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TCM

Tenor Capital Management Portfolio holdings

AUM $6.49B
1-Year Est. Return 3%
This Fund
S&P 500
This Quarter Est. Return
+0.2%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.1B
AUM Growth
-$517M
Cap. Flow
-$5.38B
Cap. Flow %
-75.89%
Top 10 Hldgs %
24.8%
Holding
480
New
81
Increased
6
Reduced
11
Closed
42

Top Buys

Rank Stock Value
1
SBXE.U
SilverBox Corp V Units
SBXE.U
+$16.6M
2
MLAC
Mountain Lake Acquisition Corp
MLAC
+$15.6M
3
GIW
GigCapital8
GIW
+$14.9M
4
DMII
Drugs Made In America Acquisition II Corp
DMII
+$14.8M
5
SDHI
Siddhi Acquisition Corp
SDHI
+$14.1M

Top Sells

Rank Stock Value
1
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$14.9M
2
SDHIU
Siddhi Acquisition Corp Unit
SDHIU
+$14.2M
3
BDCIU
BTC Development Corp Unit
BDCIU
+$11.4M
4
MBVIU
M3-Brigade Acquisition VI Corp Units
MBVIU
+$11.1M
5
ANSC
Agriculture & Natural Solutions Acquisition Corp
ANSC
+$10.9M

Sector Composition

Rank Sector Weight
1 Financials 12.95%
2 Industrials 0.57%
3 Consumer Staples 0.17%
4 Healthcare 0.06%
5 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALFUW
226
Centurion Acquisition Corp Warrant
ALFUW
$48K ﹤0.01%
150,000
– –
BCSS.WS
227
Bain Capital GSS Investment Corp Warrants
BCSS.WS
$45.7K ﹤0.01%
+70,000
New +$48K
BCARW
228
D. Boral ARC Acquisition I Corp Warrant
BCARW
$7.44M
$45.4K ﹤0.01%
125,000
– –
CCIXW
229
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$44.2K ﹤0.01%
50,000
– –
OACCW
230
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$42.6K ﹤0.01%
60,000
– –
SPEGR
231
Silver Pegasus Acquisition Corp Rights
SPEGR
$42.3K ﹤0.01%
176,060
– –
BGLWW
232
Blue Gold Ltd Warrant
BGLWW
$736K
$42.1K ﹤0.01%
100,000
– –
FIGXW
233
FIGX Capital Acquisition Corp Warrant
FIGXW
$1.6M
$41.2K ﹤0.01%
150,000
– –
LPBBW
234
Launch Two Acquisition Corp Warrant
LPBBW
$3.33M
$39.5K ﹤0.01%
125,000
– –
HYAC.WS
235
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$38.8K ﹤0.01%
25,049
– –
ONCHW
236
1RT Acquisition Corp Warrant
ONCHW
$2.22M
$36.3K ﹤0.01%
62,500
– –
PMTRW
237
Perimeter Acquisition Corp I Warrant
PMTRW
$10.9M
$35.4K ﹤0.01%
50,000
– –
CCIIW
238
Cohen Circle Acquisition Corp II Warrant
CCIIW
$5.2M
$35K ﹤0.01%
50,000
– –
MCGAW
239
Yorkville Acquisition Corp Warrant
MCGAW
$33.3K ﹤0.01%
66,666
– –
NTWOW
240
Newbury Street II Acquisition Corp Warrant
NTWOW
$31.3K ﹤0.01%
124,709
– –
VACHW
241
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$30.8K ﹤0.01%
150,000
– –
MDAIW icon
242
Spectral AI Warrants
MDAIW
$5.45M
$30K ﹤0.01%
66,666
– –
AERTW
243
Aeries Technology Warrant
AERTW
$28.1K ﹤0.01%
750,000
– –
KVACW
244
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$26.2K ﹤0.01%
513,600
– –
PGYWW
245
Pagaya Technologies Ltd Warrants
PGYWW
$1.38M
$21.3K ﹤0.01%
66,666
– –
CUBWW
246
Lionheart Holdings Warrant
CUBWW
$5.87M
$21.3K ﹤0.01%
125,000
– –
LZM.WS icon
247
Lifezone Metals Ltd Warrants
LZM.WS
$29.5M
$20.5K ﹤0.01%
50,000
– –
KRSP.WS
248
Rice Acquisition Corp Warrants
KRSP.WS
$20K ﹤0.01%
+25,000
New +$22.4K
OAKUR
249
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$18.7K ﹤0.01%
75,000
– –
CHPGR
250
ChampionsGate Acquisition Corp Rights
CHPGR
$18.5K ﹤0.01%
100,000
– –
8 9
10
11 12

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CG
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BF
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BFS
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LAM
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OCM
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HFS
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PCH
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Tenor Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Tenor Capital Management held 480 positions worth $7.1B, down 6.8% from $7.61B the previous quarter. Its ten largest holdings account for 25% of the portfolio.

Tenor Capital Management withdrew a net $5.38B in Q4 2025, closing 42 positions and reducing 11 holdings. Its most notable exit was Drugs Made In America Acquisition II Corp Unit, an estimated $14.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 13% of assets, up from 9.7% a quarter earlier, followed by Industrials and Consumer Staples.

Against the trend, Tenor Capital Management opened a new position in SilverBox Corp V Units worth $16.6M.

  • Tenor Capital Management's largest Q4 2025 buy was SilverBox Corp V Units: 1,650,000 shares worth $16.6M.
  • Tenor Capital Management added most to Mountain Lake Acquisition Corp in Q4 2025, an estimated $15.6M increase.
  • Tenor Capital Management's biggest Q4 2025 reduction was Iris Energy, cutting an estimated $7.98M.
  • Tenor Capital Management fully exited Drugs Made In America Acquisition II Corp Unit in Q4 2025, selling an estimated $14.9M.
  • Tenor Capital Management's ten largest holdings make up 25% of its $7.1B portfolio in Q4 2025.
  • Tenor Capital Management opened 81 new positions and closed 42 in Q4 2025.
  • Tenor Capital Management's portfolio value fell 6.8% quarter-over-quarter to $7.1B.

Based on Tenor Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.