Orchard Capital Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Orchard Capital Management, LLC reported 57 stock positions worth $253.7 million. Its top holding was Enova International (ENVA) at 7.4% of the portfolio, followed by Bancorp (TBBK, 7.4%) and Criteo SA-Spon (CRTO, 5.8%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 13 and reduced 32. The biggest buy was a new position in Ducommun (DCO) and the biggest sale an exit from Trimas (TRS).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001858319
- Portfolio Value
- $253.7M (Q4 2024)
- SEC Filing
- 0001104659-25-013561 ↗ filed Feb 14, 2025
Holdings Value
Holdings 57 stocks · $253.7M
| ENVA Enova International Inc. | 7.40% | 193,849 | $18.8M | Reduce -5.4% |
| TBBK The Bancorp Inc. | 7.38% | 352,557 | $18.7M | Reduce -4.8% |
| CRTO Criteo SA-Spon | 5.85% | 377,615 | $14.8M | Reduce -5.7% |
| FTAI INFRASTRUCTURE INC COMMON STOCK | 5.28% | 1,896,093 | $13.4M | Reduce -6.0% |
| REVOLVE GROUP INC CL A | 4.58% | 339,709 | $11.6M | Reduce -6.0% |
| CASH Pathward Financial Inc. | 4.56% | 155,831 | $11.6M | Reduce -5.6% |
| TRN Trinity Industries Inc. | 4.37% | 314,707 | $11.1M | Reduce -5.5% |
| IDT CORP CL B NEW | 4.06% | 218,000 | $10.3M | Reduce -6.0% |
| ACA Arcosa Inc. | 3.74% | 97,600 | $9.5M | Reduce -5.2% |
| MWA Mueller Water Products Inc. Class A | 3.70% | 416,053 | $9.4M | Reduce -5.4% |
| GLRE Greenlight Capital Re Ltd. Class A | 3.64% | 666,181 | $9.2M | Reduce -5.5% |
| AX Axos Financial Inc. | 3.63% | 130,157 | $9.2M | Reduce -5.3% |
| SUM Summit Materials Inc. Class A | 3.41% | 171,000 | $8.6M | Reduce -32.3% |
| GTX Garrett Motion Inc. | 3.35% | 955,258 | $8.5M | Reduce -5.6% |
| ARCB Arcbest Corp. | 3.11% | 84,698 | $7.9M | Reduce -5.6% |
| TIDEWATER INC NEW COM | 2.78% | 132,454 | $7.0M | Reduce -6.0% |
| TRIUMPH FINANCIAL INC | 2.59% | 72,212 | $6.6M | Reduce -6.0% |
| GSM Ferroglobe PLC | 2.29% | 1,533,648 | $5.8M | Reduce -5.7% |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | 2.25% | 456,931 | $5.7M | Reduce -6.0% |
| DCO Ducommun Inc. | 2.21% | 92,012 | $5.6M | New |
| CENT Central Garden & Pet Co. | 2.15% | 140,740 | $5.5M | Reduce -5.5% |
| SHYFT GROUP INC COM | 1.97% | 431,946 | $5.0M | Reduce -7.5% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 1.86% | 298,525 | $4.7M | Reduce -5.1% |
| 89BIO INC COM | 1.77% | 575,204 | $4.5M | Reduce -6.0% |
| DIGITALBRIDGE GROUP INC CL A NEW | 1.45% | 328,059 | $3.7M | Reduce -6.0% |
| OMNIAB INC COM | 1.31% | 936,846 | $3.3M | Reduce -6.0% |
| CNTY Century Casinos Inc. | 1.28% | 1,087,710 | $3.2M | Reduce -6.9% |
| ATLAS ENERGY SOLUTIONS INC COM NEW | 1.22% | 139,122 | $3.1M | Reduce -6.0% |
| HRTX Heron Therapeutics Inc. | 1.12% | 1,876,460 | $2.8M | Reduce -5.2% |
| INTELLIA THERAPEUTICS INC COM | 0.82% | 182,750 | $2.1M | Reduce -6.0% |
| BANC Banc of California Inc. | 0.61% | 99,854 | $1.5M | Add +0.4% |
| FIP Ftai Infrastructure Inc. | 0.51% | 179,055 | $1.3M | Add +4.0% |
| CENTRAL GARDEN & PET CO CL A NON-VTG | 0.44% | 33,583 | $1.1M | Reduce -6.0% |
| IDT Idt Corp. Class B | 0.37% | 19,550 | $929K | Add +5.6% |
| OABI Omniab Inc. | 0.31% | 218,765 | $774K | Add +1.1% |
| RVLV Revolve Group Inc. Class A | 0.28% | 21,532 | $721K | Add +3.2% |
| NOA North American Construction | 0.26% | 30,626 | $662K | Add +47.1% |
| TLN Talen Energy Corp. | 0.23% | 2,859 | $576K | No change |
| GEAR Revelyst Inc. | 0.18% | 23,210 | $446K | Reduce -15.3% |
| HBM Hudbay Minerals Inc. | 0.17% | 52,520 | $425K | Add +1.4% |
| FBRT Franklin BSP Realty Trust Inc. | 0.15% | 30,304 | $380K | Add +6.4% |
| FELE Franklin Electric Co. Inc. | 0.13% | 3,427 | $334K | No change |
| ETNB 89BIO Inc. | 0.13% | 42,625 | $333K | Add +1.8% |
| AZZ Azz Inc. | 0.13% | 3,902 | $320K | No change |
| TDW Tidewater Inc. | 0.11% | 5,299 | $290K | Add +4.8% |
| SHYF The Shyft Group Inc. | 0.11% | 24,098 | $283K | Add +3.7% |
| AWI Armstrong World Industries | 0.10% | 1,816 | $257K | No change |
| FTAI Ftai Aviation Ltd. | 0.10% | 1,762 | $254K | No change |
| DBRG Digitalbridge Group Inc. | 0.09% | 20,708 | $234K | Add +3.1% |
| AESI Atlas Energy Solutions Inc. | 0.08% | 9,251 | $205K | New |
| PYPL PayPal Holdings Inc. | 0.08% | 2,370 | $202K | New |
| BANR Banner Corporation | 0.08% | 3,029 | $202K | New |
| PBPB Potbelly Corp. | 0.08% | 20,888 | $197K | No change |
| NTLA Intellia Therapeutics Inc. | 0.06% | 12,157 | $142K | Add +1.4% |
| AKBA Akebia Therapeutics Inc. | 0.05% | 60,710 | $115K | Reduce -28.3% |
| PHLT Performant Healthcare Inc. | 0.02% | 20,000 | $60K | No change |
| RIG Transocean Ltd. | 0.02% | 10,185 | $38K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| TRS Trimas Corp. | Sold out | 0.00% | −3.19 |
| VISTA OUTDOOR INC COM | Sold out | 0.00% | −3.17 |
| EHC Encompass Health Corp. | Sold out | 0.00% | −3.00 |
| FTAI INFRASTRUCTURE INC COMMON STOCK | Reduce -6.0% | 5.28% | −1.05 |
| TIDEWATER INC NEW COM | Reduce -6.0% | 2.78% | −0.70 |
| INTELLIA THERAPEUTICS INC COM | Reduce -6.0% | 0.82% | −0.58 |
| DIGITALBRIDGE GROUP INC CL A NEW | Reduce -6.0% | 1.45% | −0.28 |
| GSM Ferroglobe PLC | Reduce -5.7% | 2.29% | −0.28 |
| ARCB Arcbest Corp. | Reduce -5.6% | 3.11% | −0.27 |
| HRTX Heron Therapeutics Inc. | Reduce -5.2% | 1.12% | −0.24 |
| GEAR Revelyst Inc. | Reduce -15.3% | 0.18% | −0.19 |
| OMNIAB INC COM | Reduce -6.0% | 1.31% | −0.14 |
| GRBK Green Brick Partners Inc. | Sold out | 0.00% | −0.09 |
| SHYFT GROUP INC COM | Reduce -7.5% | 1.97% | −0.05 |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | Reduce -6.0% | 2.25% | +0.00 |
| AKBA Akebia Therapeutics Inc. | Reduce -28.3% | 0.05% | +0.01 |
| SUM Summit Materials Inc. Class A | Reduce -32.3% | 3.41% | +0.04 |
| CENTRAL GARDEN & PET CO CL A NON-VTG | Reduce -6.0% | 0.44% | +0.04 |
| ATLAS ENERGY SOLUTIONS INC COM NEW | Reduce -6.0% | 1.22% | +0.13 |
| NODK Ni Holdings Inc. | Reduce -5.1% | 1.86% | +0.18 |
| CNTY Century Casinos Inc. | Reduce -6.9% | 1.28% | +0.24 |
| 89BIO INC COM | Reduce -6.0% | 1.77% | +0.24 |
| CRTO Criteo SA-Spon | Reduce -5.7% | 5.85% | +0.26 |
| CENT Central Garden & Pet Co. | Reduce -5.5% | 2.15% | +0.27 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -5.5% | 3.64% | +0.31 |
| ACA Arcosa Inc. | Reduce -5.2% | 3.74% | +0.39 |
| TRN Trinity Industries Inc. | Reduce -5.5% | 4.37% | +0.43 |
| GTX Garrett Motion Inc. | Reduce -5.6% | 3.35% | +0.45 |
| MWA Mueller Water Products Inc. Class A | Reduce -5.4% | 3.70% | +0.48 |
| TRIUMPH FINANCIAL INC | Reduce -6.0% | 2.59% | +0.52 |
| TBBK The Bancorp Inc. | Reduce -4.8% | 7.38% | +0.66 |
| AX Axos Financial Inc. | Reduce -5.3% | 3.63% | +0.68 |
| CASH Pathward Financial Inc. | Reduce -5.6% | 4.56% | +0.85 |
| IDT CORP CL B NEW | Reduce -6.0% | 4.06% | +0.99 |
| REVOLVE GROUP INC CL A | Reduce -6.0% | 4.58% | +1.47 |
| ENVA Enova International Inc. | Reduce -5.4% | 7.40% | +1.57 |
Portfolio Buys Q3 2024 → Q4 2024
| DCO Ducommun Inc. | New | 2.21% | +2.21 |
| NOA North American Construction | Add +47.1% | 0.26% | +0.13 |
| IDT Idt Corp. Class B | Add +5.6% | 0.37% | +0.12 |
| RVLV Revolve Group Inc. Class A | Add +3.2% | 0.28% | +0.11 |
| BANC Banc of California Inc. | Add +0.4% | 0.61% | +0.10 |
| AESI Atlas Energy Solutions Inc. | New | 0.08% | +0.08 |
| BANR Banner Corporation | New | 0.08% | +0.08 |
| PYPL PayPal Holdings Inc. | New | 0.08% | +0.08 |
| ETNB 89BIO Inc. | Add +1.8% | 0.13% | +0.02 |
| FBRT Franklin BSP Realty Trust Inc. | Add +6.4% | 0.15% | +0.02 |
| SHYF The Shyft Group Inc. | Add +3.7% | 0.11% | +0.01 |
| HBM Hudbay Minerals Inc. | Add +1.4% | 0.17% | +0.00 |
| DBRG Digitalbridge Group Inc. | Add +3.1% | 0.09% | −0.01 |
| OABI Omniab Inc. | Add +1.1% | 0.31% | −0.01 |
| TDW Tidewater Inc. | Add +4.8% | 0.11% | −0.01 |
| NTLA Intellia Therapeutics Inc. | Add +1.4% | 0.06% | −0.03 |
| FIP Ftai Infrastructure Inc. | Add +4.0% | 0.51% | −0.04 |
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 |