Almitas Capital LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Almitas Capital LLC reported 105 stock positions worth $452.1 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 25.9% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 7.5%) and Amylyx Pharmaceuticals (AMLX, 5.7%). Compared with Q3 2025, it opened 57 new positions, sold out of 13, added to 17 and reduced 15. The biggest buy was a new position in Elme Communities (ELME) and the biggest sale Fidelity Wise Origin Bitcoin (FBTC, shares −5%).

Most Recent 13F
Q2 2026
Location
SANTA MONICA, CA
CIK
0001596468
Portfolio Value
$452.1M (Q4 2025)
SEC Filing
0001596468-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $216.8M Q1 2024 Q2 2024: $238.9M Q2 2024 Q3 2024: $281.4M Q3 2024 Q4 2024: $454.0M Q4 2024 Q1 2025: $300.4M Q1 2025 Q2 2025: $395.6M Q2 2025 Q3 2025: $436.3M Q3 2025 Q4 2025: $452.1M $452.1M Q4 2025 Q1 2026: $442.1M Q1 2026 Q2 2026: $416.9M Q2 2026

Holdings 105 stocks · $452.1M
FBTC Fidelity Wise Origin Bitcoin 25.91% 1,536,637 $117.1M Reduce -4.7%
BTT BlackRock 2030 Muni TRGT TRM 7.50% 1,486,013 $33.9M Reduce -3.5%
AMLX Amylyx Pharmaceuticals Inc. 5.67% 2,122,597 $25.6M No change
ASA ASA Gold and Precious Metals 5.04% 382,139 $22.8M Add +14.0%
FETH Fidelity Ethereum Fund 4.26% 650,000 $19.2M No change
LYEL Lyell Immunopharma Inc. 3.93% 577,807 $17.8M No change
ELME Elme Communities 3.90% 1,012,210 $17.6M New
DSGN Design Therapeutics Inc. 3.18% 1,530,435 $14.4M No change
FSSL FS Specialty Lending Fund 2.51% 801,778 $11.3M New
CNNE Cannae Holdings Inc. 1.43% 411,893 $6.5M Reduce -26.0%
MRCC Monroe Capital Corp. 1.41% 999,044 $6.4M Add +817.4%
CCAP Crescent Capital BDC Inc. 1.38% 444,234 $6.2M Add +18.0%
BRSP Brightspire Capital Inc. 1.28% 1,029,464 $5.8M No change
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 1.26% 926,301 $5.7M Add +8.8%
XPCQX PIMCO California Muni Inc. FD 1.24% 640,607 $5.6M Add +318.7%
XCMUX MFS High Yield Municipal TR 1.16% 1,497,718 $5.3M Reduce -0.6%
USA Liberty All Star Equity Fund 1.12% 804,614 $5.1M New
ETHA iShares Ethereum Trust ETF 1.09% 219,405 $4.9M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 1.07% 60,000 $4.8M New
JOF Japan Smaller Capitalization 1.07% 435,985 $4.8M Reduce -9.5%
GLO Clough Global Opportunities 0.99% 790,286 $4.5M Add +60.7%
CXE MFS High Income Municipal TR 0.98% 1,193,886 $4.4M Add +8.2%
XNQPX Nuveen Pa QLTY Muni Inc. 0.97% 368,795 $4.4M Reduce -2.5%
DTF DTF Tax-Free Income 2028 Ter 0.89% 350,940 $4.0M No change
ARR Armour Residential REIT Inc. 0.85% 217,149 $3.8M No change
MXF Mexico Fund Inc. 0.83% 185,924 $3.7M Reduce -8.4%
CXH MFS Investment Grade Muni 0.80% 454,909 $3.6M Reduce -6.7%
BPRE Bluerock Private Real Estate 0.70% 212,185 $3.2M New
QUINCE THERAPEUTICS INC 0.69% 930,134 $3.1M Add +88.0%
CEE Central and Eastern Europe F 0.68% 173,254 $3.1M No change
ALXO Alx Oncology Holdings Inc. 0.63% 2,536,891 $2.9M No change
PDX PIMCO Dynamic Income Strat 0.63% 151,260 $2.8M New
MYPS Playstudios Inc. 0.58% 4,047,346 $2.6M Add +334.5%
NLY Annaly Capital Management Inc. 0.57% 115,765 $2.6M No change
MSGS Madison Square Garden Sports 0.57% 9,925 $2.6M No change
ETH Grayscale Ethereum Staking M 0.56% 89,557 $2.5M No change
EBF Ennis Inc. 0.55% 138,956 $2.5M New
XGLQX Clough Global Equity Fund 0.55% 322,982 $2.5M Add +183.3%
AFB Allianceberstein NTL Muni 0.51% 214,282 $2.3M No change
BMEZ BlackRock HLTH Sci TRM TR II 0.51% 152,914 $2.3M New
LADR Ladder Capital Corp.-REIT 0.46% 189,357 $2.1M Add +4.8%
NPCT Nuveen Core Plus Impact 0.46% 204,356 $2.1M New
DMB BNY Mellon Muni BND Infra 0.44% 182,924 $2.0M Add +53.2%
DIAX Nuveen Dow 30 Dynamic Overwr 0.39% 114,201 $1.7M New
ANTX AN2 Therapeutics Inc. 0.37% 1,479,129 $1.7M Add +3.6%
FSK FS KKR Capital Corp. 0.35% 106,600 $1.6M New
MFIC Midcap Financial Investment 0.34% 135,477 $1.5M Add +46.1%
TRC Tejon Ranch Co. 0.32% 93,137 $1.5M New
ANRO Alto Neuroscience Inc. 0.31% 78,520 $1.4M Reduce -59.8%
STWD Starwood Property Trust Inc. 0.28% 71,000 $1.3M New
LEO BNY Mellon Strategic Muni 0.28% 197,096 $1.3M No change
MFA Mfa Financial Inc. 0.26% 128,086 $1.2M Add +65.4%
GERN Geron Corp. 0.26% 896,323 $1.2M Reduce -5.3%
SBET Sharplink Inc. 0.25% 124,283 $1.1M New
HPP Hudson Pacific Properties Inc. 0.23% 97,816 $1.1M New
RLYB Rallybio Corp. 0.23% 1,529,653 $1.0M Reduce -0.6%
NCDL Nuveen Churchill Direct Lend 0.21% 70,160 $936K New
UTF Cohen & Steers Infrastructur 0.21% 38,562 $930K Add +51.2%
JFR Nuveen Floating Rate Income 0.20% 117,948 $924K New
EIC Eagle Point Income Co.-USA Inc. 0.20% 80,547 $919K New
FCT First Trust SNR FL RT Inc. II 0.20% 88,034 $887K New
CABA Cabaletta Bio Inc. 0.19% 387,491 $849K No change
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS 0.19% 61,653 $848K New
ZNTL Zentalis Pharmaceuticals Inc. 0.18% 610,073 $824K Add +33.4%
BCAT BlackRock Capital Alloc TR 0.17% 55,000 $779K New
FTHY First Trust Hi YLD Opp 2027 0.17% 55,326 $778K New
CCIF Carlyle Credit Income Fund 0.16% 157,285 $738K New
MFM Aberdeen Municipal Income 0.16% 134,361 $730K New
WD Walker & Dunlop Inc. 0.15% 11,600 $698K New
CRF Cornerstone Total Return 0.15% 86,417 $692K New
EFT Eaton Vance Fltng RT Inc. TR 0.15% 59,404 $671K New
NEWT Newtekone Inc. 0.13% 53,570 $608K New
XWIAX Western Asset Infl-Link Sec 0.13% 72,863 $603K Reduce -23.9%
CVCO Cavco Industries Inc. 0.13% 992 $586K New
ASG Liberty All-Star Growth FD 0.13% 110,481 $586K New
CGBD Carlyle Secured Lending Inc. 0.12% 42,885 $536K New
STEW SRH Total Return Fund Inc. 0.12% 28,719 $532K New
SABA Saba Capital Income & Opp II 0.12% 64,130 $529K New
FLGT Fulgent Genetics Inc. 0.11% 18,478 $485K Reduce -14.0%
TCPC BlackRock TCP Capital Corp. 0.10% 85,000 $465K New
GSBD Goldman Sachs BDC Inc. 0.10% 50,000 $464K New
EMO Clearbridge Energy Midstream 0.09% 9,549 $426K New
SKY Champion Homes Inc. 0.09% 5,000 $423K New
SDHY Pgim SHRT Durat Hi YLD 0.09% 25,277 $416K Reduce -35.4%
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.09% 45,000 $414K New
FRMM Forum Markets Inc. filed as ETHZILLA CORPORATION 0.09% 80,408 $394K New
CPZ Calamos LNG/SHRT Eqty & DYN 0.08% 25,204 $368K New
CIM Chimera Investment Corp. 0.08% 29,177 $363K New
MSDL Morgan Stanley Direct Lendin 0.07% 20,000 $330K New
HQL Abrdn Life Sciences Investor 0.07% 19,239 $323K New
XEFRX Eaton Vance Sr FLTG Rate TR 0.07% 28,829 $321K New
XJQCX Nuveen Credit Strategies Inc. 0.07% 63,304 $318K New
GBDC Golub Capital BDC Inc. 0.06% 20,000 $271K New
OPP Rivernrth/Doublelne STR Opp 0.06% 33,963 $270K New
BIT BlackRock Multi-Sector Inc. 0.06% 19,543 $255K Reduce -96.2%
SWZ Total Return Securities Fund 0.05% 36,781 $229K New
BCSF Bain Capital Specialty Finan 0.05% 15,000 $209K New
ETJ Eaton Vance RSK-MGD Divers 0.04% 20,661 $182K New
RVT Royce Small-Cap Trust Inc. 0.04% 10,456 $168K New
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.03% 10,320 $152K New
VVR Invesco Senior Income Trust 0.03% 43,310 $142K New
NXC Nuveen Ca Sel TX-FR Inc. 0.03% 10,372 $137K New
HYT BlackRock Corp. Hi YLD 0.03% 15,000 $134K New
GLV Clough Global Dividend & Inc. 0.03% 19,287 $115K New
EVF Eaton Vance Senior Income TR 0.02% 14,653 $77K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.1M (not counted above)
SecurityClassShares / PrincipalValueChange
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 1,613,000$1.6MNew
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 5,271$461KNo change

Total filed on the 13F, all lines: $454.2M.

Portfolio Sells Q3 2025 → Q4 2025
FBTC Fidelity Wise Origin Bitcoin Reduce -4.7% 25.91% −10.96
XPHDX Pioneer Floating Rate Fund Sold out 0.00% −1.60
BIT BlackRock Multi-Sector Inc. Reduce -96.2% 0.06% −1.52
XENWX Eaton Vance New York Municip Sold out 0.00% −1.40
IGF iShares Global Infrastructur Sold out 0.00% −1.30
FG NEXUS INC. Sold out 0.00% −1.01
CNNE Cannae Holdings Inc. Reduce -26.0% 1.43% −0.90
XJEQX Abrdn Japan Equity Fund Inc. Sold out 0.00% −0.89
OXLC Oxford Lane Capital Corp. Sold out 0.00% −0.47
XEVMX Eaton Vance Cal Muni Bond Sold out 0.00% −0.45
BTT BlackRock 2030 Muni TRGT TRM Reduce -3.5% 7.50% −0.42
TWO HARBORS INV CORP (TWO 6.25 01/15/26) Sold out 0.00% −0.36
VTGN Vistagen Therapeutics Inc. Sold out 0.00% −0.21
JOF Japan Smaller Capitalization Reduce -9.5% 1.07% −0.10
MSIF MSC Income Fund Inc. Sold out 0.00% −0.09
MXF Mexico Fund Inc. Reduce -8.4% 0.83% −0.09
CXH MFS Investment Grade Muni Reduce -6.7% 0.80% −0.08
XNQPX Nuveen Pa QLTY Muni Inc. Reduce -2.5% 0.97% −0.07
SDHY Pgim SHRT Durat Hi YLD Reduce -35.4% 0.09% −0.06
XWIAX Western Asset Infl-Link Sec Reduce -23.9% 0.13% −0.05
CEV Eaton Vance Ca Muni Inc. TRST Sold out 0.00% −0.04
XCMUX MFS High Yield Municipal TR Reduce -0.6% 1.16% −0.04
GERN Geron Corp. Reduce -5.3% 0.26% −0.04
BKT BlackRock Income Trust Sold out 0.00% −0.03
BOLD Boundless Bio Inc. Sold out 0.00% −0.02
FLGT Fulgent Genetics Inc. Reduce -14.0% 0.11% −0.00
RLYB Rallybio Corp. Reduce -0.6% 0.23% +0.06
ANRO Alto Neuroscience Inc. Reduce -59.8% 0.31% +0.13

Portfolio Buys Q3 2025 → Q4 2025
ELME Elme Communities New 3.90% +3.90
FSSL FS Specialty Lending Fund New 2.51% +2.51
ASA ASA Gold and Precious Metals Add +14.0% 5.04% +1.52
MRCC Monroe Capital Corp. Add +817.4% 1.41% +1.23
USA Liberty All Star Equity Fund New 1.12% +1.12
HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 1.07% +1.07
XPCQX PIMCO California Muni Inc. FD Add +318.7% 1.24% +0.93
BPRE Bluerock Private Real Estate New 0.70% +0.70
PDX PIMCO Dynamic Income Strat New 0.63% +0.63
EBF Ennis Inc. New 0.55% +0.55
BMEZ BlackRock HLTH Sci TRM TR II New 0.51% +0.51
QUINCE THERAPEUTICS INC Add +88.0% 0.69% +0.50
NPCT Nuveen Core Plus Impact New 0.46% +0.46
DIAX Nuveen Dow 30 Dynamic Overwr New 0.39% +0.39
MYPS Playstudios Inc. Add +334.5% 0.58% +0.38
FSK FS KKR Capital Corp. New 0.35% +0.35
XGLQX Clough Global Equity Fund Add +183.3% 0.55% +0.35
GLO Clough Global Opportunities Add +60.7% 0.99% +0.35
TRC Tejon Ranch Co. New 0.32% +0.32
STWD Starwood Property Trust Inc. New 0.28% +0.28
SBET Sharplink Inc. New 0.25% +0.25
HPP Hudson Pacific Properties Inc. New 0.23% +0.23
NCDL Nuveen Churchill Direct Lend New 0.21% +0.21
JFR Nuveen Floating Rate Income New 0.20% +0.20
EIC Eagle Point Income Co.-USA Inc. New 0.20% +0.20
FCT First Trust SNR FL RT Inc. II New 0.20% +0.20
MEGI Nylim CBRE GB Infra Mtrnd TF New 0.19% +0.19
BCAT BlackRock Capital Alloc TR New 0.17% +0.17
FTHY First Trust Hi YLD Opp 2027 New 0.17% +0.17
CCIF Carlyle Credit Income Fund New 0.16% +0.16
MFM Aberdeen Municipal Income New 0.16% +0.16
WD Walker & Dunlop Inc. New 0.15% +0.15
CRF Cornerstone Total Return New 0.15% +0.15
DMB BNY Mellon Muni BND Infra Add +53.2% 0.44% +0.15
CCAP Crescent Capital BDC Inc. Add +18.0% 1.38% +0.15
EFT Eaton Vance Fltng RT Inc. TR New 0.15% +0.15
NEWT Newtekone Inc. New 0.13% +0.13
CVCO Cavco Industries Inc. New 0.13% +0.13
ASG Liberty All-Star Growth FD New 0.13% +0.13
CGBD Carlyle Secured Lending Inc. New 0.12% +0.12
STEW SRH Total Return Fund Inc. New 0.12% +0.12
SABA Saba Capital Income & Opp II New 0.12% +0.12
DSM BNYM Strat Muni BND Add +8.8% 1.26% +0.11
TCPC BlackRock TCP Capital Corp. New 0.10% +0.10
GSBD Goldman Sachs BDC Inc. New 0.10% +0.10
MFA Mfa Financial Inc. Add +65.4% 0.26% +0.10
EMO Clearbridge Energy Midstream New 0.09% +0.09
SKY Champion Homes Inc. New 0.09% +0.09
NMFC New Mountain Finance Corp. New 0.09% +0.09
MFIC Midcap Financial Investment Add +46.1% 0.34% +0.09

Notes & Other Activity Q3 2025 → Q4 2025
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal New 1,613,000 $1.6M
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Sold out 185,878 $14Kbefore exit
CLEARBRIDGE ENERGY MI-RT RIGHT 10/10/2025 Sold out 77,036 $1Kbefore exit
RIVERNORTH OPPORTUNI-RT RIGHT 10/06/2025 Sold out 140,834 $1Kbefore exit
BLACKROCK INCOME TR-RT RIGHT 10/20/2025 Sold out 13,000 $767before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 128$416.9MFBTC, BTT, ASA, AMLX, DSGN
Q1 2026 111$442.1MFBTC, BTT, ASA, AMLX, DSGN
Q4 2025 105$452.1MFBTC, BTT, AMLX, ASA, FETH
Q3 2025Amended 61$436.3MFBTC, BTT, AMLX, FETH, ASA
Q2 2025 80$395.6MFBTC, BTT, FETH, AMLX, XPHTX
Q1 2025 80$300.4MFBTC, BTT, XNQPX, DMF, AMLX
Q4 2024 90$454.0MFBTC, FETH, BTT, OBDE, BMEZ
Q3 2024 67$281.4MFBTC, BMEZ, XNQPX, XHIEX, BTT
Q2 2024 75$238.9MBMEZ, NPCT, ECAT, XNQPX, XHIEX
Q1 2024 67$216.8MNPCT, BMEZ, XNQPX, XHIEX, ECAT