Smith Asset Management Co., LLC Diversified Active

CIK: 0002068217 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 19, 2026

Total Value ($000): $121,130 (100.0% shares, 0.0% debt)

Holdings (70)

New Positions (4)

MSFT MICROSOFT CORP 0.3%

Value ($000) $419 Shares 866 Est. Cost $500.58 Unrealized 0.0%

GOOGL ALPHABET INC 0.3%

Value ($000) $319 Shares 1,020 Est. Cost $285.60 Unrealized 0.0%

AMGN AMGEN INC 0.2%

Value ($000) $216 Shares 661 Est. Cost $315.95 Unrealized 0.0%

— EATON VANCE TX ADV GLBL DIV 0.2%

Value ($000) $206 Shares 8,928 Est. Cost $23.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	866	$419	0.3%	$500.58	0.0%	COM	594918104
GOOGL	ALPHABET INC	1,020	$319	0.3%	$285.60	0.0%	CAP STK CL A	02079K305
AMGN	AMGEN INC	661	$216	0.2%	$315.95	0.0%	COM	031162100
—	EATON VANCE TX ADV GLBL DIV	8,928	$206	0.2%	$23.10	—	COM	27828S101

Increased Positions (26)

EQH EQUITABLE HLDGS INC 3.2%

Value ($000) $3,907 (+150.8%) Shares 82,004 (+14.0%) Est. Cost $50.36 Unrealized -6.2%

AAPL APPLE INC 2.6%

Value ($000) $3,137 (+23.3%) Shares 11,538 (+16.2%) Est. Cost $231.84 Unrealized +15.7%

VIS VANGUARD WORLD FD 1.8%

Value ($000) $2,127 (+28.7%) Shares 7,127 (+27.7%) Est. Cost $271.15 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 6.2%

Value ($000) $7,512 (+6.5%) Shares 14,945 (+6.9%) Est. Cost $466.99 Unrealized +6.5%

VGT VANGUARD WORLD FD 2.9%

Value ($000) $3,495 (+13.1%) Shares 4,637 (+12.0%) Est. Cost $640.49 Unrealized —

— PIMCO CORPORATE & INCM STRG 2.4%

Value ($000) $2,906 (+13.1%) Shares 227,754 (+18.6%) Est. Cost $13.26 Unrealized —

ARCC ARES CAPITAL CORP 5.3%

Value ($000) $6,376 (+5.4%) Shares 315,198 (+6.3%) Est. Cost $19.47 Unrealized +1.7%

QQQ INVESCO QQQ TR 0.7%

Value ($000) $818 (+56.3%) Shares 1,332 (+52.8%) Est. Cost $579.06 Unrealized —

NLY ANNALY CAPITAL MANAGEMENT IN 2.2%

Value ($000) $2,688 (+11.9%) Shares 120,236 (+1.1%) Est. Cost $18.43 Unrealized —

AMZN AMAZON COM INC 1.1%

Value ($000) $1,297 (+21.9%) Shares 5,618 (+16.0%) Est. Cost $208.06 Unrealized +10.0%

— PIMCO CORPORATE & INCOME OPP 1.7%

Value ($000) $2,095 (-9.5%) Shares 162,381 (+1.3%) Est. Cost $14.31 Unrealized —

VTV VANGUARD INDEX FDS 0.7%

Value ($000) $898 (+19.6%) Shares 4,700 (+16.7%) Est. Cost $173.03 Unrealized —

SPYM SPDR SERIES TRUST 0.7%

Value ($000) $881 (+18.7%) Shares 10,983 (+17.2%) Est. Cost $73.54 Unrealized —

— BLACKROCK HEALTH SCIENCES TR 0.4%

Value ($000) $530 (+34.5%) Shares 12,885 (+21.7%) Est. Cost $38.45 Unrealized —

— PIMCO DYNAMIC INCOME FD 2.2%

Value ($000) $2,631 (-3.8%) Shares 148,579 (+7.5%) Est. Cost $18.64 Unrealized —

— BLACKROCK UTILS INFRASTRUCTU 1.1%

Value ($000) $1,368 (+7.1%) Shares 53,262 (+9.1%) Est. Cost $23.62 Unrealized —

XLV SELECT SECTOR SPDR TR 0.5%

Value ($000) $614 (+16.3%) Shares 3,966 (+4.6%) Est. Cost $138.73 Unrealized —

— GUGGENHEIM STRATEGIC OPPORTU 1.3%

Value ($000) $1,585 (+3.9%) Shares 123,059 (+20.8%) Est. Cost $14.67 Unrealized —

VB VANGUARD INDEX FDS 0.7%

Value ($000) $802 (+6.4%) Shares 3,109 (+5.8%) Est. Cost $243.88 Unrealized —

— COLUMBIA SELIGM PREM TECH GR 0.5%

Value ($000) $591 (+5.6%) Shares 16,070 (+1.4%) Est. Cost $32.02 Unrealized —

— COHEN & STEERS LTD DURATION 0.2%

Value ($000) $249 (+13.2%) Shares 11,785 (+15.9%) Est. Cost $21.60 Unrealized —

— WESTERN ASSET PREMIER BD FD 0.1%

Value ($000) $165 (+8.6%) Shares 14,963 (+10.5%) Est. Cost $10.83 Unrealized —

— FLAHERTY & CRUMRINE PFD SECS 1.0%

Value ($000) $1,220 (-1.0%) Shares 73,885 (+1.2%) Est. Cost $13.67 Unrealized —

— COHEN & STEERS REIT & PFD & 0.6%

Value ($000) $706 (+1.7%) Shares 35,528 (+15.1%) Est. Cost $21.23 Unrealized —

VDE VANGUARD WORLD FD 0.3%

Value ($000) $393 (+1.8%) Shares 3,120 (+1.7%) Est. Cost $125.93 Unrealized —

— BLACKROCK LTD DURATION INCOM 0.6%

Value ($000) $749 (-0.0%) Shares 54,494 (+1.9%) Est. Cost $14.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQH	EQUITABLE HLDGS INC	82,004 (+14.0%)	$3,907 (+150.8%)	3.2%	$50.36	-6.2%	COM	29452E101
AAPL	APPLE INC	11,538 (+16.2%)	$3,137 (+23.3%)	2.6%	$231.84	+15.7%	COM	037833100
VIS	VANGUARD WORLD FD	7,127 (+27.7%)	$2,127 (+28.7%)	1.8%	$271.15	—	INDUSTRIAL ETF	92204A603
BRK/B	BERKSHIRE HATHAWAY INC DEL	14,945 (+6.9%)	$7,512 (+6.5%)	6.2%	$466.99	+6.5%	CL B NEW	084670702
VGT	VANGUARD WORLD FD	4,637 (+12.0%)	$3,495 (+13.1%)	2.9%	$640.49	—	INF TECH ETF	92204A702
—	PIMCO CORPORATE & INCM STRG	227,754 (+18.6%)	$2,906 (+13.1%)	2.4%	$13.26	—	COM	72200U100
ARCC	ARES CAPITAL CORP	315,198 (+6.3%)	$6,376 (+5.4%)	5.3%	$19.47	+1.7%	COM	04010L103
QQQ	INVESCO QQQ TR	1,332 (+52.8%)	$818 (+56.3%)	0.7%	$579.06	—	UNIT SER 1	46090E103
NLY	ANNALY CAPITAL MANAGEMENT IN	120,236 (+1.1%)	$2,688 (+11.9%)	2.2%	$18.43	—	COM NEW	035710839
AMZN	AMAZON COM INC	5,618 (+16.0%)	$1,297 (+21.9%)	1.1%	$208.06	+10.0%	COM	023135106
—	PIMCO CORPORATE & INCOME OPP	162,381 (+1.3%)	$2,095 (-9.5%)	1.7%	$14.31	—	COM	72201B101
VTV	VANGUARD INDEX FDS	4,700 (+16.7%)	$898 (+19.6%)	0.7%	$173.03	—	VALUE ETF	922908744
SPYM	SPDR SERIES TRUST	10,983 (+17.2%)	$881 (+18.7%)	0.7%	$73.54	—	STATE STREET SPD	78464A854
—	BLACKROCK HEALTH SCIENCES TR	12,885 (+21.7%)	$530 (+34.5%)	0.4%	$38.45	—	COM	09250W107
—	PIMCO DYNAMIC INCOME FD	148,579 (+7.5%)	$2,631 (-3.8%)	2.2%	$18.64	—	SHS	72201Y101
—	BLACKROCK UTILS INFRASTRUCTU	53,262 (+9.1%)	$1,368 (+7.1%)	1.1%	$23.62	—	COM	09248D104
XLV	SELECT SECTOR SPDR TR	3,966 (+4.6%)	$614 (+16.3%)	0.5%	$138.73	—	STATE STREET HEA	81369Y209
—	GUGGENHEIM STRATEGIC OPPORTU	123,059 (+20.8%)	$1,585 (+3.9%)	1.3%	$14.67	—	COM SBI	40167F101
VB	VANGUARD INDEX FDS	3,109 (+5.8%)	$802 (+6.4%)	0.7%	$243.88	—	SMALL CP ETF	922908751
—	COLUMBIA SELIGM PREM TECH GR	16,070 (+1.4%)	$591 (+5.6%)	0.5%	$32.02	—	COM	19842X109
—	COHEN & STEERS LTD DURATION	11,785 (+15.9%)	$249 (+13.2%)	0.2%	$21.60	—	COM	19248C105
—	WESTERN ASSET PREMIER BD FD	14,963 (+10.5%)	$165 (+8.6%)	0.1%	$10.83	—	SHS BEN INT	957664105
—	FLAHERTY & CRUMRINE PFD SECS	73,885 (+1.2%)	$1,220 (-1.0%)	1.0%	$13.67	—	COM	338478100
—	COHEN & STEERS REIT & PFD &	35,528 (+15.1%)	$706 (+1.7%)	0.6%	$21.23	—	COM	19247X100
VDE	VANGUARD WORLD FD	3,120 (+1.7%)	$393 (+1.8%)	0.3%	$125.93	—	ENERGY ETF	92204A306
—	BLACKROCK LTD DURATION INCOM	54,494 (+1.9%)	$749 (-0.0%)	0.6%	$14.12	—	COM SHS	09249W101

Exited Positions (1)

— COHEN & STEERS INFRASTRUCTUR 0.0%

Value ($000) $8 Shares 98,699 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COHEN & STEERS INFRASTRUCTUR	98,699	$8	0.0%	$0.08	—	—	19248A117

Decreased Positions (23)

MCI BARINGS CORPORATE INVS 2.6%

Value ($000) $3,197 (-16.1%) Shares 176,145 (-4.1%) Est. Cost $20.38 Unrealized —

MPV BARINGS PARTN INVS 0.9%

Value ($000) $1,117 (-24.7%) Shares 70,323 (-4.4%) Est. Cost $17.10 Unrealized —

— REAVES UTIL INCOME FD 2.3%

Value ($000) $2,817 (-10.3%) Shares 77,007 (-2.8%) Est. Cost $31.69 Unrealized —

— ALLIANCEBERNSTEIN GLOBAL HIG 3.5%

Value ($000) $4,299 (-6.6%) Shares 402,102 (-2.1%) Est. Cost $10.73 Unrealized —

— NUVEEN PFD & INCOME OPPORTUN 6.2%

Value ($000) $7,510 (-3.0%) Shares 926,024 (-1.9%) Est. Cost $8.07 Unrealized —

— FLAHERTY & CRUMRINE DYNAMIC 1.7%

Value ($000) $2,014 (-7.9%) Shares 96,884 (-4.1%) Est. Cost $19.96 Unrealized —

— BLACKROCK CR ALLOCATION INCO 2.5%

Value ($000) $3,025 (-4.6%) Shares 279,316 (-2.6%) Est. Cost $10.46 Unrealized —

— WSTRN AST GLBL CORP OPP FD I 1.1%

Value ($000) $1,366 (-9.1%) Shares 115,663 (-8.5%) Est. Cost $11.33 Unrealized —

IRM IRON MTN INC DEL 0.3%

Value ($000) $408 (-23.2%) Shares 4,921 (-5.6%) Est. Cost $112.79 Unrealized -17.7%

— DNP SELECT INCOME FD INC 3.4%

Value ($000) $4,093 (-2.9%) Shares 409,725 (-2.7%) Est. Cost $8.84 Unrealized —

— COHEN & STEERS INFRASTRUCTUR 1.9%

Value ($000) $2,332 (-4.7%) Shares 96,702 (-2.0%) Est. Cost $24.04 Unrealized —

— COHEN & STEERS SELECT PFD & 2.2%

Value ($000) $2,684 (-4.0%) Shares 132,349 (-1.6%) Est. Cost $19.77 Unrealized —

— CALAMOS STRATEGIC TOTAL RETU 3.5%

Value ($000) $4,300 (-2.2%) Shares 223,949 (-1.8%) Est. Cost $17.71 Unrealized —

— FLAHERTY & CRUMRINE TOTAL RE 1.8%

Value ($000) $2,234 (-4.0%) Shares 127,651 (-2.3%) Est. Cost $16.70 Unrealized —

— BLACKROCK ENHANCED INTL DIV 2.4%

Value ($000) $2,910 (-2.5%) Shares 494,899 (-4.6%) Est. Cost $5.31 Unrealized —

SEVN SEVEN HILLS REALTY TRUST 0.2%

Value ($000) $290 (-14.8%) Shares 32,593 (-1.3%) Est. Cost $12.07 Unrealized —

DUK DUKE ENERGY CORP NEW 0.3%

Value ($000) $317 (-10.4%) Shares 2,703 (-5.4%) Est. Cost $108.79 Unrealized +11.7%

MO ALTRIA GROUP INC 0.2%

Value ($000) $223 (-13.8%) Shares 3,871 (-1.3%) Est. Cost $48.82 Unrealized +21.6%

— FLAHERTY & CRUMRINE PFD INCO 1.0%

Value ($000) $1,180 (-2.8%) Shares 105,918 (-1.0%) Est. Cost $11.27 Unrealized —

— FIRST TR ENHANCED EQUITY INC 2.8%

Value ($000) $3,384 (-0.8%) Shares 153,668 (-3.1%) Est. Cost $20.71 Unrealized —

OHI OMEGA HEALTHCARE INVS INC 0.6%

Value ($000) $738 (-3.1%) Shares 16,651 (-7.8%) Est. Cost $37.85 Unrealized —

— ABRDN GLOBAL INFRA INCOME FU 1.1%

Value ($000) $1,334 (+1.7%) Shares 59,649 (-3.9%) Est. Cost $17.53 Unrealized —

DHC DIVERSIFIED HEALTHCARE TR 0.1%

Value ($000) $108 (+8.5%) Shares 22,293 (-1.3%) Est. Cost $2.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCI	BARINGS CORPORATE INVS	176,145 (-4.1%)	$3,197 (-16.1%)	2.6%	$20.38	—	COM	06759X107
MPV	BARINGS PARTN INVS	70,323 (-4.4%)	$1,117 (-24.7%)	0.9%	$17.10	—	SH BEN INT	06761A103
—	REAVES UTIL INCOME FD	77,007 (-2.8%)	$2,817 (-10.3%)	2.3%	$31.69	—	COM SH BEN INT	756158101
—	ALLIANCEBERNSTEIN GLOBAL HIG	402,102 (-2.1%)	$4,299 (-6.6%)	3.5%	$10.73	—	COM	01879R106
—	NUVEEN PFD & INCOME OPPORTUN	926,024 (-1.9%)	$7,510 (-3.0%)	6.2%	$8.07	—	COM	67073B106
—	FLAHERTY & CRUMRINE DYNAMIC	96,884 (-4.1%)	$2,014 (-7.9%)	1.7%	$19.96	—	SHS	33848W106
—	BLACKROCK CR ALLOCATION INCO	279,316 (-2.6%)	$3,025 (-4.6%)	2.5%	$10.46	—	COM	092508100
—	WSTRN AST GLBL CORP OPP FD I	115,663 (-8.5%)	$1,366 (-9.1%)	1.1%	$11.33	—	COM	95790C107
IRM	IRON MTN INC DEL	4,921 (-5.6%)	$408 (-23.2%)	0.3%	$112.79	-17.7%	COM	46284V101
—	DNP SELECT INCOME FD INC	409,725 (-2.7%)	$4,093 (-2.9%)	3.4%	$8.84	—	COM	23325P104
—	COHEN & STEERS INFRASTRUCTUR	96,702 (-2.0%)	$2,332 (-4.7%)	1.9%	$24.04	—	COM	19248A109
—	COHEN & STEERS SELECT PFD &	132,349 (-1.6%)	$2,684 (-4.0%)	2.2%	$19.77	—	COM	19248Y107
—	CALAMOS STRATEGIC TOTAL RETU	223,949 (-1.8%)	$4,300 (-2.2%)	3.5%	$17.71	—	COM SH BEN INT	128125101
—	FLAHERTY & CRUMRINE TOTAL RE	127,651 (-2.3%)	$2,234 (-4.0%)	1.8%	$16.70	—	COM	338479108
—	BLACKROCK ENHANCED INTL DIV	494,899 (-4.6%)	$2,910 (-2.5%)	2.4%	$5.31	—	COM BENE INTER	092524107
SEVN	SEVEN HILLS REALTY TRUST	32,593 (-1.3%)	$290 (-14.8%)	0.2%	$12.07	—	COM	81784E101
DUK	DUKE ENERGY CORP NEW	2,703 (-5.4%)	$317 (-10.4%)	0.3%	$108.79	+11.7%	COM NEW	26441C204
MO	ALTRIA GROUP INC	3,871 (-1.3%)	$223 (-13.8%)	0.2%	$48.82	+21.6%	COM	02209S103
—	FLAHERTY & CRUMRINE PFD INCO	105,918 (-1.0%)	$1,180 (-2.8%)	1.0%	$11.27	—	COM	338480106
—	FIRST TR ENHANCED EQUITY INC	153,668 (-3.1%)	$3,384 (-0.8%)	2.8%	$20.71	—	COM	337318109
OHI	OMEGA HEALTHCARE INVS INC	16,651 (-7.8%)	$738 (-3.1%)	0.6%	$37.85	—	COM	681936100
—	ABRDN GLOBAL INFRA INCOME FU	59,649 (-3.9%)	$1,334 (+1.7%)	1.1%	$17.53	—	COM SHS BEN INT	00326W106
DHC	DIVERSIFIED HEALTHCARE TR	22,293 (-1.3%)	$108 (+8.5%)	0.1%	$2.30	—	COM SH BEN INT	25525P107

Unchanged Positions (17)

— COHEN & STEERS TOTAL RETURN 3.0%

Value ($000) $3,691 Shares 333,986 Est. Cost $11.58 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.4%

Value ($000) $441 Shares 27,443 Est. Cost $20.16 Unrealized -13.4%

— BLACKROCK DEBT STRATEGIES FD 1.5%

Value ($000) $1,863 Shares 182,965 Est. Cost $10.74 Unrealized —

SPY SPDR S&P 500 ETF TR 3.2%

Value ($000) $3,933 Shares 5,767 Est. Cost $587.81 Unrealized —

— ABRDN HEALTHCARE INVESTORS 1.8%

Value ($000) $2,217 Shares 117,060 Est. Cost $16.05 Unrealized —

WMT WALMART INC 0.4%

Value ($000) $496 Shares 4,449 Est. Cost $85.80 Unrealized +24.9%

— BLACKROCK CORPOR HI YLD FD I 0.5%

Value ($000) $582 Shares 65,407 Est. Cost $9.81 Unrealized —

VOT VANGUARD INDEX FDS 0.5%

Value ($000) $556 Shares 1,993 Est. Cost $269.12 Unrealized —

— NUVEEN AMT FREE MUN CR INC F 0.9%

Value ($000) $1,143 Shares 90,284 Est. Cost $12.26 Unrealized —

— SOURCE CAPITAL 1.1%

Value ($000) $1,297 Shares 28,345 Est. Cost $41.56 Unrealized —

SVC SERVICE PPTYS TR 0.0%

Value ($000) $34 Shares 18,252 Est. Cost $2.54 Unrealized —

— LIBERTY ALL-STAR GROWTH FD I 0.2%

Value ($000) $222 Shares 41,879 Est. Cost $5.65 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.6%

Value ($000) $785 Shares 42,320 Est. Cost $17.20 Unrealized —

XLF SELECT SECTOR SPDR TR 0.2%

Value ($000) $278 Shares 5,069 Est. Cost $48.48 Unrealized —

— LIBERTY ALL STAR EQUITY FD 0.1%

Value ($000) $117 Shares 18,651 Est. Cost $6.95 Unrealized —

— ALLIANCEBERNSTEIN NATL MUN I 0.2%

Value ($000) $197 Shares 18,203 Est. Cost $10.87 Unrealized —

— MORGAN STANLEY EMKT DBT FD I 0.4%

Value ($000) $498 Shares 67,326 Est. Cost $7.73 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COHEN & STEERS TOTAL RETURN	333,986	$3,691	3.0%	$11.58	—	COM	19247R103
DOC	HEALTHPEAK PROPERTIES INC	27,443	$441	0.4%	$20.16	-13.4%	COM	42250P103
—	BLACKROCK DEBT STRATEGIES FD	182,965	$1,863	1.5%	$10.74	—	COM NEW	09255R202
SPY	SPDR S&P 500 ETF TR	5,767	$3,933	3.2%	$587.81	—	TR UNIT	78462F103
—	ABRDN HEALTHCARE INVESTORS	117,060	$2,217	1.8%	$16.05	—	SH BEN INT	87911J103
WMT	WALMART INC	4,449	$496	0.4%	$85.80	+24.9%	COM	931142103
—	BLACKROCK CORPOR HI YLD FD I	65,407	$582	0.5%	$9.81	—	COM	09255P107
VOT	VANGUARD INDEX FDS	1,993	$556	0.5%	$269.12	—	MCAP GR IDXVIP	922908538
—	NUVEEN AMT FREE MUN CR INC F	90,284	$1,143	0.9%	$12.26	—	COM	67071L106
—	SOURCE CAPITAL	28,345	$1,297	1.1%	$41.56	—	COM SHS OF BEN I	836144303
SVC	SERVICE PPTYS TR	18,252	$34	0.0%	$2.54	—	COM SH BEN INT	81761L102
—	LIBERTY ALL-STAR GROWTH FD I	41,879	$222	0.2%	$5.65	—	COM	529900102
SPH	SUBURBAN PROPANE PARTNERS L	42,320	$785	0.6%	$17.20	—	UNIT LTD PARTN	864482104
XLF	SELECT SECTOR SPDR TR	5,069	$278	0.2%	$48.48	—	STATE STREET FIN	81369Y605
—	LIBERTY ALL STAR EQUITY FD	18,651	$117	0.1%	$6.95	—	SH BEN INT	530158104
—	ALLIANCEBERNSTEIN NATL MUN I	18,203	$197	0.2%	$10.87	—	COM	01864U106
—	MORGAN STANLEY EMKT DBT FD I	67,326	$498	0.4%	$7.73	—	COM	61744H105