SEC 13F Intelligence

Managers / Q1 2026

Almitas Capital LLC

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

Reported Value
$443M
Q1 2026
Positions
115
Filings on Record
28
2019–present window
Filed
May 15, 2026
original filing

Summary

Almitas Capital LLC reported $443M in U.S.-listed holdings across 115 positions for Q1 2026.

The portfolio is heavily concentrated: FBTC alone accounts for 20.5% of reported value.

Compared with Q4 2025, the fund opened 32 new positions and exited 24.

Portfolio Metrics

Turnover
+24.0%
vs prior filed quarter
Top-10 Concentration
+57.8%
share of reported value
Largest Position
+20.5%
Fidelity Wise Origin Bitcoin
New / Exited
32 / 24
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: 39.2%Common Stock: 27.9%ETP: 20.7%Other: 7.4%REIT: 4.7%Other: 0.1%
  • Closed-End Fund · 39.2% · $174M
  • Common Stock · 27.9% · $123M
  • ETP · 20.7% · $92M
  • Other · 7.4% · $33M
  • REIT · 4.7% · $21M
  • Other · 0.1% · $429,576

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BUWABIO RAD LABS INCNEW+30.3K30.3K+$8M$8M
PIMCO NEW YORK MUN FD IINEW+488.7K488.7K+$3M$3M
CLMCORNERSTONE STRATEGIC INVESTNEW+442.0K442.0K+$3M$3M
TRTXTPG RE FIN TR INCNEW+327.8K327.8K+$3M$3M
RLYBRALLYBIO CORPNEW+191.2K191.2K+$2M$2M
BGBBLACKSTONE STRATEGIC CRED 20NEW+144.8K144.8K+$2M$2M
XSSPXNUVEEN S&P 500 DYNAMIC OVERWNEW+88.6K88.6K+$1M$1M
BANXUSDARROWMARK FINANCIAL CORPNEW+73.3K73.3K+$1M$1M

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

Holdings — Q1 2026

115 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FBTCFIDELITY WISE ORIGIN BITCOINhistory →SHS20.50%$91M1.54M
2BLACKROCK MUN TARGET TERM TRCOM SHS BEN IN7.62%$34M1.49M
3ASA GOLD AND PRECIOUS MTLS LSHS7.37%$33M525.7K
4AMLXAMYLYX PHARMACEUTICALS INChistory →COM6.67%$30M2.12M
5DSGNDESIGN THERAPEUTICS INChistory →COM3.68%$16M1.53M
6NUVEEN PA INVT QUALITY MUN FCOM2.85%$13M1.06M
7NRGXEURPIMCO DYNAMIC INCOME STRATEGhistory →COM SHS BEN INT2.70%$12M541.5K
8LYELLYELL IMMUNOPHARMA INChistory →COM NEW2.62%$12M577.8K
9BUWABIO RAD LABS INChistory →CL A1.91%$8M30.3K
10CNNECANNAE HLDGS INChistory →COM1.90%$8M741.3K
11CRFCORNERSTONE TOTAL RETURN FDhistory →COM1.75%$8M1.12M
12BLACKROCK HEALTH SCIENCES TECOM SHS1.64%$7M506.4K
13ALXOALX ONCOLOGY HLDGS INChistory →COM1.44%$6M3.17M
14BRSPBRIGHTSPIRE CAPITAL INChistory →COM CL A1.29%$6M1.02M
15BNY MELLON STRATEGIC MUN BDCOM1.26%$6M926.3K
16XCMUXMFS HIGH YIELD MUN TRhistory →SH BEN INT1.21%$5M1.50M
17PIMCO CALIF MUN INCOME FDCOM1.20%$5M617.0K
18ELMEELME COMMUNITIEShistory →SH BEN INT1.18%$5M2.61M
19MRCCMONROE CAP CORPhistory →COM1.17%$5M1.28M
20ANTXAN2 THERAPEUTICS INChistory →COM1.14%$5M1.48M
21XCXEXMFS HIGH INCOME MUN TRhistory →SH BEN INT1.06%$5M1.27M
22MEGINYLI CBRE GBL INFR MEGTRNDShistory →COM1.05%$5M316.1K
23JOFJAPAN SMALLER CAPITALIZATIONCOM0.99%$4M403.0K
24CCAPCRESCENT CAP BDC INCCOM0.98%$4M356.9K
25DTFDTF TAX-FREE INCOME 2028 TERCOM0.92%$4M355.1K
26MXFMEXICO FD INCCOM0.87%$4M183.5K
27FIRST TR SR FLTG RATE INCOMECOM0.83%$4M382.9K
28GLOCLOUGH GLOBAL OPPORTUNITIESSH BEN INT0.83%$4M660.8K
29XCXHXMFS INVT GRADE MUN TRSH BEN INT0.82%$4M454.8K
30FSSLFS SPECIALTY LENDING FDCOM SH BEN INT0.76%$3M268.8K
31PIMCO NEW YORK MUN FD IICOM0.76%$3M488.7K
32CLMCORNERSTONE STRATEGIC INVESTCOM0.73%$3M442.0K
33MSGSMADISON SQUARE GRDN SPRT CORCL A0.72%$3M9.9K
34CEECENTRAL & EASTERN EUROPE FDCOM0.72%$3M173.3K
35JFRNUVEEN FLOATING RATE INCOMECOM0.70%$3M411.6K
36EBFENNIS INCCOM0.67%$3M139.0K
37SABASABA CAPITAL INCOME & OPPORTCOM NEW0.65%$3M347.8K
38PGIM SHORT DUR HIG YLD OPP FCOM0.65%$3M178.9K
39LADDER CAP CORPCL A0.64%$3M290.5K
40TRTXTPG RE FIN TR INCCOM0.58%$3M327.8K
41XGLQXCLOUGH GLOBAL EQUITY FDCOM0.56%$2M331.0K
42AFBALLIANCEBERNSTEIN NATL MUN ICOM0.52%$2M214.3K
43FTHYFIRST TR HIGH YIELD OPPRT 20COM0.51%$2M166.3K
44MYPSPLAYSTUDIOS INCCLASS A COM0.50%$2M4.70M
45USALIBERTY ALL STAR EQUITY FDSH BEN INT0.50%$2M395.5K
46STEWSRH TOTAL RETURN FUND INCCOM0.45%$2M116.8K
47DMBBNY MELLON MUN BD INFRASTRUCCOM SHS0.44%$2M182.9K
48TRCTEJON RANCH COCOM0.40%$2M95.0K
49ANROALTO NEUROSCIENCE INCCOM SHS0.40%$2M78.5K
50RLYBRALLYBIO CORPCOM0.39%$2M191.2K
51FLGTFULGENT GENETICS INCCOM0.38%$2M104.8K
52BGBBLACKSTONE STRATEGIC CRED 20COM SHS BEN IN0.36%$2M144.8K
53MFICMIDCAP FINANCIAL INVSTMNT COCOM NEW0.36%$2M140.5K
54ZNTLZENTALIS PHARMACEUTICALS INCCOM0.32%$1M610.1K
55XSSPXNUVEEN S&P 500 DYNAMIC OVERWCOM0.32%$1M88.6K
56BANXUSDARROWMARK FINANCIAL CORPCOM0.32%$1M73.3K
57JRINUVEEN REAL ASSET INCOME & GCOM0.31%$1M110.4K
58LEOBNY MELLON STRATEGIC MUNS INCOM0.28%$1M197.1K
59MFA FINL INCCOM0.28%$1M128.1K
60STWDSTARWOOD PPTY TR INCCOM0.28%$1M71.0K
61TWNTAIWAN FD INCCOM0.28%$1M18.6K
62FSKFS KKR CAP CORPCOM0.26%$1M111.6K
63UTFCOHEN & STEERS INFRASTRUCTURCOM0.23%$997,98538.6K
64CABACABALETTA BIO INCCOM0.21%$907,582337.4K
65NCDLNUVEEN CHURCHILL DIRECT LENDCOM SHS0.20%$892,43570.2K
66NPCTNUVEEN CORE PLUS IMPACT FUNDCOM BEN INT0.20%$870,05385.4K
67FBRTFRANKLIN BSP RLTY TR INCCOMMON STOCK0.19%$840,96899.1K
68SBETSHARPLINK INCCOM NEW0.18%$801,625124.3K
69EICEAGLE POINT INCOME COMPANY ICOM0.17%$760,36480.5K
70HPPHUDSON PACIFIC PROPERTIES INCOM0.17%$735,192124.4K
71ASGLIBERTY ALL-STAR GROWTH FD ICOM0.15%$655,429138.0K
72NEWTNEWTEKONE INCCOM NEW0.13%$586,59253.6K
73BLACKSTONE SENI FLTN RAT 202COM0.13%$575,89944.5K
74XEFRXEATON VANCE SR FLTNG RTE TRCOM0.12%$524,70249.8K
75WDWALKER & DUNLOP INCCOM0.12%$514,80811.6K
76CCIFCARLYLE CREDIT INCOME FUNDSHS BEN INT0.11%$506,169157.7K
77CVCOCAVCO INDS INC DELCOM0.11%$480,416992
78STATE STR SPDR S&P 500 ETF TTR UNIT0.11%$471,497725
79CGBDCARLYLE SECURED LENDING INCCOM0.11%$469,16242.9K
80WESTERN ASSET INFLT LNK INCCOM SH BEN INT0.10%$458,39556.7K
81GSBDGOLDMAN SACHS BDC INCSHS0.10%$444,00050.0K
82PCFHIGH INCOME SECS FDSHS BEN INT0.10%$429,49577.8K
83WHEELER REAL ESTATE INVT TR7% SR NT 310.10%$421,6805.3K
84SKYCHAMPION HOMES INCCOM0.08%$371,8505.0K
85DMADESTRA MULTI-ALTERNATIVE FDCOMMON SHARES0.08%$366,51545.2K
86CIMCHIMERA INVT CORPCOM SHS0.08%$366,17129.2K
87GDOGGRAYSCALE DOGECOIN TR ETFSHS0.08%$359,47633.3K
88NMFCNEW MTN FIN CORPCOM0.08%$349,20045.0K
89TLPHTALPHERA INCCOM NEW0.08%$348,916467.2K
90DPGDUFF & PHELPS UTLITY AND INFCOM0.07%$325,83922.6K
91TCPCBLACKROCK TCP CAPITAL CORPCOM0.07%$306,85085.0K
92MSDLMORGAN STANLEY DIRECT LENDINCOM SHS0.06%$279,20020.0K
93SWZTOTAL RETURN SECURITIES FUNDCOM0.06%$275,47246.5K
94NXGNXG NEXTGEN INFRASTR INCM FDCOM0.06%$274,6505.0K
95BGXBLACKSTONE LONG SHORT CR INCCOM SHS BN INT0.06%$273,42725.1K
96RIVERNORTH DOUBLELINE STRATECOM0.06%$260,49634.0K
97GBDCGOLUB CAP BDC INCCOM0.06%$253,20020.0K
98ARES COML REAL ESTATE CORPCOM0.06%$244,78651.0K
99BITBLACKROCK MULTI SECTOR INC TCOM0.06%$244,67819.5K
100HQLABRDN LIFE SCIENCES INVESTORSH BEN INT0.05%$242,01614.9K

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 ↗.