Orchard Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Orchard Capital Management, LLC reported 44 stock positions worth $115.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 35.5% of the portfolio, followed by Bancorp (TBBK, 6.2%) and Hudbay Minerals (HBM, 4.9%). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 25 and reduced 5. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Bancorp (TBBK, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001858319
- Portfolio Value
- $115.2M (Q4 2025)
- SEC Filing
- 0001104659-26-014079 ↗ filed Feb 12, 2026
Holdings Value
Holdings 44 stocks · $115.2M
| SPY SS SPDR S&P 500 ETF Trust-US | 35.51% | 60,000 | $40.9M | New |
| TBBK The Bancorp Inc. | 6.22% | 106,079 | $7.2M | Reduce -12.9% |
| HBM Hudbay Minerals Inc. | 4.92% | 285,674 | $5.7M | Reduce -34.7% |
| FIP Ftai Infrastructure Inc. | 3.26% | 815,038 | $3.8M | Add +1.4% |
| ACA Arcosa Inc. | 3.15% | 34,150 | $3.6M | Add +1.8% |
| BANC Banc of California Inc. | 2.98% | 177,885 | $3.4M | Add +1.1% |
| AX Axos Financial Inc. | 2.97% | 39,674 | $3.4M | Add +1.6% |
| ENVA Enova International Inc. | 2.94% | 21,552 | $3.4M | Add +1.2% |
| GSM Ferroglobe PLC | 2.75% | 681,745 | $3.2M | Add +40.8% |
| RVLV Revolve Group Inc. Class A | 2.46% | 93,707 | $2.8M | Add +1.9% |
| DCO Ducommun Inc. | 2.39% | 28,907 | $2.7M | Add +2.1% |
| GTX Garrett Motion Inc. | 2.31% | 152,943 | $2.7M | Reduce -0.5% |
| TDW Tidewater Inc. | 2.11% | 48,166 | $2.4M | Add +1.9% |
| NOA North American Construction | 1.93% | 155,101 | $2.2M | Add +1.9% |
| TFIN Triumph Financial Inc. | 1.89% | 34,821 | $2.2M | Add +1.9% |
| ARCB Arcbest Corp. | 1.77% | 27,564 | $2.0M | Add +2.0% |
| TRN Trinity Industries Inc. | 1.77% | 77,244 | $2.0M | Add +1.9% |
| GLRE Greenlight Capital Re Ltd. Class A | 1.76% | 138,927 | $2.0M | Reduce -43.3% |
| AEBI Aebi Schmidt Holding AG | 1.70% | 154,431 | $2.0M | Add +2.0% |
| FBRT Franklin BSP Realty Trust Inc. | 1.41% | 161,719 | $1.6M | Add +2.0% |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 1.38% | 119,629 | $1.6M | Add +0.7% |
| MTUS Metallus Inc. | 1.37% | 92,092 | $1.6M | Add +1.6% |
| UAMY United States Antimony Corp. | 1.33% | 304,623 | $1.5M | New |
| CASH Pathward Financial Inc. | 1.29% | 20,901 | $1.5M | Add +2.8% |
| CENT Central Garden & Pet Co. | 1.24% | 44,381 | $1.4M | Add +0.6% |
| RIOT Riot Platforms Inc. | 1.10% | 99,701 | $1.3M | Add +59.4% |
| CRTO Criteo SA-Spon | 1.02% | 57,293 | $1.2M | Add +1.3% |
| HRTX Heron Therapeutics Inc. | 0.77% | 680,432 | $885K | Add +0.5% |
| NTLA Intellia Therapeutics Inc. | 0.64% | 82,030 | $737K | Add +0.5% |
| AESI Atlas Energy Solutions Inc. | 0.61% | 74,249 | $699K | Add +2.6% |
| TLN Talen Energy Corp. | 0.52% | 1,606 | $602K | No change |
| AZZ Azz Inc. | 0.36% | 3,902 | $418K | No change |
| IDR Idaho Strategic Resources Inc. | 0.35% | 9,956 | $401K | No change |
| FELE Franklin Electric Co. Inc. | 0.28% | 3,427 | $327K | No change |
| CENTA Central Garden and Pet Co. Class A | 0.28% | 11,092 | $324K | Add +0.6% |
| SEI Solaris Energy Infrastructur | 0.23% | 5,750 | $264K | No change |
| CASY Casey's General Stores Inc. | 0.19% | 400 | $221K | No change |
| DBRG Digitalbridge Group Inc. | 0.18% | 13,862 | $213K | No change |
| AWI Armstrong World Industries | 0.18% | 1,079 | $206K | Reduce -40.6% |
| LAND Gladstone Land Corp. | 0.16% | 19,695 | $180K | New |
| BOOM DMC Global Inc. | 0.12% | 21,152 | $142K | New |
| TASEKO MINES LTD | 0.09% | 18,059 | $102K | New |
| AKBA Akebia Therapeutics Inc. | 0.07% | 53,510 | $86K | No change |
| RIG Transocean Ltd. | 0.04% | 10,185 | $42K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| TBBK The Bancorp Inc. | Reduce -12.9% | 6.22% | −5.82 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −3.96 |
| HBM Hudbay Minerals Inc. | Reduce -34.7% | 4.92% | −3.83 |
| GLRE Greenlight Capital Re Ltd. Class A | Reduce -43.3% | 1.76% | −2.35 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.47 |
| GTX Garrett Motion Inc. | Reduce -0.5% | 2.31% | −0.45 |
| GRBK Green Brick Partners Inc. | Sold out | 0.00% | −0.29 |
| AWI Armstrong World Industries | Reduce -40.6% | 0.18% | −0.29 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.20 |
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 35.51% | +35.51 |
| UAMY United States Antimony Corp. | New | 1.33% | +1.33 |
| LAND Gladstone Land Corp. | New | 0.16% | +0.16 |
| BOOM DMC Global Inc. | New | 0.12% | +0.12 |
| TASEKO MINES LTD | New | 0.09% | +0.09 |
| RVLV Revolve Group Inc. Class A | Add +1.9% | 2.46% | −0.13 |
| CENTA Central Garden and Pet Co. Class A | Add +0.6% | 0.28% | −0.15 |
| GSM Ferroglobe PLC | Add +40.8% | 2.75% | −0.16 |
| ENVA Enova International Inc. | Add +1.2% | 2.94% | −0.29 |
| HRTX Heron Therapeutics Inc. | Add +0.5% | 0.77% | −0.36 |
| TFIN Triumph Financial Inc. | Add +1.9% | 1.89% | −0.36 |
| RIOT Riot Platforms Inc. | Add +59.4% | 1.10% | −0.47 |
| AESI Atlas Energy Solutions Inc. | Add +2.6% | 0.61% | −0.48 |
| MTUS Metallus Inc. | Add +1.6% | 1.37% | −0.61 |
| CRTO Criteo SA-Spon | Add +1.3% | 1.02% | −0.66 |
| CENT Central Garden & Pet Co. | Add +0.6% | 1.24% | −0.66 |
| CASH Pathward Financial Inc. | Add +2.8% | 1.29% | −0.70 |
| ARCB Arcbest Corp. | Add +2.0% | 1.77% | −0.72 |
| NODK Ni Holdings Inc. | Add +0.7% | 1.38% | −0.75 |
| AEBI Aebi Schmidt Holding AG | Add +2.0% | 1.70% | −0.80 |
| FBRT Franklin BSP Realty Trust Inc. | Add +2.0% | 1.41% | −0.87 |
| BANC Banc of California Inc. | Add +1.1% | 2.98% | −0.87 |
| NOA North American Construction | Add +1.9% | 1.93% | −0.92 |
| ACA Arcosa Inc. | Add +1.8% | 3.15% | −1.00 |
| TRN Trinity Industries Inc. | Add +1.9% | 1.77% | −1.03 |
| DCO Ducommun Inc. | Add +2.1% | 2.39% | −1.20 |
| TDW Tidewater Inc. | Add +1.9% | 2.11% | −1.22 |
| NTLA Intellia Therapeutics Inc. | Add +0.5% | 0.64% | −1.22 |
| FIP Ftai Infrastructure Inc. | Add +1.4% | 3.26% | −1.36 |
| AX Axos Financial Inc. | Add +1.6% | 2.97% | −1.40 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 60,000 | $40.0Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |