Orchard Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Orchard Capital Management, LLC reported 45 stock positions worth $76.4 million. Its top holding was Bancorp (TBBK) at 8.5% of the portfolio, followed by Ftai Infrastructure (FIP, 5.3%) and Tidewater (TDW, 5.3%). Compared with Q4 2025, it opened 4 new positions, sold out of 3, added to 5 and reduced 4. The biggest buy was Bancorp (TBBK, shares +14%) 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
$76.4M (Q1 2026)
SEC Filing
0001104659-26-060286 ↗ filed May 13, 2026

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 Q3 2025 Q4 2025: $115.2M Q4 2025 Q1 2026: $76.4M $76.4M Q1 2026 Q2 2026: $91.2M Q2 2026

Holdings 45 stocks · $76.4M
TBBK The Bancorp Inc. 8.50% 120,856 $6.5M Add +13.9%
FIP Ftai Infrastructure Inc. 5.27% 815,038 $4.0M No change
TDW Tidewater Inc. 5.27% 48,166 $4.0M No change
ACA Arcosa Inc. 4.75% 34,150 $3.6M No change
DCO Ducommun Inc. 4.62% 28,907 $3.5M No change
BANC Banc of California Inc. 4.09% 177,885 $3.1M No change
NOA North American Construction 3.95% 223,913 $3.0M Add +44.4%
ENVA Enova International Inc. 3.83% 21,552 $2.9M No change
GSM Ferroglobe PLC 3.68% 681,745 $2.8M No change
GTX Garrett Motion Inc. 3.64% 152,943 $2.8M No change
HBM Hudbay Minerals Inc. 3.61% 131,866 $2.8M Reduce -53.8%
ARCB Arcbest Corp. 3.55% 27,564 $2.7M No change
UAMY United States Antimony Corp. 3.48% 304,623 $2.7M No change
TRN Trinity Industries Inc. 3.25% 77,244 $2.5M No change
GLRE Greenlight Capital Re Ltd. Class A 3.14% 138,927 $2.4M No change
RIOT Riot Platforms Inc. 3.04% 187,933 $2.3M Add +88.5%
MTUS Metallus Inc. 2.89% 134,983 $2.2M Add +46.6%
TFIN Triumph Financial Inc. 2.72% 34,821 $2.1M No change
AX Axos Financial Inc. 2.47% 22,208 $1.9M Reduce -44.0%
CASH Pathward Financial Inc. 2.44% 20,901 $1.9M No change
CENT Central Garden & Pet Co. 2.14% 44,381 $1.6M No change
MYE Myers Industries Inc. 2.07% 74,628 $1.6M New
NODK Ni Holdings Inc. filed as NI HLDGS INC 2.02% 119,629 $1.5M No change
AEBI Aebi Schmidt Holding AG 1.96% 154,431 $1.5M No change
TASEKO MINES LTD 1.89% 223,259 $1.4M Add +1136.3%
FBRT Franklin BSP Realty Trust Inc. 1.80% 161,719 $1.4M No change
RVLV Revolve Group Inc. Class A 1.58% 53,246 $1.2M Reduce -43.2%
NTLA Intellia Therapeutics Inc. 1.38% 82,030 $1.1M No change
AESI Atlas Energy Solutions Inc. 1.28% 74,249 $974K No change
HRTX Heron Therapeutics Inc. 0.71% 680,432 $544K No change
AZZ Azz Inc. 0.64% 3,902 $488K No change
CENTA Central Garden and Pet Co. Class A 0.47% 11,092 $360K No change
TLN Talen Energy Corp. 0.44% 1,060 $338K Reduce -34.0%
SEI Solaris Energy Infrastructur 0.43% 5,750 $325K No change
IDR Idaho Strategic Resources Inc. 0.42% 9,956 $320K No change
FELE Franklin Electric Co. Inc. 0.41% 3,427 $316K No change
CASY Casey's General Stores Inc. 0.38% 400 $291K No change
CF CF Industries Holdings Inc. 0.36% 2,096 $272K New
WAB Wabtec Corp. 0.30% 912 $228K New
DBRG Digitalbridge Group Inc. 0.28% 13,862 $214K No change
FSTR Foster (lb) Co. Class A 0.27% 7,379 $206K New
LAND Gladstone Land Corp. 0.26% 19,695 $201K No change
BOOM DMC Global Inc. 0.14% 21,152 $110K No change
AKBA Akebia Therapeutics Inc. 0.10% 53,510 $74K No change
RIG Transocean Ltd. 0.09% 10,185 $68K No change

Options reported separately and not counted above: SPY puts ($19.5M).

Portfolio Sells Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −35.51
HBM Hudbay Minerals Inc. Reduce -53.8% 3.61% −1.31
CRTO Criteo SA-Spon Sold out 0.00% −1.02
RVLV Revolve Group Inc. Class A Reduce -43.2% 1.58% −0.88
AX Axos Financial Inc. Reduce -44.0% 2.47% −0.49
AWI Armstrong World Industries Sold out 0.00% −0.18
TLN Talen Energy Corp. Reduce -34.0% 0.44% −0.08

Portfolio Buys Q4 2025 → Q1 2026
TBBK The Bancorp Inc. Add +13.9% 8.50% +2.29
MYE Myers Industries Inc. New 2.07% +2.07
NOA North American Construction Add +44.4% 3.95% +2.02
RIOT Riot Platforms Inc. Add +88.5% 3.04% +1.94
TASEKO MINES LTD Add +1136.3% 1.89% +1.80
MTUS Metallus Inc. Add +46.6% 2.89% +1.52
CF CF Industries Holdings Inc. New 0.36% +0.36
WAB Wabtec Corp. New 0.30% +0.30
FSTR Foster (lb) Co. Class A New 0.27% +0.27

Options Activity Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US put New 30,000 $19.5M

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