Orchard Capital Management, LLC

CHICAGO, IL · CIK 1858319 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2015 · limited liability company

Assets managed$111.8m
Staff5 · 3 in investment roles
Main clients (by assets)Companies 49%, Private funds 49%, Charities 3%
Websiteorchardinvestments.com
Form ADV · 2026-09-22SEC adviser record

Legal entityORCHARD CAPITAL MANAGEMENT LLC (US)

Kindinstitutions
Others nearbyChicago, IL

$91.2m reported value +19.4% vs Q1 2026

43positions

50.6%in top 10

5 new 19 added 6 reduced 7 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($11.4m notional) – listed below, not included above.

Holdings, Q2 2026

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	BANCORP INC DEL COM TBBK	TBBK	116,995	$7.3m8.03%	8.03%	Reduced -3.9k	-3,861 -3.2%
2	GREEN DOT CORP CL A GDOT	GDOT	409,059	$5.5m6.06%	6.06%	New
3	ENOVA INTL INC COM ENVA	ENVA	21,824	$5.3m5.76%	5.76%	Added +272	+272 1.3%
4	RIOT PLATFORMS INC COM RIOT	RIOT	189,729	$5.2m5.69%	5.69%	Added +1.8k	+1,796 1.0%
5	DUCOMMUN INC DEL COM DCO	DCO	23,718	$4.4m4.82%	4.82%	Reduced -5.2k	-5,189 -17.9%
6	ARCOSA INC COM ACA	ACA	27,260	$4.0m4.34%	4.34%	Reduced -6.9k	-6,890 -20.2%
7	FTAI INFRASTRUCTURE INC COMMON STOCK FIP	FIP	822,351	$3.8m4.18%	4.18%	Added +7.3k	+7,313 0.9%
8	TRIUMPH FINANCIAL INC COM TFIN	TFIN	49,633	$3.8m4.15%	4.15%	Added +14.8k	+14,812 42.5%
9	GARRETT MOTION INC COM GTX	GTX	101,167	$3.7m4.02%	4.02%	Reduced -51.8k	-51,776 -33.9%
10	TIDEWATER INC NEW COM TDW	TDW	48,760	$3.2m3.56%	3.56%	Added +594	+594 1.2%
11	HUDBAY MINERALS INC COM HBM	HBM	133,607	$3.2m3.46%	3.46%	Added +1.7k	+1,741 1.3%
12	NORTH AMERN CONSTR GROUP LTD COM NOA	NOA	226,537	$3.0m3.30%	3.30%	Added +2.6k	+2,624 1.2%
13	BANC OF CALIFORNIA INC COM BANC	BANC	147,413	$3.0m3.30%	3.30%	Reduced -30.5k	-30,472 -17.1%
14	AEBI SCHMIDT HLDG AG COM AEBI	AEBI	234,969	$2.9m3.23%	3.23%	Added +80.5k	+80,538 52.1%
15	TRINITY INDS INC COM TRN	TRN	78,235	$2.7m2.97%	2.97%	Added +991	+991 1.3%
16	MYERS INDS INC COM MYE	MYE	75,487	$2.7m2.92%	2.92%	Added +859	+859 1.1%
17	METALLUS INC COM MTUS	MTUS	136,651	$2.6m2.80%	2.80%	Added +1.7k	+1,668 1.2%
18	TREKOR METALS LTD COM TGB	TGB	364,557	$2.5m2.75%	2.75%	New
19	UNITED STATES ANTIMONY CORP COM UAMY	UAMY	307,174	$2.2m2.44%	2.44%	Added +2.6k	+2,551 0.8%
20	FERROGLOBE PLC SHS GSM	GSM	690,000	$2.2m2.41%	2.41%	Added +8.3k	+8,255 1.2%
21	AXOS FINANCIAL INC COM AX	AX	22,491	$2.2m2.40%	2.40%	Added +283	+283 1.3%
22	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	267,856	$2.2m2.39%	2.39%	Added +106.1k	+106,137 65.6%
23	NI HLDGS INC COM NODK	NODK	120,742	$1.9m2.08%	2.08%	Added +1.1k	+1,113 0.9%
24	PATHWARD FINANCIAL INC COM CASH	CASH	21,144	$1.8m2.02%	2.02%	Added +243	+243 1.2%
25	DRIVEN BRANDS HLDGS INC COM DRVN	DRVN	131,785	$1.8m2.01%	2.01%	New
26	INTELLIA THERAPEUTICS INC COM NTLA	NTLA	79,503	$1.3m1.47%	1.47%	Reduced -2.5k	-2,527 -3.1%
27	ATLAS ENERGY SOLUTIONS INC COM NEW AESI	AESI	75,237	$1.2m1.37%	1.37%	Added +988	+988 1.3%
28	REVOLVE GROUP INC CL A RVLV	RVLV	53,916	$1.2m1.35%	1.35%	Added +670	+670 1.3%
29	AZZ INC COM AZZ	AZZ	3,902	$605.0k0.66%	0.66%	Unchanged
30	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	5,750	$462.6k0.51%	0.51%	Unchanged
31	TALEN ENERGY CORP COM TLN	TLN	1,060	$407.3k0.45%	0.45%	Unchanged
32	FRANKLIN ELEC INC COM FELE	FELE	3,427	$367.3k0.40%	0.40%	Unchanged
33	FOSTER L B CO COM FSTR	FSTR	7,379	$333.3k0.37%	0.37%	Unchanged
34	IDAHO STRATEGIC RESOURCES COM NEW IDR	IDR	9,956	$326.1k0.36%	0.36%	Unchanged
35	CASEYS GEN STORES INC COM CASY	CASY	400	$317.9k0.35%	0.35%	Unchanged
36	WABTEC COM WAB	WAB	912	$245.9k0.27%	0.27%	Unchanged
37	GREEN BRICK PARTNERS INC COM GRBK	GRBK	3,000	$240.1k0.26%	0.26%	New
38	CF INDS HLDGS INC COM CF	CF	2,096	$226.9k0.25%	0.25%	Unchanged
39	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		13,862	$218.7k0.24%	0.24%	Unchanged
40	BANNER CORP COM NEW BANR	BANR	3,029	$201.2k0.22%	0.22%	New
41	GLADSTONE LD CORP COM LAND	LAND	19,695	$168.0k0.18%	0.18%	Unchanged
42	DMC GLOBAL INC COM BOOM	BOOM	21,152	$122.9k0.13%	0.13%	Unchanged
43	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	10,185	$49.8k0.05%	0.05%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ARCBEST CORP ARCB	ARCB	27,564	$2.7m27.6k shares
GREENLIGHT CAPITAL RE LTD GLRE	GLRE	138,927	$2.4m138.9k shares
CENTRAL GARDEN & PET CO CENT	CENT	44,381	$1.6m44.4k shares
TASEKO MINES LTD		223,259	$1.4m223.3k shares
HERON THERAPEUTICS INC HRTX	HRTX	680,432	$544.4k680.4k shares
CENTRAL GARDEN & PET CO CENTA	CENTA	11,092	$359.6k11.1k shares
AKEBIA THERAPEUTICS INC AKBA	AKBA	53,510	$74.4k53.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	15,500	$11.4m15.5k shares	New