Institutional Manager · CIK 0001858319

Orchard Capital Management, LLC

Chicago, IL · File #028-21200

Latest AUM

$115.2M

Positions

Top-10 Concentration

67.1%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	HUDBAY MINERALS INC	HBM	-151,853	-$3.0M	+$2.1M
EXITED	89BIO INC	282559103	-204,114	-$3.0M	$0
REDUCE	GREENLIGHT CAPITAL RE LTD	GLRE	-105,942	-$1.5M	+$460,355
NEW	UNITED STATES ANTIMONY CORP	UAMY	+304,623	+$1.5M	$0
REDUCE	BANCORP INC DEL	TBBK	-15,657	-$1.1M	-$897,194
ADD	FERROGLOBE PLC	GSM	+197,407	+$915,969	+$43,590
ADD	RIOT PLATFORMS INC	RIOT	+37,168	+$470,919	-$397,710
EXITED	POTBELLY CORP	73754Y100	-20,888	-$355,932	$0
EXITED	GREEN BRICK PARTNERS INC	392709101	-3,000	-$221,580	$0
NEW	GLADSTONE LD CORP	376549101	+19,695	+$180,209	$0

Sector Allocation

Financials

14.7%$16.9M

Industrials

11.3%$13.1M

Materials

10.8%$12.4M

Consumer Discretionary

4.8%$5.5M

Consumer Staples

1.5%$1.8M

Healthcare

1.5%$1.7M

Communication Services

1.0%$1.2M

Energy

0.9%$1.0M

Utilities

0.5%$601,993

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 202544 pos · $115.2M
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 202544 pos · $115.7M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 202539 pos · $90.4M
May 15, 202513F HOLDINGS REPORTQ/E Mar 202540 pos · $146.2M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202475 pos · $253.7M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 202476 pos · $290.6M
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 202443 pos · $331.0M
May 15, 202413F HOLDINGS REPORTQ/E Mar 202449 pos · $340.9M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202345 pos · $270.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	60,000	$40.9M	35.51%
2	BANCORP INC DEL	TBBK	106,079	$7.2M	6.22%
3	HUDBAY MINERALS INC	HBM	285,674	$5.7M	4.92%
4	FTAI INFRASTRUCTURE INC	FIP	815,038	$3.8M	3.26%
5	ARCOSA INC	ACA	34,150	$3.6M	3.15%
6	BANC OF CALIFORNIA INC	BANC-PF	177,885	$3.4M	2.98%
7	AXOS FINANCIAL INC	AX	39,674	$3.4M	2.97%
8	ENOVA INTL INC	29357K103	21,552	$3.4M	2.94%
9	FERROGLOBE PLC	GSM	681,745	$3.2M	2.75%
10	REVOLVE GROUP INC	RVLV	93,707	$2.8M	2.46%
11	DUCOMMUN INC DEL	DCO	28,907	$2.7M	2.39%
12	GARRETT MOTION INC	GTX	152,943	$2.7M	2.31%
13	TIDEWATER INC NEW	TDGMW	48,166	$2.4M	2.11%
14	NORTH AMERN CONSTR GROUP LTD	656811106	155,101	$2.2M	1.93%
15	TRIUMPH FINANCIAL INC	TFIN-P	34,821	$2.2M	1.89%
16	ARCBEST CORP	ARCB	27,564	$2.0M	1.77%
17	TRINITY INDS INC	896522109	77,244	$2.0M	1.77%
18	GREENLIGHT CAPITAL RE LTD	GLRE	138,927	$2.0M	1.76%
19	AEBI SCHMIDT HLDG AG	H00501108	154,431	$2.0M	1.70%
20	FRANKLIN BSP RLTY TR INC	35243J101	161,719	$1.6M	1.41%