GRATIA CAPITAL, LLC Hedge Fund

Location: Los Angeles, CA

CIK: 0001599793 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $134M (100.0% shares, 0.0% debt)

Holdings (31)

TRTX TPG RE FIN TR INC 13.0%

Value $17.49M Shares 2,031,368 Est. Cost $7.86 Unrealized —

HPP HUDSON PAC PPTYS INC 8.1%

Value $10.83M Shares 1,000,000 Est. Cost — Unrealized —

FBRT FRANKLIN BSP RLTY TR INC 6.5%

Value $8.655M Shares 862,922 Est. Cost $12.01 Unrealized —

CDZI CADIZ INC 6.3%

Value $8.395M Shares 1,496,494 Est. Cost $4.65 Unrealized +15.5%

AEHR AEHR TEST SYS 6.0%

Value $8.076M Shares 400,000 Est. Cost $21.65 Unrealized +11.7%

NMM NAVIOS MARITIME PARTNERS L P 5.3%

Value $7.06M Shares 134,656 Est. Cost $31.68 Unrealized —

DAVE DAVE INC 4.9%

Value $6.559M Shares 29,625 Est. Cost $215.10 Unrealized 0.0%

GPMT GRANITE PT MTG TR INC 4.0%

Value $5.374M Shares 2,239,309 Est. Cost $2.79 Unrealized —

CMTG CLAROS MTG TR INC 3.9%

Value $5.202M Shares 1,700,084 Est. Cost $3.64 Unrealized —

MCFT MASTERCRAFT BOAT HLDGS INC 3.7%

Value $4.932M Shares 260,840 Est. Cost $17.50 Unrealized +12.7%

MAGN MAGNERA CORP 3.6%

Value $4.763M Shares 314,627 Est. Cost $20.01 Unrealized -42.1%

LODE COMSTOCK INC 3.2%

Value $4.348M Shares 1,156,423 Est. Cost $3.16 Unrealized +7.4%

SUNS SUNRISE RLTY TR INC 3.2%

Value $4.279M Shares 453,816 Est. Cost $10.98 Unrealized —

BYD BOYD GAMING CORP 2.9%

Value $3.954M Shares 46,389 Est. Cost $66.05 Unrealized +24.6%

WULF TERAWULF INC 2.6%

Value $3.493M Shares 304,038 Est. Cost $13.40 Unrealized 0.0%

BETR BETTER HOME & FINANCE HOLDIN 2.5%

Value $3.312M Shares 101,663 Est. Cost $29.52 Unrealized +83.1%

TEN TSAKOS ENERGY NAVIGATION LTD 2.4%

Value $3.211M Shares 143,228 Est. Cost $24.46 Unrealized -4.3%

JAKK JAKKS PAC INC 2.3%

Value $3.03M Shares 179,520 Est. Cost $19.35 Unrealized -11.4%

BRSP BRIGHTSPIRE CAPITAL INC 2.1%

Value $2.809M Shares 501,585 Est. Cost $5.64 Unrealized —

AEHR AEHR TEST SYS 2.1%

Value $2.777M Shares 137,560 Est. Cost $21.65 Unrealized +11.7%

AZ A2Z CUST2MATE SOLUTIONS CORP 1.9%

Value $2.574M Shares 395,410 Est. Cost $9.48 Unrealized -32.2%

NCMI NATIONAL CINEMEDIA INC 1.9%

Value $2.529M Shares 650,000 Est. Cost $4.66 Unrealized -11.2%

UAMY UNITED STATES ANTIMONY CORP 1.6%

Value $2.108M Shares 420,000 Est. Cost — Unrealized —

MFA MFA FINL INC 1.6%

Value $2.099M Shares 225,469 Est. Cost $10.26 Unrealized —

ACHR ARCHER AVIATION INC 1.1%

Value $1.45M Shares 192,793 Est. Cost $4.48 Unrealized +109.9%

KOS KOSMOS ENERGY LTD 1.0%

Value $1.365M Shares 1,500,000 Est. Cost — Unrealized —

SNYR SYNERGY CHC CORP 0.8%

Value $1.032M Shares 555,000 Est. Cost $3.02 Unrealized -28.8%

BZH BEAZER HOMES USA INC 0.7%

Value $935K Shares 46,131 Est. Cost $22.25 Unrealized 0.0%

DDI DOUBLEDOWN INTERACTIVE CO LT 0.6%

Value $784K Shares 90,870 Est. Cost $8.63 Unrealized —

ARQ ARQ INC 0.4%

Value $507K Shares 155,000 Est. Cost $5.43 Unrealized -10.0%

HPAIW HELPORT AI LTD 0.2%

Value $208K Shares 1,304,362 Est. Cost $0.10 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRTX	TPG RE FIN TR INC	2,031,368	$17.49M	13.0%	$7.86	—	COM	87266M107
HPP	HUDSON PAC PPTYS INC	1,000,000	$10.83M	8.1%	—	—	Call	444097406
FBRT	FRANKLIN BSP RLTY TR INC	862,922	$8.655M	6.5%	$12.01	—	COMMON STOCK	35243J101
CDZI	CADIZ INC	1,496,494	$8.395M	6.3%	$4.65	+15.5%	COM NEW	127537207
AEHR	AEHR TEST SYS	400,000	$8.076M	6.0%	$21.65	+11.7%	Call	00760J108
NMM	NAVIOS MARITIME PARTNERS L P	134,656	$7.06M	5.3%	$31.68	—	COM UNIT LPI	Y62267409
DAVE	DAVE INC	29,625	$6.559M	4.9%	$215.10	0.0%	CLASS A COM NEW	23834J201
GPMT	GRANITE PT MTG TR INC	2,239,309	$5.374M	4.0%	$2.79	—	COM STK	38741L107
CMTG	CLAROS MTG TR INC	1,700,084	$5.202M	3.9%	$3.64	—	COMMON STOCK	18270D106
MCFT	MASTERCRAFT BOAT HLDGS INC	260,840	$4.932M	3.7%	$17.50	+12.7%	COM	57637H103
MAGN	MAGNERA CORP	314,627	$4.763M	3.6%	$20.01	-42.1%	COM SHS	55939A107
LODE	COMSTOCK INC	1,156,423	$4.348M	3.2%	$3.16	+7.4%	COM SHS	205750409
SUNS	SUNRISE RLTY TR INC	453,816	$4.279M	3.2%	$10.98	—	COM	867981102
BYD	BOYD GAMING CORP	46,389	$3.954M	2.9%	$66.05	+24.6%	COM	103304101
WULF	TERAWULF INC	304,038	$3.493M	2.6%	$13.40	0.0%	COM	88080T104
BETR	BETTER HOME & FINANCE HOLDIN	101,663	$3.312M	2.5%	$29.52	+83.1%	COM NEW CL A	08774B508
TEN	TSAKOS ENERGY NAVIGATION LTD	143,228	$3.211M	2.4%	$24.46	-4.3%	SHS	G9108L173
JAKK	JAKKS PAC INC	179,520	$3.03M	2.3%	$19.35	-11.4%	COM NEW	47012E403
BRSP	BRIGHTSPIRE CAPITAL INC	501,585	$2.809M	2.1%	$5.64	—	COM CL A	10949T109
AEHR	AEHR TEST SYS	137,560	$2.777M	2.1%	$21.65	+11.7%	COM	00760J108
AZ	A2Z CUST2MATE SOLUTIONS CORP	395,410	$2.574M	1.9%	$9.48	-32.2%	COM	002205102
NCMI	NATIONAL CINEMEDIA INC	650,000	$2.529M	1.9%	$4.66	-11.2%	COM NEW	635309206
UAMY	UNITED STATES ANTIMONY CORP	420,000	$2.108M	1.6%	—	—	Call	911549103
MFA	MFA FINL INC	225,469	$2.099M	1.6%	$10.26	—	COM	55272X607
ACHR	ARCHER AVIATION INC	192,793	$1.45M	1.1%	$4.48	+109.9%	COM CL A	03945R102
KOS	KOSMOS ENERGY LTD	1,500,000	$1.365M	1.0%	—	—	Call	500688106
SNYR	SYNERGY CHC CORP	555,000	$1.032M	0.8%	$3.02	-28.8%	COM NEW	87165D208
BZH	BEAZER HOMES USA INC	46,131	$935K	0.7%	$22.25	0.0%	COM NEW	07556Q881
DDI	DOUBLEDOWN INTERACTIVE CO LT	90,870	$784K	0.6%	$8.63	—	ADS	25862B109
ARQ	ARQ INC	155,000	$507K	0.4%	$5.43	-10.0%	COM	00770C101
HPAIW	HELPORT AI LTD	1,304,362	$208K	0.2%	$0.10	—	*W EXP 03/31/202	G4R52R111