Almitas Capital LLC — 13F Holdings & Portfolio

CIK 1596468 · latest 13F-HR filed 2026-08-17

Almitas Capital LLC manages $417.4M in 13F-reported U.S. long-equity assets across 130 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are FBTC (16.69%), BTT (8.10%), ASA (7.84%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 35 new positions and exited 20; 46 existing positions rose in reported value and 24 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

AUM

$417.4M

Long-equity book

Holdings

130

Distinct positions

Period

2026-06-30

Filed 2026-08-17

Q/Q Activity

+35 / −20 / ↑46 / ↓24

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26

FBTC16.7% · -11%BTT8.1% · -0%ASA7.8% · +20%AMLX4.2% · -54%DSGN3.6% · -33%PDX2.7% · +2%CRF2.7% · +41%CNNE2.6% · 0%MEGI2.0% · +76%LYEL2.0% · +1%BMEZ1.9% · +0%ANTX1.7% · -1%TYG1.7% · new PCQ1.5% · +15%SPXX1.5% · +269%ALXO1.5% · -7%FSSL1.4% · +100%SDHY1.4% · +104%CLM1.2% · +50%MFM1.2% · new AOR1.2% · new SCHH1.1% · new DSM1.1% · -18%USA1.1% · +102%JOF1.1% · -4%FTSRF1.1% · new GLO1.0% · +7%BRSP1.0% · -24%DTF1.0% · 0%CCAP0.9% · 0%ELME0.9% · +0%MXF0.9% · -7%CEE0.9% · 0%LADR0.8% · +17%JFR0.8% · +6%PNI0.8% · -4%TRTX0.7% · +11%EBF0.7% · 0%SABA0.7% · 0%GLQ0.7% · +0%FTHY0.7% · +20%ASG0.6% · +238%FBRT0.6% · +201%STEW0.6% · +15%FLGT0.5% · 0%RLYB0.5% · -37%TRC0.4% · -5%BGB0.4% · 0%MFIC0.3% · 0%LUNG0.3% · new AFB0.3% · -44%DMB0.3% · -34%AEM0.3% · new MFA0.3% · 0%STWD0.3% · 0%PCF0.3% · +169%UTF0.3% · 0%BANX0.2% · -31%GAB0.2% · -37%NCDL0.2% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 52.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated May 8, 2026.

Assets Under Management

$1.07B

Discretionary

$1.07B

Employees

Accounts

Address

1335 4TH STREET
SUITE 400
SANTA MONICA, CA 90401

Phone

(310) 573-4343

Website

almitascap.com

Name	Title / Status	Ownership	Type
MASS, RONALD, DEAN Control	MANAGING PRINCIPAL; MEMBER; CHIEF COMPLIANCE OFFICER since Jan 2013	75% or more	Individual
PERRUZZI, YULIA, NMN Control	CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER since Dec 2025	Less than 5%	Individual

Ownership & leadership changes · 3 filings with changes since Jun 14, 2016

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Dec 26, 2025 filing

No longer listedGomez, Michael, Paul · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Apr 2023
AddedPERRUZZI, YULIA, NMN · CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER · Less than 5% · control person

Mar 20, 2024 filing

AddedGomez, Michael, Paul · CHIEF FINANCIAL OFFICER · Less than 5% · control person

Jun 15, 2016 filing

ChangedMASS, RONALD, DEAN · title MANAGING PRINCIPAL; CHIEF COMPLIANCE OFFICER → MANAGING PRINCIPAL; MEMBER; CHIEF COMPLIANCE OFFICER

Jun 14, 2016 filing (earliest on record)

ListedMASS, RONALD, DEAN · MANAGING PRINCIPAL; CHIEF COMPLIANCE OFFICER · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

NUVEEN S&P 500 DYNAMIC OVERW$4.7M +328.2%
NYLI CBRE GBL INFR MEGTRNDS$3.8M +82.5%
CORNERSTONE TOTAL RETURN FD$3.5M +45.6%
PGIM SHORT DUR HIG YLD OPP F$3.1M +108.5%
FS SPECIALTY LENDING FD$2.6M +78.1%

Show all 46 →

Top Trims

FIDELITY WISE ORIGIN BITCOIN-$21.0M -23.2%
AMYLYX PHARMACEUTICALS INC-$12.0M -40.7%
LYELL IMMUNOPHARMA INC-$3.4M -29.5%
PLAYSTUDIOS INC-$1.9M -86.9%
BRIGHTSPIRE CAPITAL INC-$1.5M -26.3%

Show all 24 →

New Positions

Show all 35 →

Exited Positions

Show all 20 →

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#	Issuer	Symbol	CUSIP	Value	Δ

Almitas Capital LLC Holdings (2026-06-30)

#	Issuer	Symbol	CUSIP	Value	Weight	Shares	Type
1	FIDELITY WISE ORIGIN BITCOIN	FBTC	315948109	$69.7M	16.69%	1,364,522	SH
2	BLACKROCK MUN TARGET TERM TR	BTT	09257P105	$33.8M	8.10%	1,485,213	SH
3	ASA GOLD AND PRECIOUS MTLS L	ASA	G3156P103	$32.7M	7.84%	629,121	SH
4	AMYLYX PHARMACEUTICALS INC	AMLX	03237H101	$17.5M	4.20%	974,881	SH
5	DESIGN THERAPEUTICS INC	DSGN	25056L103	$14.9M	3.56%	1,026,893	SH
6	PIMCO DYNAMIC INCOME STRATEG	PDX	69346N107	$11.4M	2.74%	549,495	SH
7	CORNERSTONE TOTAL RETURN FD	CRF	21924U300	$11.3M	2.70%	1,572,309	SH
8	CANNAE HLDGS INC	CNNE	13765N107	$10.7M	2.56%	741,318	SH
9	NYLI CBRE GBL INFR MEGTRNDS	MEGI	56064Q107	$8.5M	2.03%	557,462	SH
10	LYELL IMMUNOPHARMA INC	LYEL	55083R203	$8.2M	1.96%	581,407	SH
11	BLACKROCK HEALTH SCIENCES TE	BMEZ	09260E105	$7.8M	1.87%	507,095	SH
12	AN2 THERAPEUTICS INC	ANTX	037326105	$7.1M	1.70%	1,469,129	SH
13	TORTOISE ENERGY INFRSTRCTR C	TYG	89147L886	$6.9M	1.66%	161,872	SH
14	PIMCO CALIF MUN INCOME FD	PCQ	72200N106	$6.4M	1.53%	710,604	SH
15	NUVEEN S&P 500 DYNAMIC OVERW	SPXX	6706EW100	$6.1M	1.46%	326,907	SH
16	ALX ONCOLOGY HLDGS INC	ALXO	00166B105	$6.1M	1.46%	2,938,431	SH
17	FS SPECIALTY LENDING FD	FSSL	644323107	$6.0M	1.44%	537,295	SH
18	PGIM SHORT DUR HIG YLD OPP F	SDHY	69355J104	$6.0M	1.43%	364,674	SH
19	CORNERSTONE STRATEGIC INVEST	CLM	21924B302	$5.0M	1.20%	661,789	SH
20	ABERDEEN MUN INCOME FD	MFM	552738106	$4.9M	1.18%	878,531	SH
21	ISHARES TR	AOR	464289867	$4.9M	1.16%	69,946	SH
22	SCHWAB STRATEGIC TR	SCHH	808524847	$4.7M	1.13%	198,600	SH
23	BNY MELLON STRATEGIC MUN BD	DSM	09662E109	$4.7M	1.12%	757,999	SH
24	LIBERTY ALL STAR EQUITY FD	USA	530158104	$4.6M	1.11%	798,342	SH
25	JAPAN SMALLER CAPITALIZATION	JOF	47109U104	$4.6M	1.09%	386,375	SH
26	FIRST TR SR FLTG RATE INCOME	FTSRF	33733U108	$4.5M	1.08%	466,072	SH
27	CLOUGH GLOBAL OPPORTUNITIES	GLO	18914E106	$4.3M	1.04%	709,764	SH
28	BRIGHTSPIRE CAPITAL INC	BRSP	10949T109	$4.2M	1.00%	769,033	SH
29	DTF TAX-FREE INCOME 2028 TER	DTF	23334J107	$4.1M	0.98%	355,089	SH
30	CRESCENT CAP BDC INC	CCAP	225655109	$3.9M	0.93%	356,905	SH
31	ELME COMMUNITIES	ELME	939653101	$3.9M	0.93%	2,619,247	SH
32	MEXICO FD INC	MXF	592835102	$3.7M	0.90%	170,814	SH
33	THE CENTRAL AND EASTERN EU I	CEE	153436100	$3.6M	0.85%	173,254	SH
34	LADDER CAP CORP	LADR	505743104	$3.4M	0.81%	340,477	SH
35	NUVEEN FLOATING RATE INCOME	JFR	67072T108	$3.3M	0.80%	435,208	SH
36	PIMCO NEW YORK MUN FD II	PNI	72200Y102	$3.3M	0.79%	467,432	SH
37	TPG RE FIN TR INC	TRTX	87266M107	$3.0M	0.73%	362,684	SH
38	ENNIS INC	EBF	293389102	$3.0M	0.71%	138,956	SH
39	SABA CAPITAL INCOME & OPPORT	SABA	880198205	$2.9M	0.70%	347,826	SH
40	CLOUGH GLOBAL EQUITY FD	GLQ	18914C100	$2.9M	0.68%	331,172	SH
41	FIRST TR HIGH YIELD OPPRT 20	FTHY	33741Q107	$2.7M	0.65%	198,801	SH
42	LIBERTY ALL-STAR GROWTH FD I	ASG	529900102	$2.6M	0.61%	466,560	SH
43	FRANKLIN BSP RLTY TR INC	FBRT	35243J101	$2.4M	0.58%	298,190	SH
44	SRH TOTAL RETURN FUND INC	STEW	101507101	$2.4M	0.57%	133,773	SH
45	FULGENT GENETICS INC	FLGT	359664109	$2.2M	0.52%	104,797	SH
46	RALLYBIO CORP	RLYB	75120L209	$1.9M	0.46%	120,682	SH
47	TEJON RANCH CO	TRC	879080109	$1.7M	0.40%	90,257	SH
48	BLACKSTONE STRATEGIC CRED 20	BGB	09257R101	$1.6M	0.39%	144,834	SH
49	MIDCAP FINANCIAL INVSTMNT CO	MFIC	03761U502	$1.4M	0.34%	140,477	SH
50	PULMONX CORP	LUNG	745848101	$1.4M	0.33%	1,064,202	SH

Filing History

Period	Filed	AUM	Holdings	Accession
2026-06-30	2026-08-17	$417.4M	130	0002073679-26-000097
2026-03-31	2026-05-15	$442.5M	115	0001596468-26-000012
2025-12-31	2026-02-17	$454.2M	107	0001596468-26-000002
2025-09-30	2025-11-17	$436.9M	66	0001596468-25-000019

Filer Information

Address

1335 4TH STREET
FLOOR 4
SANTA MONICA, CA 90401

Phone

(310) 573-4343

Filing Manager

Almitas Capital LLC

SANTA MONICA, CA

Signatory

Yulia Perruzzi

Chief Financial Officer