Almitas Capital LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 15, 2024), Almitas Capital LLC reported 75 stock positions worth $238.9 million. Its top holding was BlackRock HLTH Sci TRM TR II (BMEZ) at 11.3% of the portfolio, followed by Nuveen Core Plus Impact (NPCT, 6.7%) and BlackRock ESG Cap All TRM TR (ECAT, 6.2%). Compared with Q1 2024, it opened 23 new positions, sold out of 15, added to 25 and reduced 21. The biggest buy was BlackRock HLTH Sci TRM TR II (BMEZ, shares +89%) and the biggest sale an exit from First Trust Energy Infrastru (FIF).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $238.9M (Q2 2024)
- SEC Filing
- 0001596468-24-000012 ↗ filed Aug 15, 2024
Holdings Value
Holdings 75 stocks · $238.9M
| BMEZ BlackRock HLTH Sci TRM TR II | 11.33% | 1,761,943 | $27.1M | Add +89.3% |
| NPCT Nuveen Core Plus Impact | 6.72% | 1,475,812 | $16.1M | Reduce -8.2% |
| ECAT BlackRock ESG Cap All TRM TR | 6.16% | 839,103 | $14.7M | Add +84.5% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 6.04% | 1,183,331 | $14.4M | Add +22.5% |
| XHIEX Miller/Howard High Income Eq | 5.19% | 1,105,965 | $12.4M | Add +16.4% |
| XJPIX Nuveen Preferred Securities | 4.09% | 501,903 | $9.8M | Add +83.9% |
| MMD Nylim Mackay Definedterm Mun filed as MAINSTAY MACKAY DEFINEDTERM | 3.47% | 500,407 | $8.3M | Add +122.8% |
| SDHY Pgim SHRT Durat Hi YLD | 3.38% | 526,474 | $8.1M | Add +17.3% |
| NTG Tortoise Midstream Energy | 3.25% | 180,717 | $7.8M | Add +34.7% |
| XENWX Eaton Vance New York Municip | 3.01% | 730,155 | $7.2M | Reduce -9.5% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 2.38% | 791,104 | $5.7M | Add +25.7% |
| NEW AMERICA HIGH INCOME FUND | 1.86% | 606,917 | $4.4M | Reduce -1.1% |
| AVIR Atea Pharmaceuticals Inc. | 1.79% | 1,290,187 | $4.3M | New |
| XTTPX Tortoise Pipeline & Energy | 1.77% | 116,622 | $4.2M | Add +0.8% |
| DSGN Design Therapeutics Inc. | 1.76% | 1,253,248 | $4.2M | Add +22.1% |
| DMA Destra Multi-Alternative | 1.74% | 514,703 | $4.2M | Add +49.0% |
| BTX BlackRock Tech & Priv Eqty | 1.64% | 543,246 | $3.9M | New |
| DTF DTF Tax-Free Income 2028 Ter | 1.62% | 353,247 | $3.9M | Add +1.2% |
| CXH MFS Investment Grade Muni | 1.58% | 477,454 | $3.8M | Reduce -3.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 1.51% | 1,903,851 | $3.6M | New |
| IGI Western Asst Inv GR Oppor TR | 1.50% | 209,335 | $3.6M | New |
| GAM General American Investors | 1.40% | 67,058 | $3.3M | Reduce -13.0% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.39% | 559,398 | $3.3M | Add +144.1% |
| STEW SRH Total Return Fund Inc. | 1.34% | 219,890 | $3.2M | Reduce -3.3% |
| IIF Morgan Stanley India Invest | 1.28% | 114,751 | $3.1M | Add +2.3% |
| JOF Japan Smaller Capitalization | 1.14% | 360,847 | $2.7M | Add +26.2% |
| KSM DWS Strategic Municipal Inc. | 1.14% | 276,617 | $2.7M | Add +111.2% |
| CXE MFS High Income Municipal TR | 1.12% | 722,553 | $2.7M | Reduce -5.8% |
| GDO Western Ast GLB Corp. Opprnty | 1.04% | 202,723 | $2.5M | New |
| CBH Virtus Convertible & Income | 1.02% | 271,764 | $2.4M | New |
| XBFZX BlackRock Ca Muni Inc. TR | 0.83% | 165,065 | $2.0M | Reduce -64.4% |
| GLO Clough Global Opportunities | 0.82% | 363,149 | $2.0M | Add +386.2% |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.81% | 177,280 | $1.9M | Reduce -1.5% |
| XEVMX Eaton Vance Cal Muni Bond | 0.73% | 183,109 | $1.7M | Reduce -43.9% |
| MXF Mexico Fund Inc. | 0.72% | 108,252 | $1.7M | Reduce -11.1% |
| XMHIX Pioneer Muni High Inc. TR | 0.71% | 184,859 | $1.7M | No change |
| VPV Invesco Pa Val Muni Inc. | 0.70% | 153,384 | $1.7M | Add +2.5% |
| AFB Allianceberstein NTL Muni | 0.70% | 149,896 | $1.7M | Add +265.1% |
| SLRN Acelyrin Inc. | 0.69% | 376,116 | $1.7M | New |
| RITHM PPTY TR INC filed as GREAT AJAX CORP | 0.68% | 456,181 | $1.6M | Reduce -63.1% |
| XMIOX Pioneer Muni High Inc. Opp | 0.68% | 138,868 | $1.6M | No change |
| BTT BlackRock 2030 Muni TRGT TRM | 0.67% | 77,392 | $1.6M | New |
| GLV Clough Global Dividend & Inc. | 0.53% | 223,367 | $1.3M | Add +57.7% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.51% | 27,644 | $1.2M | Reduce -29.6% |
| PDX PIMCO Dynamic Income Strat | 0.50% | 53,223 | $1.2M | Reduce -83.6% |
| NKTR Nektar Therapeutics | 0.48% | 920,225 | $1.1M | No change |
| IDE Voya Infrastructure Indust | 0.47% | 110,821 | $1.1M | Reduce -40.2% |
| VTN Invesco TR for Invest GRD NY | 0.45% | 96,688 | $1.1M | Reduce -37.5% |
| ADAM Adamas Trust Inc. | 0.45% | 185,139 | $1.1M | No change |
| XWIAX Western Asset Infl-Link Sec | 0.40% | 118,716 | $951K | New |
| XDCFX BNYM Alcentra GLBL CRDT 2024 filed as BNY MELLON ALCENTRA GLOBAL C | 0.40% | 107,409 | $951K | New |
| TYG Tortoise Energy Infrastruct | 0.37% | 25,457 | $888K | Add +157.6% |
| TBLD Thornburg Income Builder Opp | 0.37% | 54,685 | $882K | New |
| XPMAX Pioneer Municipal High Inc. | 0.31% | 91,192 | $749K | Add +11.9% |
| BCAT BlackRock Capital Alloc TR | 0.30% | 44,339 | $728K | New |
| NBH Neuberger Municipal Fund Inc. | 0.28% | 62,971 | $673K | Add +73.0% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 0.28% | 54,402 | $664K | Reduce -79.5% |
| EDD Morgan Stanley Emrg MRK Dom | 0.27% | 138,991 | $634K | Reduce -47.0% |
| OMCC Old Market Capital Corp. filed as NICHOLAS FINL INC BC | 0.26% | 96,324 | $633K | No change |
| CEE Central and Eastern Europe F | 0.24% | 54,358 | $579K | Reduce -9.8% |
| KTF DWS Municipal Income Trust | 0.24% | 60,033 | $569K | Reduce -87.2% |
| XNDPX Tortoise Energy Independence | 0.23% | 15,093 | $546K | New |
| DMB BNY Mellon Muni BND Infra | 0.19% | 43,847 | $464K | New |
| HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED | 0.18% | 21,471 | $434K | New |
| LEO BNY Mellon Strategic Muni | 0.15% | 57,374 | $351K | New |
| XCMUX MFS High Yield Municipal TR | 0.13% | 91,488 | $314K | Add +5.5% |
| CPZ Calamos LNG/SHRT Eqty & DYN | 0.10% | 15,151 | $231K | Reduce -87.1% |
| HFRO Highland Opport & Income | 0.09% | 34,333 | $215K | New |
| SPRB Spruce Biosciences Inc. | 0.09% | 396,506 | $205K | New |
| FMN Federated Herm Prem Muni Inc. | 0.09% | 17,873 | $204K | No change |
| IQI Invesco Quality Muni Inc. TR | 0.07% | 17,854 | $177K | New |
| RLYB Rallybio Corp. | 0.06% | 100,876 | $135K | New |
| VGM Invesco Trust for Investmen | 0.05% | 12,534 | $129K | New |
| XBGYX BlackRock Enh Intl DVD TR | 0.04% | 16,118 | $90K | New |
| XPCKX PIMCO California Municipa II | 0.03% | 10,891 | $64K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 1,613,000 | $1.6M | Reduce -48.2% |
Total filed on the 13F, all lines: $240.5M.
Portfolio Sells Q1 2024 → Q2 2024
| FIF First Trust Energy Infrastru | Sold out | 0.00% | −3.50 |
| FEN First TR Enrgy Inc. & GRW | Sold out | 0.00% | −2.92 |
| PDX PIMCO Dynamic Income Strat | Reduce -83.6% | 0.50% | −2.67 |
| KTF DWS Municipal Income Trust | Reduce -87.2% | 0.24% | −1.71 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -64.4% | 0.83% | −1.70 |
| RITHM PPTY TR INC | Reduce -63.1% | 0.68% | −1.48 |
| CEM Clearbridge MLP & Midstream | Sold out | 0.00% | −1.32 |
| HTY John Hancock Tax-Advantaged | Sold out | 0.00% | −1.30 |
| CLEARBRIDGE MLP AND MIDSTRM | Sold out | 0.00% | −1.25 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -79.5% | 0.28% | −1.20 |
| CET Central Securities Corp. | Sold out | 0.00% | −0.96 |
| NPCT Nuveen Core Plus Impact | Reduce -8.2% | 6.72% | −0.95 |
| FEI First Trust MLP and Energy I | Sold out | 0.00% | −0.94 |
| CPZ Calamos LNG/SHRT Eqty & DYN | Reduce -87.1% | 0.10% | −0.74 |
| XEVMX Eaton Vance Cal Muni Bond | Reduce -43.9% | 0.73% | −0.69 |
| XENWX Eaton Vance New York Municip | Reduce -9.5% | 3.01% | −0.60 |
| ASA ASA Gold and Precious Metals | Sold out | 0.00% | −0.48 |
| IDE Voya Infrastructure Indust | Reduce -40.2% | 0.47% | −0.42 |
| VFL Abrdn National Municipal Inc. | Sold out | 0.00% | −0.37 |
| MXF Mexico Fund Inc. | Reduce -11.1% | 0.72% | −0.35 |
| WIW Western Asst Infl-LNK Opp | Sold out | 0.00% | −0.34 |
| FST TR NEW OPPORT MLP & ENE | Sold out | 0.00% | −0.33 |
| VTN Invesco TR for Invest GRD NY | Reduce -37.5% | 0.45% | −0.31 |
| EDD Morgan Stanley Emrg MRK Dom | Reduce -47.0% | 0.27% | −0.31 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −0.26 |
| GAM General American Investors | Reduce -13.0% | 1.40% | −0.26 |
| STEW SRH Total Return Fund Inc. | Reduce -3.3% | 1.34% | −0.24 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -29.6% | 0.51% | −0.21 |
| NEW AMERICA HIGH INCOME FUND | Reduce -1.1% | 1.86% | −0.20 |
| CXE MFS High Income Municipal TR | Reduce -5.8% | 1.12% | −0.16 |
| CXH MFS Investment Grade Muni | Reduce -3.0% | 1.58% | −0.15 |
| XBNYX BlackRock New York Muni Inc. | Sold out | 0.00% | −0.10 |
| CEV Eaton Vance Ca Muni Inc. TRST | Reduce -1.5% | 0.81% | −0.07 |
| MXE Mexico Equity and Income FD | Sold out | 0.00% | −0.07 |
| XMFVX MFS Special Value Trust | Sold out | 0.00% | −0.04 |
| CEE Central and Eastern Europe F | Reduce -9.8% | 0.24% | −0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| BMEZ BlackRock HLTH Sci TRM TR II | Add +89.3% | 11.33% | +4.29 |
| ECAT BlackRock ESG Cap All TRM TR | Add +84.5% | 6.16% | +2.52 |
| AVIR Atea Pharmaceuticals Inc. | New | 1.79% | +1.79 |
| MMD Nylim Mackay Definedterm Mun | Add +122.8% | 3.47% | +1.78 |
| XJPIX Nuveen Preferred Securities | Add +83.9% | 4.09% | +1.66 |
| BTX BlackRock Tech & Priv Eqty | New | 1.64% | +1.64 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 1.51% | +1.51 |
| IGI Western Asst Inv GR Oppor TR | New | 1.50% | +1.50 |
| GDO Western Ast GLB Corp. Opprnty | New | 1.04% | +1.04 |
| CBH Virtus Convertible & Income | New | 1.02% | +1.02 |
| NTG Tortoise Midstream Energy | Add +34.7% | 3.25% | +0.88 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +22.5% | 6.04% | +0.78 |
| DSM BNYM Strat Muni BND | Add +144.1% | 1.39% | +0.77 |
| SLRN Acelyrin Inc. | New | 0.69% | +0.69 |
| BTT BlackRock 2030 Muni TRGT TRM | New | 0.67% | +0.67 |
| GLO Clough Global Opportunities | Add +386.2% | 0.82% | +0.64 |
| KSM DWS Strategic Municipal Inc. | Add +111.2% | 1.14% | +0.60 |
| DMA Destra Multi-Alternative | Add +49.0% | 1.74% | +0.49 |
| AFB Allianceberstein NTL Muni | Add +265.1% | 0.70% | +0.49 |
| DMF BNYM Municipal Income | Add +25.7% | 2.38% | +0.40 |
| XWIAX Western Asset Infl-Link Sec | New | 0.40% | +0.40 |
| XDCFX BNYM Alcentra GLBL CRDT 2024 | New | 0.40% | +0.40 |
| TBLD Thornburg Income Builder Opp | New | 0.37% | +0.37 |
| XHIEX Miller/Howard High Income Eq | Add +16.4% | 5.19% | +0.33 |
| BCAT BlackRock Capital Alloc TR | New | 0.30% | +0.30 |
| TYG Tortoise Energy Infrastruct | Add +157.6% | 0.37% | +0.23 |
| XNDPX Tortoise Energy Independence | New | 0.23% | +0.23 |
| DMB BNY Mellon Muni BND Infra | New | 0.19% | +0.19 |
| SDHY Pgim SHRT Durat Hi YLD | Add +17.3% | 3.38% | +0.19 |
| HTD John Hancock Tax Adv DVD Inc. | New | 0.18% | +0.18 |
| GLV Clough Global Dividend & Inc. | Add +57.7% | 0.53% | +0.17 |
| LEO BNY Mellon Strategic Muni | New | 0.15% | +0.15 |
| NBH Neuberger Municipal Fund Inc. | Add +73.0% | 0.28% | +0.11 |
| IIF Morgan Stanley India Invest | Add +2.3% | 1.28% | +0.10 |
| JOF Japan Smaller Capitalization | Add +26.2% | 1.14% | +0.09 |
| HFRO Highland Opport & Income | New | 0.09% | +0.09 |
| SPRB Spruce Biosciences Inc. | New | 0.09% | +0.09 |
| XTTPX Tortoise Pipeline & Energy | Add +0.8% | 1.77% | +0.08 |
| IQI Invesco Quality Muni Inc. TR | New | 0.07% | +0.07 |
| RLYB Rallybio Corp. | New | 0.06% | +0.06 |
| VGM Invesco Trust for Investmen | New | 0.05% | +0.05 |
| XBGYX BlackRock Enh Intl DVD TR | New | 0.04% | +0.04 |
| XPCKX PIMCO California Municipa II | New | 0.03% | +0.03 |
| XPMAX Pioneer Municipal High Inc. | Add +11.9% | 0.31% | +0.01 |
| XCMUX MFS High Yield Municipal TR | Add +5.5% | 0.13% | −0.00 |
| VPV Invesco Pa Val Muni Inc. | Add +2.5% | 0.70% | −0.01 |
| DTF DTF Tax-Free Income 2028 Ter | Add +1.2% | 1.62% | −0.11 |
| DSGN Design Therapeutics Inc. | Add +22.1% | 1.76% | −0.15 |
Notes & Other Activity Q1 2024 → Q2 2024
| GREAT AJAX CORP (RPT 7.25 04/30/24) | 7.25 CV SR NT 24 | Sold out | 893,646 | $22.3Mbefore exit |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Reduce -48.2% | 1,613,000 | $1.6M |
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 |