Almitas Capital LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Almitas Capital LLC reported 67 stock positions worth $281.4 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 22.0% of the portfolio, followed by BlackRock HLTH Sci TRM TR II (BMEZ, 8.5%) and Nuveen Pa QLTY Muni (XNQPX, 5.2%). Compared with Q2 2024, it opened 13 new positions, sold out of 21, added to 21 and reduced 26. The biggest buy was a new position in Fidelity Wise Origin Bitcoin (FBTC) and the biggest sale Nuveen Core Plus Impact (NPCT, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $281.4M (Q3 2024)
- SEC Filing
- 0001596468-24-000015 ↗ filed Nov 14, 2024
Holdings Value
Holdings 67 stocks · $281.4M
| FBTC Fidelity Wise Origin Bitcoin | 22.01% | 1,115,370 | $61.9M | New |
| BMEZ BlackRock HLTH Sci TRM TR II | 8.47% | 1,504,393 | $23.8M | Reduce -14.6% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 5.23% | 1,166,111 | $14.7M | Reduce -1.5% |
| XHIEX Miller/Howard High Income Eq | 4.85% | 1,119,524 | $13.6M | Add +1.2% |
| BTT BlackRock 2030 Muni TRGT TRM | 4.13% | 536,911 | $11.6M | Add +593.8% |
| NTG Tortoise Midstream Energy | 3.63% | 214,984 | $10.2M | Add +19.0% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 3.52% | 586,738 | $9.9M | Add +17.3% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 3.10% | 1,268,247 | $8.7M | Add +60.3% |
| SDHY Pgim SHRT Durat Hi YLD | 2.92% | 491,022 | $8.2M | Reduce -6.7% |
| DSGN Design Therapeutics Inc. | 2.53% | 1,323,667 | $7.1M | Add +5.6% |
| XENWX Eaton Vance New York Municip | 2.46% | 696,315 | $6.9M | Reduce -4.6% |
| AMLX Amylyx Pharmaceuticals Inc. | 2.29% | 1,988,563 | $6.4M | Add +4.5% |
| IGI Western Asst Inv GR Oppor TR | 2.17% | 338,857 | $6.1M | Add +61.9% |
| ECAT BlackRock ESG Cap All TRM TR | 2.09% | 331,140 | $5.9M | Reduce -60.5% |
| XTTPX Tortoise Pipeline & Energy | 1.81% | 120,470 | $5.1M | Add +3.3% |
| GDO Western Ast GLB Corp. Opprnty | 1.73% | 378,659 | $4.9M | Add +86.8% |
| AVIR Atea Pharmaceuticals Inc. | 1.65% | 1,384,529 | $4.6M | Add +7.3% |
| NPCT Nuveen Core Plus Impact | 1.50% | 355,306 | $4.2M | Reduce -75.9% |
| NEW AMERICA HIGH INCOME FUND | 1.47% | 495,961 | $4.1M | Reduce -18.3% |
| JOF Japan Smaller Capitalization | 1.46% | 497,471 | $4.1M | Add +37.9% |
| CXH MFS Investment Grade Muni | 1.39% | 477,454 | $3.9M | No change |
| DTF DTF Tax-Free Income 2028 Ter | 1.31% | 327,374 | $3.7M | Reduce -7.3% |
| ZNTL Zentalis Pharmaceuticals Inc. | 1.26% | 960,928 | $3.5M | New |
| STEW SRH Total Return Fund Inc. | 1.24% | 220,762 | $3.5M | Add +0.4% |
| KSM DWS Strategic Municipal Inc. | 1.13% | 311,210 | $3.2M | Add +12.5% |
| CXE MFS High Income Municipal TR | 1.03% | 720,853 | $2.9M | Reduce -0.2% |
| DMA Destra Multi-Alternative | 0.95% | 307,315 | $2.7M | Reduce -40.3% |
| IIF Morgan Stanley India Invest | 0.92% | 86,320 | $2.6M | Reduce -24.8% |
| MXF Mexico Fund Inc. | 0.76% | 141,348 | $2.1M | Add +30.6% |
| BTX BlackRock Tech & Priv Eqty | 0.74% | 274,442 | $2.1M | Reduce -49.5% |
| CEE Central and Eastern Europe F | 0.68% | 178,207 | $1.9M | Add +227.8% |
| ZTR Virtus Total Return Fund Inc. | 0.68% | 307,790 | $1.9M | New |
| AFB Allianceberstein NTL Muni | 0.63% | 149,896 | $1.8M | No change |
| XNDPX Tortoise Energy Independence | 0.57% | 42,888 | $1.6M | Add +184.2% |
| XWIAX Western Asset Infl-Link Sec | 0.48% | 159,057 | $1.4M | Add +34.0% |
| XMIOX Pioneer Muni High Inc. Opp | 0.45% | 102,597 | $1.3M | Reduce -26.1% |
| NKTR Nektar Therapeutics | 0.43% | 920,225 | $1.2M | No change |
| RITHM PPTY TR INC filed as GREAT AJAX CORP | 0.42% | 354,065 | $1.2M | Reduce -22.4% |
| ADAM Adamas Trust Inc. | 0.42% | 185,139 | $1.2M | No change |
| XDCFX BNYM Alcentra GLBL CRDT 2024 filed as BNY MELLON ALCENTRA GLOBAL C | 0.40% | 123,756 | $1.1M | Add +15.2% |
| XMHIX Pioneer Muni High Inc. TR | 0.39% | 113,531 | $1.1M | Reduce -38.6% |
| XTPZX Tortoise Power & Enrgy Infra | 0.38% | 59,182 | $1.1M | New |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.37% | 94,866 | $1.0M | Reduce -46.5% |
| RLYB Rallybio Corp. | 0.36% | 875,434 | $1.0M | Add +767.8% |
| MFIC Midcap Financial Investment | 0.34% | 71,953 | $963K | New |
| GLO Clough Global Opportunities | 0.32% | 162,941 | $888K | Reduce -55.1% |
| XPMAX Pioneer Municipal High Inc. | 0.27% | 84,717 | $749K | Reduce -7.1% |
| FGB First Trust Special Financ | 0.26% | 179,486 | $731K | New |
| XEVMX Eaton Vance Cal Muni Bond | 0.22% | 65,168 | $629K | Reduce -64.4% |
| WIW Western Asst Infl-LNK Opp | 0.20% | 63,133 | $558K | New |
| XBFZX BlackRock Ca Muni Inc. TR | 0.19% | 44,416 | $537K | Reduce -73.1% |
| XCMUX MFS High Yield Municipal TR | 0.18% | 141,260 | $518K | Add +54.4% |
| VOO Vanguard S&P 500 ETF | 0.18% | 970 | $512K | New |
| DMB BNY Mellon Muni BND Infra | 0.17% | 43,847 | $489K | No change |
| HLVX Hillevax Inc. | 0.17% | 267,068 | $470K | New |
| GLV Clough Global Dividend & Inc. | 0.16% | 78,077 | $460K | Reduce -65.0% |
| OMCC Old Market Capital Corp. filed as OLD MKT CAP CORP | 0.14% | 62,997 | $400K | Reduce -34.6% |
| LEO BNY Mellon Strategic Muni | 0.13% | 57,374 | $374K | No change |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.12% | 7,585 | $333K | Reduce -72.6% |
| QUINCE THERAPEUTICS INC | 0.11% | 382,882 | $297K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 500 | $287K | New |
| XBNYX BlackRock New York Muni Inc. | 0.09% | 22,353 | $246K | New |
| FMN Federated Herm Prem Muni Inc. | 0.07% | 15,170 | $188K | Reduce -15.1% |
| SPRB Spruce Biosciences Inc. | 0.07% | 396,506 | $188K | No change |
| EDD Morgan Stanley Emrg MRK Dom | 0.06% | 36,094 | $182K | Reduce -74.0% |
| SLRN Acelyrin Inc. | 0.04% | 24,519 | $121K | Reduce -93.5% |
| ALLK Allakos LLC | 0.02% | 91,301 | $60K | 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 | No change |
Total filed on the 13F, all lines: $283.0M.
Portfolio Sells Q2 2024 → Q3 2024
| NPCT Nuveen Core Plus Impact | Reduce -75.9% | 1.50% | −5.22 |
| XJPIX Nuveen Preferred Securities | Sold out | 0.00% | −4.09 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -60.5% | 2.09% | −4.07 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -14.6% | 8.47% | −2.86 |
| GAM General American Investors | Sold out | 0.00% | −1.40 |
| DSM BNYM Strat Muni BND | Sold out | 0.00% | −1.39 |
| CBH Virtus Convertible & Income | Sold out | 0.00% | −1.02 |
| BTX BlackRock Tech & Priv Eqty | Reduce -49.5% | 0.74% | −0.91 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -1.5% | 5.23% | −0.81 |
| DMA Destra Multi-Alternative | Reduce -40.3% | 0.95% | −0.79 |
| VPV Invesco Pa Val Muni Inc. | Sold out | 0.00% | −0.70 |
| SLRN Acelyrin Inc. | Reduce -93.5% | 0.04% | −0.65 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -73.1% | 0.19% | −0.64 |
| XENWX Eaton Vance New York Municip | Reduce -4.6% | 2.46% | −0.55 |
| XEVMX Eaton Vance Cal Muni Bond | Reduce -64.4% | 0.22% | −0.51 |
| GLO Clough Global Opportunities | Reduce -55.1% | 0.32% | −0.50 |
| PDX PIMCO Dynamic Income Strat | Sold out | 0.00% | −0.50 |
| IDE Voya Infrastructure Indust | Sold out | 0.00% | −0.47 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -6.7% | 2.92% | −0.46 |
| VTN Invesco TR for Invest GRD NY | Sold out | 0.00% | −0.45 |
| CEV Eaton Vance Ca Muni Inc. TRST | Reduce -46.5% | 0.37% | −0.44 |
| NEW AMERICA HIGH INCOME FUND | Reduce -18.3% | 1.47% | −0.39 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -72.6% | 0.12% | −0.39 |
| TYG Tortoise Energy Infrastruct | Sold out | 0.00% | −0.37 |
| GLV Clough Global Dividend & Inc. | Reduce -65.0% | 0.16% | −0.37 |
| TBLD Thornburg Income Builder Opp | Sold out | 0.00% | −0.37 |
| IIF Morgan Stanley India Invest | Reduce -24.8% | 0.92% | −0.36 |
| XMHIX Pioneer Muni High Inc. TR | Reduce -38.6% | 0.39% | −0.32 |
| DTF DTF Tax-Free Income 2028 Ter | Reduce -7.3% | 1.31% | −0.31 |
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −0.30 |
| NBH Neuberger Municipal Fund Inc. | Sold out | 0.00% | −0.28 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Sold out | 0.00% | −0.28 |
| RITHM PPTY TR INC | Reduce -22.4% | 0.42% | −0.26 |
| KTF DWS Municipal Income Trust | Sold out | 0.00% | −0.24 |
| XMIOX Pioneer Muni High Inc. Opp | Reduce -26.1% | 0.45% | −0.23 |
| EDD Morgan Stanley Emrg MRK Dom | Reduce -74.0% | 0.06% | −0.20 |
| HTD John Hancock Tax Adv DVD Inc. | Sold out | 0.00% | −0.18 |
| OMCC Old Market Capital Corp. | Reduce -34.6% | 0.14% | −0.12 |
| CPZ Calamos LNG/SHRT Eqty & DYN | Sold out | 0.00% | −0.10 |
| CXE MFS High Income Municipal TR | Reduce -0.2% | 1.03% | −0.10 |
| HFRO Highland Opport & Income | Sold out | 0.00% | −0.09 |
| IQI Invesco Quality Muni Inc. TR | Sold out | 0.00% | −0.07 |
| VGM Invesco Trust for Investmen | Sold out | 0.00% | −0.05 |
| XPMAX Pioneer Municipal High Inc. | Reduce -7.1% | 0.27% | −0.05 |
| XBGYX BlackRock Enh Intl DVD TR | Sold out | 0.00% | −0.04 |
| XPCKX PIMCO California Municipa II | Sold out | 0.00% | −0.03 |
| FMN Federated Herm Prem Muni Inc. | Reduce -15.1% | 0.07% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| FBTC Fidelity Wise Origin Bitcoin | New | 22.01% | +22.01 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +593.8% | 4.13% | +3.45 |
| ZNTL Zentalis Pharmaceuticals Inc. | New | 1.26% | +1.26 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +4.5% | 2.29% | +0.78 |
| DSGN Design Therapeutics Inc. | Add +5.6% | 2.53% | +0.77 |
| DMF BNYM Municipal Income | Add +60.3% | 3.10% | +0.72 |
| GDO Western Ast GLB Corp. Opprnty | Add +86.8% | 1.73% | +0.70 |
| ZTR Virtus Total Return Fund Inc. | New | 0.68% | +0.68 |
| IGI Western Asst Inv GR Oppor TR | Add +61.9% | 2.17% | +0.67 |
| CEE Central and Eastern Europe F | Add +227.8% | 0.68% | +0.44 |
| NTG Tortoise Midstream Energy | Add +19.0% | 3.63% | +0.38 |
| XTPZX Tortoise Power & Enrgy Infra | New | 0.38% | +0.38 |
| XNDPX Tortoise Energy Independence | Add +184.2% | 0.57% | +0.35 |
| MFIC Midcap Financial Investment | New | 0.34% | +0.34 |
| JOF Japan Smaller Capitalization | Add +37.9% | 1.46% | +0.32 |
| RLYB Rallybio Corp. | Add +767.8% | 0.36% | +0.31 |
| FGB First Trust Special Financ | New | 0.26% | +0.26 |
| WIW Western Asst Infl-LNK Opp | New | 0.20% | +0.20 |
| VOO Vanguard S&P 500 ETF | New | 0.18% | +0.18 |
| HLVX Hillevax Inc. | New | 0.17% | +0.17 |
| QUINCE THERAPEUTICS INC | New | 0.11% | +0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.10% | +0.10 |
| XBNYX BlackRock New York Muni Inc. | New | 0.09% | +0.09 |
| XWIAX Western Asset Infl-Link Sec | Add +34.0% | 0.48% | +0.09 |
| XCMUX MFS High Yield Municipal TR | Add +54.4% | 0.18% | +0.05 |
| MMD Nylim Mackay Definedterm Mun | Add +17.3% | 3.52% | +0.04 |
| XTTPX Tortoise Pipeline & Energy | Add +3.3% | 1.81% | +0.04 |
| MXF Mexico Fund Inc. | Add +30.6% | 0.76% | +0.03 |
| ALLK Allakos LLC | New | 0.02% | +0.02 |
| XDCFX BNYM Alcentra GLBL CRDT 2024 | Add +15.2% | 0.40% | +0.01 |
| KSM DWS Strategic Municipal Inc. | Add +12.5% | 1.13% | −0.01 |
| STEW SRH Total Return Fund Inc. | Add +0.4% | 1.24% | −0.10 |
| AVIR Atea Pharmaceuticals Inc. | Add +7.3% | 1.65% | −0.14 |
| XHIEX Miller/Howard High Income Eq | Add +1.2% | 4.85% | −0.34 |
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 |