Adams Asset Advisors, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), Adams Asset Advisors, LLC reported 86 stock positions worth $868.1 million. Its top holding was Calumet (CLMT) at 13.2% of the portfolio, followed by Occidental Petroleum (OXY, 12.6%) and JPM Nasdaq Equity Premium (JEPQ, 7.0%). Compared with Q4 2025, it opened 5 new positions, added to 30 and reduced 16. The biggest buy was a new position in JPM Nasdaq Equity Premium (JEPQ) and the biggest sale Occidental Petroleum (OXY, shares −49%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001386929
Portfolio Value
$868.1M (Q1 2026)
SEC Filing
0001386929-26-000004 ↗ filed Apr 27, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $750.4M Q1 2024 Q2 2024: $745.0M Q2 2024 Q3 2024: $739.7M Q3 2024 Q4 2024: $763.5M Q4 2024 Q1 2025: $714.4M Q1 2025 Q2 2025: $698.7M Q2 2025 Q3 2025: $761.2M Q3 2025 Q4 2025: $748.2M Q4 2025 Q1 2026: $868.1M $868.1M Q1 2026 Q2 2026: $865.0M Q2 2026

Holdings 86 stocks · $868.1M
CLMT Calumet Inc. 13.24% 3,202,232 $115.0M Reduce -37.9%
OXY Occidental Petroleum Corp. 12.60% 1,682,753 $109.4M Reduce -48.7%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 6.95% 1,087,055 $60.4M New
SUN Sunoco LP 4.23% 565,822 $36.8M Reduce -1.0%
ET Energy Transfer LP 3.21% 1,441,757 $27.8M Add +1.4%
DMLP Dorchester Minerals LP 2.77% 888,264 $24.1M Add +9.0%
NEM Newmont Corp. 2.48% 198,962 $21.5M Reduce -1.8%
BTI British American Tob-SP ADR 2.31% 343,016 $20.1M No change
AAPL Apple Inc. 2.28% 78,074 $19.8M No change
PAA Plains All Amer Pipeline LP 2.12% 823,061 $18.4M Reduce -0.6%
C Citigroup Inc. 1.95% 149,307 $16.9M Reduce -0.7%
VLO Valero Energy Corp. 1.83% 64,384 $15.9M Reduce -1.9%
BRK.B Berkshire Hathaway Inc. Class B 1.82% 32,945 $15.8M Add +381.9%
MO Altria Group Inc. 1.79% 235,728 $15.6M No change
CMI Cummins Inc. 1.76% 28,377 $15.3M Reduce -3.0%
DINO HF Sinclair Corp. 1.75% 243,842 $15.2M No change
EPD Enterprise Products Partners 1.74% 398,768 $15.1M Add +9.3%
VZ Verizon Communications Inc. 1.70% 293,729 $14.7M Add +1.4%
CVX Chevron Corp. 1.63% 68,462 $14.2M Reduce -0.1%
WES Western Midstream Partners L 1.62% 342,105 $14.1M No change
ABBV Abbvie Inc. 1.58% 62,912 $13.7M No change
WFC Wells Fargo & Co. 1.47% 159,768 $12.7M No change
AMGN Amgen Inc. 1.46% 35,899 $12.6M No change
T AT&T Inc. 1.44% 431,239 $12.5M Reduce -0.6%
MPLX MPLX LP 1.42% 216,096 $12.3M Add +3.1%
CSCO Cisco Systems Inc. 1.40% 157,148 $12.2M No change
GS Goldman Sachs Group Inc. 1.38% 14,142 $12.0M Add +7.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.37% 243,543 $11.9M Reduce -1.8%
PFE Pfizer Inc. 1.10% 341,545 $9.6M Add +0.1%
KMB Kimberly-Clark Corp. 0.92% 83,167 $8.0M Add +4.4%
UVV Universal Corp. 0.86% 142,083 $7.5M No change
BMY Bristol-Myers Squibb Co. 0.86% 123,294 $7.5M No change
ARLP Alliance Resource Partners 0.81% 255,397 $7.1M No change
SCHD Schwab US DVD Equity ETF 0.78% 220,019 $6.8M Reduce -3.1%
PEP Pepsico Inc. 0.74% 41,647 $6.5M Add +5.7%
MSFT Microsoft Corp. 0.74% 17,324 $6.4M Add +24.4%
HRL Hormel Foods Corp. 0.74% 281,883 $6.4M Add +10.4%
WTTR Select Water Solutions Inc. 0.72% 409,161 $6.3M No change
WPC WP Carey Inc. 0.65% 82,388 $5.6M Add +12.4%
HPQ HP Inc. 0.56% 251,744 $4.8M Add +6.7%
KMI Kinder Morgan Inc. 0.53% 136,684 $4.6M No change
UPS United Parcel Service Class B 0.45% 39,924 $3.9M Add +10.8%
DKL Delek Logistics Partners LP 0.40% 70,288 $3.5M No change
MLPA Global X MLP ETF 0.39% 62,536 $3.4M Add +27.9%
GSBD Goldman Sachs BDC Inc. 0.38% 374,609 $3.3M Add +10.1%
BTU Peabody Energy Corp. 0.38% 100,000 $3.3M No change
O Realty Income Corp. 0.37% 52,465 $3.2M Add +18.5%
PG The Procter & Gamble Co. 0.35% 21,044 $3.0M Add +283.8%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.32% 22,270 $2.8M No change
NNN NNN REIT Inc. 0.30% 62,214 $2.6M Add +30.9%
WMB Williams Cos Inc. 0.29% 34,884 $2.5M No change
ENB Enbridge Inc. 0.29% 46,445 $2.5M No change
CAG Conagra Brands Inc. 0.28% 155,397 $2.4M Add +6.9%
AHRT Ah Realty Trust Inc. 0.28% 439,923 $2.4M Add +7.3%
AVGO Broadcom Inc. 0.24% 6,703 $2.1M No change
MKL Markel Group Inc. 0.23% 1,050 $2.0M New
GBDC Golub Capital BDC Inc. 0.22% 150,523 $1.9M Add +2.5%
OBDC Blue Owl Capital Corp. 0.22% 169,701 $1.9M Add +7.3%
GOOGL Alphabet Inc. Class A 0.21% 6,261 $1.8M No change
OKE Oneok Inc. 0.20% 18,941 $1.7M No change
XOM Exxon Mobil Corp. 0.20% 10,040 $1.7M No change
STWD Starwood Property Trust Inc. 0.19% 95,177 $1.6M Add +47.5%
MSDL Morgan Stanley Direct Lendin 0.18% 114,432 $1.6M Add +2.7%
PAGP Plains GP Holdings LP 0.16% 57,753 $1.4M No change
FSK FS KKR Capital Corp. 0.16% 132,384 $1.3M No change
WY Weyerhaeuser Co. 0.15% 54,313 $1.3M No change
MPT Medical Properties Trust Inc. 0.14% 271,226 $1.3M No change
SCHG Schwab US Large-Cap Growth 0.14% 41,598 $1.2M Reduce -14.7%
BXSL Blackstone Secured Lending F 0.14% 50,169 $1.2M Add +1.7%
NCDL Nuveen Churchill Direct Lend 0.13% 91,021 $1.2M Add +3.8%
META Meta Platforms Inc. Class A 0.13% 1,938 $1.1M New
OWL Blue Owl Capital Inc. 0.13% 119,496 $1.1M Add +308.8%
SPG Simon Property Group Inc. 0.12% 5,789 $1.1M No change
CCAP Crescent Capital BDC Inc. 0.11% 79,828 $970K No change
BIZD Vaneck BDC Income ETF 0.11% 74,079 $948K Reduce -2.8%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.11% 8,484 $925K Reduce -20.4%
KRP Kimbell Royalty Partners LP 0.09% 55,780 $807K New
HESM Hess Midstream LP Class A 0.09% 20,550 $799K Add +73.1%
PFFD Global X US Preferred ETF 0.08% 39,294 $723K Reduce -20.5%
JNJ Johnson & Johnson 0.07% 2,347 $574K No change
TTYP Trinity Pete TR CTF Ben Int 0.06% 10,020 $531K No change
SLV iShares Silver Trust 0.05% 7,000 $477K No change
GLP Global Partners LP 0.05% 9,860 $415K No change
KBDC Kayne Anderson BDC Inc. 0.03% 20,341 $279K No change
FFIN First Finl Bankshares Inc. 0.03% 8,760 $258K No change
DVY iShares Select Dividend ETF 0.02% 1,331 $201K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $23.3M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 468,312$20.1MNo change
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 134,902$3.3MAdd +20.0%

Total filed on the 13F, all lines: $891.5M.

Portfolio Sells Q4 2025 → Q1 2026
OXY Occidental Petroleum Corp. Reduce -48.7% 12.60% −5.44
BAC Bank of America Corp. Reduce -1.8% 1.37% −0.46
CLMT Calumet Inc. Reduce -37.9% 13.24% −0.45
C Citigroup Inc. Reduce -0.7% 1.95% −0.39
CMI Cummins Inc. Reduce -3.0% 1.76% −0.24
NEM Newmont Corp. Reduce -1.8% 2.48% −0.22
SCHG Schwab US Large-Cap Growth Reduce -14.7% 0.14% −0.07
SCHD Schwab US DVD Equity ETF Reduce -3.1% 0.78% −0.05
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -20.4% 0.11% −0.05
PFFD Global X US Preferred ETF Reduce -20.5% 0.08% −0.04
BIZD Vaneck BDC Income ETF Reduce -2.8% 0.11% −0.04
T AT&T Inc. Reduce -0.6% 1.44% +0.00
PAA Plains All Amer Pipeline LP Reduce -0.6% 2.12% +0.13
SUN Sunoco LP Reduce -1.0% 4.23% +0.23
CVX Chevron Corp. Reduce -0.1% 1.63% +0.24
VLO Valero Energy Corp. Reduce -1.9% 1.83% +0.40

Portfolio Buys Q4 2025 → Q1 2026
JEPQ JPM Nasdaq Equity Premium New 6.95% +6.95
BRK.B Berkshire Hathaway Inc. Class B Add +381.9% 1.82% +1.36
DMLP Dorchester Minerals LP Add +9.0% 2.77% +0.34
PG The Procter & Gamble Co. Add +283.8% 0.35% +0.25
MKL Markel Group Inc. New 0.23% +0.23
EPD Enterprise Products Partners Add +9.3% 1.74% +0.18
META Meta Platforms Inc. Class A New 0.13% +0.13
VZ Verizon Communications Inc. Add +1.4% 1.70% +0.12
KRP Kimbell Royalty Partners LP New 0.09% +0.09
MLPA Global X MLP ETF Add +27.9% 0.39% +0.07
ET Energy Transfer LP Add +1.4% 3.21% +0.07
OWL Blue Owl Capital Inc. Add +308.8% 0.13% +0.07
NNN NNN REIT Inc. Add +30.9% 0.30% +0.05
HESM Hess Midstream LP Class A Add +73.1% 0.09% +0.04
O Realty Income Corp. Add +18.5% 0.37% +0.04
STWD Starwood Property Trust Inc. Add +47.5% 0.19% +0.03
DVY iShares Select Dividend ETF New 0.02% +0.02
WPC WP Carey Inc. Add +12.4% 0.65% +0.01
PEP Pepsico Inc. Add +5.7% 0.74% −0.01
NCDL Nuveen Churchill Direct Lend Add +3.8% 0.13% −0.02
UPS United Parcel Service Class B Add +10.8% 0.45% −0.03
PFE Pfizer Inc. Add +0.1% 1.10% −0.03
BXSL Blackstone Secured Lending F Add +1.7% 0.14% −0.04
GSBD Goldman Sachs BDC Inc. Add +10.1% 0.38% −0.04
OBDC Blue Owl Capital Corp. Add +7.3% 0.22% −0.05
GBDC Golub Capital BDC Inc. Add +2.5% 0.22% −0.05
CAG Conagra Brands Inc. Add +6.9% 0.28% −0.05
MSDL Morgan Stanley Direct Lendin Add +2.7% 0.18% −0.06
HRL Hormel Foods Corp. Add +10.4% 0.74% −0.07
MPLX MPLX LP Add +3.1% 1.42% −0.07
AHRT Ah Realty Trust Inc. Add +7.3% 0.28% −0.08
HPQ HP Inc. Add +6.7% 0.56% −0.15
KMB Kimberly-Clark Corp. Add +4.4% 0.92% −0.15
MSFT Microsoft Corp. Add +24.4% 0.74% −0.16
GS Goldman Sachs Group Inc. Add +7.6% 1.38% −0.17

Notes & Other Activity Q4 2025 → Q1 2026
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Add +20.0% 134,902 $3.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 86$865.0MJEPQ, OXY, CLMT, SUN, ET
Q1 2026 86$868.1MCLMT, OXY, JEPQ, SUN, ET
Q4 2025 81$748.2MOXY, CLMT, SUN, ET, AAPL
Q3 2025 79$761.2MOXY, CLMT, SUN, ET, AAPL
Q2 2025Amended 78$698.7MOXY, CLMT, SUN, ET, AAPL
Q1 2025 75$714.4MOXY, CLMT, SUN, ET, AAPL
Q4 2024 75$763.5MOXY, CLMT, SUN, ET, AAPL
Q3 2024 73$739.7MOXY, CLMT, SUN, ET, AAPL
Q2 2024 71$745.0MOXY, CLMT, SUN, ET, AAPL
Q1 2024 75$750.4MOXY, CLMT, ET, DMLP, SUN