Almitas Capital LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 17, 2026), Almitas Capital LLC reported 128 stock positions worth $416.9 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 16.7% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 8.1%) and ASA Gold and Precious Metals (ASA, 7.9%). Compared with Q1 2026, it opened 34 new positions, sold out of 17, added to 33 and reduced 22. The biggest buy was a new position in Tortoise Energy Infrastruct (TYG) and the biggest sale Fidelity Wise Origin Bitcoin (FBTC, shares −11%).

Most Recent 13F
Q2 2026
Location
SANTA MONICA, CA
CIK
0001596468
Portfolio Value
$416.9M (Q2 2026)
SEC Filing
0002073679-26-000097 ↗ filed Aug 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 Q4 2025 Q1 2026: $442.1M Q1 2026 Q2 2026: $416.9M $416.9M Q2 2026

Holdings 128 stocks · $416.9M
FBTC Fidelity Wise Origin Bitcoin 16.71% 1,364,522 $69.7M Reduce -11.2%
BTT BlackRock 2030 Muni TRGT TRM 8.10% 1,485,213 $33.8M Reduce -0.1%
ASA ASA Gold and Precious Metals 7.85% 629,121 $32.7M Add +19.7%
AMLX Amylyx Pharmaceuticals Inc. 4.20% 974,881 $17.5M Reduce -54.1%
DSGN Design Therapeutics Inc. 3.56% 1,026,893 $14.9M Reduce -32.9%
PDX PIMCO Dynamic Income Strat 2.74% 549,495 $11.4M Add +1.5%
CRF Cornerstone Total Return 2.71% 1,572,309 $11.3M Add +41.0%
CNNE Cannae Holdings Inc. 2.56% 741,318 $10.7M No change
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS 2.03% 557,462 $8.5M Add +76.3%
LYEL Lyell Immunopharma Inc. 1.96% 581,407 $8.2M Add +0.6%
BMEZ BlackRock HLTH Sci TRM TR II 1.87% 507,095 $7.8M Add +0.1%
ANTX AN2 Therapeutics Inc. 1.71% 1,469,129 $7.1M Reduce -0.7%
TYG Tortoise Energy Infrastruct 1.66% 161,872 $6.9M New
XPCQX PIMCO California Muni Inc. FD 1.53% 710,604 $6.4M Add +15.2%
XSSPX Nuveen S&P 500 Dynam Overwr 1.46% 326,907 $6.1M Add +269.2%
ALXO Alx Oncology Holdings Inc. 1.46% 2,938,431 $6.1M Reduce -7.4%
FSSL FS Specialty Lending Fund 1.44% 537,295 $6.0M Add +99.9%
SDHY Pgim SHRT Durat Hi YLD 1.43% 364,674 $6.0M Add +103.8%
CLM Cornerstone Strategic Invest 1.20% 661,789 $5.0M Add +49.7%
MFM Aberdeen Municipal Income 1.18% 878,531 $4.9M New
AOR iShares Core 60/40 Balanced 1.17% 69,946 $4.9M New
SCHH Schwab US REIT ETF 1.13% 198,600 $4.7M New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 1.12% 757,999 $4.7M Reduce -18.2%
USA Liberty All Star Equity Fund 1.11% 798,342 $4.6M Add +101.9%
JOF Japan Smaller Capitalization 1.09% 386,375 $4.6M Reduce -4.1%
FCT First Trust SNR FL RT Inc. II 1.08% 466,072 $4.5M Add +21.7%
GLO Clough Global Opportunities 1.04% 709,764 $4.3M Add +7.4%
BRSP Brightspire Capital Inc. 1.01% 769,033 $4.2M Reduce -24.3%
DTF DTF Tax-Free Income 2028 Ter 0.98% 355,089 $4.1M No change
CCAP Crescent Capital BDC Inc. 0.93% 356,905 $3.9M No change
ELME Elme Communities 0.93% 2,619,247 $3.9M Add +0.5%
MXF Mexico Fund Inc. 0.90% 170,814 $3.7M Reduce -6.9%
CEE Central and Eastern Europe F filed as THE CENTRAL AND EASTERN EU I 0.85% 173,254 $3.6M No change
LADR Ladder Capital Corp.-REIT 0.81% 340,477 $3.4M Add +17.2%
JFR Nuveen Floating Rate Income 0.80% 435,208 $3.3M Add +5.7%
PNI PIMCO NY Muni Inc. II FND 0.79% 467,432 $3.3M Reduce -4.4%
TRTX TPG Re Finance Trust Inc. 0.73% 362,684 $3.0M Add +10.6%
EBF Ennis Inc. 0.71% 138,956 $3.0M No change
SABA Saba Capital Income & Opp II 0.70% 347,826 $2.9M No change
XGLQX Clough Global Equity Fund 0.68% 331,172 $2.9M Add +0.1%
FTHY First Trust Hi YLD Opp 2027 0.65% 198,801 $2.7M Add +19.6%
ASG Liberty All-Star Growth FD 0.61% 466,560 $2.6M Add +238.1%
FBRT Franklin BSP Realty Trust Inc. 0.58% 298,190 $2.4M Add +201.0%
STEW SRH Total Return Fund Inc. 0.57% 133,773 $2.4M Add +14.6%
FLGT Fulgent Genetics Inc. 0.52% 104,797 $2.2M No change
RLYB Rallybio Corp. 0.46% 120,682 $1.9M Reduce -36.9%
TRC Tejon Ranch Co. 0.40% 90,257 $1.7M Reduce -5.0%
BGB Blackstone Strategic Credit 0.39% 144,834 $1.6M No change
MFIC Midcap Financial Investment 0.34% 140,477 $1.4M No change
LUNG Pulmonx Corp. 0.33% 1,064,202 $1.4M New
AFB Allianceberstein NTL Muni 0.33% 120,993 $1.4M Reduce -43.5%
DMB BNY Mellon Muni BND Infra 0.32% 121,339 $1.3M Reduce -33.7%
AEM Agnico Eagle Mines Ltd. 0.30% 8,035 $1.2M New
MFA Mfa Financial Inc. 0.30% 128,086 $1.2M No change
STWD Starwood Property Trust Inc. 0.28% 71,000 $1.2M No change
PCF High Income Securities Fund 0.27% 209,322 $1.1M Add +169.0%
UTF Cohen & Steers Infrastructur 0.26% 38,562 $1.1M No change
BANX Arrowmark Financial Corp. 0.24% 50,843 $994K Reduce -30.6%
GAB Gabelli Equity Trust 0.23% 169,700 $961K New
NCDL Nuveen Churchill Direct Lend 0.21% 70,160 $871K No change
ACRE Ares Commercial Real Estate 0.20% 180,954 $814K Add +254.8%
EIC Eagle Point Income Co.-USA Inc. 0.19% 80,547 $811K No change
BSTZ BlackRock Sci & Tech TRM TR 0.19% 26,810 $805K New
NEWT Newtekone Inc. 0.19% 53,570 $793K No change
GLV Clough Global Dividend & Inc. 0.18% 110,708 $735K Add +474.3%
NBXG Neuberger Next Generation Co. 0.17% 42,297 $700K Add +304.5%
SWZ Total Return Securities Fund 0.16% 115,581 $687K Add +148.8%
NEM Newmont Corp. 0.15% 6,800 $635K New
WD Walker & Dunlop Inc. 0.15% 11,600 $635K No change
IHD Voya Emrg MRKT Hi DVD Eqty 0.15% 78,161 $610K New
CVCO Cavco Industries Inc. 0.15% 992 $609K No change
SBET Sharplink Inc. 0.14% 124,283 $597K No change
XEFRX Eaton Vance Sr FLTG Rate TR 0.14% 54,393 $577K Add +9.3%
BSL Blackstone SNR Fltng RT 0.14% 44,471 $576K No change
CHW Calamos Global Dynamic Incom 0.14% 64,073 $571K Add +524.1%
LEO BNY Mellon Strategic Muni 0.13% 82,066 $530K Reduce -58.4%
CPZ Calamos LNG/SHRT Eqty & DYN 0.12% 38,584 $505K New
TORO Toro Corp. 0.12% 100,000 $487K New
TLPH Talphera Inc. 0.12% 467,152 $481K No change
BNY Bank of New York Mellon Corp. 0.11% 3,300 $477K New
GSBD Goldman Sachs BDC Inc. 0.11% 50,000 $474K No change
XWIAX Western Asset Infl-Link Sec 0.11% 56,732 $461K No change
CGBD Carlyle Secured Lending Inc. 0.11% 42,885 $452K No change
SKY Champion Homes Inc. 0.11% 5,000 $441K No change
CCIF Carlyle Credit Income Fund 0.11% 157,685 $440K No change
DHY UBS Asset Management High Yi filed as CREDIT SUISSE HIGH YIELD CRE 0.11% 247,026 $440K New
FRMM Forum Markets Inc. 0.10% 80,408 $437K No change
XEVVX Eaton Vance Ltd. Durat Inc. 0.10% 46,399 $435K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.10% 1,800 $428K New
PNC PNC Financial Services Group 0.10% 1,700 $419K New
NTRS Northern Trust Corp. 0.10% 2,400 $417K New
TWN Taiwan Fund Inc./TH/MD-US Inc. 0.10% 4,164 $400K Reduce -77.6%
CABA Cabaletta Bio Inc. 0.09% 125,900 $392K Reduce -62.7%
CIM Chimera Investment Corp. 0.09% 29,177 $389K No change
TFC Truist Financial Corp. 0.09% 7,800 $389K New
VFL Abrdn National Municipal Inc. 0.09% 37,221 $386K New
EVF Eaton Vance Senior Income TR 0.09% 74,751 $372K Add +74.2%
MMT Aberdeen Multimarket Income 0.09% 83,238 $366K New
FNV Franco-Nevada Corp. 0.08% 1,690 $352K New
DMA Destra Multi-Alternative 0.08% 45,193 $338K No change
DPG Duff & Phelps Utility & Inc. 0.08% 22,565 $335K No change
NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP 0.08% 45,000 $323K No change
MSDL Morgan Stanley Direct Lendin 0.07% 20,000 $302K No change
RF Regions Financial Corp. 0.07% 10,000 $302K New
HQL Abrdn Life Sciences Investor 0.07% 14,875 $298K No change
BLW BlackRock Ltd. Durat Inc. TR 0.07% 23,822 $298K New
EOSE Eos Energy Enterprises Inc. 0.07% 50,000 $294K New
MYPS Playstudios Inc. 0.07% 579,467 $289K Reduce -87.7%
KYN Kayne Anderson Energy Infra 0.07% 20,799 $288K New
TCPC BlackRock TCP Capital Corp. 0.07% 85,000 $286K No change
FSK FS KKR Capital Corp. 0.07% 27,031 $284K Reduce -75.8%
BGX Blackstone Long-Short Credit 0.07% 25,085 $273K No change
GBDC Golub Capital BDC Inc. 0.06% 20,000 $258K No change
BIT BlackRock Multi-Sector Inc. 0.06% 19,543 $245K No change
ETW Eaton Vance T/M GLBL Buy-WR 0.06% 25,276 $244K Add +83.5%
PDT John Hancock Prem DVD FND 0.05% 16,037 $208K New
DHF BNYM High Yield Strategies filed as BNY MELLON HIGH YIELD STRATE 0.05% 79,665 $193K Add +0.5%
BTZ BlackRock Credit Allocation 0.05% 18,660 $191K New
BCSF Bain Capital Specialty Finan 0.04% 15,000 $188K No change
CIK UBS Asset Management Income filed as CREDIT SUISSE ASSET MGMT 0.04% 62,565 $155K New
BHK BlackRock Core Bond Trust 0.04% 16,812 $154K New
RFI Cohen & Steers Tot Ret RLTY 0.04% 13,443 $152K New
XJQCX Nuveen Credit Strategies Inc. 0.03% 28,041 $136K New
MUC BlackRock Munihold Ca QLTY 0.03% 11,900 $131K No change
OPP Rivernrth/Doublelne STR Opp 0.03% 14,511 $112K Reduce -57.3%
MGF Aberdeen Govrn MKTS Inc. Fund 0.01% 20,000 $57K New
GGN Gamco GLBL Gold NTRL Res Inc. 0.01% 10,272 $50K New
GPMT Granite Point Mortgage Trust 0.01% 14,992 $22K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $418K (not counted above)
SecurityClassShares / PrincipalValueChange
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 · principal 131,775$417KNew
COHEN & STEERS QUALITY-R RIGHT 07/15/2026 50,000$745New

Total filed on the 13F, all lines: $417.4M.

Portfolio Sells Q1 2026 → Q2 2026
FBTC Fidelity Wise Origin Bitcoin Reduce -11.2% 16.71% −3.81
XNQPX Nuveen Pa QLTY Muni Inc. Sold out 0.00% −2.85
AMLX Amylyx Pharmaceuticals Inc. Reduce -54.1% 4.20% −2.47
BIO Bio-Rad Laboratories-A Sold out 0.00% −1.91
XCMUX MFS High Yield Municipal TR Sold out 0.00% −1.21
MRCC Monroe Capital Corp. Sold out 0.00% −1.17
CXE MFS High Income Municipal TR Sold out 0.00% −1.06
CXH MFS Investment Grade Muni Sold out 0.00% −0.82
MSGS Madison Square Garden Sports Sold out 0.00% −0.72
MYPS Playstudios Inc. Reduce -87.7% 0.07% −0.43
ANRO Alto Neuroscience Inc. Sold out 0.00% −0.40
ZNTL Zentalis Pharmaceuticals Inc. Sold out 0.00% −0.32
JRI Nuveen Real Asset Inc. & GRW Sold out 0.00% −0.31
BRSP Brightspire Capital Inc. Reduce -24.3% 1.01% −0.28
NPCT Nuveen Core Plus Impact Sold out 0.00% −0.20
FSK FS KKR Capital Corp. Reduce -75.8% 0.07% −0.19
AFB Allianceberstein NTL Muni Reduce -43.5% 0.33% −0.19
TWN Taiwan Fund Inc./TH/MD-US Inc. Reduce -77.6% 0.10% −0.18
HPP Hudson Pacific Properties Inc. Sold out 0.00% −0.17
LEO BNY Mellon Strategic Muni Reduce -58.4% 0.13% −0.15
DSM BNYM Strat Muni BND Reduce -18.2% 1.12% −0.14
DSGN Design Therapeutics Inc. Reduce -32.9% 3.56% −0.12
DMB BNY Mellon Muni BND Infra Reduce -33.7% 0.32% −0.11
CABA Cabaletta Bio Inc. Reduce -62.7% 0.09% −0.11
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.11
GDOG Grayscale Dogecoin Trust ETF Sold out 0.00% −0.08
BANX Arrowmark Financial Corp. Reduce -30.6% 0.24% −0.08
NXG NXG Nextgen Infrastr Inc. Sold out 0.00% −0.06
CIF MFS Intermediate High Income Sold out 0.00% −0.05
ECAT BlackRock ESG Cap All TRM TR Sold out 0.00% −0.04
OPP Rivernrth/Doublelne STR Opp Reduce -57.3% 0.03% −0.03
TRC Tejon Ranch Co. Reduce -5.0% 0.40% 0.00
ALXO Alx Oncology Holdings Inc. Reduce -7.4% 1.46% +0.02
MXF Mexico Fund Inc. Reduce -6.9% 0.90% +0.03
PNI PIMCO NY Muni Inc. II FND Reduce -4.4% 0.79% +0.04
RLYB Rallybio Corp. Reduce -36.9% 0.46% +0.08
JOF Japan Smaller Capitalization Reduce -4.1% 1.09% +0.10
BTT BlackRock 2030 Muni TRGT TRM Reduce -0.1% 8.10% +0.47
ANTX AN2 Therapeutics Inc. Reduce -0.7% 1.71% +0.56

Portfolio Buys Q1 2026 → Q2 2026
TYG Tortoise Energy Infrastruct New 1.66% +1.66
MFM Aberdeen Municipal Income New 1.18% +1.18
AOR iShares Core 60/40 Balanced New 1.17% +1.17
XSSPX Nuveen S&P 500 Dynam Overwr Add +269.2% 1.46% +1.14
SCHH Schwab US REIT ETF New 1.13% +1.13
MEGI Nylim CBRE GB Infra Mtrnd TF Add +76.3% 2.03% +0.98
CRF Cornerstone Total Return Add +41.0% 2.71% +0.95
SDHY Pgim SHRT Durat Hi YLD Add +103.8% 1.43% +0.79
FSSL FS Specialty Lending Fund Add +99.9% 1.44% +0.68
USA Liberty All Star Equity Fund Add +101.9% 1.11% +0.62
ASA ASA Gold and Precious Metals Add +19.7% 7.85% +0.48
CLM Cornerstone Strategic Invest Add +49.7% 1.20% +0.47
ASG Liberty All-Star Growth FD Add +238.1% 0.61% +0.46
FBRT Franklin BSP Realty Trust Inc. Add +201.0% 0.58% +0.39
LUNG Pulmonx Corp. New 0.33% +0.33
XPCQX PIMCO California Muni Inc. FD Add +15.2% 1.53% +0.33
AEM Agnico Eagle Mines Ltd. New 0.30% +0.30
FCT First Trust SNR FL RT Inc. II Add +21.7% 1.08% +0.24
GAB Gabelli Equity Trust New 0.23% +0.23
BMEZ BlackRock HLTH Sci TRM TR II Add +0.1% 1.87% +0.22
GLO Clough Global Opportunities Add +7.4% 1.04% +0.21
BSTZ BlackRock Sci & Tech TRM TR New 0.19% +0.19
PCF High Income Securities Fund Add +169.0% 0.27% +0.18
LADR Ladder Capital Corp.-REIT Add +17.2% 0.81% +0.17
NEM Newmont Corp. New 0.15% +0.15
GLV Clough Global Dividend & Inc. Add +474.3% 0.18% +0.15
TRTX TPG Re Finance Trust Inc. Add +10.6% 0.73% +0.15
IHD Voya Emrg MRKT Hi DVD Eqty New 0.15% +0.15
FTHY First Trust Hi YLD Opp 2027 Add +19.6% 0.65% +0.14
ACRE Ares Commercial Real Estate Add +254.8% 0.20% +0.14
NBXG Neuberger Next Generation Co. Add +304.5% 0.17% +0.14
STEW SRH Total Return Fund Inc. Add +14.6% 0.57% +0.12
CPZ Calamos LNG/SHRT Eqty & DYN New 0.12% +0.12
XGLQX Clough Global Equity Fund Add +0.1% 0.68% +0.12
CHW Calamos Global Dynamic Incom Add +524.1% 0.14% +0.12
TORO Toro Corp. New 0.12% +0.12
BNY Bank of New York Mellon Corp. New 0.11% +0.11
DHY UBS Asset Management High Yi New 0.11% +0.11
XEVVX Eaton Vance Ltd. Durat Inc. New 0.10% +0.10
MTB M & T Bank Corp. New 0.10% +0.10
SWZ Total Return Securities Fund Add +148.8% 0.16% +0.10
JFR Nuveen Floating Rate Income Add +5.7% 0.80% +0.10
PNC PNC Financial Services Group New 0.10% +0.10
NTRS Northern Trust Corp. New 0.10% +0.10
TFC Truist Financial Corp. New 0.09% +0.09
VFL Abrdn National Municipal Inc. New 0.09% +0.09
MMT Aberdeen Multimarket Income New 0.09% +0.09
FNV Franco-Nevada Corp. New 0.08% +0.08
RF Regions Financial Corp. New 0.07% +0.07
BLW BlackRock Ltd. Durat Inc. TR New 0.07% +0.07

Notes & Other Activity Q1 2026 → Q2 2026
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 Sold out 5,271 $422Kbefore exit
WHEELER REIT INC (WHLR 7 12/31/31) 7% SR NT 31 · principal New 131,775 $417K
BLACKROCK UTILITIES INFR- RT RIGHT 04/02/2026 Sold out 640,153 $5Kbefore exit
GABELLI EQUITY TRUST-RT RIGHT 04/14/2026 Sold out 270,720 $2Kbefore exit
NEUBERGER HIGH YIELD-RT RIGHT 04/15/2026 Sold out 110,000 $880before exit
COHEN & STEERS QUALITY-R RIGHT 07/15/2026 New 50,000 $745

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