SMH Capital Advisors Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), SMH Capital Advisors Inc. reported 55 stock positions worth $49.1 million. Its top holding was Capital Southwest Corp. (cswc 5.125 11/15/29) at 24.5% of the portfolio, followed by Wisdomtree Investments (wt 3.25 06/15/26) (22.0%) and Trinity Capital (TRIN, 5.1%). Compared with Q3 2025, it opened 4 new positions, added to 18 and reduced 19. The biggest buy was a new position in Riot Platforms Inc. (riot 0.75 01/15/30) and the biggest sale SS SPDR P High Yield ETF (SPHY, shares −50%).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0001180391
Portfolio Value
$49.1M (Q4 2025)
SEC Filing
0001180391-26-000001 ↗ filed Feb 12, 2026

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 Q3 2025 Q4 2025: $49.1M $49.1M Q4 2025 Q1 2026: $35.4M Q1 2026 Q2 2026: $25.5M Q2 2026

Holdings 55 stocks · $49.1M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) 24.51% 12,196,000 $12.0M Reduce -0.7%
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) 22.01% 9,351,000 $10.8M No change
TRIN Trinity Capital Inc. 5.09% 170,785 $2.5M Add +22.9%
SPHY SS SPDR P High Yield ETF 4.85% 100,675 $2.4M Reduce -49.7%
CSWC Capital Southwest Corp. 3.53% 78,404 $1.7M Add +2.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC 2.81% 49,111 $1.4M Add +11.3%
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) 2.53% 1,100,000 $1.2M New
MAIN Main Street Capital Corp. 2.32% 18,884 $1.1M Add +1.1%
CG The Carlyle Group Inc. 2.27% 18,886 $1.1M Reduce -0.6%
PSEC Prospect Capital Corp. 2.25% 426,473 $1.1M Reduce -2.8%
OWL Blue Owl Capital Inc. 2.06% 67,769 $1.0M Reduce -0.2%
HTGC Hercules Capital Inc. 1.57% 41,065 $773K Add +1.2%
CIVI Civitas Resources Inc. 1.42% 25,732 $697K Add +0.0%
WISDOMTREE INC (WT 3.25 08/15/29) 1.22% 498,000 $597K Reduce -9.1%
SPY SS SPDR S&P 500 ETF Trust-US 1.14% 819 $559K Reduce -0.6%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) 0.91% 505,000 $449K New
O Realty Income Corp. 0.88% 7,699 $434K Add +0.0%
MARA HOLDINGS INC (MARA 0 06/01/31) 0.85% 500,000 $416K New
VWO Vanguard Ftse Emerging Marke 0.84% 7,686 $413K Add +0.4%
EFA iShares MSCI Eafe ETF 0.83% 4,267 $410K Add +0.4%
DKS Dick's Sporting Goods Inc. 0.82% 2,034 $403K Reduce -25.3%
RITM Rithm Capital Corp. 0.80% 35,944 $392K No change
HPK Highpeak Energy Inc. 0.66% 68,354 $324K Reduce -0.7%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) 0.65% 200,000 $319K No change
ADX Adams Diversified Equity 0.62% 12,989 $303K Reduce -1.5%
CSQ Calamos Strat TTL RTRN FND 0.58% 14,777 $284K Reduce -2.0%
CGBD Carlyle Secured Lending Inc. 0.56% 22,138 $277K Add +1.0%
HASI Ha Sustainable Infrastructur 0.56% 8,679 $273K Reduce -37.2%
APO Apollo Global Management Inc. 0.55% 1,876 $272K Add +0.1%
XNIEX Virtus Equity & Convertible 0.54% 10,689 $266K No change
XAWFX Alliancebernstein GL Hi Inc. 0.53% 24,145 $258K Add +0.2%
XGDVX Gabelli Dividend & Income TR 0.51% 9,055 $251K Reduce -0.1%
FUBO Fubotv Inc. 0.51% 98,679 $249K Reduce -0.4%
LYFT INC (LYFT 0.625 03/01/29) 0.49% 200,000 $240K No change
BTZ BlackRock Credit Allocation 0.48% 21,869 $237K Reduce -1.1%
HYT BlackRock Corp. Hi YLD 0.48% 26,563 $236K Add +0.0%
IIPR Innovative Industrial Proper 0.47% 4,890 $232K No change
XEVTX Eaton Vance Tax-Adv DVD Inc. 0.46% 9,019 $227K Add +0.2%
NXDT Nexpoint Diversified Real Es 0.46% 58,419 $224K Reduce -3.2%
WT Wisdomtree Inc. 0.44% 17,891 $218K Add +0.0%
TPG TPG Inc. 0.44% 3,400 $217K New
QQQ Invesco QQQ Trust Series 1 0.44% 348 $214K No change
BLACKLINE INC (BL 1 06/01/29) 0.43% 200,000 $211K No change
AMT American Tower Corp. 0.43% 1,200 $211K No change
HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED 0.42% 8,745 $207K Reduce -0.7%
RQI Cohen & Steers Qual Inc. RLTY 0.35% 14,896 $170K Add +0.2%
SLQT Selectquote Inc. 0.34% 117,917 $166K Reduce -0.3%
BIT BlackRock Multi-Sector Inc. 0.34% 12,685 $166K Add +0.3%
NAD Nuveen Quality Municipal Inc. 0.30% 12,115 $146K No change
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.29% 12,201 $142K No change
AFB Allianceberstein NTL Muni 0.28% 12,609 $136K No change
TEI Templeton Emrg MKTS Inc. 0.27% 20,909 $135K Add +0.2%
EIM Eaton Vance Municipal Bond 0.27% 13,620 $133K No change
GROW U.S. Global Investors Inc. Class A 0.20% 41,052 $99K Reduce -55.1%
AFCG Advanced Flower Capital Inc. 0.15% 26,000 $74K No change

Portfolio Sells Q3 2025 → Q4 2025
SPHY SS SPDR P High Yield ETF Reduce -49.7% 4.85% −4.86
DKS Dick's Sporting Goods Inc. Reduce -25.3% 0.82% −0.41
HPK Highpeak Energy Inc. Reduce -0.7% 0.66% −0.27
GROW U.S. Global Investors Inc. Class A Reduce -55.1% 0.20% −0.26
FUBO Fubotv Inc. Reduce -0.4% 0.51% −0.26
HASI Ha Sustainable Infrastructur Reduce -37.2% 0.56% −0.23
SLQT Selectquote Inc. Reduce -0.3% 0.34% −0.16
PSEC Prospect Capital Corp. Reduce -2.8% 2.25% −0.13
OWL Blue Owl Capital Inc. Reduce -0.2% 2.06% −0.12
WISDOMTREE INC (WT 3.25 08/15/29) Reduce -9.1% 1.22% −0.11
HTD John Hancock Tax Adv DVD Inc. Reduce -0.7% 0.42% −0.03
BTZ BlackRock Credit Allocation Reduce -1.1% 0.48% −0.02
CSQ Calamos Strat TTL RTRN FND Reduce -2.0% 0.58% −0.02
ADX Adams Diversified Equity Reduce -1.5% 0.62% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.6% 1.14% −0.01
XGDVX Gabelli Dividend & Income TR Reduce -0.1% 0.51% +0.01
NXDT Nexpoint Diversified Real Es Reduce -3.2% 0.46% +0.06
CG The Carlyle Group Inc. Reduce -0.6% 2.27% +0.21
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) Reduce -0.7% 24.51% +0.27

Portfolio Buys Q3 2025 → Q4 2025
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) New 2.53% +2.53
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) New 0.91% +0.91
MARA HOLDINGS INC (MARA 0 06/01/31) New 0.85% +0.85
TRIN Trinity Capital Inc. Add +22.9% 5.09% +0.81
TPG TPG Inc. New 0.44% +0.44
CSWC Capital Southwest Corp. Add +2.5% 3.53% +0.36
MAIN Main Street Capital Corp. Add +1.1% 2.32% +0.15
VICI Vici Properties Inc. Add +11.3% 2.81% +0.11
HTGC Hercules Capital Inc. Add +1.2% 1.57% +0.09
APO Apollo Global Management Inc. Add +0.1% 0.55% +0.08
EFA iShares MSCI Eafe ETF Add +0.4% 0.83% +0.01
XEVTX Eaton Vance Tax-Adv DVD Inc. Add +0.2% 0.46% +0.01
WT Wisdomtree Inc. Add +0.0% 0.44% +0.01
TEI Templeton Emrg MKTS Inc. Add +0.2% 0.27% −0.00
CGBD Carlyle Secured Lending Inc. Add +1.0% 0.56% −0.00
BIT BlackRock Multi-Sector Inc. Add +0.3% 0.34% −0.00
XAWFX Alliancebernstein GL Hi Inc. Add +0.2% 0.53% −0.02
VWO Vanguard Ftse Emerging Marke Add +0.4% 0.84% −0.02
RQI Cohen & Steers Qual Inc. RLTY Add +0.2% 0.35% −0.02
O Realty Income Corp. Add +0.0% 0.88% −0.03
HYT BlackRock Corp. Hi YLD Add +0.0% 0.48% −0.03
CIVI Civitas Resources Inc. Add +0.0% 1.42% −0.09

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