Almitas Capital LLC

CIK

1596468

Location

SANTA MONICA, CA

Portfolio Value

Small $442,811,712

Diversification

Diversified

Filing Date

Global Rank

#2,793 / 8,621 ▼ 1048 · as of Mar 2026

Top Industry

Asset Management 63.3%

3Y Alpha vs SPY

-32.1%

Period ended 4 months ago

Filed May 18, 2026 · 2mo

21 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

-29.6%

SPY

+67.9%

Annualised alpha

-29.9%

Max drawdown

−70.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

111 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

20.5%

−38.0 pts

Top 5

45.8%

−31.4 pts

Top 10

57.8%

−26.9 pts

HHI

655

Diversified−2,920

Portfolio Trend

21 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	50.1%	$221,906,944	75
Unclassified	21.5%	$95,176,938	5
Healthcare	19.2%	$85,065,163	12
Real Estate	4.7%	$20,986,737	11
Consumer Cyclical	2.1%	$9,281,050	3
Communication Services	1.2%	$5,396,321	2
Industrials	1.1%	$4,766,180	2
Technology	0.1%	$232,379	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ELME	Elme Communities	+1,595,162	2,607,372	$5,240,817
CRF	Cornerstone Total Return Fund Inc	+1,028,931	1,115,348	$7,751,668
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND	+688,699	1,057,494	$12,615,903
MYPS	PLAYSTUDIOS, Inc.	+657,188	4,704,534	$2,206,426
ALXO	Alx Oncology Holdings Inc	+636,943	3,173,834	$6,363,537
PDX	PIMCO Dynamic Income Strategy Fund	+390,232	541,492	$11,945,313
BMEZ	BlackRock Health Sciences Term Trust	+353,481	506,395	$7,271,832
CNNE	Cannae Holdings, Inc.	+329,425	741,318	$8,428,785
FCT	First Trust Senior Floating Rate Income Fund II	+294,829	382,863	$3,690,799
JFR	Nuveen Floating Rate Income Fund	+293,680	411,628	$3,095,442
SABA	Saba Capital Income & Opportunities Fund II	+283,696	347,826	$2,893,912
MRCC	MONROE CAPITAL Corp	+278,673	1,277,717	$5,877,498
MEGI	NYLI CBRE Global Infrastructure Megatrends Term Fund	+254,480	316,133	$4,643,993
SDHY	PGIM Short Duration High Yield Opportunities Fund	+153,644	178,921	$2,866,314
ASA	ASA Gold & Precious Metals Ltd	+143,527	525,666	$32,607,061
FTHY	First Trust High Yield Opportunities 2027 Term Fund	+110,938	166,264	$2,249,551
LADR	Ladder Capital Corp	+101,120	290,477	$2,837,960
STEW	SRH Total Return Fund, Inc.	+88,036	116,755	$1,996,510
FLGT	Fulgent Genetics, Inc.	+86,319	104,797	$1,666,272
CXE	Mfs High Income Municipal Trust	+72,967	1,266,853	$4,700,024
EVF	Eaton Vance Senior Income Trust	+28,271	42,924	$214,190
ASG	Liberty All Star Growth Fund Inc.	+27,504	137,985	$655,428
HPP	Hudson Pacific Properties, Inc.	+26,582	124,398	$735,192
EFR	Eaton Vance Senior Floating-Rate Trust	+20,953	49,782	$524,702
SWZ	Total Return Securities Fund	+9,673	46,454	$275,472
No positions match the current search.

Trimmed

Positions the filer reduced

15 positions

Ticker	Company	Δ Shares	Shares	Value
FSSL	FS Specialty Lending Fund	−532,968	268,810	$3,362,813
USA	Liberty All Star Equity Fund	−409,129	395,485	$2,194,941
GLO	Clough Global Opportunities Fund	−129,490	660,796	$3,680,633
NPCT	Nuveen Core Plus Impact Fund	−118,973	85,383	$870,052
CCAP	Crescent Capital BDC, Inc.	−87,329	356,905	$4,336,395
CABA	Cabaletta Bio, Inc.	−50,100	337,391	$907,581
JOF	Japan Smaller Capitalization Fund Inc	−33,029	402,956	$4,392,220
PCQ	Pimco California Municipal Income Fund	−23,592	617,015	$5,293,988
WIA	Western Asset Inflation-Linked Income Fund	−16,131	56,732	$458,394
BRSP	BrightSpire Capital, Inc.	−13,561	1,015,903	$5,689,056
HQL	abrdn Life Sciences Investors	−4,364	14,875	$242,016
MXF	Mexico Fund Inc	−2,419	183,505	$3,840,759
DSGN	Design Therapeutics, Inc.	−100	1,530,335	$16,282,764
CXH	Mfs Investment Grade Municipal Trust	−80	454,829	$3,634,083
GLV	Clough Global Dividend & Income Fund	−9	19,278	$114,125
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
BIO	Bio-Rad Laboratories, Inc.	30,254	$8,433,302
PNI	Pimco New York Municipal Income Fund II	488,740	$3,347,869
CLM	Cornerstone Strategic Investment Fund, Inc.	442,014	$3,217,861
TRTX	TPG RE Finance Trust, Inc.	327,832	$2,560,367
RLYB	Rallybio Corp	191,206	$1,715,117
BGB	Blackstone Strategic Credit 2027 Term Fund	144,834	$1,614,899
SPXX	Nuveen S&P 500 Dynamic Overwrite Fund	88,552	$1,423,030
BANX	ArrowMark Financial Corp.	73,252	$1,396,183
JRI	Nuveen Real Asset Income & Growth Fund	110,414	$1,358,092
TWN	Taiwan Fund Inc	18,570	$1,220,791
FBRT	Franklin BSP Realty Trust, Inc.	99,054	$840,968
BSL	Blackstone Senior Floating Rate 2027 Term Fund	44,471	$575,899
SPY	Spdr S&P 500 ETF Trust	725	$471,496
PCF	High Income Securities Fund	77,807	$429,494
DMA	Destra Multi-Alternative Fund	45,193	$366,515
GDOG	Grayscale Dogecoin Trust ETF	33,254	$359,475
TLPH	Talphera, Inc.	467,152	$350,364
DPG	Duff & Phelps Utility & Infrastructure Fund Inc.	22,565	$325,838
NXG	NXG NextGen Infrastructure Income Fund	5,000	$274,650
BGX	Blackstone Long-Short Credit Income Fund	25,085	$273,426
ACRE	Ares Commercial Real Estate Corp	50,997	$244,785
CIF	Mfs Intermediate High Income Fund	127,491	$206,535
DHF	Bny Mellon High Yield Strategies Fund	79,265	$193,406
ECAT	BlackRock ESG Capital Allocation Term Trust	11,406	$154,893
NBXG	Neuberger Next Generation Connectivity Fund Inc.	10,457	$134,581
No positions match the current search.

Sold Out

Positions the filer fully exited

20 positions

Ticker	Company	Shares	Value
QNCX	Quince Therapeutics, Inc.	930,134	$623,189,780
FETH	Fidelity Ethereum Fund	650,000	$19,246,500
ETHA	iShares Ethereum Trust ETF	219,405	$4,921,254
ARR	Armour Residential REIT, Inc.	217,149	$3,841,365
BPRE	Bluerock Private Real Estate Fund	212,185	$3,182,775
NLY	Annaly Capital Management Inc	115,765	$2,588,505
ETH	Grayscale Ethereum Staking Mini ETF	89,557	$2,512,969
DIAX	Nuveen Dow 30sm Dynamic Overwrite Fund	114,201	$1,742,707
GERN	Geron Corp	896,323	$1,183,146
BCAT	BlackRock Capital Allocation Term Trust	55,000	$778,800
MFM	Aberdeen Municipal Income Fund	134,361	$729,580
EFT	Eaton Vance Floating-Rate Income Trust	59,404	$670,671
EMO	ClearBridge Energy Midstream Opportunity Fund Inc.	9,549	$426,362
CPZ	Calamos Long/Short Equity & Dynamic Income Trust	25,204	$368,482
JQC	Nuveen Credit Strategies Income Fund	63,304	$317,786
ETJ	Eaton Vance Risk-Managed Diversified Equity Income Fund	20,661	$182,230
RVT	Royce Small-Cap Trust, Inc.	10,456	$168,341
BXMX	Nuveen S&P 500 BuyWrite Income Fund	10,320	$151,704
VVR	Invesco Senior Income Trust	43,310	$141,623
HYT	Blackrock Corporate High Yield Fund, Inc.	15,000	$133,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

111 positions · $442,811,712 total · as of Mar 31, 2026

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

Showing 1–50 of 111 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	Held	1,536,637	0	$90,707,682	−22.6%	20.48%
BTT	BlackRock Municipal 2030 Target Term Trust Financial Services	Held	1,486,013	0	$33,732,495	−0.5%	7.62%
ASA	ASA Gold & Precious Metals Ltd Financial Services	Added	525,666	+143,527	$32,607,061	+43.0%	7.36%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Held	2,122,597	0	$29,504,098	+15.1%	6.66%
DSGN	Design Therapeutics, Inc. Healthcare	Reduced	1,530,335	-100	$16,282,764	+13.4%	3.68%
NQP	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND Financial Services	Added	1,057,494	+688,699	$12,615,903	+187.7%	2.85%
PDX	PIMCO Dynamic Income Strategy Fund Financial Services	Added	541,492	+390,232	$11,945,313	+320.5%	2.70%
LYEL	Lyell Immunopharma, Inc. Healthcare	Held	577,807	0	$11,590,808	−34.8%	2.62%
BIO	Bio-Rad Laboratories, Inc. Healthcare	NEW	30,254	NEW	$8,433,302	NEW	1.90%
CNNE	Cannae Holdings, Inc. Consumer Cyclical	Added	741,318	+329,425	$8,428,785	+30.1%	1.90%
CRF	Cornerstone Total Return Fund Inc Financial Services	Added	1,115,348	+1,028,931	$7,751,668	+1019.9%	1.75%
BMEZ	BlackRock Health Sciences Term Trust Financial Services	Added	506,395	+353,481	$7,271,832	+216.0%	1.64%
ALXO	Alx Oncology Holdings Inc Healthcare	Added	3,173,834	+636,943	$6,363,537	+122.0%	1.44%
MRCC	MONROE CAPITAL Corp Financial Services	Added	1,277,717	+278,673	$5,877,498	−7.6%	1.33%
BRSP	BrightSpire Capital, Inc. Real Estate	Reduced	1,015,903	-13,561	$5,689,056	−1.3%	1.28%
DSM	Bny Mellon Strategic Municipal Bond Fund, Inc. Financial Services	Held	926,301	0	$5,567,069	−2.6%	1.26%
CMU	Mfs High Yield Municipal Trust Financial Services	Reduced	1,497,718	-2,192,942	$5,361,830	−58.6%	1.21%
PCQ	Pimco California Municipal Income Fund Financial Services	Reduced	617,015	-23,592	$5,293,988	−5.3%	1.20%
ELME	Elme Communities Real Estate	Added	2,607,372	+1,595,162	$5,240,817	−70.2%	1.18%
ANTX	AN2 Therapeutics, Inc. Healthcare	Reduced	1,479,129	-2,975,164	$5,058,621	−0.4%	1.14%
CXE	Mfs High Income Municipal Trust Financial Services	Added	1,266,853	+72,967	$4,700,024	+6.4%	1.06%
MEGI	NYLI CBRE Global Infrastructure Megatrends Term Fund Financial Services	Added	316,133	+254,480	$4,643,993	+447.4%	1.05%
JOF	Japan Smaller Capitalization Fund Inc Financial Services	Reduced	402,956	-33,029	$4,392,220	−9.1%	0.99%
CCAP	Crescent Capital BDC, Inc. Financial Services	Reduced	356,905	-87,329	$4,336,395	−30.5%	0.98%
DTF	Dtf Tax-Free Income 2028 Term Fund Inc Financial Services	Added	355,089	+4,149	$4,065,769	+1.4%	0.92%
MXF	Mexico Fund Inc Financial Services	Reduced	183,505	-2,419	$3,840,759	+2.6%	0.87%
FCT	First Trust Senior Floating Rate Income Fund II Financial Services	Added	382,863	+294,829	$3,690,799	+316.3%	0.83%
GLO	Clough Global Opportunities Fund Financial Services	Reduced	660,796	-129,490	$3,680,633	−17.7%	0.83%
CXH	Mfs Investment Grade Municipal Trust Financial Services	Reduced	454,829	-788,745	$3,634,083	−63.2%	0.82%
FSSL	FS Specialty Lending Fund	Reduced	268,810	-532,968	$3,362,813	−70.3%	0.76%
PNI	Pimco New York Municipal Income Fund II Financial Services	NEW	488,740	NEW	$3,347,869	NEW	0.76%
CLM	Cornerstone Strategic Investment Fund, Inc. Financial Services	NEW	442,014	NEW	$3,217,861	NEW	0.73%
MSGS	Madison Square Garden Sports Corp. Communication Services	Held	9,925	0	$3,189,895	+24.3%	0.72%
CEE	Central & Eastern Europe Fund, Inc. Financial Services	Held	173,254	0	$3,170,548	+3.4%	0.72%
JFR	Nuveen Floating Rate Income Fund Financial Services	Added	411,628	+293,680	$3,095,442	+235.2%	0.70%
EBF	Ennis, Inc. Industrials	Held	138,956	0	$2,976,437	+18.9%	0.67%
SABA	Saba Capital Income & Opportunities Fund II Financial Services	Added	347,826	+283,696	$2,893,912	+447.0%	0.65%
SDHY	PGIM Short Duration High Yield Opportunities Fund Financial Services	Added	178,921	+153,644	$2,866,314	+589.3%	0.65%
LADR	Ladder Capital Corp Real Estate	Added	290,477	+101,120	$2,837,960	+36.4%	0.64%
TRTX	TPG RE Finance Trust, Inc. Real Estate	NEW	327,832	NEW	$2,560,367	NEW	0.58%
GLQ	Clough Global Equity Fund Financial Services	Added	330,954	+7,972	$2,492,083	+0.7%	0.56%
AFB	Alliancebernstein National Municipal Income Fund Financial Services	Held	214,282	0	$2,290,674	−1.2%	0.52%
FTHY	First Trust High Yield Opportunities 2027 Term Fund Financial Services	Added	166,264	+110,938	$2,249,551	+189.0%	0.51%
MYPS	PLAYSTUDIOS, Inc. Communication Services	Added	4,704,534	+657,188	$2,206,426	−16.4%	0.50%
USA	Liberty All Star Equity Fund Financial Services	Reduced	395,485	-409,129	$2,194,941	−56.6%	0.50%
STEW	SRH Total Return Fund, Inc. Financial Services	Added	116,755	+88,036	$1,996,510	+275.0%	0.45%
DMB	BNY Mellon Municipal Bond Infrastructure Fund, Inc. Financial Services	Held	182,924	0	$1,928,018	−4.1%	0.44%
TRC	Tejon Ranch Co Industrials	Added	94,997	+1,860	$1,789,743	+21.9%	0.40%
ANRO	Alto Neuroscience, Inc. Healthcare	Held	78,520	0	$1,765,129	+26.3%	0.40%
RLYB	Rallybio Corp Healthcare	NEW	191,206	NEW	$1,715,117	NEW	0.39%