CLOSED-END FUND ADVISORS, INC.

Filed: 2/11/2026ACC: 0001214659-26-001467

📋 What this filing means

CLOSED-END FUND ADVISORS, INC. filed this quarterly 13F‑HR report disclosing 185 equity positions with a total reported market value of $169.31M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

185

Positions

$169.31M

Total AUM (reported)

14.24M

Total Shares

Allocation by class

COM$99.88M59.0%

COM SHS$16.54M9.8%

COM NEW$8.70M5.1%

COMMON STOCK$7.09M4.2%

SH BEN INT$6.65M3.9%

SHS$6.12M3.6%

COM STK$5.88M3.5%

Portfolio Concentration

Top 3$18.92M11.2%

4–10$32.80M19.4%

11–25$38.94M23.0%

Rest$78.65M46.5%

Top 3 weight

11.2%

Top 10 weight

30.5%

Voting Authority Distribution

Total shares with voting rights: 14.24M

Sole

Full voting authority

5.60M

% of voting shares39.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

8.64M

% of voting shares60.7%

Investment Discretion (by position count)

Sole159

Shared0

Other26

Dominant voting typeNone · 60.7% of voting shares

Institutional Holdings185

Rows:

NUVEEN CHURCHILL DIRECT

DFND

COM SHS

Shares552.80K

TypeSH

Market value$7.37M

4.36%

Sole

479.36K

Shared

0.00

None

73.45K

BAIN CAP SPECIALTY FIN INC

DFND

COM STK

Shares422.81K

TypeSH

Market value$5.88M

3.47%

Sole

402.46K

Shared

0.00

None

20.35K

GOLUB CAP BDC INC

DFND

COM

Shares417.67K

TypeSH

Market value$5.67M

3.35%

Sole

371.81K

Shared

0.00

None

45.85K

TRINITY CAP INC

DFND

COM

Shares374.92K

TypeSH

Market value$5.49M

3.24%

Sole

317.15K

Shared

0.00

None

57.77K

NEW MTN FIN CORP

DFND

COM

Shares586.07K

TypeSH

Market value$5.40M

3.19%

Sole

562.98K

Shared

0.00

None

23.09K

MORGAN STANLEY DIRECT

DFND

COM SHS

Shares291.46K

TypeSH

Market value$4.80M

2.84%

Sole

258.93K

Shared

0.00

None

32.53K

BLUE OWL CAPITAL

DFND

COM

Shares370.78K

TypeSH

Market value$4.61M

2.72%

Sole

370.78K

Shared

0.00

None

0.00

CION INVT CORP

DFND

COM

Shares475.91K

TypeSH

Market value$4.60M

2.72%

Sole

414.61K

Shared

0.00

None

61.30K

SLR INVESTMENT CORP

DFND

COM

Shares260.89K

TypeSH

Market value$4.03M

2.38%

Sole

260.89K

Shared

0.00

None

0.00

GOLDMAN SACHS BDC INC

DFND

SHS

Shares415.75K

TypeSH

Market value$3.86M

2.28%

Sole

355.31K

Shared

0.00

None

60.44K

SARATOGA INVT CORP

DFND

COM NEW

Shares159.50K

TypeSH

Market value$3.68M

2.17%

Sole

141.47K

Shared

0.00

None

18.03K

ARES CAPITAL CORP

DFND

COM

Shares170.92K

TypeSH

Market value$3.46M

2.04%

Sole

145.69K

Shared

0.00

None

25.23K

CARLYLE SECURED LENDING INC

DFND

COM

Shares255.44K

TypeSH

Market value$3.19M

1.88%

Sole

176.35K

Shared

0.00

None

79.08K

CRESCENT CAP BDC INC

DFND

COM

Shares225.31K

TypeSH

Market value$3.17M

1.87%

Sole

173.70K

Shared

0.00

None

51.62K

KAYNE ANDERSON ENERGY

SOLE

COM

Shares250.92K

TypeSH

Market value$3.11M

1.83%

Sole

0.00

Shared

0.00

None

250.92K

TORTOISE ENERGY INFRA CORP

SOLE

COM

Shares73.35K

TypeSH

Market value$3.00M

1.77%

Sole

0.00

Shared

0.00

None

73.35K

PALMER SQUARE CAPITAL BDC

DFND

COM SHS

Shares220.33K

TypeSH

Market value$2.69M

1.59%

Sole

220.33K

Shared

0.00

None

0.00

CAPITAL SOUTHWEST CORP

DFND

COM

Shares113.73K

TypeSH

Market value$2.52M

1.49%

Sole

57.91K

Shared

0.00

None

55.82K

BLACKSTONE SECD LENDING FD

DFND

COMMON STOCK

Shares89.69K

TypeSH

Market value$2.36M

1.39%

Sole

73.27K

Shared

0.00

None

16.42K

MIDCAP FINANCIAL INVSTMNT

DFND

COM NEW

Shares183.89K

TypeSH

Market value$2.10M

1.24%

Sole

159.68K

Shared

0.00

None

24.22K

ALLSPRING GLOBAL DIVIDEND

SOLE

COM

Shares358.41K

TypeSH

Market value$2.09M

1.23%

Sole

0.00

Shared

0.00

None

358.41K

CALAMOS LNG SHR EQT DYNAMIC

SOLE

COM

Shares141.57K

TypeSH

Market value$2.07M

1.22%

Sole

0.00

Shared

0.00

None

141.57K

PGIM SHORT DUR HIG YLD OPP

SOLE

COM

Shares113.40K

TypeSH

Market value$1.87M

1.10%

Sole

0.00

Shared

0.00

None

113.40K

BLUEROCK PVT REAL ESTATE FD

SOLE

COM

Shares122.64K

TypeSH

Market value$1.84M

1.09%

Sole

0.00

Shared

0.00

None

122.64K

DESTRA MULTI-ALTERNATIVE FD

SOLE

COMMON SHARES

Shares200.83K

TypeSH

Market value$1.80M

1.06%

Sole

0.00

Shared

0.00

None

200.83K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
NUVEEN CHURCHILL DIRECTDFND	COM SHS	552.80K	SH	$7.37M 4.36%	479.36K	73.45K
BAIN CAP SPECIALTY FIN INCDFND	COM STK	422.81K	SH	$5.88M 3.47%	402.46K	20.35K
GOLUB CAP BDC INCDFND	COM	417.67K	SH	$5.67M 3.35%	371.81K	45.85K
TRINITY CAP INCDFND	COM	374.92K	SH	$5.49M 3.24%	317.15K	57.77K
NEW MTN FIN CORPDFND	COM	586.07K	SH	$5.40M 3.19%	562.98K	23.09K
MORGAN STANLEY DIRECTDFND	COM SHS	291.46K	SH	$4.80M 2.84%	258.93K	32.53K
BLUE OWL CAPITALDFND	COM	370.78K	SH	$4.61M 2.72%	370.78K	0.00
CION INVT CORPDFND	COM	475.91K	SH	$4.60M 2.72%	414.61K	61.30K
SLR INVESTMENT CORPDFND	COM	260.89K	SH	$4.03M 2.38%	260.89K	0.00
GOLDMAN SACHS BDC INCDFND	SHS	415.75K	SH	$3.86M 2.28%	355.31K	60.44K
SARATOGA INVT CORPDFND	COM NEW	159.50K	SH	$3.68M 2.17%	141.47K	18.03K
ARES CAPITAL CORPDFND	COM	170.92K	SH	$3.46M 2.04%	145.69K	25.23K
CARLYLE SECURED LENDING INCDFND	COM	255.44K	SH	$3.19M 1.88%	176.35K	79.08K
CRESCENT CAP BDC INCDFND	COM	225.31K	SH	$3.17M 1.87%	173.70K	51.62K
KAYNE ANDERSON ENERGYSOLE	COM	250.92K	SH	$3.11M 1.83%	0.00	250.92K
TORTOISE ENERGY INFRA CORPSOLE	COM	73.35K	SH	$3.00M 1.77%	0.00	73.35K
PALMER SQUARE CAPITAL BDCDFND	COM SHS	220.33K	SH	$2.69M 1.59%	220.33K	0.00
CAPITAL SOUTHWEST CORPDFND	COM	113.73K	SH	$2.52M 1.49%	57.91K	55.82K
BLACKSTONE SECD LENDING FDDFND	COMMON STOCK	89.69K	SH	$2.36M 1.39%	73.27K	16.42K
MIDCAP FINANCIAL INVSTMNTDFND	COM NEW	183.89K	SH	$2.10M 1.24%	159.68K	24.22K
ALLSPRING GLOBAL DIVIDENDSOLE	COM	358.41K	SH	$2.09M 1.23%	0.00	358.41K
CALAMOS LNG SHR EQT DYNAMICSOLE	COM	141.57K	SH	$2.07M 1.22%	0.00	141.57K
PGIM SHORT DUR HIG YLD OPPSOLE	COM	113.40K	SH	$1.87M 1.10%	0.00	113.40K
BLUEROCK PVT REAL ESTATE FDSOLE	COM	122.64K	SH	$1.84M 1.09%	0.00	122.64K
DESTRA MULTI-ALTERNATIVE FDSOLE	COMMON SHARES	200.83K	SH	$1.80M 1.06%	0.00	200.83K

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