In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Gratia Capital, LLC reported 23 stock positions worth $105.5 million . Its top holding was TPG Re Finance Trust (TRTX) at 20.0% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 18.3% ) and Navios Maritime Partners (NMM, 6.5% ). Compared with Q4 2025, it opened 6 new positions, sold out of 9, added to 4 and reduced 10. The biggest buy was Franklin BSP Realty Trust (FBRT, shares +164% ) and the biggest sale Cadiz (CDZI, shares −66% ).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $105.5M (Q1 2026) Holdings 23 stocks · $105.5M 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 Q4 2025 TRTX TPG Re Finance Trust Inc. 2,701,749 $21.1M Add +33.0% FBRT Franklin BSP Realty Trust Inc. 2,278,700 $19.3M Add +164.1% NMM Navios Maritime Partners LP 101,856 $6.9M Reduce -24.4% DAVE Dave Inc. 34,225 $6.0M Add +15.5% WD Walker & Dunlop Inc. 113,000 $5.0M New CMTG Claros Mortgage Trust Inc. 1,700,084 $4.0M No change MCFT Mastercraft Boat Holdings Inc. 195,040 $4.0M Reduce -25.2% DUOT Duos Technologies Group Inc. 580,000 $4.0M New TEN Tsakos Energy Navigation Ltd. 100,028 $3.9M Reduce -30.2% BETR Better Home & Finance Holdin 110,353 $3.9M Add +8.6% LODE Comstock Inc. 1,106,421 $3.4M Reduce -4.3% SUNS Sunrise Realty Trust Inc. 438,816 $3.4M Reduce -3.3% ATEX Anterix Inc. 87,500 $3.3M New GPMT Granite Point Mortgage Trust 2,239,309 $3.2M No change MAGN Magnera Corp. 299,627 $2.8M Reduce -4.8% CDZI Cadiz Inc. 505,956 $2.5M Reduce -66.2% UHAL.B U-Haul Holding Co.-Non Voting 46,500 $2.1M New KOS Kosmos Energy Ltd. 719,800 $2.0M New AEHR Aehr Test Systems 51,560 $1.9M Reduce -62.5% ACHR Archer Aviation Inc. Class A 192,793 $997K No change NCMI National Cinemedia Inc. 318,000 $970K Reduce -51.1% SNYRQ Synergy CHC Corp. 550,000 $710K Reduce -0.9% UAMY United States Antimony Corp. 900 $8K New
Options reported separately and not counted above: IWM puts ($49.6M), AEHR calls ($25.8M), TRTX calls ($12.5M), ATEX calls ($7.6M), WY calls ($7.3M), WD calls ($6.7M), HPP calls ($5.9M), KOS calls ($4.2M), DHT calls ($1.8M), CDZI calls ($25K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $143K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,304,362 $143K No change
Total filed on the 13F, all lines: $105.7M.
Portfolio Sells Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ CDZI Cadiz Inc. Reduce -66.2% 2.35% −5.17 BYD Boyd Gaming Corp. Sold out 0.00% −3.54 WULF Terawulf Inc. Sold out 0.00% −3.13 JAKK Jakks Pacific Inc. Sold out 0.00% −2.72 BRSP Brightspire Capital Inc. Sold out 0.00% −2.52 AZ A2Z CUST2MATE Solutions Corp. Sold out 0.00% −2.31 MFA Mfa Financial Inc. Sold out 0.00% −1.88 MAGN Magnera Corp. Reduce -4.8% 2.70% −1.57 NCMI National Cinemedia Inc. Reduce -51.1% 0.92% −1.35 BZH Beazer Homes USA Inc. Sold out 0.00% −0.84 DDI Doubledown Interactive -ADR Sold out 0.00% −0.70 LODE Comstock Inc. Reduce -4.3% 3.20% −0.70 AEHR Aehr Test Systems Reduce -62.5% 1.81% −0.68 SUNS Sunrise Realty Trust Inc. Reduce -3.3% 3.19% −0.65 MCFT Mastercraft Boat Holdings Inc. Reduce -25.2% 3.79% −0.63 ARQ Arq Inc. Sold out 0.00% −0.45 SNYRQ Synergy CHC Corp. Reduce -0.9% 0.67% −0.25 NMM Navios Maritime Partners LP Reduce -24.4% 6.51% +0.18 TEN Tsakos Energy Navigation Ltd. Reduce -30.2% 3.74% +0.86
Portfolio Buys Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ FBRT Franklin BSP Realty Trust Inc. Add +164.1% 18.33% +10.57 WD Walker & Dunlop Inc. New 4.75% +4.75 TRTX TPG Re Finance Trust Inc. Add +33.0% 19.99% +4.32 DUOT Duos Technologies Group Inc. New 3.77% +3.77 ATEX Anterix Inc. New 3.17% +3.17 UHAL.B U-Haul Holding Co.-Non Voting New 1.97% +1.97 KOS Kosmos Energy Ltd. New 1.90% +1.90 BETR Better Home & Finance Holdin Add +8.6% 3.72% +0.76 UAMY United States Antimony Corp. New 0.01% +0.01 DAVE Dave Inc. Add +15.5% 5.65% −0.23
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 200,000 $49.6M AEHR Aehr Test Systems call Add +74.3% 697,000 $25.8M TRTX TPG Re Finance Trust Inc. call New 1,600,000 $12.5M ATEX Anterix Inc. call New 200,000 $7.6M WY Weyerhaeuser Co. call New 300,000 $7.3M WD Walker & Dunlop Inc. call New 150,000 $6.7M UAMY United States Antimony Corp. call Sold out 420,000 $2.1Mbefore exit DHT DHT Holdings Inc. call New 100,000 $1.8M CDZI Cadiz Inc. call New 5,000 $25K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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