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Orchard Capital Management, LLC

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13F filer, CIK 1858319, CHICAGO, IL

Orchard Capital Management, LLC reported $90,429,085 across 39 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 63.91% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-077272

Period
2025-06-30
Reported value
$90.4M
Holdings
39
Top 10 weight
63.91%
New
3
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+40,000$24.7M
TFINnew+33,042$1.82M
CASYnew+400$204K

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
ENVAreduced-68,999-$7.69M
CASHreduced-96,429-$7.63M
FIPreduced-848,971-$5.24M
TBBKreduced-89,910-$5.12M
AXreduced-61,013-$4.64M

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, Q2 2025

Share positions as resolved from 13F-HR 0001104659-25-077272, largest first. % of portfolio is the value over $90,429,085, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares 40,000$24.7M27.33%newTimeline
TBBKBANCORP INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 370,235 shares; 2024Q4: 352,557 shares; 2025Q1: 211,646 shares; 2025Q2: 121,736 shares 121,736$6.94M7.67%-89,910Timeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,160 shares; 2024Q4: 179,055 shares; 2025Q1: 1,615,755 shares; 2025Q2: 766,784 shares 766,784$4.73M5.23%-848,971Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,794 shares; 2024Q4: 52,520 shares; 2025Q1: 720,927 shares; 2025Q2: 410,823 shares 410,823$4.36M4.82%-310,104Timeline
GLREGREENLIGHT CAP RE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,027 shares; 2024Q4: 666,181 shares; 2025Q1: 509,940 shares; 2025Q2: 238,771 shares 238,771$3.43M3.79%-271,169Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,012,114 shares; 2024Q4: 955,258 shares; 2025Q1: 714,089 shares; 2025Q2: 298,732 shares 298,732$3.14M3.47%-415,357Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,472 shares; 2024Q4: 130,157 shares; 2025Q1: 98,899 shares; 2025Q2: 37,886 shares 37,886$2.88M3.19%-61,013Timeline
ACAARCOSA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,002 shares; 2024Q4: 97,600 shares; 2025Q1: 73,835 shares; 2025Q2: 32,611 shares 32,611$2.83M3.13%-41,224Timeline
BANCBANC OF CALIFORNIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,468 shares; 2024Q4: 99,854 shares; 2025Q1: 403,252 shares; 2025Q2: 171,717 shares 171,717$2.41M2.67%-231,535Timeline
NOANORTH AMERN CONSTR GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,826 shares; 2024Q4: 30,626 shares; 2025Q1: 347,957 shares; 2025Q2: 147,627 shares 147,627$2.36M2.61%-200,330Timeline
ENVAENOVA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,820 shares; 2024Q4: 193,849 shares; 2025Q1: 89,662 shares; 2025Q2: 20,663 shares 20,663$2.3M2.55%-68,999Timeline
DCODUCOMMUN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 92,012 shares; 2025Q1: 68,377 shares; 2025Q2: 27,378 shares 27,378$2.26M2.5%-40,999Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,054 shares; 2024Q4: 5,299 shares; 2025Q1: 102,414 shares; 2025Q2: 45,880 shares 45,880$2.12M2.34%-56,534Timeline
ARCBARCBEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,718 shares; 2024Q4: 84,698 shares; 2025Q1: 63,300 shares; 2025Q2: 26,178 shares 26,178$2.02M2.23%-37,122Timeline
89BIO INC89BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,874 shares; 2024Q4: 42,625 shares; 2025Q1: 464,358 shares; 2025Q2: 198,119 shares 198,119$1.95M2.15%-266,239
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 33,042 shares 33,042$1.82M2.01%newTimeline
RVLVREVOLVE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,869 shares; 2024Q4: 21,532 shares; 2025Q1: 208,209 shares; 2025Q2: 89,271 shares 89,271$1.79M1.98%-118,938Timeline
THE SHYFT GROUPTHE SHYFT GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,237 shares; 2024Q4: 24,098 shares; 2025Q1: 341,391 shares; 2025Q2: 140,989 shares 140,989$1.77M1.96%-200,402
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,626,145 shares; 2024Q4: 1,533,648 shares; 2025Q1: 1,144,520 shares; 2025Q2: 469,150 shares 469,150$1.72M1.9%-675,370Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,482 shares; 2024Q4: 30,304 shares; 2025Q1: 365,322 shares; 2025Q2: 153,828 shares 153,828$1.64M1.82%-211,494Timeline
CASHPATHWARD FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,081 shares; 2024Q4: 155,831 shares; 2025Q1: 116,195 shares; 2025Q2: 19,766 shares 19,766$1.56M1.73%-96,429Timeline
CENTCENTRAL GARDEN & PET COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,979 shares; 2024Q4: 140,740 shares; 2025Q1: 104,902 shares; 2025Q2: 42,720 shares 42,720$1.5M1.66%-62,182Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,550 shares; 2024Q4: 298,525 shares; 2025Q1: 230,626 shares; 2025Q2: 114,732 shares 114,732$1.46M1.62%-115,894Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,980,198 shares; 2024Q4: 1,876,460 shares; 2025Q1: 1,431,758 shares; 2025Q2: 659,933 shares 659,933$1.37M1.51%-771,825Timeline
TRNTRINITY INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 332,852 shares; 2024Q4: 314,707 shares; 2025Q1: 111,886 shares; 2025Q2: 48,858 shares 48,858$1.32M1.46%-63,028Timeline
CRTOCRITEO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,608 shares; 2024Q4: 377,615 shares; 2025Q1: 214,897 shares; 2025Q2: 54,827 shares 54,827$1.31M1.45%-160,070Timeline
AESIATLAS ENERGY SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 9,251 shares; 2025Q1: 162,222 shares; 2025Q2: 70,098 shares 70,098$937K1.04%-92,124Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,859 shares; 2024Q4: 2,859 shares; 2025Q1: 2,859 shares; 2025Q2: 2,859 shares 2,859$831K0.92%0Timeline
NTLAINTELLIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,986 shares; 2024Q4: 12,157 shares; 2025Q1: 185,496 shares; 2025Q2: 79,208 shares 79,208$743K0.82%-106,288Timeline
AZZAZZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,902 shares; 2024Q4: 3,902 shares; 2025Q1: 3,902 shares; 2025Q2: 3,902 shares 3,902$369K0.41%0Timeline
CENTACENTRAL GARDEN & PET COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 26,222 shares; 2025Q2: 10,679 shares 10,679$334K0.37%-15,543Timeline
FELEFRANKLIN ELEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,427 shares; 2024Q4: 3,427 shares; 2025Q1: 3,427 shares; 2025Q2: 3,427 shares 3,427$308K0.34%0Timeline
AWIARMSTRONG WORLD INDS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,816 shares; 2024Q4: 1,816 shares; 2025Q1: 1,816 shares; 2025Q2: 1,816 shares 1,816$295K0.33%0Timeline
POTBELLY CORPPOTBELLY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,888 shares; 2024Q4: 20,888 shares; 2025Q1: 20,888 shares; 2025Q2: 20,888 shares 20,888$256K0.28%0
CASYCASEYS GEN STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares 400$204K0.23%newTimeline
AKBAAKEBIA THREAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,716 shares; 2024Q4: 60,710 shares; 2025Q1: 53,510 shares; 2025Q2: 53,510 shares 53,510$195K0.22%0Timeline
DBRGDIGITALBRIDGE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,083 shares; 2024Q4: 20,708 shares; 2025Q1: 13,862 shares; 2025Q2: 13,862 shares 13,862$143K0.16%0Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,000 shares; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 20,000 shares 20,000$80K0.09%0
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,185 shares; 2024Q4: 10,185 shares; 2025Q1: 10,185 shares; 2025Q2: 10,185 shares 10,185$26.4K0.03%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
IDTIDT CORP78,945$4.05Mshares
TRIUMPH FINANCIAL INCTRIUMPH FINANCIAL INC54,450$3.15Mshares
MWAMUELLER WTR PRODS INC30,154$767Kshares
CNTYCENTURY CASINOS INC369,900$625Kshares

How Q2 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 0001104659-25-077272 base2025-08-13acceptance time not in the bulk data set