Almitas Capital LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Almitas Capital LLC reported 80 stock positions worth $300.4 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 39.6% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 11.0%) and Nuveen Pa QLTY Muni (XNQPX, 2.9%). Compared with Q4 2024, it opened 14 new positions, sold out of 24, added to 35 and reduced 17. The biggest buy was BlackRock 2030 Muni TRGT TRM (BTT, shares +4%) and the biggest sale an exit from Fidelity Ethereum Fund (FETH).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $300.4M (Q1 2025)
- SEC Filing
- 0001596468-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 80 stocks · $300.4M
| FBTC Fidelity Wise Origin Bitcoin | 39.58% | 1,652,409 | $118.9M | Reduce -4.6% |
| BTT BlackRock 2030 Muni TRGT TRM | 11.02% | 1,558,862 | $33.1M | Add +3.9% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 2.93% | 783,803 | $8.8M | Reduce -4.7% |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 2.59% | 1,081,956 | $7.8M | Add +34.2% |
| AMLX Amylyx Pharmaceuticals Inc. | 2.50% | 2,122,597 | $7.5M | Add +4.4% |
| XENWX Eaton Vance New York Municip | 2.21% | 698,195 | $6.6M | No change |
| DSGN Design Therapeutics Inc. | 1.87% | 1,452,896 | $5.6M | Add +9.8% |
| STEW SRH Total Return Fund Inc. | 1.73% | 301,991 | $5.2M | No change |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.63% | 851,087 | $4.9M | Add +36.1% |
| MXF Mexico Fund Inc. | 1.63% | 344,264 | $4.9M | Add +8.3% |
| JOF Japan Smaller Capitalization | 1.43% | 511,819 | $4.3M | Add +2.9% |
| CXE MFS High Income Municipal TR | 1.29% | 1,047,002 | $3.9M | Add +13.6% |
| CXH MFS Investment Grade Muni | 1.24% | 470,435 | $3.7M | Reduce -1.5% |
| DTF DTF Tax-Free Income 2028 Ter | 1.16% | 309,611 | $3.5M | Reduce -4.0% |
| SDHY Pgim SHRT Durat Hi YLD | 1.08% | 196,468 | $3.2M | Reduce -57.5% |
| NKTR Nektar Therapeutics | 1.04% | 4,610,872 | $3.1M | Add +401.1% |
| BMEZ BlackRock HLTH Sci TRM TR II | 1.02% | 204,834 | $3.1M | Reduce -84.7% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 1.00% | 226,124 | $3.0M | Add +40.5% |
| NPCT Nuveen Core Plus Impact | 0.96% | 269,668 | $2.9M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.91% | 1,710,921 | $2.7M | Add +5.2% |
| BRSP Brightspire Capital Inc. | 0.89% | 478,415 | $2.7M | Add +34.3% |
| CNNE Cannae Holdings Inc. | 0.88% | 143,651 | $2.6M | New |
| CEE Central and Eastern Europe F | 0.87% | 180,190 | $2.6M | No change |
| XPMAX Pioneer Municipal High Inc. | 0.85% | 306,517 | $2.6M | Add +25.1% |
| IIF Morgan Stanley India Invest | 0.85% | 104,744 | $2.6M | Add +21.3% |
| XMIOX Pioneer Muni High Inc. Opp | 0.84% | 214,870 | $2.5M | Reduce -7.0% |
| XMHIX Pioneer Muni High Inc. TR | 0.83% | 270,808 | $2.5M | Add +38.3% |
| AVIR Atea Pharmaceuticals Inc. | 0.71% | 715,005 | $2.1M | Reduce -4.9% |
| GLO Clough Global Opportunities | 0.69% | 421,880 | $2.1M | Reduce -7.3% |
| AFB Allianceberstein NTL Muni | 0.68% | 187,470 | $2.0M | No change |
| VIG Vanguard Dividend Apprec ETF | 0.67% | 10,314 | $2.0M | Add +97.8% |
| MSGS Madison Square Garden Sports | 0.64% | 9,910 | $1.9M | New |
| MFIC Midcap Financial Investment | 0.61% | 142,884 | $1.8M | Add +5.5% |
| XPCQX PIMCO California Muni Inc. FD | 0.60% | 204,489 | $1.8M | New |
| ANTX AN2 Therapeutics Inc. | 0.59% | 1,313,111 | $1.8M | No change |
| LADR Ladder Capital Corp.-REIT | 0.56% | 146,523 | $1.7M | Add +0.4% |
| ITOS Iteos Therapeutics Inc. | 0.55% | 275,120 | $1.6M | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | 0.54% | 1,613,000 | $1.6M | New |
| XCMUX MFS High Yield Municipal TR | 0.48% | 416,545 | $1.5M | Add +21.1% |
| TYG Tortoise Energy Infrastruct | 0.46% | 32,261 | $1.4M | Reduce -87.0% |
| LYEL Lyell Immunopharma Inc. | 0.44% | 2,482,606 | $1.3M | Add +136.3% |
| XWIAX Western Asset Infl-Link Sec | 0.44% | 159,057 | $1.3M | No change |
| XPCKX PIMCO California Municipa II | 0.41% | 216,458 | $1.2M | Add +1988.0% |
| BTX BlackRock Tech & Priv Eqty | 0.40% | 193,389 | $1.2M | Add +0.1% |
| DMB BNY Mellon Muni BND Infra | 0.36% | 103,475 | $1.1M | Add +62.6% |
| FGB First Trust Special Financ | 0.31% | 213,254 | $917K | Add +0.0% |
| LEO BNY Mellon Strategic Muni | 0.30% | 145,014 | $887K | Add +35.7% |
| CIM Chimera Investment Corp. | 0.29% | 66,839 | $858K | New |
| RLYB Rallybio Corp. | 0.28% | 1,300,581 | $851K | Add +0.2% |
| ALXO Alx Oncology Holdings Inc. | 0.28% | 1,353,141 | $843K | Add +10.7% |
| MFA Mfa Financial Inc. | 0.26% | 77,440 | $795K | No change |
| DMA Destra Multi-Alternative | 0.24% | 86,798 | $736K | Reduce -65.8% |
| MUC BlackRock Munihold Ca QLTY | 0.24% | 66,217 | $709K | Reduce -40.4% |
| CET Central Securities Corp. | 0.24% | 15,735 | $707K | Add +1.9% |
| VTGN Vistagen Therapeutics Inc. | 0.21% | 254,655 | $637K | No change |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.20% | 61,330 | $615K | Add +41.1% |
| EEA The European Equity Fund Inc. | 0.19% | 63,976 | $582K | Add +297.7% |
| CABA Cabaletta Bio Inc. | 0.17% | 367,491 | $509K | New |
| ANRO Alto Neuroscience Inc. | 0.17% | 234,386 | $506K | Reduce -12.2% |
| EMF Templeton Emerging Markets | 0.16% | 38,021 | $489K | No change |
| FLGT Fulgent Genetics Inc. | 0.16% | 28,718 | $485K | Add +79.5% |
| ADAM Adamas Trust Inc. | 0.15% | 70,512 | $458K | No change |
| XGLQX Clough Global Equity Fund | 0.15% | 70,720 | $445K | Add +37.2% |
| CCAP Crescent Capital BDC Inc. | 0.14% | 24,200 | $414K | New |
| ALEC Alector Inc. | 0.13% | 321,568 | $396K | Add +12.9% |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.13% | 60,604 | $394K | New |
| CLM Cornerstone Strategic Invest | 0.12% | 48,565 | $361K | New |
| BOLD Boundless Bio Inc. | 0.12% | 234,378 | $354K | Add +22.1% |
| PNI PIMCO NY Muni Inc. II FND | 0.11% | 46,186 | $327K | New |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.09% | 8,547 | $284K | No change |
| ZTR Virtus Total Return Fund Inc. | 0.09% | 44,994 | $269K | Reduce -89.7% |
| TDF Templeton Dragon Fund Inc. | 0.08% | 25,175 | $244K | Add +111.1% |
| WIW Western Asst Infl-LNK Opp | 0.07% | 22,523 | $198K | Reduce -11.5% |
| RGT Royce Global Trust Inc. | 0.05% | 14,935 | $157K | No change |
| XPZCX PIMCO California Muni FD III | 0.05% | 23,415 | $153K | New |
| EDD Morgan Stanley Emrg MRK Dom | 0.05% | 29,256 | $138K | Reduce -18.9% |
| HEQ John Hancock Divers Inc. Fund | 0.04% | 12,667 | $132K | New |
| GGZ Gabelli Global Small & M | 0.04% | 10,800 | $130K | New |
| PYN PIMCO New York Muni FND III | 0.02% | 12,603 | $71K | New |
| HUDSON PAC PPTYS INC | 0.02% | 17,729 | $52K | Reduce -80.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $966K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | 5,271 | $966K | New |
Total filed on the 13F, all lines: $301.4M.
Portfolio Sells Q4 2024 → Q1 2025
| FETH Fidelity Ethereum Fund | Sold out | 0.00% | −6.93 |
| OBDE Blue Owl Capital Corp. III | Sold out | 0.00% | −6.00 |
| ETH Grayscale Ethereum Staking M | Sold out | 0.00% | −3.57 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -84.7% | 1.02% | −3.23 |
| TPZ Tort Electf Infra ETF-Usd Inc. | Sold out | 0.00% | −2.55 |
| TYG Tortoise Energy Infrastruct | Reduce -87.0% | 0.46% | −1.84 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −1.57 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −1.20 |
| TWO Two Harbors Investment Corp. | Sold out | 0.00% | −1.14 |
| NEW AMERICA HIGH INCOME FUND | Sold out | 0.00% | −0.89 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -57.5% | 1.08% | −0.56 |
| ZTR Virtus Total Return Fund Inc. | Reduce -89.7% | 0.09% | −0.47 |
| DX Dynex Capital Inc. | Sold out | 0.00% | −0.44 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −0.33 |
| DMA Destra Multi-Alternative | Reduce -65.8% | 0.24% | −0.23 |
| PSTL Postal Realty Trust Inc. Class A | Sold out | 0.00% | −0.19 |
| IFN Aberdeen India Fund Inc. | Sold out | 0.00% | −0.18 |
| HYI Western Asset High Yield Opp | Sold out | 0.00% | −0.17 |
| XAODX Abrdn Total Dynamic Dividend | Sold out | 0.00% | −0.11 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −0.10 |
| THW Abrdn World Healthcare Fund | Sold out | 0.00% | −0.08 |
| ANRO Alto Neuroscience Inc. | Reduce -12.2% | 0.17% | −0.08 |
| THQ Abrdn Healthcare Opport | Sold out | 0.00% | −0.08 |
| XBKNX BlackRock Invest QLTY Muni | Sold out | 0.00% | −0.07 |
| XBNYX BlackRock New York Muni Inc. | Sold out | 0.00% | −0.06 |
| XAGDX Abrdn GLBL DYNM Divid | Sold out | 0.00% | −0.06 |
| HUDSON PAC PPTYS INC | Reduce -80.0% | 0.02% | −0.04 |
| ACP Abrdn Income Credit Strat | Sold out | 0.00% | −0.04 |
| XPNFX PIMCO New York Muni Inc. FD | Sold out | 0.00% | −0.03 |
| AEF Abrdn Emerging Markets Ex CH | Sold out | 0.00% | −0.03 |
| MUC BlackRock Munihold Ca QLTY | Reduce -40.4% | 0.24% | −0.02 |
| GLV Clough Global Dividend & Inc. | Sold out | 0.00% | −0.02 |
| EDD Morgan Stanley Emrg MRK Dom | Reduce -18.9% | 0.05% | +0.01 |
| WIW Western Asst Infl-LNK Opp | Reduce -11.5% | 0.07% | +0.02 |
| AVIR Atea Pharmaceuticals Inc. | Reduce -4.9% | 0.71% | +0.16 |
| GLO Clough Global Opportunities | Reduce -7.3% | 0.69% | +0.17 |
| XMIOX Pioneer Muni High Inc. Opp | Reduce -7.0% | 0.84% | +0.24 |
| DTF DTF Tax-Free Income 2028 Ter | Reduce -4.0% | 1.16% | +0.36 |
| CXH MFS Investment Grade Muni | Reduce -1.5% | 1.24% | +0.40 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -4.7% | 2.93% | +0.90 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -4.6% | 39.58% | +8.46 |
Portfolio Buys Q4 2024 → Q1 2025
| BTT BlackRock 2030 Muni TRGT TRM | Add +3.9% | 11.02% | +4.21 |
| DMF BNYM Municipal Income | Add +34.2% | 2.59% | +1.33 |
| CNNE Cannae Holdings Inc. | New | 0.88% | +0.88 |
| NKTR Nektar Therapeutics | Add +401.1% | 1.04% | +0.86 |
| DSM BNYM Strat Muni BND | Add +36.1% | 1.63% | +0.83 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +4.4% | 2.50% | +0.81 |
| MXF Mexico Fund Inc. | Add +8.3% | 1.63% | +0.71 |
| MSGS Madison Square Garden Sports | New | 0.64% | +0.64 |
| XPCQX PIMCO California Muni Inc. FD | New | 0.60% | +0.60 |
| JOF Japan Smaller Capitalization | Add +2.9% | 1.43% | +0.59 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +40.5% | 1.00% | +0.57 |
| CXE MFS High Income Municipal TR | Add +13.6% | 1.29% | +0.54 |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | New | 0.54% | +0.54 |
| BRSP Brightspire Capital Inc. | Add +34.3% | 0.89% | +0.44 |
| VIG Vanguard Dividend Apprec ETF | Add +97.8% | 0.67% | +0.44 |
| XMHIX Pioneer Muni High Inc. TR | Add +38.3% | 0.83% | +0.43 |
| XPMAX Pioneer Municipal High Inc. | Add +25.1% | 0.85% | +0.40 |
| XPCKX PIMCO California Municipa II | Add +1988.0% | 0.41% | +0.39 |
| IIF Morgan Stanley India Invest | Add +21.3% | 0.85% | +0.37 |
| LYEL Lyell Immunopharma Inc. | Add +136.3% | 0.44% | +0.30 |
| CIM Chimera Investment Corp. | New | 0.29% | +0.29 |
| DMB BNY Mellon Muni BND Infra | Add +62.6% | 0.36% | +0.22 |
| XCMUX MFS High Yield Municipal TR | Add +21.1% | 0.48% | +0.22 |
| MFIC Midcap Financial Investment | Add +5.5% | 0.61% | +0.21 |
| LADR Ladder Capital Corp.-REIT | Add +0.4% | 0.56% | +0.20 |
| CABA Cabaletta Bio Inc. | New | 0.17% | +0.17 |
| EEA The European Equity Fund Inc. | Add +297.7% | 0.19% | +0.16 |
| LEO BNY Mellon Strategic Muni | Add +35.7% | 0.30% | +0.15 |
| CCAP Crescent Capital BDC Inc. | New | 0.14% | +0.14 |
| XJEQX Abrdn Japan Equity Fund Inc. | New | 0.13% | +0.13 |
| CLM Cornerstone Strategic Invest | New | 0.12% | +0.12 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.11% | +0.11 |
| CEV Eaton Vance Ca Muni Inc. TRST | Add +41.1% | 0.20% | +0.11 |
| FGB First Trust Special Financ | Add +0.0% | 0.31% | +0.11 |
| FLGT Fulgent Genetics Inc. | Add +79.5% | 0.16% | +0.10 |
| BTX BlackRock Tech & Priv Eqty | Add +0.1% | 0.40% | +0.09 |
| CET Central Securities Corp. | Add +1.9% | 0.24% | +0.08 |
| XGLQX Clough Global Equity Fund | Add +37.2% | 0.15% | +0.07 |
| DSGN Design Therapeutics Inc. | Add +9.8% | 1.87% | +0.07 |
| TDF Templeton Dragon Fund Inc. | Add +111.1% | 0.08% | +0.06 |
| XPZCX PIMCO California Muni FD III | New | 0.05% | +0.05 |
| HEQ John Hancock Divers Inc. Fund | New | 0.04% | +0.04 |
| GGZ Gabelli Global Small & M | New | 0.04% | +0.04 |
| PYN PIMCO New York Muni FND III | New | 0.02% | +0.02 |
| ALEC Alector Inc. | Add +12.9% | 0.13% | +0.01 |
| RLYB Rallybio Corp. | Add +0.2% | 0.28% | +0.01 |
| BOLD Boundless Bio Inc. | Add +22.1% | 0.12% | −0.00 |
| ALXO Alx Oncology Holdings Inc. | Add +10.7% | 0.28% | −0.17 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +5.2% | 0.91% | −0.18 |
Options Activity Q4 2024 → Q1 2025
| OBDC Blue Owl Capital Corp. | put | Sold out | 50,000 | $756Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Sold out | 1,613,000 | $1.6Mbefore exit |
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | New | 5,271 | $966K |
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 |