In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Gratia Capital, LLC reported 27 stock positions worth $112.6 million . Its top holding was TPG Re Finance Trust (TRTX) at 16.4% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 7.7% ) and Navios Maritime Partners (NMM, 5.7% ). Compared with Q2 2025, it opened 7 new positions, sold out of 1, added to 7 and reduced 9. The biggest buy was a new position in Aehr Test Systems (AEHR) and the biggest sale TPG Re Finance Trust (TRTX, shares −19% ).
Location LOS ANGELES, CA
CIK 0001599793
Portfolio Value $112.6M (Q3 2025) Holdings 27 stocks · $112.6M 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 Q2 2025 TRTX TPG Re Finance Trust Inc. 2,158,787 $18.5M Reduce -19.0% FBRT Franklin BSP Realty Trust Inc. 800,571 $8.7M Reduce -2.1% NMM Navios Maritime Partners LP 142,156 $6.4M Add +5.8% CMTG Claros Mortgage Trust Inc. 1,700,084 $5.6M Add +27.3% MCFT Mastercraft Boat Holdings Inc. 250,000 $5.4M Add +8.7% GPMT Granite Point Mortgage Trust 1,707,826 $5.1M Add +156.5% SUNS Sunrise Realty Trust Inc. 453,816 $4.7M Add +1.6% AEHR Aehr Test Systems 139,560 $4.2M New BYD Boyd Gaming Corp. 46,389 $4.0M Reduce -2.1% CDZI Cadiz Inc. 828,666 $3.9M Add +12.4% XPOF Xponential Fitness Inc. Class A 475,140 $3.7M Reduce -38.4% MAGN Magnera Corp. 314,627 $3.7M No change DUOT Duos Technologies Group Inc. 495,590 $3.6M New BETR Better Home & Finance Holdin 60,700 $3.4M Reduce -58.1% AZ A2Z CUST2MATE Solutions Corp. 422,000 $3.4M New JAKK Jakks Pacific Inc. 179,520 $3.4M Add +19.7% LODE Comstock Inc. 957,423 $3.3M New TEN Tsakos Energy Navigation Ltd. 145,228 $3.2M No change ARQ Arq Inc. 442,020 $3.2M Reduce -48.5% BRSP Brightspire Capital Inc. 550,000 $3.0M Reduce -8.3% NCMI National Cinemedia Inc. 650,000 $2.9M New ACHR Archer Aviation Inc. Class A 250,000 $2.4M No change MFA Mfa Financial Inc. 225,469 $2.1M No change WW WW International Inc.-New filed as WW INTL INC 63,241 $1.7M New ACR Acres Commercial Realty Corp. 72,543 $1.5M Reduce -42.4% SNYRQ Synergy CHC Corp. 555,000 $1.4M New CBUS Cibus Inc. 167,245 $216K Reduce -80.5%
Options reported separately and not counted above: AEHR calls ($12.0M), TRTX calls ($4.3M), HUDSON PAC PPTYS INC calls ($2.8M), UAMY calls ($2.6M), KOS calls ($2.5M), CDZI calls ($2.4M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $258K (not counted above) Security Class Shares / Principal Value Change HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,304,514 $258K No change
Total filed on the 13F, all lines: $112.9M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TRTX TPG Re Finance Trust Inc. Reduce -19.0% 16.41% −6.06 BZH Beazer Homes USA Inc. Sold out 0.00% −3.94 XPOF Xponential Fitness Inc. Class A Reduce -38.4% 3.29% −3.02 ARQ Arq Inc. Reduce -48.5% 2.81% −2.22 FBRT Franklin BSP Realty Trust Inc. Reduce -2.1% 7.72% −1.83 ACR Acres Commercial Realty Corp. Reduce -42.4% 1.36% −1.11 CBUS Cibus Inc. Reduce -80.5% 0.19% −1.10 BRSP Brightspire Capital Inc. Reduce -8.3% 2.65% −0.66 BYD Boyd Gaming Corp. Reduce -2.1% 3.56% −0.49 BETR Better Home & Finance Holdin Reduce -58.1% 3.03% +1.06
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ AEHR Aehr Test Systems New 3.73% +3.73 DUOT Duos Technologies Group Inc. New 3.24% +3.24 AZ A2Z CUST2MATE Solutions Corp. New 2.99% +2.99 LODE Comstock Inc. New 2.91% +2.91 GPMT Granite Point Mortgage Trust Add +156.5% 4.55% +2.75 NCMI National Cinemedia Inc. New 2.60% +2.60 WW WW International Inc.-New New 1.54% +1.54 SNYRQ Synergy CHC Corp. New 1.20% +1.20 CDZI Cadiz Inc. Add +12.4% 3.47% +1.06 CMTG Claros Mortgage Trust Inc. Add +27.3% 5.01% +0.85 NMM Navios Maritime Partners LP Add +5.8% 5.69% +0.16 MCFT Mastercraft Boat Holdings Inc. Add +8.7% 4.76% +0.10 JAKK Jakks Pacific Inc. Add +19.7% 2.99% −0.42 SUNS Sunrise Realty Trust Inc. Add +1.6% 4.19% −0.98
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ AEHR Aehr Test Systems call New 400,000 $12.0M UAMY United States Antimony Corp. call New 420,000 $2.6M CDZI Cadiz Inc. call New 500,000 $2.4M XPOF Xponential Fitness Inc. Class A call Sold out 200,000 $1.5Mbefore 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