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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
ONCHW
176
1RT Acquisition Corp Warrant
ONCHW
$2.22M
$55.6K ﹤0.01%
+62,500
New +$66.6K
KDKRW
177
Kodiak AI Warrants
KDKRW
$53.3K ﹤0.01%
50,000
– –
DRTSW icon
178
Alpha Tau Medical Warrant
DRTSW
$79.6M
$51.8K ﹤0.01%
150,000
– –
SOCAW
179
Solarius Capital Acquisition Corp Warrant
SOCAW
$51.7K ﹤0.01%
+208,343
New +$47.6K
OBAWW
180
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$2.92M
$51K ﹤0.01%
+300,000
New +$49.4K
ALFUW
181
Centurion Acquisition Corp Warrant
ALFUW
$51K ﹤0.01%
150,000
– –
CCIIW
182
Cohen Circle Acquisition Corp II Warrant
CCIIW
$5.2M
$47.5K ﹤0.01%
+50,000
New +$37.6K
MDAIW icon
183
Spectral AI Warrants
MDAIW
$5.45M
$46.5K ﹤0.01%
66,666
– –
LPBBW
184
Launch Two Acquisition Corp Warrant
LPBBW
$3.33M
$46.3K ﹤0.01%
125,000
– –
BGLWW
185
Blue Gold Ltd Warrant
BGLWW
$736K
$45.8K ﹤0.01%
100,000
– –
OACCW
186
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$45K ﹤0.01%
60,000
– –
SPEGR
187
Silver Pegasus Acquisition Corp Rights
SPEGR
$44K ﹤0.01%
+176,060
New +$38K
LPAAW
188
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$44K ﹤0.01%
200,000
– –
FBYDW icon
189
Falcon's Beyond Global Warrants
FBYDW
$10.9M
$41.8K ﹤0.01%
24,900
– –
SHMD
190
SCHMID Group
SHMD
$310M
$39.7K ﹤0.01%
+14,041
New +$37.7K
ENGNW icon
191
enGene Therapeutics Warrants
ENGNW
$39.2K ﹤0.01%
55,243
– –
CCIXW
192
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$39K ﹤0.01%
50,000
– –
EVLVW
193
DELISTED
Evolv Technologies Warrant
EVLVW
$36.5K ﹤0.01%
50,000
– –
FIGXW
194
FIGX Capital Acquisition Corp Warrant
FIGXW
$1.6M
$36K ﹤0.01%
+150,000
New +$29.8K
BKSY.WS icon
195
BlackSky Technology Inc Warrants
BKSY.WS
$65.9K
$33.5K ﹤0.01%
198,855
– –
AIIOW
196
Robo.ai Inc Warrant
AIIOW
$436K
$33.3K ﹤0.01%
199,998
– –
PGYWW
197
Pagaya Technologies Ltd Warrants
PGYWW
$1.38M
$33.3K ﹤0.01%
66,666
– –
CUBWW
198
Lionheart Holdings Warrant
CUBWW
$5.87M
$31.9K ﹤0.01%
125,000
– –
NTWOW
199
Newbury Street II Acquisition Corp Warrant
NTWOW
$31.8K ﹤0.01%
124,709
– –
LZM.WS icon
200
Lifezone Metals Ltd Warrants
LZM.WS
$29.5M
$31.5K ﹤0.01%
50,000
– –
6 7
8
9 10

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LAM
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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.