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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
+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
CRAQ
26
Cal Redwood Acquisition Corp
CRAQ
$12M 0.16%
+1,200,000
New +$12M
BACC
27
Blue Acquisition Corp
BACC
$293M
$12M 0.16%
+1,200,000
New +$12M
ENHA
28
Enhanced Group Inc
ENHA
$341M
$11.9M 0.16%
+1,200,000
New +$11.9M
DRDB
29
Roman DBDR Acquisition Corp II
DRDB
$327M
$11.5M 0.15%
1,110,000
– –
BDCIU
30
BTC Development Corp Unit
BDCIU
$232M
$11.4M 0.15%
+1,125,000
New +$11.4M
MBVIU
31
M3-Brigade Acquisition VI Corp Units
MBVIU
$11.1M 0.15%
+1,100,000
New +$11.1M
ANSC
32
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
$10.9M 0.14%
1,000,000
– –
LEGT
33
DELISTED
Legato Merger Corp III
LEGT
$10.7M 0.14%
1,000,000
– –
FACT
34
FACT II Acquisition Corp
FACT
$10.3M 0.14%
1,000,000
+150,050
+18% +$1.54M
SVACU
35
DELISTED
Spring Valley Acquisition Corp III Unit
SVACU
$10.3M 0.14%
+1,000,000
New +$10.1M
BLZRU
36
Trailblazer Acquisition Corp Unit
BLZRU
$205M
$10.2M 0.13%
+1,000,000
New +$10.1M
RDAG
37
Republic Digital Acquisition Co
RDAG
$389M
$10.2M 0.13%
1,000,000
– –
NHIC
38
NewHold Investment Corp III
NHIC
$295M
$10.2M 0.13%
1,000,000
– –
JENA
39
Jena Acquisition Corp II
JENA
$10.2M 0.13%
+1,000,000
New +$10.1M
CCAQ
40
Collective Acquisition Corp
CCAQ
$212M
$10.1M 0.13%
+1,000,000
New +$10.1M
HCMA
41
HCM III Acquisition Corp
HCMA
$347M
$10.1M 0.13%
+1,000,000
New +$10.1M
TVAI
42
Thayer Ventures Acquisition Corporation II
TVAI
$283M
$10M 0.13%
+1,000,000
New +$10M
BLUW
43
Blue Water Acquisition Corp III
BLUW
$335M
$9.97M 0.13%
+1,000,000
New +$9.97M
LWAC
44
LightWave Acquisition Corp
LWAC
$9.95M 0.13%
+1,000,000
New +$9.97M
CEPF
45
Cantor Equity Partners IV
CEPF
$9.68M 0.13%
+950,000
New +$9.64M
OYSE
46
Oyster Enterprises II Acquisition Corp
OYSE
$9.02M 0.12%
+900,000
New +$9.01M
TACO
47
Berto Acquisition Corp
TACO
$392M
$8.32M 0.11%
800,000
– –
WENN
48
Wen Acquisition Corp
WENN
$390M
$8.1M 0.11%
+800,000
New +$8.16M
TLNCU
49
Talon Capital Corp Units
TLNCU
$8.04M 0.11%
+800,000
New +$8.02M
GPAT
50
GP-Act III Acquisition Corp
GPAT
$401M
$7.95M 0.1%
750,000
– –
1
2
3 4 5

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CG
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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 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.