Almitas Capital LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Almitas Capital LLC reported 90 stock positions worth $454.0 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 31.1% of the portfolio, followed by Fidelity Ethereum Fund (FETH, 6.9%) and BlackRock 2030 Muni TRGT TRM (BTT, 6.8%). Compared with Q3 2024, it opened 43 new positions, sold out of 20, added to 24 and reduced 14. The biggest buy was Fidelity Wise Origin Bitcoin (FBTC, shares +55%) and the biggest sale an exit from Miller/Howard High Income Eq (XHIEX).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $454.0M (Q4 2024)
- SEC Filing
- 0001596468-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 90 stocks · $454.0M
| FBTC Fidelity Wise Origin Bitcoin | 31.12% | 1,731,994 | $141.3M | Add +55.3% |
| FETH Fidelity Ethereum Fund | 6.93% | 941,057 | $31.4M | New |
| BTT BlackRock 2030 Muni TRGT TRM | 6.81% | 1,501,061 | $30.9M | Add +179.6% |
| OBDE Blue Owl Capital Corp. III | 6.00% | 1,889,702 | $27.2M | New |
| BMEZ BlackRock HLTH Sci TRM TR II | 4.25% | 1,339,598 | $19.3M | Reduce -10.9% |
| ETH Grayscale Ethereum Staking M | 3.57% | 515,011 | $16.2M | New |
| TPZ Tort Electf Infra ETF-Usd Inc. filed as TORTOISE CAPITAL SERIES TRUS | 2.55% | 576,065 | $11.6M | New |
| TYG Tortoise Energy Infrastruct | 2.30% | 248,666 | $10.4M | Reduce -7.5% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 2.03% | 822,642 | $9.2M | Reduce -29.4% |
| DSGN Design Therapeutics Inc. | 1.80% | 1,323,667 | $8.2M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 1.69% | 2,032,370 | $7.7M | Add +2.2% |
| SDHY Pgim SHRT Durat Hi YLD | 1.64% | 462,098 | $7.4M | Reduce -5.9% |
| NLY Annaly Capital Management Inc. | 1.57% | 390,718 | $7.2M | New |
| XENWX Eaton Vance New York Municip | 1.47% | 698,195 | $6.7M | Add +0.3% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 1.26% | 806,008 | $5.7M | Reduce -36.5% |
| ECAT BlackRock ESG Cap All TRM TR | 1.20% | 331,140 | $5.4M | No change |
| TWO Two Harbors Investment Corp. filed as TWO HBRS INVT CORP | 1.14% | 437,374 | $5.2M | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 1.09% | 1,626,896 | $4.9M | Add +69.3% |
| STEW SRH Total Return Fund Inc. | 1.07% | 301,991 | $4.8M | Add +36.8% |
| MXF Mexico Fund Inc. | 0.92% | 317,846 | $4.2M | Add +124.9% |
| NEW AMERICA HIGH INCOME FUND | 0.89% | 495,961 | $4.1M | No change |
| JOF Japan Smaller Capitalization | 0.84% | 497,471 | $3.8M | No change |
| CXH MFS Investment Grade Muni | 0.84% | 477,454 | $3.8M | No change |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.80% | 625,461 | $3.6M | New |
| DTF DTF Tax-Free Income 2028 Ter | 0.80% | 322,432 | $3.6M | Reduce -1.5% |
| CXE MFS High Income Municipal TR | 0.75% | 921,837 | $3.4M | Add +27.9% |
| NPCT Nuveen Core Plus Impact | 0.62% | 269,668 | $2.8M | Reduce -24.1% |
| XMIOX Pioneer Muni High Inc. Opp | 0.60% | 231,057 | $2.7M | Add +125.2% |
| ZTR Virtus Total Return Fund Inc. | 0.56% | 437,074 | $2.6M | Add +42.0% |
| AVIR Atea Pharmaceuticals Inc. | 0.55% | 752,003 | $2.5M | Reduce -45.7% |
| GLO Clough Global Opportunities | 0.51% | 455,226 | $2.3M | Add +179.4% |
| IIF Morgan Stanley India Invest | 0.48% | 86,320 | $2.2M | No change |
| DMA Destra Multi-Alternative | 0.47% | 253,418 | $2.1M | Reduce -17.5% |
| ITOS Iteos Therapeutics Inc. | 0.47% | 275,120 | $2.1M | New |
| XPMAX Pioneer Municipal High Inc. | 0.45% | 245,006 | $2.1M | Add +189.2% |
| ALXO Alx Oncology Holdings Inc. | 0.45% | 1,222,945 | $2.0M | New |
| AFB Allianceberstein NTL Muni | 0.45% | 187,470 | $2.0M | Add +25.1% |
| DX Dynex Capital Inc. | 0.44% | 159,392 | $2.0M | New |
| BRSP Brightspire Capital Inc. | 0.44% | 356,322 | $2.0M | New |
| CEE Central and Eastern Europe F | 0.43% | 180,190 | $2.0M | Add +1.1% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.43% | 160,901 | $2.0M | New |
| MFIC Midcap Financial Investment | 0.40% | 135,444 | $1.8M | Add +88.2% |
| XMHIX Pioneer Muni High Inc. TR | 0.40% | 195,878 | $1.8M | Add +72.5% |
| ANTX AN2 Therapeutics Inc. | 0.40% | 1,313,111 | $1.8M | New |
| LADR Ladder Capital Corp.-REIT | 0.36% | 145,892 | $1.6M | New |
| BTC Grayscale Bitcoin Mini ETF | 0.33% | 35,700 | $1.5M | New |
| BTX BlackRock Tech & Priv Eqty | 0.32% | 193,153 | $1.4M | Reduce -29.6% |
| XWIAX Western Asset Infl-Link Sec | 0.28% | 159,057 | $1.3M | No change |
| RLYB Rallybio Corp. | 0.27% | 1,298,119 | $1.2M | Add +48.3% |
| XCMUX MFS High Yield Municipal TR | 0.27% | 344,105 | $1.2M | Add +143.6% |
| MUC BlackRock Munihold Ca QLTY | 0.26% | 111,060 | $1.2M | New |
| ANRO Alto Neuroscience Inc. | 0.25% | 266,912 | $1.1M | New |
| VIG Vanguard Dividend Apprec ETF | 0.22% | 5,214 | $1.0M | New |
| FGB First Trust Special Financ | 0.20% | 213,162 | $897K | Add +18.8% |
| PSTL Postal Realty Trust Inc. Class A | 0.19% | 66,668 | $870K | New |
| NKTR Nektar Therapeutics | 0.19% | 920,225 | $856K | No change |
| IFN Aberdeen India Fund Inc. | 0.18% | 51,700 | $814K | New |
| MFA Mfa Financial Inc. | 0.17% | 77,440 | $789K | New |
| HYI Western Asset High Yield Opp | 0.17% | 64,498 | $762K | New |
| VTGN Vistagen Therapeutics Inc. | 0.17% | 254,655 | $751K | New |
| CET Central Securities Corp. | 0.16% | 15,436 | $705K | New |
| LYEL Lyell Immunopharma Inc. | 0.15% | 1,050,520 | $672K | New |
| DMB BNY Mellon Muni BND Infra | 0.15% | 63,654 | $659K | Add +45.2% |
| LEO BNY Mellon Strategic Muni | 0.14% | 106,854 | $645K | Add +86.2% |
| BOLD Boundless Bio Inc. | 0.12% | 192,007 | $557K | New |
| ALEC Alector Inc. | 0.12% | 284,845 | $538K | New |
| XAODX Abrdn Total Dynamic Dividend | 0.11% | 59,751 | $503K | New |
| SLRN Acelyrin Inc. | 0.10% | 148,704 | $467K | Add +506.5% |
| EMF Templeton Emerging Markets | 0.10% | 38,021 | $454K | New |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.10% | 43,465 | $436K | Reduce -54.2% |
| ADAM Adamas Trust Inc. | 0.09% | 70,512 | $427K | Reduce -61.9% |
| THW Abrdn World Healthcare Fund | 0.08% | 34,575 | $381K | New |
| THQ Abrdn Healthcare Opport | 0.08% | 18,991 | $358K | New |
| XGLQX Clough Global Equity Fund | 0.08% | 51,534 | $343K | New |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.07% | 8,547 | $330K | Add +12.7% |
| XBKNX BlackRock Invest QLTY Muni | 0.07% | 29,325 | $327K | New |
| FLGT Fulgent Genetics Inc. | 0.07% | 16,000 | $296K | New |
| XBNYX BlackRock New York Muni Inc. | 0.06% | 28,553 | $291K | Add +27.7% |
| HUDSON PAC PPTYS INC | 0.06% | 88,641 | $269K | New |
| XAGDX Abrdn GLBL DYNM Divid | 0.06% | 27,094 | $266K | New |
| WIW Western Asst Infl-LNK Opp | 0.05% | 25,454 | $211K | Reduce -59.7% |
| ACP Abrdn Income Credit Strat | 0.04% | 31,000 | $185K | New |
| EDD Morgan Stanley Emrg MRK Dom | 0.04% | 36,094 | $164K | No change |
| RGT Royce Global Trust Inc. | 0.04% | 14,935 | $160K | New |
| XPNFX PIMCO New York Muni Inc. FD | 0.03% | 20,862 | $155K | New |
| AEF Abrdn Emerging Markets Ex CH | 0.03% | 26,327 | $137K | New |
| EEA The European Equity Fund Inc. | 0.03% | 16,087 | $131K | New |
| GLV Clough Global Dividend & Inc. | 0.02% | 19,617 | $106K | Reduce -74.9% |
| TDF Templeton Dragon Fund Inc. | 0.02% | 11,925 | $101K | New |
| XPCKX PIMCO California Municipa II | 0.01% | 10,367 | $59K | New |
Options reported separately and not counted above: OBDC puts ($756K).
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: $455.6M.
Portfolio Sells Q3 2024 → Q4 2024
| XHIEX Miller/Howard High Income Eq | Sold out | 0.00% | −4.85 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -10.9% | 4.25% | −4.22 |
| MMD Nylim Mackay Definedterm Mun | Sold out | 0.00% | −3.52 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -29.4% | 2.03% | −3.20 |
| IGI Western Asst Inv GR Oppor TR | Sold out | 0.00% | −2.17 |
| DMF BNYM Municipal Income | Reduce -36.5% | 1.26% | −1.84 |
| XTTPX Tortoise Pipeline & Energy | Sold out | 0.00% | −1.81 |
| GDO Western Ast GLB Corp. Opprnty | Sold out | 0.00% | −1.73 |
| TYG Tortoise Energy Infrastruct | Reduce -7.5% | 2.30% | −1.33 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -5.9% | 1.64% | −1.28 |
| KSM DWS Strategic Municipal Inc. | Sold out | 0.00% | −1.13 |
| AVIR Atea Pharmaceuticals Inc. | Reduce -45.7% | 0.55% | −1.09 |
| NPCT Nuveen Core Plus Impact | Reduce -24.1% | 0.62% | −0.87 |
| XNDPX Tortoise Energy Independence | Sold out | 0.00% | −0.57 |
| DTF DTF Tax-Free Income 2028 Ter | Reduce -1.5% | 0.80% | −0.51 |
| DMA Destra Multi-Alternative | Reduce -17.5% | 0.47% | −0.47 |
| BTX BlackRock Tech & Priv Eqty | Reduce -29.6% | 0.32% | −0.42 |
| RITHM PPTY TR INC | Sold out | 0.00% | −0.42 |
| XDCFX BNYM Alcentra GLBL CRDT 2024 | Sold out | 0.00% | −0.40 |
| XTPZX Tortoise Power & Enrgy Infra | Sold out | 0.00% | −0.38 |
| ADAM Adamas Trust Inc. | Reduce -61.9% | 0.09% | −0.32 |
| CEV Eaton Vance Ca Muni Inc. TRST | Reduce -54.2% | 0.10% | −0.27 |
| XEVMX Eaton Vance Cal Muni Bond | Sold out | 0.00% | −0.22 |
| XBFZX BlackRock Ca Muni Inc. TR | Sold out | 0.00% | −0.19 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.18 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.17 |
| WIW Western Asst Infl-LNK Opp | Reduce -59.7% | 0.05% | −0.15 |
| OMCC Old Market Capital Corp. | Sold out | 0.00% | −0.14 |
| GLV Clough Global Dividend & Inc. | Reduce -74.9% | 0.02% | −0.14 |
| QUINCE THERAPEUTICS INC | Sold out | 0.00% | −0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.10 |
| FMN Federated Herm Prem Muni Inc. | Sold out | 0.00% | −0.07 |
| SPRB Spruce Biosciences Inc. | Sold out | 0.00% | −0.07 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| FBTC Fidelity Wise Origin Bitcoin | Add +55.3% | 31.12% | +9.11 |
| FETH Fidelity Ethereum Fund | New | 6.93% | +6.93 |
| OBDE Blue Owl Capital Corp. III | New | 6.00% | +6.00 |
| ETH Grayscale Ethereum Staking M | New | 3.57% | +3.57 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +179.6% | 6.81% | +2.68 |
| TPZ Tort Electf Infra ETF-Usd Inc. | New | 2.55% | +2.55 |
| NLY Annaly Capital Management Inc. | New | 1.57% | +1.57 |
| TWO Two Harbors Investment Corp. | New | 1.14% | +1.14 |
| DSM BNYM Strat Muni BND | New | 0.80% | +0.80 |
| ITOS Iteos Therapeutics Inc. | New | 0.47% | +0.47 |
| ALXO Alx Oncology Holdings Inc. | New | 0.45% | +0.45 |
| DX Dynex Capital Inc. | New | 0.44% | +0.44 |
| BRSP Brightspire Capital Inc. | New | 0.44% | +0.44 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | New | 0.43% | +0.43 |
| ANTX AN2 Therapeutics Inc. | New | 0.40% | +0.40 |
| LADR Ladder Capital Corp.-REIT | New | 0.36% | +0.36 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.33% | +0.33 |
| MUC BlackRock Munihold Ca QLTY | New | 0.26% | +0.26 |
| ANRO Alto Neuroscience Inc. | New | 0.25% | +0.25 |
| VIG Vanguard Dividend Apprec ETF | New | 0.22% | +0.22 |
| GLO Clough Global Opportunities | Add +179.4% | 0.51% | +0.20 |
| PSTL Postal Realty Trust Inc. Class A | New | 0.19% | +0.19 |
| XPMAX Pioneer Municipal High Inc. | Add +189.2% | 0.45% | +0.19 |
| IFN Aberdeen India Fund Inc. | New | 0.18% | +0.18 |
| MFA Mfa Financial Inc. | New | 0.17% | +0.17 |
| HYI Western Asset High Yield Opp | New | 0.17% | +0.17 |
| MXF Mexico Fund Inc. | Add +124.9% | 0.92% | +0.17 |
| VTGN Vistagen Therapeutics Inc. | New | 0.17% | +0.17 |
| CET Central Securities Corp. | New | 0.16% | +0.16 |
| XMIOX Pioneer Muni High Inc. Opp | Add +125.2% | 0.60% | +0.15 |
| LYEL Lyell Immunopharma Inc. | New | 0.15% | +0.15 |
| BOLD Boundless Bio Inc. | New | 0.12% | +0.12 |
| ALEC Alector Inc. | New | 0.12% | +0.12 |
| XAODX Abrdn Total Dynamic Dividend | New | 0.11% | +0.11 |
| EMF Templeton Emerging Markets | New | 0.10% | +0.10 |
| THW Abrdn World Healthcare Fund | New | 0.08% | +0.08 |
| XCMUX MFS High Yield Municipal TR | Add +143.6% | 0.27% | +0.08 |
| THQ Abrdn Healthcare Opport | New | 0.08% | +0.08 |
| XGLQX Clough Global Equity Fund | New | 0.08% | +0.08 |
| XBKNX BlackRock Invest QLTY Muni | New | 0.07% | +0.07 |
| FLGT Fulgent Genetics Inc. | New | 0.07% | +0.07 |
| MFIC Midcap Financial Investment | Add +88.2% | 0.40% | +0.06 |
| SLRN Acelyrin Inc. | Add +506.5% | 0.10% | +0.06 |
| HUDSON PAC PPTYS INC | New | 0.06% | +0.06 |
| XAGDX Abrdn GLBL DYNM Divid | New | 0.06% | +0.06 |
| ACP Abrdn Income Credit Strat | New | 0.04% | +0.04 |
| RGT Royce Global Trust Inc. | New | 0.04% | +0.04 |
| XPNFX PIMCO New York Muni Inc. FD | New | 0.03% | +0.03 |
| AEF Abrdn Emerging Markets Ex CH | New | 0.03% | +0.03 |
| EEA The European Equity Fund Inc. | New | 0.03% | +0.03 |
Options Activity Q3 2024 → Q4 2024
| OBDC Blue Owl Capital Corp. | put | New | 50,000 | $756K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |