SEC 13F Intelligence

Managers / Q1 2020 · view latest →

Almitas Capital LLC

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

Reported Value
$45M
Q1 2020
Positions
46
Filings on Record
28
2019–present window
Filed
May 14, 2020
original filing

Summary

Almitas Capital LLC reported $45M in U.S.-listed holdings across 46 positions for Q1 2020.

Its largest position, Great Ajax, represents 8.8% of the portfolio.

Compared with Q4 2019, the fund opened 14 new positions and exited 33.

Portfolio Metrics

Turnover
+10.6%
vs prior filed quarter
Top-10 Concentration
+61.4%
share of reported value
Largest Position
+8.8%
Great Ajax
New / Exited
14 / 33
positions this quarter

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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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
Closed-End Fund: 33.4%Common Stock: 31.6%Other: 27.4%REIT: 4.3%ETP: 2.9%MLP: 0.3%
  • Closed-End Fund · 33.4% · $15M
  • Common Stock · 31.6% · $14M
  • Other · 27.4% · $12M
  • REIT · 4.3% · $2M
  • ETP · 2.9% · $1M
  • MLP · 0.3% · $143,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MMACMMA CAPITAL HOLDINGS INCNEW+85.1K85.1K+$2M$2M
NICHOLAS FINANCIAL INCNEW+104.6K104.6K+$611,000$611,000
TREMONT MORTGAGE TRUSTNEW+268.6K268.6K+$564,000$564,000
EHIWESTERN ASSET GLOBAL HIGH INNEW+69.6K69.6K+$520,000$520,000
ORCHID ISLAND CAPITAL INCNEW+73.8K73.8K+$218,000$218,000
HIXWESTERN ASSET HIGH INC IINEW+39.3K39.3K+$197,000$197,000
CMOCAPSTEAD MORTGAGE CORPNEW+43.8K43.8K+$184,000$184,000
EDDMORGAN STANLEY EMERGING MARKNEW+30.9K30.9K+$161,000$161,000

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

Holdings — Q1 2020

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GREAT AJAX CORPCOM8.81%$4M626.0K
2SAFEGUARD SCIENTIFICS INCCOM NEW7.99%$4M650.2K
3FS KKR CAPITAL CORPCOM6.64%$3M1000.0K
4EARNELLINGTON RESIDENTIAL MORTGAhistory →COM SHS BEN INT6.48%$3M552.1K
5ADECOAGRO SACOM5.85%$3M679.7K
6HFROHIGHLAND INCOME FUNDhistory →HIGHLAND INCOME5.57%$3M294.9K
7MTGMGIC INVESTMENT CORPhistory →COM5.44%$2M387.2K
8MVCMVC CAPITAL INChistory →COM5.17%$2M534.4K
9BRK/ABERKSHIRE HATHAWAY INC-CL Ahistory →CL A4.82%$2M8
10MMACMMA CAPITAL HOLDINGS INChistory →COM4.66%$2M85.1K
11HIOWESTERN ASSET HI INC OPPORThistory →COM4.16%$2M446.7K
12OAKTREE SPECIALTY LENDING COCOM3.72%$2M519.5K
13GLOBAL X FDSGLBL X MLP ETF2.93%$1M419.9K
14XPHDXPIONEER FLOATING RATE TRUSThistory →COM2.63%$1M155.5K
15HGLBHIGHLAND GLOBAL ALLOCATIONhistory →COM2.52%$1M261.7K
16XBFZXBLACKROCK CALIFOR MUNI IN TRhistory →SH BEN INT1.92%$866,00068.3K
17WESTERN ASSET CORPORATE LOANCOM1.48%$667,00094.0K
18BWGBRANDYWINEGLOBAL GLOBAL INCOhistory →COM1.45%$654,00062.0K
19NICHOLAS FINANCIAL INCCOM NEW1.35%$611,000104.6K
20HUNT COMPANIES FINANCE TRUSTCOM1.27%$573,000309.5K
21TREMONT MORTGAGE TRUSTCOM1.25%$564,000268.6K
22ANHANWORTH MORTGAGE ASSET CORPhistory →COM1.21%$547,000483.9K
23BLACKROCK MUNI NY INT DUR FDCOM1.16%$525,00035.8K
24EHIWESTERN ASSET GLOBAL HIGH INhistory →COM1.15%$520,00069.6K
25BLACKROCK NEW YORK MUNI BONDCOM1.12%$505,00036.0K
26XFRAXBLACKROCK FLOAT RT INCOME SThistory →COM1.11%$502,00050.2K
27EATON VANCE FLOATING-RATE INCOM SHS BEN INT1.06%$479,00041.2K
28IIFMORGAN STANLEY INDIA INVESTCOM0.94%$426,00033.2K
29GARRISON CAPITAL INCCOM0.76%$345,000203.1K
30SALIENT MIDSTREAM & MLP FUNDSH BEN INT0.74%$336,00096.4K
31ORCHID ISLAND CAPITAL INCCOM0.48%$218,00073.8K
32HIXWESTERN ASSET HIGH INC IICOM0.44%$197,00039.3K
33TDFTEMPLETON DRAGON FUND INCCOM0.41%$186,00010.9K
34CMOCAPSTEAD MORTGAGE CORPCOM NO PAR0.41%$184,00043.8K
35EDDMORGAN STANLEY EMERGING MARKCOM0.36%$161,00030.9K
36COLONY CREDIT REAL ESTATE INCOM CL A0.34%$153,00038.7K
37EPDENTERPRISE PRODUCTS PARTNERSCOM0.32%$143,00010.0K
38STERLING BANCORP INC/MICOM0.31%$142,00033.0K
39EFCELLINGTON FINANCIAL INCCOM0.26%$116,00020.3K
40CHMICHERRY HILL MORTGAGE INVESTMCOM0.25%$111,00017.9K
41FCTFIRST TRUST SENIOR FLOATINGCOM0.24%$108,00011.3K
42XJEQXABERDEEN JAPAN EQUITY FUND ICOM0.23%$106,00016.9K
43ABERDEEN ASIA-PAC INCOME FDCOM0.22%$98,00029.1K
44GDLGDL FUND/THECOM SH BEN IT0.19%$86,00011.0K
45EQSEQUUS TOTAL RETURN INCCOM0.11%$51,00054.2K
46TWO HARBORS INVESTMENT CORPCOM NEW0.08%$38,00010.0K

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 ↗.