GC
Gratia Capital, LLC 13F Holdings Tracker (Q2 2026)
Gratia Capital, LLCCIK: 0001599793
Sector-focusedMomentum followerHigh-turnover trader
Total reported value
$165.4M
Reporting period: 2026-06-30 · Number of holdings: 31
GRATIA CAPITAL, LLC disclosed 31 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $165.4M and a quarterly turnover rate of 81.8%.
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Personality snowflake
- Concentration
- 57.18
- Portfolio Stability
- 81.82
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 58
- Sizing Uniformity
- 81.95
Gratia Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.143 — mathematically equivalent to about 7 equally-sized positions, well below its 31 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.81), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 5% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out IWM
Add AEHR
-23.1% $27.5M
Sold out ATEX
Trim TRTX
-51.9% -$16.3M
Add LODE
+68.9% $4.4M
Sold out DAVE
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 29 holdings (of 31 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AEHR | Aehr Test Systems | Stock-Other | 33.43% | +21.21% | -23.12% | |
| 2 | TRTX | Tpg Re Finance Trust Inc | Stock-Other | 10.46% | -4.33% | -51.94% | |
| 3 | FBRT | Franklin Bsp Realty Trust In | Stock-Other | 8.71% | +0.19% | -22.35% | |
| 4 | LODE | Comstock Inc | Stock-Other | 4.70% | +3.21% | +68.86% | |
| 5 | HPP | Hudson Pacific Properties In | Stock-Other | 4.59% | +1.99% | -50.00% | |
| 6 | WD | Walker & Dunlop Inc | Stock-Other | 4.40% | -0.74% | -49.46% | |
| 7 | WY | Weyerhaeuser Co | Stock-Real Estate | 3.34% | +0.11% | -23.13% | |
| 8 | KOS | Kosmos Energy LTD | Stock-Other | 2.68% | -0.04% | -5.35% | |
| 9 | MCFT | Mastercraft Boat Holdings In | Stock-Other | 2.40% | +0.64% | -21.08% | |
| 10 | NMM | Navios Maritime Partners L.P. | Stock-Other | 2.24% | -0.79% | -48.00% | |
| 11 | ADTN | Adtran Holdings Inc | Stock-Other | 2.11% | +2.11% | NEW | |
| 12 | SHIM | Shimmick CORP | Stock-Other | 2.01% | +2.01% | NEW | |
| 13 | DUOT | Duos Technologies Group Inc | Stock-Other | 1.96% | +0.21% | -53.40% | |
| 14 | CMTG | Claros Mortgage Trust Inc | Stock-Other | 1.85% | +0.07% | -23.46% | |
| 15 | BETR | Better Home & Finance Holdin | Stock-Other | 1.67% | -0.06% | -8.97% | |
| 16 | SUNS | Sunrise Realty Trust Inc | Stock-Other | 1.62% | +0.14% | -22.67% | |
| 17 | MAGN | Magnera CORP | Stock-Other | 1.60% | +0.35% | -24.95% | |
| 18 | GPMT | Granite Point Mortgage Trust | Stock-Other | 1.58% | +0.15% | -22.33% | |
| 19 | TEN | Tsakos Energy Navigation Limited | Stock-Other | 1.40% | -0.34% | -34.79% | |
| 20 | UHAL-B | U-haul Holding Co-non Voting | Stock-Other | 1.26% | +0.35% | -22.44% | |
| 21 | TGEN | Tecogen Inc/waltham Ma | Stock-Other | 1.23% | +1.23% | NEW | |
| 22 | NB | Niocorp Developments LTD | Stock-Other | 1.19% | +1.19% | NEW | |
| 23 | METC | Ramaco Resources Inc-a | Stock-Other | 1.10% | +1.10% | NEW | |
| 24 | AKAM | Akamai Technologies Inc | Stock-Tech | 0.71% | +0.71% | NEW | |
| 25 | ACHR | Archer Aviation Inc-a | Stock-Industrials | 0.55% | +0.11% | — | |
| 26 | HFRO | Highland Opport & Income | Stock-Other | 0.54% | +0.54% | NEW | |
| 27 | ONIT | Onity Group Inc | Stock-Other | 0.50% | +0.50% | NEW | |
| 28 | ACRE | Ares Commercial Real Estate | Stock-Other | 0.15% | +0.15% | NEW | |
| 29 | ✓ | Helport Ai Eq Wts. | Stock-Other | 0.02% | -0.04% | -23.79% |
Portfolio Performance
Performance for Q3 2026
-1.4%
Performance Last 4 Quarters
+17.7%
- Stdev
- +28.5%
- Beta
- +1.81
- Alpha
- -16.6%
- Max Drawdown
- -18.4%
- Annualized Perf
- +17.2%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +1.51
- Stutzer
- +0.21
- Treynor
- +0.11
- Sterling
- +0.71
- Calmar
- +0.94
- Information Ratio
- -0.02
- Tracking Error
- +19.3%
- Stdev Down
- +13%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +46.8%
- Worst 12 Months
- -12.2%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.69
- Stdev Sectors
- +27.7%
- Skewness
- +1.51
- Kurtosis
- +3.98
- Upside Potential
- +3.44
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 31 | $165.4M | 82 | ||
| 2026 Q1 | 64 | $227.2M | 100 | ||
| 2025 Q4 | 60 | $134.1M | 45 | ||
| 2025 Q3 | 66 | $139.4M | 98 | ||
| 2025 Q2 | 51 | $102.5M | 0 | ||
| 2025 Q1 | 48 | $122.3M | 100 | ||
| 2024 Q4 | 52 | $102.2M | 0 | ||
| 2024 Q3 | 38 | $88.4M | 0 | ||
| 2024 Q2 | 36 | $105.4M | 0 | ||
| 2024 Q1 | 38 | $91.4M | 0 | ||
| 2023 Q4 | 41 | $86.6M | 0 | ||
| 2023 Q3 | 51 | $106.4M | 0 | ||
| 2023 Q2 | 53 | $94.7M | 0 | ||
| 2023 Q1 | 45 | $60.6M | 0 | ||
| 2022 Q4 | 37 | $50.7M | 0 | ||
| 2022 Q3 | 51 | $48.4M | 0 | ||
| 2022 Q2 | 62 | $80.9M | 0 | ||
| 2022 Q1 | 68 | $101.0M | 0 | ||
| 2021 Q4 | 55 | $84.9M | 0 | ||
| 2021 Q3 | 59 | $119.9M | 0 | ||
| 2021 Q2 | 45 | $89.3M | 91 | ||
| 2021 Q1 | 54 | $67.6M | 90 | ||
| 2020 Q4 | 47 | $92.6M | 100 | ||
| 2020 Q3 | 15 | $31.3M | 100 | ||
| 2020 Q2 | 17 | $28.5M | 100 | ||
| 2020 Q1 | 16 | $15.6M | 100 | ||
| 2019 Q4 | 28 | $82.8M | 73 | ||
| 2019 Q3 | 26 | $59.9M | 46 | ||
| 2019 Q2 | 19 | $51.9M | 100 | ||
| 2019 Q1 | 19 | $26.0M | 100 | ||
| 2018 Q4 | 17 | $58.6M | 100 | ||
| 2018 Q3 | 26 | $158.7M | 81 | ||
| 2018 Q2 | 37 | $216.8M | 100 | ||
| 2018 Q1 | 40 | $330.5M | 69 | ||
| 2017 Q4 | 45 | $399.2M | 100 | ||
| 2017 Q3 | 40 | $253.0M | 100 | ||
| 2017 Q2 | 35 | $341.7M | 92 | ||
| 2017 Q1 | 40 | $477.8M | 98 | ||
| 2016 Q4 | 34 | $301.4M | 100 | ||
| 2016 Q3 | 42 | $304.0M | 92 | ||
| 2016 Q2 | 32 | $301.4M | 70 | ||
| 2016 Q1 | 28 | $276.2M | 100 | ||
| 2015 Q4 | 39 | $545.1M | 87 | ||
| 2015 Q3 | 48 | $578.0M | 100 | ||
| 2015 Q2 | 44 | $377.4M | 86 | ||
| 2015 Q1 | 43 | $272.9M | 91 | ||
| 2014 Q4 | 43 | $186.2M | 92 | ||
| 2014 Q3 | 46 | $205.4M | 70 | ||
| 2014 Q2 | 49 | $196.0M | 92 | ||
| 2014 Q1 | 45 | $224.6M | 100 | ||
| 2013 Q4 | 34 | $123.1M | 0 |
Holding changes this quarter
Gratia Capital, LLC's most significant position changes for 2026-06-30: Sold out: Ishares Russell 2000 ETF (IWM); Sold out: Anterix Inc (ATEX); Sold out: Dave Inc (DAVE); New buy: Adtran Holdings Inc (ADTN); New buy: Shimmick CORP (SHIM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AEHR | Aehr Test Systems | +21.2% | -23.12% | Trim |
| 2 | LODE | Comstock Inc | +3.2% | +68.86% | Add |
| 3 | ADTN | Adtran Holdings Inc | +2.1% | NEW | New buy |
| 4 | SHIM | Shimmick CORP | +2% | NEW | New buy |
| 5 | HPP | Hudson Pacific Properties In | +2% | -50.00% | Trim |
| 6 | TGEN | Tecogen Inc/waltham Ma | +1.2% | NEW | New buy |
| 7 | NB | Niocorp Developments LTD | +1.2% | NEW | New buy |
| 8 | METC | Ramaco Resources Inc-a | +1.1% | NEW | New buy |
| 9 | AKAM | Akamai Technologies Inc | +0.7% | NEW | New buy |
| 10 | MCFT | Mastercraft Boat Holdings In | +0.6% | -21.08% | Trim |
| 11 | HFRO | Highland Opport & Income | +0.5% | NEW | New buy |
| 12 | ONIT | Onity Group Inc | +0.5% | NEW | New buy |
| 13 | MAGN | Magnera CORP | +0.4% | -24.95% | Trim |
| 14 | UHAL-B | U-haul Holding Co-non Voting | +0.4% | -22.44% | Trim |
| 15 | DUOT | Duos Technologies Group Inc | +0.2% | -53.40% | Trim |
| 16 | FBRT | Franklin Bsp Realty Trust In | +0.2% | -22.35% | Trim |
| 17 | GPMT | Granite Point Mortgage Trust | +0.2% | -22.33% | Trim |
| 18 | ACRE | Ares Commercial Real Estate | +0.2% | NEW | New buy |
| 19 | SUNS | Sunrise Realty Trust Inc | +0.1% | -22.67% | Trim |
| 20 | WY | Weyerhaeuser Co | +0.1% | -23.13% | Trim |
| 21 | ACHR | Archer Aviation Inc-a | +0.1% | — | Unchanged |
| 22 | CMTG | Claros Mortgage Trust Inc | +0.1% | -23.46% | Trim |
| 23 | UAMY | United States Antimony CORP | — | EXIT | Sold out |
| 24 | KOS | Kosmos Energy LTD | 0% | -5.35% | Trim |
| 25 | ✓ | Helport Ai Eq Wts. | 0% | -23.79% | Trim |
| 26 | BETR | Better Home & Finance Holdin | -0.1% | -8.97% | Trim |
| 27 | SNYR | Synergy Chc CORP | -0.3% | EXIT | Sold out |
| 28 | TEN | Tsakos Energy Navigation Limited | -0.3% | -34.79% | Trim |
| 29 | NCMI | National Cinemedia Inc | -0.4% | EXIT | Sold out |
| 30 | WD | Walker & Dunlop Inc | -0.7% | -49.46% | Trim |
| 31 | NMM | Navios Maritime Partners L.P. | -0.8% | -48.00% | Trim |
| 32 | DHT | DHT Holdings, Inc. | -0.8% | EXIT | Sold out |
| 33 | CDZI | Cadiz Inc | -1.1% | EXIT | Sold out |
| 34 | DAVE | Dave Inc | -2.6% | EXIT | Sold out |
| 35 | TRTX | Tpg Re Finance Trust Inc | -4.3% | -51.94% | Trim |
| 36 | ATEX | Anterix Inc | -4.8% | EXIT | Sold out |
| 37 | IWM | Ishares Russell 2000 ETF | -21.8% | EXIT | Sold out |
Filing History
FAQ
What is Gratia Capital, LLC and what type of investor is it?
Gratia Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $165.4M, spread across 31 disclosed positions.
What are Gratia Capital, LLC's largest equity positions?
Based on the latest 13F filing, Gratia Capital, LLC's top holdings by market value are:
1. Aehr Test Systems (AEHR) — $55.3M (33.4%)
2. Tpg Re Finance Trust Inc (TRTX) — $17.3M (10.5%)
3. Franklin Bsp Realty Trust In (FBRT) — $14.4M (8.7%)
4. Comstock Inc (LODE) — $7.8M (4.7%)
5. Hudson Pacific Properties In (HPP) — $7.6M (4.6%)
What changes did Gratia Capital, LLC make in its most recent portfolio filing?
In the latest reported quarter, Gratia Capital, LLC made 36 notable position adjustments: 9 new positions were initiated, 1 existing holdings were added to, 18 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Ishares Russell 2000 ETF (IWM); Sold out: Anterix Inc (ATEX); Sold out: Dave Inc (DAVE); New buy: Adtran Holdings Inc (ADTN); New buy: Shimmick CORP (SHIM)
What sectors does Gratia Capital, LLC focus on?
Gratia Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Real Estate: 72.5%
• Information Technology: 15.5%
• Industrials: 12.0%
Investment Profile
Gratia Capital, LLC returned an annualized 17.2% over the trailing 36 months — underperforming the S&P 500 by 16.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.81 (more volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is moderately concentrated and fast-trading, with 72.5% of the portfolio concentrated in Real Estate.
Its turnover score has risen from 0 to 82 over the past 4 quarters — a shift toward more active trading.
It has added to its AEHR position over the past two quarters (+$44.4M, now $55.3M), while trimming NMM over the same stretch (-$3.3M, still holding $3.7M).
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