# EDGAR Filing Document

**Accession Number:** 0001596468
**File Stem:** 0001596468-25-000019
**Filing Date:** 2025-11
**Character Count:** 10720
**Document Hash:** e1aab8fff166d27422d3fb500e674eb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596468-25-000019.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001596468-25-000019

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251117

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19313
- **FILM NUMBER:** 251488704

**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:** 09-30-2025

**Check here if Amendment** [x] **Amendment Number:** 1

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

[x] 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:** Michael Gomez<br>**Title:** CFO<br>**Phone:** (310) 595-6225

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

Michael Gomez  Santa Monica, CA  11-14-2025<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:** 66

**Form 13F Information Table Value Total:** $436904531

      (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 |
| ALX ONCOLOGY HLDGS INC | COM | 00166B105 |  | 4642511 | 2536891 | SH |  | SOLE |  | 2536891 | 0 | 0 |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 |  | 3862571 | 490174 | SH |  | SOLE |  | 490174 | 0 | 0 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 |  | 2324960 | 214282 | SH |  | SOLE |  | 214282 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 784483 | 195145 | SH |  | SOLE |  | 195145 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 28846093 | 2122597 | SH |  | SOLE |  | 2122597 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 2339611 | 115765 | SH |  | SOLE |  | 115765 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 1813970 | 1428323 | SH |  | SOLE |  | 1428323 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 1111677 | 92717 | SH |  | SOLE |  | 92717 | 0 | 0 |
| ARMOUR RESIDENTIAL REIT INC | COM SHS | 042315705 |  | 3244206 | 217149 | SH |  | SOLE |  | 217149 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 1231850 | 197096 | SH |  | SOLE |  | 197096 | 0 | 0 |
| BLACKROCK INCOME TR INC | RIGHT 10/20/2025 | 09247F118 |  | 767 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| BLACKROCK INCOME TR INC | COM NEW | 09247F209 |  | 146120 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 34571847 | 1539263 | SH |  | SOLE |  | 1539263 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 |  | 6894591 | 514906 | SH |  | SOLE |  | 514906 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 5038435 | 851087 | SH |  | SOLE |  | 851087 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 1277912 | 119431 | SH |  | SOLE |  | 119431 | 0 | 0 |
| BOUNDLESS BIO INC | COM | 10170A100 |  | 106774 | 86808 | SH |  | SOLE |  | 86808 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 5589990 | 1029464 | SH |  | SOLE |  | 1029464 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 906729 | 387491 | SH |  | SOLE |  | 387491 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 10192957 | 556688 | SH |  | SOLE |  | 556688 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 2661181 | 173254 | SH |  | SOLE |  | 173254 | 0 | 0 |
| CLEARBRIDGE ENERGY MIDSTRM O | RIGHT 10/10/2025 | 18469P118 |  | 1464 | 77036 | SH |  | SOLE |  | 77036 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 867593 | 114007 | SH |  | SOLE |  | 114007 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 2803591 | 491858 | SH |  | SOLE |  | 491858 | 0 | 0 |
| COHEN  STEERS INFRASTRUCTUR | COM | 19248A109 |  | 632400 | 25500 | SH |  | SOLE |  | 25500 | 0 | 0 |
| COHEN  STEERS INFRASTRUCTUR | RIGHT 10/16/2025 | 19248A117 |  | 14498 | 185878 | SH |  | SOLE |  | 72600 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 806488 | 494778 | SH |  | SOLE |  | 494778 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 5368334 | 376461 | SH |  | SOLE |  | 376461 | 0 | 0 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 4011244 | 350940 | SH |  | SOLE |  | 350940 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 11524176 | 1530435 | SH |  | SOLE |  | 1530435 | 0 | 0 |
| EATON VANCE CALIF MUN INCOM | SH BEN INT | 27826F101 |  | 182972 | 18152 | SH |  | SOLE |  | 18152 | 0 | 0 |
| EATON VANCE NEW YORK MUN BD | COM | 27827Y109 |  | 6088096 | 617454 | SH |  | SOLE |  | 617454 | 0 | 0 |
| EATON VANCE CALIF MUN BD FD | COM | 27828A100 |  | 1978342 | 208466 | SH |  | SOLE |  | 208466 | 0 | 0 |
| FG NEXUS INC. | COM NEW | 30329Y304 |  | 4392000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 160857489 | 1611637 | SH |  | SOLE |  | 1611637 | 0 | 0 |
| FIDELITY ETHEREUM FD | SHS | 31613E103 |  | 27007500 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| FULGENT GENETICS INC | COM | 359664109 |  | 485403 | 21478 | SH |  | SOLE |  | 21478 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 1296463 | 946323 | SH |  | SOLE |  | 946323 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 3508843 | 89557 | SH |  | SOLE |  | 89557 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 5679393 | 92922 | SH |  | SOLE |  | 92922 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 6913452 | 219405 | SH |  | SOLE |  | 219405 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 5076507 | 481642 | SH |  | SOLE |  | 481642 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 1971361 | 180693 | SH |  | SOLE |  | 180693 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 9383586 | 577807 | SH |  | SOLE |  | 577807 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 711674 | 77440 | SH |  | SOLE |  | 77440 | 0 | 0 |
| MSC INCOME FUND INC | COM | 55374X208 |  | 395817 | 30146 | SH |  | SOLE |  | 30146 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 2252975 | 9925 | SH |  | SOLE |  | 9925 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 3998332 | 202961 | SH |  | SOLE |  | 202961 | 0 | 0 |
| MFS INVIT GRADE MUN TR | SH BEN INT | 59318B108 |  | 3833228 | 487688 | SH |  | SOLE |  | 487688 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 4104760 | 1103430 | SH |  | SOLE |  | 1103430 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 5229873 | 1507168 | SH |  | SOLE |  | 1507168 | 0 | 0 |
| MONROE CAP CORP | COM | 610335101 |  | 764513 | 108905 | SH |  | SOLE |  | 108905 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 4536696 | 378058 | SH |  | SOLE |  | 378058 | 0 | 0 |
| OXFORD LANE CAP CORP | COM | 691543847 |  | 2031583 | 119999 | SH |  | SOLE |  | 119999 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 654003 | 39115 | SH |  | SOLE |  | 39115 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 1334143 | 152998 | SH |  | SOLE |  | 152998 | 0 | 0 |
| PIONEER FLOATING RATE FUND I | COM | 72369J102 |  | 6971861 | 699986 | SH |  | SOLE |  | 699986 | 0 | 0 |
| PLAYSTUDIOS INC | CLASS A COM | 72815G108 |  | 896747 | 931588 | SH |  | SOLE |  | 931588 | 0 | 0 |
| RALLYBIO CORP | COM | 75120L100 |  | 767825 | 1538727 | SH |  | SOLE |  | 1538727 | 0 | 0 |
| RIVERNORTH OPPORTUNITIES FD | RIGHT 10/06/2025 | 76881Y174 |  | 1141 | 140834 | SH |  | SOLE |  | 140834 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 1589120 | 1613000 | SH |  | SOLE |  | 1613000 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 927966 | 261399 | SH |  | SOLE |  | 261399 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 806459 | 95779 | SH |  | SOLE |  | 95779 | 0 | 0 |
| WHEELER REAL ESTATE INVIT TR | 7% SR NT 31 | 963025804 |  | 606165 | 5271 | SH |  | SOLE |  | 5271 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 690556 | 457322 | SH |  | SOLE |  | 457322 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 15358664 | 335342 | SH |  | SOLE |  | 335342 | 0 | 0 |

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