Forager Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Forager Capital Management, LLC reported 11 stock positions worth $202.1 million. Its top holding was Mastercraft Boat (MCFT) at 14.5% of the portfolio, followed by Regional Management (RM, 13.4%) and Willdan (WLDN, 12.7%). Compared with Q4 2024, it sold out of 2, added to 4 and reduced 2. The biggest buy was Willdan (WLDN, shares +44%) and the biggest sale Garrett Motion (GTX, shares −56%).

Most Recent 13F
Q2 2026
Location
BIRMINGHAM, AL
CIK
0001802986
Portfolio Value
$202.1M (Q1 2025)
SEC Filing
0001420506-25-001192 ↗ filed May 15, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $259.0M Q1 2024 Q2 2024: $233.5M Q2 2024 Q3 2024: $254.3M Q3 2024 Q4 2024: $238.8M Q4 2024 Q1 2025: $202.1M $202.1M Q1 2025 Q2 2025: $204.5M Q2 2025 Q3 2025: $226.7M Q3 2025 Q4 2025: $220.9M Q4 2025 Q1 2026: $200.9M Q1 2026 Q2 2026: $265.9M Q2 2026

Holdings 11 stocks · $202.1M
MCFT Mastercraft Boat Holdings Inc. 14.46% 1,697,695 $29.2M No change
RM Regional Management Corp. 13.39% 899,026 $27.1M Reduce -17.2%
WLDN Willdan Group Inc. 12.74% 632,384 $25.8M Add +43.6%
MLKN Millerknoll Inc. 11.19% 1,181,841 $22.6M No change
HOV Hovnanian Enterprises-A 10.50% 202,672 $21.2M Add +7.2%
IIIV I3 Verticals Inc. Class A 9.34% 765,000 $18.9M No change
IMXI International Money Express 9.31% 1,491,174 $18.8M Add +30.7%
VMD Viemed Healthcare Inc. 6.86% 1,905,802 $13.9M Add +11.0%
QIPT Quipt Home Medical Corp. 4.84% 4,199,562 $9.8M No change
RUSHA Rush Enterprises Inc. Class A 4.22% 159,822 $8.5M No change
GTX Garrett Motion Inc. 3.13% 756,095 $6.3M Reduce -56.3%

Portfolio Sells Q4 2024 → Q1 2025
GTX Garrett Motion Inc. Reduce -56.3% 3.13% −3.41
RM Regional Management Corp. Reduce -17.2% 13.39% −2.06
CVGI Commercial Vehicle Group Inc. Sold out 0.00% −2.01
CCS Century Communities Inc. Sold out 0.00% −1.50

Portfolio Buys Q4 2024 → Q1 2025
WLDN Willdan Group Inc. Add +43.6% 12.74% +5.72
VMD Viemed Healthcare Inc. Add +11.0% 6.86% +1.10
HOV Hovnanian Enterprises-A Add +7.2% 10.50% −0.09
IMXI International Money Express Add +30.7% 9.31% −0.64

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$265.9MRPAY, RM, MCFT, MLKN, OPRT
Q1 2026 10$200.9MMCFT, RM, HOV, VMD, RPAY
Q4 2025 11$220.9MRM, MCFT, MLKN, HOV, VMD
Q3 2025 11$226.7MRM, MCFT, HOV, MLKN, IIIV
Q2 2025 11$204.5MMCFT, RM, MLKN, HOV, IMXI
Q1 2025 11$202.1MMCFT, RM, WLDN, MLKN, HOV
Q4 2024 13$238.8MRM, MCFT, MLKN, HOV, IMXI
Q3 2024Amended 13$254.3MRM, WLDN, MCFT, HOV, RUSHA
Q2 2024 14$233.5MWLDN, RM, MCFT, IMXI, MLKN
Q1 2024 12$259.0MWLDN, MCFT, RM, CCS, IMXI