Almitas Capital LLC 13F Filings Explorer

CIK: 0001596468

Diversified strategySector-focusedMomentum follower

Total reported value

$442.5M

Reporting period: 2026-03-31 · Number of holdings: 115

Almitas Capital LLC disclosed 115 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $442.5M and a quarterly turnover rate of 50.7%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "A"

Personality snowflake

Concentration: 26.2
Portfolio Stability: 50.68
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 74.33

Almitas Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.066 — mathematically equivalent to about 15 equally-sized positions, well below its 115 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 2.57), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 3% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Trim FBTC
0.0%　-$26.4M
Trim ELME
+157.6%　-$12.4M
Add ASA
+37.6%　$9.8M
Add PDX
+258.0%　$9.1M
Add XNQPX
+186.7%　$8.2M
Trim FSSL
-66.5%　-$8.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	FBTC	Fidelity Wise Origin Bitcoin	ETF-Crypto	20.50%	-5.29%	—
2	BTT	Blackrock 2030 Muni Trgt Trm	Stock-Other	7.62%	—	—
3	ASA	ASA Gold and Precious Metals Limited	Stock-Other	7.37%	+2.35%	+37.56%
4	AMLX	Amylyx Pharmaceuticals INC	Stock-Other	6.67%	+1.02%	—
5	DSGN	Design Therapeutics INC	Stock-Other	3.68%	+0.52%	-0.01%
6	XNQPX	Nuveen Pa Qlty Muni INC	Stock-Other	2.85%	+1.88%	+186.74%
7	PDX	Pimco Dynamic Income Strat	Stock-Other	2.70%	+2.07%	+257.99%
8	LYEL	Lyell Immunopharma INC	Stock-Other	2.62%	-1.30%	—
9	BIO	Bio-rad Laboratories-a	Stock-Healthcare	1.91%	+1.91%	NEW
10	CNNE	Cannae Holdings INC	Stock-Other	1.90%	+0.47%	+79.98%
11	CRF	Cornerstone Total Return	Stock-Other	1.75%	+1.60%	+1190.66%
12	BMEZ	Blackrock Hlth Sci Trm Tr Ii	Stock-Other	1.64%	+1.13%	+231.16%
13	ALXO	Alx Oncology Holdings INC	Stock-Other	1.44%	+0.81%	+25.11%
14	BRSP	Brightspire Capital INC	Stock-Other	1.29%	—	-1.32%
15	DSM	Bnym Strat Muni Bnd	Stock-Other	1.26%	—	—
16	XCMUX	Mfs High Yield Municipal Tr	Stock-Other	1.21%	—	—
17	XPCQX	Pimco California Muni INC Fd	Stock-Other	1.20%	—	-3.68%
18	ELME	Elme Communities	Stock-Other	1.18%	-2.70%	+157.59%
19	MRCC	Monroe Capital CORP	Stock-Other	1.17%	-0.23%	+27.89%
20	ANTX	An2 Therapeutics INC	Stock-Other	1.14%	+0.77%	—
21	XCXEX	Mfs High Income Municipal Tr	Stock-Other	1.06%	—	+6.11%
22	MEGI	Nyli Cbre Glbl Infr Mega Trm	Stock-Other	1.05%	+0.86%	+412.76%
23	JOF	Japan Smaller Capitalization	Stock-Other	0.99%	—	-7.58%
24	CCAP	Crescent Capital Bdc INC	Stock-Other	0.98%	-0.39%	-19.66%
25	DTF	Dtf Tax-free Income 2028 Ter	Stock-Other	0.92%	—	+1.18%
26	MXF	Mexico Fund INC	Stock-Other	0.87%	—	-1.30%
27	FCT	First Trust Snr Fl Rt INC Ii	Stock-Other	0.83%	+0.63%	+334.90%
28	GLO	Clough Global Opportunities	Stock-Other	0.83%	-0.15%	-16.39%
29	XCXHX	Mfs Investment Grade Muni	Stock-Other	0.82%	—	-0.02%
30	FSSL	Fs Specialty Lending Fund	Stock-Other	0.76%	-1.74%	-66.47%
31	PNI	Pimco Ny Muni INC Ii Fnd	Stock-Other	0.76%	+0.76%	NEW
32	CLM	Cornerstone Strategic Invest	Stock-Other	0.73%	+0.73%	NEW
33	MSGS	Madison Square Garden Sports	Stock-Comm Services	0.72%	—	—
34	CEE	Central And Eastern Europe F	Stock-Other	0.72%	—	—
35	JFR	Nuveen Floating Rate Income	Stock-Other	0.70%	+0.50%	+248.99%
36	EBF	Ennis INC	Stock-Other	0.67%	—	—
37	SABA	Saba Capital Income & Opp Ii	Stock-Other	0.65%	+0.53%	+442.38%
38	SDHY	Pgim Shrt Durat Hi Yld	Stock-Other	0.65%	+0.56%	+607.84%
39	LADR	Ladder Capital Corp-reit	Stock-Other	0.64%	—	+53.40%
40	TRTX	Tpg Re Finance Trust INC	Stock-Other	0.58%	+0.58%	NEW
41	XGLQX	Clough Global Equity Fund	Stock-Other	0.56%	—	+2.47%
42	AFB	Allianceberstein Ntl Muni	Stock-Other	0.52%	—	—
43	FTHY	First Trust Hi Yld Opp 2027	Stock-Other	0.51%	+0.34%	+200.52%
44	MYPS	Playstudios INC	Stock-Other	0.50%	—	+16.24%
45	USA	Liberty All Star Equity Fund	Stock-Other	0.50%	-0.61%	-50.85%
46	STEW	Srh Total Return Fund INC	Stock-Other	0.45%	+0.33%	+306.54%
47	DMB	Bny Mellon Muni Bnd Infra	Stock-Other	0.44%	—	—
48	TRC	Tejon Ranch Co	Stock-Other	0.40%	—	+2.00%
49	ANRO	Alto Neuroscience INC	Stock-Other	0.40%	—	—
50	RLYB	Rallybio CORP	Stock-Other	0.39%	+0.39%	NEW

1–50 of 115

Portfolio Performance

Performance for Q3 2026

-7.6%

Performance Last 4 Quarters

-60%

Based on 80% of reported portfolio value with available pricing

Stdev: +46.6%
Beta: +0.94
Alpha: -51.5%
Max Drawdown: -62.3%
Annualized Perf: -39.2%
Batting Avg vs S&P: +41.2%
Sortino: -0.79
Stutzer: -0.25
Treynor: -0.37
Sterling: -0.54
Calmar: -0.63
Information Ratio: -1.18
Tracking Error: +44.7%
Stdev Down: +43.6%
Winning Months %: +41.2%
Losing Months %: +58.8%
Best 12 Months: -46.7%
Worst 12 Months: -60%
Efficiency Ratio: +0.36
Sharpe: -0.74
Stdev Sectors: +18.7%
Skewness: -2.45
Kurtosis: +6.47
Upside Potential: +0.73

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	115	$442.5M	51	1FBTC 2BTT 3ASA Top holdings2026-03-31 1.FBTC 2.BTT 3.ASA 4.AMLX 5.DSGN 6.XNQPX 7.PDX 8.LYEL 9.BIO 10.CNNE
2025-12-31	107	$454.2M	51	1FBTC 2BTT 3AMLX Top holdings2025-12-31 1.FBTC 2.BTT 3.AMLX 4.ASA 5.FETH 6.LYEL 7.ELME 8.DSGN 9.FSSL 10.CNNE
2025-09-30	66	$436.9M	65	1FBTC 2BTT 3AMLX Top holdings2025-09-30 1.FBTC 2.BTT 3.AMLX 4.FETH 5.ASA 6.DSGN 7.CNNE 8.LYEL 9.XPHDX 10.ETHA
2025-06-30	82	$396.4M	0	1FBTC 2BTT 3FETH Top holdings2025-06-30 1.FBTC 2.BTT 3.FETH 4.AMLX 5.XPHTX 6.XPMAX 7.XMHIX 8.XMIOX 9.XNQPX 10.CNNE
2025-03-31	81	$301.4M	100	1FBTC 2BTT 3XNQPX Top holdings2025-03-31 1.FBTC 2.BTT 3.XNQPX 4.05589T 5.AMLX 6.XENWX 7.DSGN 8.STEW 9.DSM 10.MXF
2024-12-31	92	$456.3M	0	1FBTC 2FETH 3BTT Top holdings2024-12-31 1.FBTC 2.FETH 3.BTT 4.OBDC 5.BMEZ 6.ETH 7.TPZ 8.TYG 9.XNQPX 10.DSGN
2024-09-30	69	$283.0M	0	1FBTC 2BMEZ 3XNQPX Top holdings2024-09-30 1.FBTC 2.BMEZ 3.XNQPX 4.XHIEX 5.BTT 6.NTG 7.MMD 8.05589T 9.SDHY 10.DSGN
2024-06-30	76	$240.5M	0	1BMEZ 2NPCT 3ECAT Top holdings2024-06-30 1.BMEZ 2.NPCT 3.ECAT 4.XNQPX 5.XHIEX 6.XJPIX 7.MMD 8.SDHY 9.NTG 10.XENWX
2024-03-31	69	$242.1M	0	1RPT 7.25 04-30-24 2NPCT 3BMEZ Top holdings2024-03-31 1.RPT 7.25 04-30-24 2.NPCT 3.BMEZ 4.XNQPX 5.XHIEX 6.ECAT 7.XENWX 8.FXN 9.SDHY 10.PDX
2023-12-31	116	$290.2M	0	1RPT 7.25 04-30-24 2BMEZ 3NPCT Top holdings2023-12-31 1.RPT 7.25 04-30-24 2.BMEZ 3.NPCT 4.XHIEX 5.BKCCUSD 6.XNQPX 7.ECAT 8.SDHY 9.XENWX 10.PDX
2023-09-30	94	$1.2B	0	1TWO 6.25 01-15-26 2PMT 5.5 03-15-26 3RPT 7.25 04-30-24 Top holdings2023-09-30 1.TWO 6.25 01-15-26 2.PMT 5.5 03-15-26 3.RPT 7.25 04-30-24 4.ECAT 5.NPCT 6.TDF 7.XHIEX 8.151461 9.PDX 10.NTG
2023-06-30	92	$233.9M	0	1RPT 7.25 04-30-24 2ECAT 3NPCT Top holdings2023-06-30 1.RPT 7.25 04-30-24 2.ECAT 3.NPCT 4.NLY 5.TDF 6.XHIEX 7.XBFZX 8.BRSP 9.151461 10.NTG
2023-03-31	97	$209.3M	0	1RPT 7.25 04-30-24 2ECAT 3BRSP Top holdings2023-03-31 1.RPT 7.25 04-30-24 2.ECAT 3.BRSP 4.NPCT 5.XBFZX 6.TDF 7.PNNT 8.NZF 9.151461 10.CCIF
2022-12-31	128	$217.0M	0	1ECAT 2RPT 7.25 04-30-24 3PNNT Top holdings2022-12-31 1.ECAT 2.RPT 7.25 04-30-24 3.PNNT 4.BCAT 5.TDF 6.MFA 7.NZF 8.NTG 9.ORC 10.151461
2022-09-30	87	$133.9M	0	1RPT 7.25 04-30-24 2PNNT 3ORC Top holdings2022-09-30 1.RPT 7.25 04-30-24 2.PNNT 3.ORC 4.NTG 5.MFA 6.BCAT 7.ECAT 8.RPT-PC 9.CCIF 10.NPCT
2022-06-30	119	$193.5M	0	1AGNC 2CRF 3RPT 7.25 04-30-24 Top holdings2022-06-30 1.AGNC 2.CRF 3.RPT 7.25 04-30-24 4.PNNT 5.MFA 6.RPT-PC 7.NTG 8.TDF 9.CCIF 10.ECAT
2022-03-31	85	$167.6M	0	1RPT 7.25 04-30-24 2PNNT 3AGNC Top holdings2022-03-31 1.RPT 7.25 04-30-24 2.PNNT 3.AGNC 4.FSK 5.RPT-PC 6.NTG 7.NML 8.CCIF 9.TYG 10.SRV
2020-12-31	54	$98.5M	81	1MFAUSD 2RPT-PC 3CCIF Top holdings2020-12-31 1.MFAUSD 2.RPT-PC 3.CCIF 4.BBDC 5.58503F 6.FSK 7.SAC-WT 8.HFRO 9.NYMTEUR 10.VOYA
2020-09-30	46	$73.7M	82	1MFA 6.25 06-15-24 2RPT-PC 3MFAUSD Top holdings2020-09-30 1.MFA 6.25 06-15-24 2.RPT-PC 3.MFAUSD 4.CCIF 5.MVC 6.SAC-WT 7.HFRO 8.L00849 9.MMAC 10.GARSUSD
2020-06-30	46	$80.2M	100	1MFA 6.25 06-15-24 2NYMTEUR 3AGNC Top holdings2020-06-30 1.MFA 6.25 06-15-24 2.NYMTEUR 3.AGNC 4.RPT-PC 5.BWG 6.HFRO 7.SAC-WT 8.HIO 9.MVC 10.MTG
2020-03-31	46	$45.2M	100	1RPT-PC 2SAC-WT 3FSICUSD Top holdings2020-03-31 1.RPT-PC 2.SAC-WT 3.FSICUSD 4.EARN 5.L00849 6.HFRO 7.MTG 8.MVC 9.BRK-A 10.MMAC
2019-12-31	65	$114.8M	67	1NLYEUR 2RPT-PC 3SAC-WT Top holdings2019-12-31 1.NLYEUR 2.RPT-PC 3.SAC-WT 4.FSICUSD 5.CCIF 6.MVC 7.L00849 8.HFRO 9.HGLB 10.MITTEUR
2019-09-30	47	$93.5M	70	1ARRUSD 2RPT-PC 3SAC-WT Top holdings2019-09-30 1.ARRUSD 2.RPT-PC 3.SAC-WT 4.FSICUSD 5.MVC 6.DX 7.L00849 8.HFRO 9.EARN 10.CCIF
2019-06-30	55	$96.3M	71	1FSICUSD 2RPT-PC 3SAC-WT Top holdings2019-06-30 1.FSICUSD 2.RPT-PC 3.SAC-WT 4.XBFZX 5.MVC 6.HFRO 7.L00849 8.TWOEUR 9.MUC 10.BWG
2019-03-31	60	$140.0M	80	1EFC 2MUC 3FSICUSD Top holdings2019-03-31 1.EFC 2.MUC 3.FSICUSD 4.RC 5.DSU 6.RPT-PC 7.MVC 8.SAC-WT 9.XBFZX 10.L00849
2018-12-31	85	$148.5M	0	1EFC 2MUC 3FSICUSD Top holdings2018-12-31 1.EFC 2.MUC 3.FSICUSD 4.690828 5.MFAUSD 6.RPT-PC 7.DSU 8.MVC 9.L00849 10.018546

Holding changes this quarter

Almitas Capital LLC's most significant position changes for 2026-03-31: Sold out: Fidelity Ethereum Fund (FETH); New buy: Bio-rad Laboratories-a (BIO); Sold out: Ishares Ethereum Trust ETF (ETHA); Sold out: Ishr Ibx Usd Hiyld Cb Etf-ui (HYG); Sold out: Armour Residential Reit INC (ARR).

Position changes disclosed by Almitas Capital LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	ASA	ASA Gold and Precious Metals Limited	+2.4%	+37.56%	Add
2	PDX	Pimco Dynamic Income Strat	+2.1%	+257.99%	Add
3	XNQPX	Nuveen Pa Qlty Muni INC	+1.9%	+186.74%	Add
4	CRF	Cornerstone Total Return	+1.6%	+1190.66%	Add
5	BMEZ	Blackrock Hlth Sci Trm Tr Ii	+1.1%	+231.16%	Add
6	AMLX	Amylyx Pharmaceuticals INC	+1%	—	Unchanged
7	MEGI	Nyli Cbre Glbl Infr Mega Trm	+0.9%	+412.76%	Add
8	ALXO	Alx Oncology Holdings INC	+0.8%	+25.11%	Add
9	ANTX	An2 Therapeutics INC	+0.8%	—	Unchanged
10	FCT	First Trust Snr Fl Rt INC Ii	+0.6%	+334.90%	Add
11	SDHY	Pgim Shrt Durat Hi Yld	+0.6%	+607.84%	Add
12	SABA	Saba Capital Income & Opp Ii	+0.5%	+442.38%	Add
13	DSGN	Design Therapeutics INC	+0.5%	-0.01%	Trim
14	JFR	Nuveen Floating Rate Income	+0.5%	+248.99%	Add
15	CNNE	Cannae Holdings INC	+0.5%	+79.98%	Add
16	FTHY	First Trust Hi Yld Opp 2027	+0.3%	+200.52%	Add
17	STEW	Srh Total Return Fund INC	+0.3%	+306.54%	Add
18	FLGT	Fulgent Genetics INC	+0.3%	+467.14%	Add
19	GLO	Clough Global Opportunities	-0.2%	-16.39%	Trim
20	MRCC	Monroe Capital CORP	-0.2%	+27.89%	Add
21	NPCT	Nuveen Core Plus Impact	-0.3%	-58.22%	Trim
22	CCAP	Crescent Capital Bdc INC	-0.4%	-19.66%	Trim
23	USA	Liberty All Star Equity Fund	-0.6%	-50.85%	Trim
24	LYEL	Lyell Immunopharma INC	-1.3%	—	Unchanged
25	FSSL	Fs Specialty Lending Fund	-1.7%	-66.47%	Trim
26	ELME	Elme Communities	-2.7%	+157.59%	Add
27	FBTC	Fidelity Wise Origin Bitcoin	-5.3%	—	Unchanged
28	FETH	Fidelity Ethereum Fund	—	EXIT	Sold out
29	BIO	Bio-rad Laboratories-a	—	NEW	New buy
30	ETHA	Ishares Ethereum Trust ETF	—	EXIT	Sold out
31	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	—	EXIT	Sold out
32	ARR	Armour Residential Reit INC	—	EXIT	Sold out
33	PNI	Pimco Ny Muni INC Ii Fnd	—	NEW	New buy
34	CLM	Cornerstone Strategic Invest	—	NEW	New buy
35	BPRE	Bluerock Private Real Estate	—	EXIT	Sold out
36	QNCX	Quince Therapeutics, Inc.	—	EXIT	Sold out
37	NLY	Annaly Capital Management In	—	EXIT	Sold out
38	TRTX	Tpg Re Finance Trust INC	—	NEW	New buy
39	ETH	Grayscale Ethereum Staking M	—	EXIT	Sold out
40	XDIAX	Nuveen Dow 30 Dynamic Overwr	—	EXIT	Sold out
41	RLYB	Rallybio CORP	—	NEW	New buy
42	BGB	Blackstone Strategic Credit	—	NEW	New buy
43	TWO 6.25 01-15-26	Two Harbors Inv CORP	—	EXIT	Sold out
44	XSSPX	Nuveen S&p 500 Dynam Overwr	—	NEW	New buy
45	BANX	Arrowmark Financial CORP	—	NEW	New buy
46	JRI	Nuveen Real Asset INC & Grw	—	NEW	New buy
47	TWN	Taiwan Fund Inc/th/md-us INC	—	NEW	New buy
48	GERN	Geron CORP	—	EXIT	Sold out
49	✓	Rallybio CORP	—	EXIT	Sold out
50	FBRT	Franklin Bsp Realty Trust In	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-17	Amendment	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-15	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-21	Amendment	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-14	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-14	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR

FAQ

What is Almitas Capital LLC and what type of investor is it?

Almitas Capital LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $442.5M, spread across 115 disclosed positions.

What are Almitas Capital LLC's largest equity positions?

Based on the latest 13F filing, Almitas Capital LLC's top holdings by market value are: 1. Fidelity Wise Origin Bitcoin (FBTC) — $90.7M (20.5%) 2. Blackrock 2030 Muni Trgt Trm (BTT) — $33.7M (7.6%) 3. ASA Gold and Precious Metals Limited (ASA) — $32.6M (7.4%) 4. Amylyx Pharmaceuticals INC (AMLX) — $29.5M (6.7%) 5. Design Therapeutics INC (DSGN) — $16.3M (3.7%)

What changes did Almitas Capital LLC make in its most recent portfolio filing?

In the latest reported quarter, Almitas Capital LLC made 46 notable position adjustments: 11 new positions were initiated, 17 existing holdings were added to, 6 positions were partially reduced, and 12 were completely exited. The largest of these moves: Sold out: Fidelity Ethereum Fund (FETH); New buy: Bio-rad Laboratories-a (BIO); Sold out: Ishares Ethereum Trust ETF (ETHA); Sold out: Ishr Ibx Usd Hiyld Cb Etf-ui (HYG); Sold out: Armour Residential Reit INC (ARR)

What sectors does Almitas Capital LLC focus on?

Almitas Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Health Care: 55.9% • Communication Services: 21.1% • Financials: 9.2% • Real Estate: 8.1% • Consumer Discretionary: 5.7%

Peer Institutions

Institutions with a similar AUM

Militia Capital Management LLC

CIK 0002130487

Total reported value

$442.7M

257 stks

2026-03-31

Concentration4.0

Portfolio Stability0.0

Sector conviction44.3

AUM within 0.0% of this institution

View detail

Opal Wealth Advisors, LLC

CIK 0001844201

Total reported value

$442.4M

606 stks

2026-03-31

Concentration25.4

Portfolio Stability26.5

Sector conviction47.9

AUM within 0.0% of this institution

View detail

Next Level Private LLC

CIK 0001910366

Total reported value

$442.7M

175 stks

2026-03-31

Concentration11.2

Portfolio Stability23.2

Sector conviction56.7

AUM within 0.0% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Arbor Capital Management INC /adv

CIK 0001027570

Total reported value

$122.6M

101 stks

2026-03-31

Concentration6.7

Portfolio Stability15.8

Sector conviction52.0

1 of the top 5 holdings overlap, including Fidelity Wise Origin Bitcoin

View detail

Karpus Management, Inc.

CIK 0001048703

Total reported value

$3.2B

231 stks

2026-03-31

Concentration8.3

Portfolio Stability40.0

Sector conviction97.9

1 of the top 5 holdings overlap, including Blackrock 2030 Muni Trgt Trm

View detail

Courage Capital Management LLC

CIK 0001119376

Total reported value

$70.6M

14 stks

2026-03-31

Concentration46.5

Portfolio Stability10.9

Sector conviction100.0

1 of the top 5 holdings overlap, including Fidelity Wise Origin Bitcoin

View detail

Almitas Capital LLC 13F Filings Explorer

CIK: 0001596468

Diversified strategySector-focusedMomentum follower

Total reported value

$442.5M

Reporting period: 2026-03-31 · Number of holdings: 115

Almitas Capital LLC disclosed 115 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $442.5M and a quarterly turnover rate of 50.7%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "A"

Personality snowflake

Concentration: 26.2
Portfolio Stability: 50.68
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 74.33

Position sizes vary widely across the portfolio (a coefficient of variation of 2.57), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim FBTC
0.0%　-$26.4M
Trim ELME
+157.6%　-$12.4M
Add ASA
+37.6%　$9.8M
Add PDX
+258.0%　$9.1M
Add XNQPX
+186.7%　$8.2M
Trim FSSL
-66.5%　-$8.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	FBTC	Fidelity Wise Origin Bitcoin	ETF-Crypto	20.50%	-5.29%	—
2	BTT	Blackrock 2030 Muni Trgt Trm	Stock-Other	7.62%	—	—
3	ASA	ASA Gold and Precious Metals Limited	Stock-Other	7.37%	+2.35%	+37.56%
4	AMLX	Amylyx Pharmaceuticals INC	Stock-Other	6.67%	+1.02%	—
5	DSGN	Design Therapeutics INC	Stock-Other	3.68%	+0.52%	-0.01%
6	XNQPX	Nuveen Pa Qlty Muni INC	Stock-Other	2.85%	+1.88%	+186.74%
7	PDX	Pimco Dynamic Income Strat	Stock-Other	2.70%	+2.07%	+257.99%
8	LYEL	Lyell Immunopharma INC	Stock-Other	2.62%	-1.30%	—
9	BIO	Bio-rad Laboratories-a	Stock-Healthcare	1.91%	+1.91%	NEW
10	CNNE	Cannae Holdings INC	Stock-Other	1.90%	+0.47%	+79.98%
11	CRF	Cornerstone Total Return	Stock-Other	1.75%	+1.60%	+1190.66%
12	BMEZ	Blackrock Hlth Sci Trm Tr Ii	Stock-Other	1.64%	+1.13%	+231.16%
13	ALXO	Alx Oncology Holdings INC	Stock-Other	1.44%	+0.81%	+25.11%
14	BRSP	Brightspire Capital INC	Stock-Other	1.29%	—	-1.32%
15	DSM	Bnym Strat Muni Bnd	Stock-Other	1.26%	—	—
16	XCMUX	Mfs High Yield Municipal Tr	Stock-Other	1.21%	—	—
17	XPCQX	Pimco California Muni INC Fd	Stock-Other	1.20%	—	-3.68%
18	ELME	Elme Communities	Stock-Other	1.18%	-2.70%	+157.59%
19	MRCC	Monroe Capital CORP	Stock-Other	1.17%	-0.23%	+27.89%
20	ANTX	An2 Therapeutics INC	Stock-Other	1.14%	+0.77%	—
21	XCXEX	Mfs High Income Municipal Tr	Stock-Other	1.06%	—	+6.11%
22	MEGI	Nyli Cbre Glbl Infr Mega Trm	Stock-Other	1.05%	+0.86%	+412.76%
23	JOF	Japan Smaller Capitalization	Stock-Other	0.99%	—	-7.58%
24	CCAP	Crescent Capital Bdc INC	Stock-Other	0.98%	-0.39%	-19.66%
25	DTF	Dtf Tax-free Income 2028 Ter	Stock-Other	0.92%	—	+1.18%
26	MXF	Mexico Fund INC	Stock-Other	0.87%	—	-1.30%
27	FCT	First Trust Snr Fl Rt INC Ii	Stock-Other	0.83%	+0.63%	+334.90%
28	GLO	Clough Global Opportunities	Stock-Other	0.83%	-0.15%	-16.39%
29	XCXHX	Mfs Investment Grade Muni	Stock-Other	0.82%	—	-0.02%
30	FSSL	Fs Specialty Lending Fund	Stock-Other	0.76%	-1.74%	-66.47%
31	PNI	Pimco Ny Muni INC Ii Fnd	Stock-Other	0.76%	+0.76%	NEW
32	CLM	Cornerstone Strategic Invest	Stock-Other	0.73%	+0.73%	NEW
33	MSGS	Madison Square Garden Sports	Stock-Comm Services	0.72%	—	—
34	CEE	Central And Eastern Europe F	Stock-Other	0.72%	—	—
35	JFR	Nuveen Floating Rate Income	Stock-Other	0.70%	+0.50%	+248.99%
36	EBF	Ennis INC	Stock-Other	0.67%	—	—
37	SABA	Saba Capital Income & Opp Ii	Stock-Other	0.65%	+0.53%	+442.38%
38	SDHY	Pgim Shrt Durat Hi Yld	Stock-Other	0.65%	+0.56%	+607.84%
39	LADR	Ladder Capital Corp-reit	Stock-Other	0.64%	—	+53.40%
40	TRTX	Tpg Re Finance Trust INC	Stock-Other	0.58%	+0.58%	NEW
41	XGLQX	Clough Global Equity Fund	Stock-Other	0.56%	—	+2.47%
42	AFB	Allianceberstein Ntl Muni	Stock-Other	0.52%	—	—
43	FTHY	First Trust Hi Yld Opp 2027	Stock-Other	0.51%	+0.34%	+200.52%
44	MYPS	Playstudios INC	Stock-Other	0.50%	—	+16.24%
45	USA	Liberty All Star Equity Fund	Stock-Other	0.50%	-0.61%	-50.85%
46	STEW	Srh Total Return Fund INC	Stock-Other	0.45%	+0.33%	+306.54%
47	DMB	Bny Mellon Muni Bnd Infra	Stock-Other	0.44%	—	—
48	TRC	Tejon Ranch Co	Stock-Other	0.40%	—	+2.00%
49	ANRO	Alto Neuroscience INC	Stock-Other	0.40%	—	—
50	RLYB	Rallybio CORP	Stock-Other	0.39%	+0.39%	NEW

1–50 of 115

Portfolio Performance

Performance for Q3 2026

-7.6%

Performance Last 4 Quarters

-60%

Based on 80% of reported portfolio value with available pricing

Stdev: +46.6%
Beta: +0.94
Alpha: -51.5%
Max Drawdown: -62.3%
Annualized Perf: -39.2%
Batting Avg vs S&P: +41.2%
Sortino: -0.79
Stutzer: -0.25
Treynor: -0.37
Sterling: -0.54
Calmar: -0.63
Information Ratio: -1.18
Tracking Error: +44.7%
Stdev Down: +43.6%
Winning Months %: +41.2%
Losing Months %: +58.8%
Best 12 Months: -46.7%
Worst 12 Months: -60%
Efficiency Ratio: +0.36
Sharpe: -0.74
Stdev Sectors: +18.7%
Skewness: -2.45
Kurtosis: +6.47
Upside Potential: +0.73

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	115	$442.5M	51	1FBTC 2BTT 3ASA Top holdings2026-03-31 1.FBTC 2.BTT 3.ASA 4.AMLX 5.DSGN 6.XNQPX 7.PDX 8.LYEL 9.BIO 10.CNNE
2025-12-31	107	$454.2M	51	1FBTC 2BTT 3AMLX Top holdings2025-12-31 1.FBTC 2.BTT 3.AMLX 4.ASA 5.FETH 6.LYEL 7.ELME 8.DSGN 9.FSSL 10.CNNE
2025-09-30	66	$436.9M	65	1FBTC 2BTT 3AMLX Top holdings2025-09-30 1.FBTC 2.BTT 3.AMLX 4.FETH 5.ASA 6.DSGN 7.CNNE 8.LYEL 9.XPHDX 10.ETHA
2025-06-30	82	$396.4M	0	1FBTC 2BTT 3FETH Top holdings2025-06-30 1.FBTC 2.BTT 3.FETH 4.AMLX 5.XPHTX 6.XPMAX 7.XMHIX 8.XMIOX 9.XNQPX 10.CNNE
2025-03-31	81	$301.4M	100	1FBTC 2BTT 3XNQPX Top holdings2025-03-31 1.FBTC 2.BTT 3.XNQPX 4.05589T 5.AMLX 6.XENWX 7.DSGN 8.STEW 9.DSM 10.MXF
2024-12-31	92	$456.3M	0	1FBTC 2FETH 3BTT Top holdings2024-12-31 1.FBTC 2.FETH 3.BTT 4.OBDC 5.BMEZ 6.ETH 7.TPZ 8.TYG 9.XNQPX 10.DSGN
2024-09-30	69	$283.0M	0	1FBTC 2BMEZ 3XNQPX Top holdings2024-09-30 1.FBTC 2.BMEZ 3.XNQPX 4.XHIEX 5.BTT 6.NTG 7.MMD 8.05589T 9.SDHY 10.DSGN
2024-06-30	76	$240.5M	0	1BMEZ 2NPCT 3ECAT Top holdings2024-06-30 1.BMEZ 2.NPCT 3.ECAT 4.XNQPX 5.XHIEX 6.XJPIX 7.MMD 8.SDHY 9.NTG 10.XENWX
2024-03-31	69	$242.1M	0	1RPT 7.25 04-30-24 2NPCT 3BMEZ Top holdings2024-03-31 1.RPT 7.25 04-30-24 2.NPCT 3.BMEZ 4.XNQPX 5.XHIEX 6.ECAT 7.XENWX 8.FXN 9.SDHY 10.PDX
2023-12-31	116	$290.2M	0	1RPT 7.25 04-30-24 2BMEZ 3NPCT Top holdings2023-12-31 1.RPT 7.25 04-30-24 2.BMEZ 3.NPCT 4.XHIEX 5.BKCCUSD 6.XNQPX 7.ECAT 8.SDHY 9.XENWX 10.PDX
2023-09-30	94	$1.2B	0	1TWO 6.25 01-15-26 2PMT 5.5 03-15-26 3RPT 7.25 04-30-24 Top holdings2023-09-30 1.TWO 6.25 01-15-26 2.PMT 5.5 03-15-26 3.RPT 7.25 04-30-24 4.ECAT 5.NPCT 6.TDF 7.XHIEX 8.151461 9.PDX 10.NTG
2023-06-30	92	$233.9M	0	1RPT 7.25 04-30-24 2ECAT 3NPCT Top holdings2023-06-30 1.RPT 7.25 04-30-24 2.ECAT 3.NPCT 4.NLY 5.TDF 6.XHIEX 7.XBFZX 8.BRSP 9.151461 10.NTG
2023-03-31	97	$209.3M	0	1RPT 7.25 04-30-24 2ECAT 3BRSP Top holdings2023-03-31 1.RPT 7.25 04-30-24 2.ECAT 3.BRSP 4.NPCT 5.XBFZX 6.TDF 7.PNNT 8.NZF 9.151461 10.CCIF
2022-12-31	128	$217.0M	0	1ECAT 2RPT 7.25 04-30-24 3PNNT Top holdings2022-12-31 1.ECAT 2.RPT 7.25 04-30-24 3.PNNT 4.BCAT 5.TDF 6.MFA 7.NZF 8.NTG 9.ORC 10.151461
2022-09-30	87	$133.9M	0	1RPT 7.25 04-30-24 2PNNT 3ORC Top holdings2022-09-30 1.RPT 7.25 04-30-24 2.PNNT 3.ORC 4.NTG 5.MFA 6.BCAT 7.ECAT 8.RPT-PC 9.CCIF 10.NPCT
2022-06-30	119	$193.5M	0	1AGNC 2CRF 3RPT 7.25 04-30-24 Top holdings2022-06-30 1.AGNC 2.CRF 3.RPT 7.25 04-30-24 4.PNNT 5.MFA 6.RPT-PC 7.NTG 8.TDF 9.CCIF 10.ECAT
2022-03-31	85	$167.6M	0	1RPT 7.25 04-30-24 2PNNT 3AGNC Top holdings2022-03-31 1.RPT 7.25 04-30-24 2.PNNT 3.AGNC 4.FSK 5.RPT-PC 6.NTG 7.NML 8.CCIF 9.TYG 10.SRV
2020-12-31	54	$98.5M	81	1MFAUSD 2RPT-PC 3CCIF Top holdings2020-12-31 1.MFAUSD 2.RPT-PC 3.CCIF 4.BBDC 5.58503F 6.FSK 7.SAC-WT 8.HFRO 9.NYMTEUR 10.VOYA
2020-09-30	46	$73.7M	82	1MFA 6.25 06-15-24 2RPT-PC 3MFAUSD Top holdings2020-09-30 1.MFA 6.25 06-15-24 2.RPT-PC 3.MFAUSD 4.CCIF 5.MVC 6.SAC-WT 7.HFRO 8.L00849 9.MMAC 10.GARSUSD
2020-06-30	46	$80.2M	100	1MFA 6.25 06-15-24 2NYMTEUR 3AGNC Top holdings2020-06-30 1.MFA 6.25 06-15-24 2.NYMTEUR 3.AGNC 4.RPT-PC 5.BWG 6.HFRO 7.SAC-WT 8.HIO 9.MVC 10.MTG
2020-03-31	46	$45.2M	100	1RPT-PC 2SAC-WT 3FSICUSD Top holdings2020-03-31 1.RPT-PC 2.SAC-WT 3.FSICUSD 4.EARN 5.L00849 6.HFRO 7.MTG 8.MVC 9.BRK-A 10.MMAC
2019-12-31	65	$114.8M	67	1NLYEUR 2RPT-PC 3SAC-WT Top holdings2019-12-31 1.NLYEUR 2.RPT-PC 3.SAC-WT 4.FSICUSD 5.CCIF 6.MVC 7.L00849 8.HFRO 9.HGLB 10.MITTEUR
2019-09-30	47	$93.5M	70	1ARRUSD 2RPT-PC 3SAC-WT Top holdings2019-09-30 1.ARRUSD 2.RPT-PC 3.SAC-WT 4.FSICUSD 5.MVC 6.DX 7.L00849 8.HFRO 9.EARN 10.CCIF
2019-06-30	55	$96.3M	71	1FSICUSD 2RPT-PC 3SAC-WT Top holdings2019-06-30 1.FSICUSD 2.RPT-PC 3.SAC-WT 4.XBFZX 5.MVC 6.HFRO 7.L00849 8.TWOEUR 9.MUC 10.BWG
2019-03-31	60	$140.0M	80	1EFC 2MUC 3FSICUSD Top holdings2019-03-31 1.EFC 2.MUC 3.FSICUSD 4.RC 5.DSU 6.RPT-PC 7.MVC 8.SAC-WT 9.XBFZX 10.L00849
2018-12-31	85	$148.5M	0	1EFC 2MUC 3FSICUSD Top holdings2018-12-31 1.EFC 2.MUC 3.FSICUSD 4.690828 5.MFAUSD 6.RPT-PC 7.DSU 8.MVC 9.L00849 10.018546

Holding changes this quarter

Position changes disclosed by Almitas Capital LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	ASA	ASA Gold and Precious Metals Limited	+2.4%	+37.56%	Add
2	PDX	Pimco Dynamic Income Strat	+2.1%	+257.99%	Add
3	XNQPX	Nuveen Pa Qlty Muni INC	+1.9%	+186.74%	Add
4	CRF	Cornerstone Total Return	+1.6%	+1190.66%	Add
5	BMEZ	Blackrock Hlth Sci Trm Tr Ii	+1.1%	+231.16%	Add
6	AMLX	Amylyx Pharmaceuticals INC	+1%	—	Unchanged
7	MEGI	Nyli Cbre Glbl Infr Mega Trm	+0.9%	+412.76%	Add
8	ALXO	Alx Oncology Holdings INC	+0.8%	+25.11%	Add
9	ANTX	An2 Therapeutics INC	+0.8%	—	Unchanged
10	FCT	First Trust Snr Fl Rt INC Ii	+0.6%	+334.90%	Add
11	SDHY	Pgim Shrt Durat Hi Yld	+0.6%	+607.84%	Add
12	SABA	Saba Capital Income & Opp Ii	+0.5%	+442.38%	Add
13	DSGN	Design Therapeutics INC	+0.5%	-0.01%	Trim
14	JFR	Nuveen Floating Rate Income	+0.5%	+248.99%	Add
15	CNNE	Cannae Holdings INC	+0.5%	+79.98%	Add
16	FTHY	First Trust Hi Yld Opp 2027	+0.3%	+200.52%	Add
17	STEW	Srh Total Return Fund INC	+0.3%	+306.54%	Add
18	FLGT	Fulgent Genetics INC	+0.3%	+467.14%	Add
19	GLO	Clough Global Opportunities	-0.2%	-16.39%	Trim
20	MRCC	Monroe Capital CORP	-0.2%	+27.89%	Add
21	NPCT	Nuveen Core Plus Impact	-0.3%	-58.22%	Trim
22	CCAP	Crescent Capital Bdc INC	-0.4%	-19.66%	Trim
23	USA	Liberty All Star Equity Fund	-0.6%	-50.85%	Trim
24	LYEL	Lyell Immunopharma INC	-1.3%	—	Unchanged
25	FSSL	Fs Specialty Lending Fund	-1.7%	-66.47%	Trim
26	ELME	Elme Communities	-2.7%	+157.59%	Add
27	FBTC	Fidelity Wise Origin Bitcoin	-5.3%	—	Unchanged
28	FETH	Fidelity Ethereum Fund	—	EXIT	Sold out
29	BIO	Bio-rad Laboratories-a	—	NEW	New buy
30	ETHA	Ishares Ethereum Trust ETF	—	EXIT	Sold out
31	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	—	EXIT	Sold out
32	ARR	Armour Residential Reit INC	—	EXIT	Sold out
33	PNI	Pimco Ny Muni INC Ii Fnd	—	NEW	New buy
34	CLM	Cornerstone Strategic Invest	—	NEW	New buy
35	BPRE	Bluerock Private Real Estate	—	EXIT	Sold out
36	QNCX	Quince Therapeutics, Inc.	—	EXIT	Sold out
37	NLY	Annaly Capital Management In	—	EXIT	Sold out
38	TRTX	Tpg Re Finance Trust INC	—	NEW	New buy
39	ETH	Grayscale Ethereum Staking M	—	EXIT	Sold out
40	XDIAX	Nuveen Dow 30 Dynamic Overwr	—	EXIT	Sold out
41	RLYB	Rallybio CORP	—	NEW	New buy
42	BGB	Blackstone Strategic Credit	—	NEW	New buy
43	TWO 6.25 01-15-26	Two Harbors Inv CORP	—	EXIT	Sold out
44	XSSPX	Nuveen S&p 500 Dynam Overwr	—	NEW	New buy
45	BANX	Arrowmark Financial CORP	—	NEW	New buy
46	JRI	Nuveen Real Asset INC & Grw	—	NEW	New buy
47	TWN	Taiwan Fund Inc/th/md-us INC	—	NEW	New buy
48	GERN	Geron CORP	—	EXIT	Sold out
49	✓	Rallybio CORP	—	EXIT	Sold out
50	FBRT	Franklin Bsp Realty Trust In	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-17	Amendment	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-15	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-21	Amendment	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-14	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-14	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR