# EDGAR Filing Document

**Accession Number:** 0001596468
**File Stem:** 0001596468-26-000002
**Filing Date:** 2026-2
**Character Count:** 14961
**Document Hash:** 12197a4f5cc86d364d1f57e8aed9b3a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596468-26-000002.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001596468-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Almitas Capital LLC
- **CENTRAL INDEX KEY:** 0001596468

**ORGANIZATION NAME:**
- **EIN:** 461753898
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19313
- **FILM NUMBER:** 26643048

**BUSINESS ADDRESS:**
- **STREET 1:** 1460 4TH STREET
- **STREET 2:** SUITE 300
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 310-573-4343

**MAIL ADDRESS:**
- **STREET 1:** 1460 4TH STREET
- **STREET 2:** SUITE 300
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Almitas Capital LLC<br>**Address:** 1460 4TH STREET<br>SUITE 300<br>SANTA MONICA, CA 90401

**Form 13F File Number:** 028-19313

**CRD Number (if applicable):** 000166705

**SEC File Number (if applicable):** 801-108002

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Yulia Perruzzi<br>**Title:** Chief Financial Officer<br>**Phone:** 718-473-6524

**Signature, Place, and Date of Signing:**

Yulia Perruzzi  Santa Monica, CA  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $454173562

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN LIFE SCIENCES INVESTOR | SH BEN INT | 87911K100 |  | 322830 | 19239 | SH |  | SOLE |  | 19239 | 0 | 0 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 |  | 2318531 | 214282 | SH |  | SOLE |  | 214282 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 1397656 | 78520 | SH |  | SOLE |  | 78520 | 0 | 0 |
| ALX ONCOLOGY HLDGS INC | COM | 00166B105 |  | 2866687 | 2536891 | SH |  | SOLE |  | 2536891 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 25640972 | 2122597 | SH |  | SOLE |  | 2122597 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 1686207 | 1479129 | SH |  | SOLE |  | 1479129 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 2588505 | 115765 | SH |  | SOLE |  | 115765 | 0 | 0 |
| ARMOUR RESIDENTIAL REIT INC | COM SHS | 042315705 |  | 3841366 | 217149 | SH |  | SOLE |  | 217149 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 22802234 | 382139 | SH |  | SOLE |  | 382139 | 0 | 0 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 208650 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BLACKROCK CAP ALLOCATION TER | COM | 09260U109 |  | 778800 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 |  | 133500 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BLACKROCK HEALTH SCIENCES TE | COM SHS | 09260E105 |  | 2301356 | 152914 | SH |  | SOLE |  | 152914 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 |  | 255232 | 19543 | SH |  | SOLE |  | 19543 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 33910817 | 1486013 | SH |  | SOLE |  | 1486013 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 464950 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 3182775 | 212185 | SH |  | SOLE |  | 212185 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 2010335 | 182924 | SH |  | SOLE |  | 182924 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 5715277 | 926301 | SH |  | SOLE |  | 926301 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 1253531 | 197096 | SH |  | SOLE |  | 197096 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 5764998 | 1029464 | SH |  | SOLE |  | 1029464 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 848605 | 387491 | SH |  | SOLE |  | 387491 | 0 | 0 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 368482 | 25204 | SH |  | SOLE |  | 25204 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 6479077 | 411893 | SH |  | SOLE |  | 411893 | 0 | 0 |
| CARLYLE CREDIT INCOME FUND | SHS BEN INT | 92535C104 |  | 737667 | 157285 | SH |  | SOLE |  | 157285 | 0 | 0 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 535634 | 42885 | SH |  | SOLE |  | 42885 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 586014 | 992 | SH |  | SOLE |  | 992 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 3066596 | 173254 | SH |  | SOLE |  | 173254 | 0 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 422500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CHIMERA INVT CORP | COM SHS | 16934Q802 |  | 362670 | 29177 | SH |  | SOLE |  | 29177 | 0 | 0 |
| CLEARBRIDGE ENERGY MIDSTRM O | COM | 18469P209 |  | 426363 | 9549 | SH |  | SOLE |  | 9549 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 115143 | 19287 | SH |  | SOLE |  | 19287 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 2474042 | 322982 | SH |  | SOLE |  | 322982 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 4473019 | 790286 | SH |  | SOLE |  | 790286 | 0 | 0 |
| COHEN  STEERS INFRASTRUCTUR | COM | 19248A109 |  | 929730 | 38562 | SH |  | SOLE |  | 38562 | 0 | 0 |
| CORNERSTONE TOTAL RETURN FD | COM | 21924U300 |  | 692200 | 86417 | SH |  | SOLE |  | 86417 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 6241488 | 444234 | SH |  | SOLE |  | 444234 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 14355480 | 1530435 | SH |  | SOLE |  | 1530435 | 0 | 0 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 4007735 | 350940 | SH |  | SOLE |  | 350940 | 0 | 0 |
| EAGLE POINT INCOME COMPANY I | COM | 269817102 |  | 919041 | 80547 | SH |  | SOLE |  | 80547 | 0 | 0 |
| EATON VANCE FLTING RATE INC | COM | 278279104 |  | 670671 | 59404 | SH |  | SOLE |  | 59404 | 0 | 0 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 182230 | 20661 | SH |  | SOLE |  | 20661 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 321155 | 28829 | SH |  | SOLE |  | 28829 | 0 | 0 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 |  | 77221 | 14653 | SH |  | SOLE |  | 14653 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 |  | 17612454 | 1012210 | SH |  | SOLE |  | 1012210 | 0 | 0 |
| ENNIS INC | COM | 293389102 |  | 2502598 | 138956 | SH |  | SOLE |  | 138956 | 0 | 0 |
| ETHZILLA CORPORATION | COM SHS | 68236V401 |  | 393999 | 80408 | SH |  | SOLE |  | 80408 | 0 | 0 |
| FIDELITY ETHEREUM FD | SHS | 31613E103 |  | 19246500 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 117137839 | 1536637 | SH |  | SOLE |  | 1536637 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 778437 | 55326 | SH |  | SOLE |  | 55326 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 |  | 886502 | 88034 | SH |  | SOLE |  | 88034 | 0 | 0 |
| FS KKR CAP CORP | COM | 302635206 |  | 1578746 | 106600 | SH |  | SOLE |  | 106600 | 0 | 0 |
| FS SPECIALTY LENDING FD | COM SH BEN INT | 644323107 |  | 11337141 | 801778 | SH |  | SOLE |  | 801778 | 0 | 0 |
| FULGENT GENETICS INC | COM | 359664109 |  | 485417 | 18478 | SH |  | SOLE |  | 18478 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 1183146 | 896323 | SH |  | SOLE |  | 896323 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 464000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 271400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 2512969 | 89557 | SH |  | SOLE |  | 89557 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097406 |  | 1059347 | 97816 | SH |  | SOLE |  | 97816 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 141624 | 43310 | SH |  | SOLE |  | 43310 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 4921254 | 219405 | SH |  | SOLE |  | 219405 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 4837800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 4830714 | 435985 | SH |  | SOLE |  | 435985 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 2081033 | 189357 | SH |  | SOLE |  | 189357 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 5052976 | 804614 | SH |  | SOLE |  | 804614 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 585549 | 110481 | SH |  | SOLE |  | 110481 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 17784899 | 577807 | SH |  | SOLE |  | 577807 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 2567101 | 9925 | SH |  | SOLE |  | 9925 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 3744509 | 185924 | SH |  | SOLE |  | 185924 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 1192481 | 128086 | SH |  | SOLE |  | 128086 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 4417378 | 1193886 | SH |  | SOLE |  | 1193886 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 5256990 | 1497718 | SH |  | SOLE |  | 1497718 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 3616527 | 454909 | SH |  | SOLE |  | 454909 | 0 | 0 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 729580 | 134361 | SH |  | SOLE |  | 134361 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 1549857 | 135477 | SH |  | SOLE |  | 135477 | 0 | 0 |
| MONROE CAP CORP | COM | 610335101 |  | 6363910 | 999044 | SH |  | SOLE |  | 999044 | 0 | 0 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 329600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| NEW MTN FIN CORP | COM | 647551100 |  | 414450 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| NEWTEKONE INC | COM NEW | 652526203 |  | 608020 | 53570 | SH |  | SOLE |  | 53570 | 0 | 0 |
| NUVEEN CALIF SELECT TAX FREE | SH BEN INT | 67063R103 |  | 136910 | 10372 | SH |  | SOLE |  | 10372 | 0 | 0 |
| NUVEEN CHURCHILL DIRECT LEND | COM SHS | 67090S108 |  | 935934 | 70160 | SH |  | SOLE |  | 70160 | 0 | 0 |
| NUVEEN CORE PLUS IMPACT FUND | COM BEN INT | 67080D103 |  | 2080344 | 204356 | SH |  | SOLE |  | 204356 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 317786 | 63304 | SH |  | SOLE |  | 63304 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 1742707 | 114201 | SH |  | SOLE |  | 114201 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 923533 | 117948 | SH |  | SOLE |  | 117948 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 4384973 | 368795 | SH |  | SOLE |  | 368795 | 0 | 0 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 |  | 151704 | 10320 | SH |  | SOLE |  | 10320 | 0 | 0 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 848345 | 61653 | SH |  | SOLE |  | 61653 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 415807 | 25277 | SH |  | SOLE |  | 25277 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 5592499 | 640607 | SH |  | SOLE |  | 640607 | 0 | 0 |
| PIMCO DYNAMIC INCOME STRATEG | COM SHS BEN INT | 69346N107 |  | 2840663 | 151260 | SH |  | SOLE |  | 151260 | 0 | 0 |
| PLAYSTUDIOS INC | CLASS A COM | 72815G108 |  | 2636846 | 4047346 | SH |  | SOLE |  | 4047346 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 3115949 | 930134 | SH |  | SOLE |  | 930134 | 0 | 0 |
| RALLYBIO CORP | COM | 75120L100 |  | 1049495 | 1529653 | SH |  | SOLE |  | 1529653 | 0 | 0 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 270006 | 33963 | SH |  | SOLE |  | 33963 | 0 | 0 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 168342 | 10456 | SH |  | SOLE |  | 10456 | 0 | 0 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 529073 | 64130 | SH |  | SOLE |  | 64130 | 0 | 0 |
| SHARPLINK GAMING INC | COM NEW | 820014405 |  | 1111090 | 124283 | SH |  | SOLE |  | 124283 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 532450 | 28719 | SH |  | SOLE |  | 28719 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 1278710 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| TEJON RANCH CO | COM | 879080109 |  | 1468770 | 93137 | SH |  | SOLE |  | 93137 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 228778 | 36781 | SH |  | SOLE |  | 36781 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE        6.250% 1/1 | 90187BAB7 |  | 1613000 | 1613000 | PRN |  | SOLE |  | 1613000 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 697740 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 602577 | 72863 | SH |  | SOLE |  | 72863 | 0 | 0 |
| WHEELER REAL ESTATE INVT TR | 7% SR NT 31 | 963025804 |  | 461213 | 5271 | SH |  | SOLE |  | 5271 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 823599 | 610073 | SH |  | SOLE |  | 610073 | 0 | 0 |

---