Q2 2026 13F · SEC CIK 1596468

Almitas Capital LLC

Hedge fundFiled 2026-08-17 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $416.9M
Reported positions: 129
Top holdings a year, 3 yrs: +10.3%
Assets under management: $1.1B

Almitas Capital LLC is a hedge fund that reported 129 positions worth $416.9M in its Q2 2026 13F, filed 2026-08-17. Its largest holdings were Fidelity Wise Origin Bitcoin (FBTC, 16.7%), Blackrock Mun Target Term Tr (BTT, 8.1%), Asa Gold and Precious Mtls Lmt Shs (ASA, 7.9%). A portfolio copying its top holdings returned 10.3% a year over the last 3 years, against 22.3% for the S&P 500.

Almitas Capital LLC holdings largest 50 of 129 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Almitas Capital LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
FBTCFidelity Wise Origin Bitcoin	16.7%	20.5%	1,364,522	-11.2%	$69.7M
BTTBlackrock Mun Target Term Tr	8.1%	7.6%	1,485,213	-0.1%	$33.8M
ASAAsa Gold and Precious Mtls Lmt Shs	7.9%	7.4%	629,121	+19.7%	$32.7M
AMLXAmylyx Pharmaceuticals Inc	4.2%	6.7%	974,881	-54.1%	$17.5M
DSGNDesign Therapeutics, Inc.	3.6%	3.7%	1,026,893	-32.9%	$14.9M
PDXPIMCO Dynamic Income Strategy Fund	2.7%	2.7%	549,495	+1.5%	$11.4M
CRFCornerstone Total Return Fd	2.7%	1.8%	1,572,309	+41.0%	$11.3M
CNNECannae Hldgs Inc	2.6%	1.9%	741,318	+0.0%	$10.7M
MEGINylim Cbre Global	2.0%	1.0%	557,462	+76.3%	$8.5M
LYELLyell Immunopharma Inc	2.0%	2.6%	581,407	+0.6%	$8.2M
BMEZBlackrock Health Sciences Term Com Shs	1.9%	1.6%	507,095	+0.1%	$7.8M
ANTXAn2 Therapeutics Inc	1.7%	1.1%	1,469,129	-0.7%	$7.1M
TYGTortoise Energy Infrstrctr C	1.7%	—	161,872	—	$6.9M
PCQPimco Calif Mun Income Fd	1.5%	1.2%	710,604	+15.2%	$6.4M
SPXXNuveen S&p 500 Dynamic Overw	1.5%	—	326,907	—	$6.1M
ALXOAlx Oncology Hldgs Inc	1.5%	1.4%	2,938,431	-7.4%	$6.1M
FSSLFs Specialty Lending Fd	1.4%	0.8%	537,295	+99.9%	$6.0M
SDHYPgim Short Dur Hig Yld Opp F	1.4%	0.6%	364,674	+103.8%	$6.0M
CLMCornerstone Strategic Invest	1.2%	0.7%	661,789	+49.7%	$5.0M
MFMAberdeen Mun Income Fd	1.2%	—	878,531	—	$4.9M
AORIshares Tr	1.2%	—	69,946	—	$4.9M
SCHHSchwab Strategic Tr	1.1%	—	198,600	—	$4.7M
DSMBny Mellon Strategic Mun Bd	1.1%	1.3%	757,999	-18.2%	$4.7M
USALiberty All Star Equity Fd	1.1%	0.5%	798,342	+101.9%	$4.6M
JOFJapan Smaller Capitalization	1.1%	1.0%	386,375	-4.1%	$4.6M
FCTFirst Tr Sr Fltg Rate Income	1.1%	0.8%	466,072	+21.7%	$4.5M
GLOClough Global Opportunities	1.0%	0.8%	709,764	+7.4%	$4.3M
BRSPBrightspire Capital Inc	1.0%	1.3%	769,033	-24.3%	$4.2M
DTFDtf Tax-Free Income 2028 Ter	1.0%	0.9%	355,089	+0.0%	$4.1M
CCAPCrescent Cap Bdc Inc	0.9%	1.0%	356,905	+0.0%	$3.9M
WREElme Communities	0.9%	1.2%	2,619,247	+0.5%	$3.9M
MXFMexico Fd Inc	0.9%	0.9%	170,814	-6.9%	$3.7M
CEEThe Central and Eastern Eu I	0.9%	0.7%	173,254	+0.0%	$3.6M
LADRLadder Cap Corp	0.8%	0.6%	340,477	+17.2%	$3.4M
JFRNuveen Float Rate Inc Fd	0.8%	0.7%	435,208	+5.7%	$3.3M
PNIPimco New York Mun Fd II	0.8%	0.8%	467,432	-4.4%	$3.3M
TRTXTpg Re Fin Tr Inc	0.7%	0.6%	362,684	+10.6%	$3.0M
EBFEnnis Inc	0.7%	0.7%	138,956	+0.0%	$3.0M
SABASaba Capital Income & Opport	0.7%	0.7%	347,826	+0.0%	$2.9M
GLQClough Global Equity Fd	0.7%	0.6%	331,172	+0.1%	$2.9M
FTHYFirst Tr High Yield Opprt 20	0.7%	0.5%	198,801	+19.6%	$2.7M
ASGLiberty All-Star Growth Fd I	0.6%	—	466,560	—	$2.6M
FBRTFranklin Bsp Rlty Tr Inc	0.6%	—	298,190	—	$2.4M
BIFSrh Total Return Fund Inc	0.6%	0.5%	133,773	+14.6%	$2.4M
FLGTFulgent Genetics Inc	0.5%	—	104,797	—	$2.2M
RLYBRallybio Corp	0.5%	0.4%	120,682	-36.9%	$1.9M
TRCTejon Ranch Co.	0.4%	0.4%	90,257	-5.0%	$1.7M
BGBBlackstone Strategic Cred 20	0.4%	—	144,834	—	$1.6M
AINVMidcap Financial Invstmnt Co	0.3%	—	140,477	—	$1.4M
LUNGPulmonx Corp	0.3%	—	1,064,202	—	$1.4M

What Almitas Capital LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: -7.5% /yr; S&P 500 +11.7%
3 years: +10.3% /yr; S&P 500 +22.3%
5 years: -1.3% /yr; S&P 500 +10.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$416.9M	129
Q1 2026	$442.5M	115
Q4 2025	$452.6M	106
Q3 2025	$429.8M	62
Q2 2025	$396.4M	82
Q1 2025	$301.4M	81
Q4 2024	$454.0M	90
Q3 2024	$281.4M	67
Q2 2024	$238.9M	75
Q1 2024	$239.1M	68
Q4 2023	$285.7M	114
Q3 2023	$204.5M	86

Questions about Almitas Capital LLC's portfolio

What stocks does Almitas Capital LLC own?

Almitas Capital LLC's latest 13F, for Q2 2026 and filed Aug 17, 2026, lists 129 positions worth $416.9M. The largest are Fidelity Wise Origin Bitcoin (FBTC) at 16.7%, Blackrock Mun Target Term Tr (BTT) at 8.1%, Asa Gold and Precious Mtls Lmt Shs (ASA) at 7.9%, Amylyx Pharmaceuticals Inc (AMLX) at 4.2% and Design Therapeutics, Inc. (DSGN) at 3.6%.

What did Almitas Capital LLC buy last quarter?

In Q2 2026, Almitas Capital LLC added Pgim Short Dur Hig Yld Opp F (SDHY) (+103.8% shares), Liberty All Star Equity Fd (USA) (+101.9% shares) and Fs Specialty Lending Fd (FSSL) (+99.9% shares), compared with its Q1 2026 filing.

What did Almitas Capital LLC sell last quarter?

In Q2 2026, Almitas Capital LLC cut from its top 50 Nuveen Pa Invt Quality Mun F (NQP), cut from its top 50 Bio Rad Labs Inc (BIO), cut from its top 50 Mfs High Yield Mun Tr (CMU), cut from its top 50 Monroe Cap Corp (MRCC), cut from its top 50 Mfs High Income Mun Tr (CXE), Amylyx Pharmaceuticals Inc (AMLX) (-54.1% shares), Rallybio Corp (RLYB) (-36.9% shares) and Design Therapeutics, Inc. (DSGN) (-32.9% shares), compared with its Q1 2026 filing.

How has Almitas Capital LLC's portfolio performed?

A portfolio copying Almitas Capital LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +10.3% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: -7.5% against +11.7%. Over 5 years: -1.3% a year against +10.6%.

When is Almitas Capital LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Almitas Capital LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Almitas Capital LLC manage?

Almitas Capital LLC reported $1.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $416.9M.