Closed-End Fund Advisors, Inc. Q4 2025 Filing

Filed February 11, 2026

Portfolio Value

$169.3M

Holdings

185

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (185 positions)

#	Stock	Shares	Value	% Portfolio
1	NCDLNUVEEN CHURCHILL DIRECT	552,804	$7.4M	4.35%
2	BCSFBAIN CAP SPECIALTY FIN INC	422,810	$5.9M	3.47%
3	GBDCGOLUB CAP BDC INC	417,665	$5.7M	3.35%
4	TRINTRINITY CAP INC	374,924	$5.5M	3.24%
5	NMFCNEW MTN FIN CORP	586,070	$5.4M	3.19%
6	MSDLMORGAN STANLEY DIRECT	291,456	$4.8M	2.84%
7	OBDCBLUE OWL CAPITAL	370,782	$4.6M	2.72%
8	CIONCION INVT CORP	475,908	$4.6M	2.72%
9	SLRCSLR INVESTMENT CORP	260,893	$4.0M	2.38%
10	GSBDGOLDMAN SACHS BDC INC	415,746	$3.9M	2.28%
11	SARSARATOGA INVT CORP	159,499	$3.7M	2.17%
12	ARCCARES CAPITAL CORP	170,922	$3.5M	2.04%
13	CGBDCARLYLE SECURED LENDING INC	255,435	$3.2M	1.88%
14	CCAPCRESCENT CAP BDC INC	225,312	$3.2M	1.87%
15	KYNKAYNE ANDERSON ENERGY	250,916	$3.1M	1.83%
16	TYGTORTOISE ENERGY INFRA CORP	73,348	$3.0M	1.77%
17	PSBDPALMER SQUARE CAPITAL BDC	220,334	$2.7M	1.59%
18	CSWCCAPITAL SOUTHWEST CORP	113,731	$2.5M	1.49%
19	BXSLBLACKSTONE SECD LENDING FD	89,689	$2.4M	1.39%
20	MFICMIDCAP FINANCIAL INVSTMNT	183,892	$2.1M	1.24%
21	EODALLSPRING GLOBAL DIVIDEND	358,410	$2.1M	1.23%
22	CPZCALAMOS LNG SHR EQT DYNAMIC	141,572	$2.1M	1.22%
23	SDHYPGIM SHORT DUR HIG YLD OPP	113,402	$1.9M	1.10%
24	BPREBLUEROCK PVT REAL ESTATE FD	122,645	$1.8M	1.09%
25	DMADESTRA MULTI-ALTERNATIVE FD	200,829	$1.8M	1.06%
26	TRYBARINGS BDC INC	193,447	$1.8M	1.05%
27	FSCOFS CREDIT OPPORTUNITIES	274,422	$1.7M	1.02%
28	GUGGUGGENHEIM ACTIVE ALLOC FD	110,396	$1.7M	1.00%
29	FINSANGEL OAK FINL STRATEGIES	121,264	$1.6M	0.95%
30	RFMZRIVERNORTH FLEXIBLE MUNI	122,653	$1.6M	0.92%
31	SABASABA CAPITAL INCOME &	186,283	$1.5M	0.91%
32	BANXARROWMARK FINANCIAL CORP	69,337	$1.5M	0.89%
33	NPFDNUVEEN VRIABL RAT PFD & INM	78,578	$1.5M	0.88%
34	RABROOKFIELD REAL ASSETS	112,905	$1.5M	0.86%
35	VFLABRDN NATL MUN INCOME FD	140,906	$1.4M	0.85%
36	MFMMFS MUN INCOME TR	265,652	$1.4M	0.85%
37	HFROHIGHLAND OPPS & INCOME FD	235,136	$1.4M	0.83%
38	RWAYRUNWAY GROWTH FINANCE CORP	141,041	$1.3M	0.74%
39	WIWWESTERN AST INFL LKD OPP &	138,451	$1.2M	0.70%
40	XFLTXAI OCTAGN FLT RAT & ALT	232,964	$1.1M	0.66%
41	MEGINYLI CBRE GBL INFR MEGTRNDS	80,944	$1.1M	0.66%
42	KBDCKAYNE ANDERSON BDC INC	73,202	$1.0M	0.62%
43	EMOCLEARBRIDGE ENERGY MIDSTRM	23,302	$1.0M	0.61%
44	ASGIABRDN GLOBAL INFRA INCOME	45,713	$1.0M	0.60%
45	NMLNEUBERGER ENGY INFRSTR &	118,163	$1.0M	0.59%
46	CXEMFS HIGH INCOME MUN TR	269,342	$996K	0.59%
47	MINTPIMCO ETF TR	9,665	$969K	0.57%
48	DFPFLAHERTY & CRUMRINE DYNAMIC	45,013	$935K	0.55%
49	RLTYCOHEN & STEERS REAL ESTATE	62,769	$922K	0.54%
50	PFOFLAHERTY & CRUMRINE PFD	96,222	$909K	0.54%
51	PNNTPENNANTPARK INVT CORP	150,093	$894K	0.53%
52	JRINUVEEN REAL ASSET INCOME &	64,898	$883K	0.52%
53	NZFNUVEEN MUNICIPAL CREDIT INC	69,887	$879K	0.52%
54	BGXBLACKSTONE LONG SHORT CR	75,299	$877K	0.52%
55	PBDCPUTNAM ETF TRUST	28,476	$871K	0.51%
56	XPCQXPIMCO CALIF MUN INCOME FD	96,355	$841K	0.50%
57	XAODXABRDN TOTAL DYNAMIC	85,593	$834K	0.49%
58	JRSNUVEEN REAL ESTATE INCOME	108,645	$832K	0.49%
59	PGZPRINCIPAL REAL ESTATE	82,598	$826K	0.49%
60	MSFTMICROSOFT CORP	1,700	$822K	0.49%
61	FLCFLAHERTY & CRUMRINE TOTAL	45,067	$788K	0.47%
62	TBLDTHORNBURG INCM BUILDER OPP	39,027	$784K	0.46%
63	HQHABRDN HEALTHCARE INVESTORS	39,603	$750K	0.44%
64	FDUSFIDUS INVT CORP	38,831	$749K	0.44%
65	TSLXSIXTH STREET SPECIALTY	34,249	$743K	0.44%
66	NMAINUVEEN MULTI ASSET INCOME	56,792	$740K	0.44%
67	TCPCBLACKROCK TCP CAPITAL CORP	128,517	$702K	0.41%
68	OTFBLUE OWL TECHNOLOGY FIN	46,632	$678K	0.40%
69	LEOBNY MELLON STRATEGIC MUNS	105,651	$671K	0.40%
70	MMUWESTERN ASSET MANAGED MUNS	62,541	$652K	0.39%
71	NBXGNEUBERGER NEXT GENERATION	43,397	$626K	0.37%
72	DSMBNY MELLON STRATEGIC MUN BD	100,339	$619K	0.37%
73	BGBBLACKSTONE STRATEGIC CRED	52,172	$614K	0.36%
74	NFJVIRTUS DIVIDEND INTEREST &	46,947	$605K	0.36%
75	XBOEXBLACKROCK ENHANCED GLOBAL	50,822	$595K	0.35%
76	BTTBLACKROCK MUN TARGET TERM	24,907	$568K	0.34%
77	RMMZRIVERNORTH MANAGED DUR MUN	38,831	$563K	0.33%
78	CETCENTRAL SECS CORP	10,927	$554K	0.33%
79	FSSLFS SPECIALTY LENDING FD	39,242	$554K	0.33%
80	GLADGLADSTONE CAPITAL CORP	26,694	$551K	0.33%
81	AEFABRDN EMERGING MARKETS EX	77,299	$541K	0.32%
82	DIAXNUVEEN DOW 30 DYNMC OVERWRT	34,829	$531K	0.31%
83	ETWEATON VANCE TAX-MANAGED	57,016	$525K	0.31%
84	BCATBLACKROCK CAP ALLOCATION	36,623	$518K	0.31%
85	DPGDUFF & PHELPS UTLITY AND	40,553	$515K	0.30%
86	EIPIFIRST TR EXCHNG TRADED FD	25,347	$503K	0.30%
87	HQLABRDN LIFE SCIENCES	29,706	$498K	0.29%
88	NVGNUVEEN AMT FREE MUN CR INC	39,081	$494K	0.29%
89	XBGYXBLACKROCK ENHANCED INTL DIV	83,455	$490K	0.29%
90	LLYELI LILLY & CO	400	$429K	0.25%
91	ABNBAIRBNB INC	3,000	$407K	0.24%
92	ADXADAMS DIVERSIFIED EQUITY FD	17,308	$403K	0.24%
93	STEWSRH TOTAL RETURN FUND INC	21,298	$394K	0.23%
94	JLSNUVEEN MORTGAGE AND INCOME	20,810	$378K	0.22%
95	WDIWESTERN ASSET DIVERSIFIED	27,348	$377K	0.22%
96	AFBALLIANCEBERNSTEIN NATL MUN	32,806	$354K	0.21%
97	IGAVOYA GLBL ADV & PREM OPP FD	35,232	$342K	0.20%
98	BTZBLACKROCK CR ALLOCATION	31,590	$342K	0.20%
99	ERCALLSPRING MULTI SECTOR	36,682	$341K	0.20%
100	ARDCARES DYNAMIC CR ALLOCATION	24,811	$329K	0.19%

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