In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Gratia Capital, LLC reported 15 stock positions worth $64.9 million . Its top holding was TPG Re Finance Trust (TRTX) at 17.3% of the portfolio, followed by Xponential Fitness Class A (XPOF, 12.4% ) and Boyd Gaming (BYD, 10.6% ). Compared with Q1 2024, it opened 4 new positions, sold out of 3, added to 4 and reduced 4. The biggest buy was a new position in Xponential Fitness Class A (XPOF) and the biggest sale Boyd Gaming (BYD, shares −20% ).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $64.9M (Q2 2024) Holdings 15 stocks · $64.9M 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 Q1 2024 TRTX TPG Re Finance Trust Inc. 1,297,224 $11.2M Reduce -14.1% XPOF Xponential Fitness Inc. Class A 517,567 $8.1M New BYD Boyd Gaming Corp. 124,738 $6.9M Reduce -20.2% NMM Navios Maritime Partners LP 127,172 $6.5M Reduce -12.8% FCFS Firstcash Holdings Inc. 52,042 $5.5M Add +49.5% BZH Beazer Homes USA Inc. 186,645 $5.1M Add +22.0% TEN Tsakos Energy Navigation Ltd. 159,000 $4.7M Add +6.7% NVGS Navigator Holdings Ltd. 250,000 $4.4M New STNG Scorpio Tankers Inc. 34,700 $2.8M Reduce -42.4% PAL Proficient Auto Logistics Inc. 151,921 $2.4M New ABX Abacus Global Management Inc. 250,000 $2.2M New CATO Cato Corp. Class A 328,175 $1.8M No change ACHR Archer Aviation Inc. Class A 462,252 $1.6M No change ACR Acres Commercial Realty Corp. 100,000 $1.3M Add +20.9% LLAP Terran Orbital Corp. 597,700 $490K No change
Options reported separately and not counted above: XPOF calls ($17.2M), IWM puts ($10.1M), TRTX calls ($8.6M), INSE calls ($4.6M).
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ BYD Boyd Gaming Corp. Reduce -20.2% 10.59% −7.48 INSE Inspired Entertainment Inc. Sold out 0.00% −6.25 STNG Scorpio Tankers Inc. Reduce -42.4% 4.35% −3.05 TRTX TPG Re Finance Trust Inc. Reduce -14.1% 17.27% −2.75 BWMN Bowman Consulting Group Ltd. Sold out 0.00% −2.39 KRT Karat Packaging Inc. Sold out 0.00% −2.17 NMM Navios Maritime Partners LP Reduce -12.8% 10.00% −0.68
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ XPOF Xponential Fitness Inc. Class A New 12.44% +12.44 NVGS Navigator Holdings Ltd. New 6.73% +6.73 PAL Proficient Auto Logistics Inc. New 3.76% +3.76 ABX Abacus Global Management Inc. New 3.33% +3.33 FCFS Firstcash Holdings Inc. Add +49.5% 8.41% +0.79 TEN Tsakos Energy Navigation Ltd. Add +6.7% 7.17% +0.67 ACR Acres Commercial Realty Corp. Add +20.9% 1.97% −0.03 BZH Beazer Homes USA Inc. Add +22.0% 7.90% −0.72
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ XPOF Xponential Fitness Inc. Class A call New 1,100,000 $17.2M BYD Boyd Gaming Corp. put Sold out 142,000 $9.6Mbefore exit ZIM Zim Integrated Shipping Serv call Sold out 52,000 $526Kbefore exit
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