Gratia Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Gratia Capital, LLC reported 26 stock positions worth $111.6 million. Its top holding was TPG Re Finance Trust (TRTX) at 15.7% of the portfolio, followed by Franklin BSP Realty Trust (FBRT, 7.8%) and Cadiz (CDZI, 7.5%). Compared with Q3 2025, it opened 4 new positions, sold out of 5, added to 6 and reduced 8. The biggest buy was a new position in Dave (DAVE) and the biggest sale an exit from Xponential Fitness Class A (XPOF).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001599793
Portfolio Value
$111.6M (Q4 2025)
SEC Filing
0001599793-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $58.2M Q1 2024 Q2 2024: $64.9M Q2 2024 Q3 2024: $69.8M Q3 2024 Q4 2024: $85.2M Q4 2024 Q1 2025: $87.4M Q1 2025 Q2 2025: $91.6M Q2 2025 Q3 2025: $112.6M Q3 2025 Q4 2025: $111.6M $111.6M Q4 2025 Q1 2026: $105.5M Q1 2026 Q2 2026: $87.0M Q2 2026

Holdings 26 stocks · $111.6M
TRTX TPG Re Finance Trust Inc. 15.68% 2,031,368 $17.5M Reduce -5.9%
FBRT Franklin BSP Realty Trust Inc. 7.76% 862,922 $8.7M Add +7.8%
CDZI Cadiz Inc. 7.53% 1,496,494 $8.4M Add +80.6%
NMM Navios Maritime Partners LP 6.33% 134,656 $7.1M Reduce -5.3%
DAVE Dave Inc. 5.88% 29,625 $6.6M New
GPMT Granite Point Mortgage Trust 4.82% 2,239,309 $5.4M Add +31.1%
CMTG Claros Mortgage Trust Inc. 4.66% 1,700,084 $5.2M No change
MCFT Mastercraft Boat Holdings Inc. 4.42% 260,840 $4.9M Add +4.3%
MAGN Magnera Corp. 4.27% 314,627 $4.8M No change
LODE Comstock Inc. 3.90% 1,156,423 $4.3M Add +20.8%
SUNS Sunrise Realty Trust Inc. 3.84% 453,816 $4.3M No change
BYD Boyd Gaming Corp. 3.54% 46,389 $4.0M No change
WULF Terawulf Inc. 3.13% 304,038 $3.5M New
BETR Better Home & Finance Holdin 2.97% 101,663 $3.3M Add +67.5%
TEN Tsakos Energy Navigation Ltd. 2.88% 143,228 $3.2M Reduce -1.4%
JAKK Jakks Pacific Inc. 2.72% 179,520 $3.0M No change
BRSP Brightspire Capital Inc. 2.52% 501,585 $2.8M Reduce -8.8%
AEHR Aehr Test Systems 2.49% 137,560 $2.8M Reduce -1.4%
AZ A2Z CUST2MATE Solutions Corp. 2.31% 395,410 $2.6M Reduce -6.3%
NCMI National Cinemedia Inc. 2.27% 650,000 $2.5M No change
MFA Mfa Financial Inc. 1.88% 225,469 $2.1M No change
ACHR Archer Aviation Inc. Class A 1.30% 192,793 $1.4M Reduce -22.9%
SNYRQ Synergy CHC Corp. 0.93% 555,000 $1.0M No change
BZH Beazer Homes USA Inc. 0.84% 46,131 $935K New
DDI Doubledown Interactive -ADR 0.70% 90,870 $784K New
ARQ Arq Inc. 0.45% 155,000 $507K Reduce -64.9%

Options reported separately and not counted above: HPP calls ($10.8M), AEHR calls ($8.1M), UAMY calls ($2.1M), KOS calls ($1.4M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $208K (not counted above)
SecurityClassShares / PrincipalValueChange
HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 1,304,362$208KReduce -0.0%

Total filed on the 13F, all lines: $111.8M.

Portfolio Sells Q3 2025 → Q4 2025
XPOF Xponential Fitness Inc. Class A Sold out 0.00% −3.29
DUOT Duos Technologies Group Inc. Sold out 0.00% −3.24
ARQ Arq Inc. Reduce -64.9% 0.45% −2.36
WW WW International Inc.-New Sold out 0.00% −1.54
ACR Acres Commercial Realty Corp. Sold out 0.00% −1.36
AEHR Aehr Test Systems Reduce -1.4% 2.49% −1.24
ACHR Archer Aviation Inc. Class A Reduce -22.9% 1.30% −0.83
TRTX TPG Re Finance Trust Inc. Reduce -5.9% 15.68% −0.73
AZ A2Z CUST2MATE Solutions Corp. Reduce -6.3% 2.31% −0.69
CBUS Cibus Inc. Sold out 0.00% −0.19
BRSP Brightspire Capital Inc. Reduce -8.8% 2.52% −0.13
TEN Tsakos Energy Navigation Ltd. Reduce -1.4% 2.88% +0.01
NMM Navios Maritime Partners LP Reduce -5.3% 6.33% +0.64

Portfolio Buys Q3 2025 → Q4 2025
DAVE Dave Inc. New 5.88% +5.88
CDZI Cadiz Inc. Add +80.6% 7.53% +4.05
WULF Terawulf Inc. New 3.13% +3.13
LODE Comstock Inc. Add +20.8% 3.90% +0.99
BZH Beazer Homes USA Inc. New 0.84% +0.84
DDI Doubledown Interactive -ADR New 0.70% +0.70
GPMT Granite Point Mortgage Trust Add +31.1% 4.82% +0.27
FBRT Franklin BSP Realty Trust Inc. Add +7.8% 7.76% +0.04
BETR Better Home & Finance Holdin Add +67.5% 2.97% −0.06
MCFT Mastercraft Boat Holdings Inc. Add +4.3% 4.42% −0.34

Options Activity Q3 2025 → Q4 2025
HPP Hudson Pacific Properties Inc. call Add +599.3% 1,000,000 $10.8M
TRTX TPG Re Finance Trust Inc. call Sold out 500,000 $4.3Mbefore exit
CDZI Cadiz Inc. call Sold out 500,000 $2.4Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
HPAIW Helport AI Ltd. -29 *W EXP 03/31/202 Reduce -0.0% 1,304,362 $208K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$87.0MTRTX, FBRT, LODE, MCFT, NMM
Q1 2026 23$105.5MTRTX, FBRT, NMM, DAVE, WD
Q4 2025 26$111.6MTRTX, FBRT, CDZI, NMM, DAVE
Q3 2025 27$112.6MTRTX, FBRT, NMM, CMTG, MCFT
Q2 2025 21$91.6MTRTX, FBRT, XPOF, NMM, SUNS
Q1 2025 22$87.4MTRTX, FBRT, NMM, MAGN, CMTG
Q4 2024 22$85.2MTRTX, FBRT, FCFS, MAGN, CBL
Q3 2024 16$69.8MTRTX, NMM, BYD, FCFS, NVGS
Q2 2024 15$64.9MTRTX, XPOF, BYD, NMM, FCFS
Q1 2024 14$58.2MTRTX, BYD, NMM, BZH, FCFS