SMH Capital Advisors Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), SMH Capital Advisors Inc. reported 46 stock positions worth $44.1 million. Its top holding was Capital Southwest Corp. (cswc 5.125 11/15/29) at 28.6% of the portfolio, followed by Wisdomtree Investments (wt 3.25 06/15/26) (23.5%) and Trinity Capital (TRIN, 4.3%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 11 and reduced 26. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Ezcorp Inc. (ezpw 2.375 05/01/25).
- Most Recent 13F
- Q2 2026
- Location
- FORT WORTH, TX
- CIK
- 0001180391
- Portfolio Value
- $44.1M (Q2 2025)
- SEC Filing
- 0001085146-25-004589 ↗ filed Aug 6, 2025
Holdings Value
Holdings 46 stocks · $44.1M
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | 28.58% | 12,811,000 | $12.6M | Add +7.3% |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | 23.45% | 9,348,000 | $10.3M | No change |
| TRIN Trinity Capital Inc. | 4.33% | 135,485 | $1.9M | Reduce -0.4% |
| WISDOMTREE INC (WT 5.75 08/15/28) | 4.32% | 1,450,000 | $1.9M | No change |
| SPHY SS SPDR P High Yield ETF | 3.35% | 62,000 | $1.5M | Add +106.7% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 3.04% | 41,070 | $1.3M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.66% | 1,896 | $1.2M | New |
| MAIN Main Street Capital Corp. | 2.50% | 18,630 | $1.1M | Reduce -0.7% |
| CSWC Capital Southwest Corp. | 2.26% | 45,215 | $997K | Reduce -1.7% |
| CG The Carlyle Group Inc. | 2.22% | 19,052 | $979K | Reduce -1.9% |
| OWL Blue Owl Capital Inc. | 1.51% | 34,746 | $667K | New |
| CIVI Civitas Resources Inc. | 1.29% | 20,694 | $570K | Reduce -0.1% |
| DKS Dick's Sporting Goods Inc. | 1.22% | 2,723 | $539K | New |
| PNNT Pennantpark Investment Corp. | 1.06% | 68,210 | $467K | No change |
| VZ Verizon Communications Inc. | 1.05% | 10,735 | $464K | Reduce -1.4% |
| PSEC Prospect Capital Corp. | 1.05% | 145,536 | $463K | Reduce -0.6% |
| CODI Compass Diversified Holdings | 1.04% | 73,293 | $460K | Reduce -4.3% |
| O Realty Income Corp. | 1.00% | 7,685 | $443K | Reduce -0.2% |
| RITM Rithm Capital Corp. | 0.87% | 34,114 | $385K | Add +0.1% |
| VWO Vanguard Ftse Emerging Marke | 0.87% | 7,736 | $383K | Add +0.1% |
| EFA iShares MSCI Eafe ETF | 0.86% | 4,250 | $380K | Add +0.4% |
| HASI Ha Sustainable Infrastructur | 0.84% | 13,786 | $370K | Reduce -0.4% |
| CGBD Carlyle Secured Lending Inc. | 0.68% | 21,925 | $300K | New |
| ADX Adams Diversified Equity | 0.64% | 13,069 | $284K | Reduce -1.4% |
| CSQ Calamos Strat TTL RTRN FND | 0.62% | 14,922 | $272K | Reduce -1.4% |
| XAWFX Alliancebernstein GL Hi Inc. | 0.59% | 23,725 | $262K | Reduce -1.4% |
| GROW U.S. Global Investors Inc. Class A | 0.59% | 100,410 | $261K | Reduce -2.2% |
| VCTR Victory Capital Holding - A | 0.59% | 4,091 | $260K | Reduce -11.6% |
| HYT BlackRock Corp. Hi YLD | 0.58% | 26,126 | $255K | Reduce -1.1% |
| XNIEX Virtus Equity & Convertible | 0.57% | 10,545 | $252K | Reduce -0.9% |
| NXDT Nexpoint Diversified Real Es | 0.56% | 58,774 | $246K | Add +2.0% |
| BTZ BlackRock Credit Allocation | 0.54% | 21,831 | $238K | Reduce -1.0% |
| XGDVX Gabelli Dividend & Income TR | 0.53% | 9,046 | $235K | Reduce -3.2% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.49% | 8,884 | $214K | Reduce -1.9% |
| HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED | 0.46% | 8,728 | $204K | Reduce -2.2% |
| WT Wisdomtree Inc. | 0.44% | 16,893 | $194K | Reduce -4.3% |
| RQI Cohen & Steers Qual Inc. RLTY | 0.42% | 14,725 | $183K | Reduce -1.4% |
| BIT BlackRock Multi-Sector Inc. | 0.41% | 12,416 | $181K | Reduce -1.6% |
| NAD Nuveen Quality Municipal Inc. | 0.31% | 12,115 | $137K | Add +2.3% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.30% | 12,201 | $133K | Add +2.4% |
| EIM Eaton Vance Municipal Bond | 0.30% | 13,620 | $132K | Add +2.4% |
| AFB Allianceberstein NTL Muni | 0.29% | 12,609 | $130K | Add +2.4% |
| TEI Templeton Emrg MKTS Inc. | 0.28% | 20,498 | $123K | Reduce -2.2% |
| AFCG Advanced Flower Capital Inc. | 0.26% | 26,000 | $116K | No change |
| ONL Orion Properties Inc. | 0.10% | 21,281 | $45K | Add +0.1% |
| HELLO GROUP INC (MOMO 1.25 07/01/25) | 0.02% | 10,000 | $10K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| EZCORP INC (EZPW 2.375 05/01/25) | Sold out | 0.00% | −4.36 |
| CODI Compass Diversified Holdings | Reduce -4.3% | 1.04% | −2.28 |
| T AT&T Inc. | Sold out | 0.00% | −1.73 |
| ENB Enbridge Inc. | Sold out | 0.00% | −1.50 |
| TRIN Trinity Capital Inc. | Reduce -0.4% | 4.33% | −0.46 |
| CIVI Civitas Resources Inc. | Reduce -0.1% | 1.29% | −0.39 |
| PSEC Prospect Capital Corp. | Reduce -0.6% | 1.05% | −0.34 |
| CSWC Capital Southwest Corp. | Reduce -1.7% | 2.26% | −0.12 |
| HASI Ha Sustainable Infrastructur | Reduce -0.4% | 0.84% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -1.4% | 1.05% | −0.09 |
| VICI Vici Properties Inc. | Reduce -0.3% | 3.04% | −0.08 |
| O Realty Income Corp. | Reduce -0.2% | 1.00% | −0.03 |
| HTD John Hancock Tax Adv DVD Inc. | Reduce -2.2% | 0.46% | −0.03 |
| VCTR Victory Capital Holding - A | Reduce -11.6% | 0.59% | −0.03 |
| RQI Cohen & Steers Qual Inc. RLTY | Reduce -1.4% | 0.42% | −0.02 |
| BIT BlackRock Multi-Sector Inc. | Reduce -1.6% | 0.41% | −0.01 |
| HYT BlackRock Corp. Hi YLD | Reduce -1.1% | 0.58% | −0.01 |
| BTZ BlackRock Credit Allocation | Reduce -1.0% | 0.54% | −0.01 |
| XAWFX Alliancebernstein GL Hi Inc. | Reduce -1.4% | 0.59% | −0.01 |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | Reduce -1.9% | 0.49% | −0.00 |
| XGDVX Gabelli Dividend & Income TR | Reduce -3.2% | 0.53% | +0.01 |
| TEI Templeton Emrg MKTS Inc. | Reduce -2.2% | 0.28% | +0.02 |
| XNIEX Virtus Equity & Convertible | Reduce -0.9% | 0.57% | +0.02 |
| MAIN Main Street Capital Corp. | Reduce -0.7% | 2.50% | +0.03 |
| CSQ Calamos Strat TTL RTRN FND | Reduce -1.4% | 0.62% | +0.05 |
| GROW U.S. Global Investors Inc. Class A | Reduce -2.2% | 0.59% | +0.05 |
| ADX Adams Diversified Equity | Reduce -1.4% | 0.64% | +0.06 |
| WT Wisdomtree Inc. | Reduce -4.3% | 0.44% | +0.08 |
| CG The Carlyle Group Inc. | Reduce -1.9% | 2.22% | +0.26 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 2.66% | +2.66 |
| SPHY SS SPDR P High Yield ETF | Add +106.7% | 3.35% | +1.72 |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | Add +7.3% | 28.58% | +1.66 |
| OWL Blue Owl Capital Inc. | New | 1.51% | +1.51 |
| DKS Dick's Sporting Goods Inc. | New | 1.22% | +1.22 |
| CGBD Carlyle Secured Lending Inc. | New | 0.68% | +0.68 |
| EFA iShares MSCI Eafe ETF | Add +0.4% | 0.86% | +0.06 |
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 0.87% | +0.06 |
| NXDT Nexpoint Diversified Real Es | Add +2.0% | 0.56% | +0.05 |
| ONL Orion Properties Inc. | Add +0.1% | 0.10% | −0.00 |
| NAD Nuveen Quality Municipal Inc. | Add +2.3% | 0.31% | −0.01 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +2.4% | 0.30% | −0.01 |
| EIM Eaton Vance Municipal Bond | Add +2.4% | 0.30% | −0.01 |
| AFB Allianceberstein NTL Muni | Add +2.4% | 0.29% | −0.02 |
| RITM Rithm Capital Corp. | Add +0.1% | 0.87% | −0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 54 | $25.5M | TRIN, CSWC, VICI, ALPHATEC HOLDINGS INC (ATEC 0.75 03/15/30), MAIN |
| Q1 2026Amended | 56 | $35.4M | CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), TRIN, CSWC, VICI, RIOT PLATFORMS INC (RIOT 0.75 01/15/30) |
| Q4 2025 | 55 | $49.1M | CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), TRIN, SPHY, CSWC |
| Q3 2025 | 51 | $49.0M | CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), SPHY, TRIN, CSWC |
| Q2 2025 | 46 | $44.1M | CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), TRIN, WISDOMTREE INC (WT 5.75 08/15/28), SPHY |
| Q1 2025 | 45 | $43.0M | CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), TRIN, EZCORP INC (EZPW 2.375 05/01/25), WISDOMTREE INC (WT 5.75 08/15/28) |
| Q4 2024 | 45 | $41.4M | WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), TRIN, EZCORP INC (EZPW 2.375 05/01/25), WISDOMTREE INC (WT 5.75 08/15/28) |
| Q3 2024 | 43 | $16.2M | APO, MAIN, VICI, PSEC, CG |
| Q2 2024 | 49 | $32.7M | WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), UPSTART HOLDINGS INC (UPST 0.25 08/15/26), EZCORP INC (EZPW 2.375 05/01/25), WISDOMTREE INC (WT 5.75 08/15/28), CODI |
| Q1 2024 | 43 | $15.5M | CODI, APO, MAIN, PNNT, PSEC |