SEC 13F Intelligence

Managers / Q4 2018 · view latest →

Almitas Capital LLC

CIK 0001596468 · 1335 4TH STREET, SUITE 400, SANTA MONICA, CA, 90401 · 310-573-4343

Reported Value
$148M
Q4 2018
Positions
85
Filings on Record
28
2019–present window
Filed
Feb 14, 2019
original filing

Summary

Almitas Capital LLC reported $148M in U.S.-listed holdings across 85 positions for Q4 2018.

Its largest position, Ellington Financial, represents 9.8% of the portfolio.

Portfolio Metrics

Top-10 Concentration
+50.1%
share of reported value
Largest Position
+9.8%
Ellington Financial

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $148MQ4 ’18Q1 ’19: $140MQ2 ’19: $96MQ3 ’19: $93MQ4 ’19: $115MQ4 ’19Q1 ’20: $45MQ2 ’20: $80MQ3 ’20: $74MQ4 ’20: $99MQ4 ’20Q1 ’22: $168MQ2 ’22: $193MQ3 ’22: $134MQ4 ’22: $217MQ4 ’22Q1 ’23: $209MQ2 ’23: $234MQ3 ’23: $209MQ4 ’23: $290MQ4 ’23Q1 ’24: $242MQ2 ’24: $241MQ3 ’24: $283MQ4 ’24: $456MQ4 ’24Q1 ’25: $301MQ2 ’25: $396MQ3 ’25: $867MQ4 ’25: $454MQ4 ’25Q1 ’26: $443Mfilingsflow.com

Portfolio Composition

By security type
Other: 39.9%Closed-End Fund: 36.1%Common Stock: 12.5%REIT: 8.8%ETP: 1.3%Other: 1.5%
  • Other · 39.9% · $59M
  • Closed-End Fund · 36.1% · $54M
  • Common Stock · 12.5% · $19M
  • REIT · 8.8% · $13M
  • ETP · 1.3% · $2M
  • Other · 1.5% · $2M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
Ellington Financial LLCNEW+944.9K944.9K+$14M$14M
BlackRock MuniHoldings California QlNEW+862.8K862.8K+$11M$11M
FSICUSDFS KKR Capital CorpNEW+1.92M1.92M+$10M$10M
Owens Realty Mortgage IncNEW+448.1K448.1K+$8M$8M
MFA Financial IncNEW+1.12M1.12M+$7M$7M
Great Ajax CorpNEW+562.2K562.2K+$7M$7M
DSUBlackRock Debt Strategies Fund IncNEW+487.9K487.9K+$5M$5M
MVCMVC Capital IncNEW+502.0K502.0K+$4M$4M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2018

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Ellington Financial LLCCOM9.76%$14M944.9K
2BlackRock MuniHoldings California QlCOM7.17%$11M862.8K
3FSICUSDFS KKR Capital Corphistory →COM6.68%$10M1.92M
4Owens Realty Mortgage IncCOM5.67%$8M448.1K
5MFA Financial IncCOM5.04%$7M1.12M
6Great Ajax CorpCOM4.56%$7M562.2K
7DSUBlackRock Debt Strategies Fund Inchistory →COM3.21%$5M487.9K
8MVCMVC Capital Inchistory →COM2.78%$4M502.0K
9Adecoagro S ACOM2.73%$4M582.8K
10Alliance California Municipal Income FdCOM2.50%$4M270.9K
11BlackRock 2022 Global Income OppCOM2.30%$3M410.5K
12Third Point Reinsurance LtdCOM2.21%$3M339.6K
13First Trust High Income L/S FdCOM2.09%$3M233.3K
14Highland Floating Rate OpportSHS BEN INT1.92%$3M222.9K
15Nuveen Michigan Quality Mun IncCOM1.78%$3M212.1K
16Eaton Vance California Municipal Income TSH BEN INT1.66%$2M222.4K
17BRK/ABerkshire Hathaway Inchistory →COM1.65%$2M8
18Western Asset Emerging Market DebtCOM1.46%$2M176.7K
19Safeguard Scientifics IncCOM1.43%$2M246.4K
20Exantas Capital CorpCOM NEW1.40%$2M207.8K
21Resource Cap CorpNOTE 4.500% 8/11.30%$2M2.00M
22BlackRock California Municipal Income TSH BEN INT1.25%$2M155.2K
23Morgan Stanley Em Markets Dm DeCOM1.21%$2M296.7K
24XEVVXEaton Vance Limited Duration Income Fhistory →COM1.21%$2M150.6K
25FTFranklin Universal Trusthistory →COM1.16%$2M270.6K
26TLIWestern Asset Corporate Loan Fhistory →COM1.14%$2M188.6K
27BlackRock Muni New York Inter DurCOM1.07%$2M127.6K
28HYIWestern Asset Hgh Yld Dfndfdhistory →COM1.07%$2M120.4K
29XXCHNXXChina Fund Inchistory →COM1.01%$1M88.7K
30VVRInvesco Senior Income TrustCOM0.98%$1M371.1K
31Eaton Vance High Income 2021 TCOM SH BEN INT0.97%$1M160.8K
32MTGMGIC Investment CorpCOM0.93%$1M131.9K
33Global X MLP ETFCOM0.91%$1M175.4K
34Nuveen Emerging Markets Debt 20COM0.91%$1M176.2K
35EHIWestern Asset Gl Hi IncomeCOM0.79%$1M142.6K
36Hunt Cos Finance Trust IncCOM0.78%$1M403.3K
37XPHDXPioneer Floating Rate TrustCOM0.77%$1M116.7K
38Nuveen Inter Duration Mn TMFCOM0.77%$1M92.5K
39XNCMXNuveen California AMT Qlty MuniCOM0.74%$1M86.3K
40RESIEURFront Yard Residential CorpREIT0.71%$1M120.0K
41Nuveen North Carolina Quality MCOM0.63%$931,00078.9K
42MFS California Municipal FdCOM0.63%$928,00092.8K
43BlackRock New York Municipal BondCOM0.59%$874,00068.4K
44Salient Midstream & MLP FundSH BEN INT0.58%$858,000116.2K
45Invesco Dynamic Credit Opp FdCOM0.48%$717,00069.8K
46BlackRock Floating Rate IncomeCOM NEW0.47%$697,00058.6K
47MXFMexico Fund IncCOM0.47%$692,00052.2K
48Voya Prime Rate TrustSH BEN INT0.44%$654,000145.8K
49Nuveen New York AMT Qlty MuniCOM0.43%$638,00054.8K
50NRENorthStar Realty Europe CorpCOM0.42%$627,00043.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$443M115May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$454M107Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025REVEALED$867M128Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$396M82Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$301M81May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$456M92Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$283M69Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$241M76Aug 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$242M69May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$290M116Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$209M88Nov 21, 2023RESTATEMENTchanges · EDGAR ↗
Q2 2023$234M92Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$209M97May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$217M128Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$134M87Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$193M119Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$168M85May 16, 202213F-HRchanges · EDGAR ↗
Q4 2020$99M54Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$74M46Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$80M46Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$45M46May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$115M65Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$93M47Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$96M55Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$140M60May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$148M85Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.