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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
+1.99%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$209M
AUM Growth
-$7.72M
Cap. Flow
-$17.6M
Cap. Flow %
-8.42%
Top 10 Hldgs %
47%
Holding
147
New
21
Increased
31
Reduced
26
Closed
50

Top Buys

Rank Stock Value
1
BRSP
BrightSpire Capital
BRSP
+$12.2M
2
BFZ
BlackRock CA Municipal Income Trust
BFZ
+$8.42M
3
NPCT icon
Nuveen Core Plus Impact Fund
NPCT
+$6.7M
4
NLY icon
Annaly Capital Management
NLY
+$4.8M
5
NIQ
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
+$4.67M

Top Sells

Rank Stock Value
1
BCAT icon
BlackRock Capital Allocation Term Trust
BCAT
+$12.8M
2
ECAT icon
BlackRock ESG Capital Allocation Term Trust
ECAT
+$9.48M
3
PNNT
Pennant Park Investment Corp
PNNT
+$6.82M
4
NID
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
+$5.83M
5
ORC
Orchid Island Capital
ORC
+$4.18M

Sector Composition

Rank Sector Weight
1 Real Estate 17.32%
2 Financials 10.85%
3 Communication Services 0.58%
4 Consumer Staples 0.27%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AJXA
1
DELISTED
Great Ajax Corp.7.25% Convertible Senior Notes due 2024
AJXA
$19M 9.09%
786,337
+96,929
+14% +$2.35M
ECAT icon
2
BlackRock ESG Capital Allocation Term Trust
ECAT
$1.53B
$17.2M 8.2%
1,099,880
-649,309
-37% -$9.48M
BRSP
3
BrightSpire Capital
BRSP
$696M
$12.1M 5.8%
2,055,715
+1,785,869
+662% +$12.2M
NPCT icon
4
Nuveen Core Plus Impact Fund
NPCT
$281M
$10.9M 5.2%
1,065,181
+616,056
+137% +$6.7M
BFZ
5
DELISTED
BlackRock CA Municipal Income Trust
BFZ
$8.75M 4.18%
+748,173
New +$8.42M
SABA
6
Saba Capital Income & Opportunities Fund II
SABA
$223M
$6.66M 3.18%
757,300
-206,889
-21% -$1.79M
PNNT
7
Pennant Park Investment Corp
PNNT
$213M
$6.53M 3.12%
1,236,092
-1,202,276
-49% -$6.82M
NIQ
8
DELISTED
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
$6.17M 2.95%
482,996
+369,812
+327% +$4.67M
CEN
9
DELISTED
Center Coast Brookfield MLP & Energy Infrastructure Fund
CEN
$5.69M 2.72%
295,700
– –
CCIF
10
Carlyle Credit Income Fund
CCIF
$57.7M
$5.36M 2.56%
546,229
– –
NTG
11
DELISTED
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
$5.09M 2.43%
152,698
-10,457
-6% -$371K
FSCO
12
FS Credit Opportunities Corp
FSCO
$1.01B
$4.98M 2.38%
1,121,867
+701,613
+167% +$3.27M
MFA
13
MFA Financial
MFA
$944M
$4.81M 2.3%
485,131
-313,810
-39% -$3.33M
NLY icon
14
Annaly Capital Management
NLY
$16.4B
$4.35M 2.08%
+227,532
New +$4.8M
RPT
15
Rithm Property Trust
RPT
$94.4M
$4.33M 2.07%
109,797
– –
GAM
16
General American Investors Company
GAM
$1.54B
$4.27M 2.04%
109,764
+26,566
+32% +$1.01M
ADAM
17
Adamas Trust
ADAM
$790M
$4.07M 1.95%
408,845
+63,083
+18% +$684K
CTR
18
DELISTED
ClearBridge MLP and Midstream Total Return Fund Inc.
CTR
$3.59M 1.72%
124,337
+20,166
+19% +$598K
ENX
19
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$3.52M 1.68%
361,813
+97,253
+37% +$920K
JHAA
20
DELISTED
Nuveen Corporate Income 2023 Target Term Fund
JHAA
$2.74M 1.31%
298,310
+227,791
+323% +$2.1M
RDN icon
21
Radian Group
RDN
$5.08B
$2.47M 1.18%
111,917
– –
CXH
22
DELISTED
MFS Investment Grade Municipal Trust
CXH
$2.45M 1.17%
331,202
+210,154
+174% +$1.54M
EVM
23
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
$2.34M 1.12%
259,943
+20,465
+9% +$184K
HIE
24
DELISTED
Miller/Howard High Income Equity Fund
HIE
$2.21M 1.06%
220,093
+119,127
+118% +$1.26M
DX
25
Dynex Capital
DX
$2.79B
$2.07M 0.99%
170,808
-129,219
-43% -$1.73M
1
2 3 4 5

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EFMC
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BFA
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GWM
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CP
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CMP
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PLU
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Almitas Capital's Q1 2023 Portfolio in Review

As of Q1 2023, Almitas Capital held 147 positions worth $209M, down 3.6% from $217M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Almitas Capital withdrew a net $17.6M in Q1 2023, closing 50 positions and reducing 26 holdings. Its most notable exit was BlackRock Capital Allocation Term Trust, an estimated $12.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, up from 14% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Almitas Capital opened a new position in BlackRock CA Municipal Income Trust worth $8.75M.

  • Almitas Capital's largest Q1 2023 buy was BlackRock CA Municipal Income Trust: 748,173 shares worth $8.75M.
  • Almitas Capital added most to BrightSpire Capital in Q1 2023, an estimated $12.2M increase.
  • Almitas Capital's biggest Q1 2023 reduction was BlackRock ESG Capital Allocation Term Trust, cutting an estimated $9.48M.
  • Almitas Capital fully exited BlackRock Capital Allocation Term Trust in Q1 2023, selling an estimated $12.8M.
  • Almitas Capital's ten largest holdings make up 47% of its $209M portfolio in Q1 2023.
  • Almitas Capital opened 21 new positions and closed 50 in Q1 2023.
  • Almitas Capital's portfolio value fell 3.6% quarter-over-quarter to $209M.

Based on Almitas Capital's 13F filing for Q1 2023, filed 15 May 2023.