Orchard Capital Management, LLC Long-Term Concentrated

CIK: 0001858319 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $115,219 (100.0% shares, 0.0% debt)

Holdings (44)

New Positions (5)

SPY SPDR S&P 500 ETF TR 35.5%

Value ($000) $40,915 Shares 60,000 Est. Cost $681.92 Unrealized —

UAMY UNITED STATES ANTIMONY CORP 1.3%

Value ($000) $1,529 Shares 304,623 Est. Cost $7.85 Unrealized 0.0%

LAND GLADSTONE LD CORP 0.2%

Value ($000) $180 Shares 19,695 Est. Cost $9.15 Unrealized —

BOOM DMC GLOBAL INC 0.1%

Value ($000) $142 Shares 21,152 Est. Cost $6.90 Unrealized 0.0%

TGB TASEKO MINES LTD 0.1%

Value ($000) $102 Shares 18,059 Est. Cost $4.70 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	60,000	$40,915	35.5%	$681.92	—	TR UNIT	78462F103
UAMY	UNITED STATES ANTIMONY CORP	304,623	$1,529	1.3%	$7.85	0.0%	COM	911549103
LAND	GLADSTONE LD CORP	19,695	$180	0.2%	$9.15	—	COM	376549101
BOOM	DMC GLOBAL INC	21,152	$142	0.1%	$6.90	0.0%	COM	23291C103
TGB	TASEKO MINES LTD	18,059	$102	0.1%	$4.70	0.0%	COM	876511106

Increased Positions (20)

GSM FERROGLOBE PLC 2.7%

Value ($000) $3,163 (+43.5%) Shares 681,745 (+40.8%) Est. Cost $4.94 Unrealized -6.8%

ENVA ENOVA INTL INC 2.9%

Value ($000) $3,388 (+38.2%) Shares 21,552 (+1.2%) Est. Cost $31.29 Unrealized +316.0%

RVLV REVOLVE GROUP INC 2.5%

Value ($000) $2,829 (+44.4%) Shares 93,707 (+1.9%) Est. Cost $27.47 Unrealized -12.1%

BANC BANC OF CALIFORNIA INC 3.0%

Value ($000) $3,431 (+17.8%) Shares 177,885 (+1.1%) Est. Cost $14.07 Unrealized +26.8%

ACA ARCOSA INC 3.2%

Value ($000) $3,631 (+15.5%) Shares 34,150 (+1.8%) Est. Cost $55.05 Unrealized +83.3%

TFIN TRIUMPH FINANCIAL INC 1.9%

Value ($000) $2,181 (+27.6%) Shares 34,821 (+1.9%) Est. Cost $55.78 Unrealized +0.4%

FIP FTAI INFRASTRUCTURE INC 3.3%

Value ($000) $3,757 (+7.2%) Shares 815,038 (+1.4%) Est. Cost $5.72 Unrealized -14.1%

ARCB ARCBEST CORP 1.8%

Value ($000) $2,045 (+8.3%) Shares 27,564 (+2.0%) Est. Cost $74.70 Unrealized -5.0%

AESI ATLAS ENERGY SOLUTIONS INC 0.6%

Value ($000) $699 (-15.0%) Shares 74,249 (+2.6%) Est. Cost $19.38 Unrealized -47.8%

AX AXOS FINANCIAL INC 3.0%

Value ($000) $3,418 (+3.4%) Shares 39,674 (+1.6%) Est. Cost $37.69 Unrealized +118.5%

FBRT FRANKLIN BSP RLTY TR INC 1.4%

Value ($000) $1,622 (-5.8%) Shares 161,719 (+2.0%) Est. Cost $12.72 Unrealized —

CRTO CRITEO S A 1.0%

Value ($000) $1,181 (-7.6%) Shares 57,293 (+1.3%) Est. Cost $24.34 Unrealized —

TDW TIDEWATER INC NEW 2.1%

Value ($000) $2,433 (-3.5%) Shares 48,166 (+1.9%) Est. Cost $49.94 Unrealized +5.8%

TRN TRINITY INDS INC 1.8%

Value ($000) $2,042 (-4.0%) Shares 77,244 (+1.9%) Est. Cost $22.58 Unrealized +18.9%

MTUS METALLUS INC 1.4%

Value ($000) $1,580 (+5.5%) Shares 92,092 (+1.6%) Est. Cost $16.32 Unrealized +5.0%

RIOT RIOT PLATFORMS INC 1.1%

Value ($000) $1,263 (+6.2%) Shares 99,701 (+59.4%) Est. Cost $15.06 Unrealized +13.6%

NOA NORTH AMERN CONSTR GROUP LTD 1.9%

Value ($000) $2,229 (+3.2%) Shares 155,101 (+1.9%) Est. Cost $18.36 Unrealized -22.5%

AEBI AEBI SCHMIDT HLDG AG 1.7%

Value ($000) $1,954 (+3.5%) Shares 154,431 (+2.0%) Est. Cost $11.41 Unrealized +4.3%

DCO DUCOMMUN INC DEL 2.4%

Value ($000) $2,750 (+1.1%) Shares 28,907 (+2.1%) Est. Cost $65.67 Unrealized +41.9%

CASH PATHWARD FINANCIAL INC 1.3%

Value ($000) $1,484 (-1.4%) Shares 20,901 (+2.8%) Est. Cost $36.69 Unrealized +95.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GSM	FERROGLOBE PLC	681,745 (+40.8%)	$3,163 (+43.5%)	2.7%	$4.94	-6.8%	SHS	G33856108
ENVA	ENOVA INTL INC	21,552 (+1.2%)	$3,388 (+38.2%)	2.9%	$31.29	+316.0%	COM	29357K103
RVLV	REVOLVE GROUP INC	93,707 (+1.9%)	$2,829 (+44.4%)	2.5%	$27.47	-12.1%	CL A	76156B107
BANC	BANC OF CALIFORNIA INC	177,885 (+1.1%)	$3,431 (+17.8%)	3.0%	$14.07	+26.8%	COM	05990K106
ACA	ARCOSA INC	34,150 (+1.8%)	$3,631 (+15.5%)	3.2%	$55.05	+83.3%	COM	039653100
TFIN	TRIUMPH FINANCIAL INC	34,821 (+1.9%)	$2,181 (+27.6%)	1.9%	$55.78	+0.4%	COM	89679E300
FIP	FTAI INFRASTRUCTURE INC	815,038 (+1.4%)	$3,757 (+7.2%)	3.3%	$5.72	-14.1%	COMMON STOCK	35953C106
ARCB	ARCBEST CORP	27,564 (+2.0%)	$2,045 (+8.3%)	1.8%	$74.70	-5.0%	COM	03937C105
AESI	ATLAS ENERGY SOLUTIONS INC	74,249 (+2.6%)	$699 (-15.0%)	0.6%	$19.38	-47.8%	COM NEW	642045108
AX	AXOS FINANCIAL INC	39,674 (+1.6%)	$3,418 (+3.4%)	3.0%	$37.69	+118.5%	COM	05465C100
FBRT	FRANKLIN BSP RLTY TR INC	161,719 (+2.0%)	$1,622 (-5.8%)	1.4%	$12.72	—	COMMON STOCK	35243J101
CRTO	CRITEO S A	57,293 (+1.3%)	$1,181 (-7.6%)	1.0%	$24.34	—	SPONS ADS	226718104
TDW	TIDEWATER INC NEW	48,166 (+1.9%)	$2,433 (-3.5%)	2.1%	$49.94	+5.8%	COM	88642R109
TRN	TRINITY INDS INC	77,244 (+1.9%)	$2,042 (-4.0%)	1.8%	$22.58	+18.9%	COM	896522109
MTUS	METALLUS INC	92,092 (+1.6%)	$1,580 (+5.5%)	1.4%	$16.32	+5.0%	COM	887399103
RIOT	RIOT PLATFORMS INC	99,701 (+59.4%)	$1,263 (+6.2%)	1.1%	$15.06	+13.6%	COM	767292105
NOA	NORTH AMERN CONSTR GROUP LTD	155,101 (+1.9%)	$2,229 (+3.2%)	1.9%	$18.36	-22.5%	COM	656811106
AEBI	AEBI SCHMIDT HLDG AG	154,431 (+2.0%)	$1,954 (+3.5%)	1.7%	$11.41	+4.3%	COM	H00501108
DCO	DUCOMMUN INC DEL	28,907 (+2.1%)	$2,750 (+1.1%)	2.4%	$65.67	+41.9%	COM	264147109
CASH	PATHWARD FINANCIAL INC	20,901 (+2.8%)	$1,484 (-1.4%)	1.3%	$36.69	+95.3%	COM	59100U108

Exited Positions (5)

SPY SPDR S&P 500 ETF TR 34.7%

Value ($000) $39,971 Shares 60,000 Est. Cost $681.92 Unrealized —

— 89BIO INC 2.6%

Value ($000) $3,000 Shares 204,114 Est. Cost $7.71 Unrealized —

— POTBELLY CORP 0.3%

Value ($000) $356 Shares 20,888 Est. Cost $4.40 Unrealized —

GRBK GREEN BRICK PARTNERS INC 0.2%

Value ($000) $222 Shares 3,000 Est. Cost $68.33 Unrealized -3.5%

— PERFORMANT HEALTHCARE INC 0.1%

Value ($000) $155 Shares 20,000 Est. Cost $3.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	60,000	$39,971	34.7%	$681.92	—	PUT	78462F103
—	89BIO INC	204,114	$3,000	2.6%	$7.71	—	—	282559103
—	POTBELLY CORP	20,888	$356	0.3%	$4.40	—	—	73754Y100
GRBK	GREEN BRICK PARTNERS INC	3,000	$222	0.2%	$68.33	-3.5%	—	392709101
—	PERFORMANT HEALTHCARE INC	20,000	$155	0.1%	$3.95	—	—	71377E105

Decreased Positions (4)

TBBK BANCORP INC DEL 6.2%

Value ($000) $7,162 (-21.4%) Shares 106,079 (-12.9%) Est. Cost $13.06 Unrealized +428.2%

GLRE GREENLIGHT CAPITAL RE LTD 1.8%

Value ($000) $2,026 (-34.9%) Shares 138,927 (-43.3%) Est. Cost $9.51 Unrealized +38.2%

HBM HUDBAY MINERALS INC 4.9%

Value ($000) $5,671 (-14.5%) Shares 285,674 (-34.7%) Est. Cost $8.14 Unrealized +107.6%

AWI ARMSTRONG WORLD INDS INC NEW 0.2%

Value ($000) $206 (-42.1%) Shares 1,079 (-40.6%) Est. Cost $108.64 Unrealized +75.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TBBK	BANCORP INC DEL	106,079 (-12.9%)	$7,162 (-21.4%)	6.2%	$13.06	+428.2%	COM	05969A105
GLRE	GREENLIGHT CAPITAL RE LTD	138,927 (-43.3%)	$2,026 (-34.9%)	1.8%	$9.51	+38.2%	CLASS A	G4095J109
HBM	HUDBAY MINERALS INC	285,674 (-34.7%)	$5,671 (-14.5%)	4.9%	$8.14	+107.6%	COM	443628102
AWI	ARMSTRONG WORLD INDS INC NEW	1,079 (-40.6%)	$206 (-42.1%)	0.2%	$108.64	+75.5%	COM	04247X102

Unchanged Positions (15)

NTLA INTELLIA THERAPEUTICS INC 0.6%

Value ($000) $737 Shares 82,030 Est. Cost $12.02 Unrealized +14.5%

GTX GARRETT MOTION INC 2.3%

Value ($000) $2,666 Shares 152,943 Est. Cost $8.63 Unrealized +84.4%

TLN TALEN ENERGY CORP 0.5%

Value ($000) $602 Shares 1,606 Est. Cost $138.87 Unrealized +179.9%

IDR IDAHO STRATEGIC RESOURCES 0.3%

Value ($000) $401 Shares 9,956 Est. Cost $23.61 Unrealized +61.9%

AKBA AKEBIA THERAPEUTICS INC 0.1%

Value ($000) $86 Shares 53,510 Est. Cost $2.43 Unrealized -13.9%

DBRG DIGITALBRIDGE GROUP INC 0.2%

Value ($000) $213 Shares 13,862 Est. Cost $16.78 Unrealized -28.5%

SEI SOLARIS ENERGY INFRAS INC 0.2%

Value ($000) $264 Shares 5,750 Est. Cost $31.12 Unrealized +55.2%

HRTX HERON THERAPEUTICS INC 0.8%

Value ($000) $885 Shares 680,432 Est. Cost $5.66 Unrealized -78.2%

NODK NI HLDGS INC 1.4%

Value ($000) $1,591 Shares 119,629 Est. Cost $17.38 Unrealized -22.3%

CENT CENTRAL GARDEN & PET CO 1.2%

Value ($000) $1,427 Shares 44,381 Est. Cost $33.93 Unrealized -5.9%

RIG TRANSOCEAN LTD 0.0%

Value ($000) $42 Shares 10,185 Est. Cost $6.69 Unrealized -42.0%

AZZ AZZ INC 0.4%

Value ($000) $418 Shares 3,902 Est. Cost $37.35 Unrealized +176.9%

CASY CASEYS GEN STORES INC 0.2%

Value ($000) $221 Shares 400 Est. Cost $459.22 Unrealized +19.7%

CENTA CENTRAL GARDEN & PET CO 0.3%

Value ($000) $324 Shares 11,092 Est. Cost $31.82 Unrealized -9.1%

FELE FRANKLIN ELEC INC 0.3%

Value ($000) $327 Shares 3,427 Est. Cost $62.59 Unrealized +51.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTLA	INTELLIA THERAPEUTICS INC	82,030	$737	0.6%	$12.02	+14.5%	COM	45826J105
GTX	GARRETT MOTION INC	152,943	$2,666	2.3%	$8.63	+84.4%	COM	366505105
TLN	TALEN ENERGY CORP	1,606	$602	0.5%	$138.87	+179.9%	COM	87422Q109
IDR	IDAHO STRATEGIC RESOURCES	9,956	$401	0.3%	$23.61	+61.9%	COM NEW	645827205
AKBA	AKEBIA THERAPEUTICS INC	53,510	$86	0.1%	$2.43	-13.9%	COM	00972D105
DBRG	DIGITALBRIDGE GROUP INC	13,862	$213	0.2%	$16.78	-28.5%	CL A NEW	25401T603
SEI	SOLARIS ENERGY INFRAS INC	5,750	$264	0.2%	$31.12	+55.2%	COM CL A	83418M103
HRTX	HERON THERAPEUTICS INC	680,432	$885	0.8%	$5.66	-78.2%	COM	427746102
NODK	NI HLDGS INC	119,629	$1,591	1.4%	$17.38	-22.3%	COM	65342T106
CENT	CENTRAL GARDEN & PET CO	44,381	$1,427	1.2%	$33.93	-5.9%	COM	153527106
RIG	TRANSOCEAN LTD	10,185	$42	0.0%	$6.69	-42.0%	REGISTERED SHS	H8817H100
AZZ	AZZ INC	3,902	$418	0.4%	$37.35	+176.9%	COM	002474104
CASY	CASEYS GEN STORES INC	400	$221	0.2%	$459.22	+19.7%	COM	147528103
CENTA	CENTRAL GARDEN & PET CO	11,092	$324	0.3%	$31.82	-9.1%	CL A NON-VTG	153527205
FELE	FRANKLIN ELEC INC	3,427	$327	0.3%	$62.59	+51.9%	COM	353514102