GRATIA CAPITAL, LLC Hedge Fund

CIK: 0001599793 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $134,144 (100.0% shares, 0.0% debt)

Holdings (31)

New Positions (5)

HPP HUDSON PAC PPTYS INC 8.1%

Value ($000) $10,830 Shares 1,000,000 Est. Cost — Unrealized —

DAVE DAVE INC 4.9%

Value ($000) $6,559 Shares 29,625 Est. Cost $215.10 Unrealized 0.0%

WULF TERAWULF INC 2.6%

Value ($000) $3,493 Shares 304,038 Est. Cost $13.40 Unrealized 0.0%

BZH BEAZER HOMES USA INC 0.7%

Value ($000) $935 Shares 46,131 Est. Cost $22.25 Unrealized 0.0%

DDI DOUBLEDOWN INTERACTIVE CO LT 0.6%

Value ($000) $784 Shares 90,870 Est. Cost $8.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HPP	HUDSON PAC PPTYS INC	1,000,000	$10,830	8.1%	—	—	CALL	444097406
DAVE	DAVE INC	29,625	$6,559	4.9%	$215.10	0.0%	CLASS A COM NEW	23834J201
WULF	TERAWULF INC	304,038	$3,493	2.6%	$13.40	0.0%	COM	88080T104
BZH	BEAZER HOMES USA INC	46,131	$935	0.7%	$22.25	0.0%	COM NEW	07556Q881
DDI	DOUBLEDOWN INTERACTIVE CO LT	90,870	$784	0.6%	$8.63	—	ADS	25862B109

Increased Positions (6)

CDZI CADIZ INC 6.3%

Value ($000) $8,395 (+114.6%) Shares 1,496,494 (+80.6%) Est. Cost $4.65 Unrealized +15.5%

LODE COMSTOCK INC 3.2%

Value ($000) $4,348 (+32.8%) Shares 1,156,423 (+20.8%) Est. Cost $3.16 Unrealized +7.4%

MCFT MASTERCRAFT BOAT HLDGS INC 3.7%

Value ($000) $4,932 (-8.1%) Shares 260,840 (+4.3%) Est. Cost $17.50 Unrealized +12.7%

GPMT GRANITE PT MTG TR INC 4.0%

Value ($000) $5,374 (+4.9%) Shares 2,239,309 (+31.1%) Est. Cost $2.79 Unrealized —

BETR BETTER HOME & FINANCE HOLDIN 2.5%

Value ($000) $3,312 (-2.8%) Shares 101,663 (+67.5%) Est. Cost $29.52 Unrealized +83.1%

FBRT FRANKLIN BSP RLTY TR INC 6.5%

Value ($000) $8,655 (-0.4%) Shares 862,922 (+7.8%) Est. Cost $12.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDZI	CADIZ INC	1,496,494 (+80.6%)	$8,395 (+114.6%)	6.3%	$4.65	+15.5%	COM NEW	127537207
LODE	COMSTOCK INC	1,156,423 (+20.8%)	$4,348 (+32.8%)	3.2%	$3.16	+7.4%	COM SHS	205750409
MCFT	MASTERCRAFT BOAT HLDGS INC	260,840 (+4.3%)	$4,932 (-8.1%)	3.7%	$17.50	+12.7%	COM	57637H103
GPMT	GRANITE PT MTG TR INC	2,239,309 (+31.1%)	$5,374 (+4.9%)	4.0%	$2.79	—	COM STK	38741L107
BETR	BETTER HOME & FINANCE HOLDIN	101,663 (+67.5%)	$3,312 (-2.8%)	2.5%	$29.52	+83.1%	COM NEW CL A	08774B508
FBRT	FRANKLIN BSP RLTY TR INC	862,922 (+7.8%)	$8,655 (-0.4%)	6.5%	$12.01	—	COMMON STOCK	35243J101

Exited Positions (8)

TRTX TPG RE FIN TR INC 3.2%

Value ($000) $4,280 Shares 500,000 Est. Cost $7.86 Unrealized —

XPOF XPONENTIAL FITNESS INC 2.8%

Value ($000) $3,701 Shares 475,140 Est. Cost $9.87 Unrealized -28.0%

DUOT DUOS TECHNOLOGIES GROUP INC 2.7%

Value ($000) $3,648 Shares 495,590 Est. Cost $7.12 Unrealized +31.8%

— HUDSON PAC PPTYS INC 2.1%

Value ($000) $2,760 Shares 1,000,000 Est. Cost — Unrealized —

CDZI CADIZ INC 1.8%

Value ($000) $2,360 Shares 500,000 Est. Cost $4.65 Unrealized +15.5%

WW WW INTL INC 1.3%

Value ($000) $1,730 Shares 63,241 Est. Cost $34.35 Unrealized -18.6%

ACR ACRES COMMERCIAL REALTY CORP 1.1%

Value ($000) $1,535 Shares 72,543 Est. Cost $15.46 Unrealized —

CBUS CIBUS INC 0.2%

Value ($000) $216 Shares 167,245 Est. Cost $2.04 Unrealized -26.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRTX	TPG RE FIN TR INC	500,000	$4,280	3.2%	$7.86	—	CALL	87266M107
XPOF	XPONENTIAL FITNESS INC	475,140	$3,701	2.8%	$9.87	-28.0%	—	98422X101
DUOT	DUOS TECHNOLOGIES GROUP INC	495,590	$3,648	2.7%	$7.12	+31.8%	—	266042407
—	HUDSON PAC PPTYS INC	1,000,000	$2,760	2.1%	—	—	CALL	444097109
CDZI	CADIZ INC	500,000	$2,360	1.8%	$4.65	+15.5%	CALL	127537207
WW	WW INTL INC	63,241	$1,730	1.3%	$34.35	-18.6%	—	98262P200
ACR	ACRES COMMERCIAL REALTY CORP	72,543	$1,535	1.1%	$15.46	—	—	00489Q102
CBUS	CIBUS INC	167,245	$216	0.2%	$2.04	-26.7%	—	17166A101

Decreased Positions (8)

ARQ ARQ INC 0.4%

Value ($000) $507 (-84.0%) Shares 155,000 (-64.9%) Est. Cost $5.43 Unrealized -10.0%

AEHR AEHR TEST SYS 2.1%

Value ($000) $2,777 (-33.9%) Shares 137,560 (-1.4%) Est. Cost $21.65 Unrealized +11.7%

TRTX TPG RE FIN TR INC 13.0%

Value ($000) $17,490 (-5.4%) Shares 2,031,368 (-5.9%) Est. Cost $7.86 Unrealized —

ACHR ARCHER AVIATION INC 1.1%

Value ($000) $1,450 (-39.5%) Shares 192,793 (-22.9%) Est. Cost $4.48 Unrealized +109.9%

AZ A2Z CUST2MATE SOLUTIONS CORP 1.9%

Value ($000) $2,574 (-23.7%) Shares 395,410 (-6.3%) Est. Cost $9.48 Unrealized -32.2%

NMM NAVIOS MARITIME PARTNERS L P 5.3%

Value ($000) $7,060 (+10.2%) Shares 134,656 (-5.3%) Est. Cost $31.68 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 2.1%

Value ($000) $2,809 (-5.9%) Shares 501,585 (-8.8%) Est. Cost $5.64 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 2.4%

Value ($000) $3,211 (-0.5%) Shares 143,228 (-1.4%) Est. Cost $24.46 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARQ	ARQ INC	155,000 (-64.9%)	$507 (-84.0%)	0.4%	$5.43	-10.0%	COM	00770C101
AEHR	AEHR TEST SYS	137,560 (-1.4%)	$2,777 (-33.9%)	2.1%	$21.65	+11.7%	COM	00760J108
TRTX	TPG RE FIN TR INC	2,031,368 (-5.9%)	$17,490 (-5.4%)	13.0%	$7.86	—	COM	87266M107
ACHR	ARCHER AVIATION INC	192,793 (-22.9%)	$1,450 (-39.5%)	1.1%	$4.48	+109.9%	COM CL A	03945R102
AZ	A2Z CUST2MATE SOLUTIONS CORP	395,410 (-6.3%)	$2,574 (-23.7%)	1.9%	$9.48	-32.2%	COM	002205102
NMM	NAVIOS MARITIME PARTNERS L P	134,656 (-5.3%)	$7,060 (+10.2%)	5.3%	$31.68	—	COM UNIT LPI	Y62267409
BRSP	BRIGHTSPIRE CAPITAL INC	501,585 (-8.8%)	$2,809 (-5.9%)	2.1%	$5.64	—	COM CL A	10949T109
TEN	TSAKOS ENERGY NAVIGATION LTD	143,228 (-1.4%)	$3,211 (-0.5%)	2.4%	$24.46	-4.3%	SHS	G9108L173

Unchanged Positions (12)

AEHR AEHR TEST SYS 6.0%

Value ($000) $8,076 Shares 400,000 Est. Cost $21.65 Unrealized +11.7%

KOS KOSMOS ENERGY LTD 1.0%

Value ($000) $1,365 Shares 1,500,000 Est. Cost — Unrealized —

MAGN MAGNERA CORP 3.6%

Value ($000) $4,763 Shares 314,627 Est. Cost $20.01 Unrealized -42.1%

UAMY UNITED STATES ANTIMONY CORP 1.6%

Value ($000) $2,108 Shares 420,000 Est. Cost — Unrealized —

CMTG CLAROS MTG TR INC 3.9%

Value ($000) $5,202 Shares 1,700,084 Est. Cost $3.64 Unrealized —

SUNS SUNRISE RLTY TR INC 3.2%

Value ($000) $4,279 Shares 453,816 Est. Cost $10.98 Unrealized —

NCMI NATIONAL CINEMEDIA INC 1.9%

Value ($000) $2,529 Shares 650,000 Est. Cost $4.66 Unrealized -11.2%

JAKK JAKKS PAC INC 2.3%

Value ($000) $3,030 Shares 179,520 Est. Cost $19.35 Unrealized -11.4%

SNYR SYNERGY CHC CORP 0.8%

Value ($000) $1,032 Shares 555,000 Est. Cost $3.02 Unrealized -28.8%

BYD BOYD GAMING CORP 2.9%

Value ($000) $3,954 Shares 46,389 Est. Cost $66.05 Unrealized +24.6%

HPAIW HELPORT AI LTD 0.2%

Value ($000) $208 Shares 1,304,362 Est. Cost $0.10 Unrealized —

MFA MFA FINL INC 1.6%

Value ($000) $2,099 Shares 225,469 Est. Cost $10.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEHR	AEHR TEST SYS	400,000	$8,076	6.0%	$21.65	+11.7%	CALL	00760J108
KOS	KOSMOS ENERGY LTD	1,500,000	$1,365	1.0%	—	—	CALL	500688106
MAGN	MAGNERA CORP	314,627	$4,763	3.6%	$20.01	-42.1%	COM SHS	55939A107
UAMY	UNITED STATES ANTIMONY CORP	420,000	$2,108	1.6%	—	—	CALL	911549103
CMTG	CLAROS MTG TR INC	1,700,084	$5,202	3.9%	$3.64	—	COMMON STOCK	18270D106
SUNS	SUNRISE RLTY TR INC	453,816	$4,279	3.2%	$10.98	—	COM	867981102
NCMI	NATIONAL CINEMEDIA INC	650,000	$2,529	1.9%	$4.66	-11.2%	COM NEW	635309206
JAKK	JAKKS PAC INC	179,520	$3,030	2.3%	$19.35	-11.4%	COM NEW	47012E403
SNYR	SYNERGY CHC CORP	555,000	$1,032	0.8%	$3.02	-28.8%	COM NEW	87165D208
BYD	BOYD GAMING CORP	46,389	$3,954	2.9%	$66.05	+24.6%	COM	103304101
HPAIW	HELPORT AI LTD	1,304,362	$208	0.2%	$0.10	—	*W EXP 03/31/202	G4R52R111
MFA	MFA FINL INC	225,469	$2,099	1.6%	$10.26	—	COM	55272X607