GRATIA CAPITAL, LLC

LOS ANGELES, CA · CIK 1599793 · 13F filing filed 2026-08-14

Exempt reporting adviser since 2026 · limited liability company

Private funds1 (1 hedge) · $108.7m gross assets
Form ADV · 2026-09-14SEC adviser record

Legal entityGRATIA CAPITAL, LLC (US)

Kindhedge funds, futures
Others nearbyLos Angeles, CA

As an employer

Offices in1 country
Private fundshedge 1

$87.0m reported value -17.6% vs Q1 2026

25positions

72.4%in top 10

8 new 2 added 14 reduced 7 sold out vs Q1 2026

Options: 6 call positions ($78.3m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TPG RE FIN TR INC COM TRTX	TRTX	2,067,333	$17.3m19.88%	19.88%	Reduced -634.4k	-634,416 -23.5%
2	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	1,769,370	$14.4m16.55%	16.55%	Reduced -509.3k	-509,330 -22.4%
3	COMSTOCK INC COM SHS LODE	LODE	1,868,323	$7.8m8.93%	8.93%	Added +761.9k	+761,902 68.9%
4	MASTERCRAFT BOAT HLDGS INC COM MCFT	MCFT	153,917	$4.0m4.57%	4.57%	Reduced -41.1k	-41,123 -21.1%
5	NAVIOS MARITIME PARTNERS L P COM UNIT LPI NMM	NMM	52,967	$3.7m4.26%	4.26%	Reduced -48.9k	-48,889 -48.0%
6	ADTRAN HOLDINGS INC COM ADTN	ADTN	250,492	$3.5m4.00%	4.00%	New
7	SHIMMICK CORPORATION COM SHIM	SHIM	726,936	$3.3m3.82%	3.82%	New
8	DUOS TECHNOLOGIES GROUP INC COM DUOT	DUOT	270,275	$3.2m3.73%	3.73%	Reduced -309.7k	-309,725 -53.4%
9	CLAROS MTG TR INC COMMON STOCK CMTG	CMTG	1,301,212	$3.1m3.51%	3.51%	Reduced -398.9k	-398,872 -23.5%
10	BETTER HOME & FINANCE HOLDIN COM NEW CL A BETR	BETR	100,458	$2.8m3.17%	3.17%	Reduced -9.9k	-9,895 -9.0%
11	SUNRISE RLTY TR INC COM SUNS	SUNS	339,355	$2.7m3.08%	3.08%	Reduced -99.5k	-99,461 -22.7%
12	MAGNERA CORP COM SHS MAGN	MAGN	224,872	$2.6m3.04%	3.04%	Reduced -74.8k	-74,755 -24.9%
13	GRANITE PT MTG TR INC COM STK COM STK		1,739,211	$2.6m3.00%	3.00%	Reduced -500.1k	-500,098 -22.3%
14	TSAKOS ENERGY NAVIGATION LTD SHS TEN	TEN	65,232	$2.3m2.65%	2.65%	Reduced -34.8k	-34,796 -34.8%
15	U HAUL HOLDING COMPANY COM SER N UHAL.B	UHAL.B	36,067	$2.1m2.39%	2.39%	Reduced -10.4k	-10,433 -22.4%
16	KOSMOS ENERGY LTD COM KOS	KOS	963,678	$2.0m2.34%	2.34%	Added +243.9k	+243,878 33.9%
17	TECOGEN INC NEW COM NEW TGEN	TGEN	388,660	$2.0m2.33%	2.33%	New
18	NIOCORP DEVS LTD COM NEW NB	NB	410,000	$2.0m2.27%	2.27%	New
19	RAMACO RES INC COM CL A METC	METC	138,000	$1.8m2.10%	2.10%	New
20	ARCHER AVIATION INC COM CL A ACHR	ACHR	192,793	$911.9k1.05%	1.05%	Unchanged
21	WALKER & DUNLOP INC COM WD	WD	16,619	$909.1k1.04%	1.04%	Reduced -96.4k	-96,381 -85.3%
22	HIGHLAND OPPORTUNITIES HIGHLAND INCOME HFRO	HFRO	124,725	$889.3k1.02%	1.02%	New
23	ONITY GROUP INC COM NEW ONIT	ONIT	21,000	$834.8k0.96%	0.96%	New
24	ARES COML REAL ESTATE CORP COM ACRE	ACRE	55,056	$247.8k0.28%	0.28%	New
25	HELPORT AI LTD *W EXP 03/31/202 HPAIW	HPAIW	994,071	$32.6k0.04%	0.04%	Reduced -310.3k	-310,291 -23.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DAVE INC DAVE	DAVE	34,225	$6.0m34.2k shares
ANTERIX INC ATEX	ATEX	87,500	$3.3m87.5k shares
CADIZ INC CDZI	CDZI	505,956	$2.5m506.0k shares
AEHR TEST SYS AEHR	AEHR	51,560	$1.9m51.6k shares
NATIONAL CINEMEDIA INC NCMI	NCMI	318,000	$969.9k318.0k shares
SYNERGY CHC CORP SNYRQ	SNYRQ	550,000	$709.5k550.0k shares
UNITED STATES ANTIMONY CORP UAMY	UAMY	900	$7.9k900 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AEHR TEST SYS AEHR · Call	AEHR	Call	575,500	$55.3m575.5k shares	Reduced
HUDSON PACIFIC PROPERTIES IN HPP · Call	HPP	Call	500,000	$7.6m500.0k shares	Reduced
WALKER & DUNLOP INC WD · Call	WD	Call	116,300	$6.4m116.3k shares	Reduced
WEYERHAEUSER CO MTN BE WY · Call	WY	Call	230,600	$5.5m230.6k shares	Reduced
KOSMOS ENERGY LTD KOS · Call	KOS	Call	1,137,300	$2.4m1.1m shares	Reduced
AKAMAI TECHNOLOGIES INC AKAM · Call	AKAM	Call	10,000	$1.2m10.0k shares	New