# Almitas Capital LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1596468. Source: https://holderbook.com/funds/1596468-almitas-capital-llc/

- Reported value: $417.4M
- Positions: 130
- Weight of the ten largest: 52.4%
- Filed: 2026-08-17

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| FIDELITY WISE ORIGIN BITCOIN | [FBTC](https://holderbook.com/stocks/FBTC/) | $69.7M | 1,364,522 | 16.7% | 8 |
| BLACKROCK MUN TARGET TERM TR | [BTT](https://holderbook.com/stocks/BTT/) | $33.8M | 1,485,213 | 8.1% | 9 |
| ASA GOLD AND PRECIOUS MTLS L | [ASA](https://holderbook.com/stocks/ASA/) | $32.7M | 629,121 | 7.8% | 4 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $17.5M | 974,881 | 4.2% | 9 |
| DESIGN THERAPEUTICS INC | [DSGN](https://holderbook.com/stocks/DSGN/) | $14.9M | 1,026,893 | 3.6% | 11 |
| PIMCO DYNAMIC INCOME STRATEG | [PDX](https://holderbook.com/stocks/PDX/) | $11.4M | 549,495 | 2.7% | 3 |
| CORNERSTONE TOTAL RETURN FD | [CRF](https://holderbook.com/stocks/CRF/) | $11.3M | 1,572,309 | 2.7% | 3 |
| CANNAE HLDGS INC | [CNNE](https://holderbook.com/stocks/CNNE/) | $10.7M | 741,318 | 2.6% | 6 |
| NYLI CBRE GBL INFR MEGTRNDS | [MEGI](https://holderbook.com/stocks/MEGI/) | $8.5M | 557,462 | 2.0% | 3 |
| LYELL IMMUNOPHARMA INC | [LYEL](https://holderbook.com/stocks/LYEL/) | $8.2M | 581,407 | 2.0% | 5 |
| BLACKROCK HEALTH SCIENCES TE | [BMEZ](https://holderbook.com/stocks/BMEZ/) | $7.8M | 507,095 | 1.9% | 3 |
| AN2 THERAPEUTICS INC | [ANTX](https://holderbook.com/stocks/ANTX/) | $7.1M | 1,469,129 | 1.7% | 7 |
| TORTOISE ENERGY INFRSTRCTR C | [TYG](https://holderbook.com/stocks/TYG/) | $6.9M | 161,872 | 1.7% | 1 |
| PIMCO CALIF MUN INCOME FD | [PCQ](https://holderbook.com/stocks/PCQ/) | $6.4M | 710,604 | 1.5% | 6 |
| NUVEEN S&P 500 DYNAMIC OVERW | [SPXX](https://holderbook.com/stocks/SPXX/) | $6.1M | 326,907 | 1.5% | 2 |
| ALX ONCOLOGY HLDGS INC | [ALXO](https://holderbook.com/stocks/ALXO/) | $6.1M | 2,938,431 | 1.5% | 7 |
| FS SPECIALTY LENDING FD | [FSSL](https://holderbook.com/stocks/FSSL/) | $6.0M | 537,295 | 1.4% | 3 |
| PGIM SHORT DUR HIG YLD OPP F | [SDHY](https://holderbook.com/stocks/SDHY/) | $6.0M | 364,674 | 1.4% | 15 |
| CORNERSTONE STRATEGIC INVEST | [CLM](https://holderbook.com/stocks/CLM/) | $5.0M | 661,789 | 1.2% | 2 |
| ABERDEEN MUN INCOME FD | [MFM](https://holderbook.com/stocks/MFM/) | $4.9M | 878,531 | 1.2% | 1 |
| ISHARES TR | [AOR](https://holderbook.com/stocks/AOR/) | $4.9M | 69,946 | 1.2% | 1 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $4.7M | 198,600 | 1.1% | 1 |
| BNY MELLON STRATEGIC MUN BD | [DSM](https://holderbook.com/stocks/DSM/) | $4.7M | 757,999 | 1.1% | 7 |
| LIBERTY ALL STAR EQUITY FD | [USA](https://holderbook.com/stocks/USA/) | $4.6M | 798,342 | 1.1% | 3 |
| JAPAN SMALLER CAPITALIZATION | [JOF](https://holderbook.com/stocks/JOF/) | $4.6M | 386,375 | 1.1% | 18 |
| FIRST TR SR FLTG RATE INCOME | [FCT](https://holderbook.com/stocks/FCT/) | $4.5M | 466,072 | 1.1% | 3 |
| CLOUGH GLOBAL OPPORTUNITIES | [GLO](https://holderbook.com/stocks/GLO/) | $4.3M | 709,764 | 1.0% | 11 |
| BRIGHTSPIRE CAPITAL INC | [BRSP](https://holderbook.com/stocks/BRSP/) | $4.2M | 769,033 | 1.0% | 7 |
| DTF TAX-FREE INCOME 2028 TER | [DTF](https://holderbook.com/stocks/DTF/) | $4.1M | 355,089 | 1.0% | 15 |
| CRESCENT CAP BDC INC | [CCAP](https://holderbook.com/stocks/CCAP/) | $3.9M | 356,905 | 0.9% | 6 |
| ELME COMMUNITIES | [ELME](https://holderbook.com/stocks/ELME/) | $3.9M | 2,619,247 | 0.9% | 3 |
| MEXICO FD INC | [MXF](https://holderbook.com/stocks/MXF/) | $3.7M | 170,814 | 0.9% | 15 |
| THE CENTRAL AND EASTERN EU I | [CEE](https://holderbook.com/stocks/CEE/) | $3.6M | 173,254 | 0.9% | 11 |
| LADDER CAP CORP | [LADR](https://holderbook.com/stocks/LADR/) | $3.4M | 340,477 | 0.8% | 7 |
| NUVEEN FLOATING RATE INCOME | [JFR](https://holderbook.com/stocks/JFR/) | $3.3M | 435,208 | 0.8% | 3 |
| PIMCO NEW YORK MUN FD II | [PNI](https://holderbook.com/stocks/PNI/) | $3.3M | 467,432 | 0.8% | 2 |
| TPG RE FIN TR INC | [TRTX](https://holderbook.com/stocks/TRTX/) | $3.0M | 362,684 | 0.7% | 2 |
| ENNIS INC | [EBF](https://holderbook.com/stocks/EBF/) | $3.0M | 138,956 | 0.7% | 3 |
| SABA CAPITAL INCOME & OPPORT | [SABA](https://holderbook.com/stocks/SABA/) | $2.9M | 347,826 | 0.7% | 3 |
| CLOUGH GLOBAL EQUITY FD | [GLQ](https://holderbook.com/stocks/GLQ/) | $2.9M | 331,172 | 0.7% | 7 |
| FIRST TR HIGH YIELD OPPRT 20 | [FTHY](https://holderbook.com/stocks/FTHY/) | $2.7M | 198,801 | 0.7% | 3 |
| LIBERTY ALL-STAR GROWTH FD I | [ASG](https://holderbook.com/stocks/ASG/) | $2.6M | 466,560 | 0.6% | 3 |
| FRANKLIN BSP RLTY TR INC | [FBRT](https://holderbook.com/stocks/FBRT/) | $2.4M | 298,190 | 0.6% | 2 |
| SRH TOTAL RETURN FUND INC | [STEW](https://holderbook.com/stocks/STEW/) | $2.4M | 133,773 | 0.6% | 3 |
| FULGENT GENETICS INC | [FLGT](https://holderbook.com/stocks/FLGT/) | $2.2M | 104,797 | 0.5% | 7 |
| RALLYBIO CORP | [RLYB](https://holderbook.com/stocks/RLYB/) | $1.9M | 120,682 | 0.5% | 2 |
| TEJON RANCH CO | [TRC](https://holderbook.com/stocks/TRC/) | $1.7M | 90,257 | 0.4% | 3 |
| BLACKSTONE STRATEGIC CRED 20 | [BGB](https://holderbook.com/stocks/BGB/) | $1.6M | 144,834 | 0.4% | 2 |
| MIDCAP FINANCIAL INVSTMNT CO | [MFIC](https://holderbook.com/stocks/MFIC/) | $1.4M | 140,477 | 0.3% | 8 |
| PULMONX CORP | [LUNG](https://holderbook.com/stocks/LUNG/) | $1.4M | 1,064,202 | 0.3% | 1 |
| ALLIANCEBERNSTEIN NATL MUN I | [AFB](https://holderbook.com/stocks/AFB/) | $1.4M | 120,993 | 0.3% | 10 |
| BNY MELLON MUN BD INFRASTRUC | [DMB](https://holderbook.com/stocks/DMB/) | $1.3M | 121,339 | 0.3% | 9 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $1.2M | 8,035 | 0.3% | 1 |
| MFA FINL INC | [MFA](https://holderbook.com/stocks/MFA/) | $1.2M | 128,086 | 0.3% | 7 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $1.2M | 71,000 | 0.3% | 3 |
| HIGH INCOME SECS FD | [PCF](https://holderbook.com/stocks/PCF/) | $1.1M | 209,322 | 0.3% | 2 |
| COHEN & STEERS INFRASTRUCTUR | [UTF](https://holderbook.com/stocks/UTF/) | $1.1M | 38,562 | 0.3% | 4 |
| ARROWMARK FINANCIAL CORP | [BANX](https://holderbook.com/stocks/BANX/) | $994.0K | 50,843 | 0.2% | 2 |
| GABELLI EQUITY TR INC | [GAB](https://holderbook.com/stocks/GAB/) | $960.5K | 169,700 | 0.2% | 1 |
| NUVEEN CHURCHILL DIRECT LEND | [NCDL](https://holderbook.com/stocks/NCDL/) | $871.4K | 70,160 | 0.2% | 3 |
| ARES COML REAL ESTATE CORP | [ACRE](https://holderbook.com/stocks/ACRE/) | $814.3K | 180,954 | 0.2% | 2 |
| EAGLE POINT INCOME COMPANY I | [EIC](https://holderbook.com/stocks/EIC/) | $811.1K | 80,547 | 0.2% | 3 |
| BLACKROCK SCIENCE & TECHNOLO | [BSTZ](https://holderbook.com/stocks/BSTZ/) | $805.1K | 26,810 | 0.2% | 1 |
| NEWTEKONE INC | [NEWT](https://holderbook.com/stocks/NEWT/) | $793.4K | 53,570 | 0.2% | 3 |
| CLOUGH GLOBAL DIVID & INCOME | [GLV](https://holderbook.com/stocks/GLV/) | $735.1K | 110,708 | 0.2% | 3 |
| NEUBERGER NEXT GENERATION | [NBXG](https://holderbook.com/stocks/NBXG/) | $699.6K | 42,297 | 0.2% | 2 |
| TOTAL RETURN SECURITIES FUND | [SWZ](https://holderbook.com/stocks/SWZ/) | $686.6K | 115,581 | 0.2% | 3 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $635.1K | 6,800 | 0.2% | 1 |
| WALKER & DUNLOP INC | [WD](https://holderbook.com/stocks/WD/) | $634.5K | 11,600 | 0.2% | 3 |
| VOYA EMERGING MKTS HIGH DIVI | [IHD](https://holderbook.com/stocks/IHD/) | $609.7K | 78,161 | 0.1% | 1 |
| CAVCO INDS INC DEL | [CVCO](https://holderbook.com/stocks/CVCO/) | $609.5K | 992 | 0.1% | 3 |
| SHARPLINK INC | [SBET](https://holderbook.com/stocks/SBET/) | $596.6K | 124,283 | 0.1% | 3 |
| EATON VANCE SR FLTNG RTE TR | [EFR](https://holderbook.com/stocks/EFR/) | $576.6K | 54,393 | 0.1% | 3 |
| BLACKSTONE SENI FLTN RAT 202 | [BSL](https://holderbook.com/stocks/BSL/) | $575.9K | 44,471 | 0.1% | 2 |
| CALAMOS GBL DYN INCOME FUND | [CHW](https://holderbook.com/stocks/CHW/) | $570.9K | 64,073 | 0.1% | 2 |
| BNY MELLON STRATEGIC MUNS IN | [LEO](https://holderbook.com/stocks/LEO/) | $530.1K | 82,066 | 0.1% | 9 |
| CALAMOS LNG SHR EQT DYNAMIC | [CPZ](https://holderbook.com/stocks/CPZ/) | $504.7K | 38,584 | 0.1% | 1 |
| TORO CORP | [TORO](https://holderbook.com/stocks/TORO/) | $487.0K | 100,000 | 0.1% | 1 |
| TALPHERA INC | [TLPH](https://holderbook.com/stocks/TLPH/) | $481.2K | 467,152 | 0.1% | 2 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $477.2K | 3,300 | 0.1% | 1 |
| GOLDMAN SACHS BDC INC | [GSBD](https://holderbook.com/stocks/GSBD/) | $474.0K | 50,000 | 0.1% | 3 |
| WESTERN ASSET INFLT LNK INC | [WIA](https://holderbook.com/stocks/WIA/) | $461.2K | 56,732 | 0.1% | 9 |
| CARLYLE SECURED LENDING INC | [CGBD](https://holderbook.com/stocks/CGBD/) | $451.6K | 42,885 | 0.1% | 3 |
| CHAMPION HOMES INC | [SKY](https://holderbook.com/stocks/SKY/) | $440.6K | 5,000 | 0.1% | 3 |
| CARLYLE CREDIT INCOME FUND | [CCIF](https://holderbook.com/stocks/CCIF/) | $439.9K | 157,685 | 0.1% | 3 |
| CREDIT SUISSE HIGH YIELD CRE | [DHY](https://holderbook.com/stocks/DHY/) | $439.7K | 247,026 | 0.1% | 1 |
| FORUM MARKETS INC | [FRMM](https://holderbook.com/stocks/FRMM/) | $436.6K | 80,408 | 0.1% | 3 |
| EATON VANCE LIMITED DURATION | [EVV](https://holderbook.com/stocks/EVV/) | $434.8K | 46,399 | 0.1% | 1 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $428.4K | 1,800 | 0.1% | 1 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $418.6K | 1,700 | 0.1% | 1 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $417.2K | 2,400 | 0.1% | 1 |
| WHEELER REAL ESTATE INVT TR | [WHLRL](https://holderbook.com/stocks/WHLRL/) | $416.8K | 131,775 | 0.1% | 6 |
| TAIWAN FD INC | [TWN](https://holderbook.com/stocks/TWN/) | $400.5K | 4,164 | 0.1% | 2 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $391.5K | 125,900 | 0.1% | 6 |
| CHIMERA INVT CORP | [CIM](https://holderbook.com/stocks/CIM/) | $389.2K | 29,177 | 0.1% | 3 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $388.6K | 7,800 | 0.1% | 1 |
| ABRDN NATL MUN INCOME FD | [VFL](https://holderbook.com/stocks/VFL/) | $386.0K | 37,221 | 0.1% | 1 |
| EATON VANCE SR INCOME TR | [EVF](https://holderbook.com/stocks/EVF/) | $372.3K | 74,751 | 0.1% | 3 |
| ABERDEEN MULTI-MARKET INCOME | [MMT](https://holderbook.com/stocks/MMT/) | $366.2K | 83,238 | 0.1% | 1 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $352.3K | 1,690 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +1.8% | +14.8% | -13.1% | 93% |
| Q1 2026 | -12.1% | -4.6% | -7.5% | 99% |
| Q4 2025 | -8.9% | +2.4% | -11.3% | 95% |
| Q3 2025 | +17.5% | +7.8% | +9.6% | 87% |
| Q2 2025 | +62.8% | +10.5% | +52.3% | 96% |
| Q1 2025 | -10.2% | -4.6% | -5.6% | 93% |
| Q4 2024 | +8.0% | +2.1% | +5.8% | 87% |
| Q3 2024 | +7.3% | +5.4% | +1.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $417.4M | 130 |
| Q1 2026 | $442.5M | 115 |
| Q4 2025 | $454.2M | 107 |
| Q3 2025 | $866.7M | 66 |
| Q2 2025 | $396.4M | 82 |
| Q1 2025 | $301.4M | 81 |
| Q4 2024 | $456.3M | 92 |
| Q3 2024 | $283.0M | 68 |
| Q2 2024 | $240.5M | 76 |
| Q1 2024 | $242.1M | 69 |
| Q4 2023 | $290.2M | 116 |
| Q3 2023 | $208.8M | 88 |