SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Almitas Capital LLC

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

Reported Value
$290M
Q4 2023
Positions
116
Filings on Record
28
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Almitas Capital LLC reported $290M in U.S.-listed holdings across 116 positions for Q4 2023.

Its largest position, Great Ajax, represents 7.6% of the portfolio.

Compared with Q3 2023, the fund opened 45 new positions and exited 17.

Portfolio Metrics

Turnover
+19.8%
vs prior filed quarter
Top-10 Concentration
+42.8%
share of reported value
Largest Position
+7.6%
Great Ajax
New / Exited
45 / 17
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: 71.5%Other: 8.9%PUBLIC: 7.7%Common Stock: 5.8%REIT: 4.6%Other: 1.6%
  • Closed-End Fund · 71.5% · $208M
  • Other · 8.9% · $26M
  • PUBLIC · 7.7% · $22M
  • Common Stock · 5.8% · $17M
  • REIT · 4.6% · $13M
  • Other · 1.6% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Orchid Island Capital IncNEW+637.4K637.4K+$5M$5M
MainStay MacKay DefinedTerm Municipal Opportunities FundNEW+297.0K297.0K+$5M$5M
ASA Gold and Precious Metals LtdNEW+269.8K269.8K+$4M$4M
DSGNDesign Therapeutics IncNEW+1.03M1.03M+$3M$3M
NLYAnnaly Capital Management IncNEW+139.5K139.5K+$3M$3M
XTTPXTortoise Pipeline & Energy Fund IncNEW+78.6K78.6K+$2M$2M
VTNUSDInvesco Trust for Investment Grade New York MunicipalsNEW+153.0K153.0K+$2M$2M
MHDBlackRock MuniHoldings Fund IncNEW+130.3K130.3K+$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 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Great Ajax Corp7.25 CV SR NT 24 · COM9.73%$28M2.08M
2BlackRock Health Sciences Term TrustCOM SHS6.53%$19M1.29M
3NPCTNuveen Core Plus Impact Fundhistory →COM BEN INT5.95%$17M1.71M
4Miller/Howard High Dividend FundCOM SHS BEN IN3.98%$12M1.09M
5BKCCUSDBlackRock Capital Investment Corphistory →COM3.90%$11M2.93M
6Nuveen Pennsylvania Quality Municipal Income FundCOM3.65%$11M915.2K
7ECATBlackRock ESG Capital Allocation Term Trusthistory →SHS BEN INT3.46%$10M623.2K
8PGIM Short Duration High Yield Opportunities FundCOM2.76%$8M534.9K
9XENWXEaton Vance New York Municipal Bond Fundhistory →COM2.68%$8M805.2K
10NRGXEURPIMCO Energy & Tactical Credit Opportunities Fundhistory →COM SHS BEN INT2.35%$7M333.4K
11BlackRock California Municipal Income TrustSH BEN INT1.94%$6M468.8K
12Orchid Island Capital IncCOM NEW1.85%$5M637.4K
13Nuveen Preferred & Income Term FundCOM1.72%$5M272.8K
14New America High Income Fund Inc/TheCOM NEW1.71%$5M706.9K
15MainStay MacKay DefinedTerm Municipal Opportunities FundCOM1.66%$5M297.0K
16Tortoise Midstream Energy Fund IncCOM1.59%$5M132.7K
17Eaton Vance California Municipal Bond FundCOM1.51%$4M478.0K
18KTFDWS Municipal Income Trusthistory →COM1.43%$4M467.6K
19ASA Gold and Precious Metals LtdSHS BEN INT1.40%$4M269.8K
20Two Harbors Investment CorpNOTE 6.250% 1/11.39%$4M4.25M
21ClearBridge MLP & Midstream Total Return Fund IncCOM1.39%$4M111.2K
22BNY Mellon Municipal Income IncCOM1.36%$4M606.5K
23General American Investors Co IncCOM1.30%$4M88.0K
24DTFDTF Tax-Free Income 2028 Term Fund Inchistory →COM1.30%$4M351.1K
25XCXHXMFS Investment Grade Municipal Trusthistory →SH BEN INT1.28%$4M492.0K
26IIFMorgan Stanley India Investment Fund Inchistory →COM1.26%$4M170.2K
27MXFMexico Fund Inc/Thehistory →COM1.06%$3M160.9K
28TWNTaiwan Fund Inc/The/MDhistory →COM1.05%$3M88.1K
29Nuveen New Jersey Quality Municipal Income FundCOM0.97%$3M240.1K
30DMADestra Multi-Alternative FundCommon Shares0.97%$3M451.7K
31DSGNDesign Therapeutics IncCOM0.94%$3M1.03M
32NLYAnnaly Capital Management IncCOM NEW0.93%$3M139.5K
33XCXEXMFS High Income Municipal TrustSH BEN INT0.91%$3M745.9K
34CPZCalamos Long/Short Equity & Dynamic Income TrustCOM0.88%$3M176.6K
35Morgan Stanley Emerging Markets Domestic Debt Fund IncCOM0.86%$3M538.2K
36BRSPBrightSpire Capital IncCOM CL A0.85%$2M332.0K
37ADAMNew York Mortgage Trust IncCOM0.83%$2M281.3K
38JOFJapan Smaller Capitalization Fund IncCOM0.78%$2M298.5K
39STEWSRH Total Return Fund IncCOM0.78%$2M162.3K
40XTTPXTortoise Pipeline & Energy Fund IncCOM0.76%$2M78.6K
41TYGTortoise Energy Infrastructure CorpCOM0.72%$2M72.7K
42BlackRock MuniHoldings California Quality Fund IncCOM0.67%$2M173.8K
43CETCentral Securities CorpCOM0.65%$2M49.6K
44BlackRock Municipal 2030 Target Term TrustCOM SH BEN IN0.62%$2M87.1K
45WIWWestern Asset Inflation-Linked Opportunities & Income FundCOM0.61%$2M205.7K
46GLVClough Global Dividend and Income FundCOM0.58%$2M326.6K
47LEOBNY Mellon Strategic Municipals IncCOM0.58%$2M285.9K
48Eaton Vance California Municipal Income TrustSH BEN INT0.57%$2M160.1K
49VTNUSDInvesco Trust for Investment Grade New York MunicipalsCOM0.55%$2M153.0K

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 ↗.