In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Gratia Capital, LLC reported 24 stock positions worth $87.0 million . Its top holding was TPG Re Finance Trust (TRTX) at 19.9% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 16.6% ) and Comstock (LODE, 8.9% ). Compared with Q1 2026, it opened 8 new positions, sold out of 7, added to 2 and reduced 13. The biggest buy was Comstock (LODE, shares +69% ) and the biggest sale an exit from Dave (DAVE).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $87.0M (Q2 2026) Holdings 24 stocks · $87.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 TRTX TPG Re Finance Trust Inc. 2,067,333 $17.3M Reduce -23.5% FBRT Franklin BSP Realty Trust Inc. 1,769,370 $14.4M Reduce -22.4% LODE Comstock Inc. 1,868,323 $7.8M Add +68.9% MCFT Mastercraft Boat Holdings Inc. 153,917 $4.0M Reduce -21.1% NMM Navios Maritime Partners LP 52,967 $3.7M Reduce -48.0% ADTN Adtran Holdings Inc. 250,492 $3.5M New SHIM Shimmick Corp. 726,936 $3.3M New DUOT Duos Technologies Group Inc. 270,275 $3.2M Reduce -53.4% CMTG Claros Mortgage Trust Inc. 1,301,212 $3.1M Reduce -23.5% BETR Better Home & Finance Holdin 100,458 $2.8M Reduce -9.0% SUNS Sunrise Realty Trust Inc. 339,355 $2.7M Reduce -22.7% MAGN Magnera Corp. 224,872 $2.6M Reduce -24.9% GPMT Granite Point Mortgage Trust 1,739,211 $2.6M Reduce -22.3% TEN Tsakos Energy Navigation Ltd. 65,232 $2.3M Reduce -34.8% UHAL.B U-Haul Holding Co.-Non Voting 36,067 $2.1M Reduce -22.4% KOS Kosmos Energy Ltd. 963,678 $2.0M Add +33.9% TGEN Tecogen Inc./Waltham Ma 388,660 $2.0M New NB Niocorp Developments Ltd. 410,000 $2.0M New METC Ramaco Resources Inc. Class A 138,000 $1.8M New ACHR Archer Aviation Inc. Class A 192,793 $912K No change WD Walker & Dunlop Inc. 16,619 $909K Reduce -85.3% HFRO Highland Opport & Income 124,725 $889K New ONIT Onity Group Inc. 21,000 $835K New ACRE Ares Commercial Real Estate 55,056 $248K New
Options reported separately and not counted above: AEHR calls ($55.3M), HPP calls ($7.6M), WD calls ($6.4M), WY calls ($5.5M), KOS calls ($2.4M), AKAM calls ($1.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $33K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 994,071 $33K Reduce -23.8%
Total filed on the 13F, all lines: $87.0M.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ DAVE Dave Inc. Sold out 0.00% −5.65 WD Walker & Dunlop Inc. Reduce -85.3% 1.04% −3.71 ATEX Anterix Inc. Sold out 0.00% −3.17 CDZI Cadiz Inc. Sold out 0.00% −2.35 NMM Navios Maritime Partners LP Reduce -48.0% 4.27% −2.25 AEHR Aehr Test Systems Sold out 0.00% −1.81 FBRT Franklin BSP Realty Trust Inc. Reduce -22.4% 16.55% −1.78 TEN Tsakos Energy Navigation Ltd. Reduce -34.8% 2.65% −1.09 NCMI National Cinemedia Inc. Sold out 0.00% −0.92 SNYRQ Synergy CHC Corp. Sold out 0.00% −0.67 BETR Better Home & Finance Holdin Reduce -9.0% 3.18% −0.55 CMTG Claros Mortgage Trust Inc. Reduce -23.5% 3.51% −0.32 SUNS Sunrise Realty Trust Inc. Reduce -22.7% 3.08% −0.11 TRTX TPG Re Finance Trust Inc. Reduce -23.5% 19.89% −0.11 GPMT Granite Point Mortgage Trust Reduce -22.3% 3.00% −0.08 DUOT Duos Technologies Group Inc. Reduce -53.4% 3.73% −0.04 UAMY United States Antimony Corp. Sold out 0.00% −0.01 MAGN Magnera Corp. Reduce -24.9% 3.04% +0.34 UHAL.B U-Haul Holding Co.-Non Voting Reduce -22.4% 2.39% +0.42 MCFT Mastercraft Boat Holdings Inc. Reduce -21.1% 4.57% +0.78
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ LODE Comstock Inc. Add +68.9% 8.93% +5.74 ADTN Adtran Holdings Inc. New 4.00% +4.00 SHIM Shimmick Corp. New 3.82% +3.82 TGEN Tecogen Inc./Waltham Ma New 2.33% +2.33 NB Niocorp Developments Ltd. New 2.27% +2.27 METC Ramaco Resources Inc. Class A New 2.10% +2.10 HFRO Highland Opport & Income New 1.02% +1.02 ONIT Onity Group Inc. New 0.96% +0.96 KOS Kosmos Energy Ltd. Add +33.9% 2.34% +0.44 ACRE Ares Commercial Real Estate New 0.28% +0.28
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ AEHR Aehr Test Systems call Reduce -17.4% 575,500 $55.3M IWM iShares Russell 2000 ETF put Sold out 200,000 $49.6Mbefore exit TRTX TPG Re Finance Trust Inc. call Sold out 1,600,000 $12.5Mbefore exit ATEX Anterix Inc. call Sold out 200,000 $7.6Mbefore exit HPP Hudson Pacific Properties Inc. call Reduce -50.0% 500,000 $7.6M WD Walker & Dunlop Inc. call Reduce -22.5% 116,300 $6.4M WY Weyerhaeuser Co. call Reduce -23.1% 230,600 $5.5M KOS Kosmos Energy Ltd. call Reduce -24.2% 1,137,300 $2.4M DHT DHT Holdings Inc. call Sold out 100,000 $1.8Mbefore exit AKAM Akamai Technologies Inc. call New 10,000 $1.2M CDZI Cadiz Inc. call Sold out 5,000 $25Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 Reduce -23.8% 994,071 $33K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 24 $87.0M TRTX, FBRT, LODE, MCFT, NMM Q1 2026 23 $105.5M TRTX, FBRT, NMM, DAVE, WD Q4 2025 26 $111.6M TRTX, FBRT, CDZI, NMM, DAVE Q3 2025 27 $112.6M TRTX, FBRT, NMM, CMTG, MCFT Q2 2025 21 $91.6M TRTX, FBRT, XPOF, NMM, SUNS Q1 2025 22 $87.4M TRTX, FBRT, NMM, MAGN, CMTG Q4 2024 22 $85.2M TRTX, FBRT, FCFS, MAGN, CBL Q3 2024 16 $69.8M TRTX, NMM, BYD, FCFS, NVGS Q2 2024 15 $64.9M TRTX, XPOF, BYD, NMM, FCFS Q1 2024 14 $58.2M TRTX, BYD, NMM, BZH, FCFS