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GRATIA CAPITAL, LLC

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13F filer, CIK 1599793, LOS ANGELES, CA

GRATIA CAPITAL, LLC reported $102,527,357 across 26 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 70.86% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599793-25-000003

Period
2025-06-30
Reported value
$103M
Holdings
26
Top 10 weight
70.86%
New
6
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TRTXadded+567,733$4.38M
MCFTnew+230,000$4.27M
XPOFadded+507,200$3.8M
JAKKnew+149,970$3.12M
FBRTadded+242,395$2.59M

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
ABXexited-627,402-$4.7M
LANDSEA HOMES CORPexited-570,000-$3.66M
HPPexited-1,223,500-$3.61M
FCFSexited-24,907-$3M
NMMreduced-23,000-$867K

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, Q2 2025

Share positions as resolved from 13F-HR 0001599793-25-000003, largest first. % of portfolio is the value over $91,849,357, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,503,250 shares; 2024Q4: 1,192,777 shares; 2025Q1: 2,096,856 shares; 2025Q2: 2,664,589 shares 2,664,589$20.6M22.4%+567,733Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 296,500 shares; 2024Q4: 622,622 shares; 2025Q1: 575,442 shares; 2025Q2: 817,837 shares 817,837$8.74M9.52%+242,395Timeline
XPOFXPONENTIAL FITNESS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,167 shares; 2024Q4: 171,167 shares; 2025Q1: 264,217 shares; 2025Q2: 771,417 shares 771,417$5.78M6.29%+507,200Timeline
NMMNAVIOS MARITIME PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,120 shares; 2024Q4: 109,356 shares; 2025Q1: 157,356 shares; 2025Q2: 134,356 shares 134,356$5.06M5.51%-23,000Timeline
SUNSSUNRISE RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 372,527 shares; 2025Q2: 446,720 shares 446,720$4.74M5.16%+74,193Timeline
ARQARQ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 490,000 shares; 2024Q4: not reported; 2025Q1: 693,652 shares; 2025Q2: 857,962 shares 857,962$4.61M5.02%+164,310Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 230,000 shares 230,000$4.27M4.65%newTimeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,335,801 shares; 2025Q2: 1,335,801 shares 1,335,801$3.81M4.14%0Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 293,227 shares; 2025Q1: 293,227 shares; 2025Q2: 314,627 shares 314,627$3.8M4.14%+21,400Timeline
BYDBOYD GAMING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,747 shares; 2024Q4: 57,795 shares; 2025Q1: 36,572 shares; 2025Q2: 47,389 shares 47,389$3.71M4.04%+10,817Timeline
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,794 shares; 2024Q4: 80,000 shares; 2025Q1: 136,400 shares; 2025Q2: 161,400 shares 161,400$3.61M3.93%+25,000Timeline
JAKKJAKKS PAC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 149,970 shares 149,970$3.12M3.39%newTimeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares 600,000$3.03M3.3%0Timeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,000 shares; 2024Q4: 145,228 shares; 2025Q1: 145,228 shares; 2025Q2: 145,228 shares 145,228$2.79M3.03%0Timeline
ACHRARCHER AVIATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 909,493 shares; 2024Q4: 507,570 shares; 2025Q1: 292,176 shares; 2025Q2: 250,000 shares 250,000$2.71M2.95%-42,176Timeline
ACRACRES COMMERCIAL REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 101,314 shares; 2025Q1: 76,682 shares; 2025Q2: 125,994 shares 125,994$2.26M2.46%+49,312Timeline
CDZICADIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 320,000 shares; 2025Q1: 987,500 shares; 2025Q2: 737,500 shares 737,500$2.21M2.4%-250,000Timeline
MFAMFA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 225,469 shares; 2025Q2: 225,469 shares 225,469$2.13M2.32%0Timeline
BETRBETTER HOME & FINANCE HOLDINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,000 shares 145,000$1.8M1.96%newTimeline
GPMTGRANITE PT MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 700,000 shares; 2025Q1: 800,000 shares; 2025Q2: 665,783 shares 665,783$1.64M1.79%-134,217Timeline
CBUSCIBUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 857,000 shares 857,000$1.18M1.29%newTimeline
HPAIWHELPORT AI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,320,918 shares; 2024Q4: 1,320,918 shares; 2025Q1: 1,320,918 shares; 2025Q2: 1,304,514 shares 1,304,514$286K0.31%-16,404Timeline

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
TRTXTPG RE FIN TR INC REITcall500,000$3.86Mnew
HPPHUDSON PAC PPTYS INC COMcall1,000,000$2.74M0
KOSKOSMOS ENERGY LTD COMcall1,500,000$2.58Mnew
XPOFXPONENTIAL FITNESS INC COMMON STOCKcall200,000$1.5M-600,000

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
IWMISHARES TR125,000$24.9Mput
ABXABACUS GLOBAL MGMT INC627,402$4.7Mshares
LANDSEA HOMES CORPLANDSEA HOMES CORP570,000$3.66Mshares
HPPHUDSON PAC PPTYS INC1,223,500$3.61Mshares
FCFSFIRSTCASH HOLDINGS INC24,907$3Mshares
SNYRSYNERGY CHC CORP105,944$249Kshares

How Q2 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 0001599793-25-000003 base2025-08-14acceptance time not in the bulk data set