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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
BCAR
126
D. Boral ARC Acquisition I Corp
BCAR
$190M
$2.51M 0.04%
250,000
– –
RTAC
127
Renatus Tactical Acquisition Corp I
RTAC
$326M
$2.13M 0.03%
200,000
– –
CCII
128
Cohen Circle Acquisition Corp II
CCII
$358M
$2.05M 0.03%
200,000
– –
SCIIU
129
SC II Acquisition Corp Units
SCIIU
$2.05M 0.03%
+203,257
New +$2.04M
MCGA
130
Yorkville Acquisition Corp
MCGA
$241M
$2.03M 0.03%
200,000
– –
CEPT
131
DELISTED
Cantor Equity Partners II
CEPT
$1.95M 0.03%
172,962
-127,038
-42% -$1.43M
SPEG
132
Silver Pegasus Acquisition Corp
SPEG
$1.77M 0.03%
176,060
– –
KRSP
133
Rice Acquisition Corporation 3
KRSP
$482M
$1.54M 0.02%
+150,000
New +$1.55M
HAVA
134
Harvard Ave Acquisition Corp
HAVA
$1.49M 0.02%
+150,000
New +$1.49M
IPEX
135
Inflection Point Acquisition Corp V
IPEX
$126M
$1.28M 0.02%
125,000
– –
PMTR
136
Perimeter Acquisition Corp I
PMTR
$321M
$1.03M 0.01%
100,000
– –
CHPG
137
ChampionsGate Acquisition Corp
CHPG
$1.02M 0.01%
100,000
– –
MKLY
138
McKinley Acquisition Corp
MKLY
$249M
$997K 0.01%
+100,000
New +$995K
TVACW
139
Texas Ventures Acquisition III Corp Warrants
TVACW
$788K 0.01%
875,000
– –
LOKVW
140
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$739K 0.01%
750,000
– –
CHACR
141
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$689K 0.01%
860,901
-1,119,099
-57% -$882K
SHMDW
142
SCHMID Group N.V. Warrants
SHMDW
$675K 0.01%
462,500
– –
XRPNW
143
Armada Acquisition Corp II Warrant
XRPNW
$8.39M
$668K 0.01%
750,000
– –
PCSC
144
DELISTED
Perceptive Capital Solutions
PCSC
$652K 0.01%
50,000
-50,000
-50% -$583K
FERAR
145
Fifth Era Acquisition Corp I Rights
FERAR
$600K 0.01%
1,500,000
– –
FACWW
146
Factorial Energy Inc Warrant
FACWW
$10.1M
$593K 0.01%
750,000
– –
GIWWR
147
GigCapital8 Rights
GIWWR
$465K 0.01%
+1,500,000
New +$557K
GTENW
148
Gores Holdings X Warrants
GTENW
$465K 0.01%
500,000
– –
HVIIR
149
Hennessy Capital Investment Corp VII Rights
HVIIR
$419K 0.01%
1,500,000
– –
ARAY icon
150
Accuray
ARAY
$34M
$412K 0.01%
500,000
-500,000
-50% -$624K
4 5
6
7 8

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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 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.