Almitas Capital LLC
Registered adviserCIK
1596468
Location
SANTA MONICA, CA
Portfolio Value
Small
$412,469,134
Diversification
Diversified
Filing Date
Global Rank
#4,301
/ 8,817
▼ 316
Top Industry
Asset Management
68.4%
Period ended 4 months ago
Filed Aug 17, 2026 · 2mo
22 quarters · since Mar 2020
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Holder type
Registered adviser
Form ADV roster, Oct 1, 2026
Regulatory AUM
$1,067,717,094
Main clients
Pooled investment vehicles
(100% of AUM)
Private funds
2 funds
· Hedge funds
Focus by fund count, roster of Oct 1, 2026
$1,067,717,094 gross assets
Private funds on Schedule D 7.B.(1)
As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.
$783,717,360 gross assets in 2 funds
Hedge funds
$783,717,360
(2)
Form ADV history
Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Oct 2026 | $1,067,717,094 | Pooled investment vehicles (100%) |
| Apr 2025 to Mar 2026 | $985,661,608 | Pooled investment vehicles (100%) |
| Apr 2024 to Mar 2025 | $783,717,360 | Pooled investment vehicles (100%) |
| Jun 2023 to Mar 2024 | $665,133,933 | Pooled investment vehicles (100%) |
| May 2023 | $665,133,933 | Pooled investment vehicles (100%) |
| Apr 2023 | $665,133,933 | Pooled investment vehicles (100%) |
4 earlier changes not shown.
Stated strategy
Fundamental active, Value, Fixed income / rates, Multi-asset, Long/short hedge, Private markets
Form ADV Part 2A, May 8, 2026
· original
In the firm's words
- Fundamental active:
The Firm’s primary method of analysis is fundamental analysis using financial newspapers and magazines; inspection of corporate activities; research materials prepared by others; corporate rating services; annual reports, prospectuses, filings with the SEC; and company press releases.
- Value:
Almitas is a value investor, focused on investments which trade at a discount to intrinsic value.
- Fixed income / rates:
individual debt securities (including, without limitation, mortgage and commercial mortgage-backed securities, asset backed securities, and corporate and government debt securities)
- Multi-asset:
primarily on a discretionary basis among closed-end funds, mortgage real estate investment trusts (“REITs”), individual debt securities (including, without limitation, mortgage and commercial mortgage-backed securities, asset backed securities, and corporate and government debt securities), common and preferred equity securities.
- Long/short hedge:
While the Firm’s strategies are generally longer term in nature, at times the Firm will utilize trading (securities sold within 30 days), and to a lesser extent, short sales, option trades or investing on margin.
- Private markets:
Almitas serves as general partner and investment adviser to private investment funds (the “Funds”).
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Style
Diversified active
Top 10 weight 53.1%, 19.2 effective positions, active share 98.9% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests
Turnover
Medium turnover
44.8% over the last four quarters (30% to under 100%)
Horizon
Medium horizon
Value-weighted holding period 6.1 quarters (4 to under 12)
Closest benchmark: every 13F filer's combined book, active share 98.9%; sector active share 60.0% against the combined 13F book's sector weights.
Over time 22 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
129 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
16.9%
−5.4 pts
Top 5
40.9%
−9.0 pts
Top 10
53.0%
−8.7 pts
HHI
521
Diversified−239
Portfolio Trend
22 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 56.1% | $231,420,569 |
| Unclassified | 19.4% | $79,909,494 |
| Healthcare | 14.6% | $60,067,430 |
| Real Estate | 5.1% | $20,965,357 |
| Consumer Cyclical | 2.8% | $11,725,043 |
| Industrials | 1.2% | $4,934,620 |
| Basic Materials | 0.5% | $2,233,852 |
| Energy | 0.1% | $487,000 |
| Technology | 0.1% | $436,615 |
| Communication Services | 0.1% | $289,154 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CRF | Cornerstone Total Return Fund Inc | +456,961 | 1,572,309 | $11,289,178 | |
| USA | Liberty All Star Equity Fund | +402,857 | 798,342 | $4,638,367 | |
| ASG | Liberty All Star Growth Fund Inc. | +328,575 | 466,560 | $2,552,083 | |
| FSSL | FS Specialty Lending Fund | +268,485 | 537,295 | $5,990,839 | |
| MEGI | NYLIM CBRE Global Infrastructure Megatrends Term Fund | +241,329 | 557,462 | $8,473,422 | |
| SPXX | Nuveen S&P 500 Dynamic Overwrite Fund | +238,355 | 326,907 | $6,093,546 | |
| CLM | Cornerstone Strategic Investment Fund, Inc. | +219,775 | 661,789 | $5,003,124 | |
| FBRT | Franklin BSP Realty Trust, Inc. | +199,136 | 298,190 | $2,427,266 | |
| SDHY | PGIM Short Duration High Yield Opportunities Fund | +185,753 | 364,674 | $5,977,006 | |
| PCF | High Income Securities Fund | +131,515 | 209,322 | $1,144,991 | |
| ACRE | Ares Commercial Real Estate Corp | +129,957 | 180,954 | $814,293 | |
| ASA | ASA Gold & Precious Metals Ltd | +103,455 | 629,121 | $32,739,456 | |
| PCQ | Pimco California Municipal Income Fund | +93,589 | 710,604 | $6,374,117 | |
| GLV | Clough Global Dividend & Income Fund | +91,430 | 110,708 | $735,101 | |
| FCT | First Trust Senior Floating Rate Income Fund II | +83,209 | 466,072 | $0 | |
| SWZ | Total Return Securities Fund | +69,127 | 115,581 | $686,551 | |
| CHW | Calamos Global Dynamic Income Fund | +53,807 | 64,073 | $570,890 | |
| LADR | Ladder Capital Corp | +50,000 | 340,477 | $3,387,746 | |
| GLO | Clough Global Opportunities Fund | +48,968 | 709,764 | $4,343,755 | |
| TRTX | TPG RE Finance Trust, Inc. | +34,852 | 362,684 | $3,035,665 | |
| FTHY | First Trust High Yield Opportunities 2027 Term Fund | +32,537 | 198,801 | $2,723,573 | |
| NBXG | Neuberger Next Generation Connectivity Fund Inc. | +31,840 | 42,297 | $699,592 | |
| EVF | Eaton Vance Senior Income Trust | +31,827 | 74,751 | $372,259 | |
| JFR | Nuveen Floating Rate Income Fund | +23,580 | 435,208 | $3,338,045 | |
| STEW | SRH Total Return Fund, Inc. | +17,018 | 133,773 | $2,394,536 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
22 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MYPS | PLAYSTUDIOS, Inc. | −4,125,067 | 579,467 | $289,154 | |
| AMLX | Amylyx Pharmaceuticals, Inc. | −1,147,716 | 974,881 | $17,508,862 | |
| DSGN | Design Therapeutics, Inc. | −503,442 | 1,026,893 | $14,859,141 | |
| BRSP | BrightSpire Capital, Inc. | −246,870 | 769,033 | $4,191,229 | |
| ALXO | Alx Oncology Holdings Inc | −235,403 | 2,938,431 | $6,082,552 | |
| CABA | Cabaletta Bio, Inc. | −211,491 | 125,900 | $391,549 | |
| FBTC | Fidelity Wise Origin Bitcoin Fund | −172,115 | 1,364,522 | $69,658,848 | |
| DSM | Bny Mellon Strategic Municipal Bond Fund, Inc. | −168,302 | 757,999 | $4,661,693 | |
| LEO | Bny Mellon Strategic Municipals, Inc. | −115,030 | 82,066 | $530,146 | |
| AFB | Alliancebernstein National Municipal Income Fund | −93,289 | 120,993 | $1,380,530 | |
| FSK | FS KKR Capital Corp | −84,569 | 27,031 | $283,825 | |
| RLYB | Rallybio Corp | −70,524 | 120,682 | $1,930,912 | |
| DMB | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | −61,585 | 121,339 | $1,339,582 | |
| BANX | ArrowMark Financial Corp. | −22,409 | 50,843 | $993,980 | |
| PNI | Pimco New York Municipal Income Fund II | −21,308 | 467,432 | $3,314,092 | |
| OPP | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | −19,452 | 14,511 | $112,024 | |
| JOF | Japan Smaller Capitalization Fund Inc | −16,581 | 386,375 | $4,551,497 | |
| TWN | Taiwan Fund Inc | −14,406 | 4,164 | $400,451 | |
| MXF | Mexico Fund Inc | −12,691 | 170,814 | $3,735,702 | |
| ANTX | AN2 Therapeutics, Inc. | −10,000 | 1,469,129 | $7,110,584 | |
| TRC | Tejon Ranch Co | −4,740 | 90,257 | $1,687,805 | |
| BTT | BlackRock Municipal 2030 Target Term Trust | −800 | 1,485,213 | $33,788,595 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| TYG | Tortoise Energy Infrastructure Corp | 161,872 | $6,939,452 | |
| MFM | Aberdeen Municipal Income Fund | 878,531 | $4,937,344 | |
| — | 69,946 | $4,861,247 | ||
| SCHH | Schwab U.S. REIT ETF | 198,600 | $4,702,848 | |
| LUNG | Pulmonx Corp | 1,064,202 | $1,383,462 | |
| AEM | Agnico Eagle Mines Ltd | 8,035 | $1,246,469 | |
| GAB | Gabelli Equity Trust Inc | 169,700 | $960,502 | |
| BSTZ | BlackRock Science & Technology Term Trust | 26,810 | $805,104 | |
| NEM | NEWMONT Corp | 6,800 | $635,120 | |
| IHD | Voya Emerging Markets High Dividend Equity Fund | 78,161 | $609,655 | |
| CPZ | Calamos Long/Short Equity & Dynamic Income Trust | 38,584 | $504,678 | |
| TORO | Toro Corp. | 100,000 | $487,000 | |
| BNY | Bank of New York Mellon Corp | 3,300 | $477,213 | |
| DHY | Ubs Asset Management High Yield Credit Fund | 247,026 | $439,706 | |
| EVV | Eaton Vance Ltd Duration Income Fund | 46,399 | $434,758 | |
| MTB | M&T Bank Corp | 1,800 | $428,418 | |
| PNC | Pnc Financial Services Group, Inc. | 1,700 | $418,574 | |
| NTRS | Northern Trust Corp | 2,400 | $417,216 | |
| TFC | Truist Financial Corp | 7,800 | $388,596 | |
| MMT | Aberdeen Multi-Market Income Fund | 83,238 | $366,247 | |
| FNV | FRANCO NEVADA Corp | 1,690 | $352,263 | |
| RF | Regions Financial Corp | 10,000 | $302,000 | |
| BLW | BLACKROCK Ltd DURATION INCOME TRUST | 23,822 | $297,536 | |
| EOSE | Eos Energy Enterprises, Inc. | 50,000 | $294,000 | |
| KYN | Kayne Anderson Energy Infrastructure Fund, Inc. | 20,799 | $287,650 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
18 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| BIO | Bio-Rad Laboratories, Inc. | 30,254 | $8,433,302 | |
| MSGS | Madison Square Garden Sports Corp. | 9,925 | $3,189,895 | |
| ANRO | Alto Neuroscience, Inc. | 78,520 | $1,765,129 | |
| ZNTL | Zentalis Pharmaceuticals, Inc. | 610,073 | $1,427,570 | |
| JRI | Nuveen Real Asset Income & Growth Fund | 110,414 | $1,358,092 | |
| NPCT | Nuveen Core Plus Impact Fund | 85,383 | $870,052 | |
| HPP | Hudson Pacific Properties, Inc. | 124,398 | $735,192 | |
| SPY | Spdr S&P 500 ETF Trust | 725 | $471,496 | |
| GDOG | Grayscale Dogecoin Trust ETF | 33,254 | $359,475 | |
| NXG | NXG NextGen Infrastructure Income Fund | 5,000 | $274,650 | |
| ECAT | BlackRock ESG Capital Allocation Term Trust | 11,406 | $154,893 | |
| CXH | Mfs Investment Grade Municipal Trust | 454,829 | $0 | |
| NQP | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,057,494 | $0 | |
| CMU | Mfs High Yield Municipal Trust | 1,497,718 | $0 | |
| CXE | Mfs High Income Municipal Trust | 1,266,853 | $0 | |
| WHLRL | Wheeler Real Estate Investment Trust, Inc. | 5,271 | $0 | |
| CIF | Mfs Intermediate High Income Fund | 127,491 | $0 | |
| — | 1,277,717 | $0 | ||
| No positions match the current search. | ||||
129 tracked positions ·
$412,469,134 total
· filing declares
130 positions · $417,358,165
· as of Jun 30, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Showing 1–50
of 129 positions by value
· page 1 of 3
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| FBTC |
Fidelity Wise Origin Bitcoin Fund
|
Reduced | 1,364,522 | $69,658,848 | 16.89% | |
| BTT |
BlackRock Municipal 2030 Target Term Trust
Financial Services
|
Reduced | 1,485,213 | $33,788,595 | 8.19% | |
| ASA |
ASA Gold & Precious Metals Ltd
Financial Services
|
Added | 629,121 | $32,739,456 | 7.94% | |
| AMLX |
Amylyx Pharmaceuticals, Inc.
Healthcare
|
Reduced | 974,881 | $17,508,862 | 4.24% | |
| DSGN |
Design Therapeutics, Inc.
Healthcare
|
Reduced | 1,026,893 | $14,859,141 | 3.60% | |
| PDX |
PIMCO Dynamic Income Strategy Fund
Financial Services
|
Added | 549,495 | $11,440,485 | 2.77% | |
| CRF |
Cornerstone Total Return Fund Inc
Financial Services
|
Added | 1,572,309 | $11,289,178 | 2.74% | |
| CNNE |
Cannae Holdings, Inc.
Consumer Cyclical
|
Held | 741,318 | $10,674,979 | 2.59% | |
| MEGI |
NYLIM CBRE Global Infrastructure Megatrends Term Fund
Financial Services
|
Added | 557,462 | $8,473,422 | 2.05% | |
| LYEL |
Lyell Immunopharma, Inc.
Healthcare
|
Added | 581,407 | $8,168,768 | 1.98% | |
| BMEZ |
BlackRock Health Sciences Term Trust
Financial Services
|
Added | 507,095 | $7,783,908 | 1.89% | |
| ANTX |
AN2 Therapeutics, Inc.
Healthcare
|
Reduced | 1,469,129 | $7,110,584 | 1.72% | |
| TYG |
Tortoise Energy Infrastructure Corp
Financial Services
|
NEW | 161,872 | $6,939,452 | 1.68% | |
| PCQ |
Pimco California Municipal Income Fund
Financial Services
|
Added | 710,604 | $6,374,117 | 1.55% | |
| SPXX |
Nuveen S&P 500 Dynamic Overwrite Fund
Financial Services
|
Added | 326,907 | $6,093,546 | 1.48% | |
| ALXO |
Alx Oncology Holdings Inc
Healthcare
|
Reduced | 2,938,431 | $6,082,552 | 1.47% | |
| FSSL |
FS Specialty Lending Fund
Financial Services
|
Added | 537,295 | $5,990,839 | 1.45% | |
| SDHY |
PGIM Short Duration High Yield Opportunities Fund
Financial Services
|
Added | 364,674 | $5,977,006 | 1.45% | |
| CLM |
Cornerstone Strategic Investment Fund, Inc.
Financial Services
|
Added | 661,789 | $5,003,124 | 1.21% | |
| MFM |
Aberdeen Municipal Income Fund
Financial Services
|
NEW | 878,531 | $4,937,344 | 1.20% | |
|
|
NEW | 69,946 | $4,861,247 | 1.18% | ||
| SCHH |
Schwab U.S. REIT ETF
|
NEW | 198,600 | $4,702,848 | 1.14% | |
| DSM |
Bny Mellon Strategic Municipal Bond Fund, Inc.
Financial Services
|
Reduced | 757,999 | $4,661,693 | 1.13% | |
| USA |
Liberty All Star Equity Fund
Financial Services
|
Added | 798,342 | $4,638,367 | 1.12% | |
| JOF |
Japan Smaller Capitalization Fund Inc
Financial Services
|
Reduced | 386,375 | $4,551,497 | 1.10% | |
| GLO |
Clough Global Opportunities Fund
Financial Services
|
Added | 709,764 | $4,343,755 | 1.05% | |
| BRSP |
BrightSpire Capital, Inc.
Real Estate
|
Reduced | 769,033 | $4,191,229 | 1.02% | |
| DTF |
Dtf Tax-Free Income 2028 Term Fund Inc
Financial Services
|
Held | 355,089 | $4,101,277 | 0.99% | |
| CCAP |
Crescent Capital BDC, Inc.
Financial Services
|
Held | 356,905 | $3,897,402 | 0.94% | |
| ELME |
Elme Communities
Real Estate
|
Added | 2,619,247 | $3,876,485 | 0.94% | |
| MXF |
Mexico Fund Inc
Financial Services
|
Reduced | 170,814 | $3,735,702 | 0.91% | |
| CEE |
Central & Eastern Europe Fund, Inc.
Financial Services
|
Held | 173,254 | $3,560,369 | 0.86% | |
| LADR |
Ladder Capital Corp
Real Estate
|
Added | 340,477 | $3,387,746 | 0.82% | |
| JFR |
Nuveen Floating Rate Income Fund
Financial Services
|
Added | 435,208 | $3,338,045 | 0.81% | |
| PNI |
Pimco New York Municipal Income Fund II
Financial Services
|
Reduced | 467,432 | $3,314,092 | 0.80% | |
| TRTX |
TPG RE Finance Trust, Inc.
Real Estate
|
Added | 362,684 | $3,035,665 | 0.74% | |
| EBF |
Ennis, Inc.
Industrials
|
Held | 138,956 | $2,952,815 | 0.72% | |
| SABA |
Saba Capital Income & Opportunities Fund II
Financial Services
|
Held | 347,826 | $2,904,347 | 0.70% | |
| GLQ |
Clough Global Equity Fund
Financial Services
|
Added | 331,172 | $2,854,702 | 0.69% | |
| FTHY |
First Trust High Yield Opportunities 2027 Term Fund
Financial Services
|
Added | 198,801 | $2,723,573 | 0.66% | |
| ASG |
Liberty All Star Growth Fund Inc.
Financial Services
|
Added | 466,560 | $2,552,083 | 0.62% | |
| FBRT |
Franklin BSP Realty Trust, Inc.
Real Estate
|
Added | 298,190 | $2,427,266 | 0.59% | |
| STEW |
SRH Total Return Fund, Inc.
Financial Services
|
Added | 133,773 | $2,394,536 | 0.58% | |
| FLGT |
Fulgent Genetics, Inc.
Healthcare
|
Held | 104,797 | $2,150,434 | 0.52% | |
| RLYB |
Rallybio Corp
Healthcare
|
Reduced | 120,682 | $1,930,912 | 0.47% | |
| TRC |
Tejon Ranch Co
Industrials
|
Reduced | 90,257 | $1,687,805 | 0.41% | |
| BGB |
Blackstone Strategic Credit 2027 Term Fund
Financial Services
|
Held | 144,834 | $1,636,624 | 0.40% | |
| MFIC |
MidCap Financial Investment Corp
Financial Services
|
Held | 140,477 | $1,416,008 | 0.34% | |
| LUNG |
Pulmonx Corp
Healthcare
|
NEW | 1,064,202 | $1,383,462 | 0.34% | |
| AFB |
Alliancebernstein National Municipal Income Fund
Financial Services
|
Reduced | 120,993 | $1,380,530 | 0.33% |
Showing the top 50 of 129 positions. Create a free account to see every position, past quarters, search, filters and CSV export.
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.