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Tenor Capital Management Portfolio holdings

AUM $6.49B
1-Year Est. Return 3%
This Fund
S&P 500
This Quarter Est. Return
+2.32%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.61B
AUM Growth
+$197M
Cap. Flow
-$5.25B
Cap. Flow %
-68.92%
Top 10 Hldgs %
28.59%
Holding
435
New
84
Increased
7
Reduced
7
Closed
37

Top Buys

Rank Stock Value
1
XRPN
Armada Acquisition Corp II
XRPN
+$15.3M
2
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$15M
3
CCIX
Churchill Capital Corp IX
CCIX
+$13M
4
EVAC
EQV Ventures Acquisition Corp II
EVAC
+$12.9M
5
HDRN
Hadron Energy
HDRN
+$12.3M

Top Sells

Rank Stock Value
1
XRPNU
Armada Acquisition Corp II Units
XRPNU
+$15.3M
2
CRAQU
Cal Redwood Acquisition Corp Units
CRAQU
+$12.3M
3
BACCU
Blue Acquisition Corp Unit
BACCU
+$12M
4
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$10.3M
5
JENA.U
Jena Acquisition Corp II Units
JENA.U
+$10.3M

Sector Composition

Rank Sector Weight
1 Financials 9.69%
2 Industrials 0.5%
3 Consumer Staples 0.16%
4 Real Estate 0.05%
5 Technology 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANGHW icon
251
Anghami Inc Warrants
ANGHW
$2.6K ﹤0.01%
200,000
– –
LOTWW
252
Lotus Technology Inc Warrants
LOTWW
$2.37K ﹤0.01%
33,333
– –
FORLW
253
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
$2.14K ﹤0.01%
60,000
– –
COCHW icon
254
Envoy Medical Warrant
COCHW
$574K
$1.88K ﹤0.01%
50,000
– –
SLXNW
255
Silexion Therapeutics Warrant
SLXNW
$130K
$1.76K ﹤0.01%
50,000
– –
GGROW
256
Gogoro Inc Warrant
GGROW
$187K
$1.66K ﹤0.01%
75,000
– –
CREVW
257
DELISTED
Carbon Revolution PLC Warrant
CREVW
$1.57K ﹤0.01%
66,666
– –
SWVLW icon
258
Swvl Holdings Corp Warrant
SWVLW
$1.41K ﹤0.01%
100,000
– –
VEEAW
259
Veea Inc Warrant
VEEAW
$604K
$1.4K ﹤0.01%
20,000
– –
BNZIW
260
DELISTED
Banzai International Warrant
BNZIW
$1.33K ﹤0.01%
50,000
– –
ICUCW
261
SeaStar Medical Holding Corp Warrant
ICUCW
$1.08K ﹤0.01%
40,000
– –
XBPEW
262
XBP Europe Holdings Warrant
XBPEW
$1K ﹤0.01%
25,000
– –
BZFDW icon
263
BuzzFeed Inc Warrant
BZFDW
$643K
$995 ﹤0.01%
16,666
– –
PIIIW icon
264
P3 Health Partners Inc Warrant
PIIIW
$179K
$936 ﹤0.01%
100,624
– –
PERF.WS
265
DELISTED
Perfect Corp Warrants
PERF.WS
$705 ﹤0.01%
50,000
– –
ISPOW
266
DELISTED
Inspirato Inc Warrant
ISPOW
$701 ﹤0.01%
37,500
– –
CEROW
267
DELISTED
CERo Therapeutics Warrants
CEROW
$665 ﹤0.01%
50,000
– –
BNAIW
268
Brand Engagement Network Warrant
BNAIW
$1.97M
$561 ﹤0.01%
36,666
– –
ALUR.WS
269
DELISTED
Allurion Technologies Warrants
ALUR.WS
$413 ﹤0.01%
15,312
– –
LANV.WS
270
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$376 ﹤0.01%
20,000
– –
BTDR icon
271
Bitdeer Technologies
BTDR
$2.65B
– –
-29,800
Closed -$342K
CYBR
272
DELISTED
CyberArk
CYBR
– –
-14,700
Closed -$5.98M
DISTR
273
DELISTED
Distoken Acquisition Corporation Right
DISTR
– –
-100,000
Closed -$20.6K
DISTW
274
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
– –
-100,000
Closed -$12K
HYAC
275
DELISTED
Haymaker Acquisition Corp 4
HYAC
– –
-500,000
Closed -$5.55M
9 10
11
12 13

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CG
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BF
BOK Financial Tulsa, Oklahoma $6.54B AUM 25.41% 1-Year Est. Return
BFS
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LAM
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OCM
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HFS
Hantz Financial Services Southfield, Michigan $6.56B AUM 16.11% 1-Year Est. Return
PCH
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Tenor Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tenor Capital Management held 435 positions worth $7.61B, up 2.7% from $7.41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

Tenor Capital Management withdrew a net $5.25B in Q3 2025, closing 37 positions and reducing 7 holdings. Its most notable exit was Armada Acquisition Corp II Units, an estimated $15.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 9.7% of assets, up from 6.9% a quarter earlier, followed by Industrials and Consumer Staples.

Against the trend, Tenor Capital Management opened a new position in Armada Acquisition Corp II worth $15.7M.

  • Tenor Capital Management's largest Q3 2025 buy was Armada Acquisition Corp II: 1,500,000 shares worth $15.7M.
  • Tenor Capital Management added most to Churchill Capital Corp IX in Q3 2025, an estimated $13M increase.
  • Tenor Capital Management's biggest Q3 2025 reduction was Iris Energy, cutting an estimated $1.49M.
  • Tenor Capital Management fully exited Armada Acquisition Corp II Units in Q3 2025, selling an estimated $15.3M.
  • Tenor Capital Management's ten largest holdings make up 29% of its $7.61B portfolio in Q3 2025.
  • Tenor Capital Management opened 84 new positions and closed 37 in Q3 2025.
  • Tenor Capital Management's portfolio value rose 2.7% quarter-over-quarter to $7.61B.

Based on Tenor Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.