SMH CAPITAL ADVISORS INC

CIK 0001180391 · Q2 2026

13F Equity AUM

$25.5M

-27.9% QoQ

Positions

-2 QoQ

AUM Rank

#8,361

Top 95%

Skill Alpha (FF)

—

Building track record (3q)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 34.9%Top 10: 52.5%Top 20: 72.8%

TRIN11.9%

CSWC7.5%

VICI5.6%

ALPHATEC HLDGS INC5.4%

MAIN4.5%

SM3.8%

HTGC3.7%

CSWC 5.125 11/15/293.6%

OWL3.5%

CG3.1%

Others (44)47.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services74.7%

Real Estate10.7%

Unclassified5.4%

Energy3.8%

Consumer Cyclical2.6%

Other2.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 54Median: 1.05%Avg: 1.85%

0–0.5%

6(2.3%)

0.5–1%

18(13.4%)

1–3%

20(31.8%)

3–5%

6(22.1%)

5%+

4(30.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 54vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New6Increased29Decreased11Exited8

New Positions

F1.7%

+31K

BXSL0.8%

+9K

PSBD0.8%

+19K

SLRC0.8%

+16K

TPVG0.4%

+19K

TCPC0.3%

+25K

Increased

ALPHATEC HLDGS INC5.4%

+753K(+108%)

LYFT 0.625 03/01/291.6%

+190K(+95%)

RWAY1.3%

+43K(+306%)

HTGC3.7%

+18K(+45%)

OWL3.5%

+15K(+18%)

ARCC1.8%

+14K(+127%)

OBDC0.8%

+10K(+91%)

IIPR2.4%

+5K(+105%)

VICI5.6%

+5K(+9%)

MAIN4.5%

+3K(+16%)

Decreased

CSWC 5.125 11/15/293.6%

-10,511,000(-92%)

WT 3.25 08/15/292.9%

-52,000(-9%)

SLQT0.4%

-1,261(-1%)

DKS0.9%

-1,007(-50%)

GROW0.5%

-889(-2%)

TRIN11.9%

-810(-0%)

RITM2.4%

-340(-1%)

CG3.1%

-200(-1%)

CGBD0.9%

-192(-1%)

SM3.8%

-46(-0%)

Exited

-1,100,000

-426,418

-500,000

-8,663

-1,200

-28,354

-200,000

-12,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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