SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Almitas Capital LLC

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

Reported Value
$242M
Q1 2024
Positions
69
Filings on Record
28
2019–present window
Filed
May 14, 2024
original filing

Summary

Almitas Capital LLC reported $242M in U.S.-listed holdings across 69 positions for Q1 2024.

Its largest position, Great Ajax, represents 9.2% of the portfolio.

Compared with Q4 2023, the fund opened 7 new positions and exited 54.

Portfolio Metrics

Turnover
+11.7%
vs prior filed quarter
Top-10 Concentration
+46.8%
share of reported value
Largest Position
+9.2%
Great Ajax
New / Exited
7 / 54
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: 71.7%Other: 15.0%PUBLIC: 9.2%Common Stock: 2.3%US DOMESTIC: 1.2%Other: 0.6%
  • Closed-End Fund · 71.7% · $174M
  • Other · 15.0% · $36M
  • PUBLIC · 9.2% · $22M
  • Common Stock · 2.3% · $6M
  • US DOMESTIC · 1.2% · $3M
  • Other · 0.6% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ClearBridge MLP & Midstream FundNEW+62.5K62.5K+$3M$3M
NKTREURNektar TherapeuticsNEW+920.2K920.2K+$859,674$859,674
First Trust New Opportunities MLP & Energy FundNEW+92.3K92.3K+$707,370$707,370
OMCCNicholas FinancialNEW+96.3K96.3K+$651,150$651,150
XNEAXNuveen AMT-Free Quality Municipal Income FundNEW+50.9K50.9K+$563,297$563,297
AFBAllianceBernstein National Municipal Income FundNEW+41.1K41.1K+$451,183$451,183
XMFVXMFS Special Value TrustNEW+18.2K18.2K+$80,785$80,785
First Trust Energy Infrastructure FundADDED+353.7K417.6K+$7M$8M

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

Holdings — Q1 2024

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1Great Ajax Corp7.25 CV SR NT 24 · COM11.14%$27M2.13M
2NPCTNuveen Core Plus Impact Fundhistory →COM BEN INT6.87%$17M1.61M
3BlackRock Health Sciences Term TrustCOM SHS6.30%$15M930.9K
4Nuveen Pennsylvania Quality Municipal Income FundCOM4.72%$11M965.9K
5Miller/Howard High Dividend FundCOM SHS BEN IN4.35%$11M950.1K
6ECATBlackRock ESG Capital Allocation Term Trusthistory →SHS BEN INT3.26%$8M454.8K
7XENWXEaton Vance New York Municipal Bond Fundhistory →COM3.24%$8M806.6K
8First Trust Energy Infrastructure FundCOM3.13%$8M417.6K
9PGIM Short Duration High Yield Opportunities FundCOM2.85%$7M448.9K
10NRGXEURPIMCO Energy & Tactical Credit Opportunities Fundhistory →COM SHS BEN INT2.84%$7M324.0K
11First Trust Energy Income and Growth FundCOM2.62%$6M387.6K
12BlackRock California Municipal Income TrustSH BEN INT2.26%$5M463.7K
13Nuveen Preferred & Income Term FundCOM2.17%$5M272.9K
14Tortoise Midstream Energy Fund IncCOM2.12%$5M134.1K
15New America High Income Fund Inc/TheCOM NEW1.85%$4M613.5K
16BNY Mellon Municipal Income IncCOM1.78%$4M629.4K
17KTFDWS Municipal Income Trusthistory →COM1.74%$4M467.6K
18DSGNDesign Therapeutics Inchistory →COM1.71%$4M1.03M
19DTFDTF Tax-Free Income 2028 Term Fund Inchistory →COM1.55%$4M349.0K
20XCXHXMFS Investment Grade Municipal Trusthistory →SH BEN INT1.55%$4M492.0K
21MainStay MacKay DefinedTerm Municipal Opportunities FundCOM1.52%$4M224.6K
22XTTPXTortoise Pipeline & Energy Fund Inchistory →COM1.51%$4M115.8K
23General American Investors Co IncCOM1.48%$4M77.1K
24STEWSRH Total Return Fund Inchistory →COM1.41%$3M227.4K
25Nuveen New Jersey Quality Municipal Income FundCOM1.33%$3M265.9K
26Eaton Vance California Municipal Bond FundCOM1.27%$3M326.3K
27Two Harbors Investment CorpNOTE 6.250% 1/11.23%$3M3.11M
28ClearBridge MLP & Midstream FundCOM1.18%$3M62.5K
29John Hancock Tax-Advantaged Global Shareholder Yield FundTAX ADV GLB SH1.17%$3M538.8K
30XCXEXMFS High Income Municipal Trusthistory →SH BEN INT1.15%$3M767.0K
31ClearBridge MLP & Midstream Total Return Fund IncCOM1.12%$3M65.5K
32DMADestra Multi-Alternative Fundhistory →COMMON SHARES1.12%$3M345.3K
33IIFMorgan Stanley India Investment Fund Inchistory →COM1.06%$3M112.2K
34MXFMexico Fund Inc/TheCOM0.97%$2M121.8K
35JOFJapan Smaller Capitalization Fund IncCOM0.94%$2M285.9K
36CETCentral Securities CorpCOM0.86%$2M49.6K
37First Trust MLP and Energy Income FundCOM0.84%$2M211.5K
38IDEVoya Infrastructure Industrials and Materials FundCOM0.81%$2M185.3K
39Eaton Vance California Municipal Income TrustSH BEN INT0.79%$2M180.0K
40CPZCalamos Long/Short Equity & Dynamic Income TrustCOM0.75%$2M117.2K
41VTNUSDInvesco Trust for Investment Grade New York MunicipalsCOM0.69%$2M154.6K
42Pioneer Municipal High Income Fund TrustCOM SHS0.68%$2M184.9K
43Pioneer Municipal High Income Opportunities Fund IncCOMMON STOCK0.65%$2M138.9K
44TWNTaiwan Fund Inc/The/MDCOM0.64%$2M39.3K
45Invesco Pennsylvania Value Municipal Income TrustCOM0.63%$2M149.6K
46BNY Mellon Strategic Municipal Bond Fund IncCOM0.55%$1M229.2K
47ADAMNew York Mortgage Trust IncCOM0.55%$1M185.1K
48Morgan Stanley Emerging Markets Domestic Debt Fund IncCOM0.52%$1M262.5K
49DWS Strategic Municipal Income TrustCOM0.48%$1M131.0K

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 ↗.