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Disclosery

Kovack Advisors, Inc.

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13F filer, CIK 1728321, FT. LAUDERDALE, FL

Kovack Advisors, Inc. reported $2,151,892,370 across 1,013 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-02-17. Its ten largest share positions make up 25.5% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001728321-26-000002

Period
2025-12-31
Reported value
$2.15B
Holdings
1,013
Top 10 weight
25.5%
New
422
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NVDAadded+254,562$47.5M
IVVadded+51,066$35M
AMZNadded+151,280$34.9M
AAPLadded+127,552$34.7M
SLVadded+475,964$30.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HYGHreduced-47,760-$4.12M
CWSreduced-16,484-$1.13M
RACEreduced-2,627-$971K
VIAVreduced-46,590-$830K
DOGexited-30,950-$753K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR/A 0001728321-26-000002, largest first. % of portfolio is the value over $2,113,141,575, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
QSIQUANTUM SI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,800 shares 16,800$18.5K<0.01%newTimeline
NXLNEXALIN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,050 shares; 2025Q3: 10,050 shares; 2025Q4: 23,325 shares 23,325$13K<0.01%+13,275Timeline
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 30,000 shares 30,000$1.67K<0.01%0
LTRYWSPORTS ENTMT GAMING GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$51<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
METAMETA PLATFORMS INC COMcall20,000$13.2Mnew
MSFTMICROSOFT CORP COMput20,000$9.67Mnew
TSLATESLA INC COMcall20,000$8.99Mnew
SCHGSCHWAB STRATEGIC TR SHSput100,000$3.26Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput2,500$1.7Mnew
CMGCHIPOTLE MEXICAN GRILL INC STOKcall20,000$740Knew
SMHVANECK ETF TRUST COMput1,500$540Knew
IONQIONQ INC Stockcall10,000$449Knew
NVDANVIDIA CORPORATION COMcall1,000$186Knew

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
DOGPROSHARES TR30,950$753Kshares
INVESCO EXCH TRD SLF IDX FDINVESCO EXCH TRD SLF IDX FD28,024$646Kshares
INVESCOINVESCO24,869$515Kshares
KKELLANOVA4,374$359Kshares
PRFZINVESCO EXCHANGE TRADED FD T6,898$313Kshares
WGSGENEDX HOLDINGS CORP2,868$309Kshares
QQXTFIRST TR EXCHANGE-TRADED FD2,976$294Kshares
VPGVISHAY PRECISION GROUP INC7,751$248Kshares
ECOFIN SUSTAINABLE & SOC IM…ECOFIN SUSTAINABLE & SOC IMP T20,670$243Kshares
TBILRBB FD INC4,586$229Kshares
OGEOGE ENERGY CORP4,629$214Kshares
BWABORGWARNER INC4,842$213Kshares
POOLPOOL CORP681$211Kshares
UNILEVER PLCUNILEVER PLC3,553$211Kshares
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR3,413$204Kshares
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS12,500$191Kshares
VFCV F CORP10,470$151Kshares
PIONEER FLOATING RATE FUND IPIONEER FLOATING RATE FUND I10,000$99.6Kshares
AVXLANAVEX LIFE SCIENCES CORP10,050$89.4Kshares
OPKOPKO HEALTH INC15,000$23.2Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001728321-26-000001 superseded2026-02-12acceptance time not in the bulk data set
13F-HR/A 0001728321-26-000002 baserestatement2026-02-17acceptance time not in the bulk data set