Almitas Capital LLC

CIK

1596468

Location

SANTA MONICA, CA

Portfolio Value

Small $442,811,712

Diversification

Diversified

Filing Date

Global Rank

#2,805 / 8,605 ▼ 62 · as of Mar 2026

Top Industry

Asset Management 63.3%

3Y Alpha vs SPY

-12.4%

Period ended 3 months ago

Filed May 18, 2026 · 52d

21 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

-30.1%

SPY

+76.5%

Annualised alpha

-32.1%

Max drawdown

−70.2%

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

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%