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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
+0.19%
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
$7.1B
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
VLOS
Velos Acquisition I Corp
VLOS
+$12.5M
4
BDCIU
BTC Development Corp Unit
BDCIU
+$11.4M
5
MBVIU
M3-Brigade Acquisition VI Corp Units
MBVIU
+$11.1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 86.25%
2 Financials 12.95%
3 Industrials 0.57%
4 Consumer Staples 0.17%
5 Healthcare 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCIX
1
DELISTED
Churchill Capital Corp IX
CCIX
$28.7M 0.4%
2,702,188
+1,264,688
+88% +$13.5M
XRPN
2
Armada Acquisition Corp II
XRPN
$333M
$22.4M 0.32%
2,185,000
+685,000
+46% +$7.04M
MLAC
3
DELISTED
Mountain Lake Acquisition Corp
MLAC
$20.8M 0.29%
2,000,000
+1,500,000
+300% +$15.6M
KFII
4
K&F Growth Acquisition Corp II
KFII
$20.7M 0.29%
2,001,000
– –
TACH
5
Titan Acquisition Corp
TACH
$362M
$20.5M 0.29%
2,000,000
– –
GTEN
6
Gores Holdings X
GTEN
$476M
$20.5M 0.29%
2,000,000
– –
HDRN
7
Hadron Energy
HDRN
$135M
$20M 0.28%
1,894,982
+204,846
+12% +$2.18M
LOKV
8
DELISTED
Live Oak Acquisition Corp V
LOKV
$18M 0.25%
1,750,000
– –
SZZL
9
Sizzle Acquisition Corp II
SZZL
$327M
$17.8M 0.25%
1,750,000
– –
SOUL
10
Soulpower Acquisition Corp
SOUL
$355M
$17.8M 0.25%
1,750,000
– –
SBXE.U
11
SilverBox Corp V Units
SBXE.U
$16.6M 0.23%
+1,650,000
New +$16.6M
CHAC
12
DELISTED
Crane Harbor Acquisition Corp
CHAC
$15.8M 0.22%
1,463,601
-696,399
-32% -$7.77M
ATII
13
Archimedes Tech SPAC Partners II Co
ATII
$315M
$15.5M 0.22%
1,500,000
– –
HVII
14
Hennessy Capital Investment Corp VII
HVII
$281M
$15.5M 0.22%
1,500,000
– –
FAC
15
Factorial Energy Inc
FAC
$574M
$15.4M 0.22%
1,500,000
– –
FERA
16
Fifth Era Acquisition Corp I
FERA
$329M
$15.4M 0.22%
1,500,000
– –
NPAC
17
New Providence Acquisition Corp III
NPAC
$402M
$15.4M 0.22%
1,500,000
– –
TVA
18
Texas Ventures Acquisition III Corp
TVA
$317M
$14.9M 0.21%
1,396,956
-353,044
-20% -$3.83M
DMII
19
Drugs Made In America Acquisition II Corp
DMII
$647M
$14.8M 0.21%
+1,500,000
New +$14.8M
GIW
20
GigCapital8
GIW
$371M
$14.8M 0.21%
+1,500,000
New +$14.9M
SDHI
21
Siddhi Acquisition Corp
SDHI
$367M
$14.1M 0.2%
+1,374,599
New +$14.1M
BACC
22
Blue Acquisition Corp
BACC
$294M
$13.4M 0.19%
1,317,152
+117,152
+10% +$1.19M
EVAC
23
EQV Ventures Acquisition Corp II
EVAC
$602M
$13M 0.18%
1,300,000
– –
RAAQ
24
DELISTED
Real Asset Acquisition Corp
RAAQ
$12.8M 0.18%
1,250,000
– –
DAAQ
25
Digital Asset Acquisition Corp
DAAQ
$240M
$12.7M 0.18%
1,250,000
– –
1
2 3 4 5

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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 Miscellaneous at 86% of assets, down from 89% a quarter earlier, followed by Financials and Industrials.

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.