Skip to content
Disclosery

GRATIA CAPITAL, LLC

Follow

13F filer, CIK 1599793, LOS ANGELES, CA

GRATIA CAPITAL, LLC reported $139,409,583 across 34 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 58.96% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599793-25-000005

Period
2025-09-30
Reported value
$139M
Holdings
34
Top 10 weight
58.96%
New
10
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AEHRnew+139,560$4.2M
DUOTnew+495,590$3.65M
AZnew+422,000$3.37M
LODEnew+957,423$3.27M
GPMTadded+1,042,043$3.13M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BETRreduced-84,300-$4.73M
TRTXreduced-505,802-$4.33M
BZHexited-161,400-$3.61M
ARQreduced-415,942-$2.98M
XPOFreduced-296,277-$2.31M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001599793-25-000005, largest first. % of portfolio is the value over $112,871,583, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TRTXTPG RE FIN TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,503,250 shares; 2024Q4: 1,192,777 shares; 2025Q1: 2,096,856 shares; 2025Q2: 2,664,589 shares; 2025Q3: 2,158,787 shares 2,158,787$18.5M16.37%-505,802Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 296,500 shares; 2024Q4: 622,622 shares; 2025Q1: 575,442 shares; 2025Q2: 817,837 shares; 2025Q3: 800,571 shares 800,571$8.69M7.7%-17,266Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,120 shares; 2024Q4: 109,356 shares; 2025Q1: 157,356 shares; 2025Q2: 134,356 shares; 2025Q3: 142,156 shares 142,156$6.4M5.67%+7,800Timeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,335,801 shares; 2025Q2: 1,335,801 shares; 2025Q3: 1,700,084 shares 1,700,084$5.64M5%+364,283Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 230,000 shares; 2025Q3: 250,000 shares 250,000$5.37M4.75%+20,000Timeline
GPMTGRANITE PT MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 700,000 shares; 2025Q1: 800,000 shares; 2025Q2: 665,783 shares; 2025Q3: 1,707,826 shares 1,707,826$5.12M4.54%+1,042,043Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 372,527 shares; 2025Q2: 446,720 shares; 2025Q3: 453,816 shares 453,816$4.72M4.18%+7,096Timeline
AEHRAEHR TEST SYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 139,560 shares 139,560$4.2M3.72%newTimeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,747 shares; 2024Q4: 57,795 shares; 2025Q1: 36,572 shares; 2025Q2: 47,389 shares; 2025Q3: 46,389 shares 46,389$4.01M3.55%-1,000Timeline
CDZICADIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 320,000 shares; 2025Q1: 987,500 shares; 2025Q2: 737,500 shares; 2025Q3: 828,666 shares 828,666$3.91M3.47%+91,166Timeline
XPOFXPONENTIAL FITNESS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,167 shares; 2024Q4: 171,167 shares; 2025Q1: 264,217 shares; 2025Q2: 771,417 shares; 2025Q3: 475,140 shares 475,140$3.7M3.28%-296,277Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 293,227 shares; 2025Q1: 293,227 shares; 2025Q2: 314,627 shares; 2025Q3: 314,627 shares 314,627$3.69M3.27%0Timeline
DUOTDUOS TECHNOLOGIES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 495,590 shares 495,590$3.65M3.23%newTimeline
BETRBETTER HOME & FINANCE HOLDINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,000 shares; 2025Q3: 60,700 shares 60,700$3.41M3.02%-84,300Timeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 422,000 shares 422,000$3.37M2.99%newTimeline
JAKKJAKKS PAC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 149,970 shares; 2025Q3: 179,520 shares 179,520$3.36M2.98%+29,550Timeline
LODECOMSTOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 957,423 shares 957,423$3.27M2.9%newTimeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,000 shares; 2024Q4: 145,228 shares; 2025Q1: 145,228 shares; 2025Q2: 145,228 shares; 2025Q3: 145,228 shares 145,228$3.23M2.86%0Timeline
ARQARQ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 490,000 shares; 2024Q4: not reported; 2025Q1: 693,652 shares; 2025Q2: 857,962 shares; 2025Q3: 442,020 shares 442,020$3.16M2.8%-415,942Timeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 550,000 shares 550,000$2.99M2.65%-50,000Timeline
NCMINATIONAL CINEMEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 650,000 shares 650,000$2.93M2.6%newTimeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 909,493 shares; 2024Q4: 507,570 shares; 2025Q1: 292,176 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$2.4M2.12%0Timeline
MFAMFA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,469 shares; 2025Q2: 225,469 shares; 2025Q3: 225,469 shares 225,469$2.07M1.84%0Timeline
WWWW INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 63,241 shares 63,241$1.73M1.53%newTimeline
ACRACRES COMMERCIAL REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 101,314 shares; 2025Q1: 76,682 shares; 2025Q2: 125,994 shares; 2025Q3: 72,543 shares 72,543$1.54M1.36%-53,451Timeline
SNYRSYNERGY CHC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,944 shares; 2025Q1: 105,944 shares; 2025Q2: not reported; 2025Q3: 555,000 shares 555,000$1.35M1.2%newTimeline
HPAIWHELPORT AI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,320,918 shares; 2024Q4: 1,320,918 shares; 2025Q1: 1,320,918 shares; 2025Q2: 1,304,514 shares; 2025Q3: 1,304,514 shares 1,304,514$258K0.23%0Timeline
CBUSCIBUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 857,000 shares; 2025Q3: 167,245 shares 167,245$216K0.19%-689,755Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
AEHRAEHR TEST SYS COMMON STOCKcall400,000$12Mnew
TRTXTPG RE FIN TR INC REITcall500,000$4.28M0
HPPHUDSON PAC PPTYS INC COMcall1,000,000$2.76M0
UAMYUNITED STATES ANTIMONY CORP COMcall420,000$2.6Mnew
KOSKOSMOS ENERGY LTD COMcall1,500,000$2.49M0
CDZICADIZ INC COM NEWcall500,000$2.36Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BZHBEAZER HOMES USA INC161,400$3.61Mshares
XPOFXPONENTIAL FITNESS INC200,000$1.5Mcall

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001599793-25-000005 base2025-11-14acceptance time not in the bulk data set