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GRATIA CAPITAL, LLC

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13F filer, CIK 1599793, LOS ANGELES, CA

GRATIA CAPITAL, LLC reported $134,144,456 across 31 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 65.12% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599793-26-000002

Period
2025-12-31
Reported value
$134M
Holdings
31
Top 10 weight
65.12%
New
5
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DAVEnew+29,625$6.56M
CDZIadded+667,828$3.75M
WULFnew+304,038$3.49M
BETRadded+40,963$1.33M
GPMTadded+531,483$1.28M

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
XPOFexited-475,140-$3.7M
DUOTexited-495,590-$3.65M
WWexited-63,241-$1.73M
ACRexited-72,543-$1.54M
TRTXreduced-127,419-$1.1M

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, Q4 2025

Share positions as resolved from 13F-HR 0001599793-26-000002, largest first. % of portfolio is the value over $111,765,056, 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; 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; 2025Q4: 2,031,368 shares 2,031,368$17.5M15.65%-127,419Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 296,500 shares; 2024Q4: 622,622 shares; 2025Q1: 575,442 shares; 2025Q2: 817,837 shares; 2025Q3: 800,571 shares; 2025Q4: 862,922 shares 862,922$8.66M7.74%+62,351Timeline
CDZICADIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 320,000 shares; 2025Q1: 987,500 shares; 2025Q2: 737,500 shares; 2025Q3: 828,666 shares; 2025Q4: 1,496,494 shares 1,496,494$8.4M7.51%+667,828Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,120 shares; 2024Q4: 109,356 shares; 2025Q1: 157,356 shares; 2025Q2: 134,356 shares; 2025Q3: 142,156 shares; 2025Q4: 134,656 shares 134,656$7.06M6.32%-7,500Timeline
DAVEDAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 29,625 shares 29,625$6.56M5.87%newTimeline
GPMTGRANITE PT MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 700,000 shares; 2025Q1: 800,000 shares; 2025Q2: 665,783 shares; 2025Q3: 1,707,826 shares; 2025Q4: 2,239,309 shares 2,239,309$5.37M4.81%+531,483Timeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,700,084 shares 1,700,084$5.2M4.65%0Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 230,000 shares; 2025Q3: 250,000 shares; 2025Q4: 260,840 shares 260,840$4.93M4.41%+10,840Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 293,227 shares; 2025Q1: 293,227 shares; 2025Q2: 314,627 shares; 2025Q3: 314,627 shares; 2025Q4: 314,627 shares 314,627$4.76M4.26%0Timeline
LODECOMSTOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 957,423 shares; 2025Q4: 1,156,423 shares 1,156,423$4.35M3.89%+199,000Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 372,527 shares; 2025Q2: 446,720 shares; 2025Q3: 453,816 shares; 2025Q4: 453,816 shares 453,816$4.28M3.83%0Timeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,747 shares; 2024Q4: 57,795 shares; 2025Q1: 36,572 shares; 2025Q2: 47,389 shares; 2025Q3: 46,389 shares; 2025Q4: 46,389 shares 46,389$3.95M3.54%0Timeline
WULFTERAWULF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 304,038 shares 304,038$3.49M3.13%newTimeline
BETRBETTER HOME & FINANCE HOLDINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,000 shares; 2025Q3: 60,700 shares; 2025Q4: 101,663 shares 101,663$3.31M2.96%+40,963Timeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,000 shares; 2024Q4: 145,228 shares; 2025Q1: 145,228 shares; 2025Q2: 145,228 shares; 2025Q3: 145,228 shares; 2025Q4: 143,228 shares 143,228$3.21M2.87%-2,000Timeline
JAKKJAKKS PAC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 149,970 shares; 2025Q3: 179,520 shares; 2025Q4: 179,520 shares 179,520$3.03M2.71%0Timeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 550,000 shares; 2025Q4: 501,585 shares 501,585$2.81M2.51%-48,415Timeline
AEHRAEHR TEST SYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 139,560 shares; 2025Q4: 137,560 shares 137,560$2.78M2.48%-2,000Timeline
AZA2Z CUST2MATE SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 422,000 shares; 2025Q4: 395,410 shares 395,410$2.57M2.3%-26,590Timeline
NCMINATIONAL CINEMEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 650,000 shares; 2025Q4: 650,000 shares 650,000$2.53M2.26%0Timeline
MFAMFA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,469 shares; 2025Q2: 225,469 shares; 2025Q3: 225,469 shares; 2025Q4: 225,469 shares 225,469$2.1M1.88%0Timeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 909,493 shares; 2024Q4: 507,570 shares; 2025Q1: 292,176 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares; 2025Q4: 192,793 shares 192,793$1.45M1.3%-57,207Timeline
SNYRSYNERGY CHC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,944 shares; 2025Q1: 105,944 shares; 2025Q2: not reported; 2025Q3: 555,000 shares; 2025Q4: 555,000 shares 555,000$1.03M0.92%0Timeline
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,794 shares; 2024Q4: 80,000 shares; 2025Q1: 136,400 shares; 2025Q2: 161,400 shares; 2025Q3: not reported; 2025Q4: 46,131 shares 46,131$935K0.84%newTimeline
DDIDOUBLEDOWN INTERACTIVE CO LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 90,870 shares 90,870$784K0.7%newTimeline
ARQARQ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 490,000 shares; 2024Q4: not reported; 2025Q1: 693,652 shares; 2025Q2: 857,962 shares; 2025Q3: 442,020 shares; 2025Q4: 155,000 shares 155,000$507K0.45%-287,020Timeline
HPAIWHELPORT AI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,304,362 shares 1,304,362$208K0.19%-152Timeline

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
HPPHUDSON PACIFIC PROPERTIES IN COMcall1,000,000$10.8Mnew
AEHRAEHR TEST SYS COMMON STOCKcall400,000$8.08M0
UAMYUNITED STATES ANTIMONY CORP COMcall420,000$2.11M0
KOSKOSMOS ENERGY LTD COMcall1,500,000$1.36M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
TRTXTPG RE FIN TR INC500,000$4.28Mcall
XPOFXPONENTIAL FITNESS INC475,140$3.7Mshares
DUOTDUOS TECHNOLOGIES GROUP INC495,590$3.65Mshares
HPPHUDSON PAC PPTYS INC1,000,000$2.76Mcall
CDZICADIZ INC500,000$2.36Mcall
WWWW INTL INC63,241$1.73Mshares
ACRACRES COMMERCIAL REALTY CORP72,543$1.54Mshares
CBUSCIBUS INC167,245$216Kshares

How Q4 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 0001599793-26-000002 base2026-02-17acceptance time not in the bulk data set