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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
HCMA
51
HCM III Acquisition Corp
HCMA
$347M
$10M 0.14%
1,000,000
– –
LWAC
52
LightWave Acquisition Corp
LWAC
$10M 0.14%
1,000,000
– –
BLZR
53
Trailblazer Acquisition Corp
BLZR
$349M
$10M 0.14%
+1,000,000
New +$10.1M
RNGT
54
Range Capital Acquisition Corp II
RNGT
$9.98M 0.14%
+1,000,000
New +$9.99M
CEPF
55
Cantor Equity Partners IV
CEPF
$9.77M 0.14%
950,000
– –
OYSE
56
Oyster Enterprises II Acquisition Corp
OYSE
$9.1M 0.13%
900,000
– –
APXT
57
Apex Treasury Corp
APXT
$464M
$8.41M 0.12%
+850,000
New +$8.41M
TACO
58
Berto Acquisition Corp
TACO
$392M
$8.11M 0.11%
800,000
– –
TLNC
59
Talon Capital Corp
TLNC
$348M
$8.09M 0.11%
+800,000
New +$8.06M
WENN
60
Wen Acquisition Corp
WENN
$390M
$8.08M 0.11%
800,000
– –
SAC.U
61
Safeguard Acquisition Corp Units
SAC.U
$8.07M 0.11%
+800,000
New +$8.07M
IGACU
62
Invest Green Acquisition Corp Units
IGACU
$8.02M 0.11%
+800,000
New +$8.02M
GPAT
63
GP-Act III Acquisition Corp
GPAT
$401M
$8.02M 0.11%
750,000
– –
HCACU
64
Hall Chadwick Acquisition Corp Unit
HCACU
$8.02M 0.11%
+800,000
New +$8.02M
GPACU
65
General Purpose Acquisition Corp Units
GPACU
$8.01M 0.11%
+800,000
New +$8M
ALF
66
Centurion Acquisition Corp
ALF
$388M
$7.99M 0.11%
750,000
– –
TWLVU
67
Twelve Seas Investment Company III Units
TWLVU
$7.96M 0.11%
+800,000
New +$7.98M
LPAA
68
Launch One Acquisition Corp
LPAA
$81.4M
$7.94M 0.11%
750,000
– –
POLE
69
Andretti Acquisition Corp II
POLE
$319M
$7.88M 0.11%
750,000
– –
COPL
70
Copley Acquisition Corp
COPL
$249M
$7.7M 0.11%
750,000
– –
CCXIU
71
Churchill Capital Corp XI Units
CCXIU
$523M
$7.66M 0.11%
+750,000
New +$7.67M
VHCPU
72
Vine Hill Capital Investment Corp II Units
VHCPU
$176M
$7.52M 0.11%
+750,000
New +$7.53M
ALDF
73
Aldel Financial II Inc
ALDF
$7.33M 0.1%
699,234
– –
PLMK
74
Plum Acquisition Corp IV
PLMK
$256M
$7.32M 0.1%
700,000
– –
EGHA
75
EGH Acquisition Corp
EGHA
$7.09M 0.1%
700,000
– –
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 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.