Forager Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Forager Capital Management, LLC reported 10 stock positions worth $200.9 million. Its top holding was Mastercraft Boat (MCFT) at 16.5% of the portfolio, followed by Regional Management (RM, 16.4%) and Hovnanian Enterprises-A (HOV, 13.0%). Compared with Q4 2025, it sold out of 1, added to 4 and reduced 4. The biggest buy was Repay (RPAY, shares +132%) and the biggest sale an exit from Quipt Home Medical (QIPT).

Most Recent 13F
Q2 2026
Location
BIRMINGHAM, AL
CIK
0001802986
Portfolio Value
$200.9M (Q1 2026)
SEC Filing
0001420506-26-001058 ↗ filed May 15, 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 Q4 2025 Q1 2026: $200.9M $200.9M Q1 2026 Q2 2026: $265.9M Q2 2026

Holdings 10 stocks · $200.9M
MCFT Mastercraft Boat Holdings Inc. 16.45% 1,611,277 $33.0M Reduce -5.2%
RM Regional Management Corp. 16.36% 1,019,263 $32.9M Reduce -6.1%
HOV Hovnanian Enterprises-A 13.05% 236,315 $26.2M No change
VMD Viemed Healthcare Inc. 12.96% 2,825,871 $26.0M Add +1.4%
RPAY Repay Holdings Corp. 11.96% 9,242,837 $24.0M Add +131.6%
MLKN Millerknoll Inc. 10.60% 1,471,841 $21.3M Reduce -5.8%
OPRT Oportun Financial Corp. 7.72% 3,361,726 $15.5M Add +41.3%
IIIV I3 Verticals Inc. Class A 6.45% 579,401 $13.0M Add +5.5%
IMXI International Money Express 2.88% 366,174 $5.8M No change
RUSHA Rush Enterprises Inc. Class A 1.57% 47,822 $3.2M Reduce -80.1%

Portfolio Sells Q4 2025 → Q1 2026
QIPT Quipt Home Medical Corp. Sold out 0.00% −6.71
RUSHA Rush Enterprises Inc. Class A Reduce -80.1% 1.57% −4.28
RM Regional Management Corp. Reduce -6.1% 16.36% −2.67
MLKN Millerknoll Inc. Reduce -5.8% 10.60% −2.33
MCFT Mastercraft Boat Holdings Inc. Reduce -5.2% 16.45% +1.90

Portfolio Buys Q4 2025 → Q1 2026
RPAY Repay Holdings Corp. Add +131.6% 11.96% +5.37
VMD Viemed Healthcare Inc. Add +1.4% 12.96% +3.58
OPRT Oportun Financial Corp. Add +41.3% 7.72% +2.01
IIIV I3 Verticals Inc. Class A Add +5.5% 6.45% +0.18

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