Almitas Capital LLC

Almitas Capital LLC is a registered investment adviser specializing in serving as a general partner and investment adviser to private investment funds. The firm, established on January 7, 2013, is owned by Ronald Dean Mass, a Chartered Financial Analyst. Almitas seeks investments trading at a discount to intrinsic value, investing in closed-end funds, mortgage REITs, debt securities, and equity securities. The minimum initial investment accepted is $500,000, with assets under management totaling $985,661,608 as of December 31, 2024. Fees are negotiable, with a management fee of 0.25% quarterly and an incentive fee up to 15%. The firm may use margin, short selling, and invest in domestic and foreign securities. Almitas acts as a fiduciary, providing tailored services to achieve clients' investment objectives. Clients have limited control over investment decisions, and the firm does not participate in wrap fee programs. Almitas' investment philosophy is value-based, focusing on securities trading at a discount to intrinsic value. The firm conducts fundamental analysis and may use trading, short sales, and options. Clients are informed about risks associated with investments, including market volatility, illiquid investments, and risks specific to various asset classes. Almitas exercises voting authority over client proxies and has adopted proxy voting policies to vote in the best interests of clients. The firm has no financial conditions impairing its ability to meet commitments and has not been subject to bankruptcy petitions in the last ten years.