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Livermore
Livermore
ZHEN

Almitas Capital LLC

SEC CIK
0001596468
Latest filing
Aug 14, 2026

The latest 13F from Almitas Capital LLC covers Q2 2026 (filed Aug 14, 2026): 130 long positions worth $417.4M. The top 10 holdings make up 52.4% of the portfolio, and the largest is Fidelity Wise Origin Bitcoin Fund (FBTC) at 16.7%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2022.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
35
Est. +$34.5M
Added
33
Est. +$37.8M
Reduced
22
Est. −$49.5M
Sold out
20
Est. −$50.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. FBTCFidelity Wise Origin Bitcoin Fund
    16.7%$69.7MHistory
  2. BTTBlackRock Municipal 2030 Target Term Trust
    8.1%$33.8MHistory
  3. ASAASA Gold & Precious Metals Ltd
    7.8%$32.7MHistory
  4. AMLXAmylyx Pharmaceuticals, Inc.
    4.2%$17.5MHistory
  5. DSGNDesign Therapeutics, Inc.
    3.6%$14.9MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. TYGTortoise Energy Infrastructure Corp
    +$6.94MNewHistory
  2. ASAASA Gold & Precious Metals Ltd
    +$5.38MAddedHistory
  3. MFMAberdeen Municipal Income Fund
    +$4.94MNewHistory
  4. iShares Tr464289867
    +$4.86MNew
  5. Schwab U.S. REIT ETF808524847
    +$4.70MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. TYGTortoise Energy Infrastructure Corp
    +1.66 pp0.0% → 1.7%History
  2. MFMAberdeen Municipal Income Fund
    +1.18 pp0.0% → 1.2%History
  3. iShares Tr464289867
    +1.16 pp0.0% → 1.2%
  4. SPXXNuveen S&P 500 Dynamic Overwrite Fund
    +1.14 pp0.3% → 1.5%History
  5. Schwab U.S. REIT ETF808524847
    +1.13 pp0.0% → 1.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMLXAmylyx Pharmaceuticals, Inc.
    −$20.6MReducedHistory
  2. NQPNuveen Pennsylvania Quality Municipal Income Fund
    −$12.6MSold outHistory
  3. FBTCFidelity Wise Origin Bitcoin Fund
    −$8.79MReducedHistory
  4. BIOBio-Rad Laboratories, Inc.
    −$8.43MSold outHistory
  5. DSGNDesign Therapeutics, Inc.
    −$7.28MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. FBTCFidelity Wise Origin Bitcoin Fund
    −3.81 pp20.5% → 16.7%History
  2. NQPNuveen Pennsylvania Quality Municipal Income Fund
    −2.85 pp2.9% → 0.0%History
  3. AMLXAmylyx Pharmaceuticals, Inc.
    −2.47 pp6.7% → 4.2%History
  4. BIOBio-Rad Laboratories, Inc.
    −1.91 pp1.9% → 0.0%History
  5. CMUMFS High Yield Municipal Trust
    −1.21 pp1.2% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$417.4M
−$25.2M (−5.7%) vs. prior quarter
Positions
130
+15 vs. prior quarter
Top 10 concentration
52.4%
Top 10 as share of value
Turnover
16.8%
Q2 2026, one quarter
Average holding period
6.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2022), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $455.6M (Q4 2024)

Q1 2022: $167.6MQ2 2022: $193.4MQ3 2022: $133.9MQ4 2022: $217.0MQ1 2023: $209.3MQ2 2023: $233.9MQ3 2023: $208.8MQ4 2023: $290.2MQ1 2024: $242.1MQ2 2024: $240.5MQ3 2024: $283.0MQ4 2024: $455.6MQ1 2025: $301.4MQ2 2025: $396.4MQ3 2025: $436.9MQ4 2025: $454.2MQ1 2026: $442.5MQ2 2026: $417.4M
Q1 2022Q2 2026
13F filings of Almitas Capital LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026130$417.4MFBTCBTTASAvs. Q1 2026SEC
Q1 2026May 15, 2026115$442.5MFBTCBTTASAvs. Q4 2025SEC
Q4 2025Feb 17, 2026107$454.2MFBTCBTTAMLXvs. Q3 2025SEC
Q3 2025Nov 17, 2025Amended66$436.9MFBTCBTTAMLXvs. Q2 2025SEC
Q2 2025Aug 14, 202582$396.4MFBTCBTTFETHvs. Q1 2025SEC
Q1 2025May 15, 202581$301.4MFBTCBTTNQPvs. Q4 2024SEC
Q4 2024Feb 14, 202591$455.6MFBTCFETHBTTvs. Q3 2024SEC
Q3 2024Nov 14, 202468$283.0MFBTCBMEZNQPvs. Q2 2024SEC
Q2 2024Aug 15, 202476$240.5MBMEZNPCTECATvs. Q1 2024SEC
Q1 2024May 14, 202469$242.1MGreat Ajax CorpNPCTBMEZvs. Q4 2023SEC
Q4 2023Feb 14, 2024116$290.2MGreat Ajax CorpBMEZNPCTvs. Q3 2023SEC
Q3 2023Nov 21, 2023Amended88$208.8MGreat Ajax CorpECATNPCTvs. Q2 2023SEC
Q2 2023Aug 11, 202392$233.9MGreat Ajax CorpECATNPCTvs. Q1 2023SEC
Q1 2023May 15, 202397$209.3MGreat Ajax CorpECATBRSPvs. Q4 2022SEC
Q4 2022Feb 14, 2023128$217.0MECATGreat Ajax CorpPNNTvs. Q3 2022SEC
Q3 2022Nov 14, 202287$133.9MGreat Ajax CorpPNNTORCvs. Q2 2022SEC
Q2 2022Aug 15, 2022119$193.4MAGNCCRFGreat Ajax Corpvs. Q1 2022SEC
Q1 2022May 16, 202285$167.6MGreat Ajax CorpPNNTAGNC–SEC

13D and 13G filings

Companies where Almitas Capital LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

3 companies, largest stake first.

Companies where Almitas Capital LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
JEQAbrdn Japan Equity Fund, Inc.13G6.90%490.2K shares0.00 ppfrom 6.90%Nov 14, 20252 filingsFeb 17, 2026SEC
PHDPioneer Floating Rate Fund, Inc.13G5.70%700.0K shares0.00 ppfrom 5.70%Nov 14, 20252 filingsFeb 17, 2026SEC
DTFDTF Tax-Free Income 2028 Term Fund Inc13G5.10%355.1K shares–Feb 14, 20242 filingsMay 15, 2026SEC

Latest filings

36 filings on file made by Almitas Capital LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Almitas Capital LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
MRCCMonroe Capital CorpAug 21, 20265:08 PM ET13G/A0.00%0 shares−5.90 ppfrom 5.90%Below 5%Jun 30, 2026SEC
CXHMFS Investment Grade Municipal TrustAug 21, 20265:01 PM ET13G/A0.00%0 shares−5.50 ppfrom 5.50%Below 5%Jun 30, 2026SEC
CMUMFS High Yield Municipal TrustAug 21, 20264:50 PM ET13G/A0.00%0 shares−5.90 ppfrom 5.90%Below 5%Jun 30, 2026SEC
MRCCMonroe Capital CorpMay 18, 20261:18 PM ET13G5.90%1.28M sharesNewMar 31, 2026SEC
CMUMFS High Yield Municipal TrustMay 18, 20261:15 PM ET13G/A5.90%1.50M shares0.00 ppfrom 5.90%Mar 31, 2026SEC
CXHMFS Investment Grade Municipal TrustMay 18, 20261:14 PM ET13G/A5.50%454.8K shares0.00 ppfrom 5.50%Mar 31, 2026SEC
DTFDTF Tax-Free Income 2028 Term Fund IncMay 15, 20269:59 PM ET13G5.10%355.1K shares–Mar 31, 2026SEC
ANTXAN2 Therapeutics, Inc.May 15, 20269:58 PM ET13G/A4.10%1.48M shares−1.30 ppfrom 5.40%Below 5%Mar 31, 2026SEC
CXHMFS Investment Grade Municipal TrustFeb 17, 20267:00 PM ET13G5.50%788.7K shares–Dec 31, 2025SEC
CMUMFS High Yield Municipal TrustFeb 17, 20266:55 PM ET13G5.90%2.19M shares0.00 ppfrom 5.90%Dec 31, 2025SEC
ANTXAN2 Therapeutics, Inc.Feb 17, 20266:54 PM ET13G5.40%2.98M shares+0.20 ppfrom 5.20%Dec 31, 2025SEC
PHDPioneer Floating Rate Fund, Inc.Feb 17, 20264:56 PM ET13G5.70%700.0K shares0.00 ppfrom 5.70%Dec 31, 2025SEC
JEQAbrdn Japan Equity Fund, Inc.Feb 17, 20264:54 PM ET13G6.90%490.2K shares0.00 ppfrom 6.90%Dec 31, 2025SEC
MHIPioneer Municipal High Income Fund, Inc.Nov 14, 20259:47 PM ET13G0.00%0 shares−5.20 ppfrom 5.20%Below 5%Sep 30, 2025SEC
Pioneer High Income Fund, Inc.Common StockNov 14, 20259:39 PM ET13G0.00%0 shares−5.50 ppfrom 5.50%Below 5%Sep 30, 2025SEC
PHDPioneer Floating Rate Fund, Inc.Nov 14, 20258:00 PM ET13G5.70%700.0K sharesNewSep 30, 2025SEC
ANTXAN2 Therapeutics, Inc.Nov 14, 20257:51 PM ET13G5.20%1.43M sharesNewSep 30, 2025SEC
CMUMFS High Yield Municipal TrustNov 14, 20257:38 PM ET13G5.90%1.51M sharesNewSep 30, 2025SEC
JEQAbrdn Japan Equity Fund, Inc.Nov 14, 20257:27 PM ET13G6.90%490.2K sharesNewSep 30, 2025SEC
Pioneer High Income Fund, Inc.Common StockAug 15, 202510:54 AM ET13G5.50%1.60M sharesNewJun 30, 2025SEC