SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Almitas Capital LLC

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

Reported Value
$168M
Q1 2022
Positions
85
Filings on Record
28
2019–present window
Filed
May 16, 2022
original filing

Summary

Almitas Capital LLC reported $168M in U.S.-listed holdings across 85 positions for Q1 2022.

Its largest position, Great Ajax, represents 15.2% of the portfolio.

Compared with Q4 2020, the fund opened 60 new positions and exited 28.

Portfolio Metrics

Turnover
+43.0%
vs prior filed quarter
Top-10 Concentration
+57.0%
share of reported value
Largest Position
+15.2%
Great Ajax
New / Exited
60 / 28
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
Common Stock: 28.4%Closed-End Fund: 24.9%REIT: 17.9%Other: 17.3%PUBLIC: 10.3%US DOMESTIC: 1.2%
  • Common Stock · 28.4% · $48M
  • Closed-End Fund · 24.9% · $42M
  • REIT · 17.9% · $30M
  • Other · 17.3% · $29M
  • PUBLIC · 10.3% · $17M
  • US DOMESTIC · 1.2% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2020 (amended baseline) · note: prior filed quarter, not the immediately preceding one

IssuerMoveShare ΔShares nowValue ΔValue now
GREAT AJAX CORPNEW+689.4K689.4K+$17M$17M
PNNTPennantPark Investment CorpNEW+2.07M2.07M+$16M$16M
AGNCAGNC Investment CorpNEW+946.6K946.6K+$12M$12M
NTGTortoise Midstream Energy Fund IncNEW+153.8K153.8K+$6M$6M
NXDTNexPoint Diversified Real Esta TrustNEW+269.1K269.1K+$4M$4M
PFXPhenixFIN CorpNEW+98.2K98.2K+$4M$4M
DXDynex Capital IncNEW+243.4K243.4K+$4M$4M
LADRLadder Capital CorpNEW+293.1K293.1K+$3M$3M

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

Holdings — Q1 2022

83 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GREAT AJAX CORP7.25 CV SR NT 24 · COM15.24%$26M1.40M
2PNNTPennantPark Investment Corphistory →COM9.59%$16M2.07M
3AGNCAGNC Investment Corphistory →COM7.40%$12M946.6K
4FSKFS KKR Capital Corphistory →COM6.48%$11M475.8K
5NTGTortoise Midstream Energy Fund Inchistory →COM3.48%$6M153.8K
6NMLNeuberger Berman MLP & Energy Income Fund Inchistory →COM3.36%$6M875.6K
7CCIFVertical Capital Income Fundhistory →SHS BEN INT3.26%$5M546.2K
8TYGTortoise Energy Infrastructure Corphistory →COM3.05%$5M147.9K
9SRVCushing MLP & Infrastructure Total Return Fund/Thehistory →COM NEW2.63%$4M126.2K
10NXDTNexPoint Diversified Real Esta Trusthistory →COM NEW2.54%$4M269.1K
11PFXPhenixFIN Corphistory →COM2.40%$4M98.2K
12DXDynex Capital Inchistory →COM2.35%$4M243.4K
13Safeguard Scientifics IncCOM NEW2.18%$4M701.0K
14LADRLadder Capital Corphistory →CL A2.08%$3M293.1K
15Aberdeen Asia-Pacific Income Fund IncCOM2.04%$3M1.01M
16BRSPBrightSpire Capital Inchistory →COM CL A1.89%$3M342.9K
17EDDMorgan Stanley Emerging Markets Domestic Debt Fund Inchistory →COM1.63%$3M547.8K
18BBDCBarings BDC Inchistory →COM1.62%$3M262.5K
19PDXPIMCO Energy & Tactical Credit Opportunities Fundhistory →COM SHS BEN INT1.61%$3M181.8K
20RDNRadian Group Inchistory →COM1.48%$2M111.9K
21New York Mortgage Trust IncCOM PAR $.021.47%$2M673.4K
22Templeton Global Income FundCOM1.46%$2M487.2K
23BlackRock Capital Investment CorpCOM1.39%$2M553.0K
24ClearBridge MLP & Midstream Total Return Fund IncCOM1.28%$2M73.4K
25MTGMGIC Investment Corphistory →COM1.22%$2M151.2K
26XEMDXWestern Asset Emerging Markets Debt Fund Inchistory →COM1.20%$2M187.4K
27EMOClearBridge Energy Midstream Opportunity Fund Inchistory →COM1.17%$2M69.8K
28Goldman Sachs MLP Energy and Renaissance FundCOM1.13%$2M156.7K
29SEVNSeven Hills Realty Trusthistory →COM1.08%$2M162.5K
30RDIReading International IncCL A0.98%$2M384.7K
31Center Coast Brookfield MLP & Energy Infrastructure FundSHS BEN INT0.98%$2M94.4K
32GBLIGlobal Indemnity Group LLCCOM CL A0.98%$2M63.0K
33Tortoise Power and Energy Infrastructure Fund IncCOM0.72%$1M84.8K
34Kayne Anderson NextGen Energy & Infrastructure IncCOM0.63%$1M123.6K
35IIFMorgan Stanley India Investment Fund IncCOM0.62%$1M41.6K
36Salient Midstream & MLP FundSH BEN INT0.60%$1M122.6K
37Nicholas Financial IncCOM NEW0.56%$940,00091.7K
38GAMGeneral American Investors Co IncCOM0.55%$930,00021.9K
39Western Asset Mortgage Capital CorpCOM0.51%$851,000497.6K
40MFA FINANCIAL INCNOTE 6.250% 6/10.46%$774,000767.0K
41PAXSPIMCO Access Income FundSHS BENFIN INT0.44%$731,00040.0K
42PFSIPennyMac Financial Services IncCOM0.34%$566,00010.6K
43XNDPXTortoise Energy Independence Fund IncCOM0.32%$533,00018.0K
44CLMCornerstone Strategic Value Fund IncCOM0.29%$478,00033.9K
45PENNYMAC CORPNOTE 5.500% 3/10.28%$477,000500.0K
46WESTERN ASSET MORTGAGE CNOTE 6.750% 9/10.28%$470,000500.0K
47Sterling Bancorp Inc/MICOM0.25%$427,00060.1K
48XHIEXMiller/Howard High Dividend FundCOM SHS BEN IN0.24%$396,00035.5K
49XTTPXTortoise Pipeline & Energy Fund IncCOM0.23%$378,00012.9K
50NPCTNuveen Core Plus Impact FundCOM BEN INT0.20%$339,00022.6K
51XBFZXBlackRock California Municipal Income TrustSH BEN INT0.18%$309,00025.1K
52ESM Acquisition CorpUNIT 99/99/9999 · *W EXP 02/02/2020.18%$309,00060.0K
53KYNKayne Anderson Energy Infrastructure FundCOM0.17%$293,00031.8K
54TWO HARBORS INV CORPNOTE 6.250% 1/10.15%$246,000250.0K
55CCitigroup IncCOM NEW0.14%$240,0004.5K
56Pine Technology Acquisition CorpUNIT 03/31/20280.14%$240,00024.0K
57MXEMexico Equity and Income Fund Inc/TheCOM0.14%$233,00025.6K
58First Eagle Alternative Capital BDC IncCOM0.10%$172,00039.0K
59Nuveen Emerging Markets Debt 2022 Target Term FundCOM0.09%$152,00021.8K
60VELVelocity Financial IncCOM0.09%$150,00013.7K
61InterPrivate II Acquisition CorpUNIT 99/99/99990.07%$121,00012.3K
62HIOWestern Asset High Income Opportunity Fund IncCOM0.07%$111,00024.9K
63WHEELER REIT INCCV PFD SER B0.05%$80,0005.5K
64InterPrivate IV InfraTech Partners IncUNIT 03/05/20260.04%$59,0006.0K
65CRFCornerstone Total Return Fund IncCOM0.03%$58,0004.2K
66Priveterra Acquisition CorpUNIT 99/99/99990.03%$49,0005.0K
67Wheeler Real Estate Investment Trust IncCOM NEW0.02%$36,00015.7K
68PAVmed Inc*W EXP 04/30/2020.02%$36,00044.2K
69Kismet Acquisition Three CorpUNIT 99/99/99990.02%$31,0003.2K
70Orion Acquisition CorpUNIT 02/19/20260.02%$29,0003.0K
71Fusion Acquisition Corp IIUNIT 02/29/20280.01%$25,0002.5K
72FBRTFranklin BSP Realty Trust IncCOMMON STOCK0.01%$12,000885
73COVA Acquisition CorpUNIT 04/01/20210.01%$12,0001.2K
74Kismet Acquisition Two CorpUNIT 99/99/99990.01%$10,0001.0K
75SVF Investment Corp 2CL A SHS0.01%$10,0001.0K
76SVF Investment Corp 3CL A SHS0.01%$10,0001.0K
77Freedom Acquisition I CorpUNIT 99/99/99990.01%$10,0001.0K
78Sculptor Capital Management IncCOM CL A0.00%$8,000573
79JOFJapan Smaller Capitalization Fund IncCOM0.00%$3,000480
80Gabelli Utility Trust/TheRIGHT 04/19/20220.00%$2,00010.0K
81Atlas Crest Investment Corp IIUNIT 99/99/99990.00%$2,000239
82Jack Creek Investment CorpUNIT 10/01/20230.00%$050
83ZTRVirtus Total Return Fund IncCOM0.00%$010

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 ↗.