GRATIA CAPITAL, LLC

Exempt adviser

CIK

1599793

Location

LOS ANGELES, CA

Portfolio Value

Small $165,382,946

Diversification

Diversified

Filing Date

Global Rank

#7,105 / 8,818 ▼ 1457

Top Industry

Semiconductor Equipment & Materials 33.4%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Exempt adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 163876

Roster of Oct 1, 2026

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$108,659,664 gross assets

LEI

5493006GU5Z9BHIJPS36

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$97,099,456 gross assets in 1 fund Hedge funds $97,099,456 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Oct 2026	—	—
Apr 2026 to Sep 2026	$185,835,116	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$162,720,109	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$133,671,580	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$124,596,000	Pooled investment vehicles (100%)
Apr 2023	$124,596,000	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 72.4% of the book (60%+)

Turnover

Medium turnover

84.9% over the last four quarters (30% to under 100%)

Horizon

Medium horizon

Value-weighted holding period 7.2 quarters (4 to under 12)

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 99.6%; sector active share 61.0% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

29 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

33.4%

+11.6 pts

Top 5

61.9%

−0.6 pts

Top 10

77.0%

−2.0 pts

HHI

1,430

Diversified+395

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	38.2%	$63,222,374	5
Real Estate	32.3%	$53,417,132	8
Industrials	7.3%	$12,055,274	5
Financial Services	7.1%	$11,757,303	4
Basic Materials	7.0%	$11,574,163	3
Energy	4.1%	$6,740,318	2
Consumer Cyclical	2.4%	$3,974,136	1
Consumer Defensive	1.6%	$2,642,246	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
LODE	Comstock Inc.	+761,902	1,868,323	$7,772,223
KOS	Kosmos Energy Ltd.	+243,878	963,678	$2,033,360
No positions match the current search.

Trimmed

Positions the filer reduced

14 positions

Ticker	Company	Δ Shares	Shares	Value
TRTX	TPG RE Finance Trust, Inc.	−634,416	2,067,333	$17,303,577
FBRT	Franklin BSP Realty Trust, Inc.	−509,330	1,769,370	$14,402,671
GPMT	Granite Point Mortgage Trust Inc.	−500,098	1,739,211	$2,608,816
CMTG	Claros Mortgage Trust, Inc.	−398,872	1,301,212	$3,057,848
HPAIW	Helport AI Ltd	−310,291	994,071	$32,606
DUOT	Duos Technologies Group, Inc.	−309,725	270,275	$3,243,300
SUNS	Sunrise Realty Trust, Inc.	−99,461	339,355	$2,680,904
WD	Walker & Dunlop, Inc.	−96,381	16,619	$909,059
MAGN	Magnera Corp	−74,755	224,872	$2,642,246
NMM	Navios Maritime Partners L.P.	−48,889	52,967	$3,711,397
MCFT	MasterCraft Boat Holdings, Inc.	−41,123	153,917	$3,974,136
TEN	Tsakos Energy Navigation Ltd	−34,796	65,232	$2,307,255
UHAL-B	U-Haul Holding Co	−10,433	36,067	$2,081,065
BETR	Better Home & Finance Holding Co	−9,895	100,458	$2,762,595
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
ADTN	ADTRAN Holdings, Inc.	250,492	$3,481,838
SHIM	Shimmick Corp	726,936	$3,322,097
TGEN	Tecogen Inc.	388,660	$2,028,805
NB	Niocorp Developments Ltd	410,000	$1,976,200
METC	Ramaco Resources, Inc.	138,000	$1,825,740
HFRO	Highland Opportunities & Income Fund	124,725	$889,289
ONIT	Onity Group Inc.	21,000	$834,750
ACRE	Ares Commercial Real Estate Corp	55,056	$247,752
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
DAVE	Dave Inc.	34,225	$5,958,229
ATEX	Anterix Inc.	87,500	$3,341,624
CDZI	Cadiz Inc	505,956	$2,484,242
AEHR	Aehr Test Systems	51,560	$1,911,844
NCMI	National CineMedia, Inc.	318,000	$969,899
SNYRQ	Synergy CHC Corp.	550,000	$709,499
UAMY	United States Antimony Corp	900	$7,857
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 tracked positions · $165,382,946 total · filing declares 31 positions · $165,382,956 · as of Jun 30, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
AEHR	Aehr Test Systems CALL Technology	Reduced	575,500	-173,060	$55,282,530	+99.2%	—	—	33.43%
TRTX	TPG RE Finance Trust, Inc. Real Estate	Reduced	2,067,333	-2,234,416	$17,303,577	−48.5%	13	$7.87	10.46%
FBRT	Franklin BSP Realty Trust, Inc. Real Estate	Reduced	1,769,370	-509,330	$14,402,671	−25.6%	8	$10.59	8.71%
LODE	Comstock Inc. Basic Materials	Added	1,868,323	+761,902	$7,772,223	+130.3%	4	$3.36	4.70%
HPP	Hudson Pacific Properties, Inc. CALL Real Estate	Reduced	500,000	-500,000	$7,595,000	+28.5%	—	—	4.59%
WD	Walker & Dunlop, Inc. CALL + SHARES Financial Services	Reduced	132,919	-130,081	$7,270,669	−37.7%	2	$56.37	4.40%
WY	Weyerhaeuser Co CALL Real Estate	Reduced	230,600	-69,400	$5,520,564	−24.7%	—	—	3.34%
KOS	Kosmos Energy Ltd. CALL + SHARES Energy	Reduced	2,100,978	-118,822	$4,433,063	−28.2%	2	$2.11	2.68%
MCFT	MasterCraft Boat Holdings, Inc. Consumer Cyclical	Reduced	153,917	-41,123	$3,974,136	−0.7%	5	$17.50	2.40%
NMM	Navios Maritime Partners L.P. Industrials	Reduced	52,967	-48,889	$3,711,397	−46.0%	21	$31.63	2.24%
ADTN	ADTRAN Holdings, Inc. Technology	NEW	250,492	NEW	$3,481,838	NEW	1	$15.60	2.11%
SHIM	Shimmick Corp Industrials	NEW	726,936	NEW	$3,322,097	NEW	1	$4.41	2.01%
DUOT	Duos Technologies Group, Inc. Technology	Reduced	270,275	-309,725	$3,243,300	−18.5%	2	$8.90	1.96%
CMTG	Claros Mortgage Trust, Inc. Real Estate	Reduced	1,301,212	-398,872	$3,057,848	−24.4%	6	$3.42	1.85%
BETR	Better Home & Finance Holding Co Financial Services	Reduced	100,458	-9,895	$2,762,595	−29.7%	5	$29.72	1.67%
SUNS	Sunrise Realty Trust, Inc. Real Estate	Reduced	339,355	-99,461	$2,680,904	−20.3%	6	$11.73	1.62%
MAGN	Magnera Corp Consumer Defensive	Reduced	224,872	-74,755	$2,642,246	−7.3%	7	unpriced	1.60%
GPMT	Granite Point Mortgage Trust Inc. Real Estate	Reduced	1,739,211	-500,098	$2,608,816	−19.7%	7	$2.85	1.58%
TEN	Tsakos Energy Navigation Ltd Energy	Reduced	65,232	-34,796	$2,307,255	−41.5%	10	$24.46	1.40%
UHAL-B	U-Haul Holding Co Industrials	Reduced	36,067	-10,433	$2,081,065	+0.2%	2	$47.35	1.26%
TGEN	Tecogen Inc. Industrials	NEW	388,660	NEW	$2,028,805	NEW	1	$5.01	1.23%
NB	Niocorp Developments Ltd Basic Materials	NEW	410,000	NEW	$1,976,200	NEW	1	$5.47	1.19%
METC	Ramaco Resources, Inc. Basic Materials	NEW	138,000	NEW	$1,825,740	NEW	1	$14.58	1.10%
AKAM	Akamai Technologies Inc CALL Technology	NEW	10,000	NEW	$1,182,100	NEW	—	—	0.71%
ACHR	Archer Aviation Inc. Industrials	Held	192,793	0	$911,910	−8.5%	18	$4.48	0.55%
HFRO	Highland Opportunities & Income Fund Financial Services	NEW	124,725	NEW	$889,289	NEW	1	$6.42	0.54%
ONIT	Onity Group Inc. Financial Services	NEW	21,000	NEW	$834,750	NEW	1	$39.47	0.50%
ACRE	Ares Commercial Real Estate Corp Real Estate	NEW	55,056	NEW	$247,752	NEW	1	$4.93	0.15%
HPAIW	Helport AI Ltd Technology	Reduced	994,071	-310,291	$32,606	−77.3%	8	unpriced	0.02%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.