Almitas Capital LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Almitas Capital LLC reported 67 stock positions worth $216.8 million. Its top holding was Nuveen Core Plus Impact (NPCT) at 7.7% of the portfolio, followed by BlackRock HLTH Sci TRM TR II (BMEZ, 7.0%) and Nuveen Pa QLTY Muni (XNQPX, 5.3%). Compared with Q4 2023, it opened 7 new positions, sold out of 52, added to 24 and reduced 32. The biggest buy was First Trust Energy Infrastru (FIF, shares +553%) and the biggest sale an exit from BlackRock Capital Investment (BKCC).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $216.8M (Q1 2024)
- SEC Filing
- 0001596468-24-000010 ↗ filed May 14, 2024
Holdings Value
Holdings 67 stocks · $216.8M
| NPCT Nuveen Core Plus Impact | 7.67% | 1,606,702 | $16.6M | Reduce -6.2% |
| BMEZ BlackRock HLTH Sci TRM TR II | 7.04% | 930,918 | $15.3M | Reduce -28.0% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 5.26% | 965,867 | $11.4M | Add +5.5% |
| XHIEX Miller/Howard High Income Eq | 4.86% | 950,061 | $10.5M | Reduce -12.8% |
| ECAT BlackRock ESG Cap All TRM TR | 3.64% | 454,826 | $7.9M | Reduce -27.0% |
| XENWX Eaton Vance New York Municip | 3.61% | 806,643 | $7.8M | Add +0.2% |
| FIF First Trust Energy Infrastru | 3.50% | 417,641 | $7.6M | Add +553.3% |
| SDHY Pgim SHRT Durat Hi YLD | 3.18% | 448,869 | $6.9M | Reduce -16.1% |
| PDX PIMCO Dynamic Income Strat | 3.17% | 324,019 | $6.9M | Reduce -2.8% |
| FEN First TR Enrgy Inc. & GRW | 2.92% | 387,572 | $6.3M | Add +280.6% |
| XBFZX BlackRock Ca Muni Inc. TR | 2.53% | 463,705 | $5.5M | Reduce -1.1% |
| XJPIX Nuveen Preferred Securities | 2.42% | 272,937 | $5.3M | Add +0.1% |
| NTG Tortoise Midstream Energy | 2.37% | 134,139 | $5.1M | Add +1.1% |
| RITHM PPTY TR INC filed as GREAT AJAX CORP | 2.17% | 1,235,835 | $4.7M | Add +4.3% |
| NEW AMERICA HIGH INCOME FUND | 2.06% | 613,549 | $4.5M | Reduce -13.2% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 1.98% | 629,435 | $4.3M | Add +3.8% |
| KTF DWS Municipal Income Trust | 1.95% | 467,648 | $4.2M | No change |
| DSGN Design Therapeutics Inc. | 1.91% | 1,026,068 | $4.1M | No change |
| DTF DTF Tax-Free Income 2028 Ter | 1.73% | 348,973 | $3.8M | Reduce -0.6% |
| CXH MFS Investment Grade Muni | 1.73% | 491,954 | $3.7M | No change |
| MMD Nylim Mackay Definedterm Mun filed as MAINSTAY MACKAY DEFINEDTERM | 1.69% | 224,621 | $3.7M | Reduce -24.4% |
| XTTPX Tortoise Pipeline & Energy | 1.69% | 115,755 | $3.7M | Add +47.3% |
| GAM General American Investors | 1.65% | 77,073 | $3.6M | Reduce -12.4% |
| STEW SRH Total Return Fund Inc. | 1.58% | 227,390 | $3.4M | Add +40.1% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 1.48% | 265,919 | $3.2M | Add +10.8% |
| XEVMX Eaton Vance Cal Muni Bond | 1.42% | 326,340 | $3.1M | Reduce -31.7% |
| CEM Clearbridge MLP & Midstream | 1.32% | 62,472 | $2.9M | New |
| HTY John Hancock Tax-Advantaged | 1.30% | 538,822 | $2.8M | Add +230.3% |
| CXE MFS High Income Municipal TR | 1.28% | 766,961 | $2.8M | Add +2.8% |
| CLEARBRIDGE MLP AND MIDSTRM | 1.25% | 65,535 | $2.7M | Reduce -41.1% |
| DMA Destra Multi-Alternative | 1.25% | 345,331 | $2.7M | Reduce -23.6% |
| IIF Morgan Stanley India Invest | 1.19% | 112,191 | $2.6M | Reduce -34.1% |
| MXF Mexico Fund Inc. | 1.08% | 121,781 | $2.3M | Reduce -24.3% |
| JOF Japan Smaller Capitalization | 1.05% | 285,943 | $2.3M | Reduce -4.2% |
| CET Central Securities Corp. | 0.96% | 49,605 | $2.1M | Add +0.0% |
| FEI First Trust MLP and Energy I | 0.94% | 211,517 | $2.0M | Add +23.6% |
| IDE Voya Infrastructure Indust | 0.90% | 185,341 | $1.9M | Add +72.2% |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.88% | 179,967 | $1.9M | Add +12.4% |
| CPZ Calamos LNG/SHRT Eqty & DYN | 0.83% | 117,221 | $1.8M | Reduce -33.6% |
| VTN Invesco TR for Invest GRD NY | 0.77% | 154,579 | $1.7M | Add +1.1% |
| XMHIX Pioneer Muni High Inc. TR | 0.75% | 184,859 | $1.6M | Add +503.5% |
| XMIOX Pioneer Muni High Inc. Opp | 0.72% | 138,868 | $1.6M | Add +14.0% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.72% | 39,295 | $1.6M | Reduce -55.4% |
| VPV Invesco Pa Val Muni Inc. | 0.71% | 149,619 | $1.5M | Add +12.0% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.62% | 229,209 | $1.3M | Add +65.9% |
| ADAM Adamas Trust Inc. | 0.61% | 185,139 | $1.3M | Reduce -34.2% |
| EDD Morgan Stanley Emrg MRK Dom | 0.58% | 262,519 | $1.2M | Reduce -51.2% |
| KSM DWS Strategic Municipal Inc. | 0.54% | 130,986 | $1.2M | Reduce -19.8% |
| ASA ASA Gold and Precious Metals | 0.48% | 67,273 | $1.0M | Reduce -75.1% |
| NKTR Nektar Therapeutics | 0.40% | 920,225 | $860K | New |
| VFL Abrdn National Municipal Inc. | 0.37% | 77,710 | $805K | Reduce -42.3% |
| GLV Clough Global Dividend & Inc. | 0.37% | 141,649 | $792K | Reduce -56.6% |
| WIW Western Asst Infl-LNK Opp | 0.34% | 84,641 | $730K | Reduce -58.9% |
| FST TR NEW OPPORT MLP & ENE | 0.33% | 92,346 | $707K | New |
| XPMAX Pioneer Municipal High Inc. | 0.31% | 81,492 | $664K | Add +26.6% |
| OMCC Old Market Capital Corp. filed as Nicholas Financial | 0.30% | 96,324 | $651K | New |
| CEE Central and Eastern Europe F | 0.26% | 60,250 | $574K | Reduce -23.7% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.26% | 50,885 | $563K | New |
| AFB Allianceberstein NTL Muni | 0.21% | 41,054 | $451K | New |
| NBH Neuberger Municipal Fund Inc. | 0.18% | 36,402 | $381K | Reduce -42.3% |
| GLO Clough Global Opportunities | 0.17% | 74,688 | $379K | Reduce -52.6% |
| TYG Tortoise Energy Infrastruct | 0.14% | 9,881 | $305K | Reduce -86.4% |
| XCMUX MFS High Yield Municipal TR | 0.13% | 86,729 | $289K | Add +12.2% |
| XBNYX BlackRock New York Muni Inc. | 0.10% | 19,915 | $211K | Reduce -65.0% |
| FMN Federated Herm Prem Muni Inc. | 0.09% | 17,873 | $198K | No change |
| MXE Mexico Equity and Income FD | 0.07% | 13,526 | $156K | Reduce -57.9% |
| XMFVX MFS Special Value Trust | 0.04% | 18,154 | $81K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $25.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GREAT AJAX CORP (RPT 7.25 04/30/24) | 7.25 CV SR NT 24 | 893,646 | $22.3M | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 3,113,000 | $3.0M | Reduce -26.8% |
Total filed on the 13F, all lines: $242.1M.
Portfolio Sells Q4 2023 → Q1 2024
| BKCC BlackRock Capital Investment | Sold out | 0.00% | −4.30 |
| ORC Orchid Island Capital Inc. | Sold out | 0.00% | −2.04 |
| ASA ASA Gold and Precious Metals | Reduce -75.1% | 0.48% | −1.07 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −1.03 |
| BRSP Brightspire Capital Inc. | Sold out | 0.00% | −0.94 |
| MUC BlackRock Munihold Ca QLTY | Sold out | 0.00% | −0.73 |
| BTT BlackRock 2030 Muni TRGT TRM | Sold out | 0.00% | −0.69 |
| TYG Tortoise Energy Infrastruct | Reduce -86.4% | 0.14% | −0.65 |
| LEO BNY Mellon Strategic Muni | Sold out | 0.00% | −0.64 |
| MHD BlackRock Muniholdings Fund | Sold out | 0.00% | −0.59 |
| NFJ Virtus DVD Intrst & PRM STR | Sold out | 0.00% | −0.45 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -55.4% | 0.72% | −0.44 |
| XFFCX Flaherty & Crumrine Pref Inc. | Sold out | 0.00% | −0.39 |
| EDD Morgan Stanley Emrg MRK Dom | Reduce -51.2% | 0.58% | −0.38 |
| RA Brookfield Real Assets Incom | Sold out | 0.00% | −0.36 |
| NXG NXG Nextgen Infrastr Inc. | Sold out | 0.00% | −0.35 |
| BGB Blackstone Strategic Credit | Sold out | 0.00% | −0.34 |
| WIW Western Asst Infl-LNK Opp | Reduce -58.9% | 0.34% | −0.34 |
| ADAM Adamas Trust Inc. | Reduce -34.2% | 0.61% | −0.30 |
| PFX Phenixfin Corp. | Sold out | 0.00% | −0.29 |
| MTG Mgic Investment Corp. | Sold out | 0.00% | −0.28 |
| CLEARBRIDGE MLP AND MIDSTRM | Reduce -41.1% | 1.25% | −0.28 |
| RDN Radian Group Inc. | Sold out | 0.00% | −0.27 |
| GLV Clough Global Dividend & Inc. | Reduce -56.6% | 0.37% | −0.27 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Sold out | 0.00% | −0.26 |
| NICHOLAS FINL INC BC | Sold out | 0.00% | −0.25 |
| NBXG Neuberger Next Generation Co. | Sold out | 0.00% | −0.24 |
| XEVMX Eaton Vance Cal Muni Bond | Reduce -31.7% | 1.42% | −0.24 |
| XCAFX Morgan Stanley China A Share | Sold out | 0.00% | −0.23 |
| XDCFX BNYM Alcentra GLBL CRDT 2024 | Sold out | 0.00% | −0.23 |
| SBI Western Asset Intermediate | Sold out | 0.00% | −0.22 |
| NAC Nuveen Ca QLTY Muni Inc. | Sold out | 0.00% | −0.20 |
| IIF Morgan Stanley India Invest | Reduce -34.1% | 1.19% | −0.20 |
| MPA BlackRock Muniyield Pa Qltyv | Sold out | 0.00% | −0.18 |
| LADR Ladder Capital Corp.-REIT | Sold out | 0.00% | −0.18 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -27.0% | 3.64% | −0.17 |
| BTZ BlackRock Credit Allocation | Sold out | 0.00% | −0.17 |
| IGI Western Asst Inv GR Oppor TR | Sold out | 0.00% | −0.16 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -28.0% | 7.04% | −0.15 |
| VFL Abrdn National Municipal Inc. | Reduce -42.3% | 0.37% | −0.15 |
| BSL Blackstone SNR Fltng RT | Sold out | 0.00% | −0.14 |
| MMD Nylim Mackay Definedterm Mun | Reduce -24.4% | 1.69% | −0.14 |
| KF Korea Fund Inc. | Sold out | 0.00% | −0.14 |
| CPZ Calamos LNG/SHRT Eqty & DYN | Reduce -33.6% | 0.83% | −0.13 |
| XBNYX BlackRock New York Muni Inc. | Reduce -65.0% | 0.10% | −0.13 |
| GRX Gabelli Healthcare & Well | Sold out | 0.00% | −0.12 |
| IQI Invesco Quality Muni Inc. TR | Sold out | 0.00% | −0.12 |
| XMUIX BlackRock Municipal Income | Sold out | 0.00% | −0.11 |
| CCIF Carlyle Credit Income Fund | Sold out | 0.00% | −0.11 |
| GLO Clough Global Opportunities | Reduce -52.6% | 0.17% | −0.11 |
Portfolio Buys Q4 2023 → Q1 2024
| FIF First Trust Energy Infrastru | Add +553.3% | 3.50% | +3.10 |
| FEN First TR Enrgy Inc. & GRW | Add +280.6% | 2.92% | +2.36 |
| CEM Clearbridge MLP & Midstream | New | 1.32% | +1.32 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +5.5% | 5.26% | +1.24 |
| HTY John Hancock Tax-Advantaged | Add +230.3% | 1.30% | +0.98 |
| XTTPX Tortoise Pipeline & Energy | Add +47.3% | 1.69% | +0.85 |
| STEW SRH Total Return Fund Inc. | Add +40.1% | 1.58% | +0.72 |
| XENWX Eaton Vance New York Municip | Add +0.2% | 3.61% | +0.66 |
| XMHIX Pioneer Muni High Inc. TR | Add +503.5% | 0.75% | +0.65 |
| NTG Tortoise Midstream Energy | Add +1.1% | 2.37% | +0.62 |
| XJPIX Nuveen Preferred Securities | Add +0.1% | 2.42% | +0.53 |
| DMF BNYM Municipal Income | Add +3.8% | 1.98% | +0.49 |
| IDE Voya Infrastructure Indust | Add +72.2% | 0.90% | +0.48 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Add +10.8% | 1.48% | +0.41 |
| NKTR Nektar Therapeutics | New | 0.40% | +0.40 |
| FEI First Trust MLP and Energy I | Add +23.6% | 0.94% | +0.39 |
| FST TR NEW OPPORT MLP & ENE | New | 0.33% | +0.33 |
| DSM BNYM Strat Muni BND | Add +65.9% | 0.62% | +0.32 |
| OMCC Old Market Capital Corp. | New | 0.30% | +0.30 |
| CXE MFS High Income Municipal TR | Add +2.8% | 1.28% | +0.28 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | New | 0.26% | +0.26 |
| CEV Eaton Vance Ca Muni Inc. TRST | Add +12.4% | 0.88% | +0.25 |
| CET Central Securities Corp. | Add +0.0% | 0.96% | +0.24 |
| XMIOX Pioneer Muni High Inc. Opp | Add +14.0% | 0.72% | +0.24 |
| AFB Allianceberstein NTL Muni | New | 0.21% | +0.21 |
| VPV Invesco Pa Val Muni Inc. | Add +12.0% | 0.71% | +0.20 |
| VTN Invesco TR for Invest GRD NY | Add +1.1% | 0.77% | +0.16 |
| XPMAX Pioneer Municipal High Inc. | Add +26.6% | 0.31% | +0.11 |
| XMFVX MFS Special Value Trust | New | 0.04% | +0.04 |
| XCMUX MFS High Yield Municipal TR | Add +12.2% | 0.13% | +0.04 |
| RITHM PPTY TR INC | Add +4.3% | 2.17% | −0.22 |
Notes & Other Activity Q4 2023 → Q1 2024
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Reduce -26.8% | 3,113,000 | $3.0M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Sold out | 500,000 | $456Kbefore exit |
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | Sold out | 5,272 | $316Kbefore exit |
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 |