SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Almitas Capital LLC

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

Reported Value
$454M
Q4 2025
Positions
107
Filings on Record
28
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Almitas Capital LLC reported $454M in U.S.-listed holdings across 107 positions for Q4 2025.

The portfolio is heavily concentrated: FBTC alone accounts for 25.8% of reported value.

Compared with Q3 2025, the fund opened 57 new positions and exited 16.

Portfolio Metrics

Turnover
+13.7%
vs prior filed quarter
Top-10 Concentration
+63.0%
share of reported value
Largest Position
+25.8%
Fidelity Wise Origin Bitcoin
New / Exited
57 / 16
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: 32.7%Closed-End Fund: 29.6%Common Stock: 23.3%REIT: 7.9%Other: 6.0%Other: 0.5%
  • ETP · 32.7% · $149M
  • Closed-End Fund · 29.6% · $135M
  • Common Stock · 23.3% · $106M
  • REIT · 7.9% · $36M
  • Other · 6.0% · $27M
  • Other · 0.5% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ELMEELME COMMUNITIESNEW+1.01M1.01M+$18M$18M
FSSLFS SPECIALTY LENDING FDNEW+801.8K801.8K+$11M$11M
USALIBERTY ALL STAR EQUITY FDNEW+804.6K804.6K+$5M$5M
ISHARES TRNEW+60.0K60.0K+$5M$5M
BPREBLUEROCK PVT REAL ESTATE FDNEW+212.2K212.2K+$3M$3M
PDXPIMCO DYNAMIC INCOME STRATEGNEW+151.3K151.3K+$3M$3M
EBFENNIS INCNEW+139.0K139.0K+$3M$3M
BMEZBLACKROCK HEALTH SCIENCES TENEW+152.9K152.9K+$2M$2M

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

Holdings — Q4 2025

107 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFIDELITY WISE ORIGIN BITCOINhistory →SHS25.79%$117M1.54M
2BTTBLACKROCK MUN TARGET TERM TRhistory →COM SHS BEN IN7.47%$34M1.49M
3AMLXAMYLYX PHARMACEUTICALS INChistory →COM5.65%$26M2.12M
4ASA GOLD AND PRECIOUS MTLS LSHS5.02%$23M382.1K
5FETHFIDELITY ETHEREUM FDhistory →SHS4.24%$19M650.0K
6LYELLYELL IMMUNOPHARMA INChistory →COM NEW3.92%$18M577.8K
7ELMEELME COMMUNITIEShistory →SH BEN INT3.88%$18M1.01M
8DSGNDESIGN THERAPEUTICS INChistory →COM3.16%$14M1.53M
9FSSLFS SPECIALTY LENDING FDhistory →COM SH BEN INT2.50%$11M801.8K
10CNNECANNAE HLDGS INChistory →COM1.43%$6M411.9K
11MRCCMONROE CAP CORPhistory →COM1.40%$6M999.0K
12CCAPCRESCENT CAP BDC INChistory →COM1.37%$6M444.2K
13BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A1.27%$6M1.03M
14DSMBNY MELLON STRATEGIC MUN BDhistory →COM1.26%$6M926.3K
15XPCQXPIMCO CALIF MUN INCOME FDhistory →COM1.23%$6M640.6K
16XCMUXMFS HIGH YIELD MUN TRhistory →SH BEN INT1.16%$5M1.50M
17USALIBERTY ALL STAR EQUITY FDhistory →SH BEN INT1.11%$5M804.6K
18ETHAISHARES ETHEREUM TRhistory →SHS1.08%$5M219.4K
19ISHARES TRIBOXX HI YD ETF1.07%$5M60.0K
20JOFJAPAN SMALLER CAPITALIZATIONhistory →COM1.06%$5M436.0K
21GLOCLOUGH GLOBAL OPPORTUNITIESSH BEN INT0.98%$4M790.3K
22XCXEXMFS HIGH INCOME MUN TRSH BEN INT0.97%$4M1.19M
23XNQPXNUVEEN PENNSYLVANIA QLT MUNCOM0.97%$4M368.8K
24DTFDTF TAX-FREE INCOME 2028 TERCOM0.88%$4M350.9K
25ARRARMOUR RESIDENTIAL REIT INCCOM SHS0.85%$4M217.1K
26MXFMEXICO FD INCCOM0.82%$4M185.9K
27XCXHXMFS INVT GRADE MUN TRSH BEN INT0.80%$4M454.9K
28BPREBLUEROCK PVT REAL ESTATE FDCOM0.70%$3M212.2K
29QUINCE THERAPEUTICS INCCOM0.69%$3M930.1K
30CEECENTRAL & EASTERN EUROPE FDCOM0.68%$3M173.3K
31ALXOALX ONCOLOGY HLDGS INCCOM0.63%$3M2.54M
32PDXPIMCO DYNAMIC INCOME STRATEGCOM SHS BEN INT0.63%$3M151.3K
33MYPSPLAYSTUDIOS INCCLASS A COM0.58%$3M4.05M
34NLYANNALY CAPITAL MANAGEMENT INCOM NEW0.57%$3M115.8K
35MSGSMADISON SQUARE GRDN SPRT CORCL A0.57%$3M9.9K
36ETHGRAYSCALE ETHEREUM MINI TR ESHS NEW0.55%$3M89.6K
37EBFENNIS INCCOM0.55%$3M139.0K
38XGLQXCLOUGH GLOBAL EQUITY FDCOM0.54%$2M323.0K
39AFBALLIANCEBERNSTEIN NATL MUN ICOM0.51%$2M214.3K
40BMEZBLACKROCK HEALTH SCIENCES TECOM SHS0.51%$2M152.9K
41LADRLADDER CAP CORPCL A0.46%$2M189.4K
42NPCTNUVEEN CORE PLUS IMPACT FUNDCOM BEN INT0.46%$2M204.4K
43DMBBNY MELLON MUN BD INFRASTRUCCOM SHS0.44%$2M182.9K
44XDIAXNUVEEN DOW 30 DYNMC OVERWRTSHS0.38%$2M114.2K
45ANTXAN2 THERAPEUTICS INCCOM0.37%$2M1.48M
46TWO HARBORS INVENTMENT CORPONOTE 6.250% 1/10.36%$2M1.61M
47FSKFS KKR CAP CORPCOM0.35%$2M106.6K
48MFICMIDCAP FINANCIAL INVSTMNT COCOM NEW0.34%$2M135.5K
49TRCTEJON RANCH COCOM0.32%$1M93.1K
50ANROALTO NEUROSCIENCE INCCOM SHS0.31%$1M78.5K
51STWDSTARWOOD PPTY TR INCCOM0.28%$1M71.0K
52LEOBNY MELLON STRATEGIC MUNS INCOM0.28%$1M197.1K
53MFAMFA FINL INCCOM0.26%$1M128.1K
54GERNGERON CORPCOM0.26%$1M896.3K
55SBETSHARPLINK GAMING INCCOM NEW0.24%$1M124.3K
56HPPHUDSON PAC PPTYS INCCOM0.23%$1M97.8K
57RALLYBIO CORPCOM0.23%$1M1.53M
58NCDLNUVEEN CHURCHILL DIRECT LENDCOM SHS0.21%$935,93470.2K
59UTFCOHEN & STEERS INFRASTRUCTURCOM0.20%$929,73038.6K
60JFRNUVEEN FLOATING RATE INCOMECOM0.20%$923,533117.9K
61EICEAGLE POINT INCOME COMPANY ICOM0.20%$919,04180.5K
62FCTFIRST TR SR FLTG RATE INCOMECOM0.20%$886,50288.0K
63CABACABALETTA BIO INCCOM0.19%$848,605387.5K
64MEGINYLI CBRE GBL INFR MEGTRNDSCOM0.19%$848,34561.7K
65ZNTLZENTALIS PHARMACEUTICALS INCCOM0.18%$823,599610.1K
66BCATBLACKROCK CAP ALLOCATION TERCOM0.17%$778,80055.0K
67FTHYFIRST TR HIGH YIELD OPPRT 20COM0.17%$778,43755.3K
68CCIFCARLYLE CREDIT INCOME FUNDSHS BEN INT0.16%$737,667157.3K
69MFMMFS MUN INCOME TRSH BEN INT0.16%$729,580134.4K
70WDWALKER & DUNLOP INCCOM0.15%$697,74011.6K
71CRFCORNERSTONE TOTAL RETURN FDCOM0.15%$692,20086.4K
72EFTEATON VANCE FLTING RATE INCCOM0.15%$670,67159.4K
73NEWTNEWTEKONE INCCOM NEW0.13%$608,02053.6K
74XWIAXWESTERN ASST INFLTN LKD INMCOM SH BEN INT0.13%$602,57772.9K
75CVCOCAVCO INDS INC DELCOM0.13%$586,014992
76ASGLIBERTY ALL-STAR GROWTH FD ICOM0.13%$585,549110.5K
77CGBDCARLYLE SECURED LENDING INCCOM0.12%$535,63442.9K
78STEWSRH TOTAL RETURN FUND INCCOM0.12%$532,45028.7K
79SABASABA CAPITAL INCOME & OPPORTCOM NEW0.12%$529,07364.1K
80FLGTFULGENT GENETICS INCCOM0.11%$485,41718.5K
81TCPCBLACKROCK TCP CAPITAL CORPCOM0.10%$464,95085.0K
82GSBDGOLDMAN SACHS BDC INCSHS0.10%$464,00050.0K
83WHEELER REAL ESTATE INVT TR7% SR NT 310.10%$461,2135.3K
84EMOCLEARBRIDGE ENERGY MIDSTRM OCOM0.09%$426,3639.5K
85SKYCHAMPION HOMES INCCOM0.09%$422,5005.0K
86SDHYPGIM SHORT DUR HIG YLD OPP FCOM0.09%$415,80725.3K
87NMFCNEW MTN FIN CORPCOM0.09%$414,45045.0K
88FRMMETHZILLA CORPORATIONCOM SHS0.09%$393,99980.4K
89CPZCALAMOS LNG SHR EQT DYNAMICCOM0.08%$368,48225.2K
90CIMCHIMERA INVT CORPCOM SHS0.08%$362,67029.2K
91MSDLMORGAN STANLEY DIRECT LENDINCOM SHS0.07%$329,60020.0K
92HQLABRDN LIFE SCIENCES INVESTORSH BEN INT0.07%$322,83019.2K
93XEFRXEATON VANCE SR FLTNG RTE TRCOM0.07%$321,15528.8K
94XJQCXNUVEEN CR STRATEGIES INCOMECOM SHS0.07%$317,78663.3K
95GBDCGOLUB CAP BDC INCCOM0.06%$271,40020.0K
96OPPRIVERNORTH DOUBLELINE STRATECOM0.06%$270,00634.0K
97BITBLACKROCK MULTI SECTOR INC TCOM0.06%$255,23219.5K
98SWZTOTAL RETURN SECURITIES FUNDCOM0.05%$228,77836.8K
99BCSFBAIN CAP SPECIALTY FIN INCCOM STK0.05%$208,65015.0K
100ETJEATON VANCE RISK-MANAGED DIVCOM0.04%$182,23020.7K

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 ↗.