# EDGAR Filing Document

**Accession Number:** 0001907528
**File Stem:** 0001951757-25-001348
**Filing Date:** 2025-11
**Character Count:** 10988
**Document Hash:** a7b72b61001c384997779ee877543dd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-25-001348.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001951757-25-001348

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**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:** 251462823

**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:** 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:** 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  11-07-2025<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:** 73

**Form 13F Information Table Value Total:** $98167214

      (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 |
| A SPAC III ACQUISITION CORP | UNIT 02/15/2029 | G0544A137 |  | 1193462 | 113663 | SH |  | SOLE |  | 113663 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1021045 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 409642 | 1866 | SH |  | SOLE |  | 1866 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 463432 | 42400 | SH |  | SOLE |  | 42400 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 1548869 | 8054 | SH |  | SOLE |  | 8054 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 943150 | 3704 | SH |  | SOLE |  | 3704 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 327704 | 4277 | SH |  | SOLE |  | 4277 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES AAA CLO | 092528504 |  | 456727 | 8789 | SH |  | SOLE |  | 8789 | 0 | 0 |
| BLUE RIDGE BANKSHARES INC VA | COM | 095825105 |  | 4280130 | 1011851 | SH |  | SOLE |  | 1011851 | 0 | 0 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 3557344 | 98596 | SH |  | SOLE |  | 98596 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 2356820 | 22072 | SH |  | SOLE |  | 22072 | 0 | 0 |
| CANTOR EQUITY PARTNERS I INC | SHS CL A | G1827K107 |  | 1383816 | 132296 | SH |  | SOLE |  | 132296 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 616104 | 59700 | SH |  | SOLE |  | 59700 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 751653 | 73800 | SH |  | SOLE |  | 73800 | 0 | 0 |
| CATALYST BANCORP INC | COMMON STOCK | 14888L101 |  | 2580780 | 196257 | SH |  | SOLE |  | 196257 | 0 | 0 |
| CENTRAL PLAINS BANCSHARES IN | COM | 15486W100 |  | 1466199 | 90618 | SH |  | SOLE |  | 90618 | 0 | 0 |
| CF BANKSHARES INC | COM | 12520L109 |  | 3434275 | 143394 | SH |  | SOLE |  | 143394 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 5881944 | 25032 | SH |  | SOLE |  | 25032 | 0 | 0 |
| CMB.TECH NV | SHS | B38564108 |  | 3011580 | 320722 | SH |  | SOLE |  | 320722 | 0 | 0 |
| COMMUNITY HEALTHCARE TR INC | COM | 20369C106 |  | 1692433 | 110617 | SH |  | SOLE |  | 110617 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 2217718 | 93772 | SH |  | SOLE |  | 93772 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 2966700 | 48499 | SH |  | SOLE |  | 48499 | 0 | 0 |
| DWS MUN INCOME TR NEW | COM | 233368109 |  | 328760 | 35852 | SH |  | SOLE |  | 35852 | 0 | 0 |
| EAGLE FINL SVCS INC | COM | 26951R104 |  | 4914781 | 129918 | SH |  | SOLE |  | 129918 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 2931153 | 58089 | SH |  | SOLE |  | 58089 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE 3/0 | 29355AAH0 |  | 42847 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 2882265 | 25707 | SH |  | SOLE |  | 25707 | 0 | 0 |
| ETSY INC | NOTE 0.125% 9/0 | 29786AAL0 |  | 22994 | 25000 | PRN |  | SOLE |  | 25000 | 0 | 0 |
| FACT II ACQUISITION CORP | UNIT 99/99/9999 | G32901111 |  | 374140 | 35975 | SH |  | SOLE |  | 35975 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 2502660 | 19411 | SH |  | SOLE |  | 19411 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 349274 | 862 | SH |  | SOLE |  | 862 | 0 | 0 |
| INVESCO ACTVELY MNGD ETC FD | OPTIMUM YIELD | 46090F100 |  | 195863 | 14584 | SH |  | SOLE |  | 14584 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 6942442 | 155730 | SH |  | SOLE |  | 155730 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 586173 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 898848 | 12352 | SH |  | SOLE |  | 12352 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 210960 | 4979 | SH |  | SOLE |  | 4979 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 286460 | 428 | SH |  | SOLE |  | 428 | 0 | 0 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 205713 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 679944 | 13390 | SH |  | SOLE |  | 13390 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 678805 | 2152 | SH |  | SOLE |  | 2152 | 0 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 968335 | 22656 | SH |  | SOLE |  | 22656 | 0 | 0 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 1086770 | 654681 | SH |  | SOLE |  | 654681 | 0 | 0 |
| LAKE SHORE BANCORP INC | COM | 510704109 |  | 988403 | 76031 | SH |  | SOLE |  | 76031 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | UNIT 99/99/9999 | G5S86M118 |  | 173015 | 16353 | SH |  | SOLE |  | 16353 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 559598 | 762 | SH |  | SOLE |  | 762 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 778479 | 1503 | SH |  | SOLE |  | 1503 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1520408 | 10881 | SH |  | SOLE |  | 10881 | 0 | 0 |
| NET LEASE OFFICE PROPERTIES | COM | 64110Y108 |  | 1776701 | 59902 | SH |  | SOLE |  | 59902 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 260166 | 217 | SH |  | SOLE |  | 217 | 0 | 0 |
| NEWBURY STR II ACQUISITION C | UNIT 10/23/2029 | G6439S125 |  | 508930 | 49172 | SH |  | SOLE |  | 49172 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 541641 | 7175 | SH |  | SOLE |  | 7175 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 519812 | 2786 | SH |  | SOLE |  | 2786 | 0 | 0 |
| OKTA INC | NOTE 0.375% 6/1 | 679295AF2 |  | 17469 | 18000 | PRN |  | SOLE |  | 18000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 242961 | 1730 | SH |  | SOLE |  | 1730 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 439071 | 2707 | SH |  | SOLE |  | 2707 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 212344 | 1382 | SH |  | SOLE |  | 1382 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 3623853 | 43420 | SH |  | SOLE |  | 43420 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 231585 | 1384 | SH |  | SOLE |  | 1384 | 0 | 0 |
| SILA REALTY TRUST INC | COMMON STOCK | 146280508 |  | 1735381 | 69139 | SH |  | SOLE |  | 69139 | 0 | 0 |
| SOUND FINL BANCORP INC | COM | 83607A100 |  | 1108483 | 24066 | SH |  | SOLE |  | 24066 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 563811 | 846 | SH |  | SOLE |  | 846 | 0 | 0 |
| SPECIAL OPPORTUNITIES FD INC | 2.75% CNV PFD C | 84741T401 |  | 583415 | 23374 | SH |  | SOLE |  | 23374 | 0 | 0 |
| SUMMIT MIDSTREAM CORPORATION | COM | 86614G101 |  | 1211285 | 58972 | SH |  | SOLE |  | 58972 | 0 | 0 |
| TAVIA ACQUISITION CORP | UNIT 99/99/9999 | G86880138 |  | 101400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 211242 | 475 | SH |  | SOLE |  | 475 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 1776089 | 6162 | SH |  | SOLE |  | 6162 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 217677 | 1506 | SH |  | SOLE |  | 1506 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 2421223 | 64982 | SH |  | SOLE |  | 64982 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 400305 | 654 | SH |  | SOLE |  | 654 | 0 | 0 |
| VOYAGER ACQUISITION CORP | UNIT 99/99/9999 | G93A7H120 |  | 429396 | 40701 | SH |  | SOLE |  | 40701 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 284549 | 2761 | SH |  | SOLE |  | 2761 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 2805836 | 44089 | SH |  | SOLE |  | 44089 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 2271972 | 33624 | SH |  | SOLE |  | 33624 | 0 | 0 |

---