SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Almitas Capital LLC

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

Reported Value
$209M
Q1 2023
Positions
97
Filings on Record
28
2019–present window
Filed
May 15, 2023
original filing

Summary

Almitas Capital LLC reported $209M in U.S.-listed holdings across 97 positions for Q1 2023.

Its largest position, Great Ajax, represents 11.2% of the portfolio.

Compared with Q4 2022, the fund opened 22 new positions and exited 53.

Portfolio Metrics

Turnover
+32.3%
vs prior filed quarter
Top-10 Concentration
+49.6%
share of reported value
Largest Position
+11.2%
Great Ajax
New / Exited
22 / 53
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
Closed-End Fund: 45.7%Other: 18.0%REIT: 14.7%PUBLIC: 10.0%Common Stock: 7.8%US DOMESTIC: 3.9%
  • Closed-End Fund · 45.7% · $96M
  • Other · 18.0% · $38M
  • REIT · 14.7% · $31M
  • PUBLIC · 10.0% · $21M
  • Common Stock · 7.8% · $16M
  • US DOMESTIC · 3.9% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XBFZXBlackRock California Municipal Income TrustNEW+748.2K748.2K+$9M$9M
NLYAnnaly Capital Management IncNEW+227.5K227.5K+$4M$4M
ADAMNew York Mortgage Trust IncNEW+408.8K408.8K+$4M$4M
XXHYBXXNew America High Income Fund Inc/TheNEW+203.1K203.1K+$1M$1M
Nuveen Senior Income FundNEW+216.7K216.7K+$999,047$999,047
FCTFirst Trust Senior Floating Rate Income Fund IINEW+88.2K88.2K+$877,500$877,500
BBDCBarings BDC IncNEW+103.3K103.3K+$820,456$820,456
TEITempleton Emerging Markets Income FundNEW+122.0K122.0K+$618,510$618,510

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

Holdings — Q1 2023

94 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Great Ajax CorpCOM11.16%$23M1.45M
2ECATBlackRock ESG Capital Allocation Term Trusthistory →SHS BEN INT8.20%$17M1.10M
3BRSPBrightSpire Capital Inchistory →COM CL A5.80%$12M2.06M
4NPCTNuveen Core Plus Impact Fundhistory →COM BEN INT5.20%$11M1.07M
5XBFZXBlackRock California Municipal Income Trusthistory →SH BEN INT4.18%$9M748.2K
6Templeton Global Income FundCOM3.18%$7M1.51M
7PNNTPennantPark Investment Corphistory →COM3.12%$7M1.24M
8MFAMFA Financial IncCOM · NOTE 6.250% 6/13.10%$6M2.25M
9Nuveen Intermediate Duration Quality Municipal Term FundCOM2.95%$6M483.0K
10Center Coast Brookfield MLP & Energy Infrastructure FundSHS BEN INT2.72%$6M295.7K
11CCIFVertical Capital Income Fundhistory →SHS BEN INT2.56%$5M546.2K
12NTGTortoise Midstream Energy Fund Inchistory →COM2.43%$5M152.7K
13FSCOFS Credit Opportunities Corphistory →COMMON STOCK2.38%$5M1.12M
14NLYAnnaly Capital Management Inchistory →COM NEW2.08%$4M227.5K
15GAMGeneral American Investors Co Inchistory →COM2.04%$4M109.8K
16ADAMNew York Mortgage Trust Inchistory →COM1.95%$4M408.8K
17Two Harbors Investment CorpNOTE 6.250% 1/11.74%$4M4.25M
18ClearBridge MLP & Midstream Total Return Fund IncCOM1.72%$4M124.3K
19Western Asset Mortgage Capital CorpNOTE 6.750% 9/1 · COM1.70%$4M2.88M
20XENWXEaton Vance New York Municipal Bond Fundhistory →COM1.68%$4M361.8K
21Nuveen Corporate Income 2023 Target Term FundCOM1.31%$3M298.3K
22RDNRadian Group Inchistory →COM1.18%$2M111.9K
23XCXHXMFS Investment Grade Municipal Trusthistory →SH BEN INT1.17%$2M331.2K
24XEVMXEaton Vance California Municipal Bond Fundhistory →COM1.12%$2M259.9K
25XHIEXMiller/Howard High Dividend Fundhistory →COM SHS BEN IN1.06%$2M220.1K
26DXDynex Capital IncCOM0.99%$2M170.8K
27MPVBarings Participation InvestorsSH BEN INT0.90%$2M147.7K
28Wheeler Real Estate Investment Trust IncPFD CNV SER D0.90%$2M150.2K
29Goldman Sachs MLP Energy and Renaissance FundCOM0.90%$2M143.5K
30CCAPCrescent Capital BDC IncCOM0.89%$2M136.8K
31LADRLadder Capital CorpCL A0.89%$2M196.9K
32MTGMGIC Investment CorpCOM0.87%$2M136.2K
33IIFMorgan Stanley India Investment Fund IncCOM0.80%$2M85.9K
34EMOClearBridge Energy Midstream Opportunity Fund IncCOM0.76%$2M56.4K
35EDDMorgan Stanley Emerging Markets Domestic Debt Fund IncCOM0.72%$2M333.7K
36MCIBarings Corporate InvestorsCOM0.71%$1M105.0K
37TWNTaiwan Fund Inc/The/MDCOM0.70%$1M54.1K
38STEWSRH Total Return Fund IncCOM0.69%$1M117.7K
39ORCOrchid Island Capital IncCOM NEW0.68%$1M132.4K
40XXHYBXXNew America High Income Fund Inc/TheCOM NEW0.66%$1M203.1K
41Safeguard Scientifics IncCOM NEW0.65%$1M796.6K
42RDIReading International IncCL A0.58%$1M373.0K
43MXFMexico Fund Inc/TheCOM0.58%$1M71.0K
44WIWWestern Asset Inflation-Linked Opportunities & Income FundCOM0.54%$1M123.7K
45CETCentral Securities CorpCOM0.49%$1M29.4K
46Nuveen Senior Income FundCOM0.48%$999,047216.7K
47JLSNuveen Mortgage and Income FundCOM0.46%$955,84459.9K
48FCTFirst Trust Senior Floating Rate Income Fund IICOM0.42%$877,50088.2K
49NXGNXG NextGen Infrastructure Income FundCOM0.39%$825,03822.5K
50BBDCBarings BDC IncCOM0.39%$820,456103.3K
51XNQPXNuveen Pennsylvania Quality Municipal Income FundCOM0.38%$786,25868.8K
52JOFJapan Smaller Capitalization Fund IncCOM0.33%$694,386100.5K
53EARNEllington Residential Mortgage REITCOM SHS BEN INT0.33%$693,45695.0K
54MPABlackRock MuniYield Pennsylvania Quality FundCOM0.31%$647,66155.2K
55TEITempleton Emerging Markets Income FundCOM0.30%$618,510122.0K
56FTHYFirst Trust High Yield Opportunities 2027 Term FundCOM0.30%$618,33044.3K
57Nicholas Financial IncCOM NEW0.27%$563,50591.7K
58Adecoagro SACOM0.27%$562,99969.6K
59PFXPhenixFIN CorpCOM0.26%$552,14815.3K
60BlackRock Capital Investment CorpCOM0.25%$516,813149.8K
61XEMDXWestern Asset Emerging Markets Debt Fund IncCOM0.24%$509,78259.3K
62TYGTortoise Energy Infrastructure CorpCOM0.21%$448,17415.2K
63SBIWestern Asset Intermediate Muni Fund IncCOM0.21%$442,55256.0K
64PennyMac CorpNOTE 5.500% 3/10.21%$433,841500.0K
65Kayne Anderson NextGen Energy & Infrastructure IncCOM0.20%$427,76855.7K
66Nuveen Floating Rate Income Opportunity FundCOM SHS0.20%$413,03051.5K
67MEGIMainStay CBRE Global Infrastructure Megatrends FundCOM0.16%$340,40224.0K
68XTEAXEcofin Sustainable and SocialCOM SH BEN INT0.16%$332,07125.6K
69CEVEaton Vance California Municipal Income TrustSH BEN INT0.16%$326,81831.9K
70BNY Mellon Municipal Income IncCOM0.15%$318,97749.1K
71CPZCalamos Long/Short Equity & Dynamic Income TrustCOM0.15%$316,72520.5K
72XCAFXMorgan Stanley China A Share Fund IncCOM0.15%$305,86821.3K
73DTFDTF Tax-Free Income 2028 Term Fund IncCOM0.14%$287,90926.0K
74XDCFXBNY Mellon Alcentra Global Credit Income 2024 Target Term Fund IncCOM0.14%$283,94737.5K
75XTTPXTortoise Pipeline & Energy Fund IncCOM0.13%$267,64010.4K
76DWS Strategic Municipal Income TrustCOM0.13%$264,16031.2K
77MXEMexico Equity and Income Fund Inc/TheCOM0.12%$257,31925.6K
78SPESpecial Opportunities Fund IncCOM0.12%$244,62922.4K
79OPPRiverNorth/DoubleLine Strategic Opportunity Fund IncCOM0.11%$232,83227.2K
80XGLQXClough Global Equity FundCOM0.11%$222,02036.6K
81MSDMorgan Stanley Emerging Markets Debt Fund IncCOM0.10%$212,90633.1K
82Apollo Senior Floating Rate Fund IncCOM0.10%$212,19716.8K
83CCitigroup IncCOM NEW0.10%$211,0054.5K
84SDHYPGIM Short Duration High Yield Opportunities FundCOM0.10%$202,35213.7K
85First Trust Specialty Finance and Financial Opportunities FundCOM BEN INTR0.09%$192,33861.3K
86TIPTTiptree IncCOM0.09%$191,15813.1K
87XJQCXNuveen Credit Strategies Income FundCOM SHS0.09%$183,19435.9K
88NACNuveen California Quality Municipal Income FundCOM0.07%$149,73613.6K
89GFNew Germany Fund Inc/TheCOM0.07%$137,25915.1K
90VELVelocity Financial IncCOM0.05%$109,44412.1K
91GLVClough Global Dividend and Income FundCOM0.05%$105,99418.3K
92KTFDWS Municipal Income TrustCOM0.05%$95,30110.7K
93DHYCredit Suisse High Yield Bond FundSH BEN INT0.05%$94,50050.0K
94XPHDXPioneer Floating Rate Fund IncCOM0.04%$87,00010.0K

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 ↗.