Forager Capital Management, LLC

BIRMINGHAM, AL · CIK 1802986 · 13F filing filed 2025-08-13

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$204.5m reported value +1.2% vs Q1 2025

11positions

97.1%in top 10

0 new 7 added 3 reduced 0 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MASTERCRAFT BOAT HLDGS INC COM MCFT	MCFT	1,802,975	$33.5m16.38%	16.38%	Added +105.3k	+105,280 6.2%
2	REGIONAL MGMT CORP COM RM	RM	1,085,098	$31.7m15.50%	15.50%	Added +186.1k	+186,072 20.7%
3	MILLERKNOLL INC COM MLKN	MLKN	1,301,841	$25.3m12.36%	12.36%	Added +120.0k	+120,000 10.2%
4	HOVNANIAN ENTERPRISES INC CL A NEW HOV	HOV	239,500	$25.0m12.24%	12.24%	Added +36.8k	+36,828 18.2%
5	INTERNATIONAL MNY EXPRESS IN COM IMXI	IMXI	1,946,174	$19.6m9.60%	9.60%	Added +455.0k	+455,000 30.5%
6	I3 VERTICALS INC COM CL A IIIV	IIIV	665,000	$18.3m8.94%	8.94%	Reduced -100.0k	-100,000 -13.1%
7	VIEMED HEALTHCARE INC COM VMD	VMD	2,136,472	$14.8m7.22%	7.22%	Added +230.7k	+230,670 12.1%
8	RUSH ENTERPRISES INC CL A RUSHA	RUSHA	239,822	$12.4m6.04%	6.04%	Added +80.0k	+80,000 50.1%
9	WILLDAN GROUP INC COM WLDN	WLDN	167,957	$10.5m5.13%	5.13%	Reduced -464.4k	-464,427 -73.4%
10	QUIPT HOME MEDICAL CORP COM QIPT	QIPT	4,199,562	$7.5m3.68%	3.68%	Unchanged
11	GARRETT MOTION INC COM GTX	GTX	566,095	$5.9m2.91%	2.91%	Reduced -190.0k	-190,000 -25.1%

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
REGIONAL MGMT CORP RM · 13G · filed 2025-06-11	RM	10.5%≈ $42.9m	+1.4 pts	13G	2025-06-11
REPAY HLDGS CORP RPAY · 13G · filed 2026-03-11	RPAY	10.0%≈ $36.1m	+4.1 pts	13G	2026-03-11
OPORTUN FINL CORP OPRT · 13G · filed 2026-07-23	OPRT	9.8%≈ $25.8m	+1.9 pts	13G	2026-07-23
I3 VERTICALS INC IIIV · 13G · filed 2026-09-30	IIIV	6.1%≈ $23.6m	new	13G	2026-09-30
MASTERCRAFT BOAT HLDGS INC MCFT · 13G · filed 2026-08-06	MCFT	6.0%≈ $27.7m	-2.9 pts	13G	2026-08-06

Trades reported as a company insider in Q2 2025

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2025-06-16	REGIONAL MGMT CORP 10% owner	RM	Bought	3,250	$91.9k3.2k shares	+<1%
2025-06-13	REGIONAL MGMT CORP 10% owner	RM	Bought	29,133	$832.9k29.1k shares	+3%
2025-06-12	REGIONAL MGMT CORP 10% owner	RM	Bought	12,246	$355.7k12.2k shares	+1%
2025-06-11	REGIONAL MGMT CORP 10% owner	RM	Bought	24	$70424 shares	+<1%
2025-06-10	REGIONAL MGMT CORP 10% owner	RM	Bought	12,754	$359.7k12.8k shares	+1%
2025-06-09	REGIONAL MGMT CORP 10% owner	RM	Bought	11,058	$306.6k11.1k shares	+1%