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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
MIR icon
276
Mirion Technologies
MIR
$3.77B
– –
-42,998
Closed -$926K
NETD
277
DELISTED
Nabors Energy Transition Corp II
NETD
– –
-100,000
Closed -$1.11M
PETWW
278
DELISTED
Wag! Group Co Warrant
PETWW
– –
-990,000
Closed -$15.8K
SPKL
279
Spark I Acquisition Corp
SPKL
$101M
– –
-50,000
Closed -$545K
BKHA
280
Black Hawk Acquisition Corp
BKHA
$48.9M
– –
-35,000
Closed -$372K
CGBSW
281
DELISTED
Crown LNG Holdings Limited Warrants
CGBSW
– –
-33,333
Closed -$1.06K
IMSR
282
Terrestrial Energy
IMSR
$599M
– –
-142,960
Closed -$1.59M
IMSRW
283
Terrestrial Energy Warrant
IMSRW
$29.2M
– –
-87,500
Closed -$206K
CCIR
284
DELISTED
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
– –
-497,116
Closed -$5.45M
CCIRW
285
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
– –
-163,179
Closed -$326K
FLYY
286
DELISTED
Spirit Aviation Holdings, Inc.
FLYY
– –
-37,241
Closed -$186K
EGHAU
287
EGH Acquisition Corp Unit
EGHAU
– –
-700,000
Closed -$7.13M
PMTRU
288
Perimeter Acquisition Corp I Unit
PMTRU
$195M
– –
-100,000
Closed -$1.05M
CCCXU
289
DELISTED
Churchill Capital Corp X Unit
CCCXU
– –
-1,000,000
Closed -$10.3M
TVAIU
290
Thayer Ventures Acquisition Corporation II Unit
TVAIU
– –
-1,000,000
Closed -$10.2M
WENNU
291
Wen Acquisition Corp Unit
WENNU
– –
-800,000
Closed -$8.46M
XRPNU
292
Armada Acquisition Corp II Units
XRPNU
– –
-1,500,000
Closed -$15.3M
PCAPU
293
ProCap Acquisition Corp Unit
PCAPU
$213M
– –
-600,000
Closed -$6.43M
OYSEU
294
Oyster Enterprises II Acquisition Corp Units
OYSEU
– –
-900,000
Closed -$9.11M
CRAQU
295
Cal Redwood Acquisition Corp Units
CRAQU
– –
-1,200,000
Closed -$12.3M
CHPGU
296
ChampionsGate Acquisition Corp Unit
CHPGU
– –
-100,000
Closed -$1.02M
JENA.U
297
Jena Acquisition Corp II Units
JENA.U
– –
-1,000,000
Closed -$10.3M
KCHVU
298
Kochav Defense Acquisition Corp Units
KCHVU
– –
-500,000
Closed -$5.09M
BLUWU
299
Blue Water Acquisition Corp III Unit
BLUWU
– –
-1,000,000
Closed -$10M
BACCU
300
Blue Acquisition Corp Unit
BACCU
– –
-1,200,000
Closed -$12M
9 10 11
12
13

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HI
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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
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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.