SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Almitas Capital LLC

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

Reported Value
$301M
Q1 2025
Positions
81
Filings on Record
28
2019–present window
Filed
May 15, 2025
original filing

Summary

Almitas Capital LLC reported $301M in U.S.-listed holdings across 81 positions for Q1 2025.

The portfolio is heavily concentrated: FBTC alone accounts for 39.5% of reported value.

Compared with Q4 2024, the fund opened 14 new positions and exited 25.

Portfolio Metrics

Turnover
+7.8%
vs prior filed quarter
Top-10 Concentration
+67.5%
share of reported value
Largest Position
+39.5%
Fidelity Wise Origin Bitcoin Fund
New / Exited
14 / 25
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: 41.6%ETP: 40.1%Common Stock: 11.6%Other: 3.6%REIT: 2.1%Other: 0.9%
  • Closed-End Fund · 41.6% · $125M
  • ETP · 40.1% · $121M
  • Common Stock · 11.6% · $35M
  • Other · 3.6% · $11M
  • REIT · 2.1% · $6M
  • Other · 0.9% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CNNECannae Holdings IncNEW+143.7K143.7K+$3M$3M
MSGSMadison Square Garden Sports CorpNEW+9.9K9.9K+$2M$2M
PIMCO California Municipal Income FundNEW+204.5K204.5K+$2M$2M
Wheeler REIT INCNEW+5.3K5.3K+$966,491$966,491
CIMChimera Investment CorpNEW+66.8K66.8K+$857,544$857,544
CABACabaletta Bio IncNEW+367.5K367.5K+$508,975$508,975
CCAPCrescent Capital BDC IncNEW+24.2K24.2K+$414,304$414,304
XJEQXabrdn Japan Equity Fund IncNEW+60.6K60.6K+$394,035$394,035

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

Holdings — Q1 2025

81 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFidelity Wise Origin Bitcoin Fundhistory →SHS39.46%$119M1.65M
2BlackRock Municipal 2030 Target Term TrustCOM SHS BEN IN10.98%$33M1.56M
3Nuveen Pennsylvania Quality Municipal Income FundCOM2.92%$9M783.8K
4BNY Mellon Municipal Income IncCOM2.58%$8M1.08M
5AMLXAmylyx Pharmaceuticals Inchistory →COM2.49%$8M2.12M
6XENWXEaton Vance New York Municipal Bond Fundhistory →COM2.20%$7M698.2K
7DSGNDesign Therapeutics Inchistory →COM1.86%$6M1.45M
8STEWSRH Total Return Fund Inchistory →COM1.73%$5M302.0K
9BNY Mellon Strategic Municipal Bond Fund IncCOM1.63%$5M851.1K
10MXFMexico Fund Inc/Thehistory →COM1.63%$5M344.3K
11JOFJapan Smaller Capitalization Fund Inchistory →COM1.42%$4M511.8K
12XCXEXMFS High Income Municipal Trusthistory →SH BEN INT1.28%$4M1.05M
13XCXHXMFS Investment Grade Municipal Trusthistory →SH BEN INT1.24%$4M470.4K
14DTFDTF Tax-Free Income 2028 Term Fund Inchistory →COM1.15%$3M309.6K
15PGIM Short Duration High Yield Opportunities FundCOM1.07%$3M196.5K
16NKTREURNektar Therapeuticshistory →COM1.04%$3M4.61M
17BlackRock Health Sciences Term TrustCOM1.01%$3M204.8K
18MEGINYLI CBRE Global Infrastructure Megatrends Term FundCOM1.00%$3M226.1K
19NPCTNuveen Core Plus Impact FundCOM BEN INT0.96%$3M269.7K
20ZNTLZentalis Pharmaceuticals IncCOM0.90%$3M1.71M
21BRSPBrightSpire Capital IncCOM CL A0.88%$3M478.4K
22CNNECannae Holdings IncCOM0.87%$3M143.7K
23CEECentral and Eastern Europe Fund IncCOM0.86%$3M180.2K
24XPMAXPioneer Municipal High Income Advantage Fund IncCOM0.85%$3M306.5K
25IIFMorgan Stanley India Investment Fund IncCOM0.85%$3M104.7K
26Pioneer Municipal High Income Opportunities Fund IncCOMMON STOCK0.84%$3M214.9K
27Pioneer Municipal High Income Fund TrustCOM SHS0.83%$2M270.8K
28AVIRAtea Pharmaceuticals IncCOM0.71%$2M715.0K
29GLOClough Global Opportunities FundSH BEN INT0.68%$2M421.9K
30AFBAllianceBernstein National Municipal Income FundCOM0.68%$2M187.5K
31Vanguard Dividend Appreciation ETFDIV APP ETF0.66%$2M10.3K
32MSGSMadison Square Garden Sports CorpCL A0.64%$2M9.9K
33MFICMidCap Financial Investment CorpCOM NEW0.61%$2M142.9K
34PIMCO California Municipal Income FundCOM0.60%$2M204.5K
35ANTXAN2 Therapeutics IncCOM0.59%$2M1.31M
36Ladder Capital CorpCL A0.55%$2M146.5K
372662247DiTeos Therapeutics IncCOM0.54%$2M275.1K
38Two Harbors Investment CorpNOTE 6.250% 1/10.53%$2M1.61M
39XCMUXMFS High Yield Municipal TrustSH BEN INT0.48%$1M416.5K
40TYGTortoise Energy Infrastructure CorpCOM0.46%$1M32.3K
41Lyell Immunopharma IncCOM0.44%$1M2.48M
42Western Asset Inflation-Linked Income FundCOM SH BEN INT0.44%$1M159.1K
43PIMCO California Municipal Income Fund IICOM0.41%$1M216.5K
44BlackRock Innovation and Growth Term TrustSHS BEN INT0.40%$1M193.4K
45DMBBNY Mellon Municipal Bond Infrastructure Fund IncCOM SHS0.36%$1M103.5K
46Wheeler REIT INC7% SR NT 310.32%$966,4915.3K
47First Trust Specialty Finance and Financial Opportunities FundCOM BEN INTR0.30%$916,992213.3K
48LEOBNY Mellon Strategic Municipals IncCOM0.29%$887,486145.0K
49CIMChimera Investment CorpCOM SHS0.28%$857,54466.8K
50Rallybio CorpCOM0.28%$851,2301.30M
51ALXOALX Oncology Holdings IncCOM0.28%$843,0071.35M
52MFA Financial IncCOM0.26%$794,53477.4K
53DMADestra Multi-Alternative FundCOMMON SHARES0.24%$736,04786.8K
54BlackRock MuniHoldings California Quality Fund IncCOM0.24%$709,18466.2K
55CETCentral Securities CorpCOM0.23%$707,44615.7K
56VTGNVistagen Therapeutics IncCOM0.21%$636,638254.7K
57Eaton Vance California Municipal Income TrustSH BEN INT0.20%$614,52761.3K
58EEAEuropean Equity Fund Inc/TheCOM0.19%$582,18264.0K
59CABACabaletta Bio IncCOM0.17%$508,975367.5K
60ANROAlto Neuroscience IncCOM SHS0.17%$506,274234.4K
61EMF1EURTempleton Emerging Markets Fund/United StatesCOM0.16%$488,57038.0K
62FLGTFulgent Genetics IncCOM0.16%$485,33428.7K
63ADAMNew York Mortgage Trust IncCOM0.15%$457,62370.5K
64XGLQXClough Global Equity FundCOM0.15%$444,82970.7K
65CCAPCrescent Capital BDC IncCOM0.14%$414,30424.2K
66ALECAlector IncCOM0.13%$395,529321.6K
67XJEQXabrdn Japan Equity Fund IncCOM0.13%$394,03560.6K
68CLMCornerstone Strategic Investment Fund IncCOM0.12%$360,83848.6K
69BOLDBoundless Bio IncCOM0.12%$353,911234.4K
70PIMCO New York Municipal Income Fund IICOM0.11%$326,99746.2K
71TWNTaiwan Fund Inc/The/MDCOM0.09%$283,8468.5K
72ZTRVirtus Total Return Fund IncCOM0.09%$268,61445.0K
73TDFTempleton Dragon Fund IncCOM0.08%$244,19825.2K
74WIWWestern Asset Inflation-Linked Opportunities & Income FundCOM0.07%$197,97722.5K
75RGTRoyce Global Trust IncCOM0.05%$156,81814.9K
76PZCPIMCO California Municipal Income Fund IIICOM0.05%$152,66623.4K
77Morgan Stanley Emerging Markets Domestic Debt Fund IncCOM0.05%$137,50329.3K
78HEQJohn Hancock Diversified Income FundCOM0.04%$131,73712.7K
79GGZGabelli Global Small and Mid Cap Value Trust/TheCOM0.04%$129,60010.8K
80PIMCO New York Municipal Income Fund IIICOM0.02%$71,08112.6K
81Hudson Pacific Properties IncCOM0.02%$52,30117.7K

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 ↗.