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Forager Capital Management, LLC

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13F filer, CIK 1802986, BIRMINGHAM, AL

Forager Capital Management, LLC reported $220,858,156 across 11 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 97.45% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-000509

Period
2025-12-31
Reported value
$221M
Holdings
11
Top 10 weight
97.45%
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
RPAYnew+3,990,726$14.6M
OPRTadded+422,412$2.23M
MLKNadded+95,000$1.74M
VMDadded+49,399$367K

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-357,791-$5.5M
IIIVreduced-115,599-$2.91M
GTXexited-166,095-$2.26M
MCFTreduced-103,857-$1.96M
HOVreduced-7,042-$687K

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, Q4 2025

Share positions as resolved from 13F-HR 0001420506-26-000509, largest first. % of portfolio is the value over $220,858,156, 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; 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; 2025Q4: 1,085,098 shares 1,085,098$42M19.04%0Timeline
MCFTMASTERCRAFT BOAT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,699,118 shares 1,699,118$32.1M14.55%-103,857Timeline
MLKNMILLERKNOLL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,561,841 shares 1,561,841$28.6M12.93%+95,000Timeline
HOVHOVNANIAN ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,000 shares; 2024Q4: 189,068 shares; 2025Q1: 202,672 shares; 2025Q2: 239,500 shares; 2025Q3: 243,357 shares; 2025Q4: 236,315 shares 236,315$23.1M10.44%-7,042Timeline
VMDVIEMED HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,785,871 shares 2,785,871$20.7M9.37%+49,399Timeline
QIPTQUIPT HOME MEDICAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,199,562 shares 4,199,562$14.8M6.71%0Timeline
RPAYREPAY HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,990,726 shares 3,990,726$14.6M6.6%newTimeline
IIIVI3 VERTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 765,000 shares; 2025Q1: 765,000 shares; 2025Q2: 665,000 shares; 2025Q3: 665,000 shares; 2025Q4: 549,401 shares 549,401$13.8M6.27%-115,5992026-09-01, 13G: 1,106,474 shares, 6.1% of the class, 13G filed 2026-09-30 Timeline
RUSHARUSH ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 448,089 shares; 2024Q4: 159,822 shares; 2025Q1: 159,822 shares; 2025Q2: 239,822 shares; 2025Q3: 239,822 shares; 2025Q4: 239,822 shares 239,822$12.9M5.86%0Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,957,588 shares; 2025Q4: 2,380,000 shares 2,380,000$12.6M5.7%+422,412Timeline
IMXIINTERNATIONAL MONEY EXPRESSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 366,174 shares 366,174$5.62M2.55%-357,791Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
GTXGARRETT MOTION INC166,095$2.26Mshares

How Q4 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 0001420506-26-000509 base2026-02-17acceptance time not in the bulk data set