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GRATIA CAPITAL, LLC — 13F Holdings & Portfolio

CIK 1599793 · latest 13F-HR filed 2026-08-14

Backtest portfolio

GRATIA CAPITAL, LLC manages $165.4M in 13F-reported U.S. long-equity assets across 31 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AEHR (33.43%), TRTX (10.46%), FBRT (8.71%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 8 new positions and exited 7; 1 existing position rose in reported value and 13 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$165.4M

Long-equity book

Holdings
31

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+8 / −7 / ↑1 / ↓13

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
TRTX19.9% · -24%FBRT16.5% · -22%LODE8.9% · +69%MCFT4.6% · -21%NMM4.3% · -48%ADTN4.0% · newSHIM3.8% · newDUOT3.7% · -53%CMTG3.5% · -24%BETR3.2% · -9%SUNS3.1% · -23%MAGN3.0% · -25%GPMT3.0% · -22%TEN2.7% · -35%UHAL.B2.4% · -22%KOS2.3% · +34%TGEN2.3% · newNB2.3% · newMETC2.1% · newACHR1.0% · 0%WD1.0% · -85%HFRO1.0% · newONIT1.0% · newACRE0.3% · newHPAIW0.0% · -24%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 72.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Sep 14, 2026.

Address
11835 W OLYMPIC BLVD
SUITE 385
LOS ANGELES, CA 90064
Phone
(310) 733-2500
Name Title / Status Ownership Type
SOMMERS, GORDON, KYLE ControlMEMBER
since May 2019
10–25%Individual
STEVEN, PEI, YU-TSUNG ControlMANAGING MEMBER
since Mar 2012
75% or moreIndividual
Ownership & leadership changes · 7 filings with changes since May 30, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Sep 14, 2026 filing
  • ChangedSOMMERS, GORDON, KYLE · title MEMBER AND CHIEF COMPLIANCE OFFICER → MEMBER
Mar 30, 2020 filing
  • ChangedSTEVEN, PEI, YU-TSUNG · ownership 50–75% → 75% or more
Jun 20, 2019 filing
  • No longer listedBERMAN, SETH, IRA · CHIEF FINANCIAL OFFICER; CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jun 2012
  • ChangedSOMMERS, GORDON, KYLE · title MEMBER → MEMBER AND CHIEF COMPLIANCE OFFICER
Jan 29, 2019 filing
  • No longer listedSCHUTZMAN, MATTHEW, ROBERT · MEMBER · 5–10% · control person · listed since Dec 2015
Mar 30, 2016 filing
  • AddedSCHUTZMAN, MATTHEW, ROBERT · MEMBER · 5–10% · control person
  • ChangedSOMMERS, GORDON, KYLE · ownership 25–50% → 10–25%
Mar 26, 2014 filing
  • ChangedSOMMERS, GORDON, KYLE · ownership 10–25% → 25–50%
  • ChangedSTEVEN, PEI, YU-TSUNG · ownership 75% or more → 50–75%
Oct 25, 2012 filing
  • AddedBERMAN, SETH, IRA · CHIEF FINANCIAL OFFICER; CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedSOMMERS, GORDON, KYLE · MEMBER · 10–25% · control person
May 30, 2012 filing (earliest on record)
  • ListedSTEVEN, PEI, YU-TSUNG · MANAGING MEMBER · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

GRATIA CAPITAL, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 AEHR TEST SYS Call AEHR 00760J108 $55.3M 33.43% 575,500 SH
2 TPG RE FIN TR INC TRTX 87266M107 $17.3M 10.46% 2,067,333 SH
3 FRANKLIN BSP RLTY TR INC FBRT 35243J101 $14.4M 8.71% 1,769,370 SH
4 COMSTOCK INC LODE 205750409 $7.8M 4.70% 1,868,323 SH
5 HUDSON PACIFIC PROPERTIES IN Call HPP 444097406 $7.6M 4.59% 500,000 SH
6 WALKER & DUNLOP INC Call WD 93148P102 $6.4M 3.85% 116,300 SH
7 WEYERHAEUSER CO Call WY 962166104 $5.5M 3.34% 230,600 SH
8 MASTERCRAFT BOAT HLDGS INC MCFT 57637H103 $4.0M 2.40% 153,917 SH
9 NAVIOS MARITIME PARTNERS LP NMM Y62267409 $3.7M 2.24% 52,967 SH
10 ADTRAN HOLDINGS INC ADTN 00486H105 $3.5M 2.11% 250,492 SH
11 SHIMMICK CORPORATION SHIM 82455M109 $3.3M 2.01% 726,936 SH
12 DUOS TECHNOLOGIES GROUP INC DUOT 266042407 $3.2M 1.96% 270,275 SH
13 CLAROS MTG TR INC CMTG 18270D106 $3.1M 1.85% 1,301,212 SH
14 BETTER HOME & FINANCE HOLDIN BETR 08774B508 $2.8M 1.67% 100,458 SH
15 SUNRISE RLTY TR INC SUNS 867981102 $2.7M 1.62% 339,355 SH
16 MAGNERA CORP MAGN 55939A107 $2.6M 1.60% 224,872 SH
17 GRANITE PT MTG TR INC GPMT 38741L107 $2.6M 1.58% 1,739,211 SH
18 KOSMOS ENERGY LTD Call KOS 500688106 $2.4M 1.45% 1,137,300 SH
19 TSAKOS ENERGY NAVIGATION LTD TEN G9108L173 $2.3M 1.40% 65,232 SH
20 U HAUL HOLDING COMPANY UHAL.B 023586506 $2.1M 1.26% 36,067 SH
21 KOSMOS ENERGY LTD KOS 500688106 $2.0M 1.23% 963,678 SH
22 TECOGEN INC NEW TGEN 87876P201 $2.0M 1.23% 388,660 SH
23 NIOCORP DEVS LTD NB 654484609 $2.0M 1.19% 410,000 SH
24 RAMACO RES INC METC 75134P600 $1.8M 1.10% 138,000 SH
25 AKAMAI TECHNOLOGIES INC Call AKAM 00971T101 $1.2M 0.71% 10,000 SH
26 ARCHER AVIATION INC ACHR 03945R102 $911.9K 0.55% 192,793 SH
27 WALKER & DUNLOP INC WD 93148P102 $909.1K 0.55% 16,619 SH
28 HIGHLAND OPPS & INCOME FD HFRO 43010E404 $889.3K 0.54% 124,725 SH
29 ONITY GROUP INC ONIT 675746606 $834.8K 0.50% 21,000 SH
30 ARES COML REAL ESTATE CORP ACRE 04013V108 $247.8K 0.15% 55,056 SH
31 HELPORT AI LTD HPAIW G4R52R111 $32.6K 0.02% 994,071 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $165.4M 31 0001599793-26-000004
2026-03-31 2026-05-15 $227.2M 64 0001599793-26-000003
2025-12-31 2026-02-17 $134.1M 60 0001599793-26-000002
2025-09-30 2025-11-14 $139.4M 66 0001599793-25-000005
Filer Information
Address
11835 WEST OLYMPIC BLVD.
SUITE 385
LOS ANGELES, CA 90064
Phone
(310) 733-2500
Filing Manager
GRATIA CAPITAL, LLC
LOS ANGELES, CA
Signatory
Gordon Kyle Sommers
Chief Compliance Officer