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Livermore
Livermore
ZHEN

Gratia Capital, LLC

SEC CIK
0001599793
Latest filing
Aug 14, 2026

The latest 13F from Gratia Capital, LLC covers Q2 2026 (filed Aug 14, 2026): 25 long positions worth $87.0M. The top 10 holdings make up 72.4% of the portfolio, and the largest is TPG RE Finance Trust, Inc. (TRTX) at 19.9%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
8
Est. +$14.6M
Added
2
Est. +$3.68M
Reduced
14
Est. −$28.4M
Sold out
7
Est. −$15.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. TRTXTPG RE Finance Trust, Inc.
    19.9%$17.3MHistory
  2. FBRTFranklin BSP Realty Trust, Inc.
    16.5%$14.4MHistory
  3. LODEComstock Inc.
    8.9%$7.77MHistory
  4. MCFTMasterCraft Boat Holdings, Inc.
    4.6%$3.97MHistory
  5. NMMNavios Maritime Partners L.P.
    4.3%$3.71MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. ADTNADTRAN Holdings, Inc.
    +$3.48MNewHistory
  2. SHIMShimmick Corp
    +$3.32MNewHistory
  3. LODEComstock Inc.
    +$3.17MAddedHistory
  4. TGENTecogen Inc.
    +$2.03MNewHistory
  5. NBNiocorp Developments Ltd
    +$1.98MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. LODEComstock Inc.
    +5.74 pp3.2% → 8.9%History
  2. ADTNADTRAN Holdings, Inc.
    +4.00 pp0.0% → 4.0%History
  3. SHIMShimmick Corp
    +3.82 pp0.0% → 3.8%History
  4. TGENTecogen Inc.
    +2.33 pp0.0% → 2.3%History
  5. NBNiocorp Developments Ltd
    +2.27 pp0.0% → 2.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. DAVEDave Inc.
    −$5.96MSold outHistory
  2. TRTXTPG RE Finance Trust, Inc.
    −$5.31MReducedHistory
  3. WDWalker & Dunlop, Inc.
    −$5.27MReducedHistory
  4. FBRTFranklin BSP Realty Trust, Inc.
    −$4.15MReducedHistory
  5. DUOTDuos Technologies Group, Inc.
    −$3.72MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. DAVEDave Inc.
    −5.64 pp5.6% → 0.0%History
  2. WDWalker & Dunlop, Inc.
    −3.70 pp4.7% → 1.0%History
  3. ATEXAnterix Inc.
    −3.16 pp3.2% → 0.0%History
  4. CDZICadiz Inc
    −2.35 pp2.4% → 0.0%History
  5. NMMNavios Maritime Partners L.P.
    −2.24 pp6.5% → 4.3%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$87.0M
−$18.6M (−17.6%) vs. prior quarter
Positions
25
+1 vs. prior quarter
Top 10 concentration
72.4%
Top 10 as share of value
Turnover
19.0%
Q2 2026, one quarter
Average holding period
7.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $112.9M (Q3 2025)

Q1 2021: $64.9MQ2 2021: $87.2MQ3 2021: $97.1MQ4 2021: $84.9MQ1 2022: $88.8MQ2 2022: $51.9MQ3 2022: $37.8MQ4 2022: $44.8MQ1 2023: $48.4MQ2 2023: $71.9MQ3 2023: $74.3MQ4 2023: $48.1MQ1 2024: $58.2MQ2 2024: $64.9MQ3 2024: $70.0MQ4 2024: $85.5MQ1 2025: $87.7MQ2 2025: $91.8MQ3 2025: $112.9MQ4 2025: $111.8MQ1 2026: $105.7MQ2 2026: $87.0M
Q1 2021Q2 2026
13F filings of Gratia Capital, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202625$87.0MTRTXFBRTLODEvs. Q1 2026SEC
Q1 2026May 15, 202624$105.7MTRTXFBRTNMMvs. Q4 2025SEC
Q4 2025Feb 17, 202627$111.8MTRTXFBRTCDZIvs. Q3 2025SEC
Q3 2025Nov 14, 202528$112.9MTRTXFBRTNMMvs. Q2 2025SEC
Q2 2025Aug 14, 202522$91.8MTRTXFBRTXPOFvs. Q1 2025SEC
Q1 2025May 15, 202523$87.7MTRTXFBRTNMMvs. Q4 2024SEC
Q4 2024Feb 14, 202523$85.5MTRTXFBRTFCFSvs. Q3 2024SEC
Q3 2024Nov 14, 202417$70.0MTRTXNMMBYDvs. Q2 2024SEC
Q2 2024Aug 14, 202415$64.9MTRTXXPOFBYDvs. Q1 2024SEC
Q1 2024May 15, 202414$58.2MTRTXBYDNMMvs. Q4 2023SEC
Q4 2023Feb 14, 202415$48.1MBYDCRHNMMvs. Q3 2023SEC
Q3 2023Nov 14, 202320$74.3MBYDINSECRHvs. Q2 2023SEC
Q2 2023Aug 14, 202323$71.9MMHOBYDTextainer Group Holdings Ltdvs. Q1 2023SEC
Q1 2023May 15, 202320$48.4MMHOTextainer Group Holdings LtdNMMvs. Q4 2022SEC
Q4 2022Feb 14, 202317$44.8MTextainer Group Holdings LtdNMMINSEvs. Q3 2022SEC
Q3 2022Nov 14, 202220$37.8MTextainer Group Holdings LtdNMMMHOvs. Q2 2022SEC
Q2 2022Aug 15, 202228$51.9MFFAITRTNMHOvs. Q1 2022SEC
Q1 2022May 16, 202235$88.8MGSLAdamas Trust, Inc.NMMvs. Q4 2021SEC
Q4 2021Feb 14, 202231$84.9MGSLAdamas Trust, Inc.NMMvs. Q3 2021SEC
Q3 2021Nov 15, 202132$97.1MNMMAdamas Trust, Inc.TRTXvs. Q2 2021SEC
Q2 2021Aug 16, 202126$87.2MDACTRTXTUEMvs. Q1 2021SEC
Q1 2021May 14, 202133$64.9MDACTRTXFortress Value Acquisition I–SEC

13D and 13G filings

Companies where Gratia Capital, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Gratia Capital, LLC does not currently report owning 5% or more of any company.

Latest filings

5 filings on file made by Gratia Capital, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Gratia Capital, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
TRTXTPG RE Finance Trust, Inc.Apr 21, 20266:22 PM ET13D/A3.70%2.90M shares−1.90 ppfrom 5.60%Below 5%Apr 17, 2026SEC
TRTXTPG RE Finance Trust, Inc.Jan 8, 20264:15 PM ET13D5.60%4.35M sharesNewJan 5, 2025SEC
GENKGEN Restaurant Group, Inc.Nov 13, 202413G/AOld format–––SEC
GENKGEN Restaurant Group, Inc.Feb 13, 202413G/AOld format–––SEC
GENKGEN Restaurant Group, Inc.Oct 6, 202313GOld format–New–SEC