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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
IBAC
326
IB Acquisition Corp
IBAC
$54.2M
– –
-100,000
Closed -$1.05M
SHMD
327
SCHMID Group
SHMD
$310M
– –
-14,041
Closed -$39.7K
BEAGR
328
Bold Eagle Acquisition Corp Right
BEAGR
– –
-474,102
Closed -$128K
GSRT
329
DELISTED
GSR III Acquisition Corp
GSRT
– –
-50,000
Closed -$518K
WLAC
330
DELISTED
Willow Lane Acquisition Corp
WLAC
– –
-180,106
Closed -$2.09M
WLACW
331
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
– –
-92,958
Closed -$260K
SDHIU
332
Siddhi Acquisition Corp Unit
SDHIU
– –
-1,374,599
Closed -$14.2M
BRR
333
ProCap Financial Inc
BRR
$160M
– –
-750,000
Closed -$7.59M
IPCXR
334
Inflection Point Acquisition Corp III Rights
IPCXR
– –
-1,250,000
Closed -$550K
CCCX
335
DELISTED
Churchill Capital Corp X
CCCX
– –
-370,000
Closed -$4.76M
CCCXW
336
DELISTED
Churchill Capital Corp X Warrants
CCCXW
– –
-250,000
Closed -$888K
HVMCU
337
Highview Merger Corp Units
HVMCU
– –
-500,000
Closed -$5M
MKLYU
338
McKinley Acquisition Corp Units
MKLYU
– –
-100,000
Closed -$999K
KYIVW
339
Kyivstar Group Warrant
KYIVW
$36.1M
– –
-110,454
Closed -$448K
KOYNU
340
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
– –
-350,000
Closed -$3.54M
MBVIU
341
M3-Brigade Acquisition VI Corp Units
MBVIU
– –
-1,100,000
Closed -$11.1M
SVACU
342
DELISTED
Spring Valley Acquisition Corp III Unit
SVACU
– –
-1,000,000
Closed -$10.3M
TLNCU
343
Talon Capital Corp Units
TLNCU
– –
-800,000
Closed -$8.04M
BLZRU
344
Trailblazer Acquisition Corp Unit
BLZRU
$205M
– –
-1,000,000
Closed -$10.2M
OTGAU
345
OTG Acquisition Corp I Unit
OTGAU
– –
-500,000
Closed -$5.04M
CHECU
346
Chenghe Acquisition III Co Units
CHECU
– –
-500,000
Closed -$4.99M
LATAU
347
Galata Acquisition Corp. II Units
LATAU
– –
-600,000
Closed -$5.99M
DMIIU
348
Drugs Made In America Acquisition II Corp Unit
DMIIU
– –
-1,500,000
Closed -$14.9M
FCRS.U
349
FutureCrest Acquisition Corp Units
FCRS.U
– –
-300,000
Closed -$3.18M
BCSS.U
350
Bain Capital GSS Investment Corp Units
BCSS.U
– –
-350,000
Closed -$3.53M
11 12 13
14
15

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HI
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CG
Carmignac Gestion Paris, France $6.51B AUM 19.13% 1-Year Est. Return
BF
BOK Financial Tulsa, Oklahoma $6.54B AUM 25.41% 1-Year Est. Return
BFS
Bradley Foster & Sargent Hartford, Connecticut $6.44B AUM 25.27% 1-Year Est. Return
LAM
Lyrical Asset Management New York $6.56B AUM 20.06% 1-Year Est. Return
OCM
Oaktree Capital Management Los Angeles, California $6.56B AUM 42.97% 1-Year Est. Return
HFS
Hantz Financial Services Southfield, Michigan $6.56B AUM 16.11% 1-Year Est. Return
PCH
PGIM Custom Harvest Newark, New Jersey $6.4B AUM 18.53% 1-Year Est. Return

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.