# EDGAR Filing Document

**Accession Number:** 0001858319
**File Stem:** 0001104659-25-077272
**Filing Date:** 2025-8
**Character Count:** 7699
**Document Hash:** 3f6076ddf00f90d8ac4538d105a7c0dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077272.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077272

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orchard Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001858319

**ORGANIZATION NAME:**
- **EIN:** 472599840
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21200
- **FILM NUMBER:** 251209115

**BUSINESS ADDRESS:**
- **STREET 1:** 400 N. MICHIGAN AVE
- **STREET 2:** #560
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 312-628-6700

**MAIL ADDRESS:**
- **STREET 1:** 400 N. MICHIGAN AVE
- **STREET 2:** #560
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orchard Capital Managment, LLC
- **DATE OF NAME CHANGE:** 20210421

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Orchard Capital Management LLC<br>**Address:** 400 N. Michigan Ave

#560<br>Chicago, IL 60611

**Form 13F File Number:** 028-21200

**CRD Number (if applicable):** 000269957

**SEC File Number (if applicable):** 801-106488

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Blake Harper<br>**Title:** Managing Member<br>**Phone:** 312-628-6700

**Signature, Place, and Date of Signing:**

/s/ Blake Harper  Chicago, IL  08-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 39

**Form 13F Information Table Value Total:** $90429085

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 89BIO INC | COM | 282559103 |  | 1945529 | 198119 | SH |  | SOLE |  | 198119 | 0 | 0 |
| AKEBIA THERAPEUTICS INC | COM | 00972D105 |  | 194776 | 53510 | SH |  | SOLE |  | 53510 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 2015968 | 26178 | SH |  | SOLE |  | 26178 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 2827700 | 32611 | SH |  | SOLE |  | 32611 | 0 | 0 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 294991 | 1816 | SH |  | SOLE |  | 1816 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC | COM NEW | 642045108 |  | 937210 | 70098 | SH |  | SOLE |  | 70098 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 2880851 | 37886 | SH |  | SOLE |  | 37886 | 0 | 0 |
| AZZ INC | COM | 002474104 |  | 368661 | 3902 | SH |  | SOLE |  | 3902 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 2412624 | 171717 | SH |  | SOLE |  | 171717 | 0 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 6935300 | 121736 | SH |  | SOLE |  | 121736 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 204108 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| CENTRAL GARDEN  PET CO | CL A NON-VTG | 153527205 |  | 334146 | 10679 | SH |  | SOLE |  | 10679 | 0 | 0 |
| CENTRAL GARDEN  PET CO | COM | 153527106 |  | 1502890 | 42720 | SH |  | SOLE |  | 42720 | 0 | 0 |
| CRITEO S A | SPONS ADS | 226718104 |  | 1313655 | 54827 | SH |  | SOLE |  | 54827 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 143472 | 13862 | SH |  | SOLE |  | 13862 | 0 | 0 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 2262244 | 27378 | SH |  | SOLE |  | 27378 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 |  | 2304338 | 20663 | SH |  | SOLE |  | 20663 | 0 | 0 |
| FERROGLOBE PLC | SHS | G33856108 |  | 1721780 | 469150 | SH |  | SOLE |  | 469150 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 1644421 | 153828 | SH |  | SOLE |  | 153828 | 0 | 0 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 307539 | 3427 | SH |  | SOLE |  | 3427 | 0 | 0 |
| FTAI INFRASTRUCTURE INC | COMMON STOCK | 35953C106 |  | 4731057 | 766784 | SH |  | SOLE |  | 766784 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 3139673 | 298732 | SH |  | SOLE |  | 298732 | 0 | 0 |
| GREENLIGHT CAPITAL RE LTD | CLASS A | G4095J109 |  | 3431139 | 238771 | SH |  | SOLE |  | 238771 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 1366061 | 659933 | SH |  | SOLE |  | 659933 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 4358832 | 410823 | SH |  | SOLE |  | 410823 | 0 | 0 |
| INTELLIA THERAPEUTICS INC | COM | 45826J105 |  | 742971 | 79208 | SH |  | SOLE |  | 79208 | 0 | 0 |
| NI HLDGS INC | COM | 65342T106 |  | 1461686 | 114732 | SH |  | SOLE |  | 114732 | 0 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 2359079 | 147627 | SH |  | SOLE |  | 147627 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 1563886 | 19766 | SH |  | SOLE |  | 19766 | 0 | 0 |
| PERFORMANT HEALTHCARE INC | COM | 71377E105 |  | 80000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 255878 | 20888 | SH |  | SOLE |  | 20888 | 0 | 0 |
| REVOLVE GROUP INC | CL A | 76156B107 |  | 1789884 | 89271 | SH |  | SOLE |  | 89271 | 0 | 0 |
| SHYFT GROUP INC | COM | 825698103 |  | 1768002 | 140989 | SH |  | SOLE |  | 140989 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 24714000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 831311 | 2859 | SH |  | SOLE |  | 2859 | 0 | 0 |
| TIDEWATER INC NEW | COM | 88642R109 |  | 2116444 | 45880 | SH |  | SOLE |  | 45880 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 26379 | 10185 | SH |  | SOLE |  | 10185 | 0 | 0 |
| TRINITY INDS INC | COM | 896522109 |  | 1319655 | 48858 | SH |  | SOLE |  | 48858 | 0 | 0 |
| TRIUMPH FINANCIAL INC | COM | 89679E300 |  | 1820945 | 33042 | SH |  | SOLE |  | 33042 | 0 | 0 |

---