# EDGAR Filing Document

**Accession Number:** 0001599793
**File Stem:** 0001599793-25-000005
**Filing Date:** 2025-11
**Character Count:** 10673
**Document Hash:** 06da2d59d5b49fa5e2854807a7fde4f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001599793-25-000005.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001599793-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRATIA CAPITAL, LLC
- **CENTRAL INDEX KEY:** 0001599793

**ORGANIZATION NAME:**
- **EIN:** 454686693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15971
- **FILM NUMBER:** 251484246

**BUSINESS ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BLVD.
- **STREET 2:** SUITE 385
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064
- **BUSINESS PHONE:** 310-733-2500

**MAIL ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BLVD.
- **STREET 2:** SUITE 385
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** GRATIA CAPITAL LLC<br>**Address:** 11835 WEST OLYMPIC BLVD.<br>SUITE 385<br>LOS ANGELES, CA 90064

**Form 13F File Number:** 028-15971

**CRD Number (if applicable):** 000163876

**SEC File Number (if applicable):** 801-126299

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:** Gordon Kyle Sommers<br>**Title:** Chief Compliance Officer<br>**Phone:** 310-733-2500

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

/s/ Gordan Kyle Sommers  Los Angeles, CA  11-14-2025<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:** 1

**Form 13F Information Table Entry Total:** 66

**Form 13F Information Table Value Total:** $139409583

      (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.]

| No.   | Name                         | Form 13F File Number   |
|:---|:---|:---|
|  | Corbin Capital Partners L.P. | 028-20970              |

### 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 |
| A2Z CUST2MATE SOLUTIONS CORP | COM | 002205102 |  | 2608695 | 326495 | SH |  | SOLE | 0 | 326495 | 0 | 0 |
| A2Z CUST2MATE SOLUTIONS CORP | COM | 002205102 |  | 763085 | 95505 | SH |  | OTR | 1 | 95505 | 0 | 0 |
| ACRES COMMERCIAL REALTY CORP | COM NEW | 00489Q102 |  | 1280582 | 60519 | SH |  | SOLE | 0 | 60519 | 0 | 0 |
| ACRES COMMERCIAL REALTY CORP | COM NEW | 00489Q102 |  | 254428 | 12024 | SH |  | OTR | 1 | 12024 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 3236344 | 107484 | SH |  | SOLE | 0 | 107484 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 965808 | 32076 | SH |  | OTR | 1 | 32076 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 9282913 | 308300 | SH | Call | SOLE | 0 | 0 | 0 | 308300 |
| AEHR TEST SYS | COM | 00760J108 |  | 2761087 | 91700 | SH | Call | OTR | 1 | 0 | 0 | 91700 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 1826082 | 190614 | SH |  | SOLE | 0 | 190614 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 568918 | 59386 | SH |  | OTR | 1 | 59386 | 0 | 0 |
| ARQ INC | COM | 00770C101 |  | 2482572 | 346728 | SH |  | SOLE | 0 | 346728 | 0 | 0 |
| ARQ INC | COM | 00770C101 |  | 682291 | 95292 | SH |  | OTR | 1 | 95292 | 0 | 0 |
| BETTER HOME  FINANCE HOLDIN | COM NEW CL A | 08774B508 |  | 2664685 | 47465 | SH |  | SOLE | 0 | 47465 | 0 | 0 |
| BETTER HOME  FINANCE HOLDIN | COM NEW CL A | 08774B508 |  | 743013 | 13235 | SH |  | OTR | 1 | 13235 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 3161649 | 36572 | SH |  | SOLE | 0 | 36572 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 848680 | 9817 | SH |  | OTR | 1 | 9817 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 2492479 | 459020 | SH |  | SOLE | 0 | 459020 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 494021 | 90980 | SH |  | OTR | 1 | 90980 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 3020763 | 639992 | SH |  | SOLE | 0 | 639992 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 890541 | 188674 | SH |  | OTR | 1 | 188674 | 0 | 0 |
| CADIZ INC | COM NEW | 127537207 |  | 1832776 | 388300 | SH | Call | SOLE | 0 | 0 | 0 | 388300 |
| CADIZ INC | COM NEW | 127537207 |  | 527224 | 111700 | SH | Call | OTR | 1 | 0 | 0 | 111700 |
| CIBUS INC | CL A COM STK | 17166A101 |  | 150855 | 116942 | SH |  | SOLE | 0 | 116942 | 0 | 0 |
| CIBUS INC | CL A COM STK | 17166A101 |  | 64891 | 50303 | SH |  | OTR | 1 | 50303 | 0 | 0 |
| CLAROS MTG TR INC | COMMON STOCK | 18270D106 |  | 4320024 | 1301212 | SH |  | SOLE | 0 | 1301212 | 0 | 0 |
| CLAROS MTG TR INC | COMMON STOCK | 18270D106 |  | 1324255 | 398872 | SH |  | OTR | 1 | 398872 | 0 | 0 |
| COMSTOCK INC | COM SHS | 205750409 |  | 2528454 | 739314 | SH |  | SOLE | 0 | 739314 | 0 | 0 |
| COMSTOCK INC | COM SHS | 205750409 |  | 745933 | 218109 | SH |  | OTR | 1 | 218109 | 0 | 0 |
| DUOS TECHNOLOGIES GROUP INC | COM | 266042407 |  | 3045369 | 413773 | SH |  | SOLE | 0 | 413773 | 0 | 0 |
| DUOS TECHNOLOGIES GROUP INC | COM | 266042407 |  | 602173 | 81817 | SH |  | OTR | 1 | 81817 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 6866963 | 632317 | SH |  | SOLE | 0 | 632317 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 1827238 | 168254 | SH |  | OTR | 1 | 168254 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 3957594 | 1319198 | SH |  | SOLE | 0 | 1319198 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 1165884 | 388628 | SH |  | OTR | 1 | 388628 | 0 | 0 |
| HELPORT AI LTD | *W EXP 03/31/202 | G4R52R111 |  | 196353 | 994189 | SH |  | SOLE | 0 | 994189 | 0 | 0 |
| HELPORT AI LTD | *W EXP 03/31/202 | G4R52R111 |  | 61289 | 310325 | SH |  | OTR | 1 | 310325 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 2115540 | 766500 | SH | Call | SOLE | 0 | 0 | 0 | 766500 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 644460 | 233500 | SH | Call | OTR | 1 | 0 | 0 | 233500 |
| JAKKS PAC INC | COM NEW | 47012E403 |  | 2567771 | 137094 | SH |  | SOLE | 0 | 137094 | 0 | 0 |
| JAKKS PAC INC | COM NEW | 47012E403 |  | 794639 | 42426 | SH |  | OTR | 1 | 42426 | 0 | 0 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 1887918 | 1137300 | SH | Call | SOLE | 0 | 0 | 0 | 1137300 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 602082 | 362700 | SH | Call | OTR | 1 | 0 | 0 | 362700 |
| MAGNERA CORP | COM SHS | 55939A107 |  | 2811299 | 239872 | SH |  | SOLE | 0 | 239872 | 0 | 0 |
| MAGNERA CORP | COM SHS | 55939A107 |  | 876129 | 74755 | SH |  | OTR | 1 | 74755 | 0 | 0 |
| MASTERCRAFT BOAT HLDGS INC | COM | 57637H103 |  | 4097787 | 190950 | SH |  | SOLE | 0 | 190950 | 0 | 0 |
| MASTERCRAFT BOAT HLDGS INC | COM | 57637H103 |  | 1267213 | 59050 | SH |  | OTR | 1 | 59050 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 1584135 | 172376 | SH |  | SOLE | 0 | 172376 | 0 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 487925 | 53093 | SH |  | OTR | 1 | 53093 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 2237515 | 496123 | SH |  | SOLE | 0 | 496123 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 693985 | 153877 | SH |  | OTR | 1 | 153877 | 0 | 0 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 4946715 | 109805 | SH |  | SOLE | 0 | 109805 | 0 | 0 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 1457413 | 32351 | SH |  | OTR | 1 | 32351 | 0 | 0 |
| SUNRISE RLTY TR INC | COM | 867981102 |  | 3690736 | 355220 | SH |  | SOLE | 0 | 355220 | 0 | 0 |
| SUNRISE RLTY TR INC | COM | 867981102 |  | 1024412 | 98596 | SH |  | OTR | 1 | 98596 | 0 | 0 |
| SYNERGY CHC CORP | COM NEW | 87165D208 |  | 1045245 | 428379 | SH |  | SOLE | 0 | 428379 | 0 | 0 |
| SYNERGY CHC CORP | COM NEW | 87165D208 |  | 308955 | 126621 | SH |  | OTR | 1 | 126621 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 15899866 | 1857461 | SH |  | SOLE | 0 | 1857461 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 2579351 | 301326 | SH |  | OTR | 1 | 301326 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 4280000 | 500000 | SH | Call | SOLE | 0 | 0 | 0 | 500000 |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 |  | 2456354 | 110547 | SH |  | SOLE | 0 | 110547 | 0 | 0 |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 |  | 770612 | 34681 | SH |  | OTR | 1 | 34681 | 0 | 0 |
| UNITED STATES ANTIMONY CORP | COM | 911549103 |  | 2008180 | 323900 | SH | Call | SOLE | 0 | 0 | 0 | 323900 |
| UNITED STATES ANTIMONY CORP | COM | 911549103 |  | 595820 | 96100 | SH | Call | OTR | 1 | 0 | 0 | 96100 |
| WW INTL INC | COM NEW | 98262P200 |  | 1730274 | 63241 | SH |  | SOLE | 0 | 63241 | 0 | 0 |
| XPONENTIAL FITNESS INC | COM CL A | 98422X101 |  | 2890838 | 371096 | SH |  | SOLE | 0 | 371096 | 0 | 0 |
| XPONENTIAL FITNESS INC | COM CL A | 98422X101 |  | 810503 | 104044 | SH |  | OTR | 1 | 104044 | 0 | 0 |

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