Almitas Capital LLC

Q4 2025 13F-HR Holdings

Location
Santa Monica, CA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
107
Total value ($000)
$454,174
Net value change ($000)
+24,329 (5.7%)
New positions
58
Sold out positions
11
Turnover %
25.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ELME 17,612 NEW
FSSL 11,337 NEW
LYEL 8,401 89.5%
ASA 7,443 48.5%
MRCC 5,599 731.9%
USA 5,053 NEW
HYG 4,838 NEW
PCQ 4,258 319.2%
BPRE 3,183 NEW
PDX 2,841 NEW
Top Reduces (Value $000, Stocks/ETFs)
FBTC -43,719 -27.2%
FETH -7,761 -28.7%
PHD -6,972 -100.0%
XENWX -6,088 -100.0%
IGF -5,679 -100.0%
FGNX -4,252 -100.0%
JEQ -3,863 -100.0%
CNNE -3,714 -36.4%
AMLX -3,205 -11.1%
OXLC -2,032 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type