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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
SPWRW
276
SunPower Inc Warrants
SPWRW
$1.15M
$5.78K ﹤0.01%
24,072
– –
TVGNW icon
277
Tevogen Inc. Warrant
TVGNW
$976K
$5.28K ﹤0.01%
125,000
– –
SDSTW
278
Stardust Power Inc Warrant
SDSTW
$5.67M
$4.94K ﹤0.01%
49,432
– –
ANGHW icon
279
Anghami Inc Warrants
ANGHW
$4.7K ﹤0.01%
200,000
– –
ECXWW
280
ECARX Holdings Warrants
ECXWW
$3.38K ﹤0.01%
75,000
– –
ABPWW
281
DELISTED
Abpro Holdings Warrant
ABPWW
$3.28K ﹤0.01%
200,000
– –
BENFW icon
282
Beneficient Warrant
BENFW
$3.18K ﹤0.01%
300,000
– –
STLNW
283
Starling Oncology, Inc. Warrant
STLNW
$5.04M
$3.01K ﹤0.01%
25,000
– –
OAKUW
284
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$2.98K ﹤0.01%
75,000
– –
LNZAW icon
285
LanzaTech Global Warrant
LNZAW
$2.8K ﹤0.01%
235,341
– –
PBMWW
286
Psyence Biomedical Warrant
PBMWW
$337K
$2.77K ﹤0.01%
150,000
– –
GDEVW icon
287
GDEV Inc Warrant
GDEVW
$56.7K
$2.24K ﹤0.01%
124,999
– –
CCGWW
288
Cheche Group Inc Warrant
CCGWW
$2.04K ﹤0.01%
100,000
– –
COCHW icon
289
Envoy Medical Warrant
COCHW
$574K
$1.95K ﹤0.01%
50,000
– –
VLN.WS
290
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$1.88K ﹤0.01%
75,000
– –
LOTWW
291
Lotus Technology Inc Warrants
LOTWW
$1.83K ﹤0.01%
33,333
– –
BNAIW
292
Brand Engagement Network Warrant
BNAIW
$1.97M
$1.61K ﹤0.01%
36,666
– –
VEEAW
293
Veea Inc Warrant
VEEAW
$604K
$1.6K ﹤0.01%
20,000
– –
PDYNW icon
294
Palladyne AI Corp Warrants
PDYNW
$156K
$1.52K ﹤0.01%
24,900
– –
LMND.WS
295
DELISTED
Lemonade Inc Warrants
LMND.WS
$1.32K ﹤0.01%
50,242
– –
SLXNW
296
Silexion Therapeutics Warrant
SLXNW
$130K
$1.3K ﹤0.01%
50,000
– –
PIIIW icon
297
P3 Health Partners Inc Warrant
PIIIW
$179K
$1.01K ﹤0.01%
100,624
– –
PERF.WS
298
DELISTED
Perfect Corp Warrants
PERF.WS
$1K ﹤0.01%
50,000
– –
SWVLW icon
299
Swvl Holdings Corp Warrant
SWVLW
$990 ﹤0.01%
100,000
– –
KIDZW
300
KIDZ AI Inc Warrants
KIDZW
$243K
$900 ﹤0.01%
75,000
– –
10 11
12
13 14

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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.