SMH CAPITAL ADVISORS INC Long-Term Concentrated

CIK: 0001180391 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $49,131 (100.0% shares, 0.0% debt)

Holdings (55)

New Positions (4)

— RIOT PLATFORMS INC 2.5%

Value ($000) $1,242 Shares 1,100,000 Est. Cost $1.13 Unrealized —

— SUPER MICRO COMPUTER INC 0.9%

Value ($000) $449 Shares 505,000 Est. Cost $0.89 Unrealized —

— MARA HOLDINGS INC 0.8%

Value ($000) $416 Shares 500,000 Est. Cost $0.83 Unrealized —

TPG TPG INC 0.4%

Value ($000) $217 Shares 3,400 Est. Cost $59.03 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	RIOT PLATFORMS INC	1,100,000	$1,242	2.5%	$1.13	—	NOTE 0.750% 1/1	767292AB1
—	SUPER MICRO COMPUTER INC	505,000	$449	0.9%	$0.89	—	NOTE 3.500% 3/0	86800UAB0
—	MARA HOLDINGS INC	500,000	$416	0.8%	$0.83	—	NOTE 6/0	565788AH9
TPG	TPG INC	3,400	$217	0.4%	$59.03	0.0%	COM CL A	872657101

Increased Positions (5)

TRIN TRINITY CAP INC 5.1%

Value ($000) $2,502 (+19.3%) Shares 170,785 (+22.9%) Est. Cost $12.09 Unrealized +16.6%

CSWC CAPITAL SOUTHWEST CORP 3.5%

Value ($000) $1,737 (+11.7%) Shares 78,404 (+2.5%) Est. Cost $19.14 Unrealized +6.8%

MAIN MAIN STR CAP CORP 2.3%

Value ($000) $1,140 (+7.3%) Shares 18,884 (+1.1%) Est. Cost $41.82 Unrealized +41.0%

VICI VICI PPTYS INC 2.8%

Value ($000) $1,381 (+4.4%) Shares 49,111 (+11.3%) Est. Cost $28.25 Unrealized +3.7%

HTGC HERCULES CAPITAL INC 1.6%

Value ($000) $773 (+6.3%) Shares 41,065 (+1.2%) Est. Cost $19.15 Unrealized -5.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRIN	TRINITY CAP INC	170,785 (+22.9%)	$2,502 (+19.3%)	5.1%	$12.09	+16.6%	COM	896442308
CSWC	CAPITAL SOUTHWEST CORP	78,404 (+2.5%)	$1,737 (+11.7%)	3.5%	$19.14	+6.8%	COM	140501107
MAIN	MAIN STR CAP CORP	18,884 (+1.1%)	$1,140 (+7.3%)	2.3%	$41.82	+41.0%	COM	56035L104
VICI	VICI PPTYS INC	49,111 (+11.3%)	$1,381 (+4.4%)	2.8%	$28.25	+3.7%	COM	925652109
HTGC	HERCULES CAPITAL INC	41,065 (+1.2%)	$773 (+6.3%)	1.6%	$19.15	-5.8%	COM	427096508

Decreased Positions (10)

SPHY SPDR SERIES TRUST 4.9%

Value ($000) $2,383 (-49.9%) Shares 100,675 (-49.7%) Est. Cost $23.75 Unrealized —

DKS DICKS SPORTING GOODS INC 0.8%

Value ($000) $403 (-33.2%) Shares 2,034 (-25.3%) Est. Cost $182.31 Unrealized +19.1%

GROW U S GLOBAL INVS INC 0.2%

Value ($000) $99 (-56.6%) Shares 41,052 (-55.1%) Est. Cost $6.76 Unrealized -63.2%

HASI HA SUSTAINABLE INFRA CAP INC 0.6%

Value ($000) $273 (-28.8%) Shares 8,679 (-37.2%) Est. Cost $29.55 Unrealized +5.2%

PSEC PROSPECT CAP CORP 2.2%

Value ($000) $1,105 (-5.4%) Shares 426,473 (-2.8%) Est. Cost $2.82 Unrealized -9.7%

— WISDOMTREE INC 1.2%

Value ($000) $597 (-8.1%) Shares 498,000 (-9.1%) Est. Cost $1.19 Unrealized —

NXDT NEXPOINT DIVERSIFIED REL ET 0.5%

Value ($000) $224 (+16.6%) Shares 58,419 (-3.2%) Est. Cost $11.55 Unrealized —

— BLACKROCK CR ALLOCATION INCO 0.5%

Value ($000) $237 (-4.2%) Shares 21,869 (-1.1%) Est. Cost $12.34 Unrealized —

— CALAMOS STRATEGIC TOTAL RETU 0.6%

Value ($000) $284 (-2.5%) Shares 14,777 (-2.0%) Est. Cost $13.47 Unrealized —

— ADAMS DIVERSIFIED EQUITY FD 0.6%

Value ($000) $303 (-1.3%) Shares 12,989 (-1.5%) Est. Cost $16.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPHY	SPDR SERIES TRUST	100,675 (-49.7%)	$2,383 (-49.9%)	4.9%	$23.75	—	STATE STREET SPD	78468R606
DKS	DICKS SPORTING GOODS INC	2,034 (-25.3%)	$403 (-33.2%)	0.8%	$182.31	+19.1%	COM	253393102
GROW	U S GLOBAL INVS INC	41,052 (-55.1%)	$99 (-56.6%)	0.2%	$6.76	-63.2%	CL A	902952100
HASI	HA SUSTAINABLE INFRA CAP INC	8,679 (-37.2%)	$273 (-28.8%)	0.6%	$29.55	+5.2%	COM	41068X100
PSEC	PROSPECT CAP CORP	426,473 (-2.8%)	$1,105 (-5.4%)	2.2%	$2.82	-9.7%	COM	74348T102
—	WISDOMTREE INC	498,000 (-9.1%)	$597 (-8.1%)	1.2%	$1.19	—	NOTE 3.250% 8/1	97717PAH7
NXDT	NEXPOINT DIVERSIFIED REL ET	58,419 (-3.2%)	$224 (+16.6%)	0.5%	$11.55	—	COM NEW	65340G205
—	BLACKROCK CR ALLOCATION INCO	21,869 (-1.1%)	$237 (-4.2%)	0.5%	$12.34	—	COM	092508100
—	CALAMOS STRATEGIC TOTAL RETU	14,777 (-2.0%)	$284 (-2.5%)	0.6%	$13.47	—	COM SH BEN INT	128125101
—	ADAMS DIVERSIFIED EQUITY FD	12,989 (-1.5%)	$303 (-1.3%)	0.6%	$16.19	—	COM	006212104

Unchanged Positions (36)

— WISDOMTREE INC 22.0%

Value ($000) $10,812 Shares 9,351,000 Est. Cost $0.97 Unrealized —

— CAPITAL SOUTHWEST CORP 24.5%

Value ($000) $12,044 Shares 12,196,000 Est. Cost $0.96 Unrealized —

HPK HIGHPEAK ENERGY INC 0.7%

Value ($000) $324 Shares 68,354 Est. Cost $8.15 Unrealized -26.6%

FUBO FUBOTV INC 0.5%

Value ($000) $249 Shares 98,679 Est. Cost $3.78 Unrealized -12.0%

CG CARLYLE GROUP INC 2.3%

Value ($000) $1,116 Shares 18,886 Est. Cost $42.57 Unrealized +32.2%

SLQT SELECTQUOTE INC 0.3%

Value ($000) $166 Shares 117,917 Est. Cost $2.12 Unrealized -20.9%

OWL BLUE OWL CAPITAL INC 2.1%

Value ($000) $1,012 Shares 67,769 Est. Cost $18.75 Unrealized -16.6%

CIVI CIVITAS RESOURCES INC 1.4%

Value ($000) $697 Shares 25,732 Est. Cost $44.84 Unrealized -36.4%

APO APOLLO GLOBAL MGMT INC 0.6%

Value ($000) $272 Shares 1,876 Est. Cost $140.75 Unrealized -5.8%

— GRANITE CONSTR INC 0.6%

Value ($000) $319 Shares 200,000 Est. Cost $1.46 Unrealized —

— BLACKROCK CORPOR HI YLD FD I 0.5%

Value ($000) $236 Shares 26,563 Est. Cost $10.35 Unrealized —

IIPR INNOVATIVE INDL PPTYS INC 0.5%

Value ($000) $232 Shares 4,890 Est. Cost $50.15 Unrealized —

O REALTY INCOME CORP 0.9%

Value ($000) $434 Shares 7,699 Est. Cost $48.62 Unrealized +18.0%

— HANCOCK JOHN TAX-ADVANTAGED 0.4%

Value ($000) $207 Shares 8,745 Est. Cost $23.22 Unrealized —

— VIRTUS EQUITY & CONV INCM FD 0.5%

Value ($000) $266 Shares 10,689 Est. Cost $26.24 Unrealized —

AFCG ADVANCED FLOWER CAP INC 0.2%

Value ($000) $74 Shares 26,000 Est. Cost $8.38 Unrealized -62.1%

— COHEN & STEERS QUALITY INCOM 0.3%

Value ($000) $170 Shares 14,896 Est. Cost $12.56 Unrealized —

EFA ISHARES TR 0.8%

Value ($000) $410 Shares 4,267 Est. Cost $79.86 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.8%

Value ($000) $413 Shares 7,686 Est. Cost $41.77 Unrealized —

— LYFT INC 0.5%

Value ($000) $240 Shares 200,000 Est. Cost $1.24 Unrealized —

— ALLIANCEBERNSTEIN GLOBAL HIG 0.5%

Value ($000) $258 Shares 24,145 Est. Cost $11.56 Unrealized —

— GABELLI DIVID & INCOME TR 0.5%

Value ($000) $251 Shares 9,055 Est. Cost $21.80 Unrealized —

— EATON VANCE TAX ADVT DIV INC 0.5%

Value ($000) $227 Shares 9,019 Est. Cost $22.44 Unrealized —

QQQ INVESCO QQQ TR 0.4%

Value ($000) $214 Shares 348 Est. Cost $629.59 Unrealized —

WT WISDOMTREE INC 0.4%

Value ($000) $218 Shares 17,891 Est. Cost $5.42 Unrealized +123.0%

AMT AMERICAN TOWER CORP NEW 0.4%

Value ($000) $211 Shares 1,200 Est. Cost $204.56 Unrealized -11.9%

— BLACKLINE INC 0.4%

Value ($000) $211 Shares 200,000 Est. Cost $1.07 Unrealized —

SPY SPDR S&P 500 ETF TR 1.1%

Value ($000) $559 Shares 819 Est. Cost $617.76 Unrealized —

— EATON VANCE MUN BD FD 0.3%

Value ($000) $133 Shares 13,620 Est. Cost $12.96 Unrealized —

RITM RITHM CAPITAL CORP 0.8%

Value ($000) $392 Shares 35,944 Est. Cost $10.92 Unrealized —

— ALLIANCEBERNSTEIN NATL MUN I 0.3%

Value ($000) $136 Shares 12,609 Est. Cost $15.08 Unrealized —

— BLACKROCK MULTI SECTOR INC T 0.3%

Value ($000) $166 Shares 12,685 Est. Cost $15.99 Unrealized —

CGBD CARLYLE SECURED LENDING INC 0.6%

Value ($000) $277 Shares 22,138 Est. Cost $12.97 Unrealized -7.0%

— NUVEEN QUALITY MUNCP INCOME 0.3%

Value ($000) $146 Shares 12,115 Est. Cost $15.82 Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.3%

Value ($000) $142 Shares 12,201 Est. Cost $15.46 Unrealized —

— TEMPLETON EMERGING MKTS INCO 0.3%

Value ($000) $135 Shares 20,909 Est. Cost $7.43 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	WISDOMTREE INC	9,351,000	$10,812	22.0%	$0.97	—	NOTE 3.250% 6/1	97717PAD6
—	CAPITAL SOUTHWEST CORP	12,196,000	$12,044	24.5%	$0.96	—	NOTE 5.125%11/1	140501AE7
HPK	HIGHPEAK ENERGY INC	68,354	$324	0.7%	$8.15	-26.6%	COM	43114Q105
FUBO	FUBOTV INC	98,679	$249	0.5%	$3.78	-12.0%	CLASS A COM SHS	35953D104
CG	CARLYLE GROUP INC	18,886	$1,116	2.3%	$42.57	+32.2%	COM	14316J108
SLQT	SELECTQUOTE INC	117,917	$166	0.3%	$2.12	-20.9%	COM	816307300
OWL	BLUE OWL CAPITAL INC	67,769	$1,012	2.1%	$18.75	-16.6%	COM CL A	09581B103
CIVI	CIVITAS RESOURCES INC	25,732	$697	1.4%	$44.84	-36.4%	COM NEW	17888H103
APO	APOLLO GLOBAL MGMT INC	1,876	$272	0.6%	$140.75	-5.8%	COM	03769M106
—	GRANITE CONSTR INC	200,000	$319	0.6%	$1.46	—	NOTE 3.250% 6/1	387328AF4
—	BLACKROCK CORPOR HI YLD FD I	26,563	$236	0.5%	$10.35	—	COM	09255P107
IIPR	INNOVATIVE INDL PPTYS INC	4,890	$232	0.5%	$50.15	—	COM	45781V101
O	REALTY INCOME CORP	7,699	$434	0.9%	$48.62	+18.0%	COM	756109104
—	HANCOCK JOHN TAX-ADVANTAGED	8,745	$207	0.4%	$23.22	—	COM	41013V100
—	VIRTUS EQUITY & CONV INCM FD	10,689	$266	0.5%	$26.24	—	COM	92841M101
AFCG	ADVANCED FLOWER CAP INC	26,000	$74	0.2%	$8.38	-62.1%	COM	00109K105
—	COHEN & STEERS QUALITY INCOM	14,896	$170	0.3%	$12.56	—	COM	19247L106
EFA	ISHARES TR	4,267	$410	0.8%	$79.86	—	MSCI EAFE ETF	464287465
VWO	VANGUARD INTL EQUITY INDEX F	7,686	$413	0.8%	$41.77	—	FTSE EMR MKT ETF	922042858
—	LYFT INC	200,000	$240	0.5%	$1.24	—	NOTE 0.625% 3/0	55087PAD6
—	ALLIANCEBERNSTEIN GLOBAL HIG	24,145	$258	0.5%	$11.56	—	COM	01879R106
—	GABELLI DIVID & INCOME TR	9,055	$251	0.5%	$21.80	—	COM	36242H104
—	EATON VANCE TAX ADVT DIV INC	9,019	$227	0.5%	$22.44	—	COM	27828G107
QQQ	INVESCO QQQ TR	348	$214	0.4%	$629.59	—	UNIT SER 1	46090E103
WT	WISDOMTREE INC	17,891	$218	0.4%	$5.42	+123.0%	COM	97717P104
AMT	AMERICAN TOWER CORP NEW	1,200	$211	0.4%	$204.56	-11.9%	COM	03027X100
—	BLACKLINE INC	200,000	$211	0.4%	$1.07	—	NOTE 1.000% 6/0	09239BAF6
SPY	SPDR S&P 500 ETF TR	819	$559	1.1%	$617.76	—	TR UNIT	78462F103
—	EATON VANCE MUN BD FD	13,620	$133	0.3%	$12.96	—	COM	27827X101
RITM	RITHM CAPITAL CORP	35,944	$392	0.8%	$10.92	—	COM NEW	64828T201
—	ALLIANCEBERNSTEIN NATL MUN I	12,609	$136	0.3%	$15.08	—	COM	01864U106
—	BLACKROCK MULTI SECTOR INC T	12,685	$166	0.3%	$15.99	—	COM	09258A107
CGBD	CARLYLE SECURED LENDING INC	22,138	$277	0.6%	$12.97	-7.0%	COM	872280102
—	NUVEEN QUALITY MUNCP INCOME	12,115	$146	0.3%	$15.82	—	COM	67066V101
—	NUVEEN AMT FREE QLTY MUN INC	12,201	$142	0.3%	$15.46	—	COM	670657105
—	TEMPLETON EMERGING MKTS INCO	20,909	$135	0.3%	$7.43	—	COM	880192109