Almitas Capital Portfolio holdings

AUM $301M

AUM

$301M

AUM Growth

-$154M (-34%)

Cap. Flow

-$12.4M

Cap. Flow % of AUM

-4.1%

Top 10 Holdings %Top 10 Hldgs %

67.47%

Holding

106

New

Increased

Reduced

Closed

Top Buys

1	Cannae Holdings CNNE	$2.63M
2	Nektar Therapeutics NKTR	$2.51M
3	DMF BNY Mellon Municipal Income DMF	$1.98M
4	Madison Square Garden MSGS	$1.93M
5	PCQ Pimco California Municipal Income Fund PCQ	$1.81M

Top Sells

1	BlackRock Health Sciences Trust II BMEZ	$16.9M
2	TYG Tortoise Energy Infrastructure Corp TYG	$9.32M
3	Fidelity Wise Origin Bitcoin Fund FBTC	$5.73M
4	SDHY PGIM Short Duration High Yield Opportunities Fund SDHY	$4.38M
5	ZTR Virtus Total Return Fund ZTR	$2.34M

Sector Composition

1	Healthcare	10.11%
2	Real Estate	2.15%
3	Financials	1.82%
4	Consumer Discretionary	0.87%
5	Communication Services	0.64%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Fidelity Wise Origin Bitcoin Fund FBTC $20.2B	$119M	39.46%	1,652,409 -79,585	-5%	-$5.73M
2	2 BlackRock Municipal 2030 Target Term Trust BTT $1.4B	$33.1M	10.98%	1,558,862 +57,801	+4%	+$1.23M
3	3 Nuveen Pennsylvania Quality Municipal Income Fund NQP $411M	$8.79M	2.92%	783,803 -38,839	-5%	-$436K
4	DMF 4 BNY Mellon Municipal Income DMF $145M	$7.77M	2.58%	1,081,956 +275,948	+34%	+$1.98M
5	5 Amylyx Pharmaceuticals AMLX $450M	$7.51M	2.49%	2,122,597 +90,227	+4%	+$319K
6	ENX 6 Eaton Vance New York Municipal Bond Fund ENX $165M	$6.63M	2.2%	698,195	–	–
7	7 Design Therapeutics DSGN $228M	$5.61M	1.86%	1,452,896 +129,229	+10%	+$499K
8	STEW 8 SRH Total Return Fund STEW $1.69B	$5.21M	1.73%	301,991	–	–
9	DSM 9 BNY Mellon Strategic Municipal Bond Fund DSM $276M	$4.91M	1.63%	851,087 +225,626	+36%	+$1.3M
10	MXF 10 Mexico Fund MXF $245M	$4.9M	1.63%	344,264 +26,418	+8%	+$376K
11	JOF 11 Japan Smaller Capitalization Fund JOF $266M	$4.29M	1.42%	511,819 +14,348	+3%	+$120K
12	CXE 12 MFS High Income Municipal Trust CXE $111M	$3.86M	1.28%	1,047,002 +125,165	+14%	+$462K
13	CXH 13 MFS Investment Grade Municipal Trust CXH $62.2M	$3.73M	1.24%	470,435 -7,019	-1%	-$55.6K
14	DTF 14 DTF Tax-Free Income 2028 Term Fund DTF $78.5M	$3.47M	1.15%	309,611 -12,821	-4%	-$144K
15	SDHY 15 PGIM Short Duration High Yield Opportunities Fund SDHY $399M	$3.24M	1.07%	196,468 -265,630	-57%	-$4.38M
16	16 Nektar Therapeutics NKTR $126M	$3.14M	1.04%	4,610,872 +3,690,647	+401%	+$2.51M
17	17 BlackRock Health Sciences Trust II BMEZ $1.45B	$3.05M	1.01%	204,834 -1,134,764	-85%	-$16.9M
18	MEGI 18 MainStay CBRE Global Infrastructure Megatrends Term Fund MEGI $730M	$3.01M	1%	226,124 +65,223	+41%	+$868K
19	19 Nuveen Core Plus Impact Fund NPCT $305M	$2.88M	0.96%	269,668	–	–
20	20 Zentalis Pharmaceuticals ZNTL $89.9M	$2.72M	0.9%	1,710,921 +84,025	+5%	+$134K
21	BRSP 21 BrightSpire Capital BRSP $669M	$2.66M	0.88%	478,415 +122,093	+34%	+$679K
22	22 Cannae Holdings CNNE $1.18B	$2.63M	0.87%	143,651	New	+$2.63M
23	CEE 23 Central and Eastern Europe Fund CEE $101M	$2.6M	0.86%	180,190	–	–
24	MAV 24 Pioneer Municipal High Income Advantage Fund MAV $198M	$2.56M	0.85%	306,517 +61,511	+25%	+$514K
25	IIF 25 Morgan Stanley India Investment Fund IIF $256M	$2.55M	0.85%	104,744 +18,424	+21%	+$449K