13F HOLDINGS REPORT
Almitas Capital LLC
Quarter ended Q2 2025 · Filed August 14, 2025 · Accession 0001596468-25-000008
Total Value
$396.4M
Positions
82
Other Managers
0
Confidential Omitted
No
Holdings (82)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 1,611,637 | $151.5M | 38.22% |
| 2 | BLACKROCK MUN TARGET TERM TR | BLK | 1,558,260 | $34.1M | 8.61% |
| 3 | FIDELITY ETHEREUM FD | 31613E103 | 650,000 | $16.4M | 4.13% |
| 4 | AMYLYX PHARMACEUTICALS INC | AMLX | 2,122,597 | $13.6M | 3.43% |
| 5 | PIONEER HIGH INCOME FUND INC | 72369H106 | 1,604,088 | $13.0M | 3.27% |
| 6 | PIONEER MUNICIPAL HIGH INCOM | 723762100 | 1,244,033 | $10.3M | 2.61% |
| 7 | PIONEER MUNICIPAL HIGH INCOM | 723763108 | 1,020,245 | $9.3M | 2.36% |
| 8 | PIONEER MUN HIGH INCOME OPPO | 723760104 | 790,809 | $9.3M | 2.35% |
| 9 | NUVEEN PENNSYLVANIA QLT MUN | NU | 711,065 | $8.0M | 2.01% |
| 10 | CANNAE HLDGS INC | CNNE | 320,986 | $6.7M | 1.69% |
| 11 | CORNERSTONE TOTAL RETURN FD | 21924U300 | 831,088 | $6.4M | 1.63% |
| 12 | EATON VANCE NEW YORK MUN BD | ETN | 673,354 | $6.3M | 1.58% |
| 13 | MEXICO FD INC | 592835102 | 329,680 | $5.8M | 1.46% |
| 14 | BRIGHTSPIRE CAPITAL INC | BRSP | 1,029,464 | $5.2M | 1.31% |
| 15 | DESIGN THERAPEUTICS INC | DSGN | 1,530,435 | $5.2M | 1.30% |
| 16 | LYELL IMMUNOPHARMA INC | LYEL | 579,997 | $5.1M | 1.29% |
| 17 | JAPAN SMALLER CAPITALIZATION | JOF | 511,819 | $4.9M | 1.24% |
| 18 | CRESCENT CAP BDC INC | 225655109 | 348,015 | $4.9M | 1.24% |
| 19 | ITEOS THERAPEUTICS INC | 46565G104 | 487,204 | $4.9M | 1.23% |
| 20 | BNY MELLON STRATEGIC MUN BD | 09662E109 | 851,087 | $4.8M | 1.20% |
| 21 | ISHARES ETHEREUM TR | 46438R105 | 219,405 | $4.2M | 1.06% |
| 22 | MFS HIGH INCOME MUN TR | 59318D104 | 1,103,430 | $4.0M | 1.00% |
| 23 | DTF TAX-FREE INCOME 2028 TER | DTF | 350,128 | $3.9M | 0.99% |
| 24 | MFS INVT GRADE MUN TR | 59318B108 | 448,169 | $3.4M | 0.86% |
| 25 | PIONEER FLOATING RATE FUND I | PHD | 338,368 | $3.3M | 0.84% |
| 26 | ABRDN JAPAN EQUITY FUND INC | JEQ | 416,628 | $3.1M | 0.79% |
| 27 | PGIM SHORT DUR HIG YLD OPP F | 69355J104 | 178,271 | $3.0M | 0.76% |
| 28 | CENTRAL & EASTERN EUROPE FD | 153436100 | 173,354 | $2.7M | 0.68% |
| 29 | CLOUGH GLOBAL OPPORTUNITIES | GLO | 427,680 | $2.3M | 0.59% |
| 30 | ALLIANCEBERNSTEIN NATL MUN I | 01864U106 | 214,484 | $2.2M | 0.56% |
| 31 | MFS HIGH YIELD MUN TR | 59318E102 | 651,635 | $2.2M | 0.55% |
| 32 | GRAYSCALE ETHEREUM MINI TR E | 38964R203 | 89,557 | $2.1M | 0.54% |
| 33 | MADISON SQUARE GRDN SPRT COR | 55825T103 | 9,925 | $2.1M | 0.52% |
| 34 | LADDER CAP CORP | LADR | 180,693 | $1.9M | 0.49% |
| 35 | ZENTALIS PHARMACEUTICALS INC | ZNTL | 1,599,266 | $1.9M | 0.47% |
| 36 | PIMCO CALIF MUN INCOME FD | 72200N106 | 215,362 | $1.8M | 0.47% |
| 37 | ATEA PHARMACEUTICALS INC | AVIR | 445,386 | $1.6M | 0.40% |
| 38 | TWO HARBORS INVENTMENT CORPO | 90187BAB7 | 1,613,000 | $1.6M | 0.40% |
| 39 | AN2 THERAPEUTICS INC | ANTX | 1,428,323 | $1.5M | 0.38% |
| 40 | BLACKROCK TECH AND PRIVATE E | BLK | 195,710 | $1.4M | 0.36% |
| 41 | WESTERN ASST INFLTN LKD INM | 95766Q106 | 151,642 | $1.3M | 0.32% |
| 42 | MIDCAP FINANCIAL INVSTMNT CO | 03761U502 | 92,717 | $1.2M | 0.30% |
| 43 | BNY MELLON STRATEGIC MUNS IN | 05588W108 | 195,840 | $1.2M | 0.29% |
| 44 | PIMCO CALIF MUN INCOME FD II | 72200M108 | 215,805 | $1.2M | 0.29% |
| 45 | ALX ONCOLOGY HLDGS INC | ALXO | 2,538,355 | $1.1M | 0.27% |
| 46 | BNY MELLON MUN BD INFRASTRUC | 09662W109 | 99,948 | $1.0M | 0.26% |
| 47 | FIRST TR EXCHNG TRADED FD VI | 33740F110 | 213,254 | $893,513 | 0.23% |
| 48 | WHEELER REAL ESTATE INVT TR | 963025804 | 5,271 | $798,557 | 0.20% |
| 49 | MFA FINL INC | 55272X607 | 77,440 | $732,582 | 0.18% |
| 50 | FULGENT GENETICS INC | FLGT | 31,060 | $617,473 | 0.16% |
| 51 | RALLYBIO CORP | RLYB | 1,817,492 | $614,312 | 0.15% |
| 52 | LOGAN RIDGE FINANCE CORP | 541098109 | 30,999 | $576,947 | 0.15% |
| 53 | EATON VANCE CALIF MUN INCOM | ETN | 58,315 | $564,781 | 0.14% |
| 54 | NYLI CBRE GBL INFR MEGTRNDS | 56064Q107 | 39,612 | $562,887 | 0.14% |
| 55 | CABALETTA BIO INC | CABA | 367,491 | $558,586 | 0.14% |
| 56 | CLOUGH GLOBAL EQUITY FD | 18914C100 | 77,303 | $550,707 | 0.14% |
| 57 | WESTERN ASSET HIGH YIELD DEF | HYI | 45,718 | $547,702 | 0.14% |
| 58 | VISTAGEN THERAPEUTICS INC | VTGN | 261,399 | $522,798 | 0.13% |
| 59 | PIMCO NEW YORK MUN FD II | 72200Y102 | 71,558 | $480,870 | 0.12% |
| 60 | PIONEER DIVERSIFIED HIGH INC | 723653101 | 37,250 | $465,811 | 0.12% |
| 61 | SABA CAPITAL INCOME & OPRNT | 78518H202 | 55,799 | $449,740 | 0.11% |
| 62 | VIRTUS TOTAL RETURN FD INC | 92835W107 | 72,019 | $448,678 | 0.11% |
| 63 | NEW YORK MTG TR INC | ADAMZ | 65,113 | $436,257 | 0.11% |
| 64 | ALTO NEUROSCIENCE INC | ANRO | 195,145 | $429,319 | 0.11% |
| 65 | TORTOISE SUSTAINABLE & SOCIA | 27901F109 | 31,454 | $385,154 | 0.10% |
| 66 | NUVEEN CR STRATEGIES INCOME | NU | 63,388 | $341,661 | 0.09% |
| 67 | PIMCO NEW YORK MUN INCOME FD | 72201E105 | 60,219 | $315,548 | 0.08% |
| 68 | EUROPEAN EQUITY FD INC | 298768102 | 25,936 | $265,325 | 0.07% |
| 69 | KKR INCOME OPPORTUNITIES FD | KKRT | 20,851 | $261,889 | 0.07% |
| 70 | ABRDN EMERGING MARKETS EX CH | AEF | 41,409 | $245,969 | 0.06% |
| 71 | BOUNDLESS BIO INC | BOLD | 235,505 | $237,860 | 0.06% |
| 72 | TAIWAN FD INC | 874036106 | 4,564 | $204,513 | 0.05% |
| 73 | PIMCO CALIF MUN INCOME FD II | 72201C109 | 32,594 | $203,061 | 0.05% |
| 74 | BLACKROCK MUNIHLDNGS CALI QL | BLK | 17,955 | $185,834 | 0.05% |
| 75 | TEMPLETON DRAGON FD INC | 88018T101 | 14,846 | $148,312 | 0.04% |
| 76 | ROYCE GLOBAL TRUST INC | RGT | 12,121 | $145,816 | 0.04% |
| 77 | BLACKROCK CORE BD TR | BLK | 14,014 | $136,216 | 0.03% |
| 78 | PIMCO NEW YORK MUN INCOME FD | 72200T103 | 10,814 | $75,590 | 0.02% |
| 79 | CALAMOS GBL DYN INCOME FUND | 12811L107 | 10,000 | $71,300 | 0.02% |
| 80 | HUDSON PAC PPTYS INC | 444097109 | 17,729 | $48,577 | 0.01% |
| 81 | ADAPTIMMUNE THERAPEUTICS PLC | ADTI | 109,054 | $26,140 | 0.01% |
| 82 | LMP CAP & INCOME FD INC | 50208A110 | 19,361 | $1,337 | 0.00% |