SEC 13F Intelligence

Managers / Q2 2020 · view latest →

Almitas Capital LLC

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

Reported Value
$80M
Q2 2020
Positions
46
Filings on Record
28
2019–present window
Filed
Aug 14, 2020
original filing

Summary

Almitas Capital LLC reported $80M in U.S.-listed holdings across 46 positions for Q2 2020.

Its largest position, Mfa Financial, represents 8.3% of the portfolio.

Compared with Q1 2020, the fund opened 19 new positions and exited 19.

Portfolio Metrics

Turnover
+25.6%
vs prior filed quarter
Top-10 Concentration
+61.8%
share of reported value
Largest Position
+8.3%
Mfa Financial
New / Exited
19 / 19
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. 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: 24.0%Common Stock: 23.8%REIT: 21.7%Other: 19.7%US DOMESTIC: 10.7%
  • Closed-End Fund · 24.0% · $19M
  • Common Stock · 23.8% · $19M
  • REIT · 21.7% · $17M
  • Other · 19.7% · $16M
  • US DOMESTIC · 10.7% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MFA FINANCIAL INCNEW+7.50M7.50M+$7M$7M
NEW YORK MORTGAGE TRUST INCNEW+2.34M2.34M+$6M$6M
AGNCAGNC INVESTMENT CORPNEW+470.2K470.2K+$6M$6M
GBDCGOLUB CAPITAL BDC INCNEW+271.4K271.4K+$3M$3M
FSKRFS KKR CAPITAL CORP IINEW+210.7K210.7K+$3M$3M
CCIFVERTICAL CAPITAL INCOMENEW+214.4K214.4K+$2M$2M
WESTERN ASSET MTGE CAPNEW+2.75M2.75M+$2M$2M
NXGCUSHING NEXTGEN INFRA INCNEW+39.2K39.2K+$1M$1M

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

Holdings — Q2 2020

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MFA FINANCIAL INCNOTE 6.250% 6/1 · COM8.90%$7M7.69M
2NEW YORK MORTGAGE TRUST INCCOM PAR $.027.61%$6M2.34M
3AGNCAGNC INVESTMENT CORPhistory →COM7.57%$6M470.2K
4GREAT AJAX CORPCOM7.18%$6M625.9K
5BRANDYWINEGLOBAL GLOBAL INCOCOM6.59%$5M457.4K
6HIGHLAND INCOME FUNDHIGHLAND INCOME6.11%$5M608.8K
7SAFEGUARD SCIENTIFICS INCCOM NEW5.61%$4M642.8K
8WESTERN ASSET HI INC OPPORTCOM4.74%$4M822.3K
9MVCMVC CAPITAL INChistory →COM4.10%$3M503.4K
10MTGMGIC INVESTMENT CORPhistory →COM3.96%$3M387.2K
11GBDCGOLUB CAPITAL BDC INChistory →COM3.94%$3M271.4K
12MMACMMA CAPITAL HOLDINGS INChistory →COM3.70%$3M128.4K
13ADECOAGRO SACOM3.68%$3M679.7K
14CMOCAPSTEAD MORTGAGE CORPhistory →COM NO PAR3.47%$3M507.1K
15FSKRFS KKR CAPITAL CORP IIhistory →COM3.39%$3M210.7K
16BRK/ABERKSHIRE HATHAWAY INC-CL Ahistory →CL A2.67%$2M8
17CCIFVERTICAL CAPITAL INCOMEhistory →SHS BEN INT2.59%$2M214.4K
18WESTERN ASSET MTGE CAPNOTE 6.750%10/02.43%$2M2.75M
19NXGCUSHING NEXTGEN INFRA INChistory →COM1.50%$1M39.2K
20TREMONT MORTGAGE TRUSTCOM1.03%$827,000268.6K
21HUNT COMPANIES FINANCE TRUSTCOM1.02%$820,000309.3K
22NICHOLAS FINANCIAL INCCOM NEW0.87%$699,00094.5K
23XPHDXPIONEER FLOATING RATE TRUSTCOM0.64%$512,00053.8K
24WATFORD HOLDINGS LTDSHS0.56%$450,00026.9K
25TORTOISE ENERGY INDEPENDENCECOM0.55%$439,00037.7K
26EVFEATON VANCE SENIOR INCOME TRSH BEN INT0.53%$425,00079.7K
27FSC1EUROAKTREE SPECIALTY LENDING COCOM0.46%$365,00081.6K
28ANHANWORTH MORTGAGE ASSET CORPCOM0.45%$360,000211.7K
29CHMICHERRY HILL MORTGAGE INVESTMCOM0.42%$333,00036.9K
30DYT1DYNEX CAPITAL INCCOM0.41%$327,00022.8K
31SALIENT MIDSTREAM & MLP FUNDSH BEN INT0.38%$306,00074.2K
32EHIWESTERN ASSET GLOBAL HIGH INCOM0.33%$266,00028.7K
33THIRD POINT REINSURANCE LTDCOM0.32%$259,00034.5K
34EFCUSDELLINGTON FINANCIAL INCCOM0.30%$239,00020.3K
35GARSUSDGARRISON CAPITAL INCCOM0.30%$238,00070.5K
36TLIWESTERN ASSET CORPORATE LOANCOM0.29%$236,00027.6K
37TRVCCITIGROUP INCCOM NEW0.29%$230,0004.5K
38SBTEURSTERLING BANCORP INC/MICOM0.26%$211,00059.0K
39POH3CARNIVAL PLC-ADRADR0.18%$145,00011.5K
40EARNELLINGTON RESIDENTIAL MORTGACOM SHS BEN INT0.18%$142,00013.8K
41MCCUSDMEDLEY CAP CORPCOM0.14%$110,000143.7K
42ARRUSDARMOUR RESIDENTIAL REIT INCCOM0.12%$98,00010.4K
43KAYNE ANDERSON MIDSTREAM/ENECOM0.10%$82,00018.0K
44EQSEQUUS TOTAL RETURN INCCOM0.08%$63,00054.2K
45TWO HARBORS INVESTMENT CORPCOM NEW0.06%$50,00010.0K

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 ↗.