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Livermore
Livermore
ZHEN

SMH Capital Advisors Inc

SEC CIK
0001180391
Latest filing
Aug 13, 2026

The latest 13F from SMH Capital Advisors Inc covers Q2 2026 (filed Aug 13, 2026): 54 long positions worth $25.5M. The top 10 holdings make up 52.5% of the portfolio, and the largest is Trinity Capital Inc. (TRIN) at 11.9%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$1.22M
Added
29
Est. +$2.72M
Reduced
11
Est. −$11.3M
Sold out
8
Est. −$3.84M

Top 5 holdings

Share of this quarter's portfolio value

  1. TRINTrinity Capital Inc.
    11.9%$3.05MHistory
  2. CSWCCapital Southwest Corp
    7.5%$1.90MHistory
  3. VICIVici Properties Inc.
    5.6%$1.42MHistory
  4. Alphatec Hldgs Inc02081GAD4
    5.4%$1.38M
  5. MAINMain Street Capital CORP
    4.5%$1.14MHistory

Share of portfolio

Top 5 holdings and the other 49 positions, by share of portfolio value

  1. TRIN11.9%
  2. CSWC7.5%
  3. VICI5.6%
  4. Alphatec Hldgs Inc5.4%
  5. MAIN4.5%
  6. Other 49 positions65.2%

Biggest buys

New and added positions, by estimated amount bought

  1. Alphatec Hldgs Inc02081GAD4
    +$717.2KAdded
  2. FFord Motor Co
    +$434.8KNewHistory
  3. IIPRInnovative Industrial Properties Inc
    +$316.7KAddedHistory
  4. HTGCHercules Capital, Inc.
    +$290.2KAddedHistory
  5. ARCCAres Capital Corp
    +$259.5KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Alphatec Hldgs Inc02081GAD4
    +3.40 pp2.0% → 5.4%
  2. CSWCCapital Southwest Corp
    +2.56 pp4.9% → 7.5%History
  3. HTGCHercules Capital, Inc.
    +1.96 pp1.7% → 3.7%History
  4. VICIVici Properties Inc.
    +1.79 pp3.8% → 5.6%History
  5. IIPRInnovative Industrial Properties Inc
    +1.74 pp0.7% → 2.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Capital Southwest Corp140501AE7
    −$10.9MReduced
  2. Riot Platforms, Inc.767292AB1
    −$1.26MSold out
  3. PSECProspect Capital Corp
    −$1.11MSold outHistory
  4. MARA Holdings, Inc.565788AH9
    −$458.3KSold out
  5. HASIHA Sustainable Infrastructure Capital, Inc.
    −$318.4KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Capital Southwest Corp140501AE7
    −29.24 pp32.8% → 3.6%
  2. Riot Platforms, Inc.767292AB1
    −3.57 pp3.6% → 0.0%
  3. PSECProspect Capital Corp
    −3.15 pp3.1% → 0.0%History
  4. MARA Holdings, Inc.565788AH9
    −1.30 pp1.3% → 0.0%
  5. HASIHA Sustainable Infrastructure Capital, Inc.
    −0.90 pp0.9% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$25.5M
−$9.85M (−27.8%) vs. prior quarter
Positions
54
−2 vs. prior quarter
Top 10 concentration
52.5%
Top 10 as share of value
Turnover
12.9%
Q2 2026, one quarter
Average holding period
9.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $74.2M (Q2 2022)

Q1 2021: $44.8MQ2 2021: $49.7MQ3 2021: $54.4MQ4 2021: $50.5MQ1 2022: $61.6MQ2 2022: $74.2MQ3 2022: $67.0MQ4 2022: $68.6MQ1 2023: $16.8MQ2 2023: $46.2MQ3 2023: $42.8MQ4 2023: $46.1MQ1 2024: $37.1MQ2 2024: $32.7MQ3 2024: $32.4MQ4 2024: $41.4MQ1 2025: $43.0MQ2 2025: $44.1MQ3 2025: $49.0MQ4 2025: $49.1MQ1 2026: $35.4MQ2 2026: $25.5M
Q1 2021Q2 2026
13F filings of SMH Capital Advisors Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026Amended54$25.5MTRINCSWCVICIvs. Q1 2026SEC
Q1 2026Aug 13, 2026Amended56$35.4MCapital Southwest CorpTRINCSWCvs. Q4 2025SEC
Q4 2025Feb 12, 202655$49.1MCapital Southwest CorpWisdomTree Invts IncTRINvs. Q3 2025SEC
Q3 2025Nov 13, 202551$49.0MCapital Southwest CorpWisdomTree Invts IncSPDR Series Trustvs. Q2 2025SEC
Q2 2025Aug 6, 202546$44.1MCapital Southwest CorpWisdomTree Invts IncTRINvs. Q1 2025SEC
Q1 2025May 8, 202545$43.0MCapital Southwest CorpWisdomTree Invts IncTRINvs. Q4 2024SEC
Q4 2024Feb 12, 202545$41.4MWisdomTree Invts IncCapital Southwest CorpTRINvs. Q3 2024SEC
Q3 2024Nov 8, 202447$32.4MWisdomTree Invts IncUpstart Hldgs IncEzcorp Incvs. Q2 2024SEC
Q2 2024Aug 12, 202449$32.7MWisdomTree Invts IncUpstart Hldgs IncEzcorp Incvs. Q1 2024SEC
Q1 2024May 13, 202448$37.1MWisdomTree Invts IncFuboTV Inc.Ezcorp Incvs. Q4 2023SEC
Q4 2023Feb 6, 202447$46.1MNIO Inc.FuboTV Inc.WisdomTree Invts Incvs. Q3 2023SEC
Q3 2023Nov 8, 202344$42.8MNIO Inc.WisdomTree Invts IncFuboTV Inc.vs. Q2 2023SEC
Q2 2023Aug 8, 202354$46.2MNIO Inc.WisdomTree Invts IncFuboTV Inc.vs. Q1 2023SEC
Q1 2023May 15, 202351$16.8MCODIAPOXOMvs. Q4 2022SEC
Q4 2022Feb 14, 202364$68.6MMomo IncNIO Inc.WisdomTree Invts Incvs. Q3 2022SEC
Q3 2022Nov 3, 202261$67.0MMomo IncNIO Inc.WisdomTree Invts Incvs. Q2 2022SEC
Q2 2022Aug 10, 2022Amended63$74.2MMomo IncNIO Inc.WisdomTree Invts Incvs. Q1 2022SEC
Q1 2022May 4, 202256$61.6MMomo IncNIO Inc.Colony Cap Incvs. Q4 2021SEC
Q4 2021Feb 2, 202254$50.5MMomo IncColony Cap IncProspect Cap Corpvs. Q3 2021SEC
Q3 2021Oct 26, 202157$54.4MHercules Capital, Inc.Colony Cap IncProspect Cap Corpvs. Q2 2021SEC
Q2 2021Jul 29, 202158$49.7MHercules Capital, Inc.Colony Cap IncProspect Cap Corpvs. Q1 2021SEC
Q1 2021Apr 22, 202153$44.8MColony Cap IncTutor Perini CorpProspect Cap Corp–SEC