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GRATIA CAPITAL, LLC

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13F filer, CIK 1599793, LOS ANGELES, CA

GRATIA CAPITAL, LLC reported $227,172,839 across 34 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 74% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599793-26-000003

Period
2026-03-31
Reported value
$227M
Holdings
34
Top 10 weight
74%
New
13
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FBRTadded+1,415,778$12M
TRTXadded+670,381$5.24M
WDnew+113,000$5.01M
DUOTnew+580,000$3.98M
ATEXnew+87,500$3.34M

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
CDZIreduced-990,538-$4.86M
BYDexited-46,389-$3.95M
WULFexited-304,038-$3.49M
AEHRreduced-86,000-$3.19M
JAKKexited-179,520-$3.03M

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, Q1 2026

Share positions as resolved from 13F-HR 0001599793-26-000003, largest first. % of portfolio is the value over $105,676,529, 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; 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; 2026Q1: 2,701,749 shares 2,701,749$21.1M19.97%+670,381Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,278,700 shares 2,278,700$19.3M18.31%+1,415,778Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 101,856 shares 101,856$6.87M6.5%-32,800Timeline
DAVEDAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 29,625 shares; 2026Q1: 34,225 shares 34,225$5.96M5.64%+4,600Timeline
WDWALKER & DUNLOP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 113,000 shares 113,000$5.01M4.75%newTimeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,700,084 shares 1,700,084$4.05M3.83%0Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 230,000 shares; 2025Q3: 250,000 shares; 2025Q4: 260,840 shares; 2026Q1: 195,040 shares 195,040$4M3.79%-65,800Timeline
DUOTDUOS TECHNOLOGIES GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 495,590 shares; 2025Q4: not reported; 2026Q1: 580,000 shares 580,000$3.98M3.77%newTimeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 100,028 shares 100,028$3.95M3.74%-43,200Timeline
BETRBETTER HOME & FINANCE HOLDINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,000 shares; 2025Q3: 60,700 shares; 2025Q4: 101,663 shares; 2026Q1: 110,353 shares 110,353$3.93M3.72%+8,690Timeline
LODECOMSTOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 957,423 shares; 2025Q4: 1,156,423 shares; 2026Q1: 1,106,421 shares 1,106,421$3.37M3.19%-50,002Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 372,527 shares; 2025Q2: 446,720 shares; 2025Q3: 453,816 shares; 2025Q4: 453,816 shares; 2026Q1: 438,816 shares 438,816$3.37M3.18%-15,000Timeline
ATEXANTERIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 87,500 shares 87,500$3.34M3.16%newTimeline
GPMTGRANITE PT MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,239,309 shares 2,239,309$3.25M3.07%0Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 299,627 shares 299,627$2.85M2.7%-15,000Timeline
CDZICADIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 505,956 shares 505,956$2.48M2.35%-990,538Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 46,500 shares 46,500$2.08M1.97%newTimeline
KOSKOSMOS ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 719,800 shares 719,800$2M1.89%newTimeline
AEHRAEHR TEST SYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 139,560 shares; 2025Q4: 137,560 shares; 2026Q1: 51,560 shares 51,560$1.91M1.81%-86,000Timeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 192,793 shares 192,793$997K0.94%0Timeline
NCMINATIONAL CINEMEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 650,000 shares; 2025Q4: 650,000 shares; 2026Q1: 318,000 shares 318,000$970K0.92%-332,000Timeline
SNYRSYNERGY CHC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,944 shares; 2025Q1: 105,944 shares; 2025Q2: not reported; 2025Q3: 555,000 shares; 2025Q4: 555,000 shares; 2026Q1: 550,000 shares 550,000$710K0.67%-5,000Timeline
HPAIWHELPORT AI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,304,362 shares 1,304,362$143K0.14%0Timeline
UAMYUNITED STATES ANTIMONY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 900 shares 900$7.86K0.01%newTimeline

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
IWMISHARES TR SHSput200,000$49.6Mnew
AEHRAEHR TEST SYS COMMON STOCKcall697,000$25.8M+297,000
TRTXTPG RE FIN TR INC REITcall1,600,000$12.5Mnew
ATEXANTERIX INC COMMON STOCKcall200,000$7.64Mnew
WYWEYERHAEUSER CO REITcall300,000$7.33Mnew
WDWALKER & DUNLOP INC STOKcall150,000$6.66Mnew
HPPHUDSON PACIFIC PROPERTIES IN COMcall1,000,000$5.91M0
KOSKOSMOS ENERGY LTD COMcall1,500,000$4.17M0
DHTDHT HOLDINGS INC SHS NEWcall100,000$1.83Mnew
CDZICADIZ INC COM NEWcall5,000$24.6Knew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
BYDBOYD GAMING CORP46,389$3.95Mshares
WULFTERAWULF INC304,038$3.49Mshares
JAKKJAKKS PAC INC179,520$3.03Mshares
BRSPBRIGHTSPIRE CAPITAL INC501,585$2.81Mshares
AZA2Z CUST2MATE SOLUTIONS CORP395,410$2.57Mshares
UAMYUNITED STATES ANTIMONY CORP420,000$2.11Mcall
MFAMFA FINL INC225,469$2.1Mshares
BZHBEAZER HOMES USA INC46,131$935Kshares
DDIDOUBLEDOWN INTERACTIVE CO LT90,870$784Kshares
ARQARQ INC155,000$507Kshares

How Q1 2026 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 0001599793-26-000003 base2026-05-15acceptance time not in the bulk data set