of their book | Quarters held |
|---|---|---|---|---|
| [Glazer Capital, LLC](https://holderbook.com/funds/1076809-glazer-capital-llc/) | $631.0K | 47,389 | 0.0% | 11 |
| [BERKLEY W R CORP](https://holderbook.com/funds/11544-berkley-w-r-corp/) | $576.1K | 43,243 | 0.0% | 8 |
| [Clear Street Group Inc.](https://holderbook.com/funds/1881567-clear-street-group-inc/) | $291.8K | 21,903 | 0.0% | 2 |
| [Shay Capital LLC](https://holderbook.com/funds/1723643-shay-capital-llc/) | $236.0K | 17,716 | 0.0% | 3 |
| [UBS Group AG](https://holderbook.com/funds/1610520-ubs-group-ag/) | $4.2K | 315 | 0.0% | 7 |
| [MORGAN STANLEY](https://holderbook.com/funds/895421-morgan-stanley/) | $200 | 15 | 0.0% | 4 |

## Quarter by quarter

| Quarter | Holders | Reported value |
|---|---|---|
| Q4 2025 | 6 | $1.7M |
| Q3 2025 | 12 | $19.8M |
| Q2 2025 | 15 | $22.5M |
| Q1 2025 | 17 | $26.1M |
| Q4 2024 | 16 | $25.8M |
| Q3 2024 | 29 | $51.1M |
| Q2 2024 | 37 | $66.1M |
| Q1 2024 | 36 | $68.5M |
| Q4 2023 | 34 | $68.5M |
| Q3 2023 | 34 | $59.2M |
| Q2 2023 | 38 | $59.0M |