In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Gratia Capital, LLC reported 21 stock positions worth $91.6 million . Its top holding was TPG Re Finance Trust (TRTX) at 22.5% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 9.5% ) and Xponential Fitness Class A (XPOF, 6.3% ). Compared with Q1 2025, it opened 4 new positions, sold out of 5, added to 9 and reduced 4. The biggest buy was a new position in Mastercraft Boat (MCFT) and the biggest sale an exit from Abacus Global Management (ABX).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $91.6M (Q2 2025) Holdings 21 stocks · $91.6M 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 2025 TRTX TPG Re Finance Trust Inc. 2,664,589 $20.6M Add +27.1% FBRT Franklin BSP Realty Trust Inc. 817,837 $8.7M Add +42.1% XPOF Xponential Fitness Inc. Class A 771,417 $5.8M Add +192.0% NMM Navios Maritime Partners LP 134,356 $5.1M Reduce -14.6% SUNS Sunrise Realty Trust Inc. 446,720 $4.7M Add +19.9% ARQ Arq Inc. 857,962 $4.6M Add +23.7% MCFT Mastercraft Boat Holdings Inc. 230,000 $4.3M New CMTG Claros Mortgage Trust Inc. 1,335,801 $3.8M No change MAGN Magnera Corp. 314,627 $3.8M Add +7.3% BYD Boyd Gaming Corp. 47,389 $3.7M Add +29.6% BZH Beazer Homes USA Inc. 161,400 $3.6M Add +18.3% JAKK Jakks Pacific Inc. 149,970 $3.1M New BRSP Brightspire Capital Inc. 600,000 $3.0M No change TEN Tsakos Energy Navigation Ltd. 145,228 $2.8M No change ACHR Archer Aviation Inc. Class A 250,000 $2.7M Reduce -14.4% ACR Acres Commercial Realty Corp. 125,994 $2.3M Add +64.3% CDZI Cadiz Inc. 737,500 $2.2M Reduce -25.3% MFA Mfa Financial Inc. 225,469 $2.1M No change BETR Better Home & Finance Holdin 145,000 $1.8M New GPMT Granite Point Mortgage Trust 665,783 $1.6M Reduce -16.8% CBUS Cibus Inc. 857,000 $1.2M New
Options reported separately and not counted above: TRTX calls ($3.9M), HUDSON PAC PPTYS INC calls ($2.7M), KOS calls ($2.6M), XPOF calls ($1.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $286K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,304,514 $286K Reduce -1.2%
Total filed on the 13F, all lines: $91.8M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ ABX Abacus Global Management Inc. Sold out 0.00% −5.38 LSEA Landsea Homes Corp. Sold out 0.00% −4.19 HUDSON PAC PPTYS INC Sold out 0.00% −4.13 FCFS Firstcash Holdings Inc. Sold out 0.00% −3.43 NMM Navios Maritime Partners LP Reduce -14.6% 5.53% −1.54 CDZI Cadiz Inc. Reduce -25.3% 2.41% −0.90 GPMT Granite Point Mortgage Trust Reduce -16.8% 1.80% −0.58 SNYRQ Synergy CHC Corp. Sold out 0.00% −0.28 ACHR Archer Aviation Inc. Class A Reduce -14.4% 2.96% +0.58
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MCFT Mastercraft Boat Holdings Inc. New 4.67% +4.67 XPOF Xponential Fitness Inc. Class A Add +192.0% 6.31% +3.79 JAKK Jakks Pacific Inc. New 3.40% +3.40 TRTX TPG Re Finance Trust Inc. Add +27.1% 22.47% +2.90 BETR Better Home & Finance Holdin New 1.96% +1.96 ARQ Arq Inc. Add +23.7% 5.03% +1.72 BYD Boyd Gaming Corp. Add +29.6% 4.05% +1.29 CBUS Cibus Inc. New 1.29% +1.29 FBRT Franklin BSP Realty Trust Inc. Add +42.1% 9.55% +1.16 BZH Beazer Homes USA Inc. Add +18.3% 3.94% +0.76 ACR Acres Commercial Realty Corp. Add +64.3% 2.47% +0.57 SUNS Sunrise Realty Trust Inc. Add +19.9% 5.17% +0.45 MAGN Magnera Corp. Add +7.3% 4.15% −1.94
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 125,000 $24.9Mbefore exit TRTX TPG Re Finance Trust Inc. call New 500,000 $3.9M KOS Kosmos Energy Ltd. call New 1,500,000 $2.6M XPOF Xponential Fitness Inc. Class A call Reduce -75.0% 200,000 $1.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 Reduce -1.2% 1,304,514 $286K
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