Almitas Capital LLC

SANTA MONICA, CA · CIK 1596468 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 2016 · limited liability company

Assets managed$1.1bn
Staff12 · 8 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $1.1bn gross assets
Websitealmitascap.com
Form ADV · 2026-05-08SEC adviser record

Legal entityALMITAS CAPITAL LLC (US)

$417.4m reported value -5.7% vs Q1 2026

130positions

52.4%in top 10

36 new 33 added 22 reduced 21 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	FIDELITY WISE ORIGIN BITCOIN SHS FBTC	FBTC	1,364,522	$69.7m16.69%	16.69%	Reduced -172.1k	-172,115 -11.2%
2	BLACKROCK MUN TARGET TERM TR COM SHS BEN IN BTT	BTT	1,485,213	$33.8m8.10%	8.10%	Reduced -800	-800 -0.1%
3	ASA GOLD AND PRECIOUS MTLS L SHS ASA	ASA	629,121	$32.7m7.84%	7.84%	Added +103.5k	+103,455 19.7%
4	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	974,881	$17.5m4.20%	4.20%	Reduced -1.1m	-1,147,716 -54.1%
5	DESIGN THERAPEUTICS INC COM DSGN	DSGN	1,026,893	$14.9m3.56%	3.56%	Reduced -503.4k	-503,442 -32.9%
6	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	549,495	$11.4m2.74%	2.74%	Added +8.0k	+8,003 1.5%
7	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	1,572,309	$11.3m2.70%	2.70%	Added +457.0k	+456,961 41.0%
8	CANNAE HLDGS INC COM CNNE	CNNE	741,318	$10.7m2.56%	2.56%	Unchanged
9	NYLI CBRE GBL INFR MEGTRNDS COM MEGI	MEGI	557,462	$8.5m2.03%	2.03%	Added +241.3k	+241,329 76.3%
10	LYELL IMMUNOPHARMA INC COM NEW LYEL	LYEL	581,407	$8.2m1.96%	1.96%	Added +3.6k	+3,600 0.6%
11	BLACKROCK HEALTH SCIENCES TE COM SHS BMEZ	BMEZ	507,095	$7.8m1.87%	1.87%	Added +700	+700 0.1%
12	AN2 THERAPEUTICS INC COM ANTX	ANTX	1,469,129	$7.1m1.70%	1.70%	Reduced -10.0k	-10,000 -0.7%
13	TORTOISE ENERGY INFRA CORP COM TYG	TYG	161,872	$6.9m1.66%	1.66%	New
14	PIMCO CALIF MUN INCOME FD COM XPCQX	XPCQX	710,604	$6.4m1.53%	1.53%	Added +93.6k	+93,589 15.2%
15	NUVEEN S&P 500 DYNAMIC OVERW COM XSSPX	XSSPX	326,907	$6.1m1.46%	1.46%	Added +238.4k	+238,355 269.2%
16	ALX ONCOLOGY HLDGS INC COM ALXO	ALXO	2,938,431	$6.1m1.46%	1.46%	Reduced -235.4k	-235,403 -7.4%
17	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	537,295	$6.0m1.44%	1.44%	Added +268.5k	+268,485 99.9%
18	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	364,674	$6.0m1.43%	1.43%	Added +185.8k	+185,753 103.8%
19	CORNERSTONE STRATEGIC INVEST COM CLM	CLM	661,789	$5.0m1.20%	1.20%	Added +219.8k	+219,775 49.7%
20	MFS MUN INCOME TR SH BEN INT MFM	MFM	878,531	$4.9m1.18%	1.18%	New
21	ISHARES TR GRWT ALLOCAT ETF AOR	AOR	69,946	$4.9m1.16%	1.16%	New
22	SCHWAB STRATEGIC TR US REIT ETF SCHH	SCHH	198,600	$4.7m1.13%	1.13%	New
23	BNY MELLON STRATEGIC MUN BD COM DSM	DSM	757,999	$4.7m1.12%	1.12%	Reduced -168.3k	-168,302 -18.2%
24	LIBERTY ALL STAR EQUITY FD SH BEN INT USA	USA	798,342	$4.6m1.11%	1.11%	Added +402.9k	+402,857 101.9%
25	JAPAN SMALLER CAPITALIZATION COM JOF	JOF	386,375	$4.6m1.09%	1.09%	Reduced -16.6k	-16,581 -4.1%
26	FIRST TR SR FLTG RATE INCOME COM COM		466,072	$4.5m1.08%	1.08%	Added +83.2k	+83,209 21.7%
27	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	709,764	$4.3m1.04%	1.04%	Added +49.0k	+48,968 7.4%
28	BRIGHTSPIRE CAPITAL INC COM CL A BRSP	BRSP	769,033	$4.2m1.00%	1.00%	Reduced -246.9k	-246,870 -24.3%
29	DTF TAX-FREE INCOME 2028 TER COM DTF	DTF	355,089	$4.1m0.98%	0.98%	Unchanged
30	CRESCENT CAP BDC INC COM CCAP	CCAP	356,905	$3.9m0.93%	0.93%	Unchanged
31	ELME COMMUNITIES SH BEN INT ELME	ELME	2,619,247	$3.9m0.93%	0.93%	Added +11.9k	+11,875 0.5%
32	MEXICO FD INC COM MXF	MXF	170,814	$3.7m0.90%	0.90%	Reduced -12.7k	-12,691 -6.9%
33	CENTRAL & EASTERN EUROPE FD COM CEE	CEE	173,254	$3.6m0.85%	0.85%	Unchanged
34	LADDER CAP CORP CL A LADR	LADR	340,477	$3.4m0.81%	0.81%	Added +50.0k	+50,000 17.2%
35	NUVEEN FLOATING RATE INCOME COM JFR	JFR	435,208	$3.3m0.80%	0.80%	Added +23.6k	+23,580 5.7%
36	PIMCO NEW YORK MUN FD II COM PNI	PNI	467,432	$3.3m0.79%	0.79%	Reduced -21.3k	-21,308 -4.4%
37	TPG RE FIN TR INC COM TRTX	TRTX	362,684	$3.0m0.73%	0.73%	Added +34.9k	+34,852 10.6%
38	ENNIS INC COM EBF	EBF	138,956	$3.0m0.71%	0.71%	Unchanged
39	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	347,826	$2.9m0.70%	0.70%	Unchanged
40	CLOUGH GLOBAL EQUITY FD COM XGLQX	XGLQX	331,172	$2.9m0.68%	0.68%	Added +218	+218 0.1%
41	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	198,801	$2.7m0.65%	0.65%	Added +32.5k	+32,537 19.6%
42	LIBERTY ALL-STAR GROWTH FD I COM ASG	ASG	466,560	$2.6m0.61%	0.61%	Added +328.6k	+328,575 238.1%
43	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	298,190	$2.4m0.58%	0.58%	Added +199.1k	+199,136 201.0%
44	SRH TOTAL RETURN FUND INC COM STEW	STEW	133,773	$2.4m0.57%	0.57%	Added +17.0k	+17,018 14.6%
45	FULGENT GENETICS INC COM FLGT	FLGT	104,797	$2.2m0.52%	0.52%	Unchanged
46	RALLYBIO CORP COM RLYB	RLYB	120,682	$1.9m0.46%	0.46%	Reduced -70.5k	-70,524 -36.9%
47	TEJON RANCH CO COM TRC	TRC	90,257	$1.7m0.40%	0.40%	Reduced -4.7k	-4,740 -5.0%
48	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	144,834	$1.6m0.39%	0.39%	Unchanged
49	MIDCAP FINANCIAL INVSTMNT CO COM NEW MFIC	MFIC	140,477	$1.4m0.34%	0.34%	Unchanged
50	PULMONX CORP COM LUNG	LUNG	1,064,202	$1.4m0.33%	0.33%	New
51	ALLIANCEBERNSTEIN NATL MUN I COM AFB	AFB	120,993	$1.4m0.33%	0.33%	Reduced -93.3k	-93,289 -43.5%
52	BNY MELLON MUN BD INFRASTRUC COM SHS DMB	DMB	121,339	$1.3m0.32%	0.32%	Reduced -61.6k	-61,585 -33.7%
53	AGNICO EAGLE MINES LTD COM AEM	AEM	8,035	$1.2m0.30%	0.30%	New
54	MFA FINL INC COM MFA	MFA	128,086	$1.2m0.30%	0.30%	Unchanged
55	STARWOOD PPTY TR INC COM STWD	STWD	71,000	$1.2m0.28%	0.28%	Unchanged
56	HIGH INCOME SECS FD SHS BEN INT PCF	PCF	209,322	$1.1m0.27%	0.27%	Added +131.5k	+131,515 169.0%
57	COHEN & STEERS INFRASTRUCTUR COM UTF	UTF	38,562	$1.1m0.25%	0.25%	Unchanged
58	ARROWMARK FINANCIAL CORP COM BANX	BANX	50,843	$994.0k0.24%	0.24%	Reduced -22.4k	-22,409 -30.6%
59	GABELLI EQUITY TR INC COM GAB	GAB	169,700	$960.5k0.23%	0.23%	New
60	NUVEEN CHURCHILL DIRECT LEND COM SHS NCDL	NCDL	70,160	$871.4k0.21%	0.21%	Unchanged
61	ARES COML REAL ESTATE CORP COM ACRE	ACRE	180,954	$814.3k0.20%	0.20%	Added +130.0k	+129,957 254.8%
62	EAGLE POINT INCOME COMPANY I COM EIC	EIC	80,547	$811.1k0.19%	0.19%	Unchanged
63	BLACKROCK SCIENCE & TECHNOLO SHS BEN INT BSTZ	BSTZ	26,810	$805.1k0.19%	0.19%	New
64	NEWTEKONE INC COM NEW NEWT	NEWT	53,570	$793.4k0.19%	0.19%	Unchanged
65	CLOUGH GLOBAL DIVID & INCOME COM GLV	GLV	110,708	$735.1k0.18%	0.18%	Added +91.4k	+91,430 474.3%
66	NEUBERGER BERMAN NEXT GENERA COMMON STOCK NBXG	NBXG	42,297	$699.6k0.17%	0.17%	Added +31.8k	+31,840 304.5%
67	TOTAL RETURN SECURITIES FUND COM SWZ	SWZ	115,581	$686.6k0.16%	0.16%	Added +69.1k	+69,127 148.8%
68	NEWMONT CORP COM NEM	NEM	6,800	$635.1k0.15%	0.15%	New
69	WALKER & DUNLOP INC COM WD	WD	11,600	$634.5k0.15%	0.15%	Unchanged
70	VOYA EMERGING MKTS HIGH DIVI COM XIHDX	XIHDX	78,161	$609.7k0.15%	0.15%	New
71	CAVCO INDS INC DEL COM CVCO	CVCO	992	$609.5k0.15%	0.15%	Unchanged
72	SHARPLINK INC COM NEW SBET	SBET	124,283	$596.6k0.14%	0.14%	Unchanged
73	EATON VANCE SR FLTNG RTE TR COM XEFRX	XEFRX	54,393	$576.6k0.14%	0.14%	Added +4.6k	+4,611 9.3%
74	BLACKSTONE SENI FLTN RAT 202 COM BSL	BSL	44,471	$575.9k0.14%	0.14%	Unchanged
75	CALAMOS GBL DYN INCOME FUND COM CHW	CHW	64,073	$570.9k0.14%	0.14%	Added +53.8k	+53,807 524.1%
76	BNY MELLON STRATEGIC MUNS IN COM LEO	LEO	82,066	$530.1k0.13%	0.13%	Reduced -115.0k	-115,030 -58.4%
77	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	38,584	$504.7k0.12%	0.12%	New
78	TORO CORP COM TORO	TORO	100,000	$487.0k0.12%	0.12%	New
79	TALPHERA INC COM NEW TLPH	TLPH	467,152	$481.2k0.12%	0.12%	Unchanged
80	BANK NEW YORK MELLON CORP COM BNY	BNY	3,300	$477.2k0.11%	0.11%	New
81	GOLDMAN SACHS BDC INC SHS GSBD	GSBD	50,000	$474.0k0.11%	0.11%	Unchanged
82	WESTERN ASST INFLTN LKD INM COM SH BEN INT XWIAX	XWIAX	56,732	$461.2k0.11%	0.11%	Unchanged
83	CARLYLE SECURED LENDING INC COM CGBD	CGBD	42,885	$451.6k0.11%	0.11%	Unchanged
84	CHAMPION HOMES INC COM SKY	SKY	5,000	$440.6k0.11%	0.11%	Unchanged
85	CARLYLE CREDIT INCOME FUND SHS BEN INT CCIF	CCIF	157,685	$439.9k0.11%	0.11%	Unchanged
86	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	247,026	$439.7k0.11%	0.11%	New
87	ETHZILLA CORPORATION COM SHS FRMM	FRMM	80,408	$436.6k0.10%	0.10%	Unchanged
88	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	46,399	$434.8k0.10%	0.10%	New
89	M & T BK CORP COM MTB	MTB	1,800	$428.4k0.10%	0.10%	New
90	PNC FINL SVCS GROUP INC COM PNC	PNC	1,700	$418.6k0.10%	0.10%	New
91	NORTHERN TR CORP COM NTRS	NTRS	2,400	$417.2k0.10%	0.10%	New
92	WHEELER REAL ESTATE INVT TR 7% SR NT 31 · principal WHLR 7 12.31.31 · principal	WHLR 7 12.31.31	131,775	$416.8k0.10%	0.10%	New
93	TAIWAN FD INC COM TWN	TWN	4,164	$400.5k0.10%	0.10%	Reduced -14.4k	-14,406 -77.6%
94	CABALETTA BIO INC COM CABA	CABA	125,900	$391.5k0.09%	0.09%	Reduced -211.5k	-211,491 -62.7%
95	CHIMERA INVT CORP COM SHS CIM	CIM	29,177	$389.2k0.09%	0.09%	Unchanged
96	TRUIST FINL CORP COM TFC	TFC	7,800	$388.6k0.09%	0.09%	New
97	ABRDN NATL MUN INCOME FD SH BEN INT SH BEN INT		37,221	$386.0k0.09%	0.09%	New
98	EATON VANCE SR INCOME TR SH BEN INT EVF	EVF	74,751	$372.3k0.09%	0.09%	Added +31.8k	+31,827 74.2%
99	MFS MULTIMARKET INCOME TR SH BEN INT MMT	MMT	83,238	$366.2k0.09%	0.09%	New
100	FRANCO NEV CORP COM FNV	FNV	1,690	$352.3k0.08%	0.08%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NUVEEN PENNSYLVANIA QLT MUN XNQPX	XNQPX	1,057,494	$12.6m1.1m shares
BIO RAD LABS INC BIO	BIO	30,254	$8.4m30.3k shares
MFS HIGH YIELD MUN TR XCMUX	XCMUX	1,497,718	$5.4m1.5m shares
MONROE CAP CORP MRCC	MRCC	1,277,717	$5.2m1.3m shares
MFS HIGH INCOME MUN TR		1,266,853	$4.7m1.3m shares
MFS INVT GRADE MUN TR		454,829	$3.6m454.8k shares
MADISON SQUARE GRDN SPRT COR MSGS	MSGS	9,925	$3.2m9.9k shares
ALTO NEUROSCIENCE INC ANRO	ANRO	78,520	$1.8m78.5k shares
ZENTALIS PHARMACEUTICALS INC ZNTL	ZNTL	610,073	$1.4m610.1k shares
NUVEEN REAL ASSET INCOME & G JRI	JRI	110,414	$1.4m110.4k shares
NUVEEN CORE PLUS IMPACT FUND NPCT	NPCT	85,383	$870.1k85.4k shares
HUDSON PACIFIC PROPERTIES IN HPP	HPP	124,398	$735.2k124.4k shares
SPDR S&P 500 ETF TR SPY	SPY	725	$471.5k725 shares
WHEELER REAL ESTATE INVT TR WHLR 7 12.31.31	WHLR 7 12.31.31	5,271	$421.7k5.3k shares
GRAYSCALE DOGECOIN TR ETF GDOG	GDOG	33,254	$359.5k33.3k shares
NXG NEXTGEN INFRASTR INCM FD NXG	NXG	5,000	$274.6k5.0k shares
MFS INTER HIGH INCOME FD		127,491	$206.5k127.5k shares
BLACKROCK ESG CAP ALLC TERM ECAT	ECAT	11,406	$154.9k11.4k shares
BLACKROCK UTILS INFRASTRUCTU BUI-R	BUI-R	640,153	$5.1k640.2k shares
GABELLI EQUITY TR INC GAB-R	GAB-R	270,720	$1.9k270.7k shares
NEUBERGER HIGH YIELD ST FD I NHS-R	NHS-R	110,000	$880110.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
ABRDN JAPAN EQUITY FUND INC XJEQX · 13G · filed 2026-02-17	XJEQX	6.9%	no change	13G	2026-02-17
PIONEER FLOATING RATE FUND I XPHDX · 13G · filed 2026-02-17	XPHDX	5.7%	no change	13G	2026-02-17
DTF TAX-FREE INCOME 2028 TER DTF · 13G · filed 2026-05-15	DTF	5.1%≈ $4.1m	new	13G	2026-05-15