SEC 13F Intelligence

Managers / Q4 2024 · view latest →

Almitas Capital LLC

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

Reported Value
$456M
Q4 2024
Positions
92
Filings on Record
28
2019–present window
Filed
Feb 14, 2025
original filing

Summary

Almitas Capital LLC reported $456M in U.S.-listed holdings across 92 positions for Q4 2024.

The portfolio is heavily concentrated: FBTC alone accounts for 31.0% of reported value.

Compared with Q3 2024, the fund opened 45 new positions and exited 21.

Portfolio Metrics

Turnover
+22.8%
vs prior filed quarter
Top-10 Concentration
+67.0%
share of reported value
Largest Position
+31.0%
Fidelity Wise Origin Bitcoin Fund
New / Exited
45 / 21
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
ETP: 44.5%Closed-End Fund: 34.8%Other: 8.0%Common Stock: 7.9%REIT: 4.4%US DOMESTIC: 0.4%
  • ETP · 44.5% · $203M
  • Closed-End Fund · 34.8% · $159M
  • Other · 8.0% · $37M
  • Common Stock · 7.9% · $36M
  • REIT · 4.4% · $20M
  • US DOMESTIC · 0.4% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FETHFidelity Ethereum FundNEW+941.1K941.1K+$31M$31M
Blue Owl Capital Corp IIINEW+1.89M1.89M+$27M$27M
ETHGrayscale Ethereum Mini Trust ETFNEW+515.0K515.0K+$16M$16M
TPZTortoise Power And Energy Infrastructure FundNEW+576.1K576.1K+$12M$12M
TYGTortoise Energy Infrastructure CorpNEW+248.7K248.7K+$10M$10M
NLYAnnaly Capital Management IncNEW+390.7K390.7K+$7M$7M
TWOTwo Harbors Investment CorpNEW+437.4K437.4K+$5M$5M
DSMBNY Mellon Strategic Municipal Bond Fund IncNEW+625.5K625.5K+$4M$4M

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

Holdings — Q4 2024

90 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFidelity Wise Origin Bitcoin Fundhistory →SHS30.96%$141M1.73M
2FETHFidelity Ethereum Fundhistory →SHS6.89%$31M941.1K
3BTTBlackRock Municipal 2030 Target Term Trusthistory →COM SHS BEN IN6.77%$31M1.50M
4Blue Owl Capital Corp IIICOM SHS5.97%$27M1.89M
5BMEZBlackRock Health Sciences Term Trusthistory →COM4.23%$19M1.34M
6ETHGrayscale Ethereum Mini Trust ETFhistory →COM UNIT3.55%$16M515.0K
7TPZTortoise Power And Energy Infrastructure Fundhistory →COM2.53%$12M576.1K
8TYGTortoise Energy Infrastructure Corphistory →COM2.29%$10M248.7K
9XNQPXNuveen Pennsylvania Quality Municipal Income Fundhistory →COM2.02%$9M822.6K
10DSGNDesign Therapeutics Inchistory →COM1.79%$8M1.32M
11AMLXAmylyx Pharmaceuticals Inchistory →COM1.68%$8M2.03M
12SDHYPGIM Short Duration High Yield Opportunities Fundhistory →COM1.63%$7M462.1K
13NLYAnnaly Capital Management Inchistory →COM NEW1.57%$7M390.7K
14TWOTwo Harbors Investment CorpCOM · NOTE 6.250% 1/11.48%$7M2.05M
15XENWXEaton Vance New York Municipal Bond Fundhistory →COM1.46%$7M698.2K
16BNY Mellon Municipal Income IncCOM1.25%$6M806.0K
17ECATBlackRock ESG Capital Allocation Term Trusthistory →SHS BEN INT1.19%$5M331.1K
18ZNTLZentalis Pharmaceuticals Inchistory →COM1.08%$5M1.63M
19STEWSRH Total Return Fund Inchistory →COM1.06%$5M302.0K
20MXFMexico Fund Inc/TheCOM0.92%$4M317.8K
21XXHYBXXNew America High Income Fund Inc/TheCOM NEW0.89%$4M496.0K
22JOFJapan Smaller Capitalization Fund IncCOM0.84%$4M497.5K
23XCXHXMFS Investment Grade Municipal TrustSH BEN INT0.84%$4M477.5K
24DSMBNY Mellon Strategic Municipal Bond Fund IncCOM0.80%$4M625.5K
25DTFDTF Tax-Free Income 2028 Term Fund IncCOM0.79%$4M322.4K
26XCXEXMFS High Income Municipal TrustSH BEN INT0.74%$3M921.8K
27NPCTNuveen Core Plus Impact FundCOM BEN INT0.62%$3M269.7K
28XMIOXPioneer Municipal High Income Opportunities Fund IncCOMMON STOCK0.60%$3M231.1K
29ZTRVirtus Total Return Fund IncCOM0.56%$3M437.1K
30AVIRAtea Pharmaceuticals IncCOM0.55%$3M752.0K
31GLOClough Global Opportunities FundSH BEN INT0.51%$2M455.2K
32IIFMorgan Stanley India Investment Fund IncCOM0.48%$2M86.3K
33DMADestra Multi-Alternative FundCOMMON SHARES0.47%$2M253.4K
34iTeos Therapeutics IncCOM0.46%$2M275.1K
35XPMAXPioneer Municipal High Income Advantage Fund IncCOM0.45%$2M245.0K
36ALXOALX Oncology Holdings IncCOM0.45%$2M1.22M
37AFBAllianceBernstein National Municipal Income FundCOM0.45%$2M187.5K
38DXDynex Capital IncCOM0.44%$2M159.4K
39BRSPBrightSpire Capital IncCOM CL A0.44%$2M356.3K
40CEECentral and Eastern Europe Fund IncCOM0.43%$2M180.2K
41MEGINYLI CBRE Global Infrastructure Megatrends Term FundCOM0.43%$2M160.9K
42MFICMidCap Financial Investment CorpCOM NEW0.40%$2M135.4K
43XMHIXPioneer Municipal High Income Fund TrustCOM SHS0.40%$2M195.9K
44ANTXAN2 Therapeutics IncCOM0.40%$2M1.31M
45LADRLadder Capital CorpCL A0.36%$2M145.9K
46BTCGrayscale Bitcoin Mini Trust ETFSHS0.33%$1M35.7K
47BTXBlackRock Innovation and Growth Term TrustSHS BEN INT0.31%$1M193.2K
48XWIAXWestern Asset Inflation-Linked Income FundCOM SH BEN INT0.28%$1M159.1K
49Rallybio CorpCOM0.27%$1M1.30M
50XCMUXMFS High Yield Municipal TrustSH BEN INT0.27%$1M344.1K
51MUCBlackRock MuniHoldings California Quality Fund IncCOM0.26%$1M111.1K
52ANROAlto Neuroscience IncCOM SHS0.25%$1M266.9K
53VIGVanguard Dividend Appreciation ETFDIV APP ETF0.22%$1M5.2K
54First Trust Specialty Finance and Financial Opportunities FundCOM BEN INTR0.20%$897,412213.2K
55PSTLPostal Realty Trust IncCL A0.19%$870,01766.7K
56Nektar TherapeuticsCOM0.19%$855,809920.2K
57IFNIndia Fund Inc/TheCOM0.18%$814,27551.7K
58MFAMFA Financial IncCOM0.17%$789,11477.4K
59HYIWestern Asset High Yield Defined Opportunity Fund IncCOM0.17%$762,36664.5K
60VTGNVistagen Therapeutics IncCOM0.16%$751,232254.7K
61CETCentral Securities CorpCOM0.15%$705,27115.4K
62Lyell Immunopharma IncCOM0.15%$672,3331.05M
63DMBBNY Mellon Municipal Bond Infrastructure Fund IncCOM SHS0.14%$658,81963.7K
64LEOBNY Mellon Strategic Municipals IncCOM0.14%$645,398106.9K
65BOLDBoundless Bio IncCOM0.12%$556,820192.0K
66ALECAlector IncCOM0.12%$538,357284.8K
67XAODXabrdn Total Dynamic Dividend FundCOM SH BEN INT0.11%$502,50659.8K
68ACELYRIN IncCOM0.10%$466,931148.7K
69EMFTempleton Emerging Markets Fund/United StatesCOM0.10%$454,35138.0K
70CEVEaton Vance California Municipal Income TrustSH BEN INT0.10%$436,38943.5K
71ADAMNew York Mortgage Trust IncCOM0.09%$427,30370.5K
72THWabrdn World Healthcare FundBEN INT SHS0.08%$380,67134.6K
73THQabrdn Healthcare Opportunities FundSHS0.08%$358,36019.0K
74XGLQXClough Global Equity FundCOM0.08%$343,21651.5K
75TWNTaiwan Fund Inc/The/MDCOM0.07%$330,3428.5K
76XBKNXBlackRock Investment Quality Municipal Trust Inc/TheCOM0.07%$326,97429.3K
77FLGTFulgent Genetics IncCOM0.06%$295,52016.0K
78XBNYXBlackRock New York Municipal Income TrustSH BEN INT0.06%$290,95528.6K
79Hudson Pacific Properties IncCOM0.06%$268,58288.6K
80XAGDXabrdn Global Dynamic Dividend FundCOM0.06%$265,52127.1K
81WIWWestern Asset Inflation-Linked Opportunities & Income FundCOM0.05%$210,50525.5K
82ACPabrdn Income Credit Strategies FundCOM0.04%$185,07031.0K
83EDDMorgan Stanley Emerging Markets Domestic Debt Fund IncCOM0.04%$163,86736.1K
84RGTRoyce Global Trust IncCOM0.04%$160,13214.9K
85PIMCO New York Municipal Income FundCOM0.03%$155,00520.9K
86AEFabrdn Emerging Markets Equity Income Fund IncCOM0.03%$136,63726.3K
87EEAEuropean Equity Fund Inc/TheCOM0.03%$130,96716.1K
88GLVClough Global Dividend and Income FundCOM0.02%$106,42219.6K
89TDFTempleton Dragon Fund IncCOM0.02%$101,24311.9K
90XPCKXPIMCO California Municipal Income Fund IICOM0.01%$59,29910.4K

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 ↗.