Almitas Capital LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Almitas Capital LLC reported 111 stock positions worth $442.1 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 20.5% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 7.6%) and ASA Gold and Precious Metals (ASA, 7.4%). Compared with Q4 2025, it opened 27 new positions, sold out of 21, added to 32 and reduced 15. The biggest buy was ASA Gold and Precious Metals (ASA, shares +38%) and the biggest sale an exit from Fidelity Ethereum Fund (FETH).
- Most Recent 13F
- Q2 2026
- Location
- SANTA MONICA, CA
- CIK
- 0001596468
- Portfolio Value
- $442.1M (Q1 2026)
- SEC Filing
- 0001596468-26-000012 ↗ filed May 15, 2026
Holdings Value
Holdings 111 stocks · $442.1M
| FBTC Fidelity Wise Origin Bitcoin | 20.52% | 1,536,637 | $90.7M | No change |
| BTT BlackRock 2030 Muni TRGT TRM | 7.63% | 1,486,013 | $33.7M | No change |
| ASA ASA Gold and Precious Metals | 7.38% | 525,666 | $32.6M | Add +37.6% |
| AMLX Amylyx Pharmaceuticals Inc. | 6.67% | 2,122,597 | $29.5M | No change |
| DSGN Design Therapeutics Inc. | 3.68% | 1,530,335 | $16.3M | Reduce -0.0% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 2.85% | 1,057,494 | $12.6M | Add +186.7% |
| PDX PIMCO Dynamic Income Strat | 2.70% | 541,492 | $11.9M | Add +258.0% |
| LYEL Lyell Immunopharma Inc. | 2.62% | 577,807 | $11.6M | No change |
| BIO Bio-Rad Laboratories-A | 1.91% | 30,254 | $8.4M | New |
| CNNE Cannae Holdings Inc. | 1.91% | 741,318 | $8.4M | Add +80.0% |
| CRF Cornerstone Total Return | 1.75% | 1,115,348 | $7.8M | Add +1190.7% |
| BMEZ BlackRock HLTH Sci TRM TR II | 1.64% | 506,395 | $7.3M | Add +231.2% |
| ALXO Alx Oncology Holdings Inc. | 1.44% | 3,173,834 | $6.4M | Add +25.1% |
| BRSP Brightspire Capital Inc. | 1.29% | 1,015,903 | $5.7M | Reduce -1.3% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.26% | 926,301 | $5.6M | No change |
| XCMUX MFS High Yield Municipal TR | 1.21% | 1,497,718 | $5.4M | No change |
| XPCQX PIMCO California Muni Inc. FD | 1.20% | 617,015 | $5.3M | Reduce -3.7% |
| ELME Elme Communities | 1.19% | 2,607,372 | $5.2M | Add +157.6% |
| MRCC Monroe Capital Corp. | 1.17% | 1,277,717 | $5.2M | Add +27.9% |
| ANTX AN2 Therapeutics Inc. | 1.14% | 1,479,129 | $5.1M | No change |
| CXE MFS High Income Municipal TR | 1.06% | 1,266,853 | $4.7M | Add +6.1% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 1.05% | 316,133 | $4.6M | Add +412.8% |
| JOF Japan Smaller Capitalization | 0.99% | 402,956 | $4.4M | Reduce -7.6% |
| CCAP Crescent Capital BDC Inc. | 0.98% | 356,905 | $4.3M | Reduce -19.7% |
| DTF DTF Tax-Free Income 2028 Ter | 0.92% | 355,089 | $4.1M | Add +1.2% |
| MXF Mexico Fund Inc. | 0.87% | 183,505 | $3.8M | Reduce -1.3% |
| FCT First Trust SNR FL RT Inc. II | 0.83% | 382,863 | $3.7M | Add +334.9% |
| GLO Clough Global Opportunities | 0.83% | 660,796 | $3.7M | Reduce -16.4% |
| CXH MFS Investment Grade Muni | 0.82% | 454,829 | $3.6M | Reduce -0.0% |
| FSSL FS Specialty Lending Fund | 0.76% | 268,810 | $3.4M | Reduce -66.5% |
| PNI PIMCO NY Muni Inc. II FND | 0.76% | 488,740 | $3.3M | New |
| CLM Cornerstone Strategic Invest | 0.73% | 442,014 | $3.2M | New |
| MSGS Madison Square Garden Sports | 0.72% | 9,925 | $3.2M | No change |
| CEE Central and Eastern Europe F | 0.72% | 173,254 | $3.2M | No change |
| JFR Nuveen Floating Rate Income | 0.70% | 411,628 | $3.1M | Add +249.0% |
| EBF Ennis Inc. | 0.67% | 138,956 | $3.0M | No change |
| SABA Saba Capital Income & Opp II | 0.65% | 347,826 | $2.9M | Add +442.4% |
| SDHY Pgim SHRT Durat Hi YLD | 0.65% | 178,921 | $2.9M | Add +607.8% |
| LADR Ladder Capital Corp.-REIT | 0.64% | 290,477 | $2.8M | Add +53.4% |
| TRTX TPG Re Finance Trust Inc. | 0.58% | 327,832 | $2.6M | New |
| XGLQX Clough Global Equity Fund | 0.56% | 330,954 | $2.5M | Add +2.5% |
| AFB Allianceberstein NTL Muni | 0.52% | 214,282 | $2.3M | No change |
| FTHY First Trust Hi YLD Opp 2027 | 0.51% | 166,264 | $2.2M | Add +200.5% |
| MYPS Playstudios Inc. | 0.50% | 4,704,534 | $2.2M | Add +16.2% |
| USA Liberty All Star Equity Fund | 0.50% | 395,485 | $2.2M | Reduce -50.9% |
| STEW SRH Total Return Fund Inc. | 0.45% | 116,755 | $2.0M | Add +306.5% |
| DMB BNY Mellon Muni BND Infra | 0.44% | 182,924 | $1.9M | No change |
| TRC Tejon Ranch Co. | 0.40% | 94,997 | $1.8M | Add +2.0% |
| ANRO Alto Neuroscience Inc. | 0.40% | 78,520 | $1.8M | No change |
| RLYB Rallybio Corp. | 0.39% | 191,206 | $1.7M | No change |
| FLGT Fulgent Genetics Inc. | 0.38% | 104,797 | $1.7M | Add +467.1% |
| BGB Blackstone Strategic Credit | 0.37% | 144,834 | $1.6M | New |
| MFIC Midcap Financial Investment | 0.36% | 140,477 | $1.6M | Add +3.7% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.32% | 610,073 | $1.4M | No change |
| XSSPX Nuveen S&P 500 Dynam Overwr | 0.32% | 88,552 | $1.4M | Add +921.5% |
| BANX Arrowmark Financial Corp. | 0.32% | 73,252 | $1.4M | New |
| JRI Nuveen Real Asset Inc. & GRW | 0.31% | 110,414 | $1.4M | New |
| LEO BNY Mellon Strategic Muni | 0.28% | 197,096 | $1.2M | No change |
| MFA Mfa Financial Inc. | 0.28% | 128,086 | $1.2M | No change |
| STWD Starwood Property Trust Inc. | 0.28% | 71,000 | $1.2M | No change |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.28% | 18,570 | $1.2M | New |
| FSK FS KKR Capital Corp. | 0.26% | 111,600 | $1.1M | Add +4.7% |
| UTF Cohen & Steers Infrastructur | 0.23% | 38,562 | $998K | No change |
| CABA Cabaletta Bio Inc. | 0.21% | 337,391 | $908K | Reduce -12.9% |
| NCDL Nuveen Churchill Direct Lend | 0.20% | 70,160 | $892K | No change |
| NPCT Nuveen Core Plus Impact | 0.20% | 85,383 | $870K | Reduce -58.2% |
| FBRT Franklin BSP Realty Trust Inc. | 0.19% | 99,054 | $841K | New |
| SBET Sharplink Inc. | 0.18% | 124,283 | $802K | No change |
| EIC Eagle Point Income Co.-USA Inc. | 0.17% | 80,547 | $760K | No change |
| HPP Hudson Pacific Properties Inc. | 0.17% | 124,398 | $735K | Add +27.2% |
| ASG Liberty All-Star Growth FD | 0.15% | 137,985 | $655K | Add +24.9% |
| NEWT Newtekone Inc. | 0.13% | 53,570 | $587K | No change |
| BSL Blackstone SNR Fltng RT | 0.13% | 44,471 | $576K | New |
| XEFRX Eaton Vance Sr FLTG Rate TR | 0.12% | 49,782 | $525K | Add +72.7% |
| WD Walker & Dunlop Inc. | 0.12% | 11,600 | $515K | No change |
| CCIF Carlyle Credit Income Fund | 0.11% | 157,685 | $506K | Add +0.3% |
| CVCO Cavco Industries Inc. | 0.11% | 992 | $480K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.11% | 725 | $471K | New |
| CGBD Carlyle Secured Lending Inc. | 0.11% | 42,885 | $469K | No change |
| XWIAX Western Asset Infl-Link Sec | 0.10% | 56,732 | $458K | Reduce -22.1% |
| GSBD Goldman Sachs BDC Inc. | 0.10% | 50,000 | $444K | No change |
| PCF High Income Securities Fund | 0.10% | 77,807 | $429K | New |
| SKY Champion Homes Inc. | 0.08% | 5,000 | $372K | No change |
| DMA Destra Multi-Alternative | 0.08% | 45,193 | $367K | New |
| CIM Chimera Investment Corp. | 0.08% | 29,177 | $366K | No change |
| GDOG Grayscale Dogecoin Trust ETF | 0.08% | 33,254 | $359K | New |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.08% | 45,000 | $349K | No change |
| TLPH Talphera Inc. | 0.08% | 467,152 | $349K | New |
| DPG Duff & Phelps Utility & Inc. | 0.07% | 22,565 | $326K | New |
| TCPC BlackRock TCP Capital Corp. | 0.07% | 85,000 | $307K | No change |
| MSDL Morgan Stanley Direct Lendin | 0.06% | 20,000 | $279K | No change |
| SWZ Total Return Securities Fund | 0.06% | 46,454 | $275K | Add +26.3% |
| NXG NXG Nextgen Infrastr Inc. | 0.06% | 5,000 | $275K | New |
| BGX Blackstone Long-Short Credit | 0.06% | 25,085 | $273K | New |
| OPP Rivernrth/Doublelne STR Opp | 0.06% | 33,963 | $260K | No change |
| GBDC Golub Capital BDC Inc. | 0.06% | 20,000 | $253K | No change |
| ACRE Ares Commercial Real Estate | 0.06% | 50,997 | $245K | New |
| BIT BlackRock Multi-Sector Inc. | 0.06% | 19,543 | $245K | No change |
| HQL Abrdn Life Sciences Investor | 0.05% | 14,875 | $242K | Reduce -22.7% |
| FRMM Forum Markets Inc. | 0.05% | 80,408 | $232K | No change |
Other holdings (4): bonds, preferreds, convertibles and warrants · $430K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHEELER REIT INC (WHLR 7 12/31/31) | 7% SR NT 31 | 5,271 | $422K | No change |
| BLACKROCK UTILITIES INFR- RT | RIGHT 04/02/2026 | 640,153 | $5K | New |
| GABELLI EQUITY TRUST-RT | RIGHT 04/14/2026 | 270,720 | $2K | New |
| NEUBERGER HIGH YIELD-RT | RIGHT 04/15/2026 | 110,000 | $880 | New |
Total filed on the 13F, all lines: $442.5M.
Portfolio Sells Q4 2025 → Q1 2026
| FETH Fidelity Ethereum Fund | Sold out | 0.00% | −4.26 |
| FSSL FS Specialty Lending Fund | Reduce -66.5% | 0.76% | −1.75 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −1.09 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −1.07 |
| ARR Armour Residential REIT Inc. | Sold out | 0.00% | −0.85 |
| BPRE Bluerock Private Real Estate | Sold out | 0.00% | −0.70 |
| QUINCE THERAPEUTICS INC | Sold out | 0.00% | −0.69 |
| USA Liberty All Star Equity Fund | Reduce -50.9% | 0.50% | −0.62 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −0.57 |
| ETH Grayscale Ethereum Staking M | Sold out | 0.00% | −0.56 |
| CCAP Crescent Capital BDC Inc. | Reduce -19.7% | 0.98% | −0.40 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Sold out | 0.00% | −0.39 |
| NPCT Nuveen Core Plus Impact | Reduce -58.2% | 0.20% | −0.26 |
| GERN Geron Corp. | Sold out | 0.00% | −0.26 |
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −0.17 |
| MFM Aberdeen Municipal Income | Sold out | 0.00% | −0.16 |
| GLO Clough Global Opportunities | Reduce -16.4% | 0.83% | −0.16 |
| EFT Eaton Vance Fltng RT Inc. TR | Sold out | 0.00% | −0.15 |
| EMO Clearbridge Energy Midstream | Sold out | 0.00% | −0.09 |
| CPZ Calamos LNG/SHRT Eqty & DYN | Sold out | 0.00% | −0.08 |
| JOF Japan Smaller Capitalization | Reduce -7.6% | 0.99% | −0.08 |
| XJQCX Nuveen Credit Strategies Inc. | Sold out | 0.00% | −0.07 |
| ETJ Eaton Vance RSK-MGD Divers | Sold out | 0.00% | −0.04 |
| XPCQX PIMCO California Muni Inc. FD | Reduce -3.7% | 1.20% | −0.04 |
| RVT Royce Small-Cap Trust Inc. | Sold out | 0.00% | −0.04 |
| VVR Invesco Senior Income Trust | Sold out | 0.00% | −0.03 |
| NXC Nuveen Ca Sel TX-FR Inc. | Sold out | 0.00% | −0.03 |
| XWIAX Western Asset Infl-Link Sec | Reduce -22.1% | 0.10% | −0.03 |
| HYT BlackRock Corp. Hi YLD | Sold out | 0.00% | −0.03 |
| HQL Abrdn Life Sciences Investor | Reduce -22.7% | 0.05% | −0.02 |
| GLV Clough Global Dividend & Inc. | Reduce -0.1% | 0.03% | +0.00 |
| BRSP Brightspire Capital Inc. | Reduce -1.3% | 1.29% | +0.01 |
| CABA Cabaletta Bio Inc. | Reduce -12.9% | 0.21% | +0.02 |
| CXH MFS Investment Grade Muni | Reduce -0.0% | 0.82% | +0.02 |
| MXF Mexico Fund Inc. | Reduce -1.3% | 0.87% | +0.04 |
| DSGN Design Therapeutics Inc. | Reduce -0.0% | 3.68% | +0.51 |
Portfolio Buys Q4 2025 → Q1 2026
| ASA ASA Gold and Precious Metals | Add +37.6% | 7.38% | +2.33 |
| PDX PIMCO Dynamic Income Strat | Add +258.0% | 2.70% | +2.07 |
| BIO Bio-Rad Laboratories-A | New | 1.91% | +1.91 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Add +186.7% | 2.85% | +1.88 |
| CRF Cornerstone Total Return | Add +1190.7% | 1.75% | +1.60 |
| BMEZ BlackRock HLTH Sci TRM TR II | Add +231.2% | 1.64% | +1.14 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +412.8% | 1.05% | +0.86 |
| ALXO Alx Oncology Holdings Inc. | Add +25.1% | 1.44% | +0.81 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.76% | +0.76 |
| CLM Cornerstone Strategic Invest | New | 0.73% | +0.73 |
| FCT First Trust SNR FL RT Inc. II | Add +334.9% | 0.83% | +0.64 |
| TRTX TPG Re Finance Trust Inc. | New | 0.58% | +0.58 |
| SDHY Pgim SHRT Durat Hi YLD | Add +607.8% | 0.65% | +0.56 |
| SABA Saba Capital Income & Opp II | Add +442.4% | 0.65% | +0.54 |
| JFR Nuveen Floating Rate Income | Add +249.0% | 0.70% | +0.50 |
| CNNE Cannae Holdings Inc. | Add +80.0% | 1.91% | +0.47 |
| BGB Blackstone Strategic Credit | New | 0.37% | +0.37 |
| FTHY First Trust Hi YLD Opp 2027 | Add +200.5% | 0.51% | +0.34 |
| STEW SRH Total Return Fund Inc. | Add +306.5% | 0.45% | +0.33 |
| BANX Arrowmark Financial Corp. | New | 0.32% | +0.32 |
| JRI Nuveen Real Asset Inc. & GRW | New | 0.31% | +0.31 |
| XSSPX Nuveen S&P 500 Dynam Overwr | Add +921.5% | 0.32% | +0.29 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | New | 0.28% | +0.28 |
| FLGT Fulgent Genetics Inc. | Add +467.1% | 0.38% | +0.27 |
| FBRT Franklin BSP Realty Trust Inc. | New | 0.19% | +0.19 |
| LADR Ladder Capital Corp.-REIT | Add +53.4% | 0.64% | +0.18 |
| BSL Blackstone SNR Fltng RT | New | 0.13% | +0.13 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.11% | +0.11 |
| PCF High Income Securities Fund | New | 0.10% | +0.10 |
| CXE MFS High Income Municipal TR | Add +6.1% | 1.06% | +0.09 |
| DMA Destra Multi-Alternative | New | 0.08% | +0.08 |
| GDOG Grayscale Dogecoin Trust ETF | New | 0.08% | +0.08 |
| TRC Tejon Ranch Co. | Add +2.0% | 0.40% | +0.08 |
| TLPH Talphera Inc. | New | 0.08% | +0.08 |
| DPG Duff & Phelps Utility & Inc. | New | 0.07% | +0.07 |
| NXG NXG Nextgen Infrastr Inc. | New | 0.06% | +0.06 |
| BGX Blackstone Long-Short Credit | New | 0.06% | +0.06 |
| ACRE Ares Commercial Real Estate | New | 0.06% | +0.06 |
| XEFRX Eaton Vance Sr FLTG Rate TR | Add +72.7% | 0.12% | +0.05 |
| CIF MFS Intermediate High Income | New | 0.05% | +0.05 |
| DHF BNYM High Yield Strategies | New | 0.04% | +0.04 |
| ECAT BlackRock ESG Cap All TRM TR | New | 0.04% | +0.04 |
| DTF DTF Tax-Free Income 2028 Ter | Add +1.2% | 0.92% | +0.03 |
| EVF Eaton Vance Senior Income TR | Add +192.9% | 0.05% | +0.03 |
| NBXG Neuberger Next Generation Co. | New | 0.03% | +0.03 |
| MUC BlackRock Munihold Ca QLTY | New | 0.03% | +0.03 |
| ETW Eaton Vance T/M GLBL Buy-WR | New | 0.03% | +0.03 |
| ASG Liberty All-Star Growth FD | Add +24.9% | 0.15% | +0.02 |
| CHW Calamos Global Dynamic Incom | New | 0.02% | +0.02 |
| XGLQX Clough Global Equity Fund | Add +2.5% | 0.56% | +0.02 |
Notes & Other Activity Q4 2025 → Q1 2026
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Sold out | 1,613,000 | $1.6Mbefore exit |
| BLACKROCK UTILITIES INFR- RT | RIGHT 04/02/2026 | New | 640,153 | $5K |
| GABELLI EQUITY TRUST-RT | RIGHT 04/14/2026 | New | 270,720 | $2K |
| NEUBERGER HIGH YIELD-RT | RIGHT 04/15/2026 | New | 110,000 | $880 |
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 |