# GRATIA CAPITAL, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1599793. Source: https://holderbook.com/funds/1599793-gratia-capital-llc/

- Reported value: $165.4M
- Positions: 29
- Weight of the ten largest: 77.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AEHR TEST SYS | [AEHR](https://holderbook.com/stocks/AEHR/) | $55.3M | 0 | 33.4% | 4 |
| TPG RE FIN TR INC | [TRTX](https://holderbook.com/stocks/TRTX/) | $17.3M | 2,067,333 | 10.5% | 13 |
| FRANKLIN BSP RLTY TR INC | [FBRT](https://holderbook.com/stocks/FBRT/) | $14.4M | 1,769,370 | 8.7% | 8 |
| COMSTOCK INC | [LODE](https://holderbook.com/stocks/LODE/) | $7.8M | 1,868,323 | 4.7% | 4 |
| HUDSON PACIFIC PROPERTIES IN | [HPP](https://holderbook.com/stocks/HPP/) | $7.6M | 0 | 4.6% | 3 |
| WALKER & DUNLOP INC | [WD](https://holderbook.com/stocks/WD/) | $7.3M | 16,619 | 4.4% | 2 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $5.5M | 0 | 3.3% | 2 |
| KOSMOS ENERGY LTD | [KOS](https://holderbook.com/stocks/KOS/) | $4.4M | 963,678 | 2.7% | 5 |
| MASTERCRAFT BOAT HLDGS INC | [MCFT](https://holderbook.com/stocks/MCFT/) | $4.0M | 153,917 | 2.4% | 5 |
| NAVIOS MARITIME PARTNERS L P | [NMM](https://holderbook.com/stocks/NMM/) | $3.7M | 52,967 | 2.2% | 21 |
| ADTRAN HOLDINGS INC | [ADTN](https://holderbook.com/stocks/ADTN/) | $3.5M | 250,492 | 2.1% | 1 |
| SHIMMICK CORPORATION | [SHIM](https://holderbook.com/stocks/SHIM/) | $3.3M | 726,936 | 2.0% | 1 |
| DUOS TECHNOLOGIES GROUP INC | [DUOT](https://holderbook.com/stocks/DUOT/) | $3.2M | 270,275 | 2.0% | 2 |
| CLAROS MTG TR INC | [CMTG](https://holderbook.com/stocks/CMTG/) | $3.1M | 1,301,212 | 1.8% | 6 |
| BETTER HOME & FINANCE HOLDIN | [BETR](https://holderbook.com/stocks/BETR/) | $2.8M | 100,458 | 1.7% | 5 |
| SUNRISE RLTY TR INC | [SUNS](https://holderbook.com/stocks/SUNS/) | $2.7M | 339,355 | 1.6% | 6 |
| MAGNERA CORP | [MAGN](https://holderbook.com/stocks/MAGN/) | $2.6M | 224,872 | 1.6% | 7 |
| GRANITE PT MTG TR INC | [GPMT](https://holderbook.com/stocks/GPMT/) | $2.6M | 1,739,211 | 1.6% | 7 |
| TSAKOS ENERGY NAVIGATION LTD | [TEN](https://holderbook.com/stocks/TEN/) | $2.3M | 65,232 | 1.4% | 10 |
| U HAUL HOLDING COMPANY | [UHALB](https://holderbook.com/stocks/UHALB/) | $2.1M | 36,067 | 1.3% | 2 |
| TECOGEN INC NEW | [TGEN](https://holderbook.com/stocks/TGEN/) | $2.0M | 388,660 | 1.2% | 1 |
| NIOCORP DEVS LTD | [NB](https://holderbook.com/stocks/NB/) | $2.0M | 410,000 | 1.2% | 1 |
| RAMACO RES INC | [METC](https://holderbook.com/stocks/METC/) | $1.8M | 138,000 | 1.1% | 1 |
| AKAMAI TECHNOLOGIES INC | [AKAM](https://holderbook.com/stocks/AKAM/) | $1.2M | 0 | 0.7% | 1 |
| ARCHER AVIATION INC | [ACHR](https://holderbook.com/stocks/ACHR/) | $911.9K | 192,793 | 0.6% | 18 |
| HIGHLAND OPPS & INCOME FD | [HFRO](https://holderbook.com/stocks/HFRO/) | $889.3K | 124,725 | 0.5% | 1 |
| ONITY GROUP INC | [ONIT](https://holderbook.com/stocks/ONIT/) | $834.8K | 21,000 | 0.5% | 1 |
| ARES COML REAL ESTATE CORP | [ACRE](https://holderbook.com/stocks/ACRE/) | $247.8K | 55,056 | 0.1% | 1 |
| HELPORT AI LTD | [HPAIW](https://holderbook.com/stocks/HPAIW/) | $32.6K | 994,071 | 0.0% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +20.5% | +14.8% | +5.6% | 65% |
| Q1 2026 | -4.2% | -4.6% | +0.4% | 93% |
| Q4 2025 | -3.8% | +2.4% | -6.1% | 86% |
| Q3 2025 | +16.6% | +7.8% | +8.8% | 94% |
| Q2 2025 | -5.9% | +10.5% | -16.3% | 86% |
| Q1 2025 | -7.5% | -4.6% | -2.9% | 84% |
| Q4 2024 | +0.6% | +2.1% | -1.6% | 79% |
| Q3 2024 | +1.4% | +5.4% | -4.0% | 72% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $165.4M | 29 |
| Q1 2026 | $227.2M | 28 |
| Q4 2025 | $134.1M | 30 |
| Q3 2025 | $139.4M | 31 |
| Q2 2025 | $102.5M | 24 |
| Q1 2025 | $122.3M | 24 |
| Q4 2024 | $102.2M | 23 |
| Q3 2024 | $88.4M | 17 |
| Q2 2024 | $105.4M | 17 |
| Q1 2024 | $91.4M | 16 |
| Q4 2023 | $86.6M | 17 |
| Q3 2023 | $106.4M | 23 |