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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
KVACW
201
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$30.9K ﹤0.01%
513,600
– –
AERTW
202
Aeries Technology Warrant
AERTW
$30.1K ﹤0.01%
750,000
– –
PMTRW
203
Perimeter Acquisition Corp I Warrant
PMTRW
$10.9M
$30K ﹤0.01%
+50,000
New +$31.5K
BCARW
204
D. Boral ARC Acquisition I Corp Warrant
BCARW
$7.44M
$27.5K ﹤0.01%
+125,000
New +$22.9K
VACHW
205
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$25.5K ﹤0.01%
150,000
– –
GCTS.WS
206
GCT Semiconductor Holding Warrants
GCTS.WS
$21.7M
$23.4K ﹤0.01%
125,000
– –
GRRRW
207
Gorilla Technology Group Warrant
GRRRW
$1.82M
$23.2K ﹤0.01%
37,500
– –
RSVRW
208
DELISTED
Reservoir Media Inc Warrant
RSVRW
$22K ﹤0.01%
25,000
– –
BAERW icon
209
Bridger Aerospace Warrant
BAERW
$8.48M
$21.2K ﹤0.01%
274,854
– –
JSPRW icon
210
Japer Therapeutics Warrants
JSPRW
$19.9K ﹤0.01%
250,000
– –
OAKUR
211
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$18.8K ﹤0.01%
75,000
– –
CLSKW
212
CleanSpark Inc Warrant
CLSKW
$267K
$18K ﹤0.01%
37,500
– –
NVNIW
213
Nvni Group Limited Warrants
NVNIW
$836K
$18K ﹤0.01%
250,000
– –
DAICW
214
CID HoldCo Inc Warrants
DAICW
$78.4K
$17.2K ﹤0.01%
112,500
– –
YOUL
215
Youlife Group Inc
YOUL
$33.7M
$16.9K ﹤0.01%
+10,000
New +$20.5K
SPKLW
216
Spark I Acquisition Corp Warrant
SPKLW
$5.85M
$15K ﹤0.01%
25,000
– –
CNCKW
217
Coincheck Group Warrant expiring 12/10/2029
CNCKW
$1.31M
$14.4K ﹤0.01%
20,000
– –
ADSEW icon
218
ADS-TEC Energy Warrant
ADSEW
$14K ﹤0.01%
12,500
– –
NETDW
219
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$14K ﹤0.01%
50,000
– –
CHPGR
220
ChampionsGate Acquisition Corp Rights
CHPGR
$14K ﹤0.01%
+100,000
New +$15K
ZEOWW
221
Zeo Energy Corp Warrants
ZEOWW
$13.8K ﹤0.01%
250,000
– –
LIDRW icon
222
AEye Inc Warrant
LIDRW
$69.2K
$13.6K ﹤0.01%
74,249
– –
LVWR.WS icon
223
LiveWire Group Warrants
LVWR.WS
$5.09M
$11.7K ﹤0.01%
160,820
– –
BDMDW
224
Baird Medical Investment Holdings Warrant
BDMDW
$11.6K ﹤0.01%
150,000
– –
CXAIW icon
225
CXApp Inc Warrant
CXAIW
$955K
$10.5K ﹤0.01%
150,000
– –
7 8
9
10 11

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CG
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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 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.