# EDGAR Filing Document

**Accession Number:** 0001907528
**File Stem:** 0001951757-25-001059
**Filing Date:** 2025-8
**Character Count:** 10745
**Document Hash:** 761744da413ee082a1522fe70d651be1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-25-001059.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001951757-25-001059

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRAHAM CAPITAL WEALTH MANAGEMENT, LLC
- **CENTRAL INDEX KEY:** 0001907528

**ORGANIZATION NAME:**
- **EIN:** 474907140
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22200
- **FILM NUMBER:** 251205201

**BUSINESS ADDRESS:**
- **STREET 1:** 1120 CONNECTICUT AVE. NW
- **STREET 2:** SUITE 1021
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 202-780-7726

**MAIL ADDRESS:**
- **STREET 1:** 1120 CONNECTICUT AVE. NW
- **STREET 2:** SUITE 1021
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** GRAHAM CAPITAL WEALTH MANAGEMENT LLC<br>**Address:** 1120 CONNECTICUT AVE. NW<br>SUITE 1021<br>WASHINGTON, DC 20036

**Form 13F File Number:** 028-22200

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stash Graham<br>**Title:** Chief Compliance Officer<br>**Phone:** (202) 780-7726

**Signature, Place, and Date of Signing:**

Stash Graham  Washington, DC  08-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 70

**Form 13F Information Table Value Total:** $90033621

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 6108836 | 25086 | SH |  | SOLE |  | 25086 | 0 | 0 |
| ALDEL FINL II INC | UNIT 09/26/2031 | G01558116 |  | 4631886 | 441132 | SH |  | SOLE |  | 441132 | 0 | 0 |
| EAGLE FINL SVCS INC | COM | 26951R104 |  | 3776602 | 123338 | SH |  | SOLE |  | 123338 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 3666544 | 43556 | SH |  | SOLE |  | 43556 | 0 | 0 |
| CF BANKSHARES INC | COM | 12520L109 |  | 3487993 | 145515 | SH |  | SOLE |  | 145515 | 0 | 0 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 3266668 | 99080 | SH |  | SOLE |  | 99080 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 3038883 | 25407 | SH |  | SOLE |  | 25407 | 0 | 0 |
| BLUE RIDGE BANKSHARES INC VA | COM | 095825105 |  | 3000867 | 835896 | SH |  | SOLE |  | 835896 | 0 | 0 |
| HORIZON SPACE ACQUISITION II | UNIT 11/04/2029 | G4627B129 |  | 2914029 | 282641 | SH |  | SOLE |  | 282641 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 2740185 | 48482 | SH |  | SOLE |  | 48482 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 2682565 | 59192 | SH |  | SOLE |  | 59192 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 2665241 | 65277 | SH |  | SOLE |  | 65277 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 2528464 | 22437 | SH |  | SOLE |  | 22437 | 0 | 0 |
| CATALYST BANCORP INC | COMMON STOCK | 14888L101 |  | 2464867 | 198940 | SH |  | SOLE |  | 198940 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 2353763 | 92741 | SH |  | SOLE |  | 92741 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 2274633 | 36464 | SH |  | SOLE |  | 36464 | 0 | 0 |
| A SPAC III ACQUISITION CORP | UNIT 02/15/2029 | G0544A137 |  | 2257089 | 221936 | SH |  | SOLE |  | 221936 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 2080438 | 45395 | SH |  | SOLE |  | 45395 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 2044554 | 6185 | SH |  | SOLE |  | 6185 | 0 | 0 |
| NET LEASE OFFICE PROPERTIES | COM | 64110Y108 |  | 1978877 | 60795 | SH |  | SOLE |  | 60795 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 1845172 | 8348 | SH |  | SOLE |  | 8348 | 0 | 0 |
| COMMUNITY HEALTHCARE TR INC | COM | 20369C106 |  | 1811308 | 108918 | SH |  | SOLE |  | 108918 | 0 | 0 |
| SILA REALTY TRUST INC | COMMON STOCK | 146280508 |  | 1675485 | 70785 | SH |  | SOLE |  | 70785 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1628464 | 11002 | SH |  | SOLE |  | 11002 | 0 | 0 |
| CANTOR EQUITY PARTNERS I INC | SHS CL A | G1827K107 |  | 1597266 | 134224 | SH |  | SOLE |  | 134224 | 0 | 0 |
| SUMMIT MIDSTREAM CORPORATION | COM | 86614G101 |  | 1451367 | 59167 | SH |  | SOLE |  | 59167 | 0 | 0 |
| FACT II ACQUISITION CORP | UNIT 99/99/9999 | G32901111 |  | 1437911 | 140284 | SH |  | SOLE |  | 140284 | 0 | 0 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 1237206 | 719306 | SH |  | SOLE |  | 719306 | 0 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 1017601 | 23101 | SH |  | SOLE |  | 23101 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 775254 | 12432 | SH |  | SOLE |  | 12432 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 762822 | 3718 | SH |  | SOLE |  | 3718 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 747607 | 1503 | SH |  | SOLE |  | 1503 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 741946 | 4210 | SH |  | SOLE |  | 4210 | 0 | 0 |
| WILLOW LANE ACQUISITION CORP | UNIT 99/99/9999 | G9675P128 |  | 677258 | 65121 | SH |  | SOLE |  | 65121 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 657265 | 62300 | SH |  | SOLE |  | 62300 | 0 | 0 |
| EQV VENTURES ACQUISITION COR | UNIT 99/99/9999 | G3106N125 |  | 636027 | 60574 | SH |  | SOLE |  | 60574 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 623886 | 2152 | SH |  | SOLE |  | 2152 | 0 | 0 |
| SPECIAL OPPORTUNITIES FD INC | 2.75% CNV PFD C | 84741T401 |  | 611618 | 24662 | SH |  | SOLE |  | 24662 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 593268 | 11690 | SH |  | SOLE |  | 11690 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 562425 | 762 | SH |  | SOLE |  | 762 | 0 | 0 |
| NEWBURY STR II ACQUISITION C | UNIT 10/23/2029 | G6439S125 |  | 522189 | 50453 | SH |  | SOLE |  | 50453 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 505308 | 7279 | SH |  | SOLE |  | 7279 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 500838 | 2750 | SH |  | SOLE |  | 2750 | 0 | 0 |
| DYNAMIX CORP | UNIT 99/99/9999 | G2949D120 |  | 478080 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 473133 | 766 | SH |  | SOLE |  | 766 | 0 | 0 |
| CENTRAL PLAINS BANCSHARES IN | COM | 15486W100 |  | 467914 | 30943 | SH |  | SOLE |  | 30943 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES AAA CLO | 092528504 |  | 439533 | 8466 | SH |  | SOLE |  | 8466 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 428943 | 2715 | SH |  | SOLE |  | 2715 | 0 | 0 |
| VOYAGER ACQUISITION CORP | UNIT 99/99/9999 | G93A7H120 |  | 425792 | 41339 | SH |  | SOLE |  | 41339 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 417424 | 1903 | SH |  | SOLE |  | 1903 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 351571 | 619 | SH |  | SOLE |  | 619 | 0 | 0 |
| DWS MUN INCOME TR NEW | COM | 233368109 |  | 345636 | 39099 | SH |  | SOLE |  | 39099 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 341708 | 932 | SH |  | SOLE |  | 932 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 314231 | 4277 | SH |  | SOLE |  | 4277 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 310678 | 232 | SH |  | SOLE |  | 232 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 299467 | 2268 | SH |  | SOLE |  | 2268 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 276424 | 2827 | SH |  | SOLE |  | 2827 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 265745 | 428 | SH |  | SOLE |  | 428 | 0 | 0 |
| SOUND FINL BANCORP INC | COM | 83607A100 |  | 241914 | 5259 | SH |  | SOLE |  | 5259 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 241537 | 2195 | SH |  | SOLE |  | 2195 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 225916 | 1418 | SH |  | SOLE |  | 1418 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 203089 | 572 | SH |  | SOLE |  | 572 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 202092 | 1384 | SH |  | SOLE |  | 1384 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 193722 | 14856 | SH |  | SOLE |  | 14856 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | UNIT 99/99/9999 | G5S86M118 |  | 187305 | 17754 | SH |  | SOLE |  | 17754 | 0 | 0 |
| OKTA INC | NOTE 0.125% 9/0 | 679295AD7 |  | 130680 | 132000 | PRN |  | SOLE |  | 132000 | 0 | 0 |
| TAVIA ACQUISITION CORP | UNIT 99/99/9999 | G86880138 |  | 102400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE 3/0 | 29355AAH0 |  | 42020 | 44000 | PRN |  | SOLE |  | 44000 | 0 | 0 |
| ETSY INC | NOTE 0.125% 9/0 | 29786AAL0 |  | 22250 | 25000 | PRN |  | SOLE |  | 25000 | 0 | 0 |
| OKTA INC | NOTE 0.375% 6/1 | 679295AF2 |  | 21942 | 23000 | PRN |  | SOLE |  | 23000 | 0 | 0 |

---