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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
WOLF icon
101
Wolfspeed
WOLF
$1.71B
$1.85M 0.02%
+64,515
New +$151K
SPEG
102
Silver Pegasus Acquisition Corp
SPEG
$1.76M 0.02%
+176,060
New +$1.75M
ARAY icon
103
Accuray
ARAY
$34M
$1.67M 0.02%
1,000,000
-500,000
-33% -$740K
IPEX
104
Inflection Point Acquisition Corp V
IPEX
$126M
$1.28M 0.02%
125,000
– –
PCSC
105
DELISTED
Perceptive Capital Solutions
PCSC
$1.06M 0.01%
100,000
– –
IBAC
106
IB Acquisition Corp
IBAC
$1.05M 0.01%
100,000
– –
PMTR
107
Perimeter Acquisition Corp I
PMTR
$321M
$1.02M 0.01%
+100,000
New +$1.02M
CHPG
108
ChampionsGate Acquisition Corp
CHPG
$1.01M 0.01%
+100,000
New +$1M
MKLYU
109
McKinley Acquisition Corp Units
MKLYU
$999K 0.01%
+100,000
New +$999K
TVACW
110
Texas Ventures Acquisition III Corp Warrants
TVACW
$963K 0.01%
875,000
– –
CCCXW
111
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$888K 0.01%
+250,000
New +$366K
XRPNW
112
Armada Acquisition Corp II Warrant
XRPNW
$8.39M
$712K 0.01%
+750,000
New +$387K
CHACR
113
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$614K 0.01%
1,980,000
– –
IPCXR
114
Inflection Point Acquisition Corp III Rights
IPCXR
$550K 0.01%
1,250,000
– –
GSRT
115
DELISTED
GSR III Acquisition Corp
GSRT
$518K 0.01%
50,000
– –
BRRWW
116
ProCap Financial Inc
BRRWW
$3.02M
$450K 0.01%
375,000
– –
KYIVW
117
Kyivstar Group Warrant
KYIVW
$36.1M
$448K 0.01%
+110,454
New +$404K
BBAI.WS icon
118
BigBear.ai Holdings Warrant
BBAI.WS
$43.5M
$424K 0.01%
200,000
– –
LOKVW
119
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$407K 0.01%
750,000
– –
HVIIR
120
Hennessy Capital Investment Corp VII Rights
HVIIR
$405K 0.01%
1,500,000
– –
FERAR
121
Fifth Era Acquisition Corp I Rights
FERAR
$398K 0.01%
1,500,000
– –
DAAQW
122
Digital Asset Acquisition Corp Warrant
DAAQW
$381K 0.01%
625,000
– –
GTENW
123
Gores Holdings X Warrants
GTENW
$380K 0.01%
500,000
– –
SOUL.RT
124
Soulpower Acquisition Corp Rights
SOUL.RT
$333K ﹤0.01%
1,750,000
– –
RDAGW
125
Republic Digital Acquisition Co Warrants
RDAGW
$325K ﹤0.01%
500,000
– –
3 4
5
6 7

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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
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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 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.