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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
UHGWW
151
DELISTED
United Homes Group Warrant
UHGWW
$139K ﹤0.01%
75,000
– –
PCAPW
152
ProCap Acquisition Corp Warrant
PCAPW
$130K ﹤0.01%
+200,000
New +$132K
BEAGR
153
Bold Eagle Acquisition Corp Right
BEAGR
$128K ﹤0.01%
474,102
-125,898
-21% -$35.8K
SHMDW
154
SCHMID Group N.V. Warrants
SHMDW
$126K ﹤0.01%
462,500
– –
PAII.WS
155
Pyrophyte Acquisition Corp II Warrants
PAII.WS
$123K ﹤0.01%
+350,000
New +$108K
SVCCW
156
Stellar V Capital Corp Warrant
SVCCW
$118K ﹤0.01%
337,589
– –
RTACW
157
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.72M
$118K ﹤0.01%
98,180
-101,820
-51% -$158K
KCHVR
158
Kochav Defense Acquisition Corp Right
KCHVR
$110K ﹤0.01%
+500,000
New +$103K
JACS.RT
159
Jackson Acquisition Co II Rights
JACS.RT
$108K ﹤0.01%
400,000
– –
GCMGW
160
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$107K ﹤0.01%
200,902
– –
AXINR
161
Axiom Intelligence Acquisition Corp 1 Right
AXINR
$104K ﹤0.01%
+650,000
New +$100K
EVAC.WS
162
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$104K ﹤0.01%
+433,333
New +$121K
LWACW
163
LightWave Acquisition Corp Warrants
LWACW
$96K ﹤0.01%
+500,000
New +$87.3K
PLMKW
164
Plum Acquisition Corp IV Warrants
PLMKW
$94.5K ﹤0.01%
350,000
– –
TDACW
165
Translational Development Acquisition Corp Warrants
TDACW
$16.4M
$92.1K ﹤0.01%
317,699
– –
FACTW
166
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$84K ﹤0.01%
300,000
– –
MCGAW
167
Yorkville Acquisition Corp Warrant
MCGAW
$80K ﹤0.01%
+66,666
New +$92.4K
COPL.WS
168
Copley Acquisition Corp Warrants
COPL.WS
$75.3K ﹤0.01%
375,000
– –
MLACR
169
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$75.1K ﹤0.01%
500,000
– –
IPEXR
170
Inflection Point Acquisition Corp V Rights
IPEXR
$75K ﹤0.01%
125,000
– –
BLUWW
171
Blue Water Acquisition Corp III Warrant
BLUWW
$71K ﹤0.01%
+500,000
New +$75.4K
TMCWW
172
TMC The Metals Company Warrants
TMCWW
$1.19M
$70.9K ﹤0.01%
67,500
– –
RAC.WS
173
Rithm Acquisition Corp Warrants
RAC.WS
$66K ﹤0.01%
100,000
– –
PACHW
174
Pioneer Acquisition I Corp Warrants
PACHW
$66K ﹤0.01%
+300,000
New +$52.5K
NIOBW
175
NioCorp Developments Ltd Warrant
NIOBW
$79.3M
$61.3K ﹤0.01%
33,333
– –
5 6
7
8 9

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BF
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BFS
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LAM
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OCM
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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.