SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Almitas Capital LLC

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

Reported Value
$217M
Q4 2022
Positions
128
Filings on Record
28
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Almitas Capital LLC reported $217M in U.S.-listed holdings across 128 positions for Q4 2022.

Its largest position, ECAT, represents 10.8% of the portfolio.

Compared with Q3 2022, the fund opened 66 new positions and exited 25.

Portfolio Metrics

Turnover
+12.0%
vs prior filed quarter
Top-10 Concentration
+48.4%
share of reported value
Largest Position
+10.8%
Blackrock Esg Cap Allc Tr
New / Exited
66 / 25
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: 44.0%Other: 20.7%Common Stock: 11.5%REIT: 11.5%PUBLIC: 8.6%Other: 3.7%
  • Closed-End Fund · 44.0% · $95M
  • Other · 20.7% · $45M
  • Common Stock · 11.5% · $25M
  • REIT · 11.5% · $25M
  • PUBLIC · 8.6% · $19M
  • Other · 3.7% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NUVEEN INTER DURATION MUN TENEW+444.4K444.4K+$6M$6M
DYT1DYNEX CAP INCNEW+300.0K300.0K+$4M$4M
TWO HARBORS INVENTMENT CORPONEW+4.25M4.25M+$4M$4M
XENWXEATON VANCE NEW YORK MUN BDNEW+264.6K264.6K+$2M$2M
WESTERN ASSET MORTGAGE CAPITNEW+2.75M2.75M+$2M$2M
ASA GOLD AND PRECIOUS MTLS LNEW+162.8K162.8K+$2M$2M
WHEELER REAL ESTATE INVT TRNEW+165.2K165.2K+$2M$2M
EATON VANCE CALIF MUN BD FDNEW+239.5K239.5K+$2M$2M

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

Holdings — Q4 2022

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ECATBLACKROCK ESG CAP ALLC TRhistory →SHS BEN INT10.83%$23M1.75M
2GREAT AJAX CORP7.25 CV SR NT 24 · COM9.81%$21M1.35M
3PNNTPENNANTPARK INVT CORPhistory →COM6.46%$14M2.44M
4BCATEURBLACKROCK CAP ALLOCATION TRhistory →COM5.92%$13M925.8K
5MFA FINL INCCOM · NOTE 6.250% 6/14.36%$9M2.57M
6TEMPLETON GLOBAL INCOME FDCOM3.85%$8M1.93M
7NUVEEN INTER DURATION MUN TECOM2.69%$6M444.4K
8TORTOISE MIDSTRM ENERGY FD ICOM2.60%$6M163.2K
9ORCHID IS CAP INCCOM NEW2.44%$5M503.4K
10CENTER COAST BRKFLD MLP ENRGSHS BEN INT2.36%$5M295.7K
11CCIFVERTICAL CAP INCOME FDhistory →SHS BEN INT2.19%$5M546.2K
12NPCTNUVEEN CORE PLUS IMPACT FUNDhistory →COM BEN INT2.14%$5M449.1K
13DYT1DYNEX CAP INChistory →COM1.76%$4M300.0K
14TWO HARBORS INVENTMENT CORPONOTE 6.250% 1/11.67%$4M4.25M
15NEW YORK MTG TR INCCOM PAR $.021.63%$4M1.38M
16GENERAL AMERN INVS CO INCCOM1.39%$3M83.2K
17CLEARBRIDGE MLP AND MIDSTRMCOM1.36%$3M104.2K
18WIWWESTERN AST INFL LKD OPP & Ihistory →COM1.23%$3M293.5K
19LADDER CAP CORPCL A1.22%$3M263.3K
20BARINGS PARTN INVS SH BEN INTSH BEN INT1.19%$3M210.0K
21SAFEGUARD SCIENTIFICS INCCOM NEW1.14%$2M796.6K
22XENWXEATON VANCE NEW YORK MUN BDhistory →COM1.10%$2M264.6K
23WESTERN ASSET MORTGAGE CAPITNOTE 6.750% 9/11.09%$2M2.75M
24ASA GOLD AND PRECIOUS MTLS LSHS1.07%$2M162.8K
25BKCCUSDBLACKROCK CAP INVT CORPhistory →COM1.03%$2M617.0K
26RDNRADIAN GROUP INCCOM0.98%$2M111.9K
27WHEELER REAL ESTATE INVT TRPFD CNV SER D0.98%$2M165.2K
28EATON VANCE CALIF MUN BD FDCOM0.95%$2M239.5K
29FSCOFS CREDIT OPPORTUNITIES CORPCOMMON STOCK ADDED0.91%$2M420.3K
30IIFMORGAN STANLEY INDIA INVT FDCOM0.86%$2M92.1K
31MORGAN STANLEY EMERGING MKTSCOM0.83%$2M407.1K
32MTGMGIC INVT CORP WISCOM0.82%$2M136.2K
33MEGIMAINSTAY CBRE GBL INFRSTR MECOM0.80%$2M126.8K
34GOLDMAN SACHS MLP ENERGY RENCOM0.79%$2M134.0K
35BRSPBRIGHTSPIRE CAPITAL INCCOM CL A0.77%$2M269.8K
36FIRST EAGLE ALTR CAP BDC INCCOM0.70%$2M355.2K
37CCAPCRESCENT CAP BDC INCCOM0.68%$1M115.3K
38NUVEEN INT DUR QUAL MUN TRMCOM0.65%$1M113.2K
39SRVCUSHING MLP & INFRASTRUCTCOM NEW0.65%$1M42.0K
40ABRDN ASIA PACIFIC INCOME FUCOM0.63%$1M523.4K
41NUVEEN NEW YORK AMT QLT MUNICOM0.60%$1M127.0K
42TWNTAIWAN FD INCCOM0.59%$1M55.8K
43NUVEEN CA QUALTY MUN INCOMECOM0.57%$1M112.3K
44ADXADAMS DIVERSIFIED EQUITY FDCOM0.56%$1M84.2K
45WESTERN ASSET MTG CAP CORPCOM0.55%$1M130.4K
46FSKFS KKR CAP CORPCOM0.50%$1M62.0K
47MILLER HOWARD HIGH INC EQTYCOM SHS BEN IN0.49%$1M101.0K
48RDIREADING INTL INCCL A0.48%$1M373.0K

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 ↗.