SMH Capital Advisors Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), SMH Capital Advisors Inc. reported 51 stock positions worth $49.0 million. Its top holding was Capital Southwest Corp. (cswc 5.125 11/15/29) at 24.2% of the portfolio, followed by Wisdomtree Investments (wt 3.25 06/15/26) (21.7%) and SS SPDR P High Yield ETF (SPHY, 9.7%). Compared with Q2 2025, it opened 12 new positions, sold out of 7, added to 26 and reduced 5. The biggest buy was SS SPDR P High Yield ETF (SPHY, shares +223%) and the biggest sale Capital Southwest Corp. (cswc 5.125 11/15/29) (shares −4%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0001180391
Portfolio Value
$49.0M (Q3 2025)
SEC Filing
0001180391-25-000004 ↗ filed Nov 13, 2025

Holdings Value

0$10.0M$20.0M$30.0M$40.0M$50.0M Q1 2024: $15.5M Q1 2024 Q2 2024: $32.7M Q2 2024 Q3 2024: $16.2M Q3 2024 Q4 2024: $41.4M Q4 2024 Q1 2025: $43.0M Q1 2025 Q2 2025: $44.1M Q2 2025 Q3 2025: $49.0M $49.0M Q3 2025 Q4 2025: $49.1M Q4 2025 Q1 2026: $35.4M Q1 2026 Q2 2026: $25.5M Q2 2026

Holdings 51 stocks · $49.0M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) 24.25% 12,286,000 $11.9M Reduce -4.1%
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) 21.72% 9,351,000 $10.6M Add +0.0%
SPHY SS SPDR P High Yield ETF 9.71% 200,000 $4.8M Add +222.6%
TRIN Trinity Capital Inc. 4.28% 138,961 $2.1M Add +2.6%
CSWC Capital Southwest Corp. 3.17% 76,509 $1.6M Add +69.2%
VICI Vici Properties Inc. filed as VICI PPTYS INC 2.70% 44,111 $1.3M Add +7.4%
PSEC Prospect Capital Corp. 2.38% 438,847 $1.2M Add +201.5%
OWL Blue Owl Capital Inc. 2.18% 67,902 $1.1M Add +95.4%
MAIN Main Street Capital Corp. 2.17% 18,678 $1.1M Add +0.3%
CG The Carlyle Group Inc. 2.07% 19,005 $1.0M Reduce -0.3%
CIVI Civitas Resources Inc. 1.51% 25,731 $742K Add +24.3%
HTGC Hercules Capital Inc. 1.48% 40,565 $727K New
WISDOMTREE INC (WT 3.25 08/15/29) 1.33% 548,000 $650K New
DKS Dick's Sporting Goods Inc. 1.23% 2,723 $603K No change
SPY SS SPDR S&P 500 ETF Trust-US 1.15% 824 $562K Reduce -56.5%
HPK Highpeak Energy Inc. 0.93% 68,830 $458K New
O Realty Income Corp. 0.91% 7,698 $446K Add +0.2%
VWO Vanguard Ftse Emerging Marke 0.86% 7,652 $421K Reduce -1.1%
EFA iShares MSCI Eafe ETF 0.82% 4,250 $402K No change
RITM Rithm Capital Corp. 0.80% 35,944 $394K Add +5.4%
HASI Ha Sustainable Infrastructur 0.78% 13,823 $383K Add +0.3%
FUBO Fubotv Inc. 0.76% 99,075 $375K New
ADX Adams Diversified Equity 0.63% 13,188 $307K Add +0.9%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) 0.59% 200,000 $291K New
CSQ Calamos Strat TTL RTRN FND 0.59% 15,081 $291K Add +1.1%
XNIEX Virtus Equity & Convertible 0.57% 10,689 $277K Add +1.4%
CGBD Carlyle Secured Lending Inc. 0.57% 21,925 $277K No change
XAWFX Alliancebernstein GL Hi Inc. 0.54% 24,089 $265K Add +1.5%
HYT BlackRock Corp. Hi YLD 0.52% 26,560 $253K Add +1.7%
LYFT INC (LYFT 0.625 03/01/29) 0.51% 200,000 $248K New
BTZ BlackRock Credit Allocation 0.50% 22,123 $247K Add +1.3%
SLQT Selectquote Inc. 0.50% 118,244 $246K New
XGDVX Gabelli Dividend & Income TR 0.50% 9,063 $246K Add +0.2%
IIPR Innovative Industrial Proper 0.50% 4,890 $245K New
APO Apollo Global Management Inc. 0.48% 1,875 $233K New
GROW U.S. Global Investors Inc. Class A 0.46% 91,457 $228K Reduce -8.9%
XEVTX Eaton Vance Tax-Adv DVD Inc. 0.45% 8,999 $222K Add +1.3%
HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED 0.45% 8,804 $219K Add +0.9%
QQQ Invesco QQQ Trust Series 1 0.45% 348 $219K New
AMT American Tower Corp. 0.44% 1,200 $215K New
BLACKLINE INC (BL 1 06/01/29) 0.44% 200,000 $215K New
WT Wisdomtree Inc. 0.44% 17,885 $214K Add +5.9%
NXDT Nexpoint Diversified Real Es 0.39% 60,349 $192K Add +2.7%
RQI Cohen & Steers Qual Inc. RLTY 0.37% 14,871 $180K Add +1.0%
BIT BlackRock Multi-Sector Inc. 0.34% 12,642 $167K Add +1.8%
NAD Nuveen Quality Municipal Inc. 0.30% 12,115 $145K No change
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.29% 12,201 $142K No change
AFB Allianceberstein NTL Muni 0.28% 12,609 $139K No change
EIM Eaton Vance Municipal Bond 0.28% 13,620 $136K No change
TEI Templeton Emrg MKTS Inc. 0.27% 20,864 $135K Add +1.8%
AFCG Advanced Flower Capital Inc. 0.17% 26,000 $85K No change

Portfolio Sells Q2 2025 → Q3 2025
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) Reduce -4.1% 24.25% −4.34
WISDOMTREE INC (WT 5.75 08/15/28) Sold out 0.00% −4.32
SPY SS SPDR S&P 500 ETF Trust-US Reduce -56.5% 1.15% −1.51
PNNT Pennantpark Investment Corp. Sold out 0.00% −1.06
VZ Verizon Communications Inc. Sold out 0.00% −1.05
CODI Compass Diversified Holdings Sold out 0.00% −1.04
VCTR Victory Capital Holding - A Sold out 0.00% −0.59
CG The Carlyle Group Inc. Reduce -0.3% 2.07% −0.16
GROW U.S. Global Investors Inc. Class A Reduce -8.9% 0.46% −0.13
ONL Orion Properties Inc. Sold out 0.00% −0.10
HELLO GROUP INC (MOMO 1.25 07/01/25) Sold out 0.00% −0.02
VWO Vanguard Ftse Emerging Marke Reduce -1.1% 0.86% −0.01

Portfolio Buys Q2 2025 → Q3 2025
SPHY SS SPDR P High Yield ETF Add +222.6% 9.71% +6.36
HTGC Hercules Capital Inc. New 1.48% +1.48
PSEC Prospect Capital Corp. Add +201.5% 2.38% +1.33
WISDOMTREE INC (WT 3.25 08/15/29) New 1.33% +1.33
HPK Highpeak Energy Inc. New 0.93% +0.93
CSWC Capital Southwest Corp. Add +69.2% 3.17% +0.91
FUBO Fubotv Inc. New 0.76% +0.76
OWL Blue Owl Capital Inc. Add +95.4% 2.18% +0.67
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) New 0.59% +0.59
LYFT INC (LYFT 0.625 03/01/29) New 0.51% +0.51
SLQT Selectquote Inc. New 0.50% +0.50
IIPR Innovative Industrial Proper New 0.50% +0.50
APO Apollo Global Management Inc. New 0.48% +0.48
QQQ Invesco QQQ Trust Series 1 New 0.45% +0.45
AMT American Tower Corp. New 0.44% +0.44
BLACKLINE INC (BL 1 06/01/29) New 0.44% +0.44
CIVI Civitas Resources Inc. Add +24.3% 1.51% +0.22
TEI Templeton Emrg MKTS Inc. Add +1.8% 0.27% −0.00
WT Wisdomtree Inc. Add +5.9% 0.44% −0.00
XNIEX Virtus Equity & Convertible Add +1.4% 0.57% −0.01
HTD John Hancock Tax Adv DVD Inc. Add +0.9% 0.45% −0.02
ADX Adams Diversified Equity Add +0.9% 0.63% −0.02
CSQ Calamos Strat TTL RTRN FND Add +1.1% 0.59% −0.02
XGDVX Gabelli Dividend & Income TR Add +0.2% 0.50% −0.03
XEVTX Eaton Vance Tax-Adv DVD Inc. Add +1.3% 0.45% −0.03
BTZ BlackRock Credit Allocation Add +1.3% 0.50% −0.04
TRIN Trinity Capital Inc. Add +2.6% 4.28% −0.05
RQI Cohen & Steers Qual Inc. RLTY Add +1.0% 0.37% −0.05
XAWFX Alliancebernstein GL Hi Inc. Add +1.5% 0.54% −0.05
HASI Ha Sustainable Infrastructur Add +0.3% 0.78% −0.06
HYT BlackRock Corp. Hi YLD Add +1.7% 0.52% −0.06
RITM Rithm Capital Corp. Add +5.4% 0.80% −0.07
BIT BlackRock Multi-Sector Inc. Add +1.8% 0.34% −0.07
O Realty Income Corp. Add +0.2% 0.91% −0.09
NXDT Nexpoint Diversified Real Es Add +2.7% 0.39% −0.17
MAIN Main Street Capital Corp. Add +0.3% 2.17% −0.33
VICI Vici Properties Inc. Add +7.4% 2.70% −0.34
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) Add +0.0% 21.72% −1.74

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 54$25.5MTRIN, CSWC, VICI, ALPHATEC HOLDINGS INC (ATEC 0.75 03/15/30), MAIN
Q1 2026Amended 56$35.4MCAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), TRIN, CSWC, VICI, RIOT PLATFORMS INC (RIOT 0.75 01/15/30)
Q4 2025 55$49.1MCAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), TRIN, SPHY, CSWC
Q3 2025 51$49.0MCAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), WISDOMTREE INVESTMENTS (WT 3.25 06/15/26), SPHY, TRIN, CSWC
Q2 2025 46$44.1MCAPITAL 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$43.0MCAPITAL 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$41.4MWISDOMTREE 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$16.2MAPO, MAIN, VICI, PSEC, CG
Q2 2024 49$32.7MWISDOMTREE 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$15.5MCODI, APO, MAIN, PNNT, PSEC