Almitas Capital LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Almitas Capital LLC reported 80 stock positions worth $395.6 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 38.3% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 8.6%) and Fidelity Ethereum Fund (FETH, 4.1%). Compared with Q1 2025, it opened 17 new positions, sold out of 17, added to 31 and reduced 24. The biggest buy was a new position in Fidelity Ethereum Fund (FETH) and the biggest sale an exit from BNYM Municipal Income (DMF).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $395.6M (Q2 2025)
- SEC Filing
- 0001596468-25-000008 ↗ filed Aug 14, 2025
Holdings Value
Holdings 80 stocks · $395.6M
| FBTC Fidelity Wise Origin Bitcoin | 38.29% | 1,611,637 | $151.5M | Reduce -2.5% |
| BTT BlackRock 2030 Muni TRGT TRM | 8.62% | 1,558,260 | $34.1M | Reduce -0.0% |
| FETH Fidelity Ethereum Fund | 4.14% | 650,000 | $16.4M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 3.44% | 2,122,597 | $13.6M | No change |
| XPHTX Pioneer High Income Fund | 3.28% | 1,604,088 | $13.0M | New |
| XPMAX Pioneer Municipal High Inc. | 2.61% | 1,244,033 | $10.3M | Add +305.9% |
| XMHIX Pioneer Muni High Inc. TR | 2.36% | 1,020,245 | $9.3M | Add +276.7% |
| XMIOX Pioneer Muni High Inc. Opp | 2.36% | 790,809 | $9.3M | Add +268.0% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 2.02% | 711,065 | $8.0M | Reduce -9.3% |
| CNNE Cannae Holdings Inc. | 1.69% | 320,986 | $6.7M | Add +123.5% |
| CRF Cornerstone Total Return | 1.63% | 831,088 | $6.4M | New |
| XENWX Eaton Vance New York Municip | 1.58% | 673,354 | $6.3M | Reduce -3.6% |
| MXF Mexico Fund Inc. | 1.46% | 329,680 | $5.8M | Reduce -4.2% |
| BRSP Brightspire Capital Inc. | 1.31% | 1,029,464 | $5.2M | Add +115.2% |
| DSGN Design Therapeutics Inc. | 1.30% | 1,530,435 | $5.2M | Add +5.3% |
| LYEL Lyell Immunopharma Inc. | 1.30% | 579,997 | $5.1M | Add +367.3% |
| JOF Japan Smaller Capitalization | 1.25% | 511,819 | $4.9M | No change |
| CCAP Crescent Capital BDC Inc. | 1.24% | 348,015 | $4.9M | Add +1338.1% |
| ITOS Iteos Therapeutics Inc. | 1.23% | 487,204 | $4.9M | Add +77.1% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.20% | 851,087 | $4.8M | No change |
| ETHA iShares Ethereum Trust ETF | 1.06% | 219,405 | $4.2M | New |
| CXE MFS High Income Municipal TR | 1.00% | 1,103,430 | $4.0M | Add +5.4% |
| DTF DTF Tax-Free Income 2028 Ter | 0.99% | 350,128 | $3.9M | Add +13.1% |
| CXH MFS Investment Grade Muni | 0.87% | 448,169 | $3.4M | Reduce -4.7% |
| XPHDX Pioneer Floating Rate Fund | 0.84% | 338,368 | $3.3M | New |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.79% | 416,628 | $3.1M | Add +587.5% |
| SDHY Pgim SHRT Durat Hi YLD | 0.76% | 178,271 | $3.0M | Reduce -9.3% |
| CEE Central and Eastern Europe F | 0.68% | 173,354 | $2.7M | Reduce -3.8% |
| GLO Clough Global Opportunities | 0.59% | 427,680 | $2.3M | Add +1.4% |
| AFB Allianceberstein NTL Muni | 0.56% | 214,484 | $2.2M | Add +14.4% |
| XCMUX MFS High Yield Municipal TR | 0.55% | 651,635 | $2.2M | Add +56.4% |
| ETH Grayscale Ethereum Staking M | 0.54% | 89,557 | $2.1M | New |
| MSGS Madison Square Garden Sports | 0.52% | 9,925 | $2.1M | Add +0.1% |
| LADR Ladder Capital Corp.-REIT | 0.49% | 180,693 | $1.9M | Add +23.3% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.47% | 1,599,266 | $1.9M | Reduce -6.5% |
| XPCQX PIMCO California Muni Inc. FD | 0.47% | 215,362 | $1.8M | Add +5.3% |
| AVIR Atea Pharmaceuticals Inc. | 0.41% | 445,386 | $1.6M | Reduce -37.7% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | 0.40% | 1,613,000 | $1.6M | No change |
| ANTX AN2 Therapeutics Inc. | 0.38% | 1,428,323 | $1.5M | Add +8.8% |
| BTX BlackRock Tech & Priv Eqty | 0.36% | 195,710 | $1.4M | Add +1.2% |
| XWIAX Western Asset Infl-Link Sec | 0.32% | 151,642 | $1.3M | Reduce -4.7% |
| MFIC Midcap Financial Investment | 0.30% | 92,717 | $1.2M | Reduce -35.1% |
| LEO BNY Mellon Strategic Muni | 0.29% | 195,840 | $1.2M | Add +35.0% |
| XPCKX PIMCO California Municipa II | 0.29% | 215,805 | $1.2M | Reduce -0.3% |
| ALXO Alx Oncology Holdings Inc. | 0.27% | 2,538,355 | $1.1M | Add +87.6% |
| DMB BNY Mellon Muni BND Infra | 0.26% | 99,948 | $1.0M | Reduce -3.4% |
| FIRST TR EXCHNG TRADED FD VI | 0.23% | 213,254 | $894K | No change |
| MFA Mfa Financial Inc. | 0.19% | 77,440 | $733K | No change |
| FLGT Fulgent Genetics Inc. | 0.16% | 31,060 | $617K | Add +8.2% |
| RLYB Rallybio Corp. | 0.16% | 1,817,492 | $614K | Add +39.7% |
| LRFC Logan Ridge Finance Corp. | 0.15% | 30,999 | $577K | New |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.14% | 58,315 | $565K | Reduce -4.9% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.14% | 39,612 | $563K | Reduce -82.5% |
| CABA Cabaletta Bio Inc. | 0.14% | 367,491 | $559K | No change |
| XGLQX Clough Global Equity Fund | 0.14% | 77,303 | $551K | Add +9.3% |
| HYI Western Asset High Yield Opp | 0.14% | 45,718 | $548K | New |
| VTGN Vistagen Therapeutics Inc. | 0.13% | 261,399 | $523K | Add +2.6% |
| PNI PIMCO NY Muni Inc. II FND | 0.12% | 71,558 | $481K | Add +54.9% |
| XHNWX Pioneer Diversified High | 0.12% | 37,250 | $466K | New |
| BRW Saba Capital Income & Opport | 0.11% | 55,799 | $450K | New |
| ZTR Virtus Total Return Fund Inc. | 0.11% | 72,019 | $449K | Add +60.1% |
| ADAM Adamas Trust Inc. | 0.11% | 65,113 | $436K | Reduce -7.7% |
| ANRO Alto Neuroscience Inc. | 0.11% | 195,145 | $429K | Reduce -16.7% |
| XTEAX Tortoise Sust&social Imp Ter | 0.10% | 31,454 | $385K | New |
| XJQCX Nuveen Credit Strategies Inc. | 0.09% | 63,388 | $342K | Reduce -53.0% |
| PYN PIMCO New York Muni FND III | 0.08% | 60,219 | $316K | Add +377.8% |
| EEA The European Equity Fund Inc. | 0.07% | 25,936 | $265K | Reduce -59.5% |
| KIO KKR Income Opportunities | 0.07% | 20,851 | $262K | New |
| AEF Abrdn Emerging Markets Ex CH | 0.06% | 41,409 | $246K | New |
| BOLD Boundless Bio Inc. | 0.06% | 235,505 | $238K | Add +0.5% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.05% | 4,564 | $205K | Reduce -46.6% |
| XPZCX PIMCO California Muni FD III | 0.05% | 32,594 | $203K | Add +39.2% |
| MUC BlackRock Munihold Ca QLTY | 0.05% | 17,955 | $186K | Reduce -72.9% |
| TDF Templeton Dragon Fund Inc. | 0.04% | 14,846 | $148K | Reduce -41.0% |
| RGT Royce Global Trust Inc. | 0.04% | 12,121 | $146K | Reduce -18.8% |
| BHK BlackRock Core Bond Trust | 0.03% | 14,014 | $136K | New |
| XPNFX PIMCO New York Muni Inc. FD | 0.02% | 10,814 | $76K | New |
| CHW Calamos Global Dynamic Incom | 0.02% | 10,000 | $71K | New |
| HUDSON PAC PPTYS INC | 0.01% | 17,729 | $49K | No change |
| ADAPY Adaptimmune Therapeutics-ADR | 0.01% | 109,054 | $26K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $800K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | 5,271 | $799K | No change |
| LMP CAPITAL AND INCOME FUND | RIGHT 07/11/2025 | 19,361 | $1K | New |
Total filed on the 13F, all lines: $396.4M.
Portfolio Sells Q1 2025 → Q2 2025
| DMF BNYM Municipal Income | Sold out | 0.00% | −2.59 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -0.0% | 8.62% | −2.39 |
| STEW SRH Total Return Fund Inc. | Sold out | 0.00% | −1.73 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -2.5% | 38.29% | −1.29 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −1.04 |
| BMEZ BlackRock HLTH Sci TRM TR II | Sold out | 0.00% | −1.02 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -9.3% | 2.02% | −0.91 |
| XJQCX Nuveen Credit Strategies Inc. | Reduce -53.0% | 0.09% | −0.87 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Reduce -82.5% | 0.14% | −0.86 |
| IIF Morgan Stanley India Invest | Sold out | 0.00% | −0.85 |
| VIG Vanguard Dividend Apprec ETF | Sold out | 0.00% | −0.67 |
| XENWX Eaton Vance New York Municip | Reduce -3.6% | 1.58% | −0.62 |
| TYG Tortoise Energy Infrastruct | Sold out | 0.00% | −0.46 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -6.5% | 0.47% | −0.44 |
| CXH MFS Investment Grade Muni | Reduce -4.7% | 0.87% | −0.37 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -9.3% | 0.76% | −0.32 |
| MFIC Midcap Financial Investment | Reduce -35.1% | 0.30% | −0.32 |
| AVIR Atea Pharmaceuticals Inc. | Reduce -37.7% | 0.41% | −0.31 |
| CIM Chimera Investment Corp. | Sold out | 0.00% | −0.29 |
| DMA Destra Multi-Alternative | Sold out | 0.00% | −0.24 |
| CET Central Securities Corp. | Sold out | 0.00% | −0.24 |
| MUC BlackRock Munihold Ca QLTY | Reduce -72.9% | 0.05% | −0.19 |
| CEE Central and Eastern Europe F | Reduce -3.8% | 0.68% | −0.19 |
| MXF Mexico Fund Inc. | Reduce -4.2% | 1.46% | −0.17 |
| EMF Templeton Emerging Markets | Sold out | 0.00% | −0.16 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.13 |
| EEA The European Equity Fund Inc. | Reduce -59.5% | 0.07% | −0.13 |
| CLM Cornerstone Strategic Invest | Sold out | 0.00% | −0.12 |
| XWIAX Western Asset Infl-Link Sec | Reduce -4.7% | 0.32% | −0.12 |
| XPCKX PIMCO California Municipa II | Reduce -0.3% | 0.29% | −0.11 |
| DMB BNY Mellon Muni BND Infra | Reduce -3.4% | 0.26% | −0.11 |
| WIW Western Asst Infl-LNK Opp | Sold out | 0.00% | −0.07 |
| CEV Eaton Vance Ca Muni Inc. TRST | Reduce -4.9% | 0.14% | −0.06 |
| ANRO Alto Neuroscience Inc. | Reduce -16.7% | 0.11% | −0.06 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.05 |
| HEQ John Hancock Divers Inc. Fund | Sold out | 0.00% | −0.04 |
| TDF Templeton Dragon Fund Inc. | Reduce -41.0% | 0.04% | −0.04 |
| GGZ Gabelli Global Small & M | Sold out | 0.00% | −0.04 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -46.6% | 0.05% | −0.04 |
| ADAM Adamas Trust Inc. | Reduce -7.7% | 0.11% | −0.04 |
| RGT Royce Global Trust Inc. | Reduce -18.8% | 0.04% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| FETH Fidelity Ethereum Fund | New | 4.14% | +4.14 |
| XPHTX Pioneer High Income Fund | New | 3.28% | +3.28 |
| XPMAX Pioneer Municipal High Inc. | Add +305.9% | 2.61% | +1.76 |
| CRF Cornerstone Total Return | New | 1.63% | +1.63 |
| XMHIX Pioneer Muni High Inc. TR | Add +276.7% | 2.36% | +1.53 |
| XMIOX Pioneer Muni High Inc. Opp | Add +268.0% | 2.36% | +1.52 |
| CCAP Crescent Capital BDC Inc. | Add +1338.1% | 1.24% | +1.10 |
| ETHA iShares Ethereum Trust ETF | New | 1.06% | +1.06 |
| LYEL Lyell Immunopharma Inc. | Add +367.3% | 1.30% | +0.85 |
| XPHDX Pioneer Floating Rate Fund | New | 0.84% | +0.84 |
| CNNE Cannae Holdings Inc. | Add +123.5% | 1.69% | +0.82 |
| ITOS Iteos Therapeutics Inc. | Add +77.1% | 1.23% | +0.68 |
| XJEQX Abrdn Japan Equity Fund Inc. | Add +587.5% | 0.79% | +0.66 |
| ETH Grayscale Ethereum Staking M | New | 0.54% | +0.54 |
| BRSP Brightspire Capital Inc. | Add +115.2% | 1.31% | +0.43 |
| LRFC Logan Ridge Finance Corp. | New | 0.15% | +0.15 |
| HYI Western Asset High Yield Opp | New | 0.14% | +0.14 |
| XHNWX Pioneer Diversified High | New | 0.12% | +0.12 |
| BRW Saba Capital Income & Opport | New | 0.11% | +0.11 |
| XTEAX Tortoise Sust&social Imp Ter | New | 0.10% | +0.10 |
| KIO KKR Income Opportunities | New | 0.07% | +0.07 |
| XCMUX MFS High Yield Municipal TR | Add +56.4% | 0.55% | +0.06 |
| AEF Abrdn Emerging Markets Ex CH | New | 0.06% | +0.06 |
| PYN PIMCO New York Muni FND III | Add +377.8% | 0.08% | +0.06 |
| BHK BlackRock Core Bond Trust | New | 0.03% | +0.03 |
| ZTR Virtus Total Return Fund Inc. | Add +60.1% | 0.11% | +0.02 |
| XPNFX PIMCO New York Muni Inc. FD | New | 0.02% | +0.02 |
| CHW Calamos Global Dynamic Incom | New | 0.02% | +0.02 |
| PNI PIMCO NY Muni Inc. II FND | Add +54.9% | 0.12% | +0.01 |
| ADAPY Adaptimmune Therapeutics-ADR | New | 0.01% | +0.01 |
| XPZCX PIMCO California Muni FD III | Add +39.2% | 0.05% | +0.00 |
| LEO BNY Mellon Strategic Muni | Add +35.0% | 0.29% | −0.00 |
| FLGT Fulgent Genetics Inc. | Add +8.2% | 0.16% | −0.01 |
| XGLQX Clough Global Equity Fund | Add +9.3% | 0.14% | −0.01 |
| ALXO Alx Oncology Holdings Inc. | Add +87.6% | 0.27% | −0.01 |
| BTX BlackRock Tech & Priv Eqty | Add +1.2% | 0.36% | −0.04 |
| BOLD Boundless Bio Inc. | Add +0.5% | 0.06% | −0.06 |
| LADR Ladder Capital Corp.-REIT | Add +23.3% | 0.49% | −0.07 |
| VTGN Vistagen Therapeutics Inc. | Add +2.6% | 0.13% | −0.08 |
| GLO Clough Global Opportunities | Add +1.4% | 0.59% | −0.10 |
| MSGS Madison Square Garden Sports | Add +0.1% | 0.52% | −0.12 |
| AFB Allianceberstein NTL Muni | Add +14.4% | 0.56% | −0.12 |
| RLYB Rallybio Corp. | Add +39.7% | 0.16% | −0.13 |
| XPCQX PIMCO California Muni Inc. FD | Add +5.3% | 0.47% | −0.13 |
| DTF DTF Tax-Free Income 2028 Ter | Add +13.1% | 0.99% | −0.16 |
| ANTX AN2 Therapeutics Inc. | Add +8.8% | 0.38% | −0.21 |
| CXE MFS High Income Municipal TR | Add +5.4% | 1.00% | −0.29 |
| DSGN Design Therapeutics Inc. | Add +5.3% | 1.30% | −0.56 |
Notes & Other Activity Q1 2025 → Q2 2025
| LMP CAPITAL AND INCOME FUND | RIGHT 07/11/2025 | New | 19,361 | $1K |
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 |