SMH Capital Advisors Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed August 13, 2026), SMH Capital Advisors Inc. reported 56 stock positions worth $35.4 million. Its top holding was Capital Southwest Corp. (cswc 5.125 11/15/29) at 32.8% of the portfolio, followed by Trinity Capital (TRIN, 7.1%) and Capital Southwest (CSWC, 4.9%). Compared with Q4 2025, it opened 9 new positions, sold out of 8, added to 21 and reduced 13. The biggest buy was a new position in SM Energy (SM) and the biggest sale an exit from Wisdomtree Investments (wt 3.25 06/15/26).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0001180391
Portfolio Value
$35.4M (Q1 2026)
SEC Filing
0001180391-26-000005 ↗ filed Aug 13, 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 Q4 2025 Q1 2026: $35.4M $35.4M Q1 2026 Q2 2026: $25.5M Q2 2026

Holdings 56 stocks · $35.4M
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) 32.84% 11,394,000 $11.6M Reduce -6.6%
TRIN Trinity Capital Inc. 7.12% 171,103 $2.5M Add +0.2%
CSWC Capital Southwest Corp. 4.90% 78,364 $1.7M Reduce -0.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 3.78% 48,872 $1.3M Reduce -0.5%
RIOT PLATFORMS INC (RIOT 0.75 01/15/30) 3.57% 1,100,000 $1.3M No change
SM SM Energy Co. 3.30% 37,445 $1.2M New
PSEC Prospect Capital Corp. 3.15% 426,418 $1.1M Reduce -0.0%
MAIN Main Street Capital Corp. 2.83% 18,886 $1.0M Add +0.0%
CG The Carlyle Group Inc. 2.58% 18,827 $911K Reduce -0.3%
OWL Blue Owl Capital Inc. 2.25% 87,098 $795K Add +28.5%
WISDOMTREE INC (WT 3.25 08/15/29) 2.10% 548,000 $744K Add +10.0%
ALPHATEC HOLDINGS INC (ATEC 0.75 03/15/30) 2.03% 700,000 $717K New
RITM Rithm Capital Corp. 1.77% 65,970 $625K Add +83.5%
HTGC Hercules Capital Inc. 1.72% 41,065 $607K No change
SPY SS SPDR S&P 500 ETF Trust-US 1.51% 820 $533K Add +0.1%
MARA HOLDINGS INC (MARA 0 06/01/31) 1.30% 500,000 $458K No change
VWO Vanguard Ftse Emerging Marke 1.17% 7,686 $415K No change
EFA iShares MSCI Eafe ETF 1.17% 4,267 $414K No change
DKS Dick's Sporting Goods Inc. 1.14% 2,034 $403K No change
HASI Ha Sustainable Infrastructur 0.90% 8,663 $318K Reduce -0.2%
ADX Adams Diversified Equity 0.81% 13,156 $288K Add +1.3%
WT Wisdomtree Inc. 0.78% 18,894 $275K Add +5.6%
NXDT Nexpoint Diversified Real Es 0.77% 58,453 $273K Add +0.1%
CSQ Calamos Strat TTL RTRN FND 0.72% 14,794 $253K Add +0.1%
XNIEX Virtus Equity & Convertible 0.71% 10,789 $252K Add +0.9%
XAWFX Alliancebernstein GL Hi Inc. 0.71% 24,526 $249K Add +1.6%
IIPR Innovative Industrial Proper 0.69% 4,890 $245K No change
XGDVX Gabelli Dividend & Income TR 0.69% 9,078 $244K Add +0.3%
CGBD Carlyle Secured Lending Inc. 0.69% 22,138 $242K No change
EZPW Ezcorp Inc. Class A 0.66% 9,142 $232K New
HYT BlackRock Corp. Hi YLD 0.64% 26,663 $227K Add +0.4%
BTZ BlackRock Credit Allocation 0.63% 22,105 $223K Add +1.1%
XEVTX Eaton Vance Tax-Adv DVD Inc. 0.62% 8,993 $221K Reduce -0.3%
HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED 0.61% 8,744 $217K Reduce -0.0%
APO Apollo Global Management Inc. 0.60% 1,897 $211K Add +1.1%
AMT American Tower Corp. 0.59% 1,200 $207K No change
LYFT INC (LYFT 0.625 03/01/29) 0.57% 200,000 $202K No change
QQQ Invesco QQQ Trust Series 1 0.57% 349 $201K Add +0.3%
ARCC Ares Capital Corp. 0.56% 11,000 $198K New
HPK Highpeak Energy Inc. 0.55% 28,354 $196K Reduce -58.5%
BLACKLINE INC (BL 1 06/01/29) 0.53% 200,000 $188K No change
CCAP Crescent Capital BDC Inc. 0.52% 15,000 $182K New
RQI Cohen & Steers Qual Inc. RLTY 0.51% 14,956 $180K Add +0.4%
BIT BlackRock Multi-Sector Inc. 0.46% 12,908 $162K Add +1.8%
NAD Nuveen Quality Municipal Inc. 0.38% 11,715 $135K Reduce -3.3%
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.37% 11,798 $132K Reduce -3.3%
AFB Allianceberstein NTL Muni 0.37% 12,204 $130K Reduce -3.2%
EIM Eaton Vance Municipal Bond 0.37% 13,213 $129K Reduce -3.0%
TEI Templeton Emrg MKTS Inc. 0.36% 21,009 $126K Add +0.5%
OBDC Blue Owl Capital Corp. 0.33% 10,500 $116K New
GROW U.S. Global Investors Inc. Class A 0.29% 41,080 $102K Add +0.1%
CION Cion Investment Corp. 0.28% 14,600 $100K New
RWAY Runway Growth Finance Corp. 0.27% 14,000 $96K New
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.26% 12,000 $93K New
SLQT Selectquote Inc. 0.21% 117,917 $74K No change
AFCG Advanced Flower Capital Inc. 0.21% 26,000 $73K No change

Portfolio Sells Q4 2025 → Q1 2026
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) Sold out 0.00% −22.01
SPHY SS SPDR P High Yield ETF Sold out 0.00% −4.85
CIVI Civitas Resources Inc. Sold out 0.00% −1.42
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) Sold out 0.00% −0.91
O Realty Income Corp. Sold out 0.00% −0.88
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) Sold out 0.00% −0.65
FUBO Fubotv Inc. Sold out 0.00% −0.51
TPG TPG Inc. Sold out 0.00% −0.44
HPK Highpeak Energy Inc. Reduce -58.5% 0.55% −0.11
NAD Nuveen Quality Municipal Inc. Reduce -3.3% 0.38% +0.08
XNEAX Nuveen Amt-FR QLTY Muni Inc. Reduce -3.3% 0.37% +0.09
AFB Allianceberstein NTL Muni Reduce -3.2% 0.37% +0.09
EIM Eaton Vance Municipal Bond Reduce -3.0% 0.37% +0.10
XEVTX Eaton Vance Tax-Adv DVD Inc. Reduce -0.3% 0.62% +0.16
HTD John Hancock Tax Adv DVD Inc. Reduce -0.0% 0.61% +0.19
CG The Carlyle Group Inc. Reduce -0.3% 2.58% +0.30
HASI Ha Sustainable Infrastructur Reduce -0.2% 0.90% +0.35
PSEC Prospect Capital Corp. Reduce -0.0% 3.15% +0.90
VICI Vici Properties Inc. Reduce -0.5% 3.78% +0.97
CSWC Capital Southwest Corp. Reduce -0.1% 4.90% +1.37
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) Reduce -6.6% 32.84% +8.32

Portfolio Buys Q4 2025 → Q1 2026
SM SM Energy Co. New 3.30% +3.30
ALPHATEC HOLDINGS INC (ATEC 0.75 03/15/30) New 2.03% +2.03
TRIN Trinity Capital Inc. Add +0.2% 7.12% +2.03
RITM Rithm Capital Corp. Add +83.5% 1.77% +0.97
WISDOMTREE INC (WT 3.25 08/15/29) Add +10.0% 2.10% +0.89
EZPW Ezcorp Inc. Class A New 0.66% +0.66
ARCC Ares Capital Corp. New 0.56% +0.56
CCAP Crescent Capital BDC Inc. New 0.52% +0.52
MAIN Main Street Capital Corp. Add +0.0% 2.83% +0.51
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 1.51% +0.37
WT Wisdomtree Inc. Add +5.6% 0.78% +0.33
OBDC Blue Owl Capital Corp. New 0.33% +0.33
NXDT Nexpoint Diversified Real Es Add +0.1% 0.77% +0.32
CION Cion Investment Corp. New 0.28% +0.28
RWAY Runway Growth Finance Corp. New 0.27% +0.27
NMFC New Mountain Finance Corp. New 0.26% +0.26
ADX Adams Diversified Equity Add +1.3% 0.81% +0.20
OWL Blue Owl Capital Inc. Add +28.5% 2.25% +0.19
XAWFX Alliancebernstein GL Hi Inc. Add +1.6% 0.71% +0.18
XGDVX Gabelli Dividend & Income TR Add +0.3% 0.69% +0.18
XNIEX Virtus Equity & Convertible Add +0.9% 0.71% +0.17
RQI Cohen & Steers Qual Inc. RLTY Add +0.4% 0.51% +0.16
HYT BlackRock Corp. Hi YLD Add +0.4% 0.64% +0.16
BTZ BlackRock Credit Allocation Add +1.1% 0.63% +0.15
CSQ Calamos Strat TTL RTRN FND Add +0.1% 0.72% +0.14
QQQ Invesco QQQ Trust Series 1 Add +0.3% 0.57% +0.13
BIT BlackRock Multi-Sector Inc. Add +1.8% 0.46% +0.12
GROW U.S. Global Investors Inc. Class A Add +0.1% 0.29% +0.09
TEI Templeton Emrg MKTS Inc. Add +0.5% 0.36% +0.08
APO Apollo Global Management Inc. Add +1.1% 0.60% +0.04

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