GRATIA CAPITAL, LLC
Long book
$105.7M
Q1 2026
Positions
24
Top-10 weight
74%
concentration
Last quarter
+21.0%
SPY +14.8%
Turnover
45%
of book per quarter
Strategy in plain words
auto-generated from filingsGRATIA CAPITAL, LLC is a concentrated fundamental stock-picker, running a $105.7M US long book across 24 positions.
The portfolio is concentrated: the top 10 names carry 74% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TPG RE FINANCE TRUST INC, FRANKLIN BSP REALTY TRUST IN, NAVIOS MARITIME PARTNERS LP, DAVE INC, WALKER & DUNLOP INC.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.4%
Q2 2024
+2.8%
Q3 2024
+1.4%
Q4 2024
-5.9%
Q1 2025
-4.4%
Q2 2025
+18.2%
Q3 2025
-2.6%
Q4 2025
-3.2%
Q1 2026
+21.0%
Sector allocation
Industrials 29%
Financials 27%
Other 11%
Technology 11%
Communications 6%
Services media 6%
Utilities 5%
Energy 4%
Long book by quarter
What does GRATIA CAPITAL, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NMM NAVIOS MARITIME PARTNERS LP | Industrials | 101.9K | $6.9M | 6.5% | -24.4% |
| DAVE DAVE INC | Financials | 34.2K | $6.0M | 5.6% | +15.5% |
| WD WALKER & DUNLOP INC | Financials | 113.0K | $5.0M | 4.7% | New |
| MCFT MASTERCRAFT BOAT HOLDINGS IN | Industrials | 195.0K | $4.0M | 3.8% | -25.2% |
| DUOT DUOS TECHNOLOGIES GROUP INC | Technology | 580.0K | $4.0M | 3.8% | New |
| TEN TSAKOS ENERGY NAVIGATION LTD | Industrials | 100.0K | $3.9M | 3.7% | -30.2% |
| BETR BETTER HOME & FINANCE HOLDIN | Financials | 110.4K | $3.9M | 3.7% | +8.5% |
| LODE COMSTOCK INC | Other | 1.1M | $3.4M | 3.2% | -4.3% |
| ATEX ANTERIX INC | Communications | 87.5K | $3.3M | 3.2% | New |
| MAGN MAGNERA CORP | Other | 299.6K | $2.8M | 2.7% | -4.8% |
| CDZI CADIZ INC | Utilities | 506.0K | $2.5M | 2.4% | -66.2% |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 46.5K | $2.1M | 2.0% | New |
| KOS KOSMOS ENERGY LTD | Energy | 719.8K | $2.0M | 1.9% | New |
| AEHR AEHR TEST SYSTEMS | Technology | 51.6K | $1.9M | 1.8% | -62.5% |
| ACHR ARCHER AVIATION INC-A | Industrials | 192.8K | $997K | 0.9% | Held |
| NCMI NATIONAL CINEMEDIA INC | Services media | 318.0K | $970K | 0.9% | -51.1% |
| SNYR SYNERGY CHC CORP | Materials | 550.0K | $710K | 0.7% | -0.9% |
| UAMY UNITED STATES ANTIMONY CORP | Industrials | 900 | $8K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 64 | $227.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 60 | $134.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 66 | $139.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 51 | $102.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 48 | $122.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 52 | $102.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 38 | $88.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 36 | $105.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 38 | $91.4M | canonical | SEC ↗ |
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