TENOR CAPITAL MANAGEMENT Co., L.P. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$7.1B

Holdings

438

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (438 positions)

#	Stock	Shares	Value	% Portfolio
1	FERAFIFTH ERA ACQUISITION CORP I	1,500,000	$599.0M	8.44%
2	GIWGIGCAPITAL8 CORP	1,500,000	$465.0M	6.55%
3	—HENNESSY CAP INVT CORP VII	1,500,000	$418.0M	5.89%
4	BACCBLUE ACQUISITION CORP.	1,200,000	$388.0M	5.47%
5	CRAQCAL REDWOOD ACQUISITION CORP	1,200,000	$388.0M	5.47%
6	SDHISIDDHI ACQUISITION CORP	1,374,599	$343.0M	4.83%
7	IDCC 3.5 06/01/27INTERDIGITAL INC	80,000,000	$331.3M	4.67%
8	TACHTITAN ACQUISITION CORP	1,000,000	$315.0M	4.44%
9	SOULSOULPOWER ACQUISITION CORP	1,750,000	$306.0M	4.31%
10	APADA PARADISE ACQUISITION CORP	1,200,000	$300.0M	4.23%
11	SZZLSIZZLE ACQUISITION CORP. II	1,750,000	$280.0M	3.95%
12	GSHRGESHER ACQUISITION CORP. II	600,000	$270.0M	3.81%
13	RAAQREAL ASSET ACQUISITION CORP	625,000	$268.0M	3.78%
14	KFIIK&F GROWTH ACQUISITION CORP	2,000,000	$260.0M	3.66%
15	KOYNDIGITAL ASSET ACQUISITION CO	625,000	$250.0M	3.52%
16	—RANGE CAP ACQUISITION CORP	500,000	$225.0M	3.17%
17	IPODDUNE ACQUISITION CORP II	750,000	$224.0M	3.16%
18	TVAITHAYER VENTURES ACQ CORP II	1,000,000	$210.0M	2.96%
19	DMIIDRUGS MADE IN AMER ACQ II CO	1,500,000	$210.0M	2.96%
20	LITE 0.5 12/15/26LUMENTUM HLDGS INC	55,100,000	$204.6M	2.88%
21	RNG 0 03/15/26RINGCENTRAL INC	203,500,000	$201.6M	2.84%
22	JENAJENA ACQUISITION CORP II	1,000,000	$195.0M	2.75%
23	TDOC 1.25 06/01/27TELADOC HEALTH INC	188,653,000	$180.1M	2.54%
24	OYSEOYSTER ENTERPRISES II ACQUIS	900,000	$180.0M	2.54%
25	—NEWHOLD INVT CORP III	400,000	$180.0M	2.54%
26	EGHAEGH ACQUISITION CORP.	700,000	$175.0M	2.47%
27	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	171,514,000	$173.1M	2.44%
28	HCMAHCM III ACQUISITION CORP	333,333	$166.0M	2.34%
29	BLZRTRAILBLAZER ACQUISITION CORP	333,333	$160.0M	2.26%
30	—RANGE CAP ACQUISITION CORP I	500,000	$160.0M	2.26%
31	BSY 0.125 01/15/26BENTLEY SYS INC	151,995,000	$151.8M	2.14%
32	FTWEQV VENTURES AC CORP. II	433,333	$151.0M	2.13%
33	JAMF 0.125 09/01/26JAMF HLDG CORP	150,000,000	$148.2M	2.09%
34	TACOBERTO ACQUISITION CORP	400,000	$148.0M	2.09%
35	PAIIPYROPHYTE ACQUISITION CORP.	350,000	$140.0M	1.97%
36	AXINAXIOM INTELLIGENCE AC CORP 1	650,000	$136.0M	1.92%
37	LWACLIGHTWAVE ACQUISITION CORP	500,000	$135.0M	1.90%
38	MBVIM3-BRIGADE ACQUISITION VI CO	366,666	$135.0M	1.90%
39	U 0 11/15/26UNITY SOFTWARE INC	135,378,000	$130.8M	1.84%
40	WENNWEN ACQUISITION CORP	400,000	$124.0M	1.75%
41	CNMD 2.25 06/15/27CONMED CORP	125,020,000	$120.1M	1.69%
42	KCHVKOCHAV DEFENSE ACQUI CO	500,000	$120.0M	1.69%
43	MLACMOUNTAIN LAKE ACQUISITION CO	500,000	$120.0M	1.69%
44	HAE 0 03/01/26HAEMONETICS CORP MASS	119,217,000	$118.3M	1.67%
45	—APEX TREAS CORP	425,000	$118.0M	1.66%
46	NET 0 08/15/26CLOUDFLARE INC	100,000,000	$117.5M	1.66%
47	TRIP 0.25 04/01/26TRIPADVISOR INC	115,893,000	$114.6M	1.62%
48	BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC	116,500,000	$112.2M	1.58%
49	—STELLAR V CAP CORP	337,589	$111.0M	1.56%
50	DYORINSIGHT DIGITAL PARTNERS II	325,000	$107.0M	1.51%
51	TDWDTAILWIND 2.0 ACQUISITION COR	650,000	$106.0M	1.49%
52	FACTFACT II ACQUISITION CORP	300,000	$105.0M	1.48%
53	SHAK 0 03/01/28SHAKE SHACK INC	109,600,000	$103.5M	1.46%
54	CFLT 0 01/15/27CONFLUENT INC	105,606,000	$102.9M	1.45%
55	JBTM 0.25 05/15/26JBT MAREL CORPORATION	98,188,000	$101.0M	1.42%
56	JACSJACKSON ACQUISITION CO II	400,000	$100.0M	1.41%
57	—TRANSLATIONAL DEV ACQUISITIO	317,699	$98.0M	1.38%
58	IRTC 1.5 09/01/29IRHYTHM TECHNOLOGIES INC	68,554,000	$96.4M	1.36%
59	COPLCOPLEY ACQUISITION CORP	375,000	$96.0M	1.35%
60	PLMKPLUM ACQUISITION CORP IV	350,000	$94.0M	1.32%
61	DAY 0.25 03/15/26DAYFORCE INC	92,081,000	$91.4M	1.29%
62	VACIVIKING ACQUISITION CORP I	216,666	$91.0M	1.28%
63	TMDX 1.5 06/01/28TRANSMEDICS GROUP INC	60,000,000	$90.0M	1.27%
64	GRAFGRAF GLOBAL CORP	200,000	$90.0M	1.27%
65	NEO 0.25 01/15/28NEOGENOMICS INC	98,050,000	$88.0M	1.24%
66	UGI 5 06/01/28UGI CORP NEW	60,616,000	$86.3M	1.22%
67	SNOW 0 10/01/27SNOWFLAKE INC	57,665,000	$85.7M	1.21%
68	RPD 0.25 03/15/27RAPID7 INC	89,537,000	$85.2M	1.20%
69	JAZZ 2 06/15/26JAZZ INVESTMENTS I LTD	72,318,000	$83.9M	1.18%
70	OTGAOTG ACQUISITION CORP. I	250,000	$80.0M	1.13%
71	LATAGALATA ACQUISITION CORP II	200,000	$80.0M	1.13%
72	BL 0 03/15/26BLACKLINE INC	79,000,000	$78.2M	1.10%
73	PACHPIONEER ACQUISITION I CORP	300,000	$78.0M	1.10%
74	BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC	39,500,000	$74.9M	1.06%
75	UPWK 0.25 08/15/26UPWORK INC	76,000,000	$74.5M	1.05%
76	PTCT 1.5 09/15/26PTC THERAPEUTICS INC	49,839,000	$74.4M	1.05%
77	MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC	28,576,000	$74.2M	1.05%
78	PCAPPROCAP ACQUISITION CORP	200,000	$74.0M	1.04%
79	BSY 0.375 07/01/27BENTLEY SYS INC	72,595,000	$68.6M	0.97%
80	QTWO 0.75 06/01/26Q2 HLDGS INC	66,830,000	$68.0M	0.96%
81	HVMCHIGHVIEW MERGER CORP	250,000	$67.0M	0.94%
82	OBAOXLEY BRIDGE ACQ LTD	300,000	$66.0M	0.93%
83	ETSY 0.125 09/01/27ETSY INC	69,639,000	$64.7M	0.91%
84	ZD 3.625 03/01/28ZIFF DAVIS INC	65,000,000	$64.6M	0.91%
85	DNMXDYNAMIX CORP III	175,000	$62.0M	0.87%
86	—CSLM DIGITA ASSET ACQ CORP I	175,000	$61.0M	0.86%
87	ITRI 0 03/15/26ITRON INC	60,500,000	$60.1M	0.85%
88	ON 0 05/01/27ON SEMICONDUCTOR CORP	50,000,000	$59.8M	0.84%
89	MCHP 0.75 06/01/30MICROCHIP TECHNOLOGY INC.	60,000,000	$58.9M	0.83%
90	SOCASOLARIUS CAPITAL ACQU CORP	208,343	$58.0M	0.82%
91	MTN 0 01/01/26VAIL RESORTS INC	54,299,000	$54.3M	0.77%
92	SMCI 3.5 03/01/29SUPER MICRO COMPUTER INC	60,000,000	$54.1M	0.76%
93	BAERWBRIDGER AEROSPACE GRP HLDGS	274,854	$54.0M	0.76%
94	SEALTD 0.25 09/15/26SEA LTD	54,843,000	$53.3M	0.75%
95	HALO 1 08/15/28HALOZYME THERAPEUTICS INC	39,626,000	$52.8M	0.74%
96	DRTSALPHA TAU MEDICAL LTD	150,000	$51.0M	0.72%
97	LPAALAUNCH ONE ACQUISITION CORP	200,000	$50.0M	0.70%
98	CHECCHENGHE ACQUISITION III CO	250,000	$50.0M	0.70%
99	ALFCENTURION ACQUISITION CORP	150,000	$48.0M	0.68%
100	DOCN 0 12/01/26DIGITALOCEAN HLDGS INC	49,619,000	$48.0M	0.68%

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