Almitas Capital LLC

RIA/Wealth

Almitas Capital LLC is a RIA/Wealth based in Santa Monica, CA led by Ronald Dean Mass, reporting $985.7M in AUM as of Q3 2025 with 39% Unknown concentration, 71% concentrated in top 10 holdings, and 37% allocation to FBTC.

Managing PartnerRonald Dean Mass

Portfolio Value: $435.9M
Positions: 62
Top Holding: FBTC at 36.9%
Last Reported: Q3 2025

Address1460 4th Street, Suite 300, Santa Monica, CA, 90401, United States

Top Holdings

Largest long holdings in Almitas Capital LLC's portfolio (71.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Fidelity Wise Origin Bitcoin Fund FBTC	ETF ETF	$160.9M	36.90%	—	— 1.6M shares	Q3 2024 Held for 1y 2m
2 BTT BlackRock Municipal 2030 Target Term Trust BTT	Unknown Unknown	$34.6M	7.93%	-$426.7K Sold	— 1.5M shares	Q3 2023 Held for 2y 2m
3 Amylyx Pharmaceuticals, Inc. AMLX	Biotechnology Healthcare	$28.8M	6.62%	—	1.99% 2.1M shares	Q2 2024 Held for 1y 5m
4 FETH Fidelity Ethereum Fund FETH	Unknown Unknown	$27.0M	6.20%	—	— 650.0K shares	Q4 2024 Held for 11 months
5 ASA Gold and Precious Metals ASA	Unknown Unknown	$15.4M	3.52%	+$15.4M Bought	— 335.3K shares	Q3 2025 Held for 2 months
6 Design Therapeutics, Inc. DSGN	Biotechnology Healthcare	$11.5M	2.64%	—	2.69% 1.5M shares	Q4 2023 Held for 1y 11m
7 Cannae Holdings, Inc. CNNE	Restaurants Consumer Cyclical	$10.2M	2.34%	+$4.3M Bought	0.95% 556.7K shares	Q1 2025 Held for 8 months
8 Lyell Immunopharma, Inc. LYEL	Biotechnology Healthcare	$9.4M	2.15%	-$35.6K Sold	3.01% 577.8K shares	Q4 2024 Held for 11 months
9 PHD Pioneer Floating Rate Fund PHD	Unknown Unknown	$7.0M	1.60%	+$3.6M Bought	— 700.0K shares	Q2 2025 Held for 5 months
10 ETHA iShares Ethereum Trust ETHA	Unknown Unknown	$6.9M	1.59%	—	— 219.4K shares	Q2 2025 Held for 5 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Almitas Capital LLC's latest filing

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Market Value

$435.9M

Prior: $393.1M

Q/Q Change

+10.89%

+$42.8M

Net Flows % of MV

-9.94%

Turnover Ratio

15.83%

New Purchases

9 stocks

$22.4M

Added To

12 stocks

+$13.1M

Sold Out Of

33 stocks

$64.5M

Reduced Holdings

18 stocks

-$14.3M

Increased Positions

Position	Shares Δ	Change
1 BIT BlackRock Multi-Sector Income Trust BIT	New	0 → 514.9K +$6.9M
2 iShares Global Infrastructure IGF	New	0 → 92.9K +$5.7M
3 FGNX FG Nexus Inc. Common Stock FGNX	New	0 → 800.0K +$4.4M
4 Oxford Lane Capital OXLC	New	0 → 120.0K +$2.0M
5 Geron GERN	New	0 → 946.3K +$1.3M

Decreased Positions

Position	Shares Δ	Change
1 PHT Pioneer High Income Fund PHT	Sold	1.6M → 0 −$13.0M
2 MAV Pioneer Municipal High Income Advantage Fund MAV	Sold	1.2M → 0 −$10.3M
3 MHI Pioneer Municipal High Income Fund MHI	Sold	1.0M → 0 −$9.3M
4 MIO Pioneer Municipal High Income Opportunities Fund MIO	Sold	790.8K → 0 −$9.3M
5 Cornerstone Total Return Fund CRF	Sold	831.1K → 0 −$6.4M

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Analytics

Portfolio insights and performance metrics for Almitas Capital LLC

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Sector Allocation

ETF

38.30%

Healthcare

14.40%

Real Estate

3.30%

Consumer Cyclical

2.30%

Financial Services

2.30%

Communication Services

0.50%

Technology

0.20%

Market Cap Distribution

Large Cap ($10B - $200B)

0.54%

Mid Cap ($2B - $10B)

0.52%

Small Cap ($300M - $2B)

18.85%

Micro Cap ($50M - $300M)

2.39%

Nano Cap (< $50M)

1.76%

N/A (ETF or Unknown)

75.95%

Portfolio Concentration

Top 10 Holdings %

71.49%

Top 20 Holdings %

83.91%

Top 50 Holdings %

98.63%

Top 100 Holdings %

100.0%