Almitas Capital LLC

CIK

1596468

Location

SANTA MONICA, CA

Portfolio Value

Small $446,077,129

Diversification

Diversified

Filing Date

Global Rank

#2,626 / 8,420 ▲ 266

Top Industry

Asset Management 56.8%

3Y Alpha vs SPY

-12.1%

Period ended 6 months ago

Filed Feb 17, 2026 · 4mo

20 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+29.0%

SPY

+76.3%

Annualised alpha

-12.0%

Max drawdown

−24.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

102 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

26.3%

−13.5 pts

Top 5

49.0%

−16.8 pts

Top 10

64.2%

−12.8 pts

HHI

903

Diversified−903

Portfolio Trend

20 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	37.6%	$167,663,550	68
Unclassified	34.8%	$155,384,478	6
Healthcare	15.7%	$70,188,613	11
Real Estate	8.0%	$35,781,562	9
Consumer Cyclical	1.7%	$7,487,590	3
Communication Services	1.2%	$5,205,970	2
Industrials	0.9%	$3,971,367	2
Technology	0.1%	$393,999	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
MYPS	PLAYSTUDIOS, Inc.	+3,115,758	4,047,346	$2,638,869
MRCC	MONROE CAPITAL Corp	+890,139	999,044	$6,363,910
PCQ	Pimco California Municipal Income Fund	+487,609	640,607	$5,592,499
QNCX	Quince Therapeutics, Inc.	+435,356	930,134	$3,115,948
GLO	Clough Global Opportunities Fund	+298,428	790,286	$4,473,018
GLQ	Clough Global Equity Fund	+208,975	322,982	$2,474,042
ZNTL	Zentalis Pharmaceuticals, Inc.	+152,751	610,073	$823,598
CXE	Mfs High Income Municipal Trust	+90,456	1,193,886	$4,417,378
DSM	Bny Mellon Strategic Municipal Bond Fund, Inc.	+75,214	926,301	$5,715,277
CCAP	Crescent Capital BDC, Inc.	+67,773	444,234	$6,241,487
DMB	BNY Mellon Municipal Bond Infrastructure Fund, Inc.	+63,493	182,924	$2,010,334
ANTX	AN2 Therapeutics, Inc.	+50,806	1,479,129	$1,686,207
MFA	Mfa Financial, Inc.	+50,646	128,086	$1,192,480
ASA	ASA Gold & Precious Metals Ltd	+46,797	382,139	$22,802,234
MFIC	MidCap Financial Investment Corp	+42,760	135,477	$1,549,856
UTF	Cohen & Steers Infrastructure Fund Inc	+13,062	38,562	$929,729
LADR	Ladder Capital Corp	+8,664	189,357	$2,081,033
No positions match the current search.

Trimmed

Positions the filer reduced

14 positions

Ticker	Company	Δ Shares	Shares	Value
BIT	BlackRock Multi-Sector Income Trust	−495,363	19,543	$255,231
CNNE	Cannae Holdings, Inc.	−144,795	411,893	$6,479,076
ANRO	Alto Neuroscience, Inc.	−116,625	78,520	$1,397,656
FBTC	Fidelity Wise Origin Bitcoin Fund	−75,000	1,536,637	$117,137,838
BTT	BlackRock Municipal 2030 Target Term Trust	−53,250	1,486,013	$33,910,816
GERN	Geron Corp	−50,000	896,323	$1,183,146
JOF	Japan Smaller Capitalization Fund Inc	−45,657	435,985	$4,830,713
CXH	Mfs Investment Grade Municipal Trust	−32,779	454,909	$3,616,526
WIA	Western Asset Inflation-Linked Income Fund	−22,916	72,863	$602,577
MXF	Mexico Fund Inc	−17,037	185,924	$3,744,509
SDHY	PGIM Short Duration High Yield Opportunities Fund	−13,838	25,277	$415,806
CMU	Mfs High Yield Municipal Trust	−9,450	1,497,718	$5,256,990
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND	−9,263	368,795	$4,384,972
FLGT	Fulgent Genetics, Inc.	−3,000	18,478	$485,417
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
ELME	Elme Communities	1,012,210	$17,612,454
FSSL	FS Specialty Lending Fund	801,778	$11,337,140
USA	Liberty All Star Equity Fund	804,614	$5,052,975
BPRE	Bluerock Private Real Estate Fund	212,185	$3,182,775
PDX	PIMCO Dynamic Income Strategy Fund	151,260	$2,840,662
EBF	Ennis, Inc.	138,956	$2,502,597
BMEZ	BlackRock Health Sciences Term Trust	152,914	$2,301,355
NPCT	Nuveen Core Plus Impact Fund	204,356	$2,080,344
DIAX	Nuveen Dow 30sm Dynamic Overwrite Fund	114,201	$1,742,707
FSK	FS KKR Capital Corp	106,600	$1,578,746
TRC	Tejon Ranch Co	93,137	$1,468,770
STWD	Starwood Property Trust, Inc.	71,000	$1,278,710
SBET	Sharplink, Inc.	124,283	$1,111,090
HPP	Hudson Pacific Properties, Inc.	97,816	$1,059,347
NCDL	Nuveen Churchill Direct Lending Corp.	70,160	$935,934
JFR	Nuveen Floating Rate Income Fund	117,948	$923,532
EIC	Eagle Point Income Co Inc.	80,547	$919,041
FCT	First Trust Senior Floating Rate Income Fund II	88,034	$886,502
MEGI	NYLI CBRE Global Infrastructure Megatrends Term Fund	61,653	$848,345
BCAT	BlackRock Capital Allocation Term Trust	55,000	$778,800
FTHY	First Trust High Yield Opportunities 2027 Term Fund	55,326	$778,436
CCIF	Carlyle Credit Income Fund	157,285	$737,666
MFM	Mfs Municipal Income Trust	134,361	$729,580
WD	Walker & Dunlop, Inc.	11,600	$697,740
CRF	Cornerstone Total Return Fund Inc	86,417	$692,200
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
OXLC	Oxford Lane Capital Corp.	119,999	$2,031,583
VTGN	Vistagen Therapeutics, Inc.	261,399	$927,966
MSIF	Msc Income Fund, Inc.	30,146	$395,816
CEV	Eaton Vance California Municipal Income Trust	18,152	$182,972
BKT	Blackrock Income Trust, Inc.	13,000	$146,120
BOLD	Boundless Bio, Inc.	86,808	$106,773
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

102 positions · $446,077,129 total · as of Dec 31, 2025

All sectors Communication Services Consumer Cyclical Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 102 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
FBTC	Fidelity Wise Origin Bitcoin Fund	Reduced	1,536,637	-75,000	$117,137,838	−27.2%	26.26%
BTT	BlackRock Municipal 2030 Target Term Trust Financial Services	Reduced	1,486,013	-53,250	$33,910,816	−1.9%	7.60%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Held	2,122,597	0	$25,640,971	−11.1%	5.75%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Added	382,139	+46,797	$22,802,234	+48.5%	5.11%
FETH	Fidelity Ethereum Fund	Held	650,000	0	$19,246,500	−28.7%	4.31%
LYEL	Lyell Immunopharma, Inc. Healthcare	Held	577,807	0	$17,784,899	+89.5%	3.99%
ELME	Elme Communities Real Estate	NEW	1,012,210	NEW	$17,612,454	NEW	3.95%
DSGN	Design Therapeutics, Inc. Healthcare	Held	1,530,435	0	$14,355,480	+24.6%	3.22%
FSSL	FS Specialty Lending Fund	NEW	801,778	NEW	$11,337,140	NEW	2.54%
CNNE	Cannae Holdings, Inc. Consumer Cyclical	Reduced	411,893	-144,795	$6,479,076	−36.4%	1.45%
MRCC	MONROE CAPITAL Corp Financial Services	Added	999,044	+890,139	$6,363,910	+732.4%	1.43%
CCAP	Crescent Capital BDC, Inc. Financial Services	Added	444,234	+67,773	$6,241,487	+16.3%	1.40%
BRSP	BrightSpire Capital, Inc. Real Estate	Held	1,029,464	0	$5,764,998	+3.1%	1.29%
DSM	Bny Mellon Strategic Municipal Bond Fund, Inc. Financial Services	Added	926,301	+75,214	$5,715,277	+13.4%	1.28%
PCQ	Pimco California Municipal Income Fund Financial Services	Added	640,607	+487,609	$5,592,499	+319.2%	1.25%
CMU	Mfs High Yield Municipal Trust Financial Services	Reduced	1,497,718	-1,516,618	$5,256,990	−49.7%	1.18%
USA	Liberty All Star Equity Fund Financial Services	NEW	804,614	NEW	$5,052,975	NEW	1.13%
ETHA	iShares Ethereum Trust ETF	Held	219,405	0	$4,921,254	−28.8%	1.10%
JOF	Japan Smaller Capitalization Fund Inc Financial Services	Reduced	435,985	-45,657	$4,830,713	−4.8%	1.08%
GLO	Clough Global Opportunities Fund Financial Services	Added	790,286	+298,428	$4,473,018	+59.5%	1.00%
CXE	Mfs High Income Municipal Trust Financial Services	Added	1,193,886	+90,456	$4,417,378	+7.6%	0.99%
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND Financial Services	Reduced	368,795	-9,263	$4,384,972	−3.3%	0.98%
DTF	Dtf Tax-Free Income 2028 Term Fund Inc Financial Services	Held	350,940	0	$4,007,734	−0.1%	0.90%
ARR	Armour Residential REIT, Inc. Real Estate	Held	217,149	0	$3,841,365	+18.4%	0.86%
MXF	Mexico Fund Inc Financial Services	Reduced	185,924	-17,037	$3,744,509	−6.3%	0.84%
CXH	Mfs Investment Grade Municipal Trust Financial Services	Reduced	454,909	-32,779	$3,616,526	−5.7%	0.81%
BPRE	Bluerock Private Real Estate Fund Financial Services	NEW	212,185	NEW	$3,182,775	NEW	0.71%
QNCX	Quince Therapeutics, Inc. Healthcare	Added	930,134	+435,356	$3,115,948	+286.4%	0.70%
CEE	Central & Eastern Europe Fund, Inc. Financial Services	Held	173,254	0	$3,066,595	+15.2%	0.69%
ALXO	Alx Oncology Holdings Inc Healthcare	Held	2,536,891	0	$2,866,686	−38.3%	0.64%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	NEW	151,260	NEW	$2,840,662	NEW	0.64%
MYPS	PLAYSTUDIOS, Inc. Communication Services	Added	4,047,346	+3,115,758	$2,638,869	+194.1%	0.59%
NLY	Annaly Capital Management Inc Real Estate	Held	115,765	0	$2,588,505	+10.6%	0.58%
MSGS	Madison Square Garden Sports Corp. Communication Services	Held	9,925	0	$2,567,101	+13.9%	0.58%
ETH	Grayscale Ethereum Staking Mini ETF	Held	89,557	0	$2,512,969	−28.4%	0.56%
EBF	Ennis, Inc. Industrials	NEW	138,956	NEW	$2,502,597	NEW	0.56%
GLQ	Clough Global Equity Fund Financial Services	Added	322,982	+208,975	$2,474,042	+185.2%	0.55%
AFB	Alliancebernstein National Municipal Income Fund Financial Services	Held	214,282	0	$2,318,531	−0.3%	0.52%
BMEZ	BlackRock Health Sciences Term Trust Financial Services	NEW	152,914	NEW	$2,301,355	NEW	0.52%
LADR	Ladder Capital Corp Real Estate	Added	189,357	+8,664	$2,081,033	+5.6%	0.47%
NPCT	Nuveen Core Plus Impact Fund Financial Services	NEW	204,356	NEW	$2,080,344	NEW	0.47%
DMB	BNY Mellon Municipal Bond Infrastructure Fund, Inc. Financial Services	Added	182,924	+63,493	$2,010,334	+57.3%	0.45%
DIAX	Nuveen Dow 30sm Dynamic Overwrite Fund Financial Services	NEW	114,201	NEW	$1,742,707	NEW	0.39%
ANTX	AN2 Therapeutics, Inc. Healthcare	Reduced	1,479,129	-1,377,517	$1,686,207	−53.5%	0.38%
FSK	FS KKR Capital Corp Financial Services	NEW	106,600	NEW	$1,578,746	NEW	0.35%
MFIC	MidCap Financial Investment Corp Financial Services	Added	135,477	+42,760	$1,549,856	+39.4%	0.35%
TRC	Tejon Ranch Co Industrials	NEW	93,137	NEW	$1,468,770	NEW	0.33%
ANRO	Alto Neuroscience, Inc. Healthcare	Reduced	78,520	-116,625	$1,397,656	+78.2%	0.31%
STWD	Starwood Property Trust, Inc. Real Estate	NEW	71,000	NEW	$1,278,710	NEW	0.29%
LEO	Bny Mellon Strategic Municipals, Inc. Financial Services	Held	197,096	0	$1,253,530	+1.8%	0.28%