SMH Capital Advisors

FORT WORTH, TXfiles as SMH CAPITAL ADVISORS INC

$26m in 54 US stocks at the end of 30 June 2026. The top 10 are 52.5% of the money. It changed about 40.3% of the portfolio this quarter.

Value

$26m

Stocks

Top 10 share

52.5%

Turnover

40.3%

What changed this quarter

New

Bought for the first time this quarter.

Ford MotorF
1.7% of the fund
Blackstone Secured Lending FundBXSL
0.8% of the fund
Palmer Square Capital BDCPSBD
0.8% of the fund
SLR InvestmentSLRC
0.8% of the fund
TriplePoint Venture Growth BDCTPVG
0.4% of the fund
BlackRock TCP CapitalTCPC
0.3% of the fund

Added

Bought more of a stock they already held.

Capital SouthwestCSWC
7.5% of the fund
+2%
Vici PropertiesVICI
5.6% of the fund
+9%
Alphatec Hldgs
5.4% of the fund
+108%
Main Street CapitalMAIN
4.5% of the fund
+16%
Hercules CapitalHTGC
3.7% of the fund
+45%
Blue Owl CapitalOWL
3.5% of the fund
+18%
Innovative Industrial PropertiesIIPR
2.4% of the fund
+105%
Ares CapitalARCC
1.8% of the fund
+127%
Lyft
1.6% of the fund
+95%
WisdomTreeWT
1.5% of the fund
+16%
Runway Growth FinanceRWAY
1.2% of the fund
+306%
Calamos Strategic Total Return FundCSQ
1.2% of the fund
+3%
Nexpoint Diversified Real Estate TrustNXDT
1.2% of the fund
+2%
Gabelli Divid & Income TRXGDVX
1.1% of the fund
+4%
Eaton Vance TAX Advt DIVXEVTX
1.0% of the fund
+4%
Blackrock Corporate High Yield FundHYT
0.9% of the fund
+3%
John Hancock Tax-Advantaged Dividend Income FundHTD
0.9% of the fund
+4%
Blue Owl CapitalOBDC
0.9% of the fund
+91%
Cohen & Steers Quality Income Realty FundRQI
0.7% of the fund
+3%
Crescent Capital BDCCCAP
0.7% of the fund
+4%
BlackRock Multi-Sector Income TrustBIT
0.7% of the fund
+3%
Templeton Emerging Markets Income FundTEI
0.6% of the fund
+5%

Cut

Sold some of their stake.

Capital Southwest
3.6% of the fund
-92%
Wisdomtree
2.9% of the fund
-9%
Dick's Sporting GoodsDKS
0.9% of the fund
-50%
U S Global InvestorsGROW
0.5% of the fund
-2%

Sold out

Sold their entire stake.

Riot Platforms
-100%
Prospect CapitalPSEC
-100%
Mara Holdings
-100%
HA Sustainable Infrastructure CapitalHASI
-100%
American TowerAMT
-100%
HighPeak EnergyHPK
-100%
Blackline
-100%
New Mountain FinanceNMFC
-100%

Holdings

Trinity CapitalTRIN
Share
11.9%
Value
$3m
Shares
170,293
Held
Capital SouthwestCSWC
Share
7.5%
Value
$2m
Shares
80,072
+2%
Vici PropertiesVICI
Share
5.6%
Value
$1m
Shares
53,471
+9%
Alphatec Hldgs
Share
5.4%
Value
$1m
Shares
1,453,000
+108%
Main Street CapitalMAIN
Share
4.5%
Value
$1m
Shares
21,907
+16%
SM EnergySM
Share
3.8%
Value
$976,119
Shares
37,399
Held
Hercules CapitalHTGC
Share
3.7%
Value
$937,779
Shares
59,466
+45%
Capital Southwest
Share
3.6%
Value
$918,320
Shares
883,000
-92%
Blue Owl CapitalOWL
Share
3.5%
Value
$896,779
Shares
102,489
+18%
Carlyle GroupCG
Share
3.1%
Value
$784,371
Shares
18,627
Held
Wisdomtree
Share
2.9%
Value
$746,976
Shares
496,000
-9%
Innovative Industrial PropertiesIIPR
Share
2.4%
Value
$619,800
Shares
10,000
+105%
Rithm CapitalRITM
Share
2.4%
Value
$616,269
Shares
65,630
Held
State STR Spdr S&P 500 ETF TSPY
Share
2.4%
Value
$602,073
Shares
806
Held
Ares CapitalARCC
Share
1.8%
Value
$463,306
Shares
25,003
+127%
Vanguard Intl Equity Index FVWO
Share
1.8%
Value
$458,919
Shares
7,688
Held
Ishares TREFA
Share
1.7%
Value
$444,799
Shares
4,282
Held
Ford MotorF
Share
1.7%
Value
$434,764
Shares
31,278
New
Lyft
Share
1.6%
Value
$408,330
Shares
390,000
+95%
WisdomTreeWT
Share
1.5%
Value
$370,783
Shares
21,888
+16%
Adams Diversified Equity FundADX
Share
1.3%
Value
$339,355
Shares
13,282
Held
Runway Growth FinanceRWAY
Share
1.2%
Value
$318,480
Shares
56,770
+306%
EzcorpEZPW
Share
1.2%
Value
$316,039
Shares
9,142
Held
Calamos Strategic Total Return FundCSQ
Share
1.2%
Value
$313,545
Shares
15,250
+3%
Nexpoint Diversified Real Estate TrustNXDT
Share
1.2%
Value
$310,347
Shares
59,797
+2%
Virtus Equity & Conv Incm FDXNIEX
Share
1.2%
Value
$295,416
Shares
10,998
Held
Gabelli Divid & Income TRXGDVX
Share
1.1%
Value
$276,339
Shares
9,399
+4%
Eaton Vance TAX Advt DIVXEVTX
Share
1.0%
Value
$258,726
Shares
9,347
+4%
Invesco QQQ TRQQQ
Share
1.0%
Value
$256,775
Shares
349
Held
Alliancebernstein Global HIGXAWFX
Share
1.0%
Value
$255,323
Shares
24,789
Held
Blackrock Corporate High Yield FundHYT
Share
0.9%
Value
$234,308
Shares
27,372
+3%
Dick's Sporting GoodsDKS
Share
0.9%
Value
$232,934
Shares
1,027
-50%
John Hancock Tax-Advantaged Dividend Income FundHTD
Share
0.9%
Value
$232,676
Shares
9,128
+4%
Carlyle Secured LendingCGBD
Share
0.9%
Value
$231,091
Shares
21,946
Held
Blackrock Credit Allocation Income TrustBTZ
Share
0.9%
Value
$227,008
Shares
22,212
Held
Apollo Global ManagementAPO
Share
0.9%
Value
$224,505
Shares
1,898
Held
Blue Owl CapitalOBDC
Share
0.9%
Value
$217,933
Shares
20,049
+91%
Blackstone Secured Lending FundBXSL
Share
0.8%
Value
$205,376
Shares
8,662
New
Palmer Square Capital BDCPSBD
Share
0.8%
Value
$202,638
Shares
19,447
New
SLR InvestmentSLRC
Share
0.8%
Value
$194,381
Shares
15,714
New
Cohen & Steers Quality Income Realty FundRQI
Share
0.7%
Value
$189,845
Shares
15,422
+3%
Crescent Capital BDCCCAP
Share
0.7%
Value
$169,555
Shares
15,527
+4%
BlackRock Multi-Sector Income TrustBIT
Share
0.7%
Value
$165,875
Shares
13,249
+3%
Templeton Emerging Markets Income FundTEI
Share
0.6%
Value
$148,641
Shares
22,054
+5%
Nuveen Quality Municipal Income FundNAD
Share
0.6%
Value
$141,989
Shares
11,715
Held
Alliancebernstein National Municipal Income FundAFB
Share
0.5%
Value
$139,249
Shares
12,204
Held
Nuveen AMT Free Qlty MUNXNEAX
Share
0.5%
Value
$138,508
Shares
11,798
Held
Eaton Vance Municipal Bond FundEIM
Share
0.5%
Value
$131,606
Shares
13,213
Held
U S Global InvestorsGROW
Share
0.5%
Value
$125,397
Shares
40,191
-2%
SelectQuoteSLQT
Share
0.4%
Value
$98,119
Shares
116,656
Held
TriplePoint Venture Growth BDCTPVG
Share
0.4%
Value
$95,716
Shares
19,494
New
CION InvestmentCION
Share
0.4%
Value
$90,958
Shares
14,600
Held
BlackRock TCP CapitalTCPC
Share
0.3%
Value
$83,049
Shares
24,717
New
Advanced Flower CapitalAFCG
Share
0.3%
Value
$80,600
Shares
26,000
Held

Company	Share of fund	Value	Shares	Change
Trinity CapitalTRIN	11.9%	$3m	170,293	Held
Capital SouthwestCSWC	7.5%	$2m	80,072	+2%
Vici PropertiesVICI	5.6%	$1m	53,471	+9%
Alphatec Hldgs	5.4%	$1m	1,453,000	+108%
Main Street CapitalMAIN	4.5%	$1m	21,907	+16%
SM EnergySM	3.8%	$976,119	37,399	Held
Hercules CapitalHTGC	3.7%	$937,779	59,466	+45%
Capital Southwest	3.6%	$918,320	883,000	-92%
Blue Owl CapitalOWL	3.5%	$896,779	102,489	+18%
Carlyle GroupCG	3.1%	$784,371	18,627	Held
Wisdomtree	2.9%	$746,976	496,000	-9%
Innovative Industrial PropertiesIIPR	2.4%	$619,800	10,000	+105%
Rithm CapitalRITM	2.4%	$616,269	65,630	Held
State STR Spdr S&P 500 ETF TSPY	2.4%	$602,073	806	Held
Ares CapitalARCC	1.8%	$463,306	25,003	+127%
Vanguard Intl Equity Index FVWO	1.8%	$458,919	7,688	Held
Ishares TREFA	1.7%	$444,799	4,282	Held
Ford MotorF	1.7%	$434,764	31,278	New
Lyft	1.6%	$408,330	390,000	+95%
WisdomTreeWT	1.5%	$370,783	21,888	+16%
Adams Diversified Equity FundADX	1.3%	$339,355	13,282	Held
Runway Growth FinanceRWAY	1.2%	$318,480	56,770	+306%
EzcorpEZPW	1.2%	$316,039	9,142	Held
Calamos Strategic Total Return FundCSQ	1.2%	$313,545	15,250	+3%
Nexpoint Diversified Real Estate TrustNXDT	1.2%	$310,347	59,797	+2%
Virtus Equity & Conv Incm FDXNIEX	1.2%	$295,416	10,998	Held
Gabelli Divid & Income TRXGDVX	1.1%	$276,339	9,399	+4%
Eaton Vance TAX Advt DIVXEVTX	1.0%	$258,726	9,347	+4%
Invesco QQQ TRQQQ	1.0%	$256,775	349	Held
Alliancebernstein Global HIGXAWFX	1.0%	$255,323	24,789	Held
Blackrock Corporate High Yield FundHYT	0.9%	$234,308	27,372	+3%
Dick's Sporting GoodsDKS	0.9%	$232,934	1,027	-50%
John Hancock Tax-Advantaged Dividend Income FundHTD	0.9%	$232,676	9,128	+4%
Carlyle Secured LendingCGBD	0.9%	$231,091	21,946	Held
Blackrock Credit Allocation Income TrustBTZ	0.9%	$227,008	22,212	Held
Apollo Global ManagementAPO	0.9%	$224,505	1,898	Held
Blue Owl CapitalOBDC	0.9%	$217,933	20,049	+91%
Blackstone Secured Lending FundBXSL	0.8%	$205,376	8,662	New
Palmer Square Capital BDCPSBD	0.8%	$202,638	19,447	New
SLR InvestmentSLRC	0.8%	$194,381	15,714	New
Cohen & Steers Quality Income Realty FundRQI	0.7%	$189,845	15,422	+3%
Crescent Capital BDCCCAP	0.7%	$169,555	15,527	+4%
BlackRock Multi-Sector Income TrustBIT	0.7%	$165,875	13,249	+3%
Templeton Emerging Markets Income FundTEI	0.6%	$148,641	22,054	+5%
Nuveen Quality Municipal Income FundNAD	0.6%	$141,989	11,715	Held
Alliancebernstein National Municipal Income FundAFB	0.5%	$139,249	12,204	Held
Nuveen AMT Free Qlty MUNXNEAX	0.5%	$138,508	11,798	Held
Eaton Vance Municipal Bond FundEIM	0.5%	$131,606	13,213	Held
U S Global InvestorsGROW	0.5%	$125,397	40,191	-2%
SelectQuoteSLQT	0.4%	$98,119	116,656	Held
TriplePoint Venture Growth BDCTPVG	0.4%	$95,716	19,494	New
CION InvestmentCION	0.4%	$90,958	14,600	Held
BlackRock TCP CapitalTCPC	0.3%	$83,049	24,717	New
Advanced Flower CapitalAFCG	0.3%	$80,600	26,000	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 42.1% since 30 June 2025.

Where the money is

Real estate11.6%

Financial services9.8%

Retail & consumer3.9%

Energy3.8%

Other70.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.