# EDGAR Filing Document

**Accession Number:** 0001180391
**File Stem:** 0001085146-25-004589
**Filing Date:** 2025-8
**Character Count:** 8938
**Document Hash:** a773ee8131de8e5d9db0995960dff1b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004589.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001085146-25-004589

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMH CAPITAL ADVISORS INC
- **CENTRAL INDEX KEY:** 0001180391

**ORGANIZATION NAME:**
- **EIN:** 752681494
- **STATE OF INCORPORATION:** TX

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10258
- **FILM NUMBER:** 251188798

**BUSINESS ADDRESS:**
- **STREET 1:** 4200 S. HULEN
- **STREET 2:** STE 534
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76109
- **BUSINESS PHONE:** 7132243100

**MAIL ADDRESS:**
- **STREET 1:** 4200 S. HULEN
- **STREET 2:** STE 534
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76109

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SMH CAPITAL ADVISORS INC<br>**Address:** 4200 S. HULEN<br>STE 534<br>FORT WORTH, TX 76109

**Form 13F File Number:** 028-10258

**CRD Number (if applicable):** 000108344

**SEC File Number (if applicable):** 801-54089

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jenny Don Carlos<br>**Title:** Platform Program Manager<br>**Phone:** 817-569-7005

**Signature, Place, and Date of Signing:**

/s/ Jenny Don Carlos  Fort Worth, TX  08-06-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 46

**Form 13F Information Table Value Total:** $44060901

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | BBG001S5NDV7 | 283722 | 13069 | SH |  | SOLE |  | 13069 | 0 | 0 |
| ADVANCED FLOWER CAP INC | COM | 00109K105 | BBG00YPSX5R9 | 116480 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| ALLIANCEBERNSTEIN GLOBAL HIG | COM | 01879R106 | BBG001S6LJ53 | 261684 | 23725 | SH |  | SOLE |  | 23725 | 0 | 0 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 | BBG001SK6452 | 129997 | 12609 | SH |  | SOLE |  | 12609 | 0 | 0 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | BBG001SJQLG3 | 254724 | 26126 | SH |  | SOLE |  | 26126 | 0 | 0 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 | BBG001SS72L0 | 238398 | 21831 | SH |  | SOLE |  | 21831 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 | BBG003P84C70 | 181272 | 12416 | SH |  | SOLE |  | 12416 | 0 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | BBG00XV417S7 | 667471 | 34746 | SH |  | SOLE |  | 34746 | 0 | 0 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 | BBG001SC0HR3 | 272174 | 14922 | SH |  | SOLE |  | 14922 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 | BBG001S5Q7P4 | 996536 | 45215 | SH |  | SOLE |  | 45215 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | NOTE 5.125%11/1 | 140501AE7 |  | 12594750 | 12811000 | SH |  | SOLE |  | 12811000 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG001S7JM84 | 979291 | 19052 | SH |  | SOLE |  | 19052 | 0 | 0 |
| CARLYLE SECURED LENDING INC | COM | 872280102 | BBG00GQVWWQ3 | 299934 | 21925 | SH |  | SOLE |  | 21925 | 0 | 0 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 | BBG00GLNJ0R0 | 569502 | 20694 | SH |  | SOLE |  | 20694 | 0 | 0 |
| COHEN  STEERS QUALITY INCOM | COM | 19247L106 | BBG001SG5559 | 183327 | 14725 | SH |  | SOLE |  | 14725 | 0 | 0 |
| COMPASS DIVERSIFIED | SH BEN INT | 20451Q104 | BBG001SPY7K6 | 460281 | 73293 | SH |  | SOLE |  | 73293 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 | BBG001SK2651 | 538637 | 2723 | SH |  | SOLE |  | 2723 | 0 | 0 |
| EATON VANCE MUN BD FD | COM | 27827X101 | BBG001S6S949 | 131702 | 13620 | SH |  | SOLE |  | 13620 | 0 | 0 |
| EATON VANCE TAX ADVT DIV INC | COM | 27828G107 | BBG001SBKCG6 | 214111 | 8884 | SH |  | SOLE |  | 8884 | 0 | 0 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 | BBG001SDC273 | 235279 | 9046 | SH |  | SOLE |  | 9046 | 0 | 0 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 | BBG0044K5DN3 | 370281 | 13786 | SH |  | SOLE |  | 13786 | 0 | 0 |
| HANCOCK JOHN TAX-ADVANTAGED | COM | 41013V100 | BBG001S98632 | 204149 | 8728 | SH |  | SOLE |  | 8728 | 0 | 0 |
| HELLO GROUP INC | NOTE 1.250% 7/0 | 60879BAB3 |  | 9950 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 379866 | 4250 | SH |  | SOLE |  | 4250 | 0 | 0 |
| MAIN STR CAP CORP | COM | 56035L104 | BBG001SJMVT1 | 1101051 | 18630 | SH |  | SOLE |  | 18630 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 | BBG001SQLM25 | 246263 | 58774 | SH |  | SOLE |  | 58774 | 0 | 0 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 | BBG001SKQWJ3 | 133238 | 12201 | SH |  | SOLE |  | 12201 | 0 | 0 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 | BBG001SCTFM1 | 136776 | 12115 | SH |  | SOLE |  | 12115 | 0 | 0 |
| ORION PROPERTIES INC | COM | 68629Y103 | BBG0118JXCF7 | 45328 | 21281 | SH |  | SOLE |  | 21281 | 0 | 0 |
| PENNANTPARK INVT CORP | COM | 708062104 | BBG001SSQMH0 | 466556 | 68210 | SH |  | SOLE |  | 68210 | 0 | 0 |
| PROSPECT CAP CORP | COM | 74348T102 | BBG001SM4WF7 | 462805 | 145536 | SH |  | SOLE |  | 145536 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 | BBG001S884K0 | 442724 | 7685 | SH |  | SOLE |  | 7685 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 | BBG003T1GM12 | 385148 | 34114 | SH |  | SOLE |  | 34114 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 1171277 | 1896 | SH |  | SOLE |  | 1896 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 | BBG0034VNBZ2 | 1475600 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 | BBG001S5WMJ1 | 122991 | 20498 | SH |  | SOLE |  | 20498 | 0 | 0 |
| TRINITY CAP INC | COM | 896442308 | BBG00T6WFZK3 | 1906280 | 135485 | SH |  | SOLE |  | 135485 | 0 | 0 |
| U S GLOBAL INVS INC | CL A | 902952100 | BBG001S5QZ09 | 261065 | 100410 | SH |  | SOLE |  | 100410 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 382635 | 7736 | SH |  | SOLE |  | 7736 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 464495 | 10735 | SH |  | SOLE |  | 10735 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 | BBG00HVVB4B6 | 1338880 | 41070 | SH |  | SOLE |  | 41070 | 0 | 0 |
| VICTORY CAP HLDGS INC | COM CL A | 92645B103 | BBG0074JPDP5 | 260476 | 4091 | SH |  | SOLE |  | 4091 | 0 | 0 |
| VIRTUS EQUITY  CONV INCM FD | COM | 92841M101 | BBG001SHZGR6 | 252015 | 10545 | SH |  | SOLE |  | 10545 | 0 | 0 |
| WISDOMTREE INC | COM | 97717P104 | BBG001SD2W32 | 194441 | 16893 | SH |  | SOLE |  | 16893 | 0 | 0 |
| WISDOMTREE INC | NOTE 3.250% 6/1 | 97717PAD6 |  | 10334214 | 9348000 | SH |  | SOLE |  | 9348000 | 0 | 0 |
| WISDOMTREE INC | NOTE 5.750% 8/1 | 97717PAF1 |  | 1903125 | 1450000 | SH |  | SOLE |  | 1450000 | 0 | 0 |

---