ADVANCED EMISSIONS SOLUTS IN

Ticker: ARQ CUSIP: 00770C101 Class: COM

GRATIA CAPITAL, LLC's Holding History (CIK: 0001599793)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 155,000 Value ($000) $507 Avg Close $4.89 Range $3.18 - $7.37

Q3 2025

Shares 442,020 Value ($000) $3,165 Avg Close $6.61 Range $5.11 - $7.89

Q2 2025

Shares 857,962 Value ($000) $4,607 Avg Close $4.38 Range $3.34 - $5.57

Q1 2025

Shares 693,652 Value ($000) $2,893 Avg Close $5.67 Range $4.01 - $7.63

Q3 2024

Shares 490,000 Value ($000) $2,876 Avg Close $6.09 Range $4.69 - $7.15

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	155,000	$507	$4.89	$3.18 - $7.37
Q3 2025	442,020	$3,165	$6.61	$5.11 - $7.89
Q2 2025	857,962	$4,607	$4.38	$3.34 - $5.57
Q1 2025	693,652	$2,893	$5.67	$4.01 - $7.63
Q3 2024	490,000	$2,876	$6.09	$4.69 - $7.15