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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
+0.37%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.41B
AUM Growth
+$397M
Cap. Flow
-$4.77B
Cap. Flow %
-64.38%
Top 10 Hldgs %
22.71%
Holding
384
New
86
Increased
12
Reduced
5
Closed
23

Top Buys

Rank Stock Value
1
CHAC
Crane Harbor Acquisition Corp
CHAC
+$21.6M
2
GTEN
Gores Holdings X
GTEN
+$20.5M
3
KFII
K&F Growth Acquisition Corp II
KFII
+$20.1M
4
TACH
Titan Acquisition Corp
TACH
+$20.1M
5
LOKV
Live Oak Acquisition Corp V
LOKV
+$18M

Top Sells

Rank Stock Value
1
KFIIU
K&F Growth Acquisition Corp II Unit
KFIIU
+$20.2M
2
ATIIU
Archimedes Tech SPAC Partners II Co Unit
ATIIU
+$15.2M
3
LOKVU
Live Oak Acquisition Corp V Units
LOKVU
+$15.1M
4
HVIIU
Hennessy Capital Investment Corp VII Unit
HVIIU
+$15.1M
5
FERAU
Fifth Era Acquisition Corp I Units
FERAU
+$15.1M

Sector Composition

Rank Sector Weight
1 Financials 6.89%
2 Industrials 0.29%
3 Technology 0.09%
4 Healthcare 0.03%
5 Utilities 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FACTW
126
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$90K ﹤0.01%
300,000
– –
MLACR
127
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$85K ﹤0.01%
500,000
– –
PLMKW
128
Plum Acquisition Corp IV Warrants
PLMKW
$84K ﹤0.01%
350,000
– –
TDACW
129
Translational Development Acquisition Corp Warrants
TDACW
$16.4M
$79.6K ﹤0.01%
317,699
– –
COPL.WS
130
Copley Acquisition Corp Warrants
COPL.WS
$62.9K ﹤0.01%
+375,000
New +$64K
UHGWW
131
DELISTED
United Homes Group Warrant
UHGWW
$60.8K ﹤0.01%
75,000
– –
BKSY.WS icon
132
BlackSky Technology Inc Warrants
BKSY.WS
$65.9K
$58.8K ﹤0.01%
198,855
– –
LPBBW
133
Launch Two Acquisition Corp Warrant
LPBBW
$3.33M
$57.8K ﹤0.01%
125,000
– –
KDKRW
134
Kodiak AI Warrants
KDKRW
$55K ﹤0.01%
50,000
– –
LPAAW
135
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$54K ﹤0.01%
200,000
– –
OACCW
136
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$52.5K ﹤0.01%
60,000
– –
RAC.WS
137
Rithm Acquisition Corp Warrants
RAC.WS
$49K ﹤0.01%
+100,000
New +$42K
CCIXW
138
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$47.5K ﹤0.01%
50,000
– –
MDAIW icon
139
Spectral AI Warrants
MDAIW
$5.45M
$46.7K ﹤0.01%
66,666
– –
CRMLW icon
140
Critical Metals Corp Warrants
CRMLW
$20.5M
$45.6K ﹤0.01%
100,000
– –
ENGNW icon
141
enGene Therapeutics Warrants
ENGNW
$45.3K ﹤0.01%
55,243
– –
ALFUW
142
Centurion Acquisition Corp Warrant
ALFUW
$45K ﹤0.01%
150,000
– –
VACHW
143
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$45K ﹤0.01%
150,000
– –
CUBWW
144
Lionheart Holdings Warrant
CUBWW
$5.87M
$42.5K ﹤0.01%
125,000
– –
DRTSW icon
145
Alpha Tau Medical Warrant
DRTSW
$79.6M
$36K ﹤0.01%
150,000
– –
IPEXR
146
Inflection Point Acquisition Corp V Rights
IPEXR
$34K ﹤0.01%
+125,000
New +$33K
WLACW
147
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$33.5K ﹤0.01%
92,958
– –
RSVRW
148
DELISTED
Reservoir Media Inc Warrant
RSVRW
$31.3K ﹤0.01%
25,000
– –
JSPRW icon
149
Japer Therapeutics Warrants
JSPRW
$31.2K ﹤0.01%
250,000
– –
NTWOW
150
Newbury Street II Acquisition Corp Warrant
NTWOW
$31.2K ﹤0.01%
124,709
– –
4 5
6
7 8

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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 Q2 2025 Portfolio in Review

As of Q2 2025, Tenor Capital Management held 384 positions worth $7.41B, up 5.7% from $7.02B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Tenor Capital Management withdrew a net $4.77B in Q2 2025, closing 23 positions and reducing 5 holdings. Its most notable exit was K&F Growth Acquisition Corp II Unit, an estimated $20.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.9% of assets, up from 1.7% a quarter earlier, followed by Industrials and Technology.

Against the trend, Tenor Capital Management opened a new position in Crane Harbor Acquisition Corp worth $21.8M.

  • Tenor Capital Management's largest Q2 2025 buy was Crane Harbor Acquisition Corp: 2,160,000 shares worth $21.8M.
  • Tenor Capital Management added most to Legato Merger Corp III in Q2 2025, an estimated $10.2M increase.
  • Tenor Capital Management's biggest Q2 2025 reduction was Cantor Equity Partners I, cutting an estimated $9.52M.
  • Tenor Capital Management fully exited K&F Growth Acquisition Corp II Unit in Q2 2025, selling an estimated $20.2M.
  • Tenor Capital Management's ten largest holdings make up 23% of its $7.41B portfolio in Q2 2025.
  • Tenor Capital Management opened 86 new positions and closed 23 in Q2 2025.
  • Tenor Capital Management's portfolio value rose 5.7% quarter-over-quarter to $7.41B.

Based on Tenor Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.