TECTONIC ADVISORS LLC

FRISCO, TX · CIK 1859918 · 13F filing filed 2026-07-15

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$5.1bn
Staff6 · 3 in investment roles
Main clients (by assets)High net worth individuals 45%, Private funds 44%, Individuals 9%
Form ADV · 2026-03-30SEC adviser record

$2.1bn reported value +10.0% vs Q1 2026

289positions

42.0%in top 10

39 new 159 added 88 reduced 17 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

CAIN, WATTERS & ASSOCIATES, LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

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	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	230,868	$158.6m7.62%	7.62%	Added +10.3k	+10,326 4.7%
2	PIMCO ETF TR ACTIVE BD ETF BOND	BOND	1,670,377	$154.0m7.40%	7.40%	Added +46.7k	+46,685 2.9%
3	ISHARES TR CORE S&P500 ETF IVV	IVV	143,909	$107.8m5.18%	5.18%	Added +8.0k	+8,004 5.9%
4	SSGA ACTIVE ETF TR SPDR TR TACTIC TOTL	TOTL	2,646,939	$104.5m5.02%	5.02%	Added +106.1k	+106,065 4.2%
5	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	965,257	$84.8m4.08%	4.08%	Reduced -10.5k	-10,529 -1.1%
6	ADVISORS INNER CIRCLE FD III GQG US EQUITY ET GQGU	GQGU	2,995,212	$76.1m3.66%	3.66%	Added +85.9k	+85,933 3.0%
7	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	827,709	$59.0m2.83%	2.83%	Added +31.5k	+31,481 4.0%
8	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	620,482	$45.5m2.19%	2.19%	Added +35.4k	+35,354 6.0%
9	TOUCHSTONE ETF TRUST TOUCHSTONE INTL TLCI	TLCI	1,669,435	$45.0m2.16%	2.16%	Added +40.7k	+40,687 2.5%
10	ISHARES TR CORE US AGGBD ET AGG	AGG	387,622	$38.4m1.84%	1.84%	Added +27.1k	+27,142 7.5%
11	SPDR SER TR BLOOMBERG 1-3 MO BIL	BIL	361,403	$33.1m1.59%	1.59%	Added +23.1k	+23,100 6.8%
12	TCW ETF TRUST FLEXIBLE INCOME FLXR	FLXR	751,867	$29.5m1.42%	1.42%	Added +64.7k	+64,663 9.4%
13	VANGUARD INDEX FDS MID CAP ETF VO	VO	355,628	$28.7m1.38%	1.38%	Added +17.3k	+17,344 5.1%
14	VANGUARD INDEX FDS SMALL CP ETF VB	VB	81,125	$24.6m1.18%	1.18%	Added +2.9k	+2,861 3.7%
15	UNIFIED SER TR ABSLUTE SELCT VL ABEQ	ABEQ	610,683	$22.7m1.09%	1.09%	Reduced -1.7k	-1,713 -0.3%
16	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	235,265	$22.7m1.09%	1.09%	Added +8.9k	+8,923 3.9%
17	CISCO SYS INC COM CSCO	CSCO	176,540	$20.7m1.00%	1.00%	Reduced -18.4k	-18,419 -9.4%
18	IRON MTN INC DEL COM IRM	IRM	162,401	$20.5m0.99%	0.99%	Reduced -3.4k	-3,413 -2.1%
19	ONEOK INC NEW COM OKE	OKE	218,326	$19.0m0.91%	0.91%	Added +8.1k	+8,078 3.8%
20	ENBRIDGE INC COM ENB	ENB	330,075	$17.9m0.86%	0.86%	Added +11.4k	+11,382 3.6%
21	NNN REIT INC COM NNN	NNN	379,607	$17.7m0.85%	0.85%	Added +21.2k	+21,209 5.9%
22	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	62,345	$17.5m0.84%	0.84%	Added +4.0k	+4,031 6.9%
23	CLEARWAY ENERGY INC CL C CWEN	CWEN	502,698	$17.2m0.83%	0.83%	New
24	ISHARES TR CORE MSCI EAFE IEFA	IEFA	174,341	$16.8m0.81%	0.81%	Added +10.1k	+10,055 6.1%
25	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	281,539	$16.8m0.81%	0.81%	Added +10.0k	+9,959 3.7%
26	ISHARES TR CRE U S REIT ETF USRT	USRT	252,344	$16.8m0.81%	0.81%	Added +8.4k	+8,404 3.5%
27	ALTRIA GROUP INC COM MO	MO	232,965	$16.8m0.81%	0.81%	Added +8.3k	+8,260 3.7%
28	ISHARES TR CORE INTL AGGR IAGG	IAGG	327,808	$16.6m0.80%	0.80%	Reduced -11.5k	-11,500 -3.4%
29	MERCK & CO INC COM MRK	MRK	126,684	$16.3m0.78%	0.78%	Added +511	+511 0.4%
30	SPDR SER TR BLOOMBERG INTL T BWX	BWX	744,825	$16.1m0.78%	0.78%	Unchanged
31	HERCULES CAPITAL INC COM HTGC	HTGC	1,006,408	$15.9m0.76%	0.76%	Added +113.3k	+113,306 12.7%
32	ABBVIE INC COM ABBV	ABBV	62,682	$15.8m0.76%	0.76%	Added +4.9k	+4,928 8.5%
33	MPLX LP COM UNIT REP LTD MPLX	MPLX	278,156	$15.7m0.75%	0.75%	Added +15.5k	+15,521 5.9%
34	ARES CAPITAL CORP COM ARCC	ARCC	844,971	$15.7m0.75%	0.75%	Added +97.3k	+97,333 13.0%
35	VERIZON COMMUNICATIONS INC COM VZ	VZ	367,424	$15.6m0.75%	0.75%	Added +21.8k	+21,800 6.3%
36	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	420,613	$15.5m0.74%	0.74%	Added +15.3k	+15,253 3.8%
37	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	793,525	$15.2m0.73%	0.73%	Added +36.6k	+36,581 4.8%
38	GLOBAL X FDS GLBL X MLP ETF MLPA	MLPA	277,970	$14.8m0.71%	0.71%	Added +7.7k	+7,706 2.9%
39	ALPS ETF TR ALERIAN MLP AMLP	AMLP	280,210	$14.5m0.70%	0.70%	Added +7.5k	+7,512 2.8%
40	SIXTH STREET SPECIALTY LENDI COM TSLX	TSLX	845,203	$14.5m0.70%	0.70%	Added +117.1k	+117,104 16.1%
41	BROADCOM INC COM AVGO	AVGO	37,786	$14.3m0.69%	0.69%	Reduced -378	-378 -1.0%
42	MSC INDL DIRECT INC CL A MSM	MSM	117,272	$13.9m0.67%	0.67%	Added +39	+39 0.0%
43	WP CAREY INC COM WPC	WPC	193,656	$13.8m0.67%	0.67%	Added +9.7k	+9,682 5.3%
44	ISHARES TR CORE S&P SCP ETF IJR	IJR	93,112	$13.8m0.66%	0.66%	Added +5.7k	+5,700 6.5%
45	ISHARES TR CORE S&P MCP ETF IJH	IJH	178,520	$13.8m0.66%	0.66%	Added +10.8k	+10,750 6.4%
46	REALTY INCOME CORP COM O	O	220,758	$13.7m0.66%	0.66%	Added +13.6k	+13,587 6.6%
47	HASBRO INC COM HAS	HAS	164,140	$13.6m0.65%	0.65%	Added +11.5k	+11,549 7.6%
48	GILEAD SCIENCES INC COM GILD	GILD	101,557	$12.8m0.62%	0.62%	Added +5.7k	+5,699 6.0%
49	AT&T INC COM T	T	611,913	$12.7m0.61%	0.61%	Added +65.2k	+65,238 11.9%
50	CONSOLIDATED EDISON INC COM ED	ED	113,314	$12.5m0.60%	0.60%	Added +6.1k	+6,098 5.7%
51	DELL TECHNOLOGIES INC CL C DELL	DELL	28,288	$12.2m0.59%	0.59%	Reduced -17.0k	-16,969 -37.5%
52	DUKE ENERGY CORP NEW COM NEW DUK	DUK	95,497	$12.1m0.58%	0.58%	Added +6.3k	+6,302 7.1%
53	VICI PPTYS INC COM VICI	VICI	450,505	$12.0m0.57%	0.57%	Added +49.6k	+49,601 12.4%
54	COCA COLA CO COM KO	KO	146,682	$11.9m0.57%	0.57%	Added +6.3k	+6,295 4.5%
55	CRH PLC ORD CRH	CRH	104,892	$11.2m0.54%	0.54%	Reduced -759	-759 -0.7%
56	WISDOMTREE TR FLOATNG RAT TREA USFR	USFR	216,472	$10.9m0.52%	0.52%	Reduced -30.3k	-30,274 -12.3%
57	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	139,574	$10.9m0.52%	0.52%	Added +1.6k	+1,560 1.1%
58	BLOCK H & R INC COM HRB	HRB	280,725	$10.7m0.51%	0.51%	Added +28.8k	+28,790 11.4%
59	PAYCHEX INC COM PAYX	PAYX	108,185	$10.6m0.51%	0.51%	Added +13.1k	+13,065 13.7%
60	PROCTER AND GAMBLE CO COM PG	PG	71,369	$10.5m0.50%	0.50%	Added +6.9k	+6,905 10.7%
61	PFIZER INC COM PFE	PFE	432,091	$10.4m0.50%	0.50%	Added +31.5k	+31,491 7.9%
62	PEPSICO INC COM PEP	PEP	74,085	$10.0m0.48%	0.48%	Added +5.8k	+5,789 8.5%
63	CLEAN HARBORS INC COM CLH	CLH	33,511	$10.0m0.48%	0.48%	Reduced -11.5k	-11,471 -25.5%
64	SOMNIGROUP INTERNATIONAL INC COM SGI	SGI	119,701	$9.4m0.45%	0.45%	Reduced -5.1k	-5,075 -4.1%
65	HEALTHEQUITY INC COM HQY	HQY	100,323	$9.1m0.44%	0.44%	Added +17.5k	+17,492 21.1%
66	KIRBY CORP COM KEX	KEX	65,917	$9.0m0.43%	0.43%	Reduced -1.8k	-1,795 -2.6%
67	CAPITAL SOUTHWEST CORP COM CSWC	CSWC	355,370	$8.4m0.41%	0.41%	New
68	PINNACLE FINL PARTNERS INC COM PNFP	PNFP	80,494	$8.1m0.39%	0.39%	Added +11.8k	+11,845 17.2%
69	MAIN STR CAP CORP COM MAIN	MAIN	145,445	$7.5m0.36%	0.36%	New
70	MASCO CORP COM MAS	MAS	92,703	$7.5m0.36%	0.36%	Reduced -2.2k	-2,242 -2.4%
71	AUTOZONE INC COM AZO	AZO	2,279	$7.3m0.35%	0.35%	Added +12	+12 0.5%
72	POOL CORP COM POOL	POOL	32,984	$7.1m0.34%	0.34%	New
73	RB GLOBAL INC COM RBA	RBA	60,735	$7.1m0.34%	0.34%	Reduced -986	-986 -1.6%
74	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	108,556	$6.7m0.32%	0.32%	Added +98.7k	+98,749 1006.9%
75	CIENA CORP COM NEW CIEN	CIEN	13,139	$6.4m0.31%	0.31%	Reduced -5.4k	-5,438 -29.3%
76	GENERAC HLDGS INC COM GNRC	GNRC	20,469	$6.0m0.29%	0.29%	Added +1.0k	+1,031 5.3%
77	LKQ CORP COM LKQ	LKQ	198,631	$5.2m0.25%	0.25%	Reduced -133.2k	-133,195 -40.1%
78	BRUNSWICK CORP COM BC	BC	61,736	$5.2m0.25%	0.25%	Reduced -1.3k	-1,276 -2.0%
79	VANGUARD WORLD FD EXTENDED DUR EDV	EDV	74,544	$4.9m0.23%	0.23%	Added +2.5k	+2,539 3.5%
80	APPLIED MATLS INC COM AMAT	AMAT	6,438	$4.7m0.22%	0.22%	Reduced -3.4k	-3,366 -34.3%
81	KLA CORP COM NEW KLAC	KLAC	14,789	$4.5m0.21%	0.21%	Reduced -5.2k	-5,161 -25.9%
82	GOLDMAN SACHS ETF TR ACCES TREASURY GBIL	GBIL	44,213	$4.4m0.21%	0.21%	Reduced -19.8k	-19,765 -30.9%
83	ISHARES TR RUS MDCP VAL ETF IWS	IWS	23,289	$3.8m0.18%	0.18%	Added +888	+888 4.0%
84	APPLE INC COM AAPL	AAPL	13,016	$3.8m0.18%	0.18%	Reduced -58	-58 -0.4%
85	PROGRESSIVE CORP COM PGR	PGR	17,125	$3.7m0.18%	0.18%	Reduced -1.6k	-1,584 -8.5%
86	MICROSOFT CORP COM MSFT	MSFT	9,917	$3.7m0.18%	0.18%	Added +1.6k	+1,604 19.3%
87	VANGUARD INTL EQUITY INDEX F FTSE SMCAP ETF VSS	VSS	21,945	$3.4m0.16%	0.16%	Added +494	+494 2.3%
88	ACADEMY SPORTS & OUTDOORS IN COM ASO	ASO	69,272	$3.3m0.16%	0.16%	Reduced -49	-49 -0.1%
89	DIAMONDBACK ENERGY INC COM FANG	FANG	16,522	$2.9m0.14%	0.14%	Added +45	+45 0.3%
90	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	5,562	$2.8m0.13%	0.13%	Added +425	+425 8.3%
91	GARRETT MOTION INC COM GTX	GTX	76,432	$2.8m0.13%	0.13%	Reduced -10.7k	-10,674 -12.2%
92	HP INC COM HPQ	HPQ	123,697	$2.7m0.13%	0.13%	Added +12.3k	+12,323 11.1%
93	EAGLE MATLS INC COM EXP	EXP	11,896	$2.7m0.13%	0.13%	Reduced -99	-99 -0.8%
94	BANC OF CALIFORNIA INC COM BANC	BANC	124,201	$2.5m0.12%	0.12%	Reduced -45.9k	-45,918 -27.0%
95	POWELL INDS INC COM POWL	POWL	8,853	$2.5m0.12%	0.12%	Reduced -1.5k	-1,452 -14.1%
96	ALPHABET INC CAP STK CL A GOOGL	GOOGL	6,945	$2.5m0.12%	0.12%	Reduced -825	-825 -10.6%
97	PEMBINA PIPELINE CORP COM PBA	PBA	53,454	$2.5m0.12%	0.12%	Added +4.2k	+4,171 8.5%
98	KINDER MORGAN INC DEL COM KMI	KMI	77,308	$2.5m0.12%	0.12%	Added +8.0k	+7,969 11.5%
99	ROPER TECHNOLOGIES INC COM ROP	ROP	6,964	$2.4m0.11%	0.11%	Added +1.3k	+1,251 21.9%
100	ORACLE CORP COM ORCL	ORCL	15,981	$2.3m0.11%	0.11%	Added +3.7k	+3,704 30.2%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CLEARWAY ENERGY INC		496,997	$19.5m497.0k shares
FIRST HORIZON CORPORATION FHN	FHN	188,404	$4.3m188.4k shares
AMERICAN HOMES 4 RENT AMH	AMH	90,808	$2.5m90.8k shares
I3 VERTICALS INC IIIV	IIIV	98,277	$2.2m98.3k shares
STRATUS PPTYS INC STRS	STRS	60,197	$1.8m60.2k shares
SHOE CARNIVAL INC SHOE	SHOE	113,904	$1.8m113.9k shares
TAYLOR MORRISON HOME CORP TMHC	TMHC	25,445	$1.5m25.4k shares
GREENBRIER COS INC GBX	GBX	21,646	$1.1m21.6k shares
CORE NATURAL RESOURCES INC CNR	CNR	9,643	$1.0m9.6k shares
WHIRLPOOL CORP WHR	WHR	15,627	$842.6k15.6k shares
COTERRA ENERGY INC CTRA	CTRA	20,880	$733.7k20.9k shares
HONEYWELL INTL INC		1,558	$704.3k1.6k shares
SYSCO CORP SYY	SYY	5,744	$409.7k5.7k shares
JANUS DETROIT STR TR JAAA	JAAA	5,574	$280.7k5.6k shares
JANUS DETROIT STR TR VNLA	VNLA	5,666	$276.9k5.7k shares
FB FINL CORP FBK	FBK	4,917	$255.4k4.9k shares
INVESCO EXCHANGE TRADED FD T RSP	RSP	1,136	$218.0k1.1k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
UNIFIED SER TR ABEQ · 13G · filed 2025-05-09	ABEQ	23.1%≈ $24.5m		13G	2025-05-09