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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
+26.01%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437M
AUM Growth
+$40.5M
Cap. Flow
-$12.4M
Cap. Flow %
-2.83%
Top 10 Hldgs %
71.33%
Holding
101
New
19
Increased
12
Reduced
17
Closed
35

Top Buys

Rank Stock Value
1
FGNX
FG Nexus Inc
FGNX
+$13M
2
ASA
ASA Gold and Precious Metals
ASA
+$12.2M
3
BIT icon
BlackRock Multi-Sector Income Trust
BIT
+$7.3M
4
IGF icon
iShares Global Infrastructure ETF
IGF
+$5.57M
5
CNNE icon
Cannae Holdings
CNNE
+$4.66M

Top Sells

Rank Stock Value
1
PHT
Pioneer High Income Fund
PHT
+$13M
2
MAV
Pioneer Municipal High Income Advantage Fund
MAV
+$10.3M
3
MHI
Pioneer Municipal High Income Fund
MHI
+$9.35M
4
MIO
Pioneer Municipal High Income Opportunities Fund
MIO
+$9.33M
5
CRF
Cornerstone Total Return Fund
CRF
+$6.44M

Sector Composition

Rank Sector Weight
1 Healthcare 14.42%
2 Financials 3.37%
3 Real Estate 3.31%
4 Consumer Discretionary 2.33%
5 Communication Services 0.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRCC
51
DELISTED
Monroe Capital Corp
MRCC
$765K 0.18%
+108,905
New +$748K
MFA
52
MFA Financial
MFA
$931M
$712K 0.16%
77,440
– –
ZNTL icon
53
Zentalis Pharmaceuticals
ZNTL
$324M
$691K 0.16%
457,322
-1,141,944
-71% -$1.71M
SDHY
54
PGIM Short Duration High Yield Opportunities Fund
SDHY
$395M
$654K 0.15%
39,115
-139,156
-78% -$2.34M
UTF icon
55
Cohen & Steers Infrastructure Fund
UTF
$3.12B
$632K 0.14%
+25,500
New +$670K
WHLRL
56
Wheeler Real Estate Investment Trust 7.00% Senior Subordinated Convertible Notes Due 2031
WHLRL
$606K 0.14%
5,271
– –
FLGT icon
57
Fulgent Genetics
FLGT
$561M
$485K 0.11%
21,478
-9,582
-31% -$197K
MSIF
58
MSC Income Fund Inc
MSIF
$518M
$396K 0.09%
+30,146
New +$448K
CEV
59
Eaton Vance California Municipal Income Trust
CEV
$72M
$183K 0.04%
18,152
-40,163
-69% -$388K
BKT icon
60
BlackRock Income Trust
BKT
$333M
$146K 0.03%
+13,000
New +$151K
BOLD
61
Boundless Bio
BOLD
$55.3M
$107K 0.02%
86,808
-148,697
-63% -$172K
UTF.RT
62
DELISTED
Cohen & Steers Infrastructure Fund Rights exp Oct 16 2025
UTF.RT
$14.5K ﹤0.01%
+185,878
New +$14K
EMO.RT
63
DELISTED
ClearBridge Energy Midstream Opportunity Fund Rights expiring Oct 10 2025
EMO.RT
$1.46K ﹤0.01%
+77,036
New +$6.92K
RIV.RT
64
DELISTED
RiverNorth Opportunities Fund Rights
RIV.RT
$1.14K ﹤0.01%
+140,834
New +$2.1K
ADAP
65
DELISTED
Adaptimmune Therapeutics
ADAP
– –
-109,054
Closed -$26.1K
AEF
66
abrdn Emerging Markets Equity Income Fund
AEF
$343M
– –
-41,409
Closed -$246K
AVIR icon
67
Atea Pharmaceuticals
AVIR
$325M
– –
-445,386
Closed -$1.6M
BHK icon
68
BlackRock Core Bond Trust
BHK
$646M
– –
-14,014
Closed -$136K
BRW
69
Saba Capital Income & Opportunities Fund
BRW
$338M
– –
-55,799
Closed -$450K
CHW
70
Calamos Global Dynamic Income Fund
CHW
$533M
– –
-10,000
Closed -$71.3K
CRF
71
Cornerstone Total Return Fund
CRF
$1.14B
– –
-831,088
Closed -$6.44M
EEA
72
European Equity Fund
EEA
$74.3M
– –
-25,936
Closed -$265K
HNW
73
DELISTED
Pioneer Diversified High Income Fund
HNW
– –
-37,250
Closed -$466K
HPP
74
Hudson Pacific Properties
HPP
$768M
– –
-2,533
Closed -$48.6K
HYI
75
Western Asset High Yield Opportunity Fund Inc
HYI
$134M
– –
-45,718
Closed -$548K
1 2
3
4

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EFMC
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BFA
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CP
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CMP
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PLU
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TC
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TAS
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Almitas Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Almitas Capital held 101 positions worth $437M, up 10% from $396M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Almitas Capital's Q3 2025 filing shows 19 new, 12 increased, 17 reduced and 35 closed positions. Its largest new stake was FG Nexus Inc: 160,000 shares worth $4.39M. The largest sale was Pioneer High Income Fund, an estimated $13M.

By sector, the portfolio is most concentrated in Healthcare at 14% of assets, up from 9.5% a quarter earlier, followed by Financials and Real Estate.

  • Almitas Capital's largest Q3 2025 buy was FG Nexus Inc: 160,000 shares worth $4.39M.
  • Almitas Capital added most to Cannae Holdings in Q3 2025, an estimated $4.66M increase.
  • Almitas Capital's biggest Q3 2025 reduction was Nuveen Pennsylvania Quality Municipal Income Fund, cutting an estimated $3.7M.
  • Almitas Capital fully exited Pioneer High Income Fund in Q3 2025, selling an estimated $13M.
  • Almitas Capital's ten largest holdings make up 71% of its $437M portfolio in Q3 2025.
  • Almitas Capital opened 19 new positions and closed 35 in Q3 2025.
  • Almitas Capital's portfolio value rose 10% quarter-over-quarter to $437M.

Based on Almitas Capital's 13F filing for Q3 2025, filed 14 Nov 2025.