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GRATIA CAPITAL, LLC

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13F filer, CIK 1599793, LOS ANGELES, CA

GRATIA CAPITAL, LLC reported $122,283,829 across 26 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 68.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599793-25-000002

Period
2025-03-31
Reported value
$122M
Holdings
26
Top 10 weight
68.76%
New
7
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TRTXadded+904,079$7.37M
CMTGnew+1,335,801$4.98M
SUNSnew+372,527$4.12M
HPPnew+1,223,500$3.61M
ARQnew+693,652$2.89M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CBLexited-172,353-$5.07M
NVGSexited-295,000-$4.53M
FCFSreduced-33,102-$3.98M
LEGexited-350,000-$3.36M
KREFexited-330,000-$3.33M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001599793-25-000002, largest first. % of portfolio is the value over $87,733,579, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TRTXTPG RE FIN TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,503,250 shares; 2024Q4: 1,192,777 shares; 2025Q1: 2,096,856 shares 2,096,856$17.1M19.48%+904,079Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 296,500 shares; 2024Q4: 622,622 shares; 2025Q1: 575,442 shares 575,442$7.33M8.36%-47,180Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,120 shares; 2024Q4: 109,356 shares; 2025Q1: 157,356 shares 157,356$6.17M7.03%+48,000Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 293,227 shares; 2025Q1: 293,227 shares 293,227$5.33M6.07%0Timeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,335,801 shares 1,335,801$4.98M5.68%newTimeline
ABXABACUS GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,402 shares; 2024Q4: 553,402 shares; 2025Q1: 627,402 shares 627,402$4.7M5.36%+74,000Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 372,527 shares 372,527$4.12M4.7%newTimeline
LANDSEA HOMES CORPLANDSEA HOMES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 320,000 shares; 2025Q1: 570,000 shares 570,000$3.66M4.17%+250,000
HPPHUDSON PAC PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,223,500 shares 1,223,500$3.61M4.11%newTimeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares 600,000$3.34M3.8%0Timeline
FCFSFIRSTCASH HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,042 shares; 2024Q4: 58,009 shares; 2025Q1: 24,907 shares 24,907$3M3.42%-33,102Timeline
CDZICADIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 320,000 shares; 2025Q1: 987,500 shares 987,500$2.89M3.3%+667,500Timeline
ARQARQ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 490,000 shares; 2024Q4: not reported; 2025Q1: 693,652 shares 693,652$2.89M3.3%newTimeline
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,794 shares; 2024Q4: 80,000 shares; 2025Q1: 136,400 shares 136,400$2.78M3.17%+56,400Timeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,000 shares; 2024Q4: 145,228 shares; 2025Q1: 145,228 shares 145,228$2.48M2.82%0Timeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,747 shares; 2024Q4: 57,795 shares; 2025Q1: 36,572 shares 36,572$2.41M2.74%-21,223Timeline
MFAMFA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,469 shares 225,469$2.31M2.64%newTimeline
XPOFXPONENTIAL FITNESS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,167 shares; 2024Q4: 171,167 shares; 2025Q1: 264,217 shares 264,217$2.2M2.51%+93,050Timeline
GPMTGRANITE PT MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 700,000 shares; 2025Q1: 800,000 shares 800,000$2.08M2.37%+100,000Timeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 909,493 shares; 2024Q4: 507,570 shares; 2025Q1: 292,176 shares 292,176$2.08M2.37%-215,394Timeline
ACRACRES COMMERCIAL REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 101,314 shares; 2025Q1: 76,682 shares 76,682$1.66M1.89%-24,632Timeline
HPAIWHELPORT AI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,320,918 shares; 2024Q4: 1,320,918 shares; 2025Q1: 1,320,918 shares 1,320,918$375K0.43%0Timeline
SNYRSYNERGY CHC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,944 shares; 2025Q1: 105,944 shares 105,944$249K0.28%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput125,000$24.9Mnew
XPOFXPONENTIAL FITNESS INC COMMON STOCKcall800,000$6.66M+200,000
HPPHUDSON PAC PPTYS INC COMcall1,000,000$2.95Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TRTXTPG RE FIN TR INC614,400$5.22Mcall
CBLCBL & ASSOC PPTYS INC172,353$5.07Mshares
NVGSNAVIGATOR HLDGS LTD295,000$4.53Mshares
LEGLEGGETT & PLATT INC350,000$3.36Mshares
LEGLEGGETT & PLATT INC350,000$3.36Mput
KREFKKR REAL ESTATE FIN TR INC330,000$3.33Mshares
STNGSCORPIO TANKERS INC51,500$2.56Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001599793-25-000002 base2025-05-15acceptance time not in the bulk data set