Orchard Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Orchard Capital Management, LLC reported 57 stock positions worth $290.6 million. Its top holding was Bancorp (TBBK) at 6.7% of the portfolio, followed by Ftai Infrastructure Inc. Common Stock (6.3%) and Enova International (ENVA, 5.8%). Compared with Q2 2024, it opened 17 new positions, sold out of 3, added to 1 and reduced 36. The biggest buy was a new position in Ftai Infrastructure Inc. Common Stock and the biggest sale Ftai Infrastructure (FIP, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001858319
- Portfolio Value
- $290.6M (Q3 2024)
- SEC Filing
- 0001104659-24-117610 ↗ filed Nov 13, 2024
Holdings Value
Holdings 57 stocks · $290.6M
| TBBK The Bancorp Inc. | 6.72% | 370,235 | $19.5M | Reduce -10.6% |
| FTAI INFRASTRUCTURE INC COMMON STOCK | 6.34% | 2,017,772 | $18.4M | New |
| ENVA Enova International Inc. | 5.83% | 204,820 | $16.9M | Reduce -11.8% |
| CRTO Criteo SA-Spon | 5.59% | 400,608 | $16.2M | Reduce -11.7% |
| TRN Trinity Industries Inc. | 3.94% | 332,852 | $11.4M | Reduce -12.0% |
| CASH Pathward Financial Inc. | 3.71% | 165,081 | $10.8M | Reduce -11.9% |
| TIDEWATER INC NEW COM | 3.48% | 140,954 | $10.1M | New |
| ARCB Arcbest Corp. | 3.37% | 89,718 | $9.8M | Reduce -11.9% |
| SUM Summit Materials Inc. Class A | 3.37% | 252,708 | $9.8M | Add +37.9% |
| ACA Arcosa Inc. | 3.35% | 103,002 | $9.7M | Reduce -11.9% |
| GLRE Greenlight Capital Re Ltd. Class A | 3.32% | 705,027 | $9.7M | Reduce -20.9% |
| MWA Mueller Water Products Inc. Class A | 3.22% | 439,887 | $9.4M | Reduce -11.9% |
| TRS Trimas Corp. | 3.19% | 362,997 | $9.3M | Reduce -12.1% |
| VISTA OUTDOOR INC COM | 3.17% | 234,555 | $9.2M | New |
| REVOLVE GROUP INC CL A | 3.11% | 361,509 | $9.0M | New |
| IDT CORP CL B NEW | 3.07% | 231,990 | $8.9M | New |
| EHC Encompass Health Corp. | 3.00% | 90,733 | $8.7M | Reduce -36.6% |
| AX Axos Financial Inc. | 2.95% | 137,472 | $8.6M | Reduce -11.6% |
| GTX Garrett Motion Inc. | 2.90% | 1,012,114 | $8.4M | Reduce -12.1% |
| GSM Ferroglobe PLC | 2.56% | 1,626,145 | $7.5M | Reduce -11.6% |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | 2.25% | 486,253 | $6.5M | New |
| TRIUMPH FINANCIAL INC | 2.07% | 76,846 | $6.0M | New |
| SHYFT GROUP INC COM | 2.02% | 466,743 | $5.9M | New |
| CENT Central Garden & Pet Co. | 1.88% | 148,979 | $5.5M | Reduce -11.9% |
| DIGITALBRIDGE GROUP INC CL A NEW | 1.73% | 349,112 | $5.0M | New |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 1.68% | 314,550 | $4.9M | Reduce -6.8% |
| 89BIO INC COM | 1.53% | 612,117 | $4.4M | New |
| OMNIAB INC COM | 1.46% | 996,967 | $4.2M | New |
| INTELLIA THERAPEUTICS INC COM | 1.41% | 194,478 | $4.1M | New |
| HRTX Heron Therapeutics Inc. | 1.36% | 1,980,198 | $3.9M | Reduce -11.7% |
| ATLAS ENERGY SOLUTIONS INC COM NEW | 1.09% | 148,051 | $3.2M | New |
| CNTY Century Casinos Inc. | 1.04% | 1,168,400 | $3.0M | Reduce -10.1% |
| FIP Ftai Infrastructure Inc. | 0.55% | 172,160 | $1.6M | Reduce -93.0% |
| BANC Banc of California Inc. | 0.50% | 99,468 | $1.5M | Reduce -80.5% |
| CENTRAL GARDEN & PET CO CL A NON-VTG | 0.39% | 35,737 | $1.1M | New |
| VSTO Vista Outdoor Inc. | 0.37% | 27,420 | $1.1M | Reduce -90.8% |
| OABI Omniab Inc. | 0.31% | 216,382 | $915K | Reduce -84.1% |
| IDT Idt Corp. Class B | 0.24% | 18,506 | $706K | Reduce -93.5% |
| RVLV Revolve Group Inc. Class A | 0.18% | 20,869 | $517K | Reduce -95.2% |
| TLN Talen Energy Corp. | 0.18% | 2,859 | $510K | New |
| HBM Hudbay Minerals Inc. | 0.16% | 51,794 | $476K | Reduce -95.4% |
| NOA North American Construction | 0.13% | 20,826 | $389K | New |
| FBRT Franklin BSP Realty Trust Inc. | 0.13% | 28,482 | $372K | Reduce -95.1% |
| TDW Tidewater Inc. | 0.12% | 5,054 | $363K | Reduce -97.0% |
| FELE Franklin Electric Co. Inc. | 0.12% | 3,427 | $359K | Reduce -19.2% |
| AZZ Azz Inc. | 0.11% | 3,902 | $322K | Reduce -16.1% |
| ETNB 89BIO Inc. | 0.11% | 41,874 | $310K | Reduce -94.3% |
| SHYF The Shyft Group Inc. | 0.10% | 23,237 | $292K | Reduce -95.8% |
| DBRG Digitalbridge Group Inc. | 0.10% | 20,083 | $284K | Reduce -95.2% |
| GRBK Green Brick Partners Inc. | 0.09% | 3,000 | $251K | New |
| NTLA Intellia Therapeutics Inc. | 0.08% | 11,986 | $246K | Reduce -93.0% |
| AWI Armstrong World Industries | 0.08% | 1,816 | $239K | No change |
| FTAI Ftai Aviation Ltd. | 0.08% | 1,762 | $234K | Reduce -98.8% |
| PBPB Potbelly Corp. | 0.06% | 20,888 | $174K | No change |
| AKBA Akebia Therapeutics Inc. | 0.04% | 84,716 | $112K | Reduce -2.4% |
| PHLT Performant Healthcare Inc. | 0.03% | 20,000 | $75K | No change |
| RIG Transocean Ltd. | 0.01% | 10,185 | $43K | Reduce -40.9% |
Portfolio Sells Q2 2024 → Q3 2024
| FIP Ftai Infrastructure Inc. | Reduce -93.0% | 0.55% | −5.89 |
| TDW Tidewater Inc. | Reduce -97.0% | 0.12% | −4.65 |
| FTAI Ftai Aviation Ltd. | Reduce -98.8% | 0.08% | −4.45 |
| VSTO Vista Outdoor Inc. | Reduce -90.8% | 0.37% | −3.00 |
| HBM Hudbay Minerals Inc. | Reduce -95.4% | 0.16% | −2.92 |
| IDT Idt Corp. Class B | Reduce -93.5% | 0.24% | −2.82 |
| FBRT Franklin BSP Realty Trust Inc. | Reduce -95.1% | 0.13% | −2.09 |
| RVLV Revolve Group Inc. Class A | Reduce -95.2% | 0.18% | −1.91 |
| SHYF The Shyft Group Inc. | Reduce -95.8% | 0.10% | −1.87 |
| ETNB 89BIO Inc. | Reduce -94.3% | 0.11% | −1.68 |
| DBRG Digitalbridge Group Inc. | Reduce -95.2% | 0.10% | −1.64 |
| BANC Banc of California Inc. | Reduce -80.5% | 0.50% | −1.46 |
| OABI Omniab Inc. | Reduce -84.1% | 0.31% | −1.22 |
| NTLA Intellia Therapeutics Inc. | Reduce -93.0% | 0.08% | −1.06 |
| HRTX Heron Therapeutics Inc. | Reduce -11.7% | 1.36% | −1.01 |
| BSM Black Stone Minerals LP | Sold out | 0.00% | −0.90 |
| EHC Encompass Health Corp. | Reduce -36.6% | 3.00% | −0.71 |
| VBNK Versabank | Sold out | 0.00% | −0.61 |
| CENTA Central Garden and Pet Co. Class A | Sold out | 0.00% | −0.42 |
| GSM Ferroglobe PLC | Reduce -11.6% | 2.56% | −0.41 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -20.9% | 3.32% | −0.21 |
| CENT Central Garden & Pet Co. | Reduce -11.9% | 1.88% | −0.09 |
| GTX Garrett Motion Inc. | Reduce -12.1% | 2.90% | −0.08 |
| CNTY Century Casinos Inc. | Reduce -10.1% | 1.04% | −0.05 |
| RIG Transocean Ltd. | Reduce -40.9% | 0.01% | −0.01 |
| FELE Franklin Electric Co. Inc. | Reduce -19.2% | 0.12% | +0.00 |
| AZZ Azz Inc. | Reduce -16.1% | 0.11% | +0.00 |
| TRS Trimas Corp. | Reduce -12.1% | 3.19% | +0.00 |
| AKBA Akebia Therapeutics Inc. | Reduce -2.4% | 0.04% | +0.01 |
| ARCB Arcbest Corp. | Reduce -11.9% | 3.37% | +0.08 |
| NODK Ni Holdings Inc. | Reduce -6.8% | 1.68% | +0.12 |
| AX Axos Financial Inc. | Reduce -11.6% | 2.95% | +0.26 |
| ACA Arcosa Inc. | Reduce -11.9% | 3.35% | +0.40 |
| CRTO Criteo SA-Spon | Reduce -11.7% | 5.59% | +0.41 |
| CASH Pathward Financial Inc. | Reduce -11.9% | 3.71% | +0.50 |
| MWA Mueller Water Products Inc. Class A | Reduce -11.9% | 3.22% | +0.52 |
| TRN Trinity Industries Inc. | Reduce -12.0% | 3.94% | +0.52 |
| ENVA Enova International Inc. | Reduce -11.8% | 5.83% | +1.46 |
| TBBK The Bancorp Inc. | Reduce -10.6% | 6.72% | +2.00 |
Portfolio Buys Q2 2024 → Q3 2024
| FTAI INFRASTRUCTURE INC COMMON STOCK | New | 6.34% | +6.34 |
| TIDEWATER INC NEW COM | New | 3.48% | +3.48 |
| VISTA OUTDOOR INC COM | New | 3.17% | +3.17 |
| REVOLVE GROUP INC CL A | New | 3.11% | +3.11 |
| IDT CORP CL B NEW | New | 3.07% | +3.07 |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | New | 2.25% | +2.25 |
| TRIUMPH FINANCIAL INC | New | 2.07% | +2.07 |
| SHYFT GROUP INC COM | New | 2.02% | +2.02 |
| DIGITALBRIDGE GROUP INC CL A NEW | New | 1.73% | +1.73 |
| 89BIO INC COM | New | 1.53% | +1.53 |
| OMNIAB INC COM | New | 1.46% | +1.46 |
| INTELLIA THERAPEUTICS INC COM | New | 1.41% | +1.41 |
| SUM Summit Materials Inc. Class A | Add +37.9% | 3.37% | +1.34 |
| ATLAS ENERGY SOLUTIONS INC COM NEW | New | 1.09% | +1.09 |
| CENTRAL GARDEN & PET CO CL A NON-VTG | New | 0.39% | +0.39 |
| TLN Talen Energy Corp. | New | 0.18% | +0.18 |
| NOA North American Construction | New | 0.13% | +0.13 |
| GRBK Green Brick Partners Inc. | New | 0.09% | +0.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $91.2M | TBBK, GDOT, ENVA, RIOT, DCO |
| Q1 2026 | 45 | $76.4M | TBBK, FIP, TDW, ACA, DCO |
| Q4 2025 | 44 | $115.2M | SPY, TBBK, HBM, FIP, ACA |
| Q3 2025 | 43 | $75.8M | TBBK, HBM, FIP, AX, ACA |
| Q2 2025 | 39 | $90.4M | SPY, TBBK, FIP, HBM, GLRE |
| Q1 2025 | 40 | $146.2M | TBBK, ENVA, CASH, CRTO, FIP |
| Q4 2024 | 57 | $253.7M | ENVA, TBBK, CRTO, FTAI INFRASTRUCTURE INC COMMON STOCK, REVOLVE GROUP INC CL A |
| Q3 2024 | 57 | $290.6M | TBBK, FTAI INFRASTRUCTURE INC COMMON STOCK, ENVA, CRTO, TRN |
| Q2 2024 | 43 | $331.0M | FIP, CRTO, TDW, TBBK, FTAI |
| Q1 2024 | 49 | $340.9M | CRTO, FIP, TDW, ENVA, ARCB |