SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Almitas Capital LLC

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

Reported Value
$209M
Q3 2023
Positions
88
Filings on Record
28
2019–present window
Filed
Nov 21, 2023
amendment (RESTATEMENT)

Summary

Almitas Capital LLC reported $209M in U.S.-listed holdings across 88 positions for Q3 2023.

Its largest position, Great Ajax, represents 10.3% of the portfolio.

Compared with Q2 2023, the fund opened 18 new positions and exited 22.

Portfolio Metrics

Turnover
+15.0%
vs prior filed quarter
Top-10 Concentration
+48.5%
share of reported value
Largest Position
+10.3%
Great Ajax
New / Exited
18 / 22
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: 60.4%Other: 17.4%PUBLIC: 10.5%REIT: 5.1%Common Stock: 4.7%Other: 2.1%
  • Closed-End Fund · 60.4% · $126M
  • Other · 17.4% · $36M
  • PUBLIC · 10.5% · $22M
  • REIT · 5.1% · $11M
  • Common Stock · 4.7% · $10M
  • Other · 2.1% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DMADestra Multi-Alternative FundNEW+356.0K356.0K+$2M$2M
BlackRock Health Sciences Term TrustNEW+104.2K104.2K+$2M$2M
XCXEXMFS High Income Municipal TrustNEW+346.6K346.6K+$1M$1M
abrdn National Municipal Income FundNEW+108.0K108.0K+$929,889$929,889
CCIFCarlyle Credit Income FundNEW+106.3K106.3K+$869,509$869,509
KTFDWS Municipal Income TrustNEW+93.5K93.5K+$720,304$720,304
BlackRock Municipal 2030 Target Term TrustNEW+33.4K33.4K+$648,294$648,294
BlackRock MuniHoldings California Quality Fund IncNEW+59.7K59.7K+$570,359$570,359

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

Holdings — Q3 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Great Ajax Corp7.25 CV SR NT 24 · COM12.81%$27M1.70M
2ECATBlackRock ESG Capital Allocation Term Trusthistory →SHS BEN INT7.07%$15M997.9K
3NPCTNuveen Core Plus Impact Fundhistory →COM BEN INT6.69%$14M1.52M
4Templeton Global Income FundCOM5.73%$12M3.10M
5Miller/Howard High Dividend FundCOM SHS BEN IN5.04%$11M1.06M
6Center Coast Brookfield MLP & Energy Infrastructure FundSHS BEN INT3.00%$6M295.7K
7NRGXEURPIMCO Energy & Tactical Credit Opportunities Fundhistory →COM SHS BEN INT2.89%$6M304.8K
8Tortoise Midstream Energy Fund IncCOM2.65%$6M162.1K
9BlackRock California Municipal Income TrustSH BEN INT2.60%$5M528.4K
10XENWXEaton Vance New York Municipal Bond Fundhistory →COM2.28%$5M574.4K
11BRSPBrightSpire Capital Inchistory →COM CL A2.27%$5M755.7K
12General American Investors Co IncCOM2.23%$5M119.4K
13ClearBridge MLP & Midstream Total Return Fund IncCOM1.94%$4M126.3K
14Nuveen Corporate Income 2023 Target Term FundCOM1.89%$4M414.0K
15First Trust Dynamic Europe Equity Income FundCOM SHS1.89%$4M317.5K
16Two Harbors Investment CorpNOTE 6.250% 1/11.87%$4M4.25M
17XCXHXMFS Investment Grade Municipal Trusthistory →SH BEN INT1.84%$4M542.6K
18Nuveen Pennsylvania Quality Municipal Income FundCOM1.68%$4M344.2K
19NXGNXG NextGen Infrastructure Income Fundhistory →COM1.66%$3M92.4K
20ADAMNew York Mortgage Trust Inchistory →COM1.60%$3M392.8K
21Eaton Vance California Municipal Bond FundCOM1.58%$3M407.5K
22BKCCUSDBlackRock Capital Investment Corphistory →COM1.52%$3M853.7K
23PGIM Short Duration High Yield Opportunities FundCOM1.33%$3M192.2K
24VMWEURVMware Inchistory →CL A COM1.23%$3M15.4K
25MXFMexico Fund Inc/Thehistory →COM1.23%$3M155.6K
26IIFMorgan Stanley India Investment Fund Inchistory →COM1.22%$3M113.7K
27TYGTortoise Energy Infrastructure Corphistory →COM1.18%$2M85.3K
28TWNTaiwan Fund Inc/The/MDhistory →COM1.13%$2M78.9K
29Morgan Stanley Emerging Markets Domestic Debt Fund IncCOM1.12%$2M548.8K
30DMADestra Multi-Alternative Fundhistory →Common Shares1.02%$2M356.0K
31MFA Financial IncCOM1.01%$2M220.5K
32BNY Mellon Municipal Income IncCOM0.93%$2M342.7K
33Nuveen Preferred & Income Term FundCOM0.91%$2M111.1K
34New America High Income Fund Inc/TheCOM NEW0.83%$2M266.2K
35STEWSRH Total Return Fund IncCOM0.83%$2M132.9K
36BlackRock Health Sciences Term TrustCOM SHS0.72%$2M104.2K
37WIWWestern Asset Inflation-Linked Opportunities & Income FundCOM0.65%$1M164.7K
38CPZCalamos Long/Short Equity & Dynamic Income TrustCOM0.62%$1M87.1K
39CETCentral Securities CorpCOM0.60%$1M36.5K
40AI1USDArlington Asset Investment CorpCL A NEW0.59%$1M285.9K
41Eaton Vance California Municipal Income TrustSH BEN INT0.58%$1M131.1K
42DWS Strategic Municipal Income TrustCOM0.54%$1M148.5K
43XCXEXMFS High Income Municipal TrustSH BEN INT0.52%$1M346.6K
44abrdn National Municipal Income FundSH BEN INT0.45%$929,889108.0K
45CCIFCarlyle Credit Income FundSH BEN INT0.42%$869,509106.3K
46KTFDWS Municipal Income TrustCOM0.34%$720,30493.5K
47EMOClearBridge Energy Midstream Opportunity Fund IncCOM0.33%$695,91022.0K
48GLVClough Global Dividend and Income FundCOM0.33%$686,968138.2K
49RDIReading International IncCL A0.33%$679,638320.6K

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 ↗.