Orchard Capital Management LLC's Q4 2025 13F: 5 new positions, 4 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 12, 2026 · 44 reported positions · accession 0001104659-26-014079
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | SPDR S&P 500 ETF TR (SPY) | — | 35.5% | +35.5 pts | +60,000 sh | new |
| Exited | 89BIO INC (ETNB) | 4.0% | — | −4.0 pts | −204K sh | −100% |
| Reduced | HUDBAY MINERALS INC (HBM) | 8.8% | 4.9% | −3.8 pts | −152K sh | −35% |
| Reduced | GREENLIGHT CAPITAL RE LTD (GLRE) | 4.1% | 1.8% | −2.3 pts | −106K sh | −43% |
| New | UNITED STATES ANTIMONY CORP (UAMY) | — | 1.3% | +1.3 pts | +305K sh | new |
| Reduced | BANCORP INC DEL (TBBK) | 12.0% | 6.2% | −5.8 pts | −15,657 sh | −13% |
| Increased | FERROGLOBE PLC (GSM) | 2.9% | 2.7% | −0.2 pts | +197K sh | +41% |
| Exited | POTBELLY CORP (PBPB) | 0.5% | — | −0.5 pts | −20,888 sh | −100% |
| Increased | RIOT PLATFORMS INC (RIOT) | 1.6% | 1.1% | −0.5 pts | +37,168 sh | +59% |
| Exited | GREEN BRICK PARTNERS INC (GRBK) | 0.3% | — | −0.3 pts | −3,000 sh | −100% |
| Exited | PERFORMANT HEALTHCARE INC (PFMT) | 0.2% | — | −0.2 pts | −20,000 sh | −100% |
| New | GLADSTONE LD CORP (LAND) | — | 0.2% | +0.2 pts | +19,695 sh | new |
| New | DMC GLOBAL INC (BOOM) | — | 0.1% | +0.1 pts | +21,152 sh | new |
| Reduced | ARMSTRONG WORLD INDS INC NEW (AWI) | 0.5% | 0.2% | −0.3 pts | −737 sh | −41% |
| New | TASEKO MINES LTD (TGB) | — | 0.1% | +0.1 pts | +18,059 sh | new |
| Increased | ARCOSA INC (ACA) | 4.1% | 3.2% | −1.0 pts | +611 sh | +2% |
| Increased | DUCOMMUN INC DEL (DCO) | 3.6% | 2.4% | −1.2 pts | +606 sh | +2% |
| Increased | AXOS FINANCIAL INC (AX) | 4.4% | 3.0% | −1.4 pts | +635 sh | +2% |
| Increased | REVOLVE GROUP INC (RVLV) | 2.6% | 2.5% | −0.1 pts | +1,758 sh | +2% |
| Increased | FTAI INFRASTRUCTURE INC (FIP) | 4.6% | 3.3% | −1.4 pts | +11,270 sh | +1% |
| Increased | TIDEWATER INC NEW (TDW) | 3.3% | 2.1% | −1.2 pts | +906 sh | +2% |
| Increased | NORTH AMERN CONSTR GROUP LTD (NOA) | 2.9% | 1.9% | −0.9 pts | +2,963 sh | +2% |
| Increased | TRIUMPH FINANCIAL INC (TFIN) | 2.3% | 1.9% | −0.4 pts | +660 sh | +2% |
| Increased | ARCBEST CORP (ARCB) | 2.5% | 1.8% | −0.7 pts | +550 sh | +2% |
| Increased | PATHWARD FINANCIAL INC (CASH) | 2.0% | 1.3% | −0.7 pts | +570 sh | +3% |
| Increased | ENOVA INTL INC (ENVA) | 3.2% | 2.9% | −0.3 pts | +257 sh | +1% |
| Increased | AEBI SCHMIDT HLDG AG (AEBI) | 2.5% | 1.7% | −0.8 pts | +3,093 sh | +2% |
| Increased | TRINITY INDS INC (TRN) | 2.8% | 1.8% | −1.0 pts | +1,408 sh | +2% |
| Increased | BANC OF CALIFORNIA INC (BANC) | 3.8% | 3.0% | −0.9 pts | +1,855 sh | +1% |
| Increased | FRANKLIN BSP RLTY TR INC (FBRT) | 2.3% | 1.4% | −0.9 pts | +3,129 sh | +2% |
| Increased | METALLUS INC (MTUS) | 2.0% | 1.4% | −0.6 pts | +1,474 sh | +2% |
| Increased | ATLAS ENERGY SOLUTIONS INC (AESI) | 1.1% | 0.6% | −0.5 pts | +1,857 sh | +3% |
| Increased | CRITEO S A (CRTO) | 1.7% | 1.0% | −0.7 pts | +742 sh | +1% |
| Reduced | GARRETT MOTION INC (GTX) | 2.8% | 2.3% | −0.4 pts | −756 sh | 0% |
| Increased | NI HLDGS INC (NODK) | 2.1% | 1.4% | −0.7 pts | +812 sh | +1% |
| Increased | CENTRAL GARDEN & PET CO (CENT) | 1.9% | 1.2% | −0.7 pts | +261 sh | +1% |
| Increased | HERON THERAPEUTICS INC (HRTX) | 1.1% | 0.8% | −0.4 pts | +3,142 sh | 0% |
| Increased | INTELLIA THERAPEUTICS INC (NTLA) | 1.9% | 0.6% | −1.2 pts | +432 sh | +1% |
| Increased | CENTRAL GARDEN & PET CO (CENTA) | 0.4% | 0.3% | −0.1 pts | +63 sh | +1% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 67.1% of the equity book
Changes in the top 10 this quarter: SPY entered · ENVA entered · GSM entered · RVLV entered · GLRE left · ETNB left · DCO left · TDW left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR (SPY) | 0.0% | 35.5% | Entered the top 10 |
| 2 | BANCORP INC DEL (TBBK) | 12.0% | 6.2% | |
| 3 | HUDBAY MINERALS INC (HBM) | 8.8% | 4.9% | |
| 4 | FTAI INFRASTRUCTURE INC (FIP) | 4.6% | 3.3% | |
| 5 | ARCOSA INC (ACA) | 4.1% | 3.2% | |
| 6 | BANC OF CALIFORNIA INC (BANC) | 3.8% | 3.0% | |
| 7 | AXOS FINANCIAL INC (AX) | 4.4% | 3.0% | |
| 8 | ENOVA INTL INC (ENVA) | 3.2% | 2.9% | Entered the top 10 |
| 9 | FERROGLOBE PLC (GSM) | 2.9% | 2.7% | Entered the top 10 |
| 10 | REVOLVE GROUP INC (RVLV) | 2.6% | 2.5% | Entered the top 10 |
| — | GREENLIGHT CAPITAL RE LTD (GLRE) | 4.1% | 1.8% | Left the top 10 |
| — | 89BIO INC (ETNB) | 4.0% | 0.0% | Left the top 10 |
| — | DUCOMMUN INC DEL (DCO) | 3.6% | 2.4% | Left the top 10 |
| — | TIDEWATER INC NEW (TDW) | 3.3% | 2.1% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | SPDR S&P 500 ETF TR (SPY) | Put | 60,000 | 0 | $0 |