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Orchard Capital Management, LLC

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13F filer, CIK 1858319, CHICAGO, IL

Orchard Capital Management, LLC reported $115,726,152 across 44 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 52.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-110378

Period
2025-09-30
Reported value
$116M
Holdings
44
Top 10 weight
52.76%
New
7
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AEBInew+151,338$1.89M
MTUSnew+90,618$1.5M
RIOTnew+62,533$1.19M
TRNadded+26,978$756K
HBMadded+26,704$405K

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
SPYexited-40,000-$24.7M
GTXreduced-145,033-$1.98M
THE SHYFT GROUPexited-140,989-$1.77M
TLNreduced-1,253-$533K

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 0001104659-25-110378, largest first. % of portfolio is the value over $75,755,352, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TBBKBANCORP INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 370,235 shares; 2024Q4: 352,557 shares; 2025Q1: 211,646 shares; 2025Q2: 121,736 shares; 2025Q3: 121,736 shares 121,736$9.12M12.03%0Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,794 shares; 2024Q4: 52,520 shares; 2025Q1: 720,927 shares; 2025Q2: 410,823 shares; 2025Q3: 437,527 shares 437,527$6.63M8.76%+26,704Timeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,160 shares; 2024Q4: 179,055 shares; 2025Q1: 1,615,755 shares; 2025Q2: 766,784 shares; 2025Q3: 803,768 shares 803,768$3.5M4.63%+36,984Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,472 shares; 2024Q4: 130,157 shares; 2025Q1: 98,899 shares; 2025Q2: 37,886 shares; 2025Q3: 39,039 shares 39,039$3.3M4.36%+1,153Timeline
ACAARCOSA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,002 shares; 2024Q4: 97,600 shares; 2025Q1: 73,835 shares; 2025Q2: 32,611 shares; 2025Q3: 33,539 shares 33,539$3.14M4.15%+928Timeline
GLREGREENLIGHT CAP RE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,027 shares; 2024Q4: 666,181 shares; 2025Q1: 509,940 shares; 2025Q2: 238,771 shares; 2025Q3: 244,869 shares 244,869$3.11M4.11%+6,098Timeline
89BIO INC89BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,874 shares; 2024Q4: 42,625 shares; 2025Q1: 464,358 shares; 2025Q2: 198,119 shares; 2025Q3: 204,114 shares 204,114$3M3.96%+5,995
BANCBANC OF CALIFORNIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,468 shares; 2024Q4: 99,854 shares; 2025Q1: 403,252 shares; 2025Q2: 171,717 shares; 2025Q3: 176,030 shares 176,030$2.91M3.85%+4,313Timeline
DCODUCOMMUN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 92,012 shares; 2025Q1: 68,377 shares; 2025Q2: 27,378 shares; 2025Q3: 28,301 shares 28,301$2.72M3.59%+923Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,054 shares; 2024Q4: 5,299 shares; 2025Q1: 102,414 shares; 2025Q2: 45,880 shares; 2025Q3: 47,260 shares 47,260$2.52M3.33%+1,380Timeline
ENVAENOVA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,820 shares; 2024Q4: 193,849 shares; 2025Q1: 89,662 shares; 2025Q2: 20,663 shares; 2025Q3: 21,295 shares 21,295$2.45M3.24%+632Timeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 484,338 shares 484,338$2.2M2.91%+15,188Timeline
NOANORTH AMERN CONSTR GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,826 shares; 2024Q4: 30,626 shares; 2025Q1: 347,957 shares; 2025Q2: 147,627 shares; 2025Q3: 152,138 shares 152,138$2.16M2.85%+4,511Timeline
TRNTRINITY INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 332,852 shares; 2024Q4: 314,707 shares; 2025Q1: 111,886 shares; 2025Q2: 48,858 shares; 2025Q3: 75,836 shares 75,836$2.13M2.81%+26,978Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,012,114 shares; 2024Q4: 955,258 shares; 2025Q1: 714,089 shares; 2025Q2: 298,732 shares; 2025Q3: 153,699 shares 153,699$2.09M2.76%-145,033Timeline
RVLVREVOLVE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,869 shares; 2024Q4: 21,532 shares; 2025Q1: 208,209 shares; 2025Q2: 89,271 shares; 2025Q3: 91,949 shares 91,949$1.96M2.59%+2,678Timeline
ARCBARCBEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,718 shares; 2024Q4: 84,698 shares; 2025Q1: 63,300 shares; 2025Q2: 26,178 shares; 2025Q3: 27,014 shares 27,014$1.89M2.49%+836Timeline
AEBIAEBI SCHMIDT HLDG AGQuarterly 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: 151,338 shares 151,338$1.89M2.49%newTimeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,482 shares; 2024Q4: 30,304 shares; 2025Q1: 365,322 shares; 2025Q2: 153,828 shares; 2025Q3: 158,590 shares 158,590$1.72M2.27%+4,762Timeline
TFINTRIUMPH FINANCIAL INCQuarterly 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: 33,042 shares; 2025Q3: 34,161 shares 34,161$1.71M2.26%+1,119Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,550 shares; 2024Q4: 298,525 shares; 2025Q1: 230,626 shares; 2025Q2: 114,732 shares; 2025Q3: 118,817 shares 118,817$1.61M2.13%+4,085Timeline
CASHPATHWARD FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,081 shares; 2024Q4: 155,831 shares; 2025Q1: 116,195 shares; 2025Q2: 19,766 shares; 2025Q3: 20,331 shares 20,331$1.5M1.99%+565Timeline
MTUSMETALLUS INCQuarterly 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: 90,618 shares 90,618$1.5M1.98%newTimeline
CENTCENTRAL GARDEN & PET COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,979 shares; 2024Q4: 140,740 shares; 2025Q1: 104,902 shares; 2025Q2: 42,720 shares; 2025Q3: 44,120 shares 44,120$1.44M1.9%+1,400Timeline
NTLAINTELLIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,986 shares; 2024Q4: 12,157 shares; 2025Q1: 185,496 shares; 2025Q2: 79,208 shares; 2025Q3: 81,598 shares 81,598$1.41M1.86%+2,390Timeline
CRTOCRITEO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,608 shares; 2024Q4: 377,615 shares; 2025Q1: 214,897 shares; 2025Q2: 54,827 shares; 2025Q3: 56,551 shares 56,551$1.28M1.69%+1,724Timeline
RIOTRIOT PLATFORMS INCQuarterly 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: 62,533 shares 62,533$1.19M1.57%newTimeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 677,290 shares 677,290$853K1.13%+17,357Timeline
AESIATLAS ENERGY SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 9,251 shares; 2025Q1: 162,222 shares; 2025Q2: 70,098 shares; 2025Q3: 72,392 shares 72,392$823K1.09%+2,294Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,859 shares; 2024Q4: 2,859 shares; 2025Q1: 2,859 shares; 2025Q2: 2,859 shares; 2025Q3: 1,606 shares 1,606$683K0.9%-1,253Timeline
AZZAZZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,902 shares; 2024Q4: 3,902 shares; 2025Q1: 3,902 shares; 2025Q2: 3,902 shares; 2025Q3: 3,902 shares 3,902$426K0.56%0Timeline
AWIARMSTRONG WORLD INDS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,816 shares; 2024Q4: 1,816 shares; 2025Q1: 1,816 shares; 2025Q2: 1,816 shares; 2025Q3: 1,816 shares 1,816$356K0.47%0Timeline
POTBELLY CORPPOTBELLY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,888 shares; 2024Q4: 20,888 shares; 2025Q1: 20,888 shares; 2025Q2: 20,888 shares; 2025Q3: 20,888 shares 20,888$356K0.47%0
IDRIDAHO STRATEGIC RESOURCESQuarterly 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: 9,956 shares 9,956$336K0.44%newTimeline
FELEFRANKLIN ELEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,427 shares; 2024Q4: 3,427 shares; 2025Q1: 3,427 shares; 2025Q2: 3,427 shares; 2025Q3: 3,427 shares 3,427$326K0.43%0Timeline
CENTACENTRAL GARDEN & PET COQuarterly 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: 26,222 shares; 2025Q2: 10,679 shares; 2025Q3: 11,029 shares 11,029$326K0.43%+350Timeline
SEISOLARIS ENERGY INFRAS INCQuarterly 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: 5,750 shares 5,750$230K0.3%newTimeline
CASYCASEYS GEN STORES INCQuarterly 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: 400 shares; 2025Q3: 400 shares 400$226K0.3%0Timeline
GRBKGREEN BRICK PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000 shares 3,000$222K0.29%newTimeline
DBRGDIGITALBRIDGE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,083 shares; 2024Q4: 20,708 shares; 2025Q1: 13,862 shares; 2025Q2: 13,862 shares; 2025Q3: 13,862 shares 13,862$162K0.21%0Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,000 shares; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares 20,000$155K0.2%0
AKBAAKEBIA THREAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,716 shares; 2024Q4: 60,710 shares; 2025Q1: 53,510 shares; 2025Q2: 53,510 shares; 2025Q3: 53,510 shares 53,510$146K0.19%0Timeline
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,185 shares; 2024Q4: 10,185 shares; 2025Q1: 10,185 shares; 2025Q2: 10,185 shares; 2025Q3: 10,185 shares 10,185$31.8K0.04%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SPYSTATE STR SPDR S&P 500 ETF T SHSput60,000$40Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T40,000$24.7Mshares
THE SHYFT GROUPTHE SHYFT GROUP140,989$1.77Mshares

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 0001104659-25-110378 base2025-11-12acceptance time not in the bulk data set