# EDGAR Filing Document

**Accession Number:** 0001596468
**File Stem:** 0001596468-25-000008
**Filing Date:** 2025-8
**Character Count:** 12431
**Document Hash:** c1388ded9f0327b61e869d8ffe22bf97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596468-25-000008.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001596468-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251217531

**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:** 06-30-2025

**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:** Michael Gomez<br>**Title:** Chief Financial Officer<br>**Phone:** (310) 595-6225

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

Michael Gomez  Santa Monica, CA  08-14-2025<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:** 82

**Form 13F Information Table Value Total:** $396363703

      (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 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 151477762 | 1611637 | SH |  | SOLE |  | 1611637 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 34110311 | 1558260 | SH |  | SOLE |  | 1558260 | 0 | 0 |
| FIDELITY ETHEREUM FD | SHS | 31613E103 |  | 16360500 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 13605847 | 2122597 | SH |  | SOLE |  | 2122597 | 0 | 0 |
| PIONEER HIGH INCOME FUND INC | COM | 72369H106 |  | 12977072 | 1604088 | SH |  | SOLE |  | 1604088 | 0 | 0 |
| PIONEER MUNICIPAL HIGH INCOM | COM | 723762100 |  | 10325474 | 1244033 | SH |  | SOLE |  | 1244033 | 0 | 0 |
| PIONEER MUNICIPAL HIGH INCOM | COM SHS | 723763108 |  | 9345444 | 1020245 | SH |  | SOLE |  | 1020245 | 0 | 0 |
| PIONEER MUN HIGH INCOME OPPO | COMMON STOCK | 723760104 |  | 9331546 | 790809 | SH |  | SOLE |  | 790809 | 0 | 0 |
| NUVEEN PENNSYLVANIA QLT MUN | COM | 670972108 |  | 7978149 | 711065 | SH |  | SOLE |  | 711065 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 6692558 | 320986 | SH |  | SOLE |  | 320986 | 0 | 0 |
| CORNERSTONE TOTAL RETURN FD | COM | 21924U300 |  | 6440932 | 831088 | SH |  | SOLE |  | 831088 | 0 | 0 |
| EATON VANCE NEW YORK MUN BD | COM | 27827Y109 |  | 6255459 | 673354 | SH |  | SOLE |  | 673354 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 5792478 | 329680 | SH |  | SOLE |  | 329680 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 5198793 | 1029464 | SH |  | SOLE |  | 1029464 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 5157566 | 1530435 | SH |  | SOLE |  | 1530435 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 5127173 | 579997 | SH |  | SOLE |  | 579997 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 4933935 | 511819 | SH |  | SOLE |  | 511819 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 4907012 | 348015 | SH |  | SOLE |  | 348015 | 0 | 0 |
| ITEOS THERAPEUTICS INC | COM | 46565G104 |  | 4857424 | 487204 | SH |  | SOLE |  | 487204 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 4766087 | 851087 | SH |  | SOLE |  | 851087 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 4184053 | 219405 | SH |  | SOLE |  | 219405 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 3950279 | 1103430 | SH |  | SOLE |  | 1103430 | 0 | 0 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 3917932 | 350128 | SH |  | SOLE |  | 350128 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 3424011 | 448169 | SH |  | SOLE |  | 448169 | 0 | 0 |
| PIONEER FLOATING RATE FUND I | COM | 72369J102 |  | 3322774 | 338368 | SH |  | SOLE |  | 338368 | 0 | 0 |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 |  | 3141375 | 416628 | SH |  | SOLE |  | 416628 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 3002084 | 178271 | SH |  | SOLE |  | 178271 | 0 | 0 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 2690454 | 173354 | SH |  | SOLE |  | 173354 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 2322302 | 427680 | SH |  | SOLE |  | 427680 | 0 | 0 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 |  | 2211330 | 214484 | SH |  | SOLE |  | 214484 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 2169945 | 651635 | SH |  | SOLE |  | 651635 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 2124292 | 89557 | SH |  | SOLE |  | 89557 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 2073829 | 9925 | SH |  | SOLE |  | 9925 | 0 | 0 |
| LADDER CAP CORP | CL | 505743104 |  | 1942450 | 180693 | SH |  | SOLE |  | 180693 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 1855149 | 1599266 | SH |  | SOLE |  | 1599266 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 1849960 | 215362 | SH |  | SOLE |  | 215362 | 0 | 0 |
| ATEA PHARMACEUTICALS INC | COM | 04683R106 |  | 1603390 | 445386 | SH |  | SOLE |  | 445386 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 1599309 | 1613000 | SH |  | SOLE |  | 1613000 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 1514022 | 1428323 | SH |  | SOLE |  | 1428323 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 1436511 | 195710 | SH |  | SOLE |  | 195710 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 1273793 | 151642 | SH |  | SOLE |  | 151642 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 1170089 | 92717 | SH |  | SOLE |  | 92717 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 1159373 | 195840 | SH |  | SOLE |  | 195840 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72200M108 |  | 1156715 | 215805 | SH |  | SOLE |  | 215805 | 0 | 0 |
| ALX ONCOLOGY HLDGS INC | COM | 00166B105 |  | 1053671 | 2538355 | SH |  | SOLE |  | 2538355 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 1021469 | 99948 | SH |  | SOLE |  | 99948 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | CONFLUENCE BDC | 33740F110 |  | 893513 | 213254 | SH |  | SOLE |  | 213254 | 0 | 0 |
| WHEELER REAL ESTATE INVT TR | 7% SR NT 31 | 963025804 |  | 798557 | 5271 | SH |  | SOLE |  | 5271 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 732582 | 77440 | SH |  | SOLE |  | 77440 | 0 | 0 |
| FULGENT GENETICS INC | COM | 359664109 |  | 617473 | 31060 | SH |  | SOLE |  | 31060 | 0 | 0 |
| RALLYBIO CORP | COM | 75120L100 |  | 614312 | 1817492 | SH |  | SOLE |  | 1817492 | 0 | 0 |
| LOGAN RIDGE FINANCE CORP | COM | 541098109 |  | 576947 | 30999 | SH |  | SOLE |  | 30999 | 0 | 0 |
| EATON VANCE CALIF MUN INCOM | SH BEN INT | 27826F101 |  | 564781 | 58315 | SH |  | SOLE |  | 58315 | 0 | 0 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 562887 | 39612 | SH |  | SOLE |  | 39612 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 558586 | 367491 | SH |  | SOLE |  | 367491 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 550707 | 77303 | SH |  | SOLE |  | 77303 | 0 | 0 |
| WESTERN ASSET HIGH YIELD DEF | COM | 95768B107 |  | 547702 | 45718 | SH |  | SOLE |  | 45718 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 522798 | 261399 | SH |  | SOLE |  | 261399 | 0 | 0 |
| PIMCO NEW YORK MUN FD II | COM | 72200Y102 |  | 480870 | 71558 | SH |  | SOLE |  | 71558 | 0 | 0 |
| PIONEER DIVERSIFIED HIGH INC | COM | 723653101 |  | 465811 | 37250 | SH |  | SOLE |  | 37250 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 449740 | 55799 | SH |  | SOLE |  | 55799 | 0 | 0 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 448678 | 72019 | SH |  | SOLE |  | 72019 | 0 | 0 |
| NEW YORK MTG TR INC | COM | 649604840 |  | 436257 | 65113 | SH |  | SOLE |  | 65113 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 429319 | 195145 | SH |  | SOLE |  | 195145 | 0 | 0 |
| TORTOISE SUSTAINABLE  SOCIA | COM SH BEN INT | 27901F109 |  | 385154 | 31454 | SH |  | SOLE |  | 31454 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 341661 | 63388 | SH |  | SOLE |  | 63388 | 0 | 0 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72201E105 |  | 315548 | 60219 | SH |  | SOLE |  | 60219 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 265325 | 25936 | SH |  | SOLE |  | 25936 | 0 | 0 |
| KKR INCOME OPPORTUNITIES FD | COM | 48249T106 |  | 261889 | 20851 | SH |  | SOLE |  | 20851 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 245969 | 41409 | SH |  | SOLE |  | 41409 | 0 | 0 |
| BOUNDLESS BIO INC | COM | 10170A100 |  | 237860 | 235505 | SH |  | SOLE |  | 235505 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 204513 | 4564 | SH |  | SOLE |  | 4564 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD II | COM | 72201C109 |  | 203061 | 32594 | SH |  | SOLE |  | 32594 | 0 | 0 |
| BLACKROCK MUNIHLDNGS CALI QL | COM | 09254L107 |  | 185834 | 17955 | SH |  | SOLE |  | 17955 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 148312 | 14846 | SH |  | SOLE |  | 14846 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 145816 | 12121 | SH |  | SOLE |  | 12121 | 0 | 0 |
| BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 |  | 136216 | 14014 | SH |  | SOLE |  | 14014 | 0 | 0 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72200T103 |  | 75590 | 10814 | SH |  | SOLE |  | 10814 | 0 | 0 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 71300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 48577 | 17729 | SH |  | SOLE |  | 17729 | 0 | 0 |
| ADAPTIMMUNE THERAPEUTICS PLC | SPONDS ADS | 00653A107 |  | 26140 | 109054 | SH |  | SOLE |  | 109054 | 0 | 0 |
| LMP CAP  INCOME FD INC | RIGHT 07/11/2025 | 50208A110 |  | 1337 | 19361 | SH |  | SOLE |  | 19361 | 0 | 0 |

---