Kovack Advisors, Inc.

Q4 2025 13F Holdings Report, Restatement, Stock Holdings

Signature - Title: Cecilia Mercado - CCO
Location: Ft. Lauderdale, FL
Holdings as of: 31 Dec 2025
Value $: $2,113,141,575
Num holdings: 1,004
Filing time: 17 Feb 2026, 13:59:08 UTC
Form type: 13F-HR/A-1 - Restatement
Description: All US holdings of this investor are reported in this report. Top holdings included NVDA, AAPL, AMZN, IVV, and MSFT.
Previous filing: Q3 2025 - 10 Nov 2025
SEC: View on sec.gov
Options Holdings: Showing stock holdings, see here for options holdings

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Filing 2025 Q4 - Restatement compared to 2025 Q3 by default. Changes are calculated vs the previous SEC filing.

Compare Q4 2025 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
CECILIA MERCADO	CCO	Ft. Lauderdale, Florida	17 Feb 2026