Forager Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Forager Capital Management, LLC reported 11 stock positions worth $204.5 million. Its top holding was Mastercraft Boat (MCFT) at 16.4% of the portfolio, followed by Regional Management (RM, 15.5%) and Millerknoll (MLKN, 12.4%). Compared with Q1 2025, it added to 7 and reduced 3. The biggest buy was Regional Management (RM, shares +21%) and the biggest sale Willdan (WLDN, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- BIRMINGHAM, AL
- CIK
- 0001802986
- Portfolio Value
- $204.5M (Q2 2025)
- SEC Filing
- 0001420506-25-001872 ↗ filed Aug 13, 2025
Holdings Value
Holdings 11 stocks · $204.5M
| MCFT Mastercraft Boat Holdings Inc. | 16.38% | 1,802,975 | $33.5M | Add +6.2% |
| RM Regional Management Corp. | 15.50% | 1,085,098 | $31.7M | Add +20.7% |
| MLKN Millerknoll Inc. | 12.36% | 1,301,841 | $25.3M | Add +10.2% |
| HOV Hovnanian Enterprises-A | 12.24% | 239,500 | $25.0M | Add +18.2% |
| IMXI International Money Express | 9.60% | 1,946,174 | $19.6M | Add +30.5% |
| IIIV I3 Verticals Inc. Class A | 8.94% | 665,000 | $18.3M | Reduce -13.1% |
| VMD Viemed Healthcare Inc. | 7.22% | 2,136,472 | $14.8M | Add +12.1% |
| RUSHA Rush Enterprises Inc. Class A | 6.04% | 239,822 | $12.4M | Add +50.1% |
| WLDN Willdan Group Inc. | 5.13% | 167,957 | $10.5M | Reduce -73.4% |
| QIPT Quipt Home Medical Corp. | 3.68% | 4,199,562 | $7.5M | No change |
| GTX Garrett Motion Inc. | 2.91% | 566,095 | $5.9M | Reduce -25.1% |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| RM Regional Management Corp. | Add +20.7% | 15.50% | +2.10 |
| MCFT Mastercraft Boat Holdings Inc. | Add +6.2% | 16.38% | +1.92 |
| RUSHA Rush Enterprises Inc. Class A | Add +50.1% | 6.04% | +1.82 |
| HOV Hovnanian Enterprises-A | Add +18.2% | 12.24% | +1.74 |
| MLKN Millerknoll Inc. | Add +10.2% | 12.36% | +1.17 |
| VMD Viemed Healthcare Inc. | Add +12.1% | 7.22% | +0.35 |
| IMXI International Money Express | Add +30.5% | 9.60% | +0.29 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $265.9M | RPAY, RM, MCFT, MLKN, OPRT |
| Q1 2026 | 10 | $200.9M | MCFT, RM, HOV, VMD, RPAY |
| Q4 2025 | 11 | $220.9M | RM, MCFT, MLKN, HOV, VMD |
| Q3 2025 | 11 | $226.7M | RM, MCFT, HOV, MLKN, IIIV |
| Q2 2025 | 11 | $204.5M | MCFT, RM, MLKN, HOV, IMXI |
| Q1 2025 | 11 | $202.1M | MCFT, RM, WLDN, MLKN, HOV |
| Q4 2024 | 13 | $238.8M | RM, MCFT, MLKN, HOV, IMXI |
| Q3 2024Amended | 13 | $254.3M | RM, WLDN, MCFT, HOV, RUSHA |
| Q2 2024 | 14 | $233.5M | WLDN, RM, MCFT, IMXI, MLKN |
| Q1 2024 | 12 | $259.0M | WLDN, MCFT, RM, CCS, IMXI |