SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Almitas Capital LLC

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

Reported Value
$867M
Q3 2025
Positions
128
includes revealed positions
Filings on Record
28
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Almitas Capital LLC reported $867M in U.S.-listed holdings across 128 positions for Q3 2025.

Its largest position, FBTC, represents 18.6% of the portfolio.

Compared with Q2 2025, the fund opened 19 new positions and exited 35.

Portfolio Metrics

Turnover
+10.7%
vs prior filed quarter
Top-10 Concentration
+61.5%
share of reported value
Largest Position
+18.6%
Fidelity Wise Origin Bitcoin
New / Exited
19 / 35
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
ETP: 47.1%Closed-End Fund: 25.3%Common Stock: 19.0%Other: 4.9%REIT: 3.2%Other: 0.5%
  • ETP · 47.1% · $408M
  • Closed-End Fund · 25.3% · $219M
  • Common Stock · 19.0% · $165M
  • Other · 4.9% · $43M
  • REIT · 3.2% · $28M
  • Other · 0.5% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ASA GOLD AND PRECIOUS MTLS LREVEALEDNEW+670.7K670.7K+$31M$31M
ISHARES TRREVEALEDNEW+185.8K185.8K+$11M$11M
FG NEXUS INC.REVEALEDNEW+1.57M1.57M+$9M$9M
BITBLACKROCK MULTI SECTOR INC TREVEALEDNEW+572.0K572.0K+$8M$8M
ARRARMOUR RESIDENTIAL REIT INCREVEALEDNEW+434.3K434.3K+$6M$6M
NLYANNALY CAPITAL MANAGEMENT INREVEALEDNEW+231.5K231.5K+$5M$5M
OXLCOXFORD LANE CAP CORPREVEALEDNEW+240.0K240.0K+$4M$4M
EATON VANCE CALIF MUN BD FDREVEALEDNEW+416.9K416.9K+$4M$4M

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

Holdings — Q3 2025REVEALED

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFIDELITY WISE ORIGIN BITCOINREVEALEDhistory →SHS37.12%$322M3.22M
2BLACKROCK MUN TARGET TERM TRREVEALEDCOM SHS BEN IN7.98%$69M3.08M
3AMLXAMYLYX PHARMACEUTICALS INCREVEALEDhistory →COM6.66%$58M4.25M
4FETHFIDELITY ETHEREUM FDREVEALEDhistory →SHS6.23%$54M1.30M
5ASA GOLD AND PRECIOUS MTLS LREVEALEDSHS3.54%$31M670.7K
6DSGNDESIGN THERAPEUTICS INCREVEALEDhistory →COM2.66%$23M3.06M
7CNNECANNAE HLDGS INCREVEALEDhistory →COM2.35%$20M1.11M
8LYELLYELL IMMUNOPHARMA INCREVEALEDhistory →COM NEW2.17%$19M1.16M
9XPHDXPIONEER FLOATING RATE FUND IREVEALEDhistory →COM1.61%$14M1.40M
10ETHAISHARES ETHEREUM TRREVEALEDhistory →SHS1.60%$14M438.8K
11XENWXEATON VANCE NEW YORK MUN BDREVEALEDhistory →COM1.40%$12M1.23M
12ISHARES TRREVEALEDGLB INFRASTR ETF1.31%$11M185.8K
13BRSPBRIGHTSPIRE CAPITAL INCREVEALEDhistory →COM CL A1.29%$11M2.06M
14CCAPCRESCENT CAP BDC INCREVEALEDhistory →COM1.24%$11M752.9K
15XCMUXMFS HIGH YIELD MUN TRREVEALEDhistory →SH BEN INT1.21%$10M3.01M
16JOFJAPAN SMALLER CAPITALIZATIONREVEALEDhistory →COM1.17%$10M963.3K
17BNY MELLON STRATEGIC MUN BDREVEALEDCOM1.16%$10M1.70M
18ALXOALX ONCOLOGY HLDGS INCREVEALEDhistory →COM1.07%$9M5.07M
19NUVEEN PENNSYLVANIA QLT MUNREVEALEDCOM1.05%$9M756.1K
20FG NEXUS INC.REVEALEDCOM NEW1.00%$9M1.57M
21XCXEXMFS HIGH INCOME MUN TRREVEALEDSH BEN INT0.95%$8M2.21M
22DTFDTF TAX-FREE INCOME 2028 TERREVEALEDCOM0.93%$8M701.9K
23MXFMEXICO FD INCREVEALEDCOM0.92%$8M405.9K
24XJEQXABRDN JAPAN EQUITY FUND INCREVEALEDCOM0.89%$8M980.3K
25BITBLACKROCK MULTI SECTOR INC TREVEALEDCOM0.80%$7M514.9K
26XCXHXMFS INVIT GRADE MUN TRREVEALEDSH BEN INT0.44%$4M487.7K

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 ↗.