Orchard Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Orchard Capital Management, LLC reported 40 stock positions worth $146.2 million. Its top holding was Bancorp (TBBK) at 7.6% of the portfolio, followed by Enova International (ENVA, 5.9%) and Pathward Financial (CASH, 5.8%). Compared with Q4 2024, it opened 1 new position, sold out of 18, added to 12 and reduced 20. The biggest buy was Ftai Infrastructure (FIP, shares +802%) and the biggest sale an exit from Ftai Infrastructure Inc. Common Stock.
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001858319
- Portfolio Value
- $146.2M (Q1 2025)
- SEC Filing
- 0001104659-25-049197 ↗ filed May 15, 2025
Holdings Value
Holdings 40 stocks · $146.2M
| TBBK The Bancorp Inc. | 7.65% | 211,646 | $11.2M | Reduce -40.0% |
| ENVA Enova International Inc. | 5.92% | 89,662 | $8.7M | Reduce -53.8% |
| CASH Pathward Financial Inc. | 5.80% | 116,195 | $8.5M | Reduce -25.4% |
| CRTO Criteo SA-Spon | 5.20% | 214,897 | $7.6M | Reduce -43.1% |
| FIP Ftai Infrastructure Inc. | 5.00% | 1,615,755 | $7.3M | Add +802.4% |
| GLRE Greenlight Capital Re Ltd. Class A | 4.72% | 509,940 | $6.9M | Reduce -23.4% |
| AX Axos Financial Inc. | 4.36% | 98,899 | $6.4M | Reduce -24.0% |
| GTX Garrett Motion Inc. | 4.09% | 714,089 | $6.0M | Reduce -25.3% |
| BANC Banc of California Inc. | 3.91% | 403,252 | $5.7M | Add +303.8% |
| ACA Arcosa Inc. | 3.89% | 73,835 | $5.7M | Reduce -24.4% |
| NOA North American Construction | 3.76% | 347,957 | $5.5M | Add +1036.2% |
| HBM Hudbay Minerals Inc. | 3.74% | 720,927 | $5.5M | Add +1272.7% |
| FBRT Franklin BSP Realty Trust Inc. | 3.18% | 365,322 | $4.7M | Add +1105.5% |
| RVLV Revolve Group Inc. Class A | 3.06% | 208,209 | $4.5M | Add +867.0% |
| ARCB Arcbest Corp. | 3.05% | 63,300 | $4.5M | Reduce -25.3% |
| TDW Tidewater Inc. | 2.96% | 102,414 | $4.3M | Add +1832.7% |
| GSM Ferroglobe PLC | 2.90% | 1,144,520 | $4.2M | Reduce -25.4% |
| IDT Idt Corp. Class B | 2.77% | 78,945 | $4.1M | Add +303.8% |
| DCO Ducommun Inc. | 2.71% | 68,377 | $4.0M | Reduce -25.7% |
| CENT Central Garden & Pet Co. | 2.63% | 104,902 | $3.8M | Reduce -25.5% |
| ETNB 89BIO Inc. | 2.31% | 464,358 | $3.4M | Add +989.4% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 2.25% | 230,626 | $3.3M | Reduce -22.7% |
| HRTX Heron Therapeutics Inc. | 2.15% | 1,431,758 | $3.1M | Reduce -23.7% |
| TRIUMPH FINANCIAL INC | 2.15% | 54,450 | $3.1M | Reduce -24.6% |
| TRN Trinity Industries Inc. | 2.15% | 111,886 | $3.1M | Reduce -64.5% |
| AESI Atlas Energy Solutions Inc. | 1.98% | 162,222 | $2.9M | Add +1653.6% |
| SHYF The Shyft Group Inc. | 1.89% | 341,391 | $2.8M | Add +1316.7% |
| NTLA Intellia Therapeutics Inc. | 0.90% | 185,496 | $1.3M | Add +1425.8% |
| CENTA Central Garden and Pet Co. Class A | 0.59% | 26,222 | $858K | New |
| MWA Mueller Water Products Inc. Class A | 0.52% | 30,154 | $767K | Reduce -92.8% |
| CNTY Century Casinos Inc. | 0.43% | 369,900 | $625K | Reduce -66.0% |
| TLN Talen Energy Corp. | 0.39% | 2,859 | $571K | No change |
| AZZ Azz Inc. | 0.22% | 3,902 | $326K | No change |
| FELE Franklin Electric Co. Inc. | 0.22% | 3,427 | $322K | No change |
| AWI Armstrong World Industries | 0.17% | 1,816 | $256K | No change |
| PBPB Potbelly Corp. | 0.14% | 20,888 | $199K | No change |
| DBRG Digitalbridge Group Inc. | 0.08% | 13,862 | $122K | Reduce -33.1% |
| AKBA Akebia Therapeutics Inc. | 0.07% | 53,510 | $103K | Reduce -11.9% |
| PHLT Performant Healthcare Inc. | 0.04% | 20,000 | $59K | No change |
| RIG Transocean Ltd. | 0.02% | 10,185 | $32K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| FTAI INFRASTRUCTURE INC COMMON STOCK | Sold out | 0.00% | −5.28 |
| REVOLVE GROUP INC CL A | Sold out | 0.00% | −4.58 |
| IDT CORP CL B NEW | Sold out | 0.00% | −4.06 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −3.41 |
| MWA Mueller Water Products Inc. Class A | Reduce -92.8% | 0.52% | −3.18 |
| TIDEWATER INC NEW COM | Sold out | 0.00% | −2.78 |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | Sold out | 0.00% | −2.25 |
| TRN Trinity Industries Inc. | Reduce -64.5% | 2.15% | −2.23 |
| SHYFT GROUP INC COM | Sold out | 0.00% | −1.97 |
| 89BIO INC COM | Sold out | 0.00% | −1.77 |
| ENVA Enova International Inc. | Reduce -53.8% | 5.92% | −1.48 |
| DIGITALBRIDGE GROUP INC CL A NEW | Sold out | 0.00% | −1.45 |
| OMNIAB INC COM | Sold out | 0.00% | −1.31 |
| ATLAS ENERGY SOLUTIONS INC COM NEW | Sold out | 0.00% | −1.22 |
| CNTY Century Casinos Inc. | Reduce -66.0% | 0.43% | −0.85 |
| INTELLIA THERAPEUTICS INC COM | Sold out | 0.00% | −0.82 |
| CRTO Criteo SA-Spon | Reduce -43.1% | 5.20% | −0.64 |
| TRIUMPH FINANCIAL INC | Reduce -24.6% | 2.15% | −0.44 |
| CENTRAL GARDEN & PET CO CL A NON-VTG | Sold out | 0.00% | −0.44 |
| OABI Omniab Inc. | Sold out | 0.00% | −0.31 |
| GEAR Revelyst Inc. | Sold out | 0.00% | −0.18 |
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −0.10 |
| BANR Banner Corporation | Sold out | 0.00% | −0.08 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.08 |
| ARCB Arcbest Corp. | Reduce -25.3% | 3.05% | −0.05 |
| DBRG Digitalbridge Group Inc. | Reduce -33.1% | 0.08% | −0.01 |
| AKBA Akebia Therapeutics Inc. | Reduce -11.9% | 0.07% | +0.02 |
| ACA Arcosa Inc. | Reduce -24.4% | 3.89% | +0.15 |
| TBBK The Bancorp Inc. | Reduce -40.0% | 7.65% | +0.26 |
| NODK Ni Holdings Inc. | Reduce -22.7% | 2.25% | +0.39 |
| CENT Central Garden & Pet Co. | Reduce -25.5% | 2.63% | +0.48 |
| DCO Ducommun Inc. | Reduce -25.7% | 2.71% | +0.50 |
| GSM Ferroglobe PLC | Reduce -25.4% | 2.90% | +0.62 |
| AX Axos Financial Inc. | Reduce -24.0% | 4.36% | +0.73 |
| GTX Garrett Motion Inc. | Reduce -25.3% | 4.09% | +0.73 |
| HRTX Heron Therapeutics Inc. | Reduce -23.7% | 2.15% | +1.04 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -23.4% | 4.72% | +1.09 |
| CASH Pathward Financial Inc. | Reduce -25.4% | 5.80% | +1.24 |
Portfolio Buys Q4 2024 → Q1 2025
| FIP Ftai Infrastructure Inc. | Add +802.4% | 5.00% | +4.49 |
| HBM Hudbay Minerals Inc. | Add +1272.7% | 3.74% | +3.57 |
| NOA North American Construction | Add +1036.2% | 3.76% | +3.50 |
| BANC Banc of California Inc. | Add +303.8% | 3.91% | +3.30 |
| FBRT Franklin BSP Realty Trust Inc. | Add +1105.5% | 3.18% | +3.03 |
| TDW Tidewater Inc. | Add +1832.7% | 2.96% | +2.85 |
| RVLV Revolve Group Inc. Class A | Add +867.0% | 3.06% | +2.78 |
| IDT Idt Corp. Class B | Add +303.8% | 2.77% | +2.40 |
| ETNB 89BIO Inc. | Add +989.4% | 2.31% | +2.18 |
| AESI Atlas Energy Solutions Inc. | Add +1653.6% | 1.98% | +1.90 |
| SHYF The Shyft Group Inc. | Add +1316.7% | 1.89% | +1.78 |
| NTLA Intellia Therapeutics Inc. | Add +1425.8% | 0.90% | +0.85 |
| CENTA Central Garden and Pet Co. Class A | New | 0.59% | +0.59 |
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 |