Almitas Capital LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Almitas Capital LLC reported 61 stock positions worth $436.3 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 36.9% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 7.9%) and Amylyx Pharmaceuticals (AMLX, 6.6%). Compared with Q2 2025, it opened 15 new positions, sold out of 33, added to 12 and reduced 17. The biggest buy was a new position in ASA Gold and Precious Metals (ASA) and the biggest sale an exit from Pioneer High Income Fund (XPHTX).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $436.3M (Q3 2025)
- SEC Filing
- 0001596468-25-000019 ↗ filed Nov 17, 2025
Holdings Value
Holdings 61 stocks · $436.3M
| FBTC Fidelity Wise Origin Bitcoin | 36.87% | 1,611,637 | $160.9M | No change |
| BTT BlackRock 2030 Muni TRGT TRM | 7.92% | 1,539,263 | $34.6M | Reduce -1.2% |
| AMLX Amylyx Pharmaceuticals Inc. | 6.61% | 2,122,597 | $28.8M | No change |
| FETH Fidelity Ethereum Fund | 6.19% | 650,000 | $27.0M | No change |
| ASA ASA Gold and Precious Metals | 3.52% | 335,342 | $15.4M | New |
| DSGN Design Therapeutics Inc. | 2.64% | 1,530,435 | $11.5M | No change |
| CNNE Cannae Holdings Inc. | 2.34% | 556,688 | $10.2M | Add +73.4% |
| LYEL Lyell Immunopharma Inc. | 2.15% | 577,807 | $9.4M | Reduce -0.4% |
| XPHDX Pioneer Floating Rate Fund | 1.60% | 699,986 | $7.0M | Add +106.9% |
| ETHA iShares Ethereum Trust ETF | 1.58% | 219,405 | $6.9M | No change |
| BIT BlackRock Multi-Sector Inc. | 1.58% | 514,906 | $6.9M | New |
| XENWX Eaton Vance New York Municip | 1.40% | 617,454 | $6.1M | Reduce -8.3% |
| IGF iShares Global Infrastructur | 1.30% | 92,922 | $5.7M | New |
| BRSP Brightspire Capital Inc. | 1.28% | 1,029,464 | $5.6M | No change |
| CCAP Crescent Capital BDC Inc. | 1.23% | 376,461 | $5.4M | Add +8.2% |
| XCMUX MFS High Yield Municipal TR | 1.20% | 1,507,168 | $5.2M | Add +131.3% |
| JOF Japan Smaller Capitalization | 1.16% | 481,642 | $5.1M | Reduce -5.9% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.15% | 851,087 | $5.0M | No change |
| ALXO Alx Oncology Holdings Inc. | 1.06% | 2,536,891 | $4.6M | Reduce -0.1% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.04% | 378,058 | $4.5M | Reduce -46.8% |
| FG NEXUS INC. | 1.01% | 800,000 | $4.4M | New |
| CXE MFS High Income Municipal TR | 0.94% | 1,103,430 | $4.1M | No change |
| DTF DTF Tax-Free Income 2028 Ter | 0.92% | 350,940 | $4.0M | Add +0.2% |
| MXF Mexico Fund Inc. | 0.92% | 202,961 | $4.0M | Reduce -38.4% |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.89% | 490,174 | $3.9M | Add +17.6% |
| CXH MFS Investment Grade Muni | 0.88% | 487,688 | $3.8M | Add +8.8% |
| ETH Grayscale Ethereum Staking M | 0.80% | 89,557 | $3.5M | No change |
| ARR Armour Residential REIT Inc. | 0.74% | 217,149 | $3.2M | New |
| GLO Clough Global Opportunities | 0.64% | 491,858 | $2.8M | Add +15.0% |
| CEE Central and Eastern Europe F | 0.61% | 173,254 | $2.7M | Reduce -0.1% |
| NLY Annaly Capital Management Inc. | 0.54% | 115,765 | $2.3M | New |
| AFB Allianceberstein NTL Muni | 0.53% | 214,282 | $2.3M | Reduce -0.1% |
| MSGS Madison Square Garden Sports | 0.52% | 9,925 | $2.3M | No change |
| OXLC Oxford Lane Capital Corp. | 0.47% | 119,999 | $2.0M | New |
| XEVMX Eaton Vance Cal Muni Bond | 0.45% | 208,466 | $2.0M | New |
| LADR Ladder Capital Corp.-REIT | 0.45% | 180,693 | $2.0M | No change |
| ANTX AN2 Therapeutics Inc. | 0.42% | 1,428,323 | $1.8M | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | 0.36% | 1,613,000 | $1.6M | No change |
| XPCQX PIMCO California Muni Inc. FD | 0.31% | 152,998 | $1.3M | Reduce -57.4% |
| GERN Geron Corp. | 0.30% | 946,323 | $1.3M | New |
| DMB BNY Mellon Muni BND Infra | 0.29% | 119,431 | $1.3M | Add +19.5% |
| LEO BNY Mellon Strategic Muni | 0.28% | 197,096 | $1.2M | Add +0.6% |
| MFIC Midcap Financial Investment | 0.25% | 92,717 | $1.1M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.21% | 261,399 | $928K | No change |
| CABA Cabaletta Bio Inc. | 0.21% | 387,491 | $907K | Add +5.4% |
| MYPS Playstudios Inc. | 0.21% | 931,588 | $897K | New |
| XGLQX Clough Global Equity Fund | 0.20% | 114,007 | $868K | Add +47.5% |
| QUINCE THERAPEUTICS INC | 0.18% | 494,778 | $806K | New |
| XWIAX Western Asset Infl-Link Sec | 0.18% | 95,779 | $806K | Reduce -36.8% |
| ANRO Alto Neuroscience Inc. | 0.18% | 195,145 | $784K | No change |
| RLYB Rallybio Corp. | 0.18% | 1,538,727 | $768K | Reduce -15.3% |
| MRCC Monroe Capital Corp. | 0.18% | 108,905 | $765K | New |
| MFA Mfa Financial Inc. | 0.16% | 77,440 | $712K | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.16% | 457,322 | $691K | Reduce -71.4% |
| SDHY Pgim SHRT Durat Hi YLD | 0.15% | 39,115 | $654K | Reduce -78.1% |
| UTF Cohen & Steers Infrastructur | 0.14% | 25,500 | $632K | New |
| FLGT Fulgent Genetics Inc. | 0.11% | 21,478 | $485K | Reduce -30.9% |
| MSIF MSC Income Fund Inc. | 0.09% | 30,146 | $396K | New |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.04% | 18,152 | $183K | Reduce -68.9% |
| BKT BlackRock Income Trust | 0.03% | 13,000 | $146K | New |
| BOLD Boundless Bio Inc. | 0.02% | 86,808 | $107K | Reduce -63.1% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $624K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | 5,271 | $606K | No change |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 185,878 | $14K | New |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 77,036 | $1K | New |
| RIVERNORTH OPPORTUNI-RT | RIGHT 10/06/2025 | 140,834 | $1K | New |
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | 13,000 | $767 | New |
Total filed on the 13F, all lines: $436.9M.
Portfolio Sells Q2 2025 → Q3 2025
| XPHTX Pioneer High Income Fund | Sold out | 0.00% | −3.28 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −2.61 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −2.36 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −2.36 |
| CRF Cornerstone Total Return | Sold out | 0.00% | −1.63 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −1.23 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -46.8% | 1.04% | −0.98 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -1.2% | 7.92% | −0.70 |
| SDHY Pgim SHRT Durat Hi YLD | Reduce -78.1% | 0.15% | −0.61 |
| MXF Mexico Fund Inc. | Reduce -38.4% | 0.92% | −0.55 |
| XPCQX PIMCO California Muni Inc. FD | Reduce -57.4% | 0.31% | −0.45 |
| AVIR Atea Pharmaceuticals Inc. | Sold out | 0.00% | −0.41 |
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −0.36 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -71.4% | 0.16% | −0.31 |
| FIRST TR EXCHNG TRADED FD VI | Sold out | 0.00% | −0.23 |
| XENWX Eaton Vance New York Municip | Reduce -8.3% | 1.40% | −0.19 |
| LRFC Logan Ridge Finance Corp. | Sold out | 0.00% | −0.15 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Sold out | 0.00% | −0.14 |
| HYI Western Asset High Yield Opp | Sold out | 0.00% | −0.14 |
| XWIAX Western Asset Infl-Link Sec | Reduce -36.8% | 0.18% | −0.14 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.12 |
| XHNWX Pioneer Diversified High | Sold out | 0.00% | −0.12 |
| BRW Saba Capital Income & Opport | Sold out | 0.00% | −0.11 |
| ZTR Virtus Total Return Fund Inc. | Sold out | 0.00% | −0.11 |
| ADAM Adamas Trust Inc. | Sold out | 0.00% | −0.11 |
| CEV Eaton Vance Ca Muni Inc. TRST | Reduce -68.9% | 0.04% | −0.10 |
| XTEAX Tortoise Sust&social Imp Ter | Sold out | 0.00% | −0.10 |
| XJQCX Nuveen Credit Strategies Inc. | Sold out | 0.00% | −0.09 |
| JOF Japan Smaller Capitalization | Reduce -5.9% | 1.16% | −0.08 |
| PYN PIMCO New York Muni FND III | Sold out | 0.00% | −0.08 |
| CEE Central and Eastern Europe F | Reduce -0.1% | 0.61% | −0.07 |
| EEA The European Equity Fund Inc. | Sold out | 0.00% | −0.07 |
| KIO KKR Income Opportunities | Sold out | 0.00% | −0.07 |
| AEF Abrdn Emerging Markets Ex CH | Sold out | 0.00% | −0.06 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Sold out | 0.00% | −0.05 |
| XPZCX PIMCO California Muni FD III | Sold out | 0.00% | −0.05 |
| MUC BlackRock Munihold Ca QLTY | Sold out | 0.00% | −0.05 |
| FLGT Fulgent Genetics Inc. | Reduce -30.9% | 0.11% | −0.04 |
| TDF Templeton Dragon Fund Inc. | Sold out | 0.00% | −0.04 |
| RGT Royce Global Trust Inc. | Sold out | 0.00% | −0.04 |
| BOLD Boundless Bio Inc. | Reduce -63.1% | 0.02% | −0.04 |
| BHK BlackRock Core Bond Trust | Sold out | 0.00% | −0.03 |
| AFB Allianceberstein NTL Muni | Reduce -0.1% | 0.53% | −0.03 |
| XPNFX PIMCO New York Muni Inc. FD | Sold out | 0.00% | −0.02 |
| CHW Calamos Global Dynamic Incom | Sold out | 0.00% | −0.02 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.01 |
| ADAPY Adaptimmune Therapeutics-ADR | Sold out | 0.00% | −0.01 |
| RLYB Rallybio Corp. | Reduce -15.3% | 0.18% | +0.02 |
| ALXO Alx Oncology Holdings Inc. | Reduce -0.1% | 1.06% | +0.80 |
| LYEL Lyell Immunopharma Inc. | Reduce -0.4% | 2.15% | +0.85 |
Portfolio Buys Q2 2025 → Q3 2025
| ASA ASA Gold and Precious Metals | New | 3.52% | +3.52 |
| BIT BlackRock Multi-Sector Inc. | New | 1.58% | +1.58 |
| IGF iShares Global Infrastructur | New | 1.30% | +1.30 |
| FG NEXUS INC. | New | 1.01% | +1.01 |
| XPHDX Pioneer Floating Rate Fund | Add +106.9% | 1.60% | +0.76 |
| ARR Armour Residential REIT Inc. | New | 0.74% | +0.74 |
| XCMUX MFS High Yield Municipal TR | Add +131.3% | 1.20% | +0.65 |
| CNNE Cannae Holdings Inc. | Add +73.4% | 2.34% | +0.64 |
| NLY Annaly Capital Management Inc. | New | 0.54% | +0.54 |
| OXLC Oxford Lane Capital Corp. | New | 0.47% | +0.47 |
| XEVMX Eaton Vance Cal Muni Bond | New | 0.45% | +0.45 |
| GERN Geron Corp. | New | 0.30% | +0.30 |
| MYPS Playstudios Inc. | New | 0.21% | +0.21 |
| QUINCE THERAPEUTICS INC | New | 0.18% | +0.18 |
| MRCC Monroe Capital Corp. | New | 0.18% | +0.18 |
| UTF Cohen & Steers Infrastructur | New | 0.14% | +0.14 |
| XJEQX Abrdn Japan Equity Fund Inc. | Add +17.6% | 0.89% | +0.09 |
| MSIF MSC Income Fund Inc. | New | 0.09% | +0.09 |
| CABA Cabaletta Bio Inc. | Add +5.4% | 0.21% | +0.07 |
| XGLQX Clough Global Equity Fund | Add +47.5% | 0.20% | +0.06 |
| GLO Clough Global Opportunities | Add +15.0% | 0.64% | +0.06 |
| DMB BNY Mellon Muni BND Infra | Add +19.5% | 0.29% | +0.03 |
| BKT BlackRock Income Trust | New | 0.03% | +0.03 |
| CXH MFS Investment Grade Muni | Add +8.8% | 0.88% | +0.01 |
| CCAP Crescent Capital BDC Inc. | Add +8.2% | 1.23% | −0.01 |
| LEO BNY Mellon Strategic Muni | Add +0.6% | 0.28% | −0.01 |
| DTF DTF Tax-Free Income 2028 Ter | Add +0.2% | 0.92% | −0.07 |
Notes & Other Activity Q2 2025 → Q3 2025
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | New | 185,878 | $14K |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | New | 77,036 | $1K |
| LMP CAPITAL AND INCOME FUND | RIGHT 07/11/2025 | Sold out | 19,361 | $1Kbefore exit |
| RIVERNORTH OPPORTUNI-RT | RIGHT 10/06/2025 | New | 140,834 | $1K |
| BLACKROCK INCOME TR-RT | RIGHT 10/20/2025 | New | 13,000 | $767 |
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 |