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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
PAII
76
Pyrophyte Acquisition Corp II
PAII
$280M
$7.04M 0.1%
700,000
– –
EVOXU
77
Evolution Global Acquisition Corp Units
EVOXU
$7.04M 0.1%
+700,000
New +$7.07M
SVCC
78
Stellar V Capital Corp
SVCC
$7M 0.1%
675,179
– –
AEAQU
79
Activate Energy Acquisition Corp Unit
AEAQU
$7M 0.1%
+700,000
New +$7.01M
TDAC
80
Translational Development Acquisition Corp
TDAC
$238M
$6.67M 0.09%
635,399
– –
AXIN
81
Axiom Intelligence Acquisition Corp 1
AXIN
$280M
$6.54M 0.09%
650,000
– –
TONT
82
Graf Global Corp
TONT
$153M
$6.45M 0.09%
600,020
– –
DYOR
83
Insight Digital Partners II
DYOR
$6.44M 0.09%
+650,000
New +$6.44M
VACI
84
Viking Acquisition Corp I
VACI
$311M
$6.43M 0.09%
+650,000
New +$6.45M
TDWD
85
Tailwind 2.0 Acquisition Corp
TDWD
$6.4M 0.09%
+650,000
New +$6.41M
BEAG
86
Bold Eagle Acquisition Corp
BEAG
$335M
$6.35M 0.09%
600,000
– –
DSACU
87
Daedalus Special Acquisition Corp Unit
DSACU
$6.28M 0.09%
+625,000
New +$6.28M
JACS
88
Jackson Acquisition Co II
JACS
$6.25M 0.09%
600,000
– –
PCAP
89
ProCap Acquisition Corp
PCAP
$327M
$6.08M 0.09%
600,000
– –
OBA
90
Oxley Bridge Acquisition Ltd
OBA
$325M
$6.05M 0.09%
600,000
– –
PACH
91
Pioneer Acquisition I Corp
PACH
$6.03M 0.09%
600,000
– –
LFACU
92
Leapfrog Acquisition Corp Units
LFACU
$6M 0.08%
+600,000
New +$6.01M
LATA
93
Galata Acquisition Corp II
LATA
$5.98M 0.08%
+600,000
New +$5.98M
BEBE.U
94
TGE Value Creative Solutions Corp Units
BEBE.U
$5.47M 0.08%
+550,000
New +$5.47M
IRHOU
95
Iron Horse Acquisitions II Corp Units
IRHOU
$5.44M 0.08%
+547,508
New +$5.45M
MRLN
96
Merlin Inc
MRLN
$429M
$5.26M 0.07%
490,945
-32,130
-6% -$349K
RANG
97
Range Capital Acquisition Corp
RANG
$23.2M
$5.21M 0.07%
500,101
– –
LPBB
98
Launch Two Acquisition Corp
LPBB
$310M
$5.14M 0.07%
489,947
– –
KCHV
99
Kochav Defense Acquisition Corp
KCHV
$5.07M 0.07%
500,000
– –
IREN icon
100
Iris Energy
IREN
$14.7B
$5.06M 0.07%
133,900
-154,679
-54% -$7.98M
2 3
4
5 6

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HI
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CG
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BF
BOK Financial Tulsa, Oklahoma $6.54B AUM 25.41% 1-Year Est. Return
BFS
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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.