Gratia Capital, LLC
Gratia Capital, LLC reported 25 US-listed holdings worth $87.0 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: TPG Re Fin Trust Inc. (19.9%), Franklin BSP Realty Trust, Inc. (16.5%) and Comstock Inc. (8.9%). Against the quarter before, it opened 8 positions, added to 2, trimmed 14 and sold out of 7.
The 14 largest of its 25 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +13.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 8
- Adtran Holdings Inc. ADTN$3.5 million
- Shimmick Corporation SHIM$3.3 million
- Tecogen Inc. TGEN$2.0 million
- Niocorp Devs Ltd NB$2.0 million
- Ramaco Res Inc. METC$1.8 million
- Highland Opportunities HFRO$889,289
- Onity Group Inc. ONIT$834,750
- Ares Coml Real Estate Corp. ACRE$247,752
Added to 2
- Comstock Inc. LODE+761,902 shares · +69%
- Kosmos Energy Ltd. KOS+243,878 shares · +34%
Trimmed 14
- TPG Re Fin Trust Inc. TRTX-634,416 shares · -23%
- Walker & Dunlop, Inc. WD-96,381 shares · -85%
- Franklin BSP Realty Trust, Inc. FBRT-509,330 shares · -22%
- Duos Technologies Group Inc. DUOT-309,725 shares · -53%
- Navios Maritime Partners L P Com Unit Lpi NMM-48,889 shares · -48%
- Tsakos Energy Navigation Ltd TEN-34,796 shares · -35%
- Mastercraft Boat Hldgs Inc. MCFT-41,123 shares · -21%
- Claros MTG Trust Inc. CMTG-398,872 shares · -23%
and 6 more in the table below
Sold out of 7
- Dave Inc. DAVE$6.0 million last quarter
- Anterix Inc. ATEX$3.3 million last quarter
- Cadiz Inc. CDZI$2.5 million last quarter
- Aehr Test Systems AEHR$1.9 million last quarter
- National Cinemedia Inc. NCMI$969,900 last quarter
- Synergy CHC Corp. SNYR$709,500 last quarter
- United States Antimony Corp. UAMY$7,857 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| TPG Re Fin Trust Inc. TRTX | 2.1M | $17.3 million | 19.88% | -634.4K |
| Franklin BSP Realty Trust, Inc. FBRT | 1.8M | $14.4 million | 16.55% | -509.3K |
| Comstock Inc. LODE | 1.9M | $7.8 million | 8.93% | +761.9K |
| Mastercraft Boat Hldgs Inc. MCFT | 153.9K | $4.0 million | 4.57% | -41.1K |
| Navios Maritime Partners L P Com Unit Lpi NMM | 53.0K | $3.7 million | 4.26% | -48.9K |
| Adtran Holdings Inc. ADTN | 250.5K | $3.5 million | 4.00% | new |
| Shimmick Corporation SHIM | 726.9K | $3.3 million | 3.82% | new |
| Duos Technologies Group Inc. DUOT | 270.3K | $3.2 million | 3.73% | -309.7K |
| Claros MTG Trust Inc. CMTG | 1.3M | $3.1 million | 3.51% | -398.9K |
| Better Home & Finance Holding BETR | 100.5K | $2.8 million | 3.17% | -9.9K |
| Sunrise Rlty Trust Inc. SUNS | 339.4K | $2.7 million | 3.08% | -99.5K |
| Magnera Corp. Com SHS MAGN | 224.9K | $2.6 million | 3.04% | -74.8K |
| Granite Point Mortgage Trust GPMT | 1.7M | $2.6 million | 3.00% | -500.1K |
| Tsakos Energy Navigation Ltd TEN | 65.2K | $2.3 million | 2.65% | -34.8K |
| U Haul Holding Company UHALB | 36.1K | $2.1 million | 2.39% | -10.4K |
| Kosmos Energy Ltd. KOS | 963.7K | $2.0 million | 2.34% | +243.9K |
| Tecogen Inc. TGEN | 388.7K | $2.0 million | 2.33% | new |
| Niocorp Devs Ltd NB | 410.0K | $2.0 million | 2.27% | new |
| Ramaco Res Inc. METC | 138.0K | $1.8 million | 2.10% | new |
| Archer Aviation Inc. ACHR | 192.8K | $911,911 | 1.05% | no change |
| Walker & Dunlop, Inc. WD | 16.6K | $909,059 | 1.04% | -96.4K |
| Highland Opportunities HFRO | 124.7K | $889,289 | 1.02% | new |
| Onity Group Inc. ONIT | 21.0K | $834,750 | 0.96% | new |
| Ares Coml Real Estate Corp. ACRE | 55.1K | $247,752 | 0.28% | new |
| Helport Ai Ltd HPAIW | 994.1K | $32,606 | 0.04% | -310.3K |
Read more
Change is shares against its 13F for the quarter before; the 7 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Aehr Test Systems AEHR | Calls | 575.5K | $55.3 million |
| Hudson Pac Pptys Inc. HPP | Calls | 500.0K | $7.6 million |
| Walker & Dunlop, Inc. WD | Calls | 116.3K | $6.4 million |
| Weyerhaeuser Co. WY | Calls | 230.6K | $5.5 million |
| Kosmos Energy Ltd. KOS | Calls | 1.1M | $2.4 million |
| Akamai Technologies Inc. AKAM | Calls | 10.0K | $1.2 million |
6 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.