Almitas Capital LLC — Q3 2025 13F Holdings

Name: Almitas Capital LLC — 13F Holdings, Q3 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001596468

Total reported value

$442.5M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	FBTC	Fidelity Wise Origin Bitcoin	ETF-Crypto	36.82%	-5.29%	—
2	BTT	Blackrock 2030 Muni Trgt Trm	Stock-Other	7.91%	—	-1.22%
3	AMLX	Amylyx Pharmaceuticals INC	Stock-Other	6.60%	+1.02%	—
4	FETH	Fidelity Ethereum Fund	ETF-Other	6.18%	-4.24%	EXIT
5	ASA	ASA Gold and Precious Metals Limited	Stock-Other	3.52%	+2.35%	—
6	DSGN	Design Therapeutics INC	Stock-Other	2.64%	+0.52%	—
7	CNNE	Cannae Holdings INC	Stock-Other	2.33%	+0.47%	+73.43%
8	LYEL	Lyell Immunopharma INC	Stock-Other	2.15%	-1.30%	-0.38%
9	XPHDX	Pioneer Floating Rate Fund	Stock-Other	1.60%	—	+106.87%
10	ETHA	Ishares Ethereum Trust ETF	ETF-Other	1.58%	-1.08%	EXIT
11	BIT	Blackrock Multi-sector INC	Stock-Other	1.58%	—	—
12	XENWX	Eaton Vance New York Municip	Stock-Other	1.39%	—	-8.30%
13	IGF	Ishares Global Infrastructur	ETF-Other	1.30%	—	—
14	BRSP	Brightspire Capital INC	Stock-Other	1.28%	—	—
15	CCAP	Crescent Capital Bdc INC	Stock-Other	1.23%	-0.39%	+8.17%
16	XCMUX	Mfs High Yield Municipal Tr	Stock-Other	1.20%	—	+131.29%
17	JOF	Japan Smaller Capitalization	Stock-Other	1.16%	—	-5.90%
18	DSM	Bnym Strat Muni Bnd	Stock-Other	1.15%	—	—
19	ALXO	Alx Oncology Holdings INC	Stock-Other	1.06%	+0.81%	-0.06%
20	XNQPX	Nuveen Pa Qlty Muni INC	Stock-Other	1.04%	+1.88%	-46.83%
21	✓		Stock-Other	1.01%	—	—
22	XCXEX	Mfs High Income Municipal Tr	Stock-Other	0.94%	—	—
23	DTF	Dtf Tax-free Income 2028 Ter	Stock-Other	0.92%	—	+0.23%
24	MXF	Mexico Fund INC	Stock-Other	0.92%	—	-38.44%
25	XJEQX	Abrdn Japan Equity Fund INC	Stock-Other	0.88%	—	+17.65%
26	XCXHX	Mfs Investment Grade Muni	Stock-Other	0.88%	—	+8.82%
27	ETH	Grayscale Ethereum Staking M	ETF-Other	0.80%	-0.55%	EXIT
28	ARR	Armour Residential Reit INC	Stock-Other	0.74%	-0.85%	EXIT
29	GLO	Clough Global Opportunities	Stock-Other	0.64%	-0.15%	+15.01%
30	CEE	Central And Eastern Europe F	Stock-Other	0.61%	—	-0.06%
31	NLY	Annaly Capital Management In	Stock-Real Estate	0.54%	-0.57%	EXIT
32	AFB	Allianceberstein Ntl Muni	Stock-Other	0.53%	—	-0.09%
33	MSGS	Madison Square Garden Sports	Stock-Comm Services	0.52%	—	—
34	OXLC	Oxford Lane Capital CORP	Stock-Other	0.46%	—	—
35	XEVMX	Eaton Vance Cal Muni Bond	Stock-Other	0.45%	—	—
36	LADR	Ladder Capital Corp-reit	Stock-Other	0.45%	—	—
37	ANTX	An2 Therapeutics INC	Stock-Other	0.42%	+0.77%	—
38	TWO 6.25 01-15-26	Two Harbors Inv CORP	Stock-Other	0.36%	-0.36%	EXIT
39	XPCQX	Pimco California Muni INC Fd	Stock-Other	0.31%	—	-28.96%
40	GERN	Geron CORP	Stock-Other	0.30%	-0.26%	EXIT
41	DMB	Bny Mellon Muni Bnd Infra	Stock-Other	0.29%	—	+19.49%
42	LEO	Bny Mellon Strategic Muni	Stock-Other	0.28%	—	+0.64%
43	MFIC	Midcap Financial Investment	Stock-Other	0.25%	—	—
44	VTGN	Vistagen Therapeutics INC	Stock-Other	0.21%	—	—
45	CABA	Cabaletta Bio INC	Stock-Other	0.21%	—	+5.44%
46	MYPS	Playstudios INC	Stock-Other	0.21%	—	—
47	XGLQX	Clough Global Equity Fund	Stock-Other	0.20%	—	+47.48%
48	QNCX	Quince Therapeutics, Inc.	Stock-Other	0.18%	-0.69%	EXIT
49	XWIAX	Western Asset Infl-link Sec	Stock-Other	0.18%	—	-36.84%
50	ANRO	Alto Neuroscience INC	Stock-Other	0.18%	—	—

1–50 of 66

Holding changes this quarter

Position changes disclosed by Almitas Capital LLC for the quarter ending Q3 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AMLX	Amylyx Pharmaceuticals INC	+4.1%	—	Unchanged
2	CNNE	Cannae Holdings INC	+1.5%	+73.43%	Add
3	CCAP	Crescent Capital Bdc INC	+1.1%	+8.17%	Add
4	DSGN	Design Therapeutics INC	+0.8%	—	Add
5	ALXO	Alx Oncology Holdings INC	+0.8%	-0.06%	Add
6	XJEQX	Abrdn Japan Equity Fund INC	+0.8%	+17.65%	Add
7	XCMUX	Mfs High Yield Municipal Tr	+0.7%	+131.29%	Add
8	BRSP	Brightspire Capital INC	+0.4%	—	Add
9	JOF	Japan Smaller Capitalization	-0.3%	-5.90%	Trim
10	MXF	Mexico Fund INC	-0.7%	-38.44%	Trim
11	ZNTL	Zentalis Pharmaceuticals INC	-0.7%	-71.40%	Trim
12	SDHY	Pgim Shrt Durat Hi Yld	-0.9%	-78.06%	Trim
13	XNQPX	Nuveen Pa Qlty Muni INC	-1.9%	-46.83%	Trim
14	FBTC	Fidelity Wise Origin Bitcoin	-2.6%	—	Trim
15	BTT	Blackrock 2030 Muni Trgt Trm	-3.1%	-1.22%	Trim
16	FETH	Fidelity Ethereum Fund	—	NEW	New buy
17	ASA	ASA Gold and Precious Metals Limited	—	NEW	New buy
18	LYEL	Lyell Immunopharma INC	—	NEW	New buy
19	✓	Bny Mellon Mun Income INC Com	—	EXIT	Sold out
20	XPHDX	Pioneer Floating Rate Fund	—	NEW	New buy
21	ETHA	Ishares Ethereum Trust ETF	—	NEW	New buy
22	BIT	Blackrock Multi-sector INC	—	NEW	New buy
23	IGF	Ishares Global Infrastructur	—	NEW	New buy
24	STEW	Srh Total Return Fund INC	—	EXIT	Sold out
25	✓		—	NEW	New buy
26	ETH	Grayscale Ethereum Staking M	—	NEW	New buy
27	ARR	Armour Residential Reit INC	—	NEW	New buy
28	NKTREUR	Nektar Therapeutics	—	EXIT	Sold out
29	BMEZ	Blackrock Hlth Sci Trm Tr Ii	—	EXIT	Sold out
30	MEGI	Nyli Cbre Glbl Infr Mega Trm	—	EXIT	Sold out
31	NPCT	Nuveen Core Plus Impact	—	EXIT	Sold out
32	XPMAX	Pioneer Municipal High INC	—	EXIT	Sold out
33	IIF	Morgan Stanley India Invest	—	EXIT	Sold out
34	XMIOX	Pioneer Muni High INC Opp	—	EXIT	Sold out
35	XMHIX	Pioneer Muni High INC Tr	—	EXIT	Sold out
36	NLY	Annaly Capital Management In	—	NEW	New buy
37	AVIR	Atea Pharmaceuticals INC	—	EXIT	Sold out
38	OXLC	Oxford Lane Capital CORP	—	NEW	New buy
39	VIG	Vanguard Dividend Apprec ETF	—	EXIT	Sold out
40	XEVMX	Eaton Vance Cal Muni Bond	—	NEW	New buy
41	2662247D	Iteos Therapeutics INC	—	EXIT	Sold out
42	TYG	Tortoise Energy Infrastruct	—	EXIT	Sold out
43	LYEL	Lyell Immunopharma, Inc.	—	EXIT	Sold out
44	GERN	Geron CORP	—	NEW	New buy
45	XPCKX	Pimco California Municipa Ii	—	EXIT	Sold out
46	BTX	Blackrock Tech & Priv Eqty	—	EXIT	Sold out
47	✓	First Tr Specialty Fin & Fin	—	EXIT	Sold out
48	MYPS	Playstudios INC	—	NEW	New buy
49	CIM	Chimera Investment CORP	—	EXIT	Sold out
50	QNCX	Quince Therapeutics, Inc.	—	NEW	New buy