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Forager Capital Management, LLC

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13F filer, CIK 1802986, BIRMINGHAM, AL

Forager Capital Management, LLC reported $226,662,969 across 11 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 99% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-003262

Period
2025-09-30
Reported value
$227M
Holdings
11
Top 10 weight
99%
New
1
Sold out
1

Part of the filer group Forager Capital Management, LLC

  • Forager Fund, L.P.
  • Kissel Edward Urban
  • MacArthur Robert Symmes
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OPRTnew+1,957,588$12.1M
VMDadded+600,000$4.07M
MLKNadded+165,000$2.93M
HOVadded+3,857$496K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
IMXIreduced-1,222,209-$17.1M
WLDNexited-167,957-$10.5M
GTXreduced-400,000-$5.45M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001420506-25-003262, largest first. % of portfolio is the value over $226,662,969, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RMREGIONAL MGMT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,086,102 shares; 2024Q4: 1,086,102 shares; 2025Q1: 899,026 shares; 2025Q2: 1,085,098 shares; 2025Q3: 1,085,098 shares 1,085,098$42.3M18.65%0Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,697,695 shares; 2024Q4: 1,697,695 shares; 2025Q1: 1,697,695 shares; 2025Q2: 1,802,975 shares; 2025Q3: 1,802,975 shares 1,802,975$38.7M17.07%0Timeline
HOVHOVNANIAN ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,000 shares; 2024Q4: 189,068 shares; 2025Q1: 202,672 shares; 2025Q2: 239,500 shares; 2025Q3: 243,357 shares 243,357$31.3M13.8%+3,857Timeline
MLKNMILLERKNOLL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 953,841 shares; 2024Q4: 1,181,841 shares; 2025Q1: 1,181,841 shares; 2025Q2: 1,301,841 shares; 2025Q3: 1,466,841 shares 1,466,841$26M11.48%+165,000Timeline
IIIVI3 VERTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 765,000 shares; 2025Q1: 765,000 shares; 2025Q2: 665,000 shares; 2025Q3: 665,000 shares 665,000$21.6M9.52%02026-09-01, 13G: 1,106,474 shares, 6.1% of the class, 13G filed 2026-09-30 Timeline
VMDVIEMED HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,717,488 shares; 2024Q4: 1,717,498 shares; 2025Q1: 1,905,802 shares; 2025Q2: 2,136,472 shares; 2025Q3: 2,736,472 shares 2,736,472$18.6M8.2%+600,000Timeline
RUSHARUSH ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 448,089 shares; 2024Q4: 159,822 shares; 2025Q1: 159,822 shares; 2025Q2: 239,822 shares; 2025Q3: 239,822 shares 239,822$12.8M5.66%0Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,957,588 shares 1,957,588$12.1M5.33%newTimeline
QIPTQUIPT HOME MED CORP COM (CAN)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,192,562 shares; 2024Q4: 4,199,562 shares; 2025Q1: 4,199,562 shares; 2025Q2: 4,199,562 shares; 2025Q3: 4,199,562 shares 4,199,562$11M4.84%0Timeline
IMXIINTERNATIONAL MONEY EXPRESSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,221,174 shares; 2024Q4: 1,141,174 shares; 2025Q1: 1,491,174 shares; 2025Q2: 1,946,174 shares; 2025Q3: 723,965 shares 723,965$10.1M4.46%-1,222,209Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,731,095 shares; 2024Q4: 1,731,095 shares; 2025Q1: 756,095 shares; 2025Q2: 566,095 shares; 2025Q3: 166,095 shares 166,095$2.26M1%-400,000Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
WLDNWILLDAN GROUP INC167,957$10.5Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001420506-25-003262 base2025-11-14acceptance time not in the bulk data set