In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Gratia Capital, LLC reported 16 stock positions worth $69.8 million . Its top holding was TPG Re Finance Trust (TRTX) at 18.4% of the portfolio, followed by Navios Maritime Partners (NMM, 11.2% ) and Boyd Gaming (BYD, 8.5% ). Compared with Q2 2024, it opened 3 new positions, sold out of 2, added to 5 and reduced 5. The biggest buy was a new position in KKR Real Estate Finance Trus (KREF) and the biggest sale Beazer Homes USA (BZH, shares −91% ).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $69.8M (Q3 2024) Holdings 16 stocks · $69.8M 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 Q2 2024 TRTX TPG Re Finance Trust Inc. 1,503,250 $12.8M Add +15.9% NMM Navios Maritime Partners LP 125,120 $7.8M Reduce -1.6% BYD Boyd Gaming Corp. 91,747 $5.9M Reduce -26.4% FCFS Firstcash Holdings Inc. 43,042 $4.9M Reduce -17.3% NVGS Navigator Holdings Ltd. 295,000 $4.7M Add +18.0% STNG Scorpio Tankers Inc. 65,700 $4.7M Add +89.3% XPOF Xponential Fitness Inc. Class A 359,167 $4.5M Reduce -30.6% KREF KKR Real Estate Finance Trus 330,000 $4.1M New TEN Tsakos Energy Navigation Ltd. 159,000 $4.0M No change FBRT Franklin BSP Realty Trust Inc. 296,500 $3.9M New ABX Abacus Global Management Inc. 303,402 $3.1M Add +21.4% ARQ Arq Inc. 490,000 $2.9M New ACHR Archer Aviation Inc. Class A 909,493 $2.8M Add +96.8% CATO Cato Corp. Class A 328,175 $1.6M No change ACR Acres Commercial Realty Corp. 100,000 $1.6M No change BZH Beazer Homes USA Inc. 16,794 $574K Reduce -91.0%
Options reported separately and not counted above: XPOF calls ($9.9M), TRTX calls ($8.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $132K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,320,918 $132K New
Total filed on the 13F, all lines: $70.0M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ BZH Beazer Homes USA Inc. Reduce -91.0% 0.82% −7.08 XPOF Xponential Fitness Inc. Class A Reduce -30.6% 6.38% −6.07 PAL Proficient Auto Logistics Inc. Sold out 0.00% −3.76 BYD Boyd Gaming Corp. Reduce -26.4% 8.49% −2.10 FCFS Firstcash Holdings Inc. Reduce -17.3% 7.08% −1.34 LLAP Terran Orbital Corp. Sold out 0.00% −0.76 NMM Navios Maritime Partners LP Reduce -1.6% 11.22% +1.22
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ KREF KKR Real Estate Finance Trus New 5.84% +5.84 FBRT Franklin BSP Realty Trust Inc. New 5.55% +5.55 ARQ Arq Inc. New 4.12% +4.12 STNG Scorpio Tankers Inc. Add +89.3% 6.71% +2.36 ACHR Archer Aviation Inc. Class A Add +96.8% 3.95% +1.44 TRTX TPG Re Finance Trust Inc. Add +15.9% 18.36% +1.09 ABX Abacus Global Management Inc. Add +21.4% 4.40% +1.06 NVGS Navigator Holdings Ltd. Add +18.0% 6.79% +0.06
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 50,000 $10.1Mbefore exit XPOF Xponential Fitness Inc. Class A call Reduce -27.3% 800,000 $9.9M INSE Inspired Entertainment Inc. call Sold out 500,000 $4.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 New 1,320,918 $132K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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