SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Almitas Capital LLC

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

Reported Value
$396M
Q2 2025
Positions
82
Filings on Record
28
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Almitas Capital LLC reported $396M in U.S.-listed holdings across 82 positions for Q2 2025.

The portfolio is heavily concentrated: FBTC alone accounts for 38.2% of reported value.

Compared with Q1 2025, the fund opened 21 new positions and exited 20.

Portfolio Metrics

Turnover
+12.5%
vs prior filed quarter
Top-10 Concentration
+70.3%
share of reported value
Largest Position
+38.2%
Fidelity Wise Origin Bitcoin
New / Exited
21 / 20
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: 43.9%Closed-End Fund: 39.6%Common Stock: 13.3%REIT: 2.1%Other: 0.5%Other: 0.6%
  • ETP · 43.9% · $174M
  • Closed-End Fund · 39.6% · $157M
  • Common Stock · 13.3% · $53M
  • REIT · 2.1% · $8M
  • Other · 0.5% · $2M
  • Other · 0.6% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FETHFIDELITY ETHEREUM FDNEW+650.0K650.0K+$16M$16M
XPHTXPIONEER HIGH INCOME FUND INCNEW+1.60M1.60M+$13M$13M
CRFCORNERSTONE TOTAL RETURN FDNEW+831.1K831.1K+$6M$6M
LYELLYELL IMMUNOPHARMA INCNEW+580.0K580.0K+$5M$5M
ETHAISHARES ETHEREUM TRNEW+219.4K219.4K+$4M$4M
XPHDXPIONEER FLOATING RATE FUND INEW+338.4K338.4K+$3M$3M
ETHGRAYSCALE ETHEREUM MINI TR ENEW+89.6K89.6K+$2M$2M
FIRST TR EXCHNG TRADED FD VINEW+213.3K213.3K+$893,513$893,513

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

Holdings — Q2 2025

79 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFIDELITY WISE ORIGIN BITCOINhistory →SHS38.22%$151M1.61M
2BTTBLACKROCK MUN TARGET TERM TRhistory →COM SHS BEN IN8.61%$34M1.56M
3XPMAXPIONEER MUNICIPAL HIGH INCOMCOM · COM SHS4.96%$20M2.26M
4FETHFIDELITY ETHEREUM FDhistory →SHS4.13%$16M650.0K
5AMLXAMYLYX PHARMACEUTICALS INChistory →COM3.43%$14M2.12M
6XPHTXPIONEER HIGH INCOME FUND INChistory →COM3.27%$13M1.60M
7XMIOXPIONEER MUN HIGH INCOME OPPOhistory →COMMON STOCK2.35%$9M790.8K
8XNQPXNUVEEN PENNSYLVANIA QLT MUNhistory →COM2.01%$8M711.1K
9CNNECANNAE HLDGS INChistory →COM1.69%$7M321.0K
10CRFCORNERSTONE TOTAL RETURN FDhistory →COM1.63%$6M831.1K
11XENWXEATON VANCE NEW YORK MUN BDhistory →COM1.58%$6M673.4K
12MXFMEXICO FD INChistory →COM1.46%$6M329.7K
13BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A1.31%$5M1.03M
14DSGNDESIGN THERAPEUTICS INChistory →COM1.30%$5M1.53M
15LYELLYELL IMMUNOPHARMA INChistory →COM NEW1.29%$5M580.0K
16JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.24%$5M511.8K
17CCAPCRESCENT CAP BDC INChistory →COM1.24%$5M348.0K
18ITEOS THERAPEUTICS INCCOM1.23%$5M487.2K
19DSMBNY MELLON STRATEGIC MUN BDhistory →COM1.20%$5M851.1K
20ETHAISHARES ETHEREUM TRhistory →SHS1.06%$4M219.4K
21XCXEXMFS HIGH INCOME MUN TRSH BEN INT1.00%$4M1.10M
22DTFDTF TAX-FREE INCOME 2028 TERCOM0.99%$4M350.1K
23XCXHXMFS INVT GRADE MUN TRSH BEN INT0.86%$3M448.2K
24XPHDXPIONEER FLOATING RATE FUND ICOM0.84%$3M338.4K
25XJEQXABRDN JAPAN EQUITY FUND INCCOM0.79%$3M416.6K
26SDHYPGIM SHORT DUR HIG YLD OPP FCOM0.76%$3M178.3K
27CEECENTRAL & EASTERN EUROPE FDCOM0.68%$3M173.4K
28GLOCLOUGH GLOBAL OPPORTUNITIESSH BEN INT0.59%$2M427.7K
29AFBALLIANCEBERNSTEIN NATL MUN ICOM0.56%$2M214.5K
30XCMUXMFS HIGH YIELD MUN TRSH BEN INT0.55%$2M651.6K
31ETHGRAYSCALE ETHEREUM MINI TR ESHS NEW0.54%$2M89.6K
32MSGSMADISON SQUARE GRDN SPRT CORCL A0.52%$2M9.9K
33LADRLADDER CAP CORPCL0.49%$2M180.7K
34ZNTLZENTALIS PHARMACEUTICALS INCCOM0.47%$2M1.60M
35XPCQXPIMCO CALIF MUN INCOME FDCOM0.47%$2M215.4K
36AVIRATEA PHARMACEUTICALS INCCOM0.40%$2M445.4K
37TWO HARBORS INVENTMENT CORPONOTE 6.250% 1/10.40%$2M1.61M
38ANTXAN2 THERAPEUTICS INCCOM0.38%$2M1.43M
39BTXBLACKROCK TECH AND PRIVATE ESHS BEN INT0.36%$1M195.7K
40XPCKXPIMCO CALIF MUN INCOME FD IICOM0.34%$1M248.4K
41XWIAXWESTERN ASST INFLTN LKD INMCOM SH BEN INT0.32%$1M151.6K
42MFICMIDCAP FINANCIAL INVSTMNT COCOM NEW0.30%$1M92.7K
43LEOBNY MELLON STRATEGIC MUNS INCOM0.29%$1M195.8K
44ALXOALX ONCOLOGY HLDGS INCCOM0.27%$1M2.54M
45DMBBNY MELLON MUN BD INFRASTRUCCOM SHS0.26%$1M99.9K
46FIRST TR EXCHNG TRADED FD VICONFLUENCE BDC0.23%$893,513213.3K
47WHEELER REAL ESTATE INVT TR7% SR NT 310.20%$798,5575.3K
48MFAMFA FINL INCCOM0.18%$732,58277.4K
49FLGTFULGENT GENETICS INCCOM0.16%$617,47331.1K
50RALLYBIO CORPCOM0.15%$614,3121.82M
51LOGAN RIDGE FINANCE CORPCOM0.15%$576,94731.0K
52CEVEATON VANCE CALIF MUN INCOMSH BEN INT0.14%$564,78158.3K
53MEGINYLI CBRE GBL INFR MEGTRNDSCOM0.14%$562,88739.6K
54CABACABALETTA BIO INCCOM0.14%$558,586367.5K
55XGLQXCLOUGH GLOBAL EQUITY FDCOM0.14%$550,70777.3K
56HYIWESTERN ASSET HIGH YIELD DEFCOM0.14%$547,70245.7K
57VTGNVISTAGEN THERAPEUTICS INCCOM0.13%$522,798261.4K
58PNIPIMCO NEW YORK MUN FD IICOM0.12%$480,87071.6K
59XHNWXPIONEER DIVERSIFIED HIGH INCCOM0.12%$465,81137.3K
60BRWSABA CAPITAL INCOME & OPRNTSHS NEW0.11%$449,74055.8K
61ZTRVIRTUS TOTAL RETURN FD INCCOM0.11%$448,67872.0K
62ADAMNEW YORK MTG TR INCCOM0.11%$436,25765.1K
63ANROALTO NEUROSCIENCE INCCOM SHS0.11%$429,319195.1K
64PIMCO NEW YORK MUN INCOME FDCOM0.10%$391,13871.0K
65XTEAXTORTOISE SUSTAINABLE & SOCIACOM SH BEN INT0.10%$385,15431.5K
66XJQCXNUVEEN CR STRATEGIES INCOMECOM SHS0.09%$341,66163.4K
67EEAEUROPEAN EQUITY FD INCCOM0.07%$265,32525.9K
68KIOKKR INCOME OPPORTUNITIES FDCOM0.07%$261,88920.9K
69AEFABRDN EMERGING MARKETS EX CHCOM0.06%$245,96941.4K
70BOLDBOUNDLESS BIO INCCOM0.06%$237,860235.5K
71TWNTAIWAN FD INCCOM0.05%$204,5134.6K
72MUCBLACKROCK MUNIHLDNGS CALI QLCOM0.05%$185,83418.0K
73TDFTEMPLETON DRAGON FD INCCOM0.04%$148,31214.8K
74RGTROYCE GLOBAL TRUST INCCOM0.04%$145,81612.1K
75BHKBLACKROCK CORE BD TRSHS BEN INT0.03%$136,21614.0K
76CHWCALAMOS GBL DYN INCOME FUNDCOM0.02%$71,30010.0K
77HUDSON PAC PPTYS INCCOM0.01%$48,57717.7K
78ADAPYADAPTIMMUNE THERAPEUTICS PLCSPONDS ADS0.01%$26,140109.1K
79SCD-RLMP CAP & INCOME FD INCRIGHT 07/11/20250.00%$1,33719.4K

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 ↗.