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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
NHICW
176
NewHold Investment Corp III Warrants
NHICW
$180K ﹤0.01%
400,000
– –
OYSER
177
Oyster Enterprises II Acquisition Corp Rights
OYSER
$180K ﹤0.01%
900,000
– –
EGHAR
178
EGH Acquisition Corp Rights
EGHAR
$175K ﹤0.01%
700,000
– –
ALDFW
179
Aldel Financial II Inc Warrants
ALDFW
$172K ﹤0.01%
312,900
– –
HCMAW
180
HCM III Acquisition Corp Warrants
HCMAW
$167K ﹤0.01%
333,333
– –
ENGNW icon
181
enGene Therapeutics Warrants
ENGNW
$164K ﹤0.01%
55,243
– –
BLZRW
182
Trailblazer Acquisition Corp Warrant
BLZRW
$160K ﹤0.01%
+333,333
New +$196K
RNGTW
183
Range Capital Acquisition Corp II Warrants
RNGTW
$160K ﹤0.01%
+500,000
New +$204K
TLNCW
184
Talon Capital Corp Warrants
TLNCW
$4.15M
$157K ﹤0.01%
+266,666
New +$190K
EVAC.WS
185
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$152K ﹤0.01%
433,333
– –
TACOW
186
Berto Acquisition Corp Warrant
TACOW
$16.5M
$148K ﹤0.01%
400,000
– –
PAII.WS
187
Pyrophyte Acquisition Corp II Warrants
PAII.WS
$140K ﹤0.01%
350,000
– –
AXINR
188
Axiom Intelligence Acquisition Corp 1 Right
AXINR
$137K ﹤0.01%
650,000
– –
MBVIW
189
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$136K ﹤0.01%
+366,666
New +$189K
LWACW
190
LightWave Acquisition Corp Warrants
LWACW
$135K ﹤0.01%
500,000
– –
WENNW
191
Wen Acquisition Corp Warrant
WENNW
$124K ﹤0.01%
400,000
– –
MLACR
192
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$120K ﹤0.01%
500,000
– –
KCHVR
193
Kochav Defense Acquisition Corp Right
KCHVR
$120K ﹤0.01%
500,000
– –
APXTW
194
Apex Treasury Corp Warrants
APXTW
$5.86M
$118K ﹤0.01%
+425,000
New +$129K
SVCCW
195
Stellar V Capital Corp Warrant
SVCCW
$111K ﹤0.01%
337,589
– –
GME.WS
196
GameStop Corp Warrants
GME.WS
$109K ﹤0.01%
+36,658
New +$114K
DYORW
197
Insight Digital Partners II Warrants
DYORW
$107K ﹤0.01%
+325,000
New +$108K
TDWDR
198
Tailwind 2.0 Acquisition Corp Rights
TDWDR
$107K ﹤0.01%
+650,000
New +$115K
FACTW
199
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$105K ﹤0.01%
300,000
– –
JACS.RT
200
Jackson Acquisition Co II Rights
JACS.RT
$100K ﹤0.01%
400,000
– –
6 7
8
9 10

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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.