Almitas Capital LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 17, 2026), Almitas Capital LLC reported 128 stock positions worth $416.9 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 16.7% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 8.1%) and ASA Gold and Precious Metals (ASA, 7.9%). Compared with Q1 2026, it opened 34 new positions, sold out of 17, added to 33 and reduced 22. The biggest buy was a new position in Tortoise Energy Infrastruct (TYG) and the biggest sale Fidelity Wise Origin Bitcoin (FBTC, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $416.9M (Q2 2026)
- SEC Filing
- 0002073679-26-000097 ↗ filed Aug 17, 2026
Holdings Value
Holdings 128 stocks · $416.9M
| FBTC Fidelity Wise Origin Bitcoin | 16.71% | 1,364,522 | $69.7M | Reduce -11.2% |
| BTT BlackRock 2030 Muni TRGT TRM | 8.10% | 1,485,213 | $33.8M | Reduce -0.1% |
| ASA ASA Gold and Precious Metals | 7.85% | 629,121 | $32.7M | Add +19.7% |
| AMLX Amylyx Pharmaceuticals Inc. | 4.20% | 974,881 | $17.5M | Reduce -54.1% |
| DSGN Design Therapeutics Inc. | 3.56% | 1,026,893 | $14.9M | Reduce -32.9% |
| PDX PIMCO Dynamic Income Strat | 2.74% | 549,495 | $11.4M | Add +1.5% |
| CRF Cornerstone Total Return | 2.71% | 1,572,309 | $11.3M | Add +41.0% |
| CNNE Cannae Holdings Inc. | 2.56% | 741,318 | $10.7M | No change |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 2.03% | 557,462 | $8.5M | Add +76.3% |
| LYEL Lyell Immunopharma Inc. | 1.96% | 581,407 | $8.2M | Add +0.6% |
| BMEZ BlackRock HLTH Sci TRM TR II | 1.87% | 507,095 | $7.8M | Add +0.1% |
| ANTX AN2 Therapeutics Inc. | 1.71% | 1,469,129 | $7.1M | Reduce -0.7% |
| TYG Tortoise Energy Infrastruct | 1.66% | 161,872 | $6.9M | New |
| XPCQX PIMCO California Muni Inc. FD | 1.53% | 710,604 | $6.4M | Add +15.2% |
| XSSPX Nuveen S&P 500 Dynam Overwr | 1.46% | 326,907 | $6.1M | Add +269.2% |
| ALXO Alx Oncology Holdings Inc. | 1.46% | 2,938,431 | $6.1M | Reduce -7.4% |
| FSSL FS Specialty Lending Fund | 1.44% | 537,295 | $6.0M | Add +99.9% |
| SDHY Pgim SHRT Durat Hi YLD | 1.43% | 364,674 | $6.0M | Add +103.8% |
| CLM Cornerstone Strategic Invest | 1.20% | 661,789 | $5.0M | Add +49.7% |
| MFM Aberdeen Municipal Income | 1.18% | 878,531 | $4.9M | New |
| AOR iShares Core 60/40 Balanced | 1.17% | 69,946 | $4.9M | New |
| SCHH Schwab US REIT ETF | 1.13% | 198,600 | $4.7M | New |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.12% | 757,999 | $4.7M | Reduce -18.2% |
| USA Liberty All Star Equity Fund | 1.11% | 798,342 | $4.6M | Add +101.9% |
| JOF Japan Smaller Capitalization | 1.09% | 386,375 | $4.6M | Reduce -4.1% |
| FCT First Trust SNR FL RT Inc. II | 1.08% | 466,072 | $4.5M | Add +21.7% |
| GLO Clough Global Opportunities | 1.04% | 709,764 | $4.3M | Add +7.4% |
| BRSP Brightspire Capital Inc. | 1.01% | 769,033 | $4.2M | Reduce -24.3% |
| DTF DTF Tax-Free Income 2028 Ter | 0.98% | 355,089 | $4.1M | No change |
| CCAP Crescent Capital BDC Inc. | 0.93% | 356,905 | $3.9M | No change |
| ELME Elme Communities | 0.93% | 2,619,247 | $3.9M | Add +0.5% |
| MXF Mexico Fund Inc. | 0.90% | 170,814 | $3.7M | Reduce -6.9% |
| CEE Central and Eastern Europe F filed as THE CENTRAL AND EASTERN EU I | 0.85% | 173,254 | $3.6M | No change |
| LADR Ladder Capital Corp.-REIT | 0.81% | 340,477 | $3.4M | Add +17.2% |
| JFR Nuveen Floating Rate Income | 0.80% | 435,208 | $3.3M | Add +5.7% |
| PNI PIMCO NY Muni Inc. II FND | 0.79% | 467,432 | $3.3M | Reduce -4.4% |
| TRTX TPG Re Finance Trust Inc. | 0.73% | 362,684 | $3.0M | Add +10.6% |
| EBF Ennis Inc. | 0.71% | 138,956 | $3.0M | No change |
| SABA Saba Capital Income & Opp II | 0.70% | 347,826 | $2.9M | No change |
| XGLQX Clough Global Equity Fund | 0.68% | 331,172 | $2.9M | Add +0.1% |
| FTHY First Trust Hi YLD Opp 2027 | 0.65% | 198,801 | $2.7M | Add +19.6% |
| ASG Liberty All-Star Growth FD | 0.61% | 466,560 | $2.6M | Add +238.1% |
| FBRT Franklin BSP Realty Trust Inc. | 0.58% | 298,190 | $2.4M | Add +201.0% |
| STEW SRH Total Return Fund Inc. | 0.57% | 133,773 | $2.4M | Add +14.6% |
| FLGT Fulgent Genetics Inc. | 0.52% | 104,797 | $2.2M | No change |
| RLYB Rallybio Corp. | 0.46% | 120,682 | $1.9M | Reduce -36.9% |
| TRC Tejon Ranch Co. | 0.40% | 90,257 | $1.7M | Reduce -5.0% |
| BGB Blackstone Strategic Credit | 0.39% | 144,834 | $1.6M | No change |
| MFIC Midcap Financial Investment | 0.34% | 140,477 | $1.4M | No change |
| LUNG Pulmonx Corp. | 0.33% | 1,064,202 | $1.4M | New |
| AFB Allianceberstein NTL Muni | 0.33% | 120,993 | $1.4M | Reduce -43.5% |
| DMB BNY Mellon Muni BND Infra | 0.32% | 121,339 | $1.3M | Reduce -33.7% |
| AEM Agnico Eagle Mines Ltd. | 0.30% | 8,035 | $1.2M | New |
| MFA Mfa Financial Inc. | 0.30% | 128,086 | $1.2M | No change |
| STWD Starwood Property Trust Inc. | 0.28% | 71,000 | $1.2M | No change |
| PCF High Income Securities Fund | 0.27% | 209,322 | $1.1M | Add +169.0% |
| UTF Cohen & Steers Infrastructur | 0.26% | 38,562 | $1.1M | No change |
| BANX Arrowmark Financial Corp. | 0.24% | 50,843 | $994K | Reduce -30.6% |
| GAB Gabelli Equity Trust | 0.23% | 169,700 | $961K | New |
| NCDL Nuveen Churchill Direct Lend | 0.21% | 70,160 | $871K | No change |
| ACRE Ares Commercial Real Estate | 0.20% | 180,954 | $814K | Add +254.8% |
| EIC Eagle Point Income Co.-USA Inc. | 0.19% | 80,547 | $811K | No change |
| BSTZ BlackRock Sci & Tech TRM TR | 0.19% | 26,810 | $805K | New |
| NEWT Newtekone Inc. | 0.19% | 53,570 | $793K | No change |
| GLV Clough Global Dividend & Inc. | 0.18% | 110,708 | $735K | Add +474.3% |
| NBXG Neuberger Next Generation Co. | 0.17% | 42,297 | $700K | Add +304.5% |
| SWZ Total Return Securities Fund | 0.16% | 115,581 | $687K | Add +148.8% |
| NEM Newmont Corp. | 0.15% | 6,800 | $635K | New |
| WD Walker & Dunlop Inc. | 0.15% | 11,600 | $635K | No change |
| IHD Voya Emrg MRKT Hi DVD Eqty | 0.15% | 78,161 | $610K | New |
| CVCO Cavco Industries Inc. | 0.15% | 992 | $609K | No change |
| SBET Sharplink Inc. | 0.14% | 124,283 | $597K | No change |
| XEFRX Eaton Vance Sr FLTG Rate TR | 0.14% | 54,393 | $577K | Add +9.3% |
| BSL Blackstone SNR Fltng RT | 0.14% | 44,471 | $576K | No change |
| CHW Calamos Global Dynamic Incom | 0.14% | 64,073 | $571K | Add +524.1% |
| LEO BNY Mellon Strategic Muni | 0.13% | 82,066 | $530K | Reduce -58.4% |
| CPZ Calamos LNG/SHRT Eqty & DYN | 0.12% | 38,584 | $505K | New |
| TORO Toro Corp. | 0.12% | 100,000 | $487K | New |
| TLPH Talphera Inc. | 0.12% | 467,152 | $481K | No change |
| BNY Bank of New York Mellon Corp. | 0.11% | 3,300 | $477K | New |
| GSBD Goldman Sachs BDC Inc. | 0.11% | 50,000 | $474K | No change |
| XWIAX Western Asset Infl-Link Sec | 0.11% | 56,732 | $461K | No change |
| CGBD Carlyle Secured Lending Inc. | 0.11% | 42,885 | $452K | No change |
| SKY Champion Homes Inc. | 0.11% | 5,000 | $441K | No change |
| CCIF Carlyle Credit Income Fund | 0.11% | 157,685 | $440K | No change |
| DHY UBS Asset Management High Yi filed as CREDIT SUISSE HIGH YIELD CRE | 0.11% | 247,026 | $440K | New |
| FRMM Forum Markets Inc. | 0.10% | 80,408 | $437K | No change |
| XEVVX Eaton Vance Ltd. Durat Inc. | 0.10% | 46,399 | $435K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.10% | 1,800 | $428K | New |
| PNC PNC Financial Services Group | 0.10% | 1,700 | $419K | New |
| NTRS Northern Trust Corp. | 0.10% | 2,400 | $417K | New |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.10% | 4,164 | $400K | Reduce -77.6% |
| CABA Cabaletta Bio Inc. | 0.09% | 125,900 | $392K | Reduce -62.7% |
| CIM Chimera Investment Corp. | 0.09% | 29,177 | $389K | No change |
| TFC Truist Financial Corp. | 0.09% | 7,800 | $389K | New |
| VFL Abrdn National Municipal Inc. | 0.09% | 37,221 | $386K | New |
| EVF Eaton Vance Senior Income TR | 0.09% | 74,751 | $372K | Add +74.2% |
| MMT Aberdeen Multimarket Income | 0.09% | 83,238 | $366K | New |
| FNV Franco-Nevada Corp. | 0.08% | 1,690 | $352K | New |
| DMA Destra Multi-Alternative | 0.08% | 45,193 | $338K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $418K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 · principal | 131,775 | $417K | New |
| COHEN & STEERS QUALITY-R | RIGHT 07/15/2026 | 50,000 | $745 | New |
Total filed on the 13F, all lines: $417.4M.
Portfolio Sells Q1 2026 → Q2 2026
| FBTC Fidelity Wise Origin Bitcoin | Reduce -11.2% | 16.71% | −3.81 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Sold out | 0.00% | −2.85 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -54.1% | 4.20% | −2.47 |
| BIO Bio-Rad Laboratories-A | Sold out | 0.00% | −1.91 |
| XCMUX MFS High Yield Municipal TR | Sold out | 0.00% | −1.21 |
| MRCC Monroe Capital Corp. | Sold out | 0.00% | −1.17 |
| CXE MFS High Income Municipal TR | Sold out | 0.00% | −1.06 |
| CXH MFS Investment Grade Muni | Sold out | 0.00% | −0.82 |
| MSGS Madison Square Garden Sports | Sold out | 0.00% | −0.72 |
| MYPS Playstudios Inc. | Reduce -87.7% | 0.07% | −0.43 |
| ANRO Alto Neuroscience Inc. | Sold out | 0.00% | −0.40 |
| ZNTL Zentalis Pharmaceuticals Inc. | Sold out | 0.00% | −0.32 |
| JRI Nuveen Real Asset Inc. & GRW | Sold out | 0.00% | −0.31 |
| BRSP Brightspire Capital Inc. | Reduce -24.3% | 1.01% | −0.28 |
| NPCT Nuveen Core Plus Impact | Sold out | 0.00% | −0.20 |
| FSK FS KKR Capital Corp. | Reduce -75.8% | 0.07% | −0.19 |
| AFB Allianceberstein NTL Muni | Reduce -43.5% | 0.33% | −0.19 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -77.6% | 0.10% | −0.18 |
| HPP Hudson Pacific Properties Inc. | Sold out | 0.00% | −0.17 |
| LEO BNY Mellon Strategic Muni | Reduce -58.4% | 0.13% | −0.15 |
| DSM BNYM Strat Muni BND | Reduce -18.2% | 1.12% | −0.14 |
| DSGN Design Therapeutics Inc. | Reduce -32.9% | 3.56% | −0.12 |
| DMB BNY Mellon Muni BND Infra | Reduce -33.7% | 0.32% | −0.11 |
| CABA Cabaletta Bio Inc. | Reduce -62.7% | 0.09% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.11 |
| GDOG Grayscale Dogecoin Trust ETF | Sold out | 0.00% | −0.08 |
| BANX Arrowmark Financial Corp. | Reduce -30.6% | 0.24% | −0.08 |
| NXG NXG Nextgen Infrastr Inc. | Sold out | 0.00% | −0.06 |
| CIF MFS Intermediate High Income | Sold out | 0.00% | −0.05 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −0.04 |
| OPP Rivernrth/Doublelne STR Opp | Reduce -57.3% | 0.03% | −0.03 |
| TRC Tejon Ranch Co. | Reduce -5.0% | 0.40% | 0.00 |
| ALXO Alx Oncology Holdings Inc. | Reduce -7.4% | 1.46% | +0.02 |
| MXF Mexico Fund Inc. | Reduce -6.9% | 0.90% | +0.03 |
| PNI PIMCO NY Muni Inc. II FND | Reduce -4.4% | 0.79% | +0.04 |
| RLYB Rallybio Corp. | Reduce -36.9% | 0.46% | +0.08 |
| JOF Japan Smaller Capitalization | Reduce -4.1% | 1.09% | +0.10 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -0.1% | 8.10% | +0.47 |
| ANTX AN2 Therapeutics Inc. | Reduce -0.7% | 1.71% | +0.56 |
Portfolio Buys Q1 2026 → Q2 2026
| TYG Tortoise Energy Infrastruct | New | 1.66% | +1.66 |
| MFM Aberdeen Municipal Income | New | 1.18% | +1.18 |
| AOR iShares Core 60/40 Balanced | New | 1.17% | +1.17 |
| XSSPX Nuveen S&P 500 Dynam Overwr | Add +269.2% | 1.46% | +1.14 |
| SCHH Schwab US REIT ETF | New | 1.13% | +1.13 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +76.3% | 2.03% | +0.98 |
| CRF Cornerstone Total Return | Add +41.0% | 2.71% | +0.95 |
| SDHY Pgim SHRT Durat Hi YLD | Add +103.8% | 1.43% | +0.79 |
| FSSL FS Specialty Lending Fund | Add +99.9% | 1.44% | +0.68 |
| USA Liberty All Star Equity Fund | Add +101.9% | 1.11% | +0.62 |
| ASA ASA Gold and Precious Metals | Add +19.7% | 7.85% | +0.48 |
| CLM Cornerstone Strategic Invest | Add +49.7% | 1.20% | +0.47 |
| ASG Liberty All-Star Growth FD | Add +238.1% | 0.61% | +0.46 |
| FBRT Franklin BSP Realty Trust Inc. | Add +201.0% | 0.58% | +0.39 |
| LUNG Pulmonx Corp. | New | 0.33% | +0.33 |
| XPCQX PIMCO California Muni Inc. FD | Add +15.2% | 1.53% | +0.33 |
| AEM Agnico Eagle Mines Ltd. | New | 0.30% | +0.30 |
| FCT First Trust SNR FL RT Inc. II | Add +21.7% | 1.08% | +0.24 |
| GAB Gabelli Equity Trust | New | 0.23% | +0.23 |
| BMEZ BlackRock HLTH Sci TRM TR II | Add +0.1% | 1.87% | +0.22 |
| GLO Clough Global Opportunities | Add +7.4% | 1.04% | +0.21 |
| BSTZ BlackRock Sci & Tech TRM TR | New | 0.19% | +0.19 |
| PCF High Income Securities Fund | Add +169.0% | 0.27% | +0.18 |
| LADR Ladder Capital Corp.-REIT | Add +17.2% | 0.81% | +0.17 |
| NEM Newmont Corp. | New | 0.15% | +0.15 |
| GLV Clough Global Dividend & Inc. | Add +474.3% | 0.18% | +0.15 |
| TRTX TPG Re Finance Trust Inc. | Add +10.6% | 0.73% | +0.15 |
| IHD Voya Emrg MRKT Hi DVD Eqty | New | 0.15% | +0.15 |
| FTHY First Trust Hi YLD Opp 2027 | Add +19.6% | 0.65% | +0.14 |
| ACRE Ares Commercial Real Estate | Add +254.8% | 0.20% | +0.14 |
| NBXG Neuberger Next Generation Co. | Add +304.5% | 0.17% | +0.14 |
| STEW SRH Total Return Fund Inc. | Add +14.6% | 0.57% | +0.12 |
| CPZ Calamos LNG/SHRT Eqty & DYN | New | 0.12% | +0.12 |
| XGLQX Clough Global Equity Fund | Add +0.1% | 0.68% | +0.12 |
| CHW Calamos Global Dynamic Incom | Add +524.1% | 0.14% | +0.12 |
| TORO Toro Corp. | New | 0.12% | +0.12 |
| BNY Bank of New York Mellon Corp. | New | 0.11% | +0.11 |
| DHY UBS Asset Management High Yi | New | 0.11% | +0.11 |
| XEVVX Eaton Vance Ltd. Durat Inc. | New | 0.10% | +0.10 |
| MTB M & T Bank Corp. | New | 0.10% | +0.10 |
| SWZ Total Return Securities Fund | Add +148.8% | 0.16% | +0.10 |
| JFR Nuveen Floating Rate Income | Add +5.7% | 0.80% | +0.10 |
| PNC PNC Financial Services Group | New | 0.10% | +0.10 |
| NTRS Northern Trust Corp. | New | 0.10% | +0.10 |
| TFC Truist Financial Corp. | New | 0.09% | +0.09 |
| VFL Abrdn National Municipal Inc. | New | 0.09% | +0.09 |
| MMT Aberdeen Multimarket Income | New | 0.09% | +0.09 |
| FNV Franco-Nevada Corp. | New | 0.08% | +0.08 |
| RF Regions Financial Corp. | New | 0.07% | +0.07 |
| BLW BlackRock Ltd. Durat Inc. TR | New | 0.07% | +0.07 |
Notes & Other Activity Q1 2026 → Q2 2026
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | Sold out | 5,271 | $422Kbefore exit |
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 · principal | New | 131,775 | $417K |
| BLACKROCK UTILITIES INFR- RT | RIGHT 04/02/2026 | Sold out | 640,153 | $5Kbefore exit |
| GABELLI EQUITY TRUST-RT | RIGHT 04/14/2026 | Sold out | 270,720 | $2Kbefore exit |
| NEUBERGER HIGH YIELD-RT | RIGHT 04/15/2026 | Sold out | 110,000 | $880before exit |
| COHEN & STEERS QUALITY-R | RIGHT 07/15/2026 | New | 50,000 | $745 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 128 | $416.9M | FBTC, BTT, ASA, AMLX, DSGN |
| Q1 2026 | 111 | $442.1M | FBTC, BTT, ASA, AMLX, DSGN |
| Q4 2025 | 105 | $452.1M | FBTC, BTT, AMLX, ASA, FETH |
| Q3 2025Amended | 61 | $436.3M | FBTC, BTT, AMLX, FETH, ASA |
| Q2 2025 | 80 | $395.6M | FBTC, BTT, FETH, AMLX, XPHTX |
| Q1 2025 | 80 | $300.4M | FBTC, BTT, XNQPX, DMF, AMLX |
| Q4 2024 | 90 | $454.0M | FBTC, FETH, BTT, OBDE, BMEZ |
| Q3 2024 | 67 | $281.4M | FBTC, BMEZ, XNQPX, XHIEX, BTT |
| Q2 2024 | 75 | $238.9M | BMEZ, NPCT, ECAT, XNQPX, XHIEX |
| Q1 2024 | 67 | $216.8M | NPCT, BMEZ, XNQPX, XHIEX, ECAT |