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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
RNWWW
301
ReNew Energy Global PLC Warrant
RNWWW
$44.5K
$828 ﹤0.01%
116,666
– –
BNZIW
302
DELISTED
Banzai International Warrant
BNZIW
$700 ﹤0.01%
50,000
– –
XBPEW
303
XBP Europe Holdings Warrant
XBPEW
$692 ﹤0.01%
25,000
– –
GGROW
304
Gogoro Inc Warrant
GGROW
$187K
$660 ﹤0.01%
75,000
– –
CREVW
305
DELISTED
Carbon Revolution PLC Warrant
CREVW
$487 ﹤0.01%
66,666
– –
ICUCW
306
SeaStar Medical Holding Corp Warrant
ICUCW
$452 ﹤0.01%
40,000
– –
BZFDW icon
307
BuzzFeed Inc Warrant
BZFDW
$643K
$420 ﹤0.01%
16,666
– –
ISPOW
308
DELISTED
Inspirato Inc Warrant
ISPOW
$289 ﹤0.01%
37,500
– –
LANV.WS
309
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$264 ﹤0.01%
20,000
– –
ALUR.WS
310
DELISTED
Allurion Technologies Warrants
ALUR.WS
$234 ﹤0.01%
15,312
– –
AMBI.WS
311
DELISTED
Ambipar Emergency Response Warrants
AMBI.WS
– –
-150,000
Closed -$6.3K
ANSC
312
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
– –
-1,000,000
Closed -$10.9M
BBAI.WS icon
313
BigBear.ai Holdings Warrant
BBAI.WS
$43.5M
– –
-200,000
Closed -$424K
BXP icon
314
Boston Properties
BXP
$11.1B
– –
-56,200
Closed -$4.18M
FORLW
315
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
– –
-60,000
Closed -$2.14K
GCMGW
316
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
– –
-200,902
Closed -$107K
ISRLW
317
DELISTED
Israel Acquisitions Corp Warrant
ISRLW
– –
-35,000
Closed -$6.39K
LPSN icon
318
LivePerson
LPSN
$32.3M
– –
-211,327
Closed -$1.85M
NETDW
319
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
– –
-50,000
Closed -$14K
NIOBW
320
NioCorp Developments Ltd Warrant
NIOBW
$79.3M
– –
-33,333
Closed -$61.3K
RBOT.WS
321
DELISTED
Vicarious Surgical Inc Warrants
RBOT.WS
– –
-250,000
Closed -$5K
UWMC.WS
322
DELISTED
UWM Holdings Warrants
UWMC.WS
– –
-20,560
Closed -$2.85K
WOLF icon
323
Wolfspeed
WOLF
$1.71B
– –
-64,515
Closed -$1.85M
CEROW
324
DELISTED
CERo Therapeutics Warrants
CEROW
– –
-50,000
Closed -$665
CRMLW icon
325
Critical Metals Corp Warrants
CRMLW
$20.5M
– –
-100,000
Closed -$210K
11 12
13
14 15

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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.