Managers / Q2 2022 · view latest →

Almitas Capital LLC

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

Reported Value

$193M

Q2 2022

Positions

119

Filings on Record

2019–present window

Filed

Aug 15, 2022

original filing

Summary

Almitas Capital LLC reported $193M in U.S.-listed holdings across 119 positions for Q2 2022.

Its largest position, Great Ajax, represents 12.0% of the portfolio.

Compared with Q1 2022, the fund opened 43 new positions and exited 9.

Portfolio Metrics

Turnover

+23.5%

vs prior filed quarter

Top-10 Concentration

+59.3%

share of reported value

Largest Position

+12.0%

Great Ajax

New / Exited

43 / 9

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

Portfolio Composition

By security type

Closed-End Fund · 36.1% · $70M
REIT · 22.1% · $43M
Other · 16.4% · $32M
Common Stock · 15.8% · $31M
PUBLIC · 8.8% · $17M
US DOMESTIC · 0.9% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2022 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
MFA MFA FINL INC	NEW	+899.8K	899.8K	+$10M	$10M
ECAT BLACKROCK ESG CAP ALLC TR	NEW	+328.1K	328.1K	+$5M	$5M
XJQCX NUVEEN CR STRATEGIES INCOME	NEW	+486.5K	486.5K	+$3M	$3M
NBXG NEUBERGER BERMAN NEXT GENERA	NEW	+168.8K	168.8K	+$2M	$2M
GUG GUGGENHEIM ACTIVE ALLOC FD	NEW	+103.5K	103.5K	+$1M	$1M
EARN ELLINGTON RESIDENTIAL MTG RE	NEW	+178.0K	178.0K	+$1M	$1M
NUVEEN OHIO QLTY MUN INCOME	NEW	+86.7K	86.7K	+$1M	$1M
NUVEEN SHORT DURATION CR OPP	NEW	+78.8K	78.8K	+$948,000	$948,000

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

Holdings — Q2 2022

115 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	GREAT AJAX CORP	7.25 CV SR NT 24 · COM	11.97%	$23M	1.34M
2	AGNC AGNC INVT CORP history →	COM	11.66%	$23M	2.04M
3	CRF CORNERSTONE TOTAL RETURN FD history →	COM	9.05%	$18M	2.10M
4	PNNT PENNANTPARK INVT CORP history →	COM	7.82%	$15M	2.45M
5	MFA MFA FINL INC	COM ADDED · NOTE 6.250% 6/1	5.36%	$10M	1.67M
6	NTG TORTOISE MIDSTRM ENERGY FD I history →	COM	3.23%	$6M	194.0K
7	TEMPLETON GLOBAL INCOME FD	COM	2.94%	$6M	1.29M
8	CCIF VERTICAL CAP INCOME FD history →	SHS BEN INT	2.64%	$5M	546.2K
9	ECAT BLACKROCK ESG CAP ALLC TR history →	SHS BEN INT	2.43%	$5M	328.1K
10	CLM CORNERSTONE STRATEGIC VALUE history →	COM	2.16%	$4M	487.9K
11	PFX PHENIXFIN CORP history →	COM	1.88%	$4M	99.7K
12	SRV CUSHING MLP & INFRASTRUCT history →	COM NEW	1.88%	$4M	130.8K
13	TYG TORTOISE ENERGY INFRA CORP history →	COM	1.75%	$3M	114.1K
14	LADR LADDER CAP CORP history →	CL A	1.60%	$3M	293.1K
15	NEW YORK MTG TR	COM PAR $.02INC	1.50%	$3M	1.05M
16	ABRDN ASIA PACIFIC INCOME FU	COM	1.48%	$3M	979.4K
17	BRSP BRIGHTSPIRE CAPITAL INC history →	COM CL A	1.45%	$3M	371.7K
18	SAFEGUARD SCIENTIFICS INC	COM NEW	1.38%	$3M	713.4K
19	EDD MORGAN STANLEY EMERGING MKTS history →	COM	1.35%	$3M	581.3K
20	XJQCX NUVEEN CR STRATEGIES INCOME history →	SHSCOM	1.31%	$3M	486.5K
21	EMO CLEARBRIDGE ENERGY MIDSTRM O history →	COM	1.22%	$2M	100.1K
22	CLEARBRIDGE MLP AND MIDSTRM	COM	1.14%	$2M	86.4K
23	RDN RADIAN GROUP INC history →	COM	1.14%	$2M	111.9K
24	CENTER COAST BRKFLD MLP ENRG	SHS BEN INT	1.10%	$2M	132.3K
25	PDX PIMCO ENERGY & TACTICAL CR O history →	SHS BEN INTCOM	1.07%	$2M	161.6K
26	NML NEUBERGER BERMAN MLP & ENERG history →	COM	1.00%	$2M	322.5K
27	MTG MGIC INVT CORP WIS	COM	0.98%	$2M	151.2K
28	GAM GENERAL AMERN INVS CO INC	COM	0.91%	$2M	50.0K
29	GOLDMAN SACHS MLP ENERGY REN	COM	0.90%	$2M	156.9K
30	NBXG NEUBERGER BERMAN NEXT GENERA	COMMON STOCK	0.87%	$2M	168.8K
31	DX DYNEX CAP INC	COM	0.86%	$2M	104.4K
32	SALIENT MIDSTREAM & MLP FD	SH BEN INT	0.85%	$2M	217.2K
33	GUG GUGGENHEIM ACTIVE ALLOC FD	COMMON STOCK	0.76%	$1M	103.5K
34	RDI READING INTL INC	CL A	0.72%	$1M	384.7K
35	WESTERN ASSET MTG CAP CORP	COM	0.71%	$1M	1.14M
36	SEVN SEVEN HILLS REALTY TRUST	COM	0.70%	$1M	127.5K
37	EARN ELLINGTON RESIDENTIAL MTG RE	SHS BEN INTCOM	0.69%	$1M	178.0K
38	NPCT NUVEEN CORE PLUS IMPACT FUND	COM BEN INT	0.57%	$1M	94.8K
39	NUVEEN OHIO QLTY MUN INCOME	COM	0.57%	$1M	86.7K
40	BLACKROCK CAP INVT CORP	COM	0.54%	$1M	282.5K
41	IIF MORGAN STANLEY INDIA INVT FD	COM	0.49%	$952,000	42.6K
42	NUVEEN SHORT DURATION CR OPP	COM	0.49%	$948,000	78.8K
43	NICHOLAS FINL INC BC	COM NEW	0.44%	$854,000	91.7K
44	TORTOISE PWR & ENERGY INFRAS	COM	0.44%	$854,000	68.3K
45	KAYNE ANDERSON NEXTGEN ENRGY	COM	0.43%	$838,000	111.6K
46	PDO PIMCO DYNAMIC INCOME OPRNTS	SHSCOM BEN	0.41%	$800,000	57.7K
47	FSK FS KKR CAP CORP	COM	0.38%	$728,000	37.5K
48	ADECOAGRO S A	COM	0.33%	$638,000	75.5K
49	PFSI PENNYMAC FINL SVCS INC NEW	COM	0.24%	$465,000	10.6K
50	PENNYMAC CORP	NOTE 5.500% 3/1	0.22%	$434,000	500.0K
51	WESTERN ASSET MORTGAGE CAPIT	NOTE 6.750% 9/1	0.21%	$413,000	500.0K
52	XBGYX BLACKROCK ENHANCED INTL DIV	COM BENE INTER	0.18%	$351,000	69.4K
53	NXG CUSHING NEXTGEN INFRA INCM F	COM	0.18%	$342,000	9.2K
54	MPV BARINGS PARTN INVS	SH BEN INT	0.17%	$335,000	27.4K
55	XNDPX TORTOISE ENERGY INDEPENDENC	COM	0.17%	$334,000	12.3K
56	XBFZX BLACKROCK CALIF MUN INCOME T	SH BEN INT	0.17%	$330,000	29.1K
57	ESM ACQUISITION CORPORATION	UNIT 99/99/9999 · *W EXP 02/02/202	0.16%	$300,000	60.0K
58	TIPT TIPTREE INC	COM	0.15%	$290,000	27.3K
59	XPHDX PIONEER FLOATING RATE FUND I	COM	0.14%	$266,000	29.9K
60	LDP COHEN & STEERS LTD DURATION	COM	0.13%	$243,000	12.3K
61	NUVEEN EMERGING MKTS DEBT 20	COM	0.12%	$237,000	35.5K
62	XEVMX EATON VANCE CALIF MUN BD FD	COM	0.12%	$235,000	25.4K
63	PINE TECHNOLOGY ACQUISITN CO	UNIT 03/31/2028	0.12%	$235,000	24.0K
64	TWO HARBORS INVENTMENT CORPO	NOTE 6.250% 1/1	0.12%	$227,000	250.0K
65	FTHY FIRST TR	COMHIGH YIELD OPPRT 20	0.11%	$220,000	15.2K
66	C CITIGROUP INC	COM NEW	0.11%	$207,000	4.5K
67	MXE MEXICO EQUITY & INCOME FD	COM	0.11%	$205,000	25.6K
68	XBOEX BLACKROCK ENHANCED GLOBAL DI	COM	0.10%	$203,000	20.8K
69	BCAT BLACKROCK CAP ALLOCATION TR	COM	0.10%	$188,000	12.8K
70	STERLING BANCORP INC	COM	0.09%	$181,000	31.8K
71	SBI WESTERN ASSET INTER MUNI FD	COM	0.09%	$174,000	21.6K
72	NMIH NMI HLDGS INC	CL A	0.09%	$167,000	10.0K
73	RLTY COHEN & STEERS REAL ESTATE O	SHS BENFIN INT	0.08%	$160,000	9.9K
74	IVR INVESCO MORTGAGE CAPITAL INC	COM ADDED	0.08%	$150,000	10.2K
75	PAXS PIMCO ACCESS INCOME FUND	SHS BENFIN INT	0.08%	$148,000	9.4K
76	VEL VELOCITY FINL INC	COM	0.07%	$133,000	12.1K
77	GBLI GLOBAL INDEMNITY GROUP LLC	COM CL A	0.07%	$127,000	4.9K
78	INTERPRIVATE II ACQUISITION	UNIT 99/99/9999	0.06%	$120,000	12.3K
79	MCI BARINGS CORPORATE INVS	COM	0.06%	$115,000	8.6K
80	BTZ BLACKROCK CR ALLOCATION INCO	COM	0.06%	$113,000	10.4K
81	TWN TAIWAN FD INC	COM	0.06%	$108,000	4.3K
82	WDI WESTERN ASSET DIVERSIFIED IN	SHS BEN INTCOM	0.05%	$105,000	7.6K
83	WHEELER REAL ESTATE INVT TR	PFD CNV SER D · CV PFD SER B	0.04%	$80,000	7.0K
84	INTERPRIVATE IV INFRATECH PR	UNIT 03/05/2026	0.03%	$59,000	6.0K
85	NEUBERGER BRMAN CLIFRN MUNI	COM	0.03%	$56,000	5.0K
86	VPV INVESCO PA VALUE MUN INC TR	COM	0.03%	$53,000	5.1K
87	XNBOX NEUBERGER BERMAN N Y MUN FD	COM	0.03%	$53,000	5.3K
88	PRIVETERRA ACQUISITION CORP	UNIT 99/99/9999	0.03%	$49,000	5.0K
89	BBDC BARINGS BDC INC	COM	0.02%	$42,000	4.6K
90	DMA DESTRA MULTI-ALTERNATIVE FD	COMMON SHARES	0.02%	$41,000	6.0K
91	EEA EUROPEAN EQUITY FD INC	COM	0.02%	$38,000	5.2K
92	MFM MFS MUN INCOME TR	SH BEN INT	0.02%	$35,000	6.4K
93	KISMET ACQUISITION THREE COR	UNIT 99/99/9999	0.02%	$31,000	3.2K
94	ORION ACQUISITION CORP	UNIT 02/19/2026	0.02%	$30,000	3.0K
95	XEMDX WESTERN ASSET EMERGING MKTS	COM	0.01%	$28,000	3.2K
96	SPPP SPROTT PHYSICAL PLAT PALLAD	UNIT	0.01%	$27,000	2.0K
97	FUSION ACQUISITION CORP II	UNIT 02/29/2028	0.01%	$25,000	2.5K
98	PAVMED INC	*W EXP 04/30/202	0.01%	$22,000	44.2K
99	XCXHX MFS INVT GRADE MUN TR	SH BEN INT	0.01%	$14,000	1.8K
100	COVA ACQUISITION CORP	UNIT 04/01/2021	0.01%	$12,000	1.2K

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$443M	115	May 15, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$454M	107	Feb 17, 2026	13F-HR	changes · EDGAR ↗
Q3 2025REVEALED	$867M	128	Nov 14, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$396M	82	Aug 14, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$301M	81	May 15, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$456M	92	Feb 14, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$283M	69	Nov 14, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$241M	76	Aug 15, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$242M	69	May 14, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$290M	116	Feb 14, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$209M	88	Nov 21, 2023	RESTATEMENT	changes · EDGAR ↗
Q2 2023	$234M	92	Aug 11, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$209M	97	May 15, 2023	13F-HR	changes · EDGAR ↗
Q4 2022	$217M	128	Feb 14, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$134M	87	Nov 14, 2022	13F-HR	changes · EDGAR ↗
Q2 2022	$193M	119	Aug 15, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$168M	85	May 16, 2022	13F-HR	changes · EDGAR ↗
Q4 2020	$99M	54	Feb 16, 2021	13F-HR	changes · EDGAR ↗
Q3 2020	$74M	46	Nov 13, 2020	13F-HR	changes · EDGAR ↗
Q2 2020	$80M	46	Aug 14, 2020	13F-HR	changes · EDGAR ↗
Q1 2020	$45M	46	May 14, 2020	13F-HR	changes · EDGAR ↗
Q4 2019	$115M	65	Feb 14, 2020	13F-HR	changes · EDGAR ↗
Q3 2019	$93M	47	Nov 14, 2019	13F-HR	changes · EDGAR ↗
Q2 2019	$96M	55	Aug 14, 2019	13F-HR	changes · EDGAR ↗
Q1 2019	$140M	60	May 14, 2019	13F-HR	changes · EDGAR ↗
Q4 2018	$148M	85	Feb 14, 2019	13F-HR	changes · 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 ↗.