# GRATIA CAPITAL, LLC: Form 13F holdings

An institutional investment manager in LOS ANGELES, CA. SEC CIK 1599793.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $165.4m
- Positions: 31 (31 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1599793/000159979326000004/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AEHR TEST SYS (AEHR)](/companies/aehr.md) | COM | $55.3m | 33.4% | 575,500 | Call | Reduced −121,500 |
| [TPG RE FIN TR INC (TRTX)](/companies/trtx.md) | COM | $17.3m | 10.5% | 2,067,333 |  | Reduced −634,416 |
| [FRANKLIN BSP RLTY TR INC (FBRT)](/companies/fbrt.md) | COMMON STOCK | $14.4m | 8.7% | 1,769,370 |  | Reduced −509,330 |
| [COMSTOCK INC (LODE)](/companies/lode.md) | COM SHS | $7.8m | 4.7% | 1,868,323 |  | Added +761,902 |
| [HUDSON PACIFIC PROPERTIES IN (HPP)](/companies/hpp.md) | COM | $7.6m | 4.6% | 500,000 | Call | Reduced −500,000 |
| [WALKER & DUNLOP INC (WD)](/companies/wd.md) | COM | $6.4m | 3.8% | 116,300 | Call | Reduced −33,700 |
| [WEYERHAEUSER CO (WY)](/companies/wy.md) | COM NEW | $5.5m | 3.3% | 230,600 | Call | Reduced −69,400 |
| [MASTERCRAFT BOAT HLDGS INC (MCFT)](/companies/mcft.md) | COM | $4.0m | 2.4% | 153,917 |  | Reduced −41,123 |
| NAVIOS MARITIME PARTNERS LP | COM UNIT LPI | $3.7m | 2.2% | 52,967 |  | Reduced −48,889 |
| [ADTRAN HOLDINGS INC (ADTN)](/companies/adtn.md) | COM | $3.5m | 2.1% | 250,492 |  | New +250,492 |
| [SHIMMICK CORPORATION (SHIM)](/companies/shim.md) | COM | $3.3m | 2.0% | 726,936 |  | New +726,936 |
| [DUOS TECHNOLOGIES GROUP INC (DUOT)](/companies/duot.md) | COM | $3.2m | 2.0% | 270,275 |  | Reduced −309,725 |
| [CLAROS MTG TR INC (CMTG)](/companies/cmtg.md) | COMMON STOCK | $3.1m | 1.8% | 1,301,212 |  | Reduced −398,872 |
| [BETTER HOME & FINANCE HOLDIN (BETR)](/companies/betr.md) | COM NEW CL A | $2.8m | 1.7% | 100,458 |  | Reduced −9,895 |
| [SUNRISE RLTY TR INC (SUNS)](/companies/suns.md) | COM | $2.7m | 1.6% | 339,355 |  | Reduced −99,461 |
| [MAGNERA CORP (MAGN)](/companies/magn.md) | COM SHS | $2.6m | 1.6% | 224,872 |  | Reduced −74,755 |
| GRANITE PT MTG TR INC | COM STK | $2.6m | 1.6% | 1,739,211 |  | Reduced −500,098 |
| [KOSMOS ENERGY LTD (KOS)](/companies/kos.md) | COM | $2.4m | 1.5% | 1,137,300 | Call | Reduced −362,700 |
| TSAKOS ENERGY NAVIGATION LTD | SHS | $2.3m | 1.4% | 65,232 |  | Reduced −34,796 |
| [U HAUL HOLDING COMPANY (UHAL)](/companies/uhal.md) | COM SER N | $2.1m | 1.3% | 36,067 |  | Reduced −10,433 |
| [KOSMOS ENERGY LTD (KOS)](/companies/kos.md) | COM | $2.0m | 1.2% | 963,678 |  | Added +243,878 |
| [TECOGEN INC NEW (TGEN)](/companies/tgen.md) | COM NEW | $2.0m | 1.2% | 388,660 |  | New +388,660 |
| [NIOCORP DEVS LTD (NB)](/companies/nb.md) | COM NEW | $2.0m | 1.2% | 410,000 |  | New +410,000 |
| [RAMACO RES INC (METC)](/companies/metc.md) | COM CL A | $1.8m | 1.1% | 138,000 |  | New +138,000 |
| [AKAMAI TECHNOLOGIES INC (AKAM)](/companies/akam.md) | COM | $1.2m | 0.7% | 10,000 | Call | New +10,000 |
| [ARCHER AVIATION INC (ACHR)](/companies/achr.md) | COM CL A | $911.9k | 0.6% | 192,793 |  | Unchanged |
| [WALKER & DUNLOP INC (WD)](/companies/wd.md) | COM | $909.1k | 0.5% | 16,619 |  | Reduced −96,381 |
| [HIGHLAND OPPS & INCOME FD (HFRO)](/companies/hfro.md) | HIGHLAND INCOME | $889.3k | 0.5% | 124,725 |  | New +124,725 |
| [ONITY GROUP INC (ONIT)](/companies/onit.md) | COM NEW | $834.8k | 0.5% | 21,000 |  | New +21,000 |
| [ARES COML REAL ESTATE CORP (ACRE)](/companies/acre.md) | COM | $247.8k | 0.1% | 55,056 |  | New +55,056 |
| HELPORT AI LTD | \*W EXP 03/31/202 | $32.6k | <0.1% | 994,071 |  | Reduced −310,291 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AEHR TEST SYS (AEHR)](/companies/aehr.md) | COM | $0 | 0.0% | 0 |  | Sold out −51,560 |
| [ANTERIX INC (ATEX)](/companies/atex.md) | COM | $0 | 0.0% | 0 |  | Sold out −87,500 |
| [ANTERIX INC (ATEX)](/companies/atex.md) | COM | $0 | 0.0% | 0 | Call | Sold out −200,000 |
| [CADIZ INC (CDZI)](/companies/cdzi.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −505,956 |
| [CADIZ INC (CDZI)](/companies/cdzi.md) | COM NEW | $0 | 0.0% | 0 | Call | Sold out −5,000 |
| [DAVE INC (DAVE)](/companies/dave.md) | CLASS A COM NEW | $0 | 0.0% | 0 |  | Sold out −34,225 |
| DHT HOLDINGS INC | SHS NEW | $0 | 0.0% | 0 | Call | Sold out −100,000 |
| ISHARES TR | RUSSELL 2000 ETF | $0 | 0.0% | 0 | Put | Sold out −200,000 |
| [NATIONAL CINEMEDIA INC (NCMI)](/companies/ncmi.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −318,000 |
| [SYNERGY CHC CORP (SNYRQ)](/companies/snyrq.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −550,000 |
| [TPG RE FIN TR INC (TRTX)](/companies/trtx.md) | COM | $0 | 0.0% | 0 | Call | Sold out −1,600,000 |
| [UNITED STATES ANTIMONY CORP (UAMY)](/companies/uamy.md) | COM | $0 | 0.0% | 0 |  | Sold out −900 |

Source: SEC EDGAR, Form 13F-HR, accession 0001599793-26-000004. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.