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

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 Q4 2025 Q1 2026: $442.1M $442.1M Q1 2026 Q2 2026: $416.9M Q2 2026

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
EVF Eaton Vance Senior Income TR 0.05% 42,924 $214K Add +192.9%
CIF MFS Intermediate High Income 0.05% 127,491 $207K New
DHF BNYM High Yield Strategies filed as BNY MELLON HIGH YIELD STRATE 0.04% 79,265 $193K New
BCSF Bain Capital Specialty Finan 0.04% 15,000 $186K No change
ECAT BlackRock ESG Cap All TRM TR 0.04% 11,406 $155K New
NBXG Neuberger Next Generation Co. 0.03% 10,457 $135K New
MUC BlackRock Munihold Ca QLTY 0.03% 11,900 $124K New
ETW Eaton Vance T/M GLBL Buy-WR 0.03% 13,772 $121K New
GLV Clough Global Dividend & Inc. 0.03% 19,278 $114K Reduce -0.1%
CHW Calamos Global Dynamic Incom 0.02% 10,266 $75K New
GPMT Granite Point Mortgage Trust 0.00% 14,992 $22K New
Other holdings (4): bonds, preferreds, convertibles and warrants · $430K (not counted above)
SecurityClassShares / PrincipalValueChange
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 5,271$422KNo change
BLACKROCK UTILITIES INFR- RT RIGHT 04/02/2026 640,153$5KNew
GABELLI EQUITY TRUST-RT RIGHT 04/14/2026 270,720$2KNew
NEUBERGER HIGH YIELD-RT RIGHT 04/15/2026 110,000$880New

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

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