Gratia Capital
LOS ANGELES, CAfiles as GRATIA CAPITAL, LLC
$87m in 25 US stocks at the end of 30 June 2026. The top 10 are 72.4% of the money. It changed about 24.6% of the portfolio this quarter.
Value
$87m
Stocks
25
Top 10 share
72.4%
Turnover
24.6%
What changed this quarter
New
Bought for the first time this quarter.
- ADTRAN HoldingsADTN4.0% of the fund
- ShimmickSHIM3.8% of the fund
- TecogenTGEN2.3% of the fund
- Niocorp DevelopmentsNB2.3% of the fund
- Ramaco ResourcesMETC2.1% of the fund
- Highland Opportunities & Income FundHFRO1.0% of the fund
- Onity GroupONIT1.0% of the fund
- Ares Commercial Real EstateACRE0.3% of the fund
Added
Bought more of a stock they already held.
- ComstockLODE8.9% of the fund+69%
- Kosmos EnergyKOS2.3% of the fund+34%
Cut
Sold some of their stake.
- TPG RE Finance TrustTRTX19.9% of the fund-23%
- Franklin BSP Realty TrustFBRT16.5% of the fund-22%
- MasterCraft Boat HoldingsMCFT4.6% of the fund-21%
- Navios Maritime Partners LPNMM4.3% of the fund-48%
- Duos Technologies GroupDUOT3.7% of the fund-53%
- Claros Mortgage TrustCMTG3.5% of the fund-23%
- Better Home & Finance HoldingBETR3.2% of the fund-9%
- Sunrise Realty TrustSUNS3.1% of the fund-23%
- MagneraMAGN3.0% of the fund-25%
- Granite Point Mortgage TrustGPMT3.0% of the fund-22%
- Tsakos Energy NavigationTEN2.7% of the fund-35%
- U-Haul HoldingUHAL-B2.4% of the fund-22%
- Walker & DunlopWD1.0% of the fund-85%
- Helport AIHPAIW<0.1% of the fund-24%
Sold out
Sold their entire stake.
- DaveDAVE-100%
- AnterixATEX-100%
- CadizCDZI-100%
- Aehr Test SystemsAEHR-100%
- National CineMediaNCMI-100%
- Synergy CHCSNYRQ-100%
- United States AntimonyUAMY-100%
Holdings
- Navios Maritime Partners LPNMM
- Share
- 4.3%
- Value
- $4m
- Shares
- 52,967
-48%
- Highland Opportunities & Income FundHFRO
- Share
- 1.0%
- Value
- $889,289
- Shares
- 124,725
New
- Helport AIHPAIW
- Share
- <0.1%
- Value
- $32,606
- Shares
- 994,071
-24%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| TPG RE Finance TrustTRTX | 19.9% | $17m | 2,067,333 | -23% |
| Franklin BSP Realty TrustFBRT | 16.5% | $14m | 1,769,370 | -22% |
| ComstockLODE | 8.9% | $8m | 1,868,323 | +69% |
| MasterCraft Boat HoldingsMCFT | 4.6% | $4m | 153,917 | -21% |
| Navios Maritime Partners LPNMM | 4.3% | $4m | 52,967 | -48% |
| ADTRAN HoldingsADTN | 4.0% | $3m | 250,492 | New |
| ShimmickSHIM | 3.8% | $3m | 726,936 | New |
| Duos Technologies GroupDUOT | 3.7% | $3m | 270,275 | -53% |
| Claros Mortgage TrustCMTG | 3.5% | $3m | 1,301,212 | -23% |
| Better Home & Finance HoldingBETR | 3.2% | $3m | 100,458 | -9% |
| Sunrise Realty TrustSUNS | 3.1% | $3m | 339,355 | -23% |
| MagneraMAGN | 3.0% | $3m | 224,872 | -25% |
| Granite Point Mortgage TrustGPMT | 3.0% | $3m | 1,739,211 | -22% |
| Tsakos Energy NavigationTEN | 2.7% | $2m | 65,232 | -35% |
| U-Haul HoldingUHAL-B | 2.4% | $2m | 36,067 | -22% |
| Kosmos EnergyKOS | 2.3% | $2m | 963,678 | +34% |
| TecogenTGEN | 2.3% | $2m | 388,660 | New |
| Niocorp DevelopmentsNB | 2.3% | $2m | 410,000 | New |
| Ramaco ResourcesMETC | 2.1% | $2m | 138,000 | New |
| Archer AviationACHR | 1.0% | $911,911 | 192,793 | Held |
| Walker & DunlopWD | 1.0% | $909,059 | 16,619 | -85% |
| Highland Opportunities & Income FundHFRO | 1.0% | $889,289 | 124,725 | New |
| Onity GroupONIT | 1.0% | $834,750 | 21,000 | New |
| Ares Commercial Real EstateACRE | 0.3% | $247,752 | 55,056 | New |
| Helport AIHPAIW | <0.1% | $32,606 | 994,071 | -24% |
Options (6)
- Aehr Test SystemsAEHR
- Type
- Call
- Value
- $55m
- Contracts
- 575,500
- Hudson Pacific PropertiesHPP
- Type
- Call
- Value
- $8m
- Contracts
- 500,000
- Walker & DunlopWD
- Type
- Call
- Value
- $6m
- Contracts
- 116,300
- WeyerhaeuserWY
- Type
- Call
- Value
- $6m
- Contracts
- 230,600
- Kosmos EnergyKOS
- Type
- Call
- Value
- $2m
- Contracts
- 1,137,300
- Akamai TechnologiesAKAM
- Type
- Call
- Value
- $1m
- Contracts
- 10,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Aehr Test SystemsAEHR | Call | $55m | 575,500 |
| Hudson Pacific PropertiesHPP | Call | $8m | 500,000 |
| Walker & DunlopWD | Call | $6m | 116,300 |
| WeyerhaeuserWY | Call | $6m | 230,600 |
| Kosmos EnergyKOS | Call | $2m | 1,137,300 |
| Akamai TechnologiesAKAM | Call | $1m | 10,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 5.2% since 30 June 2025.
Where the money is
Real estate46.3%
Industrials14.4%
Materials14.2%
Technology7.7%
Financial services5.2%
Energy4.4%
Retail & consumer2.4%
Other5.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.