# EDGAR Filing Document

**Accession Number:** 0001596468
**File Stem:** 0001596468-26-000012
**Filing Date:** 2026-5
**Character Count:** 15854
**Document Hash:** 7bf34588657ddc4a6f1679a093268e3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596468-26-000012.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001596468-26-000012

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26985291

**BUSINESS ADDRESS:**
- **STREET 1:** 1335 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 310-573-4343

**MAIL ADDRESS:**
- **STREET 1:** 1335 4TH STREET
- **STREET 2:** SUITE 400
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** 1335 4TH STREET<br>SUITE 400<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  05-15-2026<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:** 115

**Form 13F Information Table Value Total:** $442546640

      (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 |  | 242016 | 14875 | SH |  | SOLE |  | 14875 | 0 | 0 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 |  | 2290675 | 214282 | SH |  | SOLE |  | 214282 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 1765130 | 78520 | SH |  | SOLE |  | 78520 | 0 | 0 |
| ALX ONCOLOGY HLDGS INC | COM | 00166B105 |  | 6363537 | 3173834 | SH |  | SOLE |  | 3173834 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 29504098 | 2122597 | SH |  | SOLE |  | 2122597 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 5058621 | 1479129 | SH |  | SOLE |  | 1479129 | 0 | 0 |
| ARES COML REAL ESTATE CORP | COM | 04013V108 |  | 244786 | 50997 | SH |  | SOLE |  | 50997 | 0 | 0 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 1396183 | 73252 | SH |  | SOLE |  | 73252 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 32607062 | 525666 | SH |  | SOLE |  | 525666 | 0 | 0 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 186000 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 |  | 8433303 | 30254 | SH |  | SOLE |  | 30254 | 0 | 0 |
| BLACKROCK HEALTH SCIENCES TE | COM SHS | 09260E105 |  | 7271832 | 506395 | SH |  | SOLE |  | 506395 | 0 | 0 |
| BLACKROCK ESG CAP ALLC TERM | SHS BEN INT | 09262F100 |  | 154893 | 11406 | SH |  | SOLE |  | 11406 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 |  | 244678 | 19543 | SH |  | SOLE |  | 19543 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 33732495 | 1486013 | SH |  | SOLE |  | 1486013 | 0 | 0 |
| BLACKROCK MUNIHLDNGS CALI | COM | 09254L107 |  | 123760 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 306850 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| BLACKROCK UTILS INFRASTRUCTU | RIGHT 04/02/2026 | 09248D112 |  | 5121 | 640153 | SH |  | SOLE |  | 640153 | 0 | 0 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 |  | 273427 | 25085 | SH |  | SOLE |  | 25085 | 0 | 0 |
| BLACKSTONE SENI FLTN RAT 202 | COM | 09256U105 |  | 575899 | 44471 | SH |  | SOLE |  | 44471 | 0 | 0 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 |  | 1614899 | 144834 | SH |  | SOLE |  | 144834 | 0 | 0 |
| BNY MELLON HIGH YIELD STRATE | SH BEN INT | 09660L105 |  | 193407 | 79265 | SH |  | SOLE |  | 79265 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 1928019 | 182924 | SH |  | SOLE |  | 182924 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 5567069 | 926301 | SH |  | SOLE |  | 926301 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 1239734 | 197096 | SH |  | SOLE |  | 197096 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 5689057 | 1015903 | SH |  | SOLE |  | 1015903 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 907582 | 337391 | SH |  | SOLE |  | 337391 | 0 | 0 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 74531 | 10266 | SH |  | SOLE |  | 10266 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 8428786 | 741318 | SH |  | SOLE |  | 741318 | 0 | 0 |
| CARLYLE CREDIT INCOME FUND | SHS BEN INT | 92535C104 |  | 506169 | 157685 | SH |  | SOLE |  | 157685 | 0 | 0 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 469162 | 42885 | SH |  | SOLE |  | 42885 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 480416 | 992 | SH |  | SOLE |  | 992 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 3170548 | 173254 | SH |  | SOLE |  | 173254 | 0 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 371850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CHIMERA INVT CORP | COM SHS | 16934Q802 |  | 366171 | 29177 | SH |  | SOLE |  | 29177 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 114126 | 19278 | SH |  | SOLE |  | 19278 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 2492084 | 330954 | SH |  | SOLE |  | 330954 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 3680634 | 660796 | SH |  | SOLE |  | 660796 | 0 | 0 |
| COHEN  STEERS INFRASTRUCTUR | COM | 19248A109 |  | 997985 | 38562 | SH |  | SOLE |  | 38562 | 0 | 0 |
| CORNERSTONE STRATEGIC INVEST | COM | 21924B302 |  | 3217862 | 442014 | SH |  | SOLE |  | 442014 | 0 | 0 |
| CORNERSTONE TOTAL RETURN FD | COM | 21924U300 |  | 7751672 | 1115348 | SH |  | SOLE |  | 1115348 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 4336396 | 356905 | SH |  | SOLE |  | 356905 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 16282764 | 1530335 | SH |  | SOLE |  | 1530335 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 366515 | 45193 | SH |  | SOLE |  | 45193 | 0 | 0 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 4065769 | 355089 | SH |  | SOLE |  | 355089 | 0 | 0 |
| DUFF  PHELPS UTLITY AND INF | COM | 26433C105 |  | 325839 | 22565 | SH |  | SOLE |  | 22565 | 0 | 0 |
| EAGLE POINT INCOME COMPANY I | COM | 269817102 |  | 760364 | 80547 | SH |  | SOLE |  | 80547 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 524702 | 49782 | SH |  | SOLE |  | 49782 | 0 | 0 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 |  | 214191 | 42924 | SH |  | SOLE |  | 42924 | 0 | 0 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 120918 | 13772 | SH |  | SOLE |  | 13772 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 |  | 5240818 | 2607372 | SH |  | SOLE |  | 2607372 | 0 | 0 |
| ENNIS INC | COM | 293389102 |  | 2976438 | 138956 | SH |  | SOLE |  | 138956 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 90707682 | 1536637 | SH |  | SOLE |  | 1536637 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 2249552 | 166264 | SH |  | SOLE |  | 166264 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 |  | 3690799 | 382863 | SH |  | SOLE |  | 382863 | 0 | 0 |
| FORUM MARKETS INC | COM SHS | 68236V401 |  | 232379 | 80408 | SH |  | SOLE |  | 80408 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 840968 | 99054 | SH |  | SOLE |  | 99054 | 0 | 0 |
| FS KKR CAP CORP | COM | 302635206 |  | 1136088 | 111600 | SH |  | SOLE |  | 111600 | 0 | 0 |
| FS SPECIALTY LENDING FD | COM SH BEN INT | 644323107 |  | 3362813 | 268810 | SH |  | SOLE |  | 268810 | 0 | 0 |
| FULGENT GENETICS INC | COM | 359664109 |  | 1666272 | 104797 | SH |  | SOLE |  | 104797 | 0 | 0 |
| GABELLI EQUITY TR INC | RIGHT 04/14/2026 | 362397226 |  | 1895 | 270720 | SH |  | SOLE |  | 270720 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 444000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 253200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 21738 | 14992 | SH |  | SOLE |  | 14992 | 0 | 0 |
| GRAYSCALE DOGECOIN TR ETF | SHS | 389923103 |  | 359476 | 33254 | SH |  | SOLE |  | 33254 | 0 | 0 |
| HIGH INCOME SECS FD | SHS BEN INT | 42968F108 |  | 429495 | 77807 | SH |  | SOLE |  | 77807 | 0 | 0 |
| HUDSON PACIFIC PROPERTIES IN | COM | 444097406 |  | 735192 | 124398 | SH |  | SOLE |  | 124398 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 4392220 | 402956 | SH |  | SOLE |  | 402956 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 2837960 | 290477 | SH |  | SOLE |  | 290477 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 2194942 | 395485 | SH |  | SOLE |  | 395485 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 655429 | 137985 | SH |  | SOLE |  | 137985 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 11590808 | 577807 | SH |  | SOLE |  | 577807 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 3189895 | 9925 | SH |  | SOLE |  | 9925 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 3840760 | 183505 | SH |  | SOLE |  | 183505 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 1227064 | 128086 | SH |  | SOLE |  | 128086 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 4700025 | 1266853 | SH |  | SOLE |  | 1266853 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 5361830 | 1497718 | SH |  | SOLE |  | 1497718 | 0 | 0 |
| MFS INTER HIGH INCOME FD | SH BEN INT | 59318T109 |  | 206523 | 127491 | SH |  | SOLE |  | 127491 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 3634084 | 454829 | SH |  | SOLE |  | 454829 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 1578961 | 140477 | SH |  | SOLE |  | 140477 | 0 | 0 |
| MONROE CAP CORP | COM | 610335101 |  | 5183315 | 1277717 | SH |  | SOLE |  | 1277717 | 0 | 0 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 279200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| NEUBERGER HIGH YIELD ST FD I | RIGHT 04/15/2026 | 64128C130 |  | 880 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 134582 | 10457 | SH |  | SOLE |  | 10457 | 0 | 0 |
| NEW MTN FIN CORP | COM | 647551100 |  | 349200 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| NEWTEKONE INC | COM NEW | 652526203 |  | 586592 | 53570 | SH |  | SOLE |  | 53570 | 0 | 0 |
| NUVEEN CHURCHILL DIRECT LEND | COM SHS | 67090S108 |  | 892435 | 70160 | SH |  | SOLE |  | 70160 | 0 | 0 |
| NUVEEN CORE PLUS IMPACT FUND | COM BEN INT | 67080D103 |  | 870053 | 85383 | SH |  | SOLE |  | 85383 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 3095443 | 411628 | SH |  | SOLE |  | 411628 | 0 | 0 |
| NUVEEN PA INVT QUALITY MUN F | COM | 670972108 |  | 12615903 | 1057494 | SH |  | SOLE |  | 1057494 | 0 | 0 |
| NUVEEN REAL ASSET INCOME  G | COM | 67074Y105 |  | 1358092 | 110414 | SH |  | SOLE |  | 110414 | 0 | 0 |
| NUVEEN S 500 DYNAMIC OVERW | COM | 6706EW100 |  | 1423031 | 88552 | SH |  | SOLE |  | 88552 | 0 | 0 |
| NXG NEXTGEN INFRASTR INCM FD | COM | 231647207 |  | 274650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 4643994 | 316133 | SH |  | SOLE |  | 316133 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 2866314 | 178921 | SH |  | SOLE |  | 178921 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 5293989 | 617015 | SH |  | SOLE |  | 617015 | 0 | 0 |
| PIMCO DYNAMIC INCOME STRATEG | COM SHS BEN INT | 69346N107 |  | 11945314 | 541492 | SH |  | SOLE |  | 541492 | 0 | 0 |
| PIMCO NEW YORK MUN FD II | COM | 72200Y102 |  | 3347869 | 488740 | SH |  | SOLE |  | 488740 | 0 | 0 |
| PLAYSTUDIOS INC | CLASS A COM | 72815G108 |  | 2207367 | 4704534 | SH |  | SOLE |  | 4704534 | 0 | 0 |
| RALLYBIO CORP | COM | 75120L209 |  | 1715118 | 191206 | SH |  | SOLE |  | 191206 | 0 | 0 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 260496 | 33963 | SH |  | SOLE |  | 33963 | 0 | 0 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 2893912 | 347826 | SH |  | SOLE |  | 347826 | 0 | 0 |
| SHARPLINK INC | COM NEW | 820014405 |  | 801625 | 124283 | SH |  | SOLE |  | 124283 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 1996511 | 116755 | SH |  | SOLE |  | 116755 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 1222620 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 471497 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 1220792 | 18570 | SH |  | SOLE |  | 18570 | 0 | 0 |
| TALPHERA INC | COM NEW | 00444T209 |  | 348916 | 467152 | SH |  | SOLE |  | 467152 | 0 | 0 |
| TEJON RANCH CO | COM | 879080109 |  | 1789743 | 94997 | SH |  | SOLE |  | 94997 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 275472 | 46454 | SH |  | SOLE |  | 46454 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 2560368 | 327832 | SH |  | SOLE |  | 327832 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 514808 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| WESTERN ASSET INFLT LNK INC | COM SH BEN INT | 95766Q106 |  | 458395 | 56732 | SH |  | SOLE |  | 56732 | 0 | 0 |
| WHEELER REAL ESTATE INVT TR | 7% SR NT 31 | 963025804 |  | 421680 | 5271 | SH |  | SOLE |  | 5271 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 1427571 | 610073 | SH |  | SOLE |  | 610073 | 0 | 0 |

---