SMH CAPITAL ADVISORS INC

FORT WORTH, TX · CIK 1180391 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 1997 · limited liability company

Assets managed$503.1m
Staff7 · 2 in investment roles
Main clients (by assets)Pension plans 70%, Mutual funds and ETFs 20%, Individuals 6%
Main officeWeatherford, TX
Websitesmhca.com
Form ADV · 2026-09-29SEC adviser record

Legal entitySMH CAPITAL ADVISORS LLC (US)

Kindinstitutions
Others nearbyWeatherford, TX, Southlake, TX

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Weatherford, TX (main office)United States	United States
Southlake, TXUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$25.5m reported value -27.8% vs Q1 2026

54positions

52.5%in top 10

6 new 29 added 11 reduced 8 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TRINITY CAP INC COM TRIN	TRIN	170,293	$3.0m11.94%	11.94%	Reduced -810	-810 -0.5%
2	CAPITAL SOUTHWEST CORP COM CSWC	CSWC	80,072	$1.9m7.46%	7.46%	Added +1.7k	+1,708 2.2%
3	VICI PPTYS INC COM VICI	VICI	53,471	$1.4m5.56%	5.56%	Added +4.6k	+4,599 9.4%
4	ALPHATEC HLDGS INC NOTE 0.750% 3/1 ATEC 0.75 03.15.30	ATEC 0.75 03.15.30	1,453,000	$1.4m5.42%	5.42%	Added +753.0k	+753,000 107.6%
5	MAIN STR CAP CORP COM MAIN	MAIN	21,907	$1.1m4.45%	4.45%	Added +3.0k	+3,021 16.0%
6	SM ENERGY CO COM SM	SM	37,399	$976.1k3.83%	3.83%	Reduced -46	-46 -0.1%
7	HERCULES CAPITAL INC COM HTGC	HTGC	59,466	$937.8k3.68%	3.68%	Added +18.4k	+18,401 44.8%
8	CAPITAL SOUTHWEST CORP NOTE 5.125%11/1 CSWC 5.125 11.15.29	CSWC 5.125 11.15.29	883,000	$918.3k3.60%	3.60%	Reduced -10.5m	-10,511,000 -92.2%
9	BLUE OWL CAPITAL INC COM CL A OWL	OWL	102,489	$896.8k3.52%	3.52%	Added +15.4k	+15,391 17.7%
10	CARLYLE GROUP INC COM CG	CG	18,627	$784.4k3.07%	3.07%	Reduced -200	-200 -1.1%
11	WISDOMTREE INC NOTE 3.250% 8/1 WT 3.25 08.15.29	WT 3.25 08.15.29	496,000	$747.0k2.93%	2.93%	Reduced -52.0k	-52,000 -9.5%
12	INNOVATIVE INDL PPTYS INC COM IIPR	IIPR	10,000	$619.8k2.43%	2.43%	Added +5.1k	+5,110 104.5%
13	RITHM CAPITAL CORP COM NEW RITM	RITM	65,630	$616.3k2.42%	2.42%	Reduced -340	-340 -0.5%
14	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	806	$602.1k2.36%	2.36%	Reduced -14	-14 -1.7%
15	ARES CAPITAL CORP COM ARCC	ARCC	25,003	$463.3k1.82%	1.82%	Added +14.0k	+14,003 127.3%
16	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	7,688	$458.9k1.80%	1.80%	Added +2	+2 0.0%
17	ISHARES TR MSCI EAFE ETF EFA	EFA	4,282	$444.8k1.74%	1.74%	Added +15	+15 0.3%
18	FORD MTR CO COM F	F	31,278	$434.8k1.70%	1.70%	New
19	LYFT INC NOTE 0.625% 3/0 LYFT 0.625 03.01.29	LYFT 0.625 03.01.29	390,000	$408.3k1.60%	1.60%	Added +190.0k	+190,000 95.0%
20	WISDOMTREE INC COM WT	WT	21,888	$370.8k1.45%	1.45%	Added +3.0k	+2,994 15.8%
21	ADAMS DIVERSIFIED EQUITY FD COM ADX	ADX	13,282	$339.4k1.33%	1.33%	Added +126	+126 1.0%
22	RUNWAY GROWTH FINANCE CORP COM RWAY	RWAY	56,770	$318.5k1.25%	1.25%	Added +42.8k	+42,770 305.5%
23	EZCORP INC CL A NON VTG EZPW	EZPW	9,142	$316.0k1.24%	1.24%	Unchanged
24	CALAMOS STRATEGIC TOTAL RETU COM SH BEN INT CSQ	CSQ	15,250	$313.5k1.23%	1.23%	Added +456	+456 3.1%
25	NEXPOINT DIVERSIFIED REL ET COM NEW NXDT	NXDT	59,797	$310.3k1.22%	1.22%	Added +1.3k	+1,344 2.3%
26	VIRTUS EQUITY & CONV INCM FD COM XNIEX	XNIEX	10,998	$295.4k1.16%	1.16%	Added +209	+209 1.9%
27	GABELLI DIVID & INCOME TR COM XGDVX	XGDVX	9,399	$276.3k1.08%	1.08%	Added +321	+321 3.5%
28	EATON VANCE TAX ADVT DIV INC COM XEVTX	XEVTX	9,347	$258.7k1.01%	1.01%	Added +354	+354 3.9%
29	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	349	$256.8k1.01%	1.01%	Unchanged
30	ALLIANCEBERNSTEIN GLOBAL HIG COM XAWFX	XAWFX	24,789	$255.3k1.00%	1.00%	Added +263	+263 1.1%
31	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	27,372	$234.3k0.92%	0.92%	Added +709	+709 2.7%
32	DICKS SPORTING GOODS INC COM DKS	DKS	1,027	$232.9k0.91%	0.91%	Reduced -1.0k	-1,007 -49.5%
33	HANCOCK JOHN TAX-ADVANTAGED COM HTD	HTD	9,128	$232.7k0.91%	0.91%	Added +384	+384 4.4%
34	CARLYLE SECURED LENDING INC COM CGBD	CGBD	21,946	$231.1k0.91%	0.91%	Reduced -192	-192 -0.9%
35	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	22,212	$227.0k0.89%	0.89%	Added +107	+107 0.5%
36	APOLLO GLOBAL MGMT INC COM APO	APO	1,898	$224.5k0.88%	0.88%	Added +1	+1 0.1%
37	BLUE OWL CAPITAL CORPORATION COM OBDC	OBDC	20,049	$217.9k0.85%	0.85%	Added +9.5k	+9,549 90.9%
38	BLACKSTONE SECD LENDING FD COMMON STOCK BXSL	BXSL	8,662	$205.4k0.81%	0.81%	New
39	PALMER SQUARE CAPITAL BDC IN COM SHS PSBD	PSBD	19,447	$202.6k0.79%	0.79%	New
40	SLR INVESTMENT CORP COM SLRC	SLRC	15,714	$194.4k0.76%	0.76%	New
41	COHEN & STEERS QUALITY INCOM COM RQI	RQI	15,422	$189.8k0.74%	0.74%	Added +466	+466 3.1%
42	CRESCENT CAP BDC INC COM CCAP	CCAP	15,527	$169.6k0.66%	0.66%	Added +527	+527 3.5%
43	BLACKROCK MULTI SECTOR INC T COM BIT	BIT	13,249	$165.9k0.65%	0.65%	Added +341	+341 2.6%
44	TEMPLETON EMERGING MKTS INCO COM TEI	TEI	22,054	$148.6k0.58%	0.58%	Added +1.0k	+1,045 5.0%
45	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	11,715	$142.0k0.56%	0.56%	Unchanged
46	ALLIANCEBERNSTEIN NATL MUN I COM AFB	AFB	12,204	$139.2k0.55%	0.55%	Unchanged
47	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	11,798	$138.5k0.54%	0.54%	Unchanged
48	EATON VANCE MUN BD FD COM EIM	EIM	13,213	$131.6k0.52%	0.52%	Unchanged
49	U S GLOBAL INVS INC CL A GROW	GROW	40,191	$125.4k0.49%	0.49%	Reduced -889	-889 -2.2%
50	SELECTQUOTE INC COM SLQT	SLQT	116,656	$98.1k0.38%	0.38%	Reduced -1.3k	-1,261 -1.1%
51	TRIPLEPOINT VENTURE GROWTH B COM TPVG	TPVG	19,494	$95.7k0.38%	0.38%	New
52	CION INVT CORP COM CION	CION	14,600	$91.0k0.36%	0.36%	Unchanged
53	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	24,717	$83.0k0.33%	0.33%	New
54	AFC GAMMA INC COM AFCG	AFCG	26,000	$80.6k0.32%	0.32%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
RIOT PLATFORMS INC RIOT 0.75 01.15.30	RIOT 0.75 01.15.30	1,100,000	$1.3m1.1m shares
PROSPECT CAP CORP PSEC	PSEC	426,418	$1.1m426.4k shares
MARA HOLDINGS INC MARA 0 06.01.31	MARA 0 06.01.31	500,000	$458.2k500.0k shares
HA SUSTAINABLE INFRA CAP INC HASI	HASI	8,663	$318.4k8.7k shares
AMERICAN TOWER CORP NEW AMT	AMT	1,200	$207.1k1.2k shares
HIGHPEAK ENERGY INC HPK	HPK	28,354	$195.6k28.4k shares
BLACKLINE INC BL 1 06.01.29	BL 1 06.01.29	200,000	$187.7k200.0k shares
NEW MTN FIN CORP NMFC	NMFC	12,000	$93.1k12.0k shares