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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
ATIIW
151
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.9M
$412K 0.01%
750,000
– –
BACCR
152
Blue Acquisition Corp Right
BACCR
$389K 0.01%
1,200,000
– –
CRAQR
153
Cal Redwood Acquisition Corp Right
CRAQR
$389K 0.01%
1,200,000
– –
NWAX.U
154
New America Acquisition I Corp Units
NWAX.U
$364K 0.01%
+35,000
New +$363K
SDHIR
155
Siddhi Acquisition Corp Right
SDHIR
$344K ﹤0.01%
+1,374,599
New +$358K
TACHW
156
Titan Acquisition Corp Warrants
TACHW
$315K ﹤0.01%
1,000,000
– –
SOUL.RT
157
Soulpower Acquisition Corp Rights
SOUL.RT
$306K ﹤0.01%
1,750,000
– –
DRDBW
158
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$303K ﹤0.01%
505,000
– –
APADR
159
DELISTED
A Paradise Acquisition Corp Rights
APADR
$300K ﹤0.01%
1,200,000
– –
RDAGW
160
Republic Digital Acquisition Co Warrants
RDAGW
$290K ﹤0.01%
500,000
– –
SZZLR
161
Sizzle Acquisition Corp II Right
SZZLR
$280K ﹤0.01%
1,750,000
– –
GSHRW
162
Gesher Acquisition Corp II Warrants
GSHRW
$270K ﹤0.01%
600,000
– –
RAAQW
163
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$269K ﹤0.01%
625,000
– –
BLUWW
164
Blue Water Acquisition Corp III Warrant
BLUWW
$265K ﹤0.01%
500,000
– –
BRRWW
165
ProCap Financial Inc
BRRWW
$3.02M
$263K ﹤0.01%
375,000
– –
KFIIR
166
K&F Growth Acquisition Corp II Rights
KFIIR
$260K ﹤0.01%
2,000,000
– –
NPACW
167
New Providence Acquisition Corp III Warrants
NPACW
$253K ﹤0.01%
500,000
– –
DAAQW
168
Digital Asset Acquisition Corp Warrant
DAAQW
$250K ﹤0.01%
625,000
– –
RANGR
169
Range Capital Acquisition Corp Rights
RANGR
$225K ﹤0.01%
500,000
– –
CCAQW
170
Collective Acquisition Corp Warrants
CCAQW
$225K ﹤0.01%
750,000
– –
TVAIR
171
Thayer Ventures Acquisition Corporation II Rights
TVAIR
$210K ﹤0.01%
1,000,000
– –
DMIIR
172
Drugs Made In America Acquisition II Corp Right
DMIIR
$210K ﹤0.01%
+1,500,000
New +$214K
SVACW
173
DELISTED
Spring Valley Acquisition Corp III Warrant
SVACW
$208K ﹤0.01%
+333,333
New +$265K
JENA.RT
174
Jena Acquisition Corp II Rights
JENA.RT
$196K ﹤0.01%
1,000,000
– –
BDCIW
175
BTC Development Corp Warrant
BDCIW
$191K ﹤0.01%
+281,250
New +$212K
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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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.