13F HOLDINGS REPORT
Almitas Capital LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001596468-26-000002
Total Value
$454.2M
Positions
107
Other Managers
0
Confidential Omitted
No
Holdings (107)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 1,536,637 | $117.1M | 25.79% |
| 2 | BLACKROCK MUN TARGET TERM TR | BLK | 1,486,013 | $33.9M | 7.47% |
| 3 | AMYLYX PHARMACEUTICALS INC | AMLX | 2,122,597 | $25.6M | 5.65% |
| 4 | ASA GOLD AND PRECIOUS MTLS L | G3156P103 | 382,139 | $22.8M | 5.02% |
| 5 | FIDELITY ETHEREUM FD | 31613E103 | 650,000 | $19.2M | 4.24% |
| 6 | LYELL IMMUNOPHARMA INC | LYEL | 577,807 | $17.8M | 3.92% |
| 7 | ELME COMMUNITIES | ELME | 1,012,210 | $17.6M | 3.88% |
| 8 | DESIGN THERAPEUTICS INC | DSGN | 1,530,435 | $14.4M | 3.16% |
| 9 | FS SPECIALTY LENDING FD | 644323107 | 801,778 | $11.3M | 2.50% |
| 10 | CANNAE HLDGS INC | CNNE | 411,893 | $6.5M | 1.43% |
| 11 | MONROE CAP CORP | MRCC | 999,044 | $6.4M | 1.40% |
| 12 | CRESCENT CAP BDC INC | 225655109 | 444,234 | $6.2M | 1.37% |
| 13 | BRIGHTSPIRE CAPITAL INC | BRSP | 1,029,464 | $5.8M | 1.27% |
| 14 | BNY MELLON STRATEGIC MUN BD | 09662E109 | 926,301 | $5.7M | 1.26% |
| 15 | PIMCO CALIF MUN INCOME FD | 72200N106 | 640,607 | $5.6M | 1.23% |
| 16 | MFS HIGH YIELD MUN TR | 59318E102 | 1,497,718 | $5.3M | 1.16% |
| 17 | LIBERTY ALL STAR EQUITY FD | 530158104 | 804,614 | $5.1M | 1.11% |
| 18 | ISHARES ETHEREUM TR | 46438R105 | 219,405 | $4.9M | 1.08% |
| 19 | ISHARES TR | 464288513 | 60,000 | $4.8M | 1.07% |
| 20 | JAPAN SMALLER CAPITALIZATION | JOF | 435,985 | $4.8M | 1.06% |
| 21 | CLOUGH GLOBAL OPPORTUNITIES | GLO | 790,286 | $4.5M | 0.98% |
| 22 | MFS HIGH INCOME MUN TR | 59318D104 | 1,193,886 | $4.4M | 0.97% |
| 23 | NUVEEN PENNSYLVANIA QLT MUN | NU | 368,795 | $4.4M | 0.97% |
| 24 | DTF TAX-FREE INCOME 2028 TER | DTF | 350,940 | $4.0M | 0.88% |
| 25 | ARMOUR RESIDENTIAL REIT INC | ARR-PC | 217,149 | $3.8M | 0.85% |
| 26 | MEXICO FD INC | 592835102 | 185,924 | $3.7M | 0.82% |
| 27 | MFS INVT GRADE MUN TR | 59318B108 | 454,909 | $3.6M | 0.80% |
| 28 | BLUEROCK PVT REAL ESTATE FD | 09631P102 | 212,185 | $3.2M | 0.70% |
| 29 | QUINCE THERAPEUTICS INC | QNCX | 930,134 | $3.1M | 0.69% |
| 30 | CENTRAL & EASTERN EUROPE FD | 153436100 | 173,254 | $3.1M | 0.68% |
| 31 | ALX ONCOLOGY HLDGS INC | ALXO | 2,536,891 | $2.9M | 0.63% |
| 32 | PIMCO DYNAMIC INCOME STRATEG | PDX | 151,260 | $2.8M | 0.63% |
| 33 | PLAYSTUDIOS INC | MYPSW | 4,047,346 | $2.6M | 0.58% |
| 34 | ANNALY CAPITAL MANAGEMENT IN | NLY-PJ | 115,765 | $2.6M | 0.57% |
| 35 | MADISON SQUARE GRDN SPRT COR | 55825T103 | 9,925 | $2.6M | 0.57% |
| 36 | GRAYSCALE ETHEREUM MINI TR E | 38964R203 | 89,557 | $2.5M | 0.55% |
| 37 | ENNIS INC | EBF | 138,956 | $2.5M | 0.55% |
| 38 | CLOUGH GLOBAL EQUITY FD | 18914C100 | 322,982 | $2.5M | 0.54% |
| 39 | ALLIANCEBERNSTEIN NATL MUN I | 01864U106 | 214,282 | $2.3M | 0.51% |
| 40 | BLACKROCK HEALTH SCIENCES TE | BLK | 152,914 | $2.3M | 0.51% |
| 41 | LADDER CAP CORP | LADR | 189,357 | $2.1M | 0.46% |
| 42 | NUVEEN CORE PLUS IMPACT FUND | NPCT | 204,356 | $2.1M | 0.46% |
| 43 | BNY MELLON MUN BD INFRASTRUC | 09662W109 | 182,924 | $2.0M | 0.44% |
| 44 | NUVEEN DOW 30 DYNMC OVERWRT | NU | 114,201 | $1.7M | 0.38% |
| 45 | AN2 THERAPEUTICS INC | ANTX | 1,479,129 | $1.7M | 0.37% |
| 46 | TWO HARBORS INVENTMENT CORPO | 90187BAB7 | 1,613,000 | $1.6M | 0.36% |
| 47 | FS KKR CAP CORP | FSK | 106,600 | $1.6M | 0.35% |
| 48 | MIDCAP FINANCIAL INVSTMNT CO | 03761U502 | 135,477 | $1.5M | 0.34% |
| 49 | TEJON RANCH CO | TRC | 93,137 | $1.5M | 0.32% |
| 50 | ALTO NEUROSCIENCE INC | ANRO | 78,520 | $1.4M | 0.31% |
| 51 | STARWOOD PPTY TR INC | STHO | 71,000 | $1.3M | 0.28% |
| 52 | BNY MELLON STRATEGIC MUNS IN | 05588W108 | 197,096 | $1.3M | 0.28% |
| 53 | MFA FINL INC | 55272X607 | 128,086 | $1.2M | 0.26% |
| 54 | GERON CORP | GERN | 896,323 | $1.2M | 0.26% |
| 55 | SHARPLINK GAMING INC | SBET | 124,283 | $1.1M | 0.24% |
| 56 | HUDSON PAC PPTYS INC | 444097406 | 97,816 | $1.1M | 0.23% |
| 57 | RALLYBIO CORP | RLYB | 1,529,653 | $1.0M | 0.23% |
| 58 | NUVEEN CHURCHILL DIRECT LEND | 67090S108 | 70,160 | $935,934 | 0.21% |
| 59 | COHEN & STEERS INFRASTRUCTUR | 19248A109 | 38,562 | $929,730 | 0.20% |
| 60 | NUVEEN FLOATING RATE INCOME | 67072T108 | 117,948 | $923,533 | 0.20% |
| 61 | EAGLE POINT INCOME COMPANY I | EICC | 80,547 | $919,041 | 0.20% |
| 62 | FIRST TR SR FLTG RATE INCOME | 33733U108 | 88,034 | $886,502 | 0.20% |
| 63 | CABALETTA BIO INC | CABA | 387,491 | $848,605 | 0.19% |
| 64 | NYLI CBRE GBL INFR MEGTRNDS | 56064Q107 | 61,653 | $848,345 | 0.19% |
| 65 | ZENTALIS PHARMACEUTICALS INC | ZNTL | 610,073 | $823,599 | 0.18% |
| 66 | BLACKROCK CAP ALLOCATION TER | BLK | 55,000 | $778,800 | 0.17% |
| 67 | FIRST TR HIGH YIELD OPPRT 20 | 33741Q107 | 55,326 | $778,437 | 0.17% |
| 68 | CARLYLE CREDIT INCOME FUND | CCID | 157,285 | $737,667 | 0.16% |
| 69 | MFS MUN INCOME TR | 552738106 | 134,361 | $729,580 | 0.16% |
| 70 | WALKER & DUNLOP INC | WD | 11,600 | $697,740 | 0.15% |
| 71 | CORNERSTONE TOTAL RETURN FD | 21924U300 | 86,417 | $692,200 | 0.15% |
| 72 | EATON VANCE FLTING RATE INC | ETN | 59,404 | $670,671 | 0.15% |
| 73 | NEWTEKONE INC | NEWTP | 53,570 | $608,020 | 0.13% |
| 74 | WESTERN ASST INFLTN LKD INM | 95766Q106 | 72,863 | $602,577 | 0.13% |
| 75 | CAVCO INDS INC DEL | 149568107 | 992 | $586,014 | 0.13% |
| 76 | LIBERTY ALL-STAR GROWTH FD I | 529900102 | 110,481 | $585,549 | 0.13% |
| 77 | CARLYLE SECURED LENDING INC | CGBD | 42,885 | $535,634 | 0.12% |
| 78 | SRH TOTAL RETURN FUND INC | STEW | 28,719 | $532,450 | 0.12% |
| 79 | SABA CAPITAL INCOME & OPPORT | BRW | 64,130 | $529,073 | 0.12% |
| 80 | FULGENT GENETICS INC | FLGT | 18,478 | $485,417 | 0.11% |
| 81 | BLACKROCK TCP CAPITAL CORP | TCPC | 85,000 | $464,950 | 0.10% |
| 82 | GOLDMAN SACHS BDC INC | GSBD | 50,000 | $464,000 | 0.10% |
| 83 | WHEELER REAL ESTATE INVT TR | 963025804 | 5,271 | $461,213 | 0.10% |
| 84 | CLEARBRIDGE ENERGY MIDSTRM O | 18469P209 | 9,549 | $426,363 | 0.09% |
| 85 | CHAMPION HOMES INC | SKY | 5,000 | $422,500 | 0.09% |
| 86 | PGIM SHORT DUR HIG YLD OPP F | 69355J104 | 25,277 | $415,807 | 0.09% |
| 87 | NEW MTN FIN CORP | 647551100 | 45,000 | $414,450 | 0.09% |
| 88 | ETHZILLA CORPORATION | 68236V401 | 80,408 | $393,999 | 0.09% |
| 89 | CALAMOS LNG SHR EQT DYNAMIC | 12812C106 | 25,204 | $368,482 | 0.08% |
| 90 | CHIMERA INVT CORP | 16934Q802 | 29,177 | $362,670 | 0.08% |
| 91 | MORGAN STANLEY DIRECT LENDIN | 61774A103 | 20,000 | $329,600 | 0.07% |
| 92 | ABRDN LIFE SCIENCES INVESTOR | HQL | 19,239 | $322,830 | 0.07% |
| 93 | EATON VANCE SR FLTNG RTE TR | ETN | 28,829 | $321,155 | 0.07% |
| 94 | NUVEEN CR STRATEGIES INCOME | NU | 63,304 | $317,786 | 0.07% |
| 95 | GOLUB CAP BDC INC | 38173M102 | 20,000 | $271,400 | 0.06% |
| 96 | RIVERNORTH DOUBLELINE STRATE | OPP-PC | 33,963 | $270,006 | 0.06% |
| 97 | BLACKROCK MULTI SECTOR INC T | BLK | 19,543 | $255,232 | 0.06% |
| 98 | TOTAL RETURN SECURITIES FUND | SWZ | 36,781 | $228,778 | 0.05% |
| 99 | BAIN CAP SPECIALTY FIN INC | 05684B107 | 15,000 | $208,650 | 0.05% |
| 100 | EATON VANCE RISK-MANAGED DIV | ETN | 20,661 | $182,230 | 0.04% |
| 101 | ROYCE SMALL CAP TRUST INC | RVT | 10,456 | $168,342 | 0.04% |
| 102 | NUVEEN S&P 500 BUY-WRITE INC | NU | 10,320 | $151,704 | 0.03% |
| 103 | INVESCO SR INCOME TR | IVZ | 43,310 | $141,624 | 0.03% |
| 104 | NUVEEN CALIF SELECT TAX FREE | NU | 10,372 | $136,910 | 0.03% |
| 105 | BLACKROCK CORPOR HI YLD FD I | BLK | 15,000 | $133,500 | 0.03% |
| 106 | CLOUGH GLOBAL DIVID & INCOME | 18913Y103 | 19,287 | $115,143 | 0.03% |
| 107 | EATON VANCE SR INCOME TR | ETN | 14,653 | $77,221 | 0.02% |