In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Gratia Capital, LLC reported 14 stock positions worth $58.2 million . Its top holding was TPG Re Finance Trust (TRTX) at 20.0% of the portfolio, followed by Boyd Gaming (BYD, 18.1% ) and Navios Maritime Partners (NMM, 10.7% ). Compared with Q4 2023, it opened 5 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was TPG Re Finance Trust (TRTX, shares +116% ) and the biggest sale an exit from CRH (CRH).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $58.2M (Q1 2024) Holdings 14 stocks · $58.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 TRTX TPG Re Finance Trust Inc. 1,509,224 $11.7M Add +115.9% BYD Boyd Gaming Corp. 156,238 $10.5M No change NMM Navios Maritime Partners LP 145,800 $6.2M Reduce -26.0% BZH Beazer Homes USA Inc. 153,000 $5.0M New FCFS Firstcash Holdings Inc. 34,800 $4.4M New STNG Scorpio Tankers Inc. 60,200 $4.3M Reduce -27.3% TEN Tsakos Energy Navigation Ltd. 149,000 $3.8M New INSE Inspired Entertainment Inc. 368,660 $3.6M Add +103.0% ACHR Archer Aviation Inc. Class A 462,252 $2.1M No change CATO Cato Corp. Class A 328,175 $1.9M No change BWMN Bowman Consulting Group Ltd. 40,000 $1.4M New KRT Karat Packaging Inc. 44,184 $1.3M Reduce -63.9% ACR Acres Commercial Realty Corp. 82,729 $1.2M New LLAP Terran Orbital Corp. 597,700 $783K No change
Options reported separately and not counted above: IWM puts ($10.5M), BYD puts ($9.6M), TRTX calls ($7.7M), INSE calls ($4.9M), ZIM calls ($526K).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Sold out 0.00% −12.32 GENK Gen Restaurant Group Inc. Sold out 0.00% −5.50 ALTISOURCE PORTFOLIO SOLNS S Sold out 0.00% −4.34 KRT Karat Packaging Inc. Reduce -63.9% 2.17% −4.15 STNG Scorpio Tankers Inc. Reduce -27.3% 7.40% −3.07 SNBRQ Sleep Number Corp. Sold out 0.00% −2.74 EXPRQ Express Inc. Sold out 0.00% −0.84 NMM Navios Maritime Partners LP Reduce -26.0% 10.68% −0.78 GPMT Granite Point Mortgage Trust Sold out 0.00% −0.29
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ TRTX TPG Re Finance Trust Inc. Add +115.9% 20.02% +10.57 BZH Beazer Homes USA Inc. New 8.62% +8.62 FCFS Firstcash Holdings Inc. New 7.63% +7.63 TEN Tsakos Energy Navigation Ltd. New 6.50% +6.50 INSE Inspired Entertainment Inc. Add +103.0% 6.25% +2.51 BWMN Bowman Consulting Group Ltd. New 2.39% +2.39 ACR Acres Commercial Realty Corp. New 2.00% +2.00
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ TRTX TPG Re Finance Trust Inc. call New 1,000,000 $7.7M CRH CRH PLC put Sold out 104,300 $7.2Mbefore exit SNBRQ Sleep Number Corp. call Sold out 300,000 $4.4Mbefore exit BCC Boise Cascade Co. put Sold out 23,500 $3.0Mbefore exit ZIM Zim Integrated Shipping Serv call New 52,000 $526K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 24 $87.0M TRTX, FBRT, LODE, MCFT, NMM Q1 2026 23 $105.5M TRTX, FBRT, NMM, DAVE, WD Q4 2025 26 $111.6M TRTX, FBRT, CDZI, NMM, DAVE Q3 2025 27 $112.6M TRTX, FBRT, NMM, CMTG, MCFT Q2 2025 21 $91.6M TRTX, FBRT, XPOF, NMM, SUNS Q1 2025 22 $87.4M TRTX, FBRT, NMM, MAGN, CMTG Q4 2024 22 $85.2M TRTX, FBRT, FCFS, MAGN, CBL Q3 2024 16 $69.8M TRTX, NMM, BYD, FCFS, NVGS Q2 2024 15 $64.9M TRTX, XPOF, BYD, NMM, FCFS Q1 2024 14 $58.2M TRTX, BYD, NMM, BZH, FCFS