In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Gratia Capital, LLC reported 22 stock positions worth $87.4 million . Its top holding was TPG Re Finance Trust (TRTX) at 19.6% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 8.4% ) and Navios Maritime Partners (NMM, 7.1% ). Compared with Q4 2024, it opened 5 new positions, sold out of 5, added to 8 and reduced 5. The biggest buy was TPG Re Finance Trust (TRTX, shares +76% ) and the biggest sale an exit from CBL & Associates Properties (CBL).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $87.4M (Q1 2025) Holdings 22 stocks · $87.4M 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 2024 TRTX TPG Re Finance Trust Inc. 2,096,856 $17.1M Add +75.8% FBRT Franklin BSP Realty Trust Inc. 575,442 $7.3M Reduce -7.6% NMM Navios Maritime Partners LP 157,356 $6.2M Add +43.9% MAGN Magnera Corp. 293,227 $5.3M No change CMTG Claros Mortgage Trust Inc. 1,335,801 $5.0M New ABX Abacus Global Management Inc. 627,402 $4.7M Add +13.4% SUNS Sunrise Realty Trust Inc. 372,527 $4.1M New LSEA Landsea Homes Corp. 570,000 $3.7M Add +78.1% HUDSON PAC PPTYS INC 1,223,500 $3.6M New BRSP Brightspire Capital Inc. 600,000 $3.3M No change FCFS Firstcash Holdings Inc. 24,907 $3.0M Reduce -57.1% CDZI Cadiz Inc. 987,500 $2.9M Add +208.6% ARQ Arq Inc. 693,652 $2.9M New BZH Beazer Homes USA Inc. 136,400 $2.8M Add +70.5% TEN Tsakos Energy Navigation Ltd. 145,228 $2.5M No change BYD Boyd Gaming Corp. 36,572 $2.4M Reduce -36.7% MFA Mfa Financial Inc. 225,469 $2.3M New XPOF Xponential Fitness Inc. Class A 264,217 $2.2M Add +54.4% GPMT Granite Point Mortgage Trust 800,000 $2.1M Add +14.3% ACHR Archer Aviation Inc. Class A 292,176 $2.1M Reduce -42.4% ACR Acres Commercial Realty Corp. 76,682 $1.7M Reduce -24.3% SNYRQ Synergy CHC Corp. 105,944 $249K No change
Options reported separately and not counted above: IWM puts ($24.9M), XPOF calls ($6.7M), HUDSON PAC PPTYS INC calls ($3.0M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $375K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,320,918 $375K No change
Total filed on the 13F, all lines: $87.7M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ CBL CBL & Associates Properties Sold out 0.00% −5.95 NVGS Navigator Holdings Ltd. Sold out 0.00% −5.32 LEG Leggett & Platt Inc. Sold out 0.00% −3.94 KREF KKR Real Estate Finance Trus Sold out 0.00% −3.91 FCFS Firstcash Holdings Inc. Reduce -57.1% 3.43% −3.63 ACHR Archer Aviation Inc. Class A Reduce -42.4% 2.38% −3.43 STNG Scorpio Tankers Inc. Sold out 0.00% −3.00 BYD Boyd Gaming Corp. Reduce -36.7% 2.76% −2.17 FBRT Franklin BSP Realty Trust Inc. Reduce -7.6% 8.39% −0.77 ACR Acres Commercial Realty Corp. Reduce -24.3% 1.90% −0.02
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ TRTX TPG Re Finance Trust Inc. Add +75.8% 19.56% +7.66 CMTG Claros Mortgage Trust Inc. New 5.70% +5.70 SUNS Sunrise Realty Trust Inc. New 4.72% +4.72 HUDSON PAC PPTYS INC New 4.13% +4.13 ARQ Arq Inc. New 3.31% +3.31 MFA Mfa Financial Inc. New 2.65% +2.65 NMM Navios Maritime Partners LP Add +43.9% 7.06% +1.51 CDZI Cadiz Inc. Add +208.6% 3.31% +1.36 LSEA Landsea Homes Corp. Add +78.1% 4.19% +1.00 BZH Beazer Homes USA Inc. Add +70.5% 3.18% +0.60 ABX Abacus Global Management Inc. Add +13.4% 5.38% +0.29 GPMT Granite Point Mortgage Trust Add +14.3% 2.38% +0.09 XPOF Xponential Fitness Inc. Class A Add +54.4% 2.52% −0.18
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 125,000 $24.9M XPOF Xponential Fitness Inc. Class A call Add +33.3% 800,000 $6.7M TRTX TPG Re Finance Trust Inc. call Sold out 614,400 $5.2Mbefore exit LEG Leggett & Platt Inc. put Sold out 350,000 $3.4Mbefore exit HUDSON PAC PPTYS INC call New 1,000,000 $3.0M
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