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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
IPEXR
201
Inflection Point Acquisition Corp V Rights
IPEXR
$100K ﹤0.01%
125,000
– –
TDACW
202
Translational Development Acquisition Corp Warrants
TDACW
$16.4M
$98.5K ﹤0.01%
317,699
– –
LKSPR
203
Lake Superior Acquisition Corp Rights
LKSPR
$97.5K ﹤0.01%
+50,000
New +$88.6K
COPL.WS
204
Copley Acquisition Corp Warrants
COPL.WS
$96.6K ﹤0.01%
375,000
– –
PLMKW
205
Plum Acquisition Corp IV Warrants
PLMKW
$94.7K ﹤0.01%
350,000
– –
VACI.WS
206
Viking Acquisition Corp I Warrants
VACI.WS
$91K ﹤0.01%
+216,666
New +$90.8K
TMCWW
207
TMC The Metals Company Warrants
TMCWW
$1.19M
$87.1K ﹤0.01%
67,500
– –
OTGAW
208
OTG Acquisition Corp I Warrants
OTGAW
$80K ﹤0.01%
+250,000
New +$83.3K
LATAW
209
Galata Acquisition Corp II Warrant
LATAW
$1.73M
$80K ﹤0.01%
+200,000
New +$82.8K
RTACW
210
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.72M
$79.8K ﹤0.01%
98,180
– –
PACHW
211
Pioneer Acquisition I Corp Warrants
PACHW
$78K ﹤0.01%
300,000
– –
KDKRW
212
Kodiak AI Warrants
KDKRW
$76.5K ﹤0.01%
50,000
– –
PCAPW
213
ProCap Acquisition Corp Warrant
PCAPW
$74.2K ﹤0.01%
200,000
– –
RAC.WS
214
Rithm Acquisition Corp Warrants
RAC.WS
$68.5K ﹤0.01%
100,000
– –
HVMCW
215
Highview Merger Corp Warrants
HVMCW
$67.6K ﹤0.01%
+250,000
New +$83.2K
OBAWW
216
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$2.92M
$66K ﹤0.01%
300,000
– –
DNMXW
217
Dynamix Corp III Warrants
DNMXW
$2.52M
$62.6K ﹤0.01%
+175,000
New +$65.9K
KOYNW
218
CSLM Digital Asset Acquisition Corp III Warrants
KOYNW
$61.3K ﹤0.01%
+175,000
New +$80.8K
SOCAW
219
Solarius Capital Acquisition Corp Warrant
SOCAW
$58.4K ﹤0.01%
208,343
– –
BAERW icon
220
Bridger Aerospace Warrant
BAERW
$8.48M
$54.8K ﹤0.01%
274,854
– –
FCRS.WS
221
FutureCrest Acquisition Corp Warrants
FCRS.WS
$54.8K ﹤0.01%
+75,000
New +$58.4K
DRTSW icon
222
Alpha Tau Medical Warrant
DRTSW
$79.6M
$51K ﹤0.01%
150,000
– –
FBYDW icon
223
Falcon's Beyond Global Warrants
FBYDW
$10.9M
$50.3K ﹤0.01%
24,900
– –
LPAAW
224
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$50K ﹤0.01%
200,000
– –
CHECW
225
Chenghe Acquisition III Co Warrants
CHECW
$1.13M
$50K ﹤0.01%
+250,000
New +$47.5K
7 8
9
10 11

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LAM
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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.