Managers / Q3 2022 · view latest →
Almitas Capital LLC
CIK 0001596468 · 1335 4TH STREET, SUITE 400, SANTA MONICA, CA, 90401 · 310-573-4343
Summary
Almitas Capital LLC reported $134M in U.S.-listed holdings across 87 positions for Q3 2022.
Its largest position, Great Ajax Corp 7 25 Cv Sr Nt 24, represents 12.3% of the portfolio.
Compared with Q2 2022, the fund opened 12 new positions and exited 44.
Portfolio Metrics
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
Portfolio Composition
- Closed-End Fund · 34.5% · $46M
- REIT · 19.1% · $26M
- Other · 18.2% · $24M
- Common Stock · 16.0% · $21M
- PUBLIC · 12.3% · $16M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ORCHID IS CAP INC | NEW | +1.16M | 1.16M | +$10M | $10M |
| WESTERN ASSET MTG CAP CORP | NEW | +111.0K | 111.0K | +$1M | $1M |
| FIRST EAGLE ALTR CAP BDC INC | NEW | +237.1K | 237.1K | +$678,000 | $678,000 |
| STEWSRH TOTAL RETURN FUND INC | NEW | +25.8K | 25.8K | +$281,000 | $281,000 |
| DELAWARE ENHANCED GLOBAL DIV | NEW | +37.5K | 37.5K | +$257,000 | $257,000 |
| ESSENT GROUP LTD | NEW | +4.3K | 4.3K | +$150,000 | $150,000 |
| FIRST TR | NEW | +47.0K | 47.0K | +$134,000 | $134,000 |
| WHEELER REAL ESTATE INVT TR | NEW | +5.5K | 5.5K | +$65,000 | $65,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2022
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 ↗.