Trailblazer Merger Corporation I

TBMC • NASDAQ

Trailblazer Merger Corporation I is a shell companies company in the financial services sector on NASDAQ, led by Arie Rabinowitz, with a market cap of $30.6M. As of Q3 2025, 33% of shares are held by 11 institutional investors, with CNH PARTNERS LLC as the largest holder at 9.69%.

CEOArie Rabinowitz

Market Cap$30.6M

Shell Companies

Financial Services

Websitetrailblazermergercorp.com

Country

United States of America

Overview

Overview of institutional ownership in TBMC as of Q3 2025 with a market cap of $52.6M

All Institutions

Institutions: 11
Value Held: $17.6M
Shares Held: 1.5M
Avg Position: $1.6M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 4
Value Held: $10.1M
Shares Held: 861.6K
Avg Position: $2.5M
Median Position: $2.2M

Ownership Breakdown

Institutional (non-HF)

14.26%

$7.5M

Hedge Funds

19.24%

$10.1M

Retail & Other

66.51%

$35.0M

Based on market cap of $52.6M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TBMC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	$5.1M 0.19% of portfolio	9.69% 435.9K shares	Q2 2023 Held for 2y 5m	$2.7B
H Harraden Circle Investments, LLC Hedge Fund•Event Driven	Frederick Vincent Fortmiller Jr Managing Partner	$2.5M 0.53% of portfolio	4.84% 218.0K shares	Q4 2024 Held for 11 months	$476.2M
BERKLEY W R CORP Institution	W. Robert Berkley, Jr. CEO	$2.4M 0.16% of portfolio	4.57% 205.8K shares	Q1 2024 Held for 1y 8m	$1.5B
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Patrick William Galley CEO	$1.9M 0.12% of portfolio	3.56% 160.1K shares	Q2 2023 Held for 2y 5m	$1.7B
S Shay Capital LLC Institution	-	$1.6M 0.30% of portfolio	3.12% 140.3K shares	Q2 2025 Held for 5 months	$548.9M
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	Ari Louis Glass Managing Partner	$1.6M 0.04% of portfolio	2.97% 133.4K shares	Q2 2023 Held for 2y 5m	$3.8B
A ATW SPAC MANAGEMENT LLC Institution	-	$1.6M 2.53% of portfolio	2.97% 133.4K shares	Q2 2023 Held for 2y 5m	$61.6M
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	Paul Jay Glazer CEO	$556.0K 0.03% of portfolio	1.06% 47.6K shares	Q2 2023 Held for 2y 5m	$2.2B
T TrueMark Investments, LLC Institution	Michael Norman Loukas CEO	$215.7K 0.04% of portfolio	0.40% 18.1K shares	Q4 2023 Held for 1y 11m	$574.7M
UBS Group AG Institution	Sergio P. Ermotti CEO	$84.9K 0.00% of portfolio	0.16% 7.3K shares	Q2 2024 Held for 1y 5m	$511.54B

Net Capital Flow

Institutional buying and selling activity for TBMC in Q3 2025

Traded: −$1.8M
Buyers: 3
Sellers: 6
Total Bought: +$1.3M
Total Sold: −$3.1M
Avg Position: $1.3M

Biggest Buyers

Institution	Net Bought	Current Position
S Shay Capital LLC Institution	+$1.1M +92.7K shares	$1.6M 140.3K shares
T TrueMark Investments, LLC Institution	+$215.7K +18.1K shares	$215.7K 18.1K shares
MORGAN STANLEY RIA/Wealth	+$58.5 +5.0 shares	$199.0 17.0 shares

Biggest Sellers

Institution	Net Sold	Current Position
TORONTO DOMINION BANK Institution	−$2.0M −173.8K shares	Sold Off 0 shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$851.2K −72.7K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$130.9K −11.2K shares	Sold Off 0 shares
UBS Group AG Institution	−$20.9K −1.8K shares	$84.9K 7.3K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	−$20.6K −1.8K shares	$5.1M 435.9K shares
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$11.7K −979.0 shares	$1.9M 160.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TBMC in Q3 2025

New Positions: 0
New Value: -
Exited Positions: 3
Exited Value: $3.0M

New Positions

Institution	Position Value
No new positions found

Exited Positions

Institution	Previous Position
TORONTO DOMINION BANK Institution	$2.0M 173.8K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$851.2K 72.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$130.9K 11.2K shares

Options Activity

Institutions with the largest Call and Put options positions in TBMC as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with TBMC as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A ATW SPAC MANAGEMENT LLC Institution	-	2.53% $1.6M	2.97% 133.4K shares	Q2 2023 Held for 2y 5m	$61.6M
H Harraden Circle Investments, LLC Hedge Fund•Event Driven	Frederick Vincent Fortmiller Jr Managing Partner	0.53% $2.5M	4.84% 218.0K shares	Q4 2024 Held for 11 months	$476.2M
S Shay Capital LLC Institution	-	0.30% $1.6M	3.12% 140.3K shares	Q2 2025 Held for 5 months	$548.9M
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	0.19% $5.1M	9.69% 435.9K shares	Q2 2023 Held for 2y 5m	$2.7B
BERKLEY W R CORP Institution	W. Robert Berkley, Jr. CEO	0.16% $2.4M	4.57% 205.8K shares	Q1 2024 Held for 1y 8m	$1.5B
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Patrick William Galley CEO	0.12% $1.9M	3.56% 160.1K shares	Q2 2023 Held for 2y 5m	$1.7B
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	Ari Louis Glass Managing Partner	0.04% $1.6M	2.97% 133.4K shares	Q2 2023 Held for 2y 5m	$3.8B
T TrueMark Investments, LLC Institution	Michael Norman Loukas CEO	0.04% $215.7K	0.40% 18.1K shares	Q4 2023 Held for 1y 11m	$574.7M
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	Paul Jay Glazer CEO	0.03% $556.0K	1.06% 47.6K shares	Q2 2023 Held for 2y 5m	$2.2B
UBS Group AG Institution	Sergio P. Ermotti CEO	0.00% $84.9K	0.16% 7.3K shares	Q2 2024 Held for 1y 5m	$511.54B

Hedge Fund Spotlight

Discover hedge funds investing in TBMC

CNH PARTNERS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerHerbert James Willcox

Portfolio Value: $2.7B
Positions: 258
Last Reported: Q3 2025

Sector Allocation

Position in Trailblazer Merger Corporation I

Market Value: $5.1M
Shares Held: 435.9K
Portfolio Weight: 0.19%
Owned Since: 2023-Q2

Top Holding	Sector	Market Value	Weight
1 The Interpublic Group of Companies IPG	Advertising Agencies Communication Services	$101.4M	3.77%
2 ALLETE ALE	Diversified Utilities Utilities	$91.1M	3.39%
3 Sandstorm Gold SAND	Gold Basic Materials	$75.9M	2.82%