Orchard Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Orchard Capital Management, LLC reported 43 stock positions worth $75.8 million. Its top holding was Bancorp (TBBK) at 12.0% of the portfolio, followed by Hudbay Minerals (HBM, 8.8%) and Ftai Infrastructure (FIP, 4.6%). Compared with Q2 2025, it opened 5 new positions, sold out of 1, added to 26 and reduced 2. The biggest buy was Hudbay Minerals (HBM, shares +7%) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001858319
Portfolio Value
$75.8M (Q3 2025)
SEC Filing
0001104659-25-110378 ↗ filed Nov 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $340.9M Q1 2024 Q2 2024: $331.0M Q2 2024 Q3 2024: $290.6M Q3 2024 Q4 2024: $253.7M Q4 2024 Q1 2025: $146.2M Q1 2025 Q2 2025: $90.4M Q2 2025 Q3 2025: $75.8M $75.8M Q3 2025 Q4 2025: $115.2M Q4 2025 Q1 2026: $76.4M Q1 2026 Q2 2026: $91.2M Q2 2026

Holdings 43 stocks · $75.8M
TBBK The Bancorp Inc. 12.03% 121,736 $9.1M No change
HBM Hudbay Minerals Inc. 8.76% 437,527 $6.6M Add +6.5%
FIP Ftai Infrastructure Inc. 4.63% 803,768 $3.5M Add +4.8%
AX Axos Financial Inc. 4.36% 39,039 $3.3M Add +3.0%
ACA Arcosa Inc. 4.15% 33,539 $3.1M Add +2.9%
GLRE Greenlight Capital Re Ltd. Class A 4.11% 244,869 $3.1M Add +2.5%
ETNB 89BIO Inc. 3.96% 204,114 $3.0M Add +3.0%
BANC Banc of California Inc. 3.85% 176,030 $2.9M Add +2.5%
DCO Ducommun Inc. 3.59% 28,301 $2.7M Add +3.4%
TDW Tidewater Inc. 3.33% 47,260 $2.5M Add +3.0%
ENVA Enova International Inc. 3.24% 21,295 $2.5M Add +3.1%
GSM Ferroglobe PLC 2.91% 484,338 $2.2M Add +3.2%
NOA North American Construction 2.85% 152,138 $2.2M Add +3.1%
TRN Trinity Industries Inc. 2.81% 75,836 $2.1M Add +55.2%
GTX Garrett Motion Inc. 2.76% 153,699 $2.1M Reduce -48.5%
RVLV Revolve Group Inc. Class A 2.59% 91,949 $2.0M Add +3.0%
ARCB Arcbest Corp. 2.49% 27,014 $1.9M Add +3.2%
AEBI Aebi Schmidt Holding AG 2.49% 151,338 $1.9M Add +3.2%
FBRT Franklin BSP Realty Trust Inc. 2.27% 158,590 $1.7M Add +3.1%
TFIN Triumph Financial Inc. 2.26% 34,161 $1.7M Add +3.4%
NODK Ni Holdings Inc. filed as NI HLDGS INC 2.13% 118,817 $1.6M Add +3.6%
CASH Pathward Financial Inc. 1.99% 20,331 $1.5M Add +2.9%
MTUS Metallus Inc. 1.98% 90,618 $1.5M New
CENT Central Garden & Pet Co. 1.90% 44,120 $1.4M Add +3.3%
NTLA Intellia Therapeutics Inc. 1.86% 81,598 $1.4M Add +3.0%
CRTO Criteo SA-Spon 1.69% 56,551 $1.3M Add +3.1%
RIOT Riot Platforms Inc. 1.57% 62,533 $1.2M New
HRTX Heron Therapeutics Inc. 1.13% 677,290 $853K Add +2.6%
AESI Atlas Energy Solutions Inc. 1.09% 72,392 $823K Add +3.3%
TLN Talen Energy Corp. 0.90% 1,606 $683K Reduce -43.8%
AZZ Azz Inc. 0.56% 3,902 $426K No change
AWI Armstrong World Industries 0.47% 1,816 $356K No change
PBPB Potbelly Corp. 0.47% 20,888 $356K No change
IDR Idaho Strategic Resources Inc. 0.44% 9,956 $336K New
FELE Franklin Electric Co. Inc. 0.43% 3,427 $326K No change
CENTA Central Garden and Pet Co. Class A 0.43% 11,029 $326K Add +3.3%
SEI Solaris Energy Infrastructur 0.30% 5,750 $230K New
CASY Casey's General Stores Inc. 0.30% 400 $226K No change
GRBK Green Brick Partners Inc. 0.29% 3,000 $222K New
DBRG Digitalbridge Group Inc. 0.21% 13,862 $162K No change
PHLT Performant Healthcare Inc. 0.20% 20,000 $155K No change
AKBA Akebia Therapeutics Inc. 0.19% 53,510 $146K No change
RIG Transocean Ltd. 0.04% 10,185 $32K No change

Options reported separately and not counted above: SPY puts ($40.0M).

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −27.33
GTX Garrett Motion Inc. Reduce -48.5% 2.76% −0.71
TLN Talen Energy Corp. Reduce -43.8% 0.90% −0.02

Portfolio Buys Q2 2025 → Q3 2025
HBM Hudbay Minerals Inc. Add +6.5% 8.76% +3.94
MTUS Metallus Inc. New 1.98% +1.98
ETNB 89BIO Inc. Add +3.0% 3.96% +1.81
RIOT Riot Platforms Inc. New 1.57% +1.57
TRN Trinity Industries Inc. Add +55.2% 2.81% +1.35
BANC Banc of California Inc. Add +2.5% 3.85% +1.18
AX Axos Financial Inc. Add +3.0% 4.36% +1.18
DCO Ducommun Inc. Add +3.4% 3.59% +1.09
NTLA Intellia Therapeutics Inc. Add +3.0% 1.86% +1.04
ACA Arcosa Inc. Add +2.9% 4.15% +1.02
GSM Ferroglobe PLC Add +3.2% 2.91% +1.00
TDW Tidewater Inc. Add +3.0% 3.33% +0.99
ENVA Enova International Inc. Add +3.1% 3.24% +0.69
RVLV Revolve Group Inc. Class A Add +3.0% 2.59% +0.61
AEBI Aebi Schmidt Holding AG Add +3.2% 2.49% +0.54
NODK Ni Holdings Inc. Add +3.6% 2.13% +0.51
FBRT Franklin BSP Realty Trust Inc. Add +3.1% 2.27% +0.46
IDR Idaho Strategic Resources Inc. New 0.44% +0.44
GLRE Greenlight Capital Re Ltd. Class A Add +2.5% 4.11% +0.31
SEI Solaris Energy Infrastructur New 0.30% +0.30
GRBK Green Brick Partners Inc. New 0.29% +0.29
ARCB Arcbest Corp. Add +3.2% 2.49% +0.26
CASH Pathward Financial Inc. Add +2.9% 1.99% +0.26
NOA North American Construction Add +3.1% 2.85% +0.24
TFIN Triumph Financial Inc. Add +3.4% 2.26% +0.24
CENT Central Garden & Pet Co. Add +3.3% 1.90% +0.24
CRTO Criteo SA-Spon Add +3.1% 1.69% +0.23
CENTA Central Garden and Pet Co. Class A Add +3.3% 0.43% +0.06
AESI Atlas Energy Solutions Inc. Add +3.3% 1.09% +0.05
HRTX Heron Therapeutics Inc. Add +2.6% 1.13% −0.38
FIP Ftai Infrastructure Inc. Add +4.8% 4.63% −0.61

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 60,000 $40.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$91.2MTBBK, GDOT, ENVA, RIOT, DCO
Q1 2026 45$76.4MTBBK, FIP, TDW, ACA, DCO
Q4 2025 44$115.2MSPY, TBBK, HBM, FIP, ACA
Q3 2025 43$75.8MTBBK, HBM, FIP, AX, ACA
Q2 2025 39$90.4MSPY, TBBK, FIP, HBM, GLRE
Q1 2025 40$146.2MTBBK, ENVA, CASH, CRTO, FIP
Q4 2024 57$253.7MENVA, TBBK, CRTO, FTAI INFRASTRUCTURE INC COMMON STOCK, REVOLVE GROUP INC CL A
Q3 2024 57$290.6MTBBK, FTAI INFRASTRUCTURE INC COMMON STOCK, ENVA, CRTO, TRN
Q2 2024 43$331.0MFIP, CRTO, TDW, TBBK, FTAI
Q1 2024 49$340.9MCRTO, FIP, TDW, ENVA, ARCB