In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Gratia Capital, LLC reported 22 stock positions worth $85.2 million . Its top holding was TPG Re Finance Trust (TRTX) at 11.9% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 9.2% ) and Firstcash (FCFS, 7.1% ). Compared with Q3 2024, it opened 8 new positions, sold out of 2, added to 5 and reduced 7. The biggest buy was a new position in Magnera (MAGN) and the biggest sale TPG Re Finance Trust (TRTX, shares −21% ).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $85.2M (Q4 2024) Holdings 22 stocks · $85.2M 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 Q3 2024 TRTX TPG Re Finance Trust Inc. 1,192,777 $10.1M Reduce -20.6% FBRT Franklin BSP Realty Trust Inc. 622,622 $7.8M Add +110.0% FCFS Firstcash Holdings Inc. 58,009 $6.0M Add +34.8% MAGN Magnera Corp. 293,227 $5.3M New CBL CBL & Associates Properties 172,353 $5.1M New ACHR Archer Aviation Inc. Class A 507,570 $4.9M Reduce -44.2% NMM Navios Maritime Partners LP 109,356 $4.7M Reduce -12.6% NVGS Navigator Holdings Ltd. 295,000 $4.5M No change ABX Abacus Global Management Inc. 553,402 $4.3M Add +82.4% BYD Boyd Gaming Corp. 57,795 $4.2M Reduce -37.0% BRSP Brightspire Capital Inc. 600,000 $3.4M New LEG Leggett & Platt Inc. 350,000 $3.4M New KREF KKR Real Estate Finance Trus 330,000 $3.3M No change LSEA Landsea Homes Corp. 320,000 $2.7M New STNG Scorpio Tankers Inc. 51,500 $2.6M Reduce -21.6% TEN Tsakos Energy Navigation Ltd. 145,228 $2.5M Reduce -8.7% XPOF Xponential Fitness Inc. Class A 171,167 $2.3M Reduce -52.3% BZH Beazer Homes USA Inc. 80,000 $2.2M Add +376.4% GPMT Granite Point Mortgage Trust 700,000 $2.0M New CDZI Cadiz Inc. 320,000 $1.7M New ACR Acres Commercial Realty Corp. 101,314 $1.6M Add +1.3% SNYRQ Synergy CHC Corp. 105,944 $466K New
Options reported separately and not counted above: XPOF calls ($8.1M), TRTX calls ($5.2M), LEG puts ($3.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $327K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,320,918 $327K No change
Total filed on the 13F, all lines: $85.5M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ TRTX TPG Re Finance Trust Inc. Reduce -20.6% 11.90% −6.46 NMM Navios Maritime Partners LP Reduce -12.6% 5.56% −5.66 ARQ Arq Inc. Sold out 0.00% −4.12 STNG Scorpio Tankers Inc. Reduce -21.6% 3.00% −3.70 XPOF Xponential Fitness Inc. Class A Reduce -52.3% 2.70% −3.68 BYD Boyd Gaming Corp. Reduce -37.0% 4.92% −3.57 TEN Tsakos Energy Navigation Ltd. Reduce -8.7% 2.96% −2.76 CATO Cato Corp. Class A Sold out 0.00% −2.35 ACHR Archer Aviation Inc. Class A Reduce -44.2% 5.81% +1.86
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ MAGN Magnera Corp. New 6.25% +6.25 CBL CBL & Associates Properties New 5.95% +5.95 BRSP Brightspire Capital Inc. New 3.97% +3.97 LEG Leggett & Platt Inc. New 3.94% +3.94 FBRT Franklin BSP Realty Trust Inc. Add +110.0% 9.17% +3.62 LSEA Landsea Homes Corp. New 3.19% +3.19 GPMT Granite Point Mortgage Trust New 2.29% +2.29 CDZI Cadiz Inc. New 1.95% +1.95 BZH Beazer Homes USA Inc. Add +376.4% 2.58% +1.76 ABX Abacus Global Management Inc. Add +82.4% 5.09% +0.69 SNYRQ Synergy CHC Corp. New 0.55% +0.55 FCFS Firstcash Holdings Inc. Add +34.8% 7.06% −0.02 ACR Acres Commercial Realty Corp. Add +1.3% 1.92% −0.32
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ XPOF Xponential Fitness Inc. Class A call Reduce -25.0% 600,000 $8.1M TRTX TPG Re Finance Trust Inc. call Reduce -38.6% 614,400 $5.2M LEG Leggett & Platt Inc. put New 350,000 $3.4M
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