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TCM

Tenor Capital Management Portfolio holdings

AUM $7.09B
1-Year Est. Return 3.55%
This Fund
S&P 500
This Quarter Est. Return
+2.3%
1 Year Est. Return
+3.55%
3 Year Est. Return
+4.73%
5 Year Est. Return
+5.18%
10 Year Est. Return
+13.14%
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 Miscellaneous 89.36%
2 Financials 9.85%
3 Industrials 0.5%
4 Consumer Staples 0.16%
5 Real Estate 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHAC
1
DELISTED
Crane Harbor Acquisition Corp
CHAC
$21.9M 0.29%
2,160,000
– –
KFII
2
K&F Growth Acquisition Corp II
KFII
$20.4M 0.27%
2,001,000
+1,000
+0.1% +$10.2K
GTEN
3
Gores Holdings X
GTEN
$20.4M 0.27%
2,000,000
– –
TACH
4
Titan Acquisition Corp
TACH
$362M
$20.2M 0.27%
2,000,000
– –
TVA
5
Texas Ventures Acquisition III Corp
TVA
$317M
$18.7M 0.25%
1,750,000
– –
LOKV
6
DELISTED
Live Oak Acquisition Corp V
LOKV
$17.9M 0.23%
1,750,000
– –
HDRN
7
Hadron Energy
HDRN
$141M
$17.8M 0.23%
1,690,136
+1,182,437
+233% +$12.3M
SOUL
8
Soulpower Acquisition Corp
SOUL
$355M
$17.7M 0.23%
1,750,000
– –
SZZL
9
Sizzle Acquisition Corp II
SZZL
$327M
$17.6M 0.23%
1,750,000
– –
XRPN
10
Armada Acquisition Corp II
XRPN
$333M
$15.7M 0.21%
+1,500,000
New +$15.3M
ATII
11
Archimedes Tech SPAC Partners II Co
ATII
$316M
$15.3M 0.2%
1,500,000
– –
HVII
12
Hennessy Capital Investment Corp VII
HVII
$194M
$15.3M 0.2%
1,500,000
– –
FERA
13
Fifth Era Acquisition Corp I
FERA
$328M
$15.3M 0.2%
1,500,000
– –
NPAC
14
New Providence Acquisition Corp III
NPAC
$401M
$15.3M 0.2%
1,500,000
– –
FAC
15
Factorial Energy Inc
FAC
$525M
$15.1M 0.2%
1,500,000
– –
CCIX
16
DELISTED
Churchill Capital Corp IX
CCIX
$15.1M 0.2%
1,437,500
+1,237,500
+619% +$13M
DMIIU
17
Drugs Made In America Acquisition II Corp Unit
DMIIU
$14.9M 0.2%
+1,500,000
New +$15M
SDHIU
18
Siddhi Acquisition Corp Unit
SDHIU
$14.2M 0.19%
1,374,599
– –
IREN icon
19
Iris Energy
IREN
$12.7B
$13.5M 0.18%
288,579
-61,300
-18% -$1.49M
VCIC
20
DELISTED
Vine Hill Capital Investment Corp
VCIC
$13.5M 0.18%
1,259,245
+509,245
+68% +$5.36M
EVAC
21
EQV Ventures Acquisition Corp II
EVAC
$602M
$12.9M 0.17%
+1,300,000
New +$12.9M
DAAQ
22
Digital Asset Acquisition Corp
DAAQ
$240M
$12.7M 0.17%
1,250,000
– –
RAAQ
23
DELISTED
Real Asset Acquisition Corp
RAAQ
$12.7M 0.17%
1,250,000
– –
IPCX
24
DELISTED
Inflection Point Acquisition Corp III
IPCX
$12.6M 0.17%
1,250,000
– –
VLOS
25
Velos Acquisition I Corp
VLOS
$253M
$12.5M 0.16%
1,187,500
+437,500
+58% +$4.67M
1
2 3 4 5

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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 Miscellaneous at 89% of assets, down from 93% a quarter earlier, followed by Financials and Industrials.

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.