Q4 2025 · 13F-HR
Almitas Capital LLCholdings as filed
Filed 2026-02-17 · accession 0001596468-26-000002
$454.2M
Reported value
107
Positions
2025-12-31
Period end
The Brief · Almitas Capital LLC · Q4 2025
AI · grounded in 13F
Almitas Capital LLC established a new position in FBTC valued at $117.1M. The fund also initiated new stakes in BLACKROCK MUN TARGET TERM TR for $33.9M and AMYLYX PHARMACEUTICALS INC for $25.6M. Additional new positions include ASA GOLD AND PRECIOUS MTLS L at $22.8M and FETH at $19.2M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 315948109 | FBTC | FIDELITY WISE ORIGIN BITCOIN | $117.1M | 25.8% | 1,536,637 | Common | SOLE |
| 09257P105 | BTT | BLACKROCK MUN TARGET TERM TR | $33.9M | 7.47% | 1,486,013 | Common | SOLE |
| 03237H101 | AMLX | AMYLYX PHARMACEUTICALS INC | $25.6M | 5.65% | 2,122,597 | Common | SOLE |
| G3156P103 | ASA | ASA GOLD AND PRECIOUS MTLS L | $22.8M | 5.02% | 382,139 | Common | SOLE |
| 31613E103 | FETH | FIDELITY ETHEREUM FD | $19.2M | 4.24% | 650,000 | Common | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $17.8M | 3.92% | 577,807 | Common | SOLE |
| 939653101 | ELME | ELME COMMUNITIES | $17.6M | 3.88% | 1,012,210 | Common | SOLE |
| 25056L103 | DSGN | DESIGN THERAPEUTICS INC | $14.4M | 3.16% | 1,530,435 | Common | SOLE |
| 644323107 | FSSL | FS SPECIALTY LENDING FD | $11.3M | 2.50% | 801,778 | Common | SOLE |
| 13765N107 | CNNE | CANNAE HLDGS INC | $6.5M | 1.43% | 411,893 | Common | SOLE |
| 610335101 | MRCC | MONROE CAP CORP | $6.4M | 1.40% | 999,044 | Common | SOLE |
| 225655109 | CCAP | CRESCENT CAP BDC INC | $6.2M | 1.37% | 444,234 | Common | SOLE |
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $5.8M | 1.27% | 1,029,464 | Common | SOLE |
| 09662E109 | DSM | BNY MELLON STRATEGIC MUN BD | $5.7M | 1.26% | 926,301 | Common | SOLE |
| 72200N106 | XPCQX | PIMCO CALIF MUN INCOME FD | $5.6M | 1.23% | 640,607 | Common | SOLE |
| 59318E102 | CMU | MFS HIGH YIELD MUN TR | $5.3M | 1.16% | 1,497,718 | Common | SOLE |
| 530158104 | USA | LIBERTY ALL STAR EQUITY FD | $5.1M | 1.11% | 804,614 | Common | SOLE |
| 46438R105 | ETHA | ISHARES ETHEREUM TR | $4.9M | 1.08% | 219,405 | Common | SOLE |
| 464288513 | HYG | ISHARES TR | $4.8M | 1.07% | 60,000 | Common | SOLE |
| 47109U104 | JOF | JAPAN SMALLER CAPITALIZATION | $4.8M | 1.06% | 435,985 | Common | SOLE |
| 18914E106 | GLO | CLOUGH GLOBAL OPPORTUNITIES | $4.5M | 0.98% | 790,286 | Common | SOLE |
| 59318D104 | CXE | MFS HIGH INCOME MUN TR | $4.4M | 0.97% | 1,193,886 | Common | SOLE |
| 670972108 | XNQPX | NUVEEN PENNSYLVANIA QLT MUN | $4.4M | 0.97% | 368,795 | Common | SOLE |
| 23334J107 | DTF | DTF TAX-FREE INCOME 2028 TER | $4.0M | 0.88% | 350,940 | Common | SOLE |
| 042315705 | ARR | ARMOUR RESIDENTIAL REIT INC | $3.8M | 0.85% | 217,149 | Common | SOLE |
| 592835102 | MXF | MEXICO FD INC | $3.7M | 0.82% | 185,924 | Common | SOLE |
| 59318B108 | CXH | MFS INVT GRADE MUN TR | $3.6M | 0.80% | 454,909 | Common | SOLE |
| 09631P102 | BPRE | BLUEROCK PVT REAL ESTATE FD | $3.2M | 0.70% | 212,185 | Common | SOLE |
| 22053A107 | — | QUINCE THERAPEUTICS INC | $3.1M | 0.69% | 930,134 | Common | SOLE |
| 153436100 | CEE | CENTRAL & EASTERN EUROPE FD | $3.1M | 0.68% | 173,254 | Common | SOLE |
| 00166B105 | ALXO | ALX ONCOLOGY HLDGS INC | $2.9M | 0.63% | 2,536,891 | Common | SOLE |
| 69346N107 | PDX | PIMCO DYNAMIC INCOME STRATEG | $2.8M | 0.63% | 151,260 | Common | SOLE |
| 72815G108 | MYPS | PLAYSTUDIOS INC | $2.6M | 0.58% | 4,047,346 | Common | SOLE |
| 035710839 | NLY | ANNALY CAPITAL MANAGEMENT IN | $2.6M | 0.57% | 115,765 | Common | SOLE |
| 55825T103 | MSGS | MADISON SQUARE GRDN SPRT COR | $2.6M | 0.57% | 9,925 | Common | SOLE |
| 38964R203 | ETH | GRAYSCALE ETHEREUM MINI TR E | $2.5M | 0.55% | 89,557 | Common | SOLE |
| 293389102 | EBF | ENNIS INC | $2.5M | 0.55% | 138,956 | Common | SOLE |
| 18914C100 | XGLQX | CLOUGH GLOBAL EQUITY FD | $2.5M | 0.54% | 322,982 | Common | SOLE |
| 01864U106 | AFB | ALLIANCEBERNSTEIN NATL MUN I | $2.3M | 0.51% | 214,282 | Common | SOLE |
| 09260E105 | BMEZ | BLACKROCK HEALTH SCIENCES TE | $2.3M | 0.51% | 152,914 | Common | SOLE |
| 505743104 | LADR | LADDER CAP CORP | $2.1M | 0.46% | 189,357 | Common | SOLE |
| 67080D103 | NPCT | NUVEEN CORE PLUS IMPACT FUND | $2.1M | 0.46% | 204,356 | Common | SOLE |
| 09662W109 | DMB | BNY MELLON MUN BD INFRASTRUC | $2.0M | 0.44% | 182,924 | Common | SOLE |
| 67075F105 | XDIAX | NUVEEN DOW 30 DYNMC OVERWRT | $1.7M | 0.38% | 114,201 | Common | SOLE |
| 037326105 | ANTX | AN2 THERAPEUTICS INC | $1.7M | 0.37% | 1,479,129 | Common | SOLE |
| 90187BAB7 | TWO 6.25 01/15/26 | TWO HARBORS INVENTMENT CORPO | $1.6M | 0.36% | 1,613,000 | Common | SOLE |
| 302635206 | FSK | FS KKR CAP CORP | $1.6M | 0.35% | 106,600 | Common | SOLE |
| 03761U502 | MFIC | MIDCAP FINANCIAL INVSTMNT CO | $1.5M | 0.34% | 135,477 | Common | SOLE |
| 879080109 | TRC | TEJON RANCH CO | $1.5M | 0.32% | 93,137 | Common | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $1.4M | 0.31% | 78,520 | Common | SOLE |
| 85571B105 | STWD | STARWOOD PPTY TR INC | $1.3M | 0.28% | 71,000 | Common | SOLE |
| 05588W108 | LEO | BNY MELLON STRATEGIC MUNS IN | $1.3M | 0.28% | 197,096 | Common | SOLE |
| 55272X607 | MFA | MFA FINL INC | $1.2M | 0.26% | 128,086 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $1.2M | 0.26% | 896,323 | Common | SOLE |
| 820014405 | SBET | SHARPLINK GAMING INC | $1.1M | 0.24% | 124,283 | Common | SOLE |
| 444097406 | HPP | HUDSON PAC PPTYS INC | $1.1M | 0.23% | 97,816 | Common | SOLE |
| 75120L100 | — | RALLYBIO CORP | $1.0M | 0.23% | 1,529,653 | Common | SOLE |
| 67090S108 | NCDL | NUVEEN CHURCHILL DIRECT LEND | $935,934 | 0.21% | 70,160 | Common | SOLE |
| 19248A109 | UTF | COHEN & STEERS INFRASTRUCTUR | $929,730 | 0.20% | 38,562 | Common | SOLE |
| 67072T108 | JFR | NUVEEN FLOATING RATE INCOME | $923,533 | 0.20% | 117,948 | Common | SOLE |
| 269817102 | EIC | EAGLE POINT INCOME COMPANY I | $919,041 | 0.20% | 80,547 | Common | SOLE |
| 33733U108 | FCT | FIRST TR SR FLTG RATE INCOME | $886,502 | 0.20% | 88,034 | Common | SOLE |
| 12674W109 | CABA | CABALETTA BIO INC | $848,605 | 0.19% | 387,491 | Common | SOLE |
| 56064Q107 | MEGI | NYLI CBRE GBL INFR MEGTRNDS | $848,345 | 0.19% | 61,653 | Common | SOLE |
| 98943L107 | ZNTL | ZENTALIS PHARMACEUTICALS INC | $823,599 | 0.18% | 610,073 | Common | SOLE |
| 09260U109 | BCAT | BLACKROCK CAP ALLOCATION TER | $778,800 | 0.17% | 55,000 | Common | SOLE |
| 33741Q107 | FTHY | FIRST TR HIGH YIELD OPPRT 20 | $778,437 | 0.17% | 55,326 | Common | SOLE |
| 92535C104 | CCIF | CARLYLE CREDIT INCOME FUND | $737,667 | 0.16% | 157,285 | Common | SOLE |
| 552738106 | MFM | MFS MUN INCOME TR | $729,580 | 0.16% | 134,361 | Common | SOLE |
| 93148P102 | WD | WALKER & DUNLOP INC | $697,740 | 0.15% | 11,600 | Common | SOLE |
| 21924U300 | CRF | CORNERSTONE TOTAL RETURN FD | $692,200 | 0.15% | 86,417 | Common | SOLE |
| 278279104 | EFT | EATON VANCE FLTING RATE INC | $670,671 | 0.15% | 59,404 | Common | SOLE |
| 652526203 | NEWT | NEWTEKONE INC | $608,020 | 0.13% | 53,570 | Common | SOLE |
| 95766Q106 | XWIAX | WESTERN ASST INFLTN LKD INM | $602,577 | 0.13% | 72,863 | Common | SOLE |
| 149568107 | CVCO | CAVCO INDS INC DEL | $586,014 | 0.13% | 992 | Common | SOLE |
| 529900102 | ASG | LIBERTY ALL-STAR GROWTH FD I | $585,549 | 0.13% | 110,481 | Common | SOLE |
| 872280102 | CGBD | CARLYLE SECURED LENDING INC | $535,634 | 0.12% | 42,885 | Common | SOLE |
| 101507101 | STEW | SRH TOTAL RETURN FUND INC | $532,450 | 0.12% | 28,719 | Common | SOLE |
| 880198205 | SABA | SABA CAPITAL INCOME & OPPORT | $529,073 | 0.12% | 64,130 | Common | SOLE |
| 359664109 | FLGT | FULGENT GENETICS INC | $485,417 | 0.11% | 18,478 | Common | SOLE |
| 09259E108 | TCPC | BLACKROCK TCP CAPITAL CORP | $464,950 | 0.10% | 85,000 | Common | SOLE |
| 38147U107 | GSBD | GOLDMAN SACHS BDC INC | $464,000 | 0.10% | 50,000 | Common | SOLE |
| 963025804 | WHLR 7 12/31/31 | WHEELER REAL ESTATE INVT TR | $461,213 | 0.10% | 5,271 | Common | SOLE |
| 18469P209 | EMO | CLEARBRIDGE ENERGY MIDSTRM O | $426,363 | 0.09% | 9,549 | Common | SOLE |
| 830830105 | SKY | CHAMPION HOMES INC | $422,500 | 0.09% | 5,000 | Common | SOLE |
| 69355J104 | SDHY | PGIM SHORT DUR HIG YLD OPP F | $415,807 | 0.09% | 25,277 | Common | SOLE |
| 647551100 | NMFC | NEW MTN FIN CORP | $414,450 | 0.09% | 45,000 | Common | SOLE |
| 68236V401 | FRMM | ETHZILLA CORPORATION | $393,999 | 0.09% | 80,408 | Common | SOLE |
| 12812C106 | CPZ | CALAMOS LNG SHR EQT DYNAMIC | $368,482 | 0.08% | 25,204 | Common | SOLE |
| 16934Q802 | CIM | CHIMERA INVT CORP | $362,670 | 0.08% | 29,177 | Common | SOLE |
| 61774A103 | MSDL | MORGAN STANLEY DIRECT LENDIN | $329,600 | 0.07% | 20,000 | Common | SOLE |
| 87911K100 | HQL | ABRDN LIFE SCIENCES INVESTOR | $322,830 | 0.07% | 19,239 | Common | SOLE |
| 27828Q105 | XEFRX | EATON VANCE SR FLTNG RTE TR | $321,155 | 0.07% | 28,829 | Common | SOLE |
| 67073D102 | XJQCX | NUVEEN CR STRATEGIES INCOME | $317,786 | 0.07% | 63,304 | Common | SOLE |
| 38173M102 | GBDC | GOLUB CAP BDC INC | $271,400 | 0.06% | 20,000 | Common | SOLE |
| 76882G107 | OPP | RIVERNORTH DOUBLELINE STRATE | $270,006 | 0.06% | 33,963 | Common | SOLE |
| 09258A107 | BIT | BLACKROCK MULTI SECTOR INC T | $255,232 | 0.06% | 19,543 | Common | SOLE |
| 870875101 | SWZ | TOTAL RETURN SECURITIES FUND | $228,778 | 0.05% | 36,781 | Common | SOLE |
| 05684B107 | BCSF | BAIN CAP SPECIALTY FIN INC | $208,650 | 0.05% | 15,000 | Common | SOLE |
| 27829G106 | ETJ | EATON VANCE RISK-MANAGED DIV | $182,230 | 0.04% | 20,661 | Common | SOLE |
| 780910105 | RVT | ROYCE SMALL CAP TRUST INC | $168,342 | 0.04% | 10,456 | Common | SOLE |
| 6706ER101 | XBXMX | NUVEEN S&P 500 BUY-WRITE INC | $151,704 | 0.03% | 10,320 | Common | SOLE |
| 46131H107 | VVR | INVESCO SR INCOME TR | $141,624 | 0.03% | 43,310 | Common | SOLE |
| 67063R103 | — | NUVEEN CALIF SELECT TAX FREE | $136,910 | 0.03% | 10,372 | Common | SOLE |
| 09255P107 | HYT | BLACKROCK CORPOR HI YLD FD I | $133,500 | 0.03% | 15,000 | Common | SOLE |
| 18913Y103 | GLV | CLOUGH GLOBAL DIVID & INCOME | $115,143 | 0.03% | 19,287 | Common | SOLE |
| 27826S103 | EVF | EATON VANCE SR INCOME TR | $77,221 | 0.02% | 14,653 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.