Overview
A. Description of the Advisory Firm
Almitas Capital LLC (“Almitas” or the “Firm”) is a Delaware limited liability company. Almitas
was formed on January 7, 2013. Ronald Dean Mass is the principal owner, Managing Principal
and Chief Compliance Officer of Almitas. Mr. Mass is a Chartered Financial Analyst.
B. Types of Advisory Services
Almitas serves as general partner and investment adviser to private investment funds (the
“Funds”). Almitas may decide in the future to provide services to additional types of clients
(collectively, the “Clients”).
Pursuant to the Funds’ offering memorandum, limited partnership agreement and
subscription documents (the “Governing Documents”), Almitas seeks to identify investments
which trade at a discount to intrinsic value. Specifically, Almitas invests the Funds’ assets in
accordance with the Funds’ investment objectives and on a discretionary basis among closed-
end funds, mortgage real estate investment trusts (“REITs”), individual debt securities
(including, without limitation, mortgage and commercial mortgage backed securities, asset
backed securities, and corporate and government debt securities), common and preferred
equity securities.
The Firm may invest in both domestic and foreign securities, denominated
in U.S. dollars or foreign currencies. To the extent specifically authorized by the Funds, the
Firm may use margin and short selling as part of the investment strategy.
The Funds are offering limited partnership interests (“Interests”) to certain qualified
investors as described in Item 7 below (such investors or prospective investors, the
“Investors”).
C. Client Tailored Services and Client Imposed Restrictions
Advisory services are tailored to achieve the Clients’ investment objectives. Generally,
Almitas has the authority to select which and how many securities and other instruments to
buy or sell without consultation with the Clients or the Investors.
D. Wrap Fee Programs
Almitas does not participate in wrap fee programs.
E. Amounts Under Management
The minimum initial investment that will be accepted from a new Investor in the Funds is
$500,000.00, which may be waived by Almitas in its sole discretion. The Firm has the
following assets under management:
Discretionary Amounts: Non-Discretionary Amounts: Date Calculated:
$783,717,360 $0 December 31, 2023