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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
IPCX
26
Inflection Point Acquisition Corp III
IPCX
$153M
$12.7M 0.18%
1,250,000
– –
MESHU
27
Meshflow Acquisition Corp Units
MESHU
$12.5M 0.18%
+1,250,000
New +$12.5M
LPCVU
28
Launchpad Cadenza Acquisition Corp I Unit
LPCVU
$12.5M 0.18%
+1,250,000
New +$12.5M
ITHAU
29
ITHAX Acquisition Corp III Units
ITHAU
$12.5M 0.18%
+1,250,000
New +$12.5M
ADACU
30
American Drive Acquisition Co Units
ADACU
$12.5M 0.18%
+1,250,000
New +$12.5M
BIXIU
31
Bitcoin Infrastructure Acquisition Corp Unit
BIXIU
$12.4M 0.18%
+1,250,000
New +$12.5M
GSHR
32
Gesher Acquisition Corp II
GSHR
$12.3M 0.17%
1,200,000
– –
VCIC
33
DELISTED
Vine Hill Capital Investment Corp
VCIC
$12.2M 0.17%
1,136,371
-122,874
-10% -$1.35M
CRAQ
34
Cal Redwood Acquisition Corp
CRAQ
$12.2M 0.17%
1,200,000
– –
ENHA
35
Enhanced Group Inc
ENHA
$341M
$12.1M 0.17%
1,200,000
– –
DRDB
36
Roman DBDR Acquisition Corp II
DRDB
$327M
$11.6M 0.16%
1,110,000
– –
TAVI
37
Tavia Acquisition Corp
TAVI
$170M
$11.4M 0.16%
+1,090,000
New +$11.3M
BDCI
38
BTC Development Corp
BDCI
$351M
$11.3M 0.16%
+1,125,000
New +$11.4M
CRANU
39
Crane Harbor Acquisition Corp II Units
CRANU
$11.1M 0.16%
+1,100,000
New +$11.1M
MBVI
40
M3-Brigade Acquisition VI Corp
MBVI
$11M 0.16%
+1,100,000
New +$11.1M
LEGT
41
DELISTED
Legato Merger Corp III
LEGT
$10.9M 0.15%
1,000,000
– –
FACT
42
FACT II Acquisition Corp
FACT
$10.4M 0.15%
1,000,000
– –
NHIC
43
NewHold Investment Corp III
NHIC
$295M
$10.4M 0.15%
1,000,000
– –
BLUW
44
Blue Water Acquisition Corp III
BLUW
$335M
$10.3M 0.15%
1,000,000
– –
CCAQ
45
Collective Acquisition Corp
CCAQ
$212M
$10.2M 0.14%
1,000,000
– –
JENA
46
Jena Acquisition Corp II
JENA
$10.2M 0.14%
1,000,000
– –
SVAC
47
DELISTED
Spring Valley Acquisition Corp III
SVAC
$10.2M 0.14%
+1,000,000
New +$10.3M
RDAG
48
Republic Digital Acquisition Co
RDAG
$389M
$10.1M 0.14%
1,000,000
– –
TVAI
49
Thayer Ventures Acquisition Corporation II
TVAI
$283M
$10.1M 0.14%
1,000,000
– –
ALUB.U
50
Alussa Energy Acquisition Corp II Units
ALUB.U
$10.1M 0.14%
+1,000,000
New +$10.1M
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 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.