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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
NVNIW
251
Nvni Group Limited Warrants
NVNIW
$836K
$16.8K ﹤0.01%
250,000
– –
HAVAR
252
Harvard Ave Acquisition Corp Rights
HAVAR
$16.5K ﹤0.01%
+150,000
New +$17.9K
UHGWW
253
DELISTED
United Homes Group Warrant
UHGWW
$15.2K ﹤0.01%
45,976
-29,024
-39% -$11.5K
ADSEW icon
254
ADS-TEC Energy Warrant
ADSEW
$14.9K ﹤0.01%
12,500
– –
YOUL
255
Youlife Group Inc
YOUL
$33.7M
$14.3K ﹤0.01%
10,000
– –
CLSKW
256
CleanSpark Inc Warrant
CLSKW
$267K
$13.9K ﹤0.01%
37,500
– –
RDZNW icon
257
Roadzen Inc Warrants
RDZNW
$8.64M
$13.6K ﹤0.01%
50,000
– –
EVLVW
258
DELISTED
Evolv Technologies Warrant
EVLVW
$13.5K ﹤0.01%
50,000
– –
MKLYR
259
McKinley Acquisition Corp Rights
MKLYR
$13K ﹤0.01%
+100,000
New +$17.3K
BKSY.WS icon
260
BlackSky Technology Inc Warrants
BKSY.WS
$65.9K
$10.2K ﹤0.01%
198,855
– –
LVWR.WS icon
261
LiveWire Group Warrants
LVWR.WS
$5.09M
$10.1K ﹤0.01%
160,820
– –
AIIOW
262
Robo.ai Inc Warrant
AIIOW
$436K
$10K ﹤0.01%
199,998
– –
JSPRW icon
263
Japer Therapeutics Warrants
JSPRW
$10K ﹤0.01%
250,000
– –
GRRRW
264
Gorilla Technology Group Warrant
GRRRW
$1.82M
$9.43K ﹤0.01%
37,500
– –
GCTS.WS
265
GCT Semiconductor Holding Warrants
GCTS.WS
$21.7M
$9.41K ﹤0.01%
125,000
– –
DAICW
266
CID HoldCo Inc Warrants
DAICW
$78.4K
$9.01K ﹤0.01%
112,500
– –
BDMDW
267
Baird Medical Investment Holdings Warrant
BDMDW
$9K ﹤0.01%
150,000
– –
ZEOWW
268
Zeo Energy Corp Warrants
ZEOWW
$8.9K ﹤0.01%
250,000
– –
LEGT.WS
269
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$8.2K ﹤0.01%
20,000
– –
CNCKW
270
Coincheck Group Warrant expiring 12/10/2029
CNCKW
$1.31M
$8K ﹤0.01%
20,000
– –
SPKLW
271
Spark I Acquisition Corp Warrant
SPKLW
$5.85M
$7.88K ﹤0.01%
25,000
– –
IBACR
272
IB Acquisition Corp Right
IBACR
$7.84K ﹤0.01%
100,000
– –
RSVRW
273
DELISTED
Reservoir Media Inc Warrant
RSVRW
$7K ﹤0.01%
25,000
– –
CXAIW icon
274
CXApp Inc Warrant
CXAIW
$955K
$6.97K ﹤0.01%
150,000
– –
LIDRW icon
275
AEye Inc Warrant
LIDRW
$69.2K
$6.69K ﹤0.01%
74,249
– –
9 10
11
12 13

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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.