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Almitas Capital Portfolio holdings

AUM $443M
1-Year Est. Return 42.36%
This Fund
S&P 500
This Quarter Est. Return
-1.45%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$454M
AUM Growth
+$17.3M
Cap. Flow
+$50.4M
Cap. Flow %
11.1%
Top 10 Hldgs %
63.04%
Holding
123
New
57
Increased
17
Reduced
15
Closed
17

Top Buys

Rank Stock Value
1
ELME
Elme Communities
ELME
+$17.2M
2
FSSL
FS Specialty Lending Fund
FSSL
+$11M
3
MRCC
Monroe Capital Corp
MRCC
+$5.91M
4
USA icon
Liberty All-Star Equity Fund
USA
+$5.01M
5
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$4.84M

Top Sells

Rank Stock Value
1
PHD
Pioneer Floating Rate Fund
PHD
+$6.97M
2
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$6.54M
3
BIT icon
BlackRock Multi-Sector Income Trust
BIT
+$6.54M
4
ENX
Eaton Vance New York Municipal Bond Fund
ENX
+$6.09M
5
IGF icon
iShares Global Infrastructure ETF
IGF
+$5.68M

Sector Composition

Rank Sector Weight
1 Healthcare 15.69%
2 Real Estate 7.98%
3 Financials 5.67%
4 Consumer Discretionary 1.65%
5 Communication Services 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MXF
26
Mexico Fund
MXF
$309M
$3.74M 0.82%
185,924
-17,037
-8% -$330K
CXH
27
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.62M 0.8%
454,909
-32,779
-7% -$261K
BPRE
28
Bluerock Private Real Estate Fund
BPRE
$3.18M 0.7%
+212,185
New +$3.27M
QNCX icon
29
Quince Therapeutics
QNCX
$17.5M
$3.12M 0.69%
4,651
+2,177
+88% +$1.1M
CEE
30
Central and Eastern Europe Fund
CEE
$135M
$3.07M 0.68%
173,254
– –
ALXO icon
31
ALX Oncology
ALXO
$272M
$2.87M 0.63%
2,536,891
– –
PDX
32
PIMCO Dynamic Income Strategy Fund
PDX
$951M
$2.84M 0.63%
+151,260
New +$3.32M
MYPS icon
33
PLAYSTUDIOS Inc
MYPS
$78.4M
$2.64M 0.58%
4,047,346
+3,115,758
+334% +$2.43M
NLY icon
34
Annaly Capital Management
NLY
$16.9B
$2.59M 0.57%
115,765
– –
MSGS icon
35
Madison Square Garden
MSGS
$9.57B
$2.57M 0.57%
9,925
– –
ETH
36
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.78B
$2.51M 0.55%
89,557
– –
EBF icon
37
Ennis
EBF
$550M
$2.5M 0.55%
+138,956
New +$2.42M
GLQ
38
Clough Global Equity Fund
GLQ
$153M
$2.47M 0.54%
322,982
+208,975
+183% +$1.61M
AFB
39
AllianceBernstein National Municipal Income Fund
AFB
$314M
$2.32M 0.51%
214,282
– –
BMEZ icon
40
BlackRock Health Sciences Trust II
BMEZ
$960M
$2.3M 0.51%
+152,914
New +$2.3M
LADR
41
Ladder Capital
LADR
$1.24B
$2.08M 0.46%
189,357
+8,664
+5% +$94.1K
NPCT icon
42
Nuveen Core Plus Impact Fund
NPCT
$279M
$2.08M 0.46%
+204,356
New +$2.16M
DMB
43
BNY Mellon Municipal Bond Infrastructure Fund
DMB
$196M
$2.01M 0.44%
182,924
+63,493
+53% +$680K
DIAX
44
DELISTED
Nuveen Dow 30SM Dynamic Overwrite Fund
DIAX
$1.74M 0.38%
+114,201
New +$1.7M
ANTX icon
45
AN2 Therapeutics
ANTX
$178M
$1.69M 0.37%
1,479,129
+50,806
+4% +$59.3K
FSK icon
46
FS KKR Capital
FSK
$3.04B
$1.58M 0.35%
+106,600
New +$1.62M
MFIC icon
47
MidCap Financial Investment
MFIC
$790M
$1.55M 0.34%
135,477
+42,760
+46% +$507K
TRC icon
48
Tejon Ranch
TRC
$476M
$1.47M 0.32%
+93,137
New +$1.49M
ANRO icon
49
Alto Neuroscience
ANRO
$1.08B
$1.4M 0.31%
78,520
-116,625
-60% -$1.47M
STWD icon
50
Starwood Property Trust
STWD
$6.15B
$1.28M 0.28%
+71,000
New +$1.31M
1
2
3 4 5

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BFA
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Almitas Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Almitas Capital held 123 positions worth $454M, up 4% from $437M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Almitas Capital deployed $50.4M of net new capital in Q4 2025, opening 57 new positions and adding to 17 existing holdings. Its largest new stake was Elme Communities: 1,012,210 shares worth $17.6M.

By sector, the portfolio is most concentrated in Healthcare at 16% of assets, up from 14% a quarter earlier, followed by Real Estate and Financials.

On the sell side, the largest reduction was Fidelity Wise Origin Bitcoin Fund, an estimated $6.54M trimmed.

  • Almitas Capital's largest Q4 2025 buy was Elme Communities: 1,012,210 shares worth $17.6M.
  • Almitas Capital added most to Monroe Capital Corp in Q4 2025, an estimated $5.91M increase.
  • Almitas Capital's biggest Q4 2025 reduction was Fidelity Wise Origin Bitcoin Fund, cutting an estimated $6.54M.
  • Almitas Capital fully exited Pioneer Floating Rate Fund in Q4 2025, selling an estimated $6.97M.
  • Almitas Capital's ten largest holdings make up 63% of its $454M portfolio in Q4 2025.
  • Almitas Capital opened 57 new positions and closed 17 in Q4 2025.
  • Almitas Capital's portfolio value rose 4% quarter-over-quarter to $454M.

Based on Almitas Capital's 13F filing for Q4 2025, filed 17 Feb 2026.