Almitas Capital discloses 490,174 JEQ shares in Schedule 13G

Rhea-AI Filing Summary

Almitas Capital LLC has disclosed a significant holding in Abrdn Japan Equity Fund, Inc. (JEQ), reporting beneficial ownership of 490,174 shares of common stock. This position represents 6.9% of the fund’s outstanding common shares as of the event date reported, triggering this Schedule 13G filing.

Almitas Capital, organized in Delaware and classified as an investment adviser, reports sole voting and sole dispositive power over all 490,174 shares, with no shared voting or dispositive authority. The certification is signed by Managing Principal Ronald Mass, confirming the accuracy of the ownership information.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ABRDN JAPAN EQUITY FUND, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00306J109

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00306J109

1

Names of Reporting Persons

Almitas Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 490,174.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 490,174.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

490,174.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ABRDN JAPAN EQUITY FUND, INC.
(b)	Address of issuer's principal executive offices: 1900 MARKET STREET, SUITE 200, PHILADELPHIA, PENNSYLVANIA, 19103
Item 2.
(a)	Name of person filing: Almitas Capital LLC
(b)	Address or principal business office or, if none, residence: 1460 4th Street, Suite 300 Santa Monica, CA 90401
(c)	Citizenship: See Item 4 of the cover page.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 00306J109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the cover page.
(b)	Percent of class: See Item 11 of the cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the cover page.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Advisor is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Almitas Capital LLC

Signature:	Ronald Mass
Name/Title:	Managing Principal
Date:	11/14/2025

FAQ

What ownership stake did Almitas Capital report in Abrdn Japan Equity Fund (JEQ)?

Almitas Capital LLC reported beneficial ownership of 490,174 shares of Abrdn Japan Equity Fund, Inc. common stock, representing 6.9% of the class.

Why was this Schedule 13G filed for JEQ on 09/30/2025?

The Schedule 13G was filed because Almitas Capital’s beneficial ownership in Abrdn Japan Equity Fund, Inc. common stock reached 6.9% of the outstanding shares as of 09/30/2025, exceeding the 5% reporting threshold.

Does Almitas Capital have sole or shared voting power over JEQ shares?

Almitas Capital LLC reports sole voting power over 490,174 shares and no shared voting power in Abrdn Japan Equity Fund, Inc.

Who signed the JEQ Schedule 13G filing for Almitas Capital?

The filing was signed by Ronald Mass, who is identified as the Managing Principal of Almitas Capital LLC.

What type of reporting person is Almitas Capital in this JEQ Schedule 13G?

Almitas Capital LLC is classified as an investment adviser (IA) in the ownership report for Abrdn Japan Equity Fund, Inc.

Where is Almitas Capital LLC based according to the JEQ Schedule 13G?

Almitas Capital LLC lists its principal business office at 1460 4th Street, Suite 300, Santa Monica, CA 90401, and is organized in Delaware.