SCHEDULE 13G 0001596468 XXXXXXXX LIVE Common Stock 12/31/2025 0000866095 ABRDN JAPAN EQUITY FUND, INC. 00306J109 1900 MARKET STREET SUITE 200 PHILADELPHIA PA 19103 Rule 13d-1(b) Almitas Capital LLC DE 490174.00 0.00 490174.00 0.00 490174.00 6.9 IA ABRDN JAPAN EQUITY FUND, INC. 1900 MARKET STREET, SUITE 200, PHILADELPHIA, PENNSYLVANIA, 19103. Almitas Capital LLC 1460 4th Street, Suite 300 Santa Monica, CA 90401 Delaware N IA 490,174.00 6.9 % 490,174.00 0 490,174.00 0 Y N Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Almitas Capital LLC Ronald Mass 02/17/2026