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Orchard Capital Management, LLC

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13F filer, CIK 1858319, CHICAGO, IL

Orchard Capital Management, LLC reported $115,218,953 across 44 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 67.15% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-014079

Period
2025-12-31
Reported value
$115M
Holdings
44
Top 10 weight
67.15%
New
5
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+60,000$40.9M
UAMYnew+304,623$1.53M
GSMadded+197,407$916K
RIOTadded+37,168$471K
LANDnew+19,695$180K

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
HBMreduced-151,853-$3.01M
89BIO INCexited-204,114-$3M
GLREreduced-105,942-$1.54M
TBBKreduced-15,657-$1.06M
POTBELLY CORPexited-20,888-$356K

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 0001104659-26-014079, largest first. % of portfolio is the value over $115,218,953, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares; 2025Q3: not reported; 2025Q4: 60,000 shares 60,000$40.9M35.51%newTimeline
TBBKBANCORP INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 370,235 shares; 2024Q4: 352,557 shares; 2025Q1: 211,646 shares; 2025Q2: 121,736 shares; 2025Q3: 121,736 shares; 2025Q4: 106,079 shares 106,079$7.16M6.22%-15,657Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,794 shares; 2024Q4: 52,520 shares; 2025Q1: 720,927 shares; 2025Q2: 410,823 shares; 2025Q3: 437,527 shares; 2025Q4: 285,674 shares 285,674$5.67M4.92%-151,853Timeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 815,038 shares 815,038$3.76M3.26%+11,270Timeline
ACAARCOSA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,002 shares; 2024Q4: 97,600 shares; 2025Q1: 73,835 shares; 2025Q2: 32,611 shares; 2025Q3: 33,539 shares; 2025Q4: 34,150 shares 34,150$3.63M3.15%+611Timeline
BANCBANC OF CALIFORNIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,468 shares; 2024Q4: 99,854 shares; 2025Q1: 403,252 shares; 2025Q2: 171,717 shares; 2025Q3: 176,030 shares; 2025Q4: 177,885 shares 177,885$3.43M2.98%+1,855Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,472 shares; 2024Q4: 130,157 shares; 2025Q1: 98,899 shares; 2025Q2: 37,886 shares; 2025Q3: 39,039 shares; 2025Q4: 39,674 shares 39,674$3.42M2.97%+635Timeline
ENVAENOVA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,820 shares; 2024Q4: 193,849 shares; 2025Q1: 89,662 shares; 2025Q2: 20,663 shares; 2025Q3: 21,295 shares; 2025Q4: 21,552 shares 21,552$3.39M2.94%+257Timeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 681,745 shares 681,745$3.16M2.75%+197,407Timeline
RVLVREVOLVE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,869 shares; 2024Q4: 21,532 shares; 2025Q1: 208,209 shares; 2025Q2: 89,271 shares; 2025Q3: 91,949 shares; 2025Q4: 93,707 shares 93,707$2.83M2.46%+1,758Timeline
DCODUCOMMUN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 92,012 shares; 2025Q1: 68,377 shares; 2025Q2: 27,378 shares; 2025Q3: 28,301 shares; 2025Q4: 28,907 shares 28,907$2.75M2.39%+606Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 152,943 shares 152,943$2.67M2.31%-756Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,054 shares; 2024Q4: 5,299 shares; 2025Q1: 102,414 shares; 2025Q2: 45,880 shares; 2025Q3: 47,260 shares; 2025Q4: 48,166 shares 48,166$2.43M2.11%+906Timeline
NOANORTH AMERN CONSTR GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,826 shares; 2024Q4: 30,626 shares; 2025Q1: 347,957 shares; 2025Q2: 147,627 shares; 2025Q3: 152,138 shares; 2025Q4: 155,101 shares 155,101$2.23M1.93%+2,963Timeline
TFINTRIUMPH FINANCIAL INCQuarterly 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: 33,042 shares; 2025Q3: 34,161 shares; 2025Q4: 34,821 shares 34,821$2.18M1.89%+660Timeline
ARCBARCBEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,718 shares; 2024Q4: 84,698 shares; 2025Q1: 63,300 shares; 2025Q2: 26,178 shares; 2025Q3: 27,014 shares; 2025Q4: 27,564 shares 27,564$2.04M1.77%+550Timeline
TRNTRINITY INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 332,852 shares; 2024Q4: 314,707 shares; 2025Q1: 111,886 shares; 2025Q2: 48,858 shares; 2025Q3: 75,836 shares; 2025Q4: 77,244 shares 77,244$2.04M1.77%+1,408Timeline
GLREGREENLIGHT CAP RE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,027 shares; 2024Q4: 666,181 shares; 2025Q1: 509,940 shares; 2025Q2: 238,771 shares; 2025Q3: 244,869 shares; 2025Q4: 138,927 shares 138,927$2.03M1.76%-105,942Timeline
AEBIAEBI SCHMIDT HLDG AGQuarterly 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: 151,338 shares; 2025Q4: 154,431 shares 154,431$1.95M1.7%+3,093Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,482 shares; 2024Q4: 30,304 shares; 2025Q1: 365,322 shares; 2025Q2: 153,828 shares; 2025Q3: 158,590 shares; 2025Q4: 161,719 shares 161,719$1.62M1.41%+3,129Timeline
NODKNI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,550 shares; 2024Q4: 298,525 shares; 2025Q1: 230,626 shares; 2025Q2: 114,732 shares; 2025Q3: 118,817 shares; 2025Q4: 119,629 shares 119,629$1.59M1.38%+812Timeline
MTUSMETALLUS INCQuarterly 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: 90,618 shares; 2025Q4: 92,092 shares 92,092$1.58M1.37%+1,474Timeline
UAMYUNITED STATES ANTIMONY 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: 304,623 shares 304,623$1.53M1.33%newTimeline
CASHPATHWARD FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,081 shares; 2024Q4: 155,831 shares; 2025Q1: 116,195 shares; 2025Q2: 19,766 shares; 2025Q3: 20,331 shares; 2025Q4: 20,901 shares 20,901$1.48M1.29%+570Timeline
CENTCENTRAL GARDEN & PET COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,979 shares; 2024Q4: 140,740 shares; 2025Q1: 104,902 shares; 2025Q2: 42,720 shares; 2025Q3: 44,120 shares; 2025Q4: 44,381 shares 44,381$1.43M1.24%+261Timeline
RIOTRIOT PLATFORMS INCQuarterly 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: 62,533 shares; 2025Q4: 99,701 shares 99,701$1.26M1.1%+37,168Timeline
CRTOCRITEO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,608 shares; 2024Q4: 377,615 shares; 2025Q1: 214,897 shares; 2025Q2: 54,827 shares; 2025Q3: 56,551 shares; 2025Q4: 57,293 shares 57,293$1.18M1.02%+742Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 680,432 shares 680,432$885K0.77%+3,142Timeline
NTLAINTELLIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,986 shares; 2024Q4: 12,157 shares; 2025Q1: 185,496 shares; 2025Q2: 79,208 shares; 2025Q3: 81,598 shares; 2025Q4: 82,030 shares 82,030$737K0.64%+432Timeline
AESIATLAS ENERGY SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 9,251 shares; 2025Q1: 162,222 shares; 2025Q2: 70,098 shares; 2025Q3: 72,392 shares; 2025Q4: 74,249 shares 74,249$699K0.61%+1,857Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,859 shares; 2024Q4: 2,859 shares; 2025Q1: 2,859 shares; 2025Q2: 2,859 shares; 2025Q3: 1,606 shares; 2025Q4: 1,606 shares 1,606$602K0.52%0Timeline
AZZAZZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,902 shares; 2024Q4: 3,902 shares; 2025Q1: 3,902 shares; 2025Q2: 3,902 shares; 2025Q3: 3,902 shares; 2025Q4: 3,902 shares 3,902$418K0.36%0Timeline
IDRIDAHO STRATEGIC RESOURCESQuarterly 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: 9,956 shares; 2025Q4: 9,956 shares 9,956$401K0.35%0Timeline
FELEFRANKLIN ELEC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,427 shares; 2024Q4: 3,427 shares; 2025Q1: 3,427 shares; 2025Q2: 3,427 shares; 2025Q3: 3,427 shares; 2025Q4: 3,427 shares 3,427$327K0.28%0Timeline
CENTACENTRAL GARDEN & PET COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 26,222 shares; 2025Q2: 10,679 shares; 2025Q3: 11,029 shares; 2025Q4: 11,092 shares 11,092$324K0.28%+63Timeline
SEISOLARIS ENERGY INFRAS INCQuarterly 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: 5,750 shares; 2025Q4: 5,750 shares 5,750$264K0.23%0Timeline
CASYCASEYS GEN STORES INCQuarterly 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: 400 shares; 2025Q3: 400 shares; 2025Q4: 400 shares 400$221K0.19%0Timeline
DBRGDIGITALBRIDGE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,083 shares; 2024Q4: 20,708 shares; 2025Q1: 13,862 shares; 2025Q2: 13,862 shares; 2025Q3: 13,862 shares; 2025Q4: 13,862 shares 13,862$213K0.18%0Timeline
AWIARMSTRONG WORLD INDS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,816 shares; 2024Q4: 1,816 shares; 2025Q1: 1,816 shares; 2025Q2: 1,816 shares; 2025Q3: 1,816 shares; 2025Q4: 1,079 shares 1,079$206K0.18%-737Timeline
LANDGLADSTONE LD 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: 19,695 shares 19,695$180K0.16%newTimeline
BOOMDMC GLOBAL INCQuarterly 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: 21,152 shares 21,152$142K0.12%newTimeline
TGBTASEKO MINES LTDQuarterly 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: 18,059 shares 18,059$102K0.09%newTimeline
AKBAAKEBIA THREAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,716 shares; 2024Q4: 60,710 shares; 2025Q1: 53,510 shares; 2025Q2: 53,510 shares; 2025Q3: 53,510 shares; 2025Q4: 53,510 shares 53,510$86.2K0.07%0Timeline
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,185 shares; 2024Q4: 10,185 shares; 2025Q1: 10,185 shares; 2025Q2: 10,185 shares; 2025Q3: 10,185 shares; 2025Q4: 10,185 shares 10,185$42.1K0.04%0Timeline

Sold out in Q4 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 T60,000$40Mput
89BIO INC89BIO INC204,114$3Mshares
POTBELLY CORPPOTBELLY CORP20,888$356Kshares
GRBKGREEN BRICK PARTNERS INC3,000$222Kshares
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INC20,000$155Kshares

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 0001104659-26-014079 base2026-02-12acceptance time not in the bulk data set