Forager Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Forager Capital Management, LLC reported 11 stock positions worth $220.9 million. Its top holding was Regional Management (RM) at 19.0% of the portfolio, followed by Mastercraft Boat (MCFT, 14.5%) and Millerknoll (MLKN, 12.9%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 3 and reduced 4. The biggest buy was a new position in Repay (RPAY) and the biggest sale Hovnanian Enterprises-A (HOV, shares −3%).

Most Recent 13F
Q2 2026
Location
BIRMINGHAM, AL
CIK
0001802986
Portfolio Value
$220.9M (Q4 2025)
SEC Filing
0001420506-26-000509 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $220.9M $220.9M Q4 2025 Q1 2026: $200.9M Q1 2026 Q2 2026: $265.9M Q2 2026

Holdings 11 stocks · $220.9M
RM Regional Management Corp. 19.04% 1,085,098 $42.0M No change
MCFT Mastercraft Boat Holdings Inc. 14.55% 1,699,118 $32.1M Reduce -5.8%
MLKN Millerknoll Inc. 12.93% 1,561,841 $28.6M Add +6.5%
HOV Hovnanian Enterprises-A 10.44% 236,315 $23.1M Reduce -2.9%
VMD Viemed Healthcare Inc. 9.37% 2,785,871 $20.7M Add +1.8%
QIPT Quipt Home Medical Corp. 6.71% 4,199,562 $14.8M No change
RPAY Repay Holdings Corp. 6.60% 3,990,726 $14.6M New
IIIV I3 Verticals Inc. Class A 6.27% 549,401 $13.8M Reduce -17.4%
RUSHA Rush Enterprises Inc. Class A 5.86% 239,822 $12.9M No change
OPRT Oportun Financial Corp. 5.70% 2,380,000 $12.6M Add +21.6%
IMXI International Money Express 2.55% 366,174 $5.6M Reduce -49.4%

Portfolio Sells Q3 2025 → Q4 2025
HOV Hovnanian Enterprises-A Reduce -2.9% 10.44% −3.36
IIIV I3 Verticals Inc. Class A Reduce -17.4% 6.27% −3.26
MCFT Mastercraft Boat Holdings Inc. Reduce -5.8% 14.55% −2.52
IMXI International Money Express Reduce -49.4% 2.55% −1.92
GTX Garrett Motion Inc. Sold out 0.00% −1.00

Portfolio Buys Q3 2025 → Q4 2025
RPAY Repay Holdings Corp. New 6.60% +6.60
MLKN Millerknoll Inc. Add +6.5% 12.93% +1.45
VMD Viemed Healthcare Inc. Add +1.8% 9.37% +1.17
OPRT Oportun Financial Corp. Add +21.6% 5.70% +0.37

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