CIK: 0001180391
Total reported value
$32.9M
Reporting period: 2026-03-31 · Number of holdings: 38
SMH CAPITAL ADVISORS INC disclosed 38 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $32.9M and a quarterly turnover rate of 52.9%.
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Smh Capital Advisors INC's disclosed holdings carry a Herfindahl concentration index of 0.144 — mathematically equivalent to about 7 equally-sized positions, well below its 38 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.15), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.1 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 30% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add CSWC 5.125 11-15-29
-99.9% -$433.1K
Add TRIN
-98.5% $14.9K
Add RIOT 0.75 01-15-30
-99.9% $20.6K
Add VICI
-97.3% -$45.8K
Add RITM
-98.3% $233.6K
Add WT 3.25 08-15-29
-99.9% $147.0K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TRIN | Trinity Capital INC | Stock-Other | 13.48% | +2.55% | -98.53% | |
| 2 | CSWC | Capital Southwest CORP | Stock-Other | 9.28% | — | -97.79% | |
| 3 | VICI | Vici Properties INC | Stock-Real Estate | 7.15% | +1.24% | -97.28% | |
| 4 | RIOT 0.75 01-15-30 | Riot Platforms INC | Stock-Financials | 6.76% | +1.30% | -99.89% | |
| 5 | SM | Sm Energy Co | Stock-Energy | 6.25% | +3.54% | NEW | |
| 6 | PSEC | Prospect Capital CORP | Stock-Other | 5.96% | — | -99.74% | |
| 7 | MAIN | Main Street Capital CORP | Stock-Financials | 5.36% | +0.72% | -94.70% | |
| 8 | CG | Carlyle Group Inc/the | Stock-Financials | 4.88% | +0.50% | -95.18% | |
| 9 | WT 3.25 08-15-29 | Wisdomtree INC | Stock-Other | 3.99% | +1.04% | -99.85% | |
| 10 | ATEC 0.75 03-15-30 | Alphatec Holdings INC | Stock-Other | 3.84% | +2.18% | NEW | |
| 11 | HTGC | Hercules Capital INC | Stock-Financials | 3.25% | +0.27% | -98.52% | |
| 12 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.86% | +0.48% | -34.92% | |
| 13 | MARA 0 06-01-31 | Mara Holdings INC | Stock-Financials | 2.45% | +0.54% | -99.91% | |
| 14 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.23% | — | -94.60% | |
| 15 | DKS | Dick's Sporting Goods INC | Stock-Consumer Disc | 2.16% | — | -80.19% | |
| 16 | HASI | Ha Sustainable Infrastructur | Stock-Financials | 1.71% | +0.41% | -96.34% | |
| 17 | ADX | Adams Diversified Equity | Stock-Other | 1.54% | +0.25% | -97.78% | |
| 18 | WT | Wisdomtree INC | Stock-Other | 1.47% | +0.40% | -98.46% | |
| 19 | NXDT | Nexpoint Diversified Real Es | Stock-Other | 1.46% | +0.37% | -99.53% | |
| 20 | CSQ | Calamos Strat Ttl Rtrn Fnd | Stock-Other | 1.36% | +0.19% | -98.29% | |
| 21 | XNIEX | Virtus Equity & Convertible | Stock-Other | 1.35% | +0.22% | -97.64% | |
| 22 | IIPR | Innovative Industrial Proper | Stock-Real Estate | 1.31% | +0.27% | -94.99% | |
| 23 | XGDVX | Gabelli Dividend & Income Tr | Stock-Other | 1.31% | — | -97.31% | |
| 24 | EZPW | Ezcorp Inc-cl A | Stock-Other | 1.24% | +0.70% | NEW | |
| 25 | HYT | Blackrock CORP Hi Yld | Stock-Other | 1.22% | +0.21% | -99.15% | |
| 26 | XEVTX | Eaton Vance Tax-adv Dvd INC | Stock-Other | 1.18% | — | -97.55% | |
| 27 | HTD | John Hancock Tax Adv Dvd INC | Stock-Other | 1.16% | +0.24% | -97.52% | |
| 28 | AMT | American Tower CORP | Stock-Real Estate | 1.11% | — | -82.75% | |
| 29 | LYFT 0.625 03-01-29 | Lyft INC | Stock-Tech | 1.08% | +0.12% | -99.90% | |
| 30 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.08% | +0.17% | -42.24% | |
| 31 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.22% | — | -90.30% | |
| 32 | APO | Apollo Global Management INC | Stock-Financials | 0.11% | +0.09% | -88.75% | |
| 33 | CSWC 5.125 11-15-29 | Capital Southwest CORP | Stock-Other | 0.06% | +10.73% | -99.90% | |
| 34 | OWL | Blue Owl Capital INC | Stock-Financials | 0.04% | +0.35% | -98.83% | |
| 35 | RITM | Rithm Capital CORP | Stock-Real Estate | 0.03% | +1.10% | -98.26% | |
| 36 | XAWFX | Alliancebernstein Gl Hi INC | Stock-Other | 0.01% | +0.23% | -98.97% | |
| 37 | CGBD | Carlyle Secured Lending INC | Stock-Other | 0.01% | +0.18% | -98.91% | |
| 38 | BTZ | Blackrock Credit Allocation | Stock-Other | 0.01% | +0.20% | -98.98% |
Performance for Q3 2026
-1.3%
Performance Last 4 Quarters
-1.3%
Based on 3 months of available history
Based on 62% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 38 | $32.9M | 53 | |
| 2025-12-31 | 55 | $49.1M | 15 | |
| 2025-09-30 | 51 | $49.0M | 47 | |
| 2025-06-30 | 46 | $44.1M | 0 | |
| 2025-03-31 | 45 | $43.0M | 100 | |
| 2024-12-31 | 45 | $41.4M | 0 | |
| 2024-09-30 | 47 | $32.4M | 0 | |
| 2024-06-30 | 49 | $32.7M | 0 | |
| 2024-03-31 | 48 | $37.1M | 0 | |
| 2023-12-31 | 47 | $46.1M | 0 | |
| 2023-09-30 | 44 | $42.8M | 0 | |
| 2023-06-30 | 54 | $46.2M | 0 | |
| 2023-03-31 | 51 | $16.8M | 0 | |
| 2022-12-31 | 64 | $68.6M | 0 | |
| 2022-09-30 | 61 | $67.0M | 0 | |
| 2022-06-30 | 63 | $74.2M | 0 | |
| 2022-03-31 | 56 | $61.6M | 0 | |
| 2021-12-31 | 54 | $50.5M | 0 | |
| 2021-09-30 | 57 | $54.4M | 0 | |
| 2021-06-30 | 58 | $49.7M | 100 | |
| 2021-03-31 | 53 | $44.8M | 17 | |
| 2020-12-31 | 44 | $39.5M | 25 | |
| 2020-09-30 | 44 | $43.0M | 33 | |
| 2020-06-30 | 42 | $49.9M | 17 | |
| 2020-03-31 | 35 | $47.1M | 33 | |
| 2019-12-31 | 43 | $50.4M | 13 | |
| 2019-09-30 | 34 | $45.5M | 25 | |
| 2019-06-30 | 32 | $41.0M | 41 | |
| 2019-03-31 | 34 | $51.6M | 15 | |
| 2018-12-31 | 33 | $49.3M | 55 | |
| 2018-09-30 | 31 | $58.3M | 17 | |
| 2018-06-30 | 30 | $61.7M | 15 | |
| 2018-03-31 | 31 | $64.8M | 12 | |
| 2017-12-31 | 29 | $59.5M | — |
Smh Capital Advisors INC's most significant position changes for 2026-03-31: Sold out: Wisdomtree Investments (WT 3.25 06-15-26); Sold out: Ss Spdr P High Yield ETF (SPHY); New buy: Sm Energy Co (SM); New buy: Alphatec Holdings INC (ATEC 0.75 03-15-30); Sold out: Civitas Resources INC (CIVI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CSWC 5.125 11-15-29 | Capital Southwest CORP | +10.7% | -99.90% | Trim |
| 2 | TRIN | Trinity Capital INC | +2.6% | -98.53% | Trim |
| 3 | RIOT 0.75 01-15-30 | Riot Platforms INC | +1.3% | -99.89% | Trim |
| 4 | VICI | Vici Properties INC | +1.2% | -97.28% | Trim |
| 5 | RITM | Rithm Capital CORP | +1.1% | -98.26% | Trim |
| 6 | WT 3.25 08-15-29 | Wisdomtree INC | +1% | -99.85% | Trim |
| 7 | MAIN | Main Street Capital CORP | +0.7% | -94.70% | Trim |
| 8 | MARA 0 06-01-31 | Mara Holdings INC | +0.5% | -99.91% | Trim |
| 9 | CG | Carlyle Group Inc/the | +0.5% | -95.18% | Trim |
| 10 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.5% | -34.92% | Trim |
| 11 | HASI | Ha Sustainable Infrastructur | +0.4% | -96.34% | Trim |
| 12 | WT | Wisdomtree INC | +0.4% | -98.46% | Trim |
| 13 | NXDT | Nexpoint Diversified Real Es | +0.4% | -99.53% | Trim |
| 14 | OWL | Blue Owl Capital INC | +0.4% | -98.83% | Trim |
| 15 | HTGC | Hercules Capital INC | +0.3% | -98.52% | Trim |
| 16 | IIPR | Innovative Industrial Proper | +0.3% | -94.99% | Trim |
| 17 | ADX | Adams Diversified Equity | +0.3% | -97.78% | Trim |
| 18 | HTD | John Hancock Tax Adv Dvd INC | +0.2% | -97.52% | Trim |
| 19 | XAWFX | Alliancebernstein Gl Hi INC | +0.2% | -98.97% | Trim |
| 20 | XNIEX | Virtus Equity & Convertible | +0.2% | -97.64% | Trim |
| 21 | HYT | Blackrock CORP Hi Yld | +0.2% | -99.15% | Trim |
| 22 | BTZ | Blackrock Credit Allocation | +0.2% | -98.98% | Trim |
| 23 | CSQ | Calamos Strat Ttl Rtrn Fnd | +0.2% | -98.29% | Trim |
| 24 | CGBD | Carlyle Secured Lending INC | +0.2% | -98.91% | Trim |
| 25 | QQQ | Invesco Qqq Trust Series 1 | +0.2% | -42.24% | Trim |
| 26 | LYFT 0.625 03-01-29 | Lyft INC | +0.1% | -99.90% | Trim |
| 27 | APO | Apollo Global Management INC | +0.1% | -88.75% | Trim |
| 28 | WT 3.25 06-15-26 | Wisdomtree Investments | — | EXIT | Sold out |
| 29 | SPHY | Ss Spdr P High Yield ETF | — | EXIT | Sold out |
| 30 | SM | Sm Energy Co | — | NEW | New buy |
| 31 | ATEC 0.75 03-15-30 | Alphatec Holdings INC | — | NEW | New buy |
| 32 | CIVI | Civitas Resources INC | — | EXIT | Sold out |
| 33 | SMCI 3.5 03-01-29 | Super Micro Computer INC | — | EXIT | Sold out |
| 34 | O | Realty Income CORP | — | EXIT | Sold out |
| 35 | HPK | Highpeak Energy INC | — | EXIT | Sold out |
| 36 | GVA 3.25 06-15-30 | Granite Construction INC | — | EXIT | Sold out |
| 37 | FUBOGBP | Fubotv INC | — | EXIT | Sold out |
| 38 | EZPW | Ezcorp Inc-cl A | — | NEW | New buy |
| 39 | TPG | Tpg INC | — | EXIT | Sold out |
| 40 | BL 1 06-01-29 | Blackline INC | — | EXIT | Sold out |
| 41 | RQI | Cohen & Steers Qual INC Rlty | — | EXIT | Sold out |
| 42 | SLQT | Selectquote INC | — | EXIT | Sold out |
| 43 | BIT | Blackrock Multi-sector INC | — | EXIT | Sold out |
| 44 | NAD | Nuveen Quality Municipal INC | — | EXIT | Sold out |
| 45 | XNEAX | Nuveen Amt-fr Qlty Muni INC | — | EXIT | Sold out |
| 46 | AFB | Allianceberstein Ntl Muni | — | EXIT | Sold out |
| 47 | TEI | Templeton Emrg Mkts INC | — | EXIT | Sold out |
| 48 | EIM | Eaton Vance Municipal Bond | — | EXIT | Sold out |
| 49 | GROW | U.s. Global Investors Inc-a | — | EXIT | Sold out |
| 50 | AFCG | Advanced Flower Capital INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-10 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-06 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-03 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-07-27 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-02 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-26 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-29 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-22 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-20 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-27 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-04 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-05 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-29 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-25 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-01 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-26 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-07 | 13F-HR | View on EDGAR |
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