SEC 13F Intelligence

Managers / Q4 2020 · view latest →

Almitas Capital LLC

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

Reported Value
$99M
Q4 2020
Positions
54
Filings on Record
28
2019–present window
Filed
Feb 16, 2021
original filing

Summary

Almitas Capital LLC reported $99M in U.S.-listed holdings across 54 positions for Q4 2020.

Its largest position, Mfa Finl Inc Com, represents 12.9% of the portfolio.

Compared with Q3 2020, the fund opened 20 new positions and exited 13.

Portfolio Metrics

Turnover
+26.2%
vs prior filed quarter
Top-10 Concentration
+55.9%
share of reported value
Largest Position
+12.9%
Mfa Finl Inc Com
New / Exited
20 / 13
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
Other: 31.3%Common Stock: 29.5%Closed-End Fund: 20.9%REIT: 16.8%US DOMESTIC: 1.5%
  • Other · 31.3% · $31M
  • Common Stock · 29.5% · $29M
  • Closed-End Fund · 20.9% · $21M
  • REIT · 16.8% · $17M
  • US DOMESTIC · 1.5% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BBDCBARINGS BDC INC COMNEW+622.1K622.1K+$6M$6M
MEDLEY CAPITAL CORPORATION COMNEW+162.3K162.3K+$5M$5M
FIRST TR SR FLOATING RATE 2022 COM SHSNEW+200.7K200.7K+$2M$2M
MRCCMONROE COM USD0.001NEW+172.5K172.5K+$1M$1M
ASA GOLD AND PRECIOUS METALS LIMITE COM STK NPV USDNEW+54.0K54.0K+$1M$1M
EMOCLEARBRIDGE ENERGY MIDSTRM OPP COMNEW+83.0K83.0K+$1M$1M
LFTLUMENT FINANCE TRUST INC COMNEW+309.3K309.3K+$1M$1M
GOLDMAN SACHS MLP ENERGY RENAI COMNEW+105.1K105.1K+$801,000$801,000

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

Holdings — Q4 2020

54 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MFA FINL INC COMCOM12.88%$13M3.26M
2GREAT AJAX CORP COMCOM7.71%$8M726.3K
3CCIFVERTICAL CAP INCOME FD SHS BEN INThistory →SHS BEN INT6.19%$6M620.1K
4BBDCBARINGS BDC INC COMhistory →COM5.81%$6M622.1K
5FSKFS KKR CAPITAL CORP COMhistory →COM4.64%$5M276.1K
6SAFEGUARD SCIENTIFICS INC COM NEWCOM NEW4.16%$4M642.8K
7HFROHIGHLAND INCOME FUND SHS BEN INThistory →Highland Income3.83%$4M367.4K
8NEW YORK MORTGAGE TRUST INCCOM PAR $.023.68%$4M981.8K
9VOYA PRIME RATE TRSHS BEN INT3.59%$4M790.1K
10MMACMMA CAPITAL HOLDINGS INC COMhistory →COM3.36%$3M134.5K
11BRK/ABERKSHIRE HATHAWAY INC-DEL CL Ahistory →CL A2.82%$3M8
12NXGCUSHING NEXTGEN INFRA INCM FD COMhistory →COM2.58%$3M69.7K
13ANHANWORTH MORTGAGE ASSET CORPhistory →COM2.52%$2M917.5K
14OAKTREE SPECIALTY LENDING CORP COMCOM2.45%$2M434.1K
15KAYNE ANDERSON MDSTM ENERGY FD COMCOM2.42%$2M414.5K
16MEDLEY CAP CORPCOM2.34%$2M81.5K
17MEDLEY CAPITAL CORPORATION COMCOM2.32%$2M80.8K
18RDNRADIAN GROUP INC COM USD0.001history →COM2.03%$2M98.6K
19SRVCUSHING MLP &INFRASTRUCT COM NEWhistory →COM NEW1.97%$2M90.8K
20ADECOAGRO S A ADECOAGRO US LISTEDCOM1.91%$2M277.4K
21FIRST TR SR FLOATING RATE 2022 COM SHSCOM SHS1.83%$2M200.7K
22NMLNEUBERGER BERMAN MLP &ENERGY COMhistory →COM1.61%$2M472.2K
23MFA FINL INC Convertible 6.25percent 6/15/24NOTE 6.25% 6/11.53%$2M1.52M
24MRCCMONROE COM USD0.001history →COM1.41%$1M172.5K
25ASA GOLD AND PRECIOUS METALS LIMITE COM STK NPV USDSHS1.20%$1M54.0K
26TORTOISE PWR &ENERGY INFRASTR COMCOM1.15%$1M102.3K
27EMOCLEARBRIDGE ENERGY MIDSTRM OPP COMhistory →COM1.13%$1M83.0K
28LFTLUMENT FINANCE TRUST INC COMhistory →COM1.03%$1M309.3K
29XNDPXTORTOISE ENERGY INDEPENDENC FD COMCOM0.99%$978,00073.6K
30BLACKROCK CAP INVT CORP COMCOM0.84%$824,000306.3K
31GOLDMAN SACHS MLP ENERGY RENAI COMCOM0.81%$801,000105.1K
32FSKRFS KKR CAP CORP II COMCOM0.68%$673,00041.0K
33VELVELOCITY FINL INC COMCOM0.64%$633,000101.6K
34NICHOLAS FINANCIAL INC COM NPVCOM NEW0.64%$628,00074.9K
35MTGMGIC INVESTMENT CORP COM USD1.00COM0.44%$431,00034.4K
36CENTER COAST BRKFLD MLP ENRGY SHS BEN INTSHS BEN INT0.42%$417,00044.0K
37TREMONT MTG TR COMCOM0.42%$416,000109.8K
38WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INCCOM0.38%$378,00018.1K
39ASGIABERDEEN STD GLOBAL INFRASTRUC COM SHS BEN INTCOM SHS BEN INT0.37%$361,00019.5K
40PDXPIMCO ENRGY TACTICAL CR OPP FD COM SHS BEN INTCOM SHS BEN INT0.36%$357,00044.2K
41DIVIDEND &INCOME FD INC COM NEWCOM NEW0.33%$326,00029.0K
42TYGTORTOISE ENERGY INFRA CORP COMCOM0.33%$322,00016.0K
43EFCELLINGTON FINANCIAL INC COMCOM0.31%$301,00020.3K
44RMR MORTGAGE TR COMCOM0.30%$297,00028.1K
45XTTPXTORTOISE PIPELINE &ENERGY FD COMCOM0.30%$294,00017.3K
46CCITIGROUP INC COMCOM0.28%$277,0004.5K
47STERLING BANCORP INC COMCOM0.28%$273,00060.2K
48EATON VANCE FLOATING RATE INC PLUS SHARES OF BENEFICIAL INTERESTCOM SHS BEN INT0.19%$184,00011.8K
49FIRST EAGLE SENIOR LOAN FUND COM NEWCOM NEW0.18%$174,00012.5K
50EVFEATON VANCE SR INCOME TR SH BEN INTSH BEN INT0.11%$108,00017.0K
51CMOCAPSTEAD MTG CORP COM NO PARCOM NO PAR0.10%$95,00016.3K
52ARLINGTON ASSET INVST CORP CL A NEWCL A NEW0.07%$68,00017.9K
53ENERGY FUELS INC $2.45 WTS EXP 09/20/2021*W EXP 09/20/2020.07%$67,00032.5K
54UUUUENERGY FUELS INC COM NEWCOM NEW0.05%$49,00011.5K

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 ↗.