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SMH CAPITAL ADVISORS INC

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13F filer, CIK 1180391, FORT WORTH, TX

SMH CAPITAL ADVISORS INC reported $49,021,311 across 51 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 74.62% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001180391-25-000004

Period
2025-09-30
Reported value
$49M
Holdings
51
Top 10 weight
74.62%
New
12
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPHYadded+138,000$3.28M
PSECadded+293,311$780K
HTGCnew+40,565$727K
WISDOMTREE INCnew+548,000$650K
CSWCadded+31,294$636K

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
WISDOMTREE INCexited-1,450,000-$1.9M
SPYreduced-1,072-$732K
CAPITAL SOUTHWEST CORPreduced-525,000-$508K
PNNTexited-68,210-$467K
VZexited-10,735-$464K

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, Q3 2025

Share positions as resolved from 13F-HR 0001180391-25-000004, largest first. % of portfolio is the value over $49,021,311, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CAPITAL SOUTHWEST CORPCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,224,000 shares; 2025Q1: 11,940,000 shares; 2025Q2: 12,811,000 shares; 2025Q3: 12,286,000 shares 12,286,000$11.9M24.25%-525,000
WISDOMTREE INCWISDOMTREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 9,359,000 shares; 2025Q1: 9,348,000 shares; 2025Q2: 9,348,000 shares; 2025Q3: 9,351,000 shares 9,351,000$10.6M21.72%+3,000
SPHYSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 60,000 shares; 2025Q1: 30,000 shares; 2025Q2: 62,000 shares; 2025Q3: 200,000 shares 200,000$4.76M9.71%+138,000Timeline
TRINTRINITY CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,081 shares; 2024Q4: 131,882 shares; 2025Q1: 136,014 shares; 2025Q2: 135,485 shares; 2025Q3: 138,961 shares 138,961$2.1M4.28%+3,476Timeline
CSWCCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,946 shares; 2024Q4: 47,043 shares; 2025Q1: 45,981 shares; 2025Q2: 45,215 shares; 2025Q3: 76,509 shares 76,509$1.55M3.17%+31,294Timeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,275 shares; 2024Q4: 42,069 shares; 2025Q1: 41,184 shares; 2025Q2: 41,070 shares; 2025Q3: 44,111 shares 44,111$1.32M2.7%+3,041Timeline
PSECPROSPECT CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,605 shares; 2024Q4: 144,652 shares; 2025Q1: 146,335 shares; 2025Q2: 145,536 shares; 2025Q3: 438,847 shares 438,847$1.17M2.38%+293,311Timeline
OWLBLUE OWL CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 34,746 shares; 2025Q3: 67,902 shares 67,902$1.07M2.18%+33,156Timeline
MAINMAIN STR CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,039 shares; 2024Q4: 18,894 shares; 2025Q1: 18,756 shares; 2025Q2: 18,630 shares; 2025Q3: 18,678 shares 18,678$1.06M2.17%+48Timeline
CGCARLYLE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,952 shares; 2024Q4: 15,104 shares; 2025Q1: 19,426 shares; 2025Q2: 19,052 shares; 2025Q3: 19,005 shares 19,005$1.01M2.07%-47Timeline
CIVICIVITAS RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,093 shares; 2024Q4: 20,238 shares; 2025Q1: 20,705 shares; 2025Q2: 20,694 shares; 2025Q3: 25,731 shares 25,731$742K1.51%+5,037Timeline
HTGCHERCULES CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,565 shares 40,565$727K1.48%newTimeline
WISDOMTREE INCWISDOMTREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 548,000 shares 548,000$650K1.33%new
DKSDICKS SPORTING GOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,723 shares; 2025Q3: 2,723 shares 2,723$603K1.23%0Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,896 shares; 2025Q3: 824 shares 824$562K1.15%-1,072Timeline
HPKHIGHPEAK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 68,830 shares 68,830$458K0.93%newTimeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,901 shares; 2024Q4: 7,860 shares; 2025Q1: 7,699 shares; 2025Q2: 7,685 shares; 2025Q3: 7,698 shares 7,698$446K0.91%+13Timeline
VWOVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,689 shares; 2024Q4: 7,730 shares; 2025Q1: 7,731 shares; 2025Q2: 7,736 shares; 2025Q3: 7,652 shares 7,652$421K0.86%-84Timeline
EFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,220 shares; 2024Q4: 4,233 shares; 2025Q1: 4,233 shares; 2025Q2: 4,250 shares; 2025Q3: 4,250 shares 4,250$402K0.82%0Timeline
RITMRITHM CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,038 shares; 2024Q4: 33,565 shares; 2025Q1: 34,089 shares; 2025Q2: 34,114 shares; 2025Q3: 35,944 shares 35,944$394K0.8%+1,830Timeline
HASIHA SUSTAINABLE INFRA CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,043 shares; 2024Q4: 13,869 shares; 2025Q1: 13,838 shares; 2025Q2: 13,786 shares; 2025Q3: 13,823 shares 13,823$383K0.78%+37Timeline
FUBOFUBOTV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 99,075 shares 99,075$375K0.76%newTimeline
ADXADAMS DIVERSIFIED EQUITY FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,728 shares; 2024Q4: 13,536 shares; 2025Q1: 13,259 shares; 2025Q2: 13,069 shares; 2025Q3: 13,188 shares 13,188$307K0.63%+119Timeline
GRANITE CONSTR INCGRANITE CONSTR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$291K0.59%new
CSQCALAMOS STRATEGIC TOTAL RETUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,981 shares; 2024Q4: 15,571 shares; 2025Q1: 15,132 shares; 2025Q2: 14,922 shares; 2025Q3: 15,081 shares 15,081$291K0.59%+159Timeline
XNIEXVIRTUS EQUITY & CONV INCM FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,330 shares; 2024Q4: 11,024 shares; 2025Q1: 10,645 shares; 2025Q2: 10,545 shares; 2025Q3: 10,689 shares 10,689$277K0.57%+144Timeline
CGBDCARLYLE SECURED LENDING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 21,925 shares; 2025Q3: 21,925 shares 21,925$277K0.57%0Timeline
XAWFXALLIANCEBERNSTEIN GLOBAL HIGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,725 shares; 2024Q4: 24,534 shares; 2025Q1: 24,071 shares; 2025Q2: 23,725 shares; 2025Q3: 24,089 shares 24,089$265K0.54%+364Timeline
HYTBLACKROCK CORPOR HI YLD FD IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,117 shares; 2024Q4: 26,888 shares; 2025Q1: 26,404 shares; 2025Q2: 26,126 shares; 2025Q3: 26,560 shares 26,560$253K0.52%+434Timeline
LYFT INCLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$248K0.51%new
BTZBLACKROCK CR ALLOCATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,466 shares; 2024Q4: 22,555 shares; 2025Q1: 22,059 shares; 2025Q2: 21,831 shares; 2025Q3: 22,123 shares 22,123$247K0.5%+292Timeline
SLQTSELECTQUOTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 118,244 shares 118,244$246K0.5%newTimeline
XGDVXGABELLI DIVID & INCOME TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,671 shares; 2024Q4: 9,593 shares; 2025Q1: 9,344 shares; 2025Q2: 9,046 shares; 2025Q3: 9,063 shares 9,063$246K0.5%+17Timeline
IIPRINNOVATIVE INDL PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,390 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,890 shares 4,890$245K0.5%newTimeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,805 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,875 shares 1,875$233K0.48%newTimeline
GROWU S GLOBAL INVS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,787 shares; 2024Q4: 104,813 shares; 2025Q1: 102,708 shares; 2025Q2: 100,410 shares; 2025Q3: 91,457 shares 91,457$228K0.46%-8,953Timeline
XEVTXEATON VANCE TAX ADVT DIV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,349 shares; 2024Q4: 9,283 shares; 2025Q1: 9,052 shares; 2025Q2: 8,884 shares; 2025Q3: 8,999 shares 8,999$222K0.45%+115Timeline
HTDHANCOCK JOHN TAX-ADVANTAGEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,209 shares; 2024Q4: 9,186 shares; 2025Q1: 8,923 shares; 2025Q2: 8,728 shares; 2025Q3: 8,804 shares 8,804$219K0.45%+76Timeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 348 shares 348$219K0.45%newTimeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,200 shares 1,200$215K0.44%newTimeline
BLACKLINE INCBLACKLINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$215K0.44%new
WTWISDOMTREE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,397 shares; 2024Q4: 17,275 shares; 2025Q1: 17,661 shares; 2025Q2: 16,893 shares; 2025Q3: 17,885 shares 17,885$214K0.44%+992Timeline
NXDTNEXPOINT DIVERSIFIED REL ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,624 shares; 2024Q4: 59,108 shares; 2025Q1: 57,620 shares; 2025Q2: 58,774 shares; 2025Q3: 60,349 shares 60,349$192K0.39%+1,575Timeline
RQICOHEN & STEERS QUALITY INCOMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,556 shares; 2024Q4: not reported; 2025Q1: 14,934 shares; 2025Q2: 14,725 shares; 2025Q3: 14,871 shares 14,871$180K0.37%+146Timeline
BITBLACKROCK MULTI SECTOR INC TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,877 shares; 2024Q4: 12,930 shares; 2025Q1: 12,614 shares; 2025Q2: 12,416 shares; 2025Q3: 12,642 shares 12,642$167K0.34%+226Timeline
NADNUVEEN QUALITY MUNCP INCOMEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,844 shares; 2024Q4: 11,844 shares; 2025Q1: 11,844 shares; 2025Q2: 12,115 shares; 2025Q3: 12,115 shares 12,115$145K0.3%0Timeline
XNEAXNUVEEN AMT FREE QLTY MUN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,919 shares; 2024Q4: 11,919 shares; 2025Q1: 11,919 shares; 2025Q2: 12,201 shares; 2025Q3: 12,201 shares 12,201$142K0.29%0Timeline
AFBALLIANCEBERNSTEIN NATL MUN IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,313 shares; 2024Q4: 12,313 shares; 2025Q1: 12,313 shares; 2025Q2: 12,609 shares; 2025Q3: 12,609 shares 12,609$139K0.28%0Timeline
EIMEATON VANCE MUN BD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,305 shares; 2024Q4: 13,305 shares; 2025Q1: 13,305 shares; 2025Q2: 13,620 shares; 2025Q3: 13,620 shares 13,620$136K0.28%0Timeline
TEITEMPLETON EMERGING MKTS INCOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,590 shares; 2024Q4: 21,465 shares; 2025Q1: 20,962 shares; 2025Q2: 20,498 shares; 2025Q3: 20,864 shares 20,864$135K0.27%+366Timeline
AFCGADVANCED FLOWER CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,000 shares; 2024Q4: 26,000 shares; 2025Q1: 26,000 shares; 2025Q2: 26,000 shares; 2025Q3: 26,000 shares 26,000$84.5K0.17%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
WISDOMTREE INCWISDOMTREE INC1,450,000$1.9Mshares
PNNTPENNANTPARK INVTS CORP68,210$467Kshares
VZVERIZON COMMUNICATIONS INC10,735$464Kshares
CODICOMPASS DIVERSIFIED73,293$460Kshares
VCTRVICTORY CAP HLDGS INC DEL4,091$260Kshares
ONLORION PROPERTIES INC21,281$45.3Kshares
HELLO GROUP INCHELLO GROUP INC10,000$9.95Kshares

How Q3 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 0001180391-25-000004 base2025-11-13acceptance time not in the bulk data set