Forager Capital Management, LLC Long-Term Concentrated

CIK: 0001802986 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $220,858 (100.0% shares, 0.0% debt)

Holdings (11)

New Positions (1)

RPAY REPAY HLDGS CORP 6.6%

Value ($000) $14,566 Shares 3,990,726 Est. Cost $4.01 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RPAY	REPAY HLDGS CORP	3,990,726	$14,566	6.6%	$4.01	0.0%	COM CL A	76029L100

Increased Positions (3)

MLKN MILLERKNOLL INC 12.9%

Value ($000) $28,550 (+9.7%) Shares 1,561,841 (+6.5%) Est. Cost $23.64 Unrealized -31.5%

VMD VIEMED HEALTHCARE INC 9.4%

Value ($000) $20,699 (+11.4%) Shares 2,785,871 (+1.8%) Est. Cost $6.99 Unrealized -2.0%

OPRT OPORTUN FINL CORP 5.7%

Value ($000) $12,590 (+4.2%) Shares 2,380,000 (+21.6%) Est. Cost $6.23 Unrealized -15.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLKN	MILLERKNOLL INC	1,561,841 (+6.5%)	$28,550 (+9.7%)	12.9%	$23.64	-31.5%	COM	600544100
VMD	VIEMED HEALTHCARE INC	2,785,871 (+1.8%)	$20,699 (+11.4%)	9.4%	$6.99	-2.0%	COM	92663R105
OPRT	OPORTUN FINL CORP	2,380,000 (+21.6%)	$12,590 (+4.2%)	5.7%	$6.23	-15.4%	COM	68376D104

Exited Positions (1)

GTX GARRETT MOTION INC 1.0%

Value ($000) $2,262 Shares 166,095 Est. Cost $7.18 Unrealized +121.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTX	GARRETT MOTION INC	166,095	$2,262	1.0%	$7.18	+121.8%	—	366505105

Decreased Positions (4)

HOV HOVNANIAN ENTERPRISES INC 10.4%

Value ($000) $23,050 (-26.3%) Shares 236,315 (-2.9%) Est. Cost $148.55 Unrealized -20.6%

IIIV I3 VERTICALS INC 6.3%

Value ($000) $13,839 (-35.9%) Shares 549,401 (-17.4%) Est. Cost $23.45 Unrealized +20.0%

MCFT MASTERCRAFT BOAT HLDGS INC 14.5%

Value ($000) $32,130 (-17.0%) Shares 1,699,118 (-5.8%) Est. Cost $22.93 Unrealized -14.0%

IMXI INTERNATIONAL MNY EXPRESS IN 2.5%

Value ($000) $5,624 (-44.4%) Shares 366,174 (-49.4%) Est. Cost $17.27 Unrealized -13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HOV	HOVNANIAN ENTERPRISES INC	236,315 (-2.9%)	$23,050 (-26.3%)	10.4%	$148.55	-20.6%	CL A NEW	442487401
IIIV	I3 VERTICALS INC	549,401 (-17.4%)	$13,839 (-35.9%)	6.3%	$23.45	+20.0%	COM CL A	46571Y107
MCFT	MASTERCRAFT BOAT HLDGS INC	1,699,118 (-5.8%)	$32,130 (-17.0%)	14.5%	$22.93	-14.0%	COM	57637H103
IMXI	INTERNATIONAL MNY EXPRESS IN	366,174 (-49.4%)	$5,624 (-44.4%)	2.5%	$17.27	-13.0%	COM	46005L101

Unchanged Positions (3)

QIPT QUIPT HOME MEDICAL CORP 6.7%

Value ($000) $14,824 Shares 4,199,562 Est. Cost $3.37 Unrealized -21.4%

RM REGIONAL MGMT CORP 19.0%

Value ($000) $42,048 Shares 1,085,098 Est. Cost $34.47 Unrealized +10.8%

RUSHA RUSH ENTERPRISES INC 5.9%

Value ($000) $12,936 Shares 239,822 Est. Cost $42.20 Unrealized +23.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QIPT	QUIPT HOME MEDICAL CORP	4,199,562	$14,824	6.7%	$3.37	-21.4%	COM	74880P104
RM	REGIONAL MGMT CORP	1,085,098	$42,048	19.0%	$34.47	+10.8%	COM	75902K106
RUSHA	RUSH ENTERPRISES INC	239,822	$12,936	5.9%	$42.20	+23.1%	CL A	781846209