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Almitas Capital LLC — 13F Holdings & Portfolio

CIK 1596468 · latest 13F-HR filed 2026-05-15

Backtest portfolio

Almitas Capital LLC manages $442.5M in 13F-reported U.S. long-equity assets across 115 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are FBTC (20.50%), BTT (7.62%), ASA (7.37%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 32 new positions, exited 24, added to 31, and trimmed 30.

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.

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AUM

$442.5M

Long-equity book

Holdings

115

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+32 / −24 / ↑31 / ↓30

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • ASA GOLD AND PRECIOUS MTLS L$9.8M +43.0%
  • PIMCO DYNAMIC INCOME STRATEG$9.1M +320.5%
  • NUVEEN PA INVT QUALITY MUN F$8.2M +187.7%
  • CORNERSTONE TOTAL RETURN FD$7.1M +1019.9%
  • BLACKROCK HEALTH SCIENCES TE$5.0M +216.0%
Show all 31 →

Top Trims

  • FIDELITY WISE ORIGIN BITCOIN-$26.4M -22.6%
  • ELME COMMUNITIES-$12.4M -70.2%
  • FS SPECIALTY LENDING FD-$8.0M -70.3%
  • LYELL IMMUNOPHARMA INC-$6.2M -34.8%
  • LIBERTY ALL STAR EQUITY FD-$2.9M -56.6%
Show all 30 →

New Positions

  • BIO RAD LABS INC$8.4M
  • PIMCO NEW YORK MUN FD II$3.3M
  • CORNERSTONE STRATEGIC INVEST$3.2M
  • TPG RE FIN TR INC$2.6M
  • RALLYBIO CORP$1.7M
Show all 32 →

Exited Positions

  • FIDELITY ETHEREUM FD$19.2M
  • ISHARES ETHEREUM TR$4.9M
  • ISHARES TR$4.8M
  • ARMOUR RESIDENTIAL REIT INC$3.8M
  • BLUEROCK PVT REAL ESTATE FD$3.2M
Show all 24 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 FIDELITY WISE ORIGIN BITCOIN FBTC 315948109 $90.7M 20.50% 1,536,637 SH
2 BLACKROCK MUN TARGET TERM TR BTT 09257P105 $33.7M 7.62% 1,486,013 SH
3 ASA GOLD AND PRECIOUS MTLS L ASA G3156P103 $32.6M 7.37% 525,666 SH
4 AMYLYX PHARMACEUTICALS INC AMLX 03237H101 $29.5M 6.67% 2,122,597 SH
5 DESIGN THERAPEUTICS INC DSGN 25056L103 $16.3M 3.68% 1,530,335 SH
6 NUVEEN PA INVT QUALITY MUN F NQP 670972108 $12.6M 2.85% 1,057,494 SH
7 PIMCO DYNAMIC INCOME STRATEG PDX 69346N107 $11.9M 2.70% 541,492 SH
8 LYELL IMMUNOPHARMA INC LYEL 55083R203 $11.6M 2.62% 577,807 SH
9 BIO RAD LABS INC BIO 090572207 $8.4M 1.91% 30,254 SH
10 CANNAE HLDGS INC CNNE 13765N107 $8.4M 1.90% 741,318 SH
11 CORNERSTONE TOTAL RETURN FD CRF 21924U300 $7.8M 1.75% 1,115,348 SH
12 BLACKROCK HEALTH SCIENCES TE BMEZ 09260E105 $7.3M 1.64% 506,395 SH
13 ALX ONCOLOGY HLDGS INC ALXO 00166B105 $6.4M 1.44% 3,173,834 SH
14 BRIGHTSPIRE CAPITAL INC BRSP 10949T109 $5.7M 1.29% 1,015,903 SH
15 BNY MELLON STRATEGIC MUN BD DSM 09662E109 $5.6M 1.26% 926,301 SH
16 MFS HIGH YIELD MUN TR CMU 59318E102 $5.4M 1.21% 1,497,718 SH
17 PIMCO CALIF MUN INCOME FD PCQ 72200N106 $5.3M 1.20% 617,015 SH
18 ELME COMMUNITIES ELME 939653101 $5.2M 1.18% 2,607,372 SH
19 MONROE CAP CORP JMON 610335101 $5.2M 1.17% 1,277,717 SH
20 AN2 THERAPEUTICS INC ANTX 037326105 $5.1M 1.14% 1,479,129 SH
21 MFS HIGH INCOME MUN TR CXE 59318D104 $4.7M 1.06% 1,266,853 SH
22 NYLI CBRE GBL INFR MEGTRNDS MEGI 56064Q107 $4.6M 1.05% 316,133 SH
23 JAPAN SMALLER CAPITALIZATION JOF 47109U104 $4.4M 0.99% 402,956 SH
24 CRESCENT CAP BDC INC CCAP 225655109 $4.3M 0.98% 356,905 SH
25 DTF TAX-FREE INCOME 2028 TER DTF 23334J107 $4.1M 0.92% 355,089 SH
26 MEXICO FD INC MXF 592835102 $3.8M 0.87% 183,505 SH
27 FIRST TR SR FLTG RATE INCOME FCT 33733U108 $3.7M 0.83% 382,863 SH
28 CLOUGH GLOBAL OPPORTUNITIES GLO 18914E106 $3.7M 0.83% 660,796 SH
29 MFS INVT GRADE MUN TR CXH 59318B108 $3.6M 0.82% 454,829 SH
30 FS SPECIALTY LENDING FD FSSL 644323107 $3.4M 0.76% 268,810 SH
31 PIMCO NEW YORK MUN FD II PNI 72200Y102 $3.3M 0.76% 488,740 SH
32 CORNERSTONE STRATEGIC INVEST CLM 21924B302 $3.2M 0.73% 442,014 SH
33 MADISON SQUARE GRDN SPRT COR MSGS 55825T103 $3.2M 0.72% 9,925 SH
34 CENTRAL & EASTERN EUROPE FD CEE 153436100 $3.2M 0.72% 173,254 SH
35 NUVEEN FLOATING RATE INCOME JFR 67072T108 $3.1M 0.70% 411,628 SH
36 ENNIS INC EBF 293389102 $3.0M 0.67% 138,956 SH
37 SABA CAPITAL INCOME & OPPORT SABA 880198205 $2.9M 0.65% 347,826 SH
38 PGIM SHORT DUR HIG YLD OPP F SDHY 69355J104 $2.9M 0.65% 178,921 SH
39 LADDER CAP CORP LADR 505743104 $2.8M 0.64% 290,477 SH
40 TPG RE FIN TR INC TRTX 87266M107 $2.6M 0.58% 327,832 SH
41 CLOUGH GLOBAL EQUITY FD GLQ 18914C100 $2.5M 0.56% 330,954 SH
42 ALLIANCEBERNSTEIN NATL MUN I AFB 01864U106 $2.3M 0.52% 214,282 SH
43 FIRST TR HIGH YIELD OPPRT 20 FTHY 33741Q107 $2.2M 0.51% 166,264 SH
44 PLAYSTUDIOS INC MYPS 72815G108 $2.2M 0.50% 4,704,534 SH
45 LIBERTY ALL STAR EQUITY FD USA 530158104 $2.2M 0.50% 395,485 SH
46 SRH TOTAL RETURN FUND INC STEW 101507101 $2.0M 0.45% 116,755 SH
47 BNY MELLON MUN BD INFRASTRUC DMB 09662W109 $1.9M 0.44% 182,924 SH
48 TEJON RANCH CO TRC 879080109 $1.8M 0.40% 94,997 SH
49 ALTO NEUROSCIENCE INC ANRO 02157Q109 $1.8M 0.40% 78,520 SH
50 RALLYBIO CORP RLYB 75120L209 $1.7M 0.39% 191,206 SH
Filing History
Period Filed AUM Holdings Accession
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