Forager Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Forager Capital Management, LLC reported 11 stock positions worth $226.7 million. Its top holding was Regional Management (RM) at 18.7% of the portfolio, followed by Mastercraft Boat (MCFT, 17.1%) and Hovnanian Enterprises-A (HOV, 13.8%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 3 and reduced 2. The biggest buy was a new position in Oportun Financial (OPRT) and the biggest sale International Money Express (IMXI, shares −63%).

Most Recent 13F
Q2 2026
Location
BIRMINGHAM, AL
CIK
0001802986
Portfolio Value
$226.7M (Q3 2025)
SEC Filing
0001420506-25-003262 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $204.5M Q2 2025 Q3 2025: $226.7M $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 · $226.7M
RM Regional Management Corp. 18.65% 1,085,098 $42.3M No change
MCFT Mastercraft Boat Holdings Inc. 17.07% 1,802,975 $38.7M No change
HOV Hovnanian Enterprises-A 13.80% 243,357 $31.3M Add +1.6%
MLKN Millerknoll Inc. 11.48% 1,466,841 $26.0M Add +12.7%
IIIV I3 Verticals Inc. Class A 9.52% 665,000 $21.6M No change
VMD Viemed Healthcare Inc. 8.20% 2,736,472 $18.6M Add +28.1%
RUSHA Rush Enterprises Inc. Class A 5.66% 239,822 $12.8M No change
OPRT Oportun Financial Corp. 5.33% 1,957,588 $12.1M New
QIPT Quipt Home Medical Corp. 4.84% 4,199,562 $11.0M No change
IMXI International Money Express 4.46% 723,965 $10.1M Reduce -62.8%
GTX Garrett Motion Inc. 1.00% 166,095 $2.3M Reduce -70.7%

Portfolio Sells Q2 2025 → Q3 2025
IMXI International Money Express Reduce -62.8% 4.46% −5.14
WLDN Willdan Group Inc. Sold out 0.00% −5.13
GTX Garrett Motion Inc. Reduce -70.7% 1.00% −1.91

Portfolio Buys Q2 2025 → Q3 2025
OPRT Oportun Financial Corp. New 5.33% +5.33
HOV Hovnanian Enterprises-A Add +1.6% 13.80% +1.55
VMD Viemed Healthcare Inc. Add +28.1% 8.20% +0.98
MLKN Millerknoll Inc. Add +12.7% 11.48% −0.88

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