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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
+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
SZZLR
126
Sizzle Acquisition Corp II Right
SZZLR
$315K ﹤0.01%
1,750,000
– –
TACHW
127
Titan Acquisition Corp Warrants
TACHW
$301K ﹤0.01%
1,000,000
– –
KFIIR
128
K&F Growth Acquisition Corp II Rights
KFIIR
$300K ﹤0.01%
2,000,000
– –
ATIIW
129
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.9M
$293K ﹤0.01%
750,000
– –
RAAQW
130
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$281K ﹤0.01%
625,000
– –
TACOW
131
Berto Acquisition Corp Warrant
TACOW
$16.5M
$268K ﹤0.01%
400,000
– –
CRAQR
132
Cal Redwood Acquisition Corp Right
CRAQR
$264K ﹤0.01%
+1,200,000
New +$271K
WLACW
133
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$260K ﹤0.01%
92,958
– –
DRDBW
134
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$260K ﹤0.01%
505,000
– –
HCMAW
135
HCM III Acquisition Corp Warrants
HCMAW
$236K ﹤0.01%
+333,333
New +$257K
RANGR
136
Range Capital Acquisition Corp Rights
RANGR
$235K ﹤0.01%
500,000
– –
WENNW
137
Wen Acquisition Corp Warrant
WENNW
$224K ﹤0.01%
+400,000
New +$256K
NPACW
138
New Providence Acquisition Corp III Warrants
NPACW
$220K ﹤0.01%
500,000
– –
CRMLW icon
139
Critical Metals Corp Warrants
CRMLW
$20.5M
$210K ﹤0.01%
100,000
– –
GSHRW
140
Gesher Acquisition Corp II Warrants
GSHRW
$201K ﹤0.01%
600,000
– –
JENA.RT
141
Jena Acquisition Corp II Rights
JENA.RT
$200K ﹤0.01%
+1,000,000
New +$192K
BACCR
142
Blue Acquisition Corp Right
BACCR
$194K ﹤0.01%
+1,200,000
New +$178K
FACWW
143
Factorial Energy Inc Warrant
FACWW
$10.1M
$188K ﹤0.01%
750,000
– –
APADR
144
DELISTED
A Paradise Acquisition Corp Rights
APADR
$186K ﹤0.01%
+1,200,000
New +$189K
TVAIR
145
Thayer Ventures Acquisition Corporation II Rights
TVAIR
$170K ﹤0.01%
+1,000,000
New +$169K
ALDFW
146
Aldel Financial II Inc Warrants
ALDFW
$169K ﹤0.01%
312,900
– –
CCAQW
147
Collective Acquisition Corp Warrants
CCAQW
$158K ﹤0.01%
+750,000
New +$140K
OYSER
148
Oyster Enterprises II Acquisition Corp Rights
OYSER
$153K ﹤0.01%
+900,000
New +$153K
EGHAR
149
EGH Acquisition Corp Rights
EGHAR
$147K ﹤0.01%
+700,000
New +$152K
NHICW
150
NewHold Investment Corp III Warrants
NHICW
$144K ﹤0.01%
400,000
– –
4 5
6
7 8

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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 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.