Orchard Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Orchard Capital Management, LLC reported 39 stock positions worth $90.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 27.3% of the portfolio, followed by Bancorp (TBBK, 7.7%) and Ftai Infrastructure (FIP, 5.2%). Compared with Q1 2025, it opened 3 new positions, sold out of 4 and reduced 27. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Pathward Financial (CASH, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001858319
- Portfolio Value
- $90.4M (Q2 2025)
- SEC Filing
- 0001104659-25-077272 ↗ filed Aug 13, 2025
Holdings Value
Holdings 39 stocks · $90.4M
| SPY SS SPDR S&P 500 ETF Trust-US | 27.33% | 40,000 | $24.7M | New |
| TBBK The Bancorp Inc. | 7.67% | 121,736 | $6.9M | Reduce -42.5% |
| FIP Ftai Infrastructure Inc. | 5.23% | 766,784 | $4.7M | Reduce -52.5% |
| HBM Hudbay Minerals Inc. | 4.82% | 410,823 | $4.4M | Reduce -43.0% |
| GLRE Greenlight Capital Re Ltd. Class A | 3.79% | 238,771 | $3.4M | Reduce -53.2% |
| GTX Garrett Motion Inc. | 3.47% | 298,732 | $3.1M | Reduce -58.2% |
| AX Axos Financial Inc. | 3.19% | 37,886 | $2.9M | Reduce -61.7% |
| ACA Arcosa Inc. | 3.13% | 32,611 | $2.8M | Reduce -55.8% |
| BANC Banc of California Inc. | 2.67% | 171,717 | $2.4M | Reduce -57.4% |
| NOA North American Construction | 2.61% | 147,627 | $2.4M | Reduce -57.6% |
| ENVA Enova International Inc. | 2.55% | 20,663 | $2.3M | Reduce -77.0% |
| DCO Ducommun Inc. | 2.50% | 27,378 | $2.3M | Reduce -60.0% |
| TDW Tidewater Inc. | 2.34% | 45,880 | $2.1M | Reduce -55.2% |
| ARCB Arcbest Corp. | 2.23% | 26,178 | $2.0M | Reduce -58.6% |
| ETNB 89BIO Inc. | 2.15% | 198,119 | $1.9M | Reduce -57.3% |
| TFIN Triumph Financial Inc. | 2.01% | 33,042 | $1.8M | New |
| RVLV Revolve Group Inc. Class A | 1.98% | 89,271 | $1.8M | Reduce -57.1% |
| SHYF The Shyft Group Inc. | 1.96% | 140,989 | $1.8M | Reduce -58.7% |
| GSM Ferroglobe PLC | 1.90% | 469,150 | $1.7M | Reduce -59.0% |
| FBRT Franklin BSP Realty Trust Inc. | 1.82% | 153,828 | $1.6M | Reduce -57.9% |
| CASH Pathward Financial Inc. | 1.73% | 19,766 | $1.6M | Reduce -83.0% |
| CENT Central Garden & Pet Co. | 1.66% | 42,720 | $1.5M | Reduce -59.3% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 1.62% | 114,732 | $1.5M | Reduce -50.3% |
| HRTX Heron Therapeutics Inc. | 1.51% | 659,933 | $1.4M | Reduce -53.9% |
| TRN Trinity Industries Inc. | 1.46% | 48,858 | $1.3M | Reduce -56.3% |
| CRTO Criteo SA-Spon | 1.45% | 54,827 | $1.3M | Reduce -74.5% |
| AESI Atlas Energy Solutions Inc. | 1.04% | 70,098 | $937K | Reduce -56.8% |
| TLN Talen Energy Corp. | 0.92% | 2,859 | $831K | No change |
| NTLA Intellia Therapeutics Inc. | 0.82% | 79,208 | $743K | Reduce -57.3% |
| AZZ Azz Inc. | 0.41% | 3,902 | $369K | No change |
| CENTA Central Garden and Pet Co. Class A | 0.37% | 10,679 | $334K | Reduce -59.3% |
| FELE Franklin Electric Co. Inc. | 0.34% | 3,427 | $308K | No change |
| AWI Armstrong World Industries | 0.33% | 1,816 | $295K | No change |
| PBPB Potbelly Corp. | 0.28% | 20,888 | $256K | No change |
| CASY Casey's General Stores Inc. | 0.23% | 400 | $204K | New |
| AKBA Akebia Therapeutics Inc. | 0.22% | 53,510 | $195K | No change |
| DBRG Digitalbridge Group Inc. | 0.16% | 13,862 | $143K | No change |
| PHLT Performant Healthcare Inc. | 0.09% | 20,000 | $80K | No change |
| RIG Transocean Ltd. | 0.03% | 10,185 | $26K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| CASH Pathward Financial Inc. | Reduce -83.0% | 1.73% | −4.07 |
| CRTO Criteo SA-Spon | Reduce -74.5% | 1.45% | −3.75 |
| ENVA Enova International Inc. | Reduce -77.0% | 2.55% | −3.37 |
| IDT Idt Corp. Class B | Sold out | 0.00% | −2.77 |
| TRIUMPH FINANCIAL INC | Sold out | 0.00% | −2.15 |
| FBRT Franklin BSP Realty Trust Inc. | Reduce -57.9% | 1.82% | −1.36 |
| BANC Banc of California Inc. | Reduce -57.4% | 2.67% | −1.24 |
| AX Axos Financial Inc. | Reduce -61.7% | 3.19% | −1.18 |
| NOA North American Construction | Reduce -57.6% | 2.61% | −1.15 |
| RVLV Revolve Group Inc. Class A | Reduce -57.1% | 1.98% | −1.08 |
| GSM Ferroglobe PLC | Reduce -59.0% | 1.90% | −1.00 |
| CENT Central Garden & Pet Co. | Reduce -59.3% | 1.66% | −0.97 |
| AESI Atlas Energy Solutions Inc. | Reduce -56.8% | 1.04% | −0.94 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -53.2% | 3.79% | −0.93 |
| ARCB Arcbest Corp. | Reduce -58.6% | 2.23% | −0.83 |
| ACA Arcosa Inc. | Reduce -55.8% | 3.13% | −0.77 |
| TRN Trinity Industries Inc. | Reduce -56.3% | 1.46% | −0.69 |
| HRTX Heron Therapeutics Inc. | Reduce -53.9% | 1.51% | −0.64 |
| NODK Ni Holdings Inc. | Reduce -50.3% | 1.62% | −0.63 |
| TDW Tidewater Inc. | Reduce -55.2% | 2.34% | −0.62 |
| GTX Garrett Motion Inc. | Reduce -58.2% | 3.47% | −0.61 |
| MWA Mueller Water Products Inc. Class A | Sold out | 0.00% | −0.52 |
| CNTY Century Casinos Inc. | Sold out | 0.00% | −0.43 |
| CENTA Central Garden and Pet Co. Class A | Reduce -59.3% | 0.37% | −0.22 |
| DCO Ducommun Inc. | Reduce -60.0% | 2.50% | −0.21 |
| ETNB 89BIO Inc. | Reduce -57.3% | 2.15% | −0.16 |
| NTLA Intellia Therapeutics Inc. | Reduce -57.3% | 0.82% | −0.08 |
| TBBK The Bancorp Inc. | Reduce -42.5% | 7.67% | +0.02 |
| SHYF The Shyft Group Inc. | Reduce -58.7% | 1.96% | +0.07 |
| FIP Ftai Infrastructure Inc. | Reduce -52.5% | 5.23% | +0.23 |
| HBM Hudbay Minerals Inc. | Reduce -43.0% | 4.82% | +1.08 |
Portfolio Buys Q1 2025 → Q2 2025
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 |