Almitas Capital Portfolio holdings

AUM $396M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4

This Quarter Return

+0.05%

1 Year Return

+37.88%

3 Year Return

+48.61%

5 Year Return

–

10 Year Return

–

AUM

$241M

AUM Growth

+$241M (-0.65%)

Cap. Flow

-$3.03M

Cap. Flow % of AUM

-1.26%

Top 10 Holdings % Top 10 Hldgs %

52.29%

Holding

New

Increased

Reduced

Closed

Top Buys

1	BlackRock Health Sciences Trust II BMEZ	$12.8M
2	BlackRock ESG Capital Allocation Term Trust ECAT	$6.74M
3	MMD MainStay MacKay DefinedTerm Municipal Opportunities Fund MMD	$4.57M
4	Nuveen Preferred Securities & Income Opportunities Fund JPI	$4.45M
5	Atea Pharmaceuticals AVIR	$4.27M

Top Sells

1	AJXA Great Ajax Corp.7.25% Convertible Senior Notes due 2024 AJXA	$22.3M
2	FIF FIRST TRUST ENERGY INFRASTRUCTURE FUND FIF	$7.58M
3	FEN First Trust Energy Income and Growth Fund FEN	$6.33M
4	PDX PIMCO Dynamic Income Strategy Fund PDX	$6.03M
5	KTF DWS Municipal Income Trust KTF	$3.86M

Sector Composition

1	Healthcare	6.33%
2	Financials	4.08%
3	Real Estate	1.13%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
76	76 BlackRock New York Municipal Income Trust BNY $231M	–	–	-19,915	Closed	-$211K
77	CET 77 Central Securities Corp CET $1.45B	–	–	-49,605	Closed	-$2.07M
78	MXE 78 Mexico Equity and Income Fund MXE $49M	–	–	-13,526	Closed	-$156K
79	79 Nuveen AMT-Free Quality Municipal Income Fund NEA $3.29B	–	–	-50,885	Closed	-$563K
80	VFL 80 abrdn National Municipal Income Fund VFL $118M	–	–	-77,710	Closed	-$805K
81	WIW 81 Western Asset Inflation-Linked Opportunities & Income Fund WIW $547M	–	–	-84,641	Closed	-$730K
82	CTR 82 DELISTED ClearBridge MLP and Midstream Total Return Fund Inc. CTR	–	–	-65,535	Closed	-$2.72M
83	CEM 83 DELISTED ClearBridge MLP and Midstream Fund Inc. CEM	–	–	-62,472	Closed	-$2.86M
84	ASA 84 ASA Gold and Precious Metals ASA $710M	–	–	-67,273	Closed	-$1.03M
85	FEN 85 DELISTED First Trust Energy Income and Growth Fund FEN	–	–	-387,572	Closed	-$6.33M
86	FEI 86 DELISTED FIRST TRUST MLP AND ENERGY INCOME FUND FEI	–	–	-211,517	Closed	-$2.05M
87	FPL 87 DELISTED FIRST TRUST NEW OPPORTUNITIES MLP & ENERGY FUND FPL	–	–	-92,346	Closed	-$707K
88	FIF 88 DELISTED FIRST TRUST ENERGY INFRASTRUCTURE FUND FIF	–	–	-417,641	Closed	-$7.58M
89	AJXA 89 DELISTED Great Ajax Corp.7.25% Convertible Senior Notes due 2024 AJXA	–	–	-893,646	Closed	-$22.3M
90	HTY 90 DELISTED JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND HTY	–	–	-538,822	Closed	-$2.82M
91	MFV 91 DELISTED MFS SPECIAL VALUE TRUST MFV	–	–	-18,154	Closed	-$80.8K