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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
HVMC
101
Highview Merger Corp
HVMC
$5M 0.07%
+500,000
New +$5M
OTGA
102
OTG Acquisition Corp I
OTGA
$301M
$5M 0.07%
+500,000
New +$5.01M
SCPQU
103
Social Commerce Partners Corp Unit
SCPQU
$106M
$5M 0.07%
+500,000
New +$5.01M
CHEC
104
Chenghe Acquisition III Co
CHEC
$4.99M 0.07%
+500,000
New +$4.98M
CAEP
105
DELISTED
Cantor Equity Partners III
CAEP
$4.33M 0.06%
425,000
– –
SOCA
106
Solarius Capital Acquisition Corp
SOCA
$4.19M 0.06%
416,687
– –
CEPV
107
Cantor Equity Partners V
CEPV
$4.1M 0.06%
+400,000
New +$4.1M
KBONU
108
Karbon Capital Partners Corp Units
KBONU
$317M
$4.03M 0.06%
+400,000
New +$4.03M
BLRKU
109
Bluerock Acquisition Corp Unit
BLRKU
$4M 0.06%
+400,000
New +$4M
CEPO
110
Cantor Equity Partners I
CEPO
$272M
$3.82M 0.05%
367,176
– –
ZTS icon
111
Zoetis
ZTS
$30B
$3.75M 0.05%
+29,800
New +$3.89M
AEXA
112
American Exceptionalism Acquisition Corp
AEXA
$573M
$3.73M 0.05%
327,140
-186,615
-36% -$2.1M
BCSS
113
Bain Capital GSS Investment Corp
BCSS
$596M
$3.53M 0.05%
+350,000
New +$3.53M
KOYN
114
CSLM Digital Asset Acquisition Corp III
KOYN
$323M
$3.48M 0.05%
+350,000
New +$3.49M
LKSP
115
Lake Superior Acquisition Corp
LKSP
$3.47M 0.05%
+350,000
New +$3.47M
DNMX
116
Dynamix Corp III
DNMX
$3.46M 0.05%
+350,000
New +$3.47M
VACH
117
DELISTED
Voyager Acquisition Corp
VACH
$3.2M 0.05%
300,000
– –
OACC
118
Oaktree Acquisition Corp III Life Sciences
OACC
$3.17M 0.04%
300,000
– –
RAC
119
Rithm Acquisition Corp
RAC
$309M
$3.12M 0.04%
300,000
– –
FCRS
120
FutureCrest Acquisition Corp
FCRS
$368M
$3.03M 0.04%
+300,000
New +$3.03M
FIGX
121
FIGX Capital Acquisition Corp
FIGX
$199M
$3.02M 0.04%
300,000
– –
SVAQU
122
Silicon Valley Acquisition Corp Units
SVAQU
$2.98M 0.04%
+300,000
New +$2.98M
CUB
123
Lionheart Holdings
CUB
$284M
$2.66M 0.04%
250,000
– –
NTWO
124
Newbury Street II Acquisition Corp
NTWO
$2.6M 0.04%
249,418
– –
ONCH
125
1RT Acquisition Corp
ONCH
$2.55M 0.04%
250,000
– –
3 4
5
6 7

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HI
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CG
Carmignac Gestion Paris, France $6.51B AUM 19.13% 1-Year Est. Return
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
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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.