# EDGAR Filing Document

**Accession Number:** 0001858319
**File Stem:** 0001104659-23-018608
**Filing Date:** 2023-2
**Character Count:** 9025
**Document Hash:** db900d6aa387ba43a362457ad16f0e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018608.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018608

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orchard Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001858319
- **IRS NUMBER:** 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:** 23612761

**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:** 12-31-2022

**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

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  02-10-2023<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:** 51

**Form 13F Information Table Value Total:** $298326697

      (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 | COM | 282559103 |  | 7025420 | 551879 | SH |  | SOLE |  | 1064015 | 0 | 0 |
| AKEBIA THERAPEUTICS INC COM | COM | 00972D105 |  | 38559 | 66826 | SH |  | SOLE |  | 66826 | 0 | 0 |
| AMERIS BANCORP COM | COM | 03076K108 |  | 6065221 | 128664 | SH |  | SOLE |  | 253088 | 0 | 0 |
| ARCBEST CORP COM | COM | 03937C105 |  | 7627776 | 108906 | SH |  | SOLE |  | 213102 | 0 | 0 |
| ARCOSA INC COM | COM | 039653100 |  | 6069724 | 111699 | SH |  | SOLE |  | 213630 | 0 | 0 |
| ARDELYX INC COM | COM | 039697107 |  | 8256393 | 2896980 | SH |  | SOLE |  | 5263820 | 0 | 0 |
| AXOS FINANCIAL INC COM | COM | 05465C100 |  | 11915085 | 311750 | SH |  | SOLE |  | 606243 | 0 | 0 |
| BANCORP INC DEL COM | COM NEW | 05969A105 |  | 22200823 | 782270 | SH |  | SOLE |  | 1443821 | 0 | 0 |
| BANNER CORP COM NEW | COM UNIT | 06652V208 |  | 212668 | 3365 | SH |  | SOLE |  | 3365 | 0 | 0 |
| BLACK STONE MINERALS L P COM UNIT | COM | 09225M101 |  | 3191180 | 189163 | SH |  | SOLE |  | 366321 | 0 | 0 |
| CENTRAL GARDEN  PET CO COM | COM | 153527106 |  | 5999228 | 160193 | SH |  | SOLE |  | 313930 | 0 | 0 |
| CENTURY CASINOS INC COM | COM | 156492100 |  | 8575862 | 1219895 | SH |  | SOLE |  | 2409357 | 0 | 0 |
| CF INDS HLDGS INC COM | COM | 125269100 |  | 227143 | 2666 | SH |  | SOLE |  | 2666 | 0 | 0 |
| COMMSCOPE HLDG CO INC COM | COM | 20337X109 |  | 73500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CRITEO S A SPONS ADS | SPONS ADS | 226718104 |  | 12367894 | 474593 | SH |  | SOLE |  | 935268 | 0 | 0 |
| DIGITALBRIDGE GROUP INC CL A NEW | CL A NEW | 25401T603 |  | 8557235 | 782197 | SH |  | SOLE |  | 1529433 | 0 | 0 |
| ENCOMPASS HEALTH CORP COM | COM | 29261A100 |  | 8102221 | 135466 | SH |  | SOLE |  | 267206 | 0 | 0 |
| ENHABIT INC COM | COM | 29332G102 |  | 7480420 | 568421 | SH |  | SOLE |  | 1119086 | 0 | 0 |
| ENOVA INTL INC COM | COM | 29357K103 |  | 13048678 | 340075 | SH |  | SOLE |  | 659872 | 0 | 0 |
| FIRST FNDTN INC COM | COM | 32026V104 |  | 3769707 | 263064 | SH |  | SOLE |  | 513000 | 0 | 0 |
| FOX FACTORY HLDG CORP COM | COM | 35138V102 |  | 293761 | 3220 | SH |  | SOLE |  | 3220 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC COMMON STOCK | COMMON STOCK | 35243J101 |  | 7118362 | 551811 | SH |  | SOLE |  | 1074750 | 0 | 0 |
| FRANKLIN ELEC INC COM | COM | 353514102 |  | 338300 | 4242 | SH |  | SOLE |  | 4242 | 0 | 0 |
| FTAI AVIATION LTD SHS | SHS | G3730V105 |  | 9453373 | 552183 | SH |  | SOLE |  | 1075189 | 0 | 0 |
| FTAI INFRASTRUCTURE INC COMMON STOCK | COMMON STOCK | 35953C106 |  | 6807901 | 2307763 | SH |  | SOLE |  | 4477769 | 0 | 0 |
| GARRETT MOTION INC PFD CONV SER A | CONV SER A | 366505204 |  | 8213670 | 944100 | SH |  | SOLE |  | 1814243 | 0 | 0 |
| GREENLIGHT CAPITAL RE LTD CLASS A | CL A NEW | G4095J109 |  | 12824954 | 1573614 | SH |  | SOLE |  | 2945407 | 0 | 0 |
| HERON THERAPEUTICS INC COM | COM | 427746102 |  | 3477700 | 1391080 | SH |  | SOLE |  | 2642203 | 0 | 0 |
| IDT CORP CL B NEW | CL B NEW | 448947507 |  | 7549560 | 268000 | SH |  | SOLE |  | 517494 | 0 | 0 |
| INTUIT COM | COM | 461202103 |  | 295418 | 759 | SH |  | SOLE |  | 759 | 0 | 0 |
| LINCOLN ELEC HLDGS INC COM | COM | 533900106 |  | 208788 | 1445 | SH |  | SOLE |  | 1445 | 0 | 0 |
| LIONS GATE ENTMNT CORP CL A VTG | CL A VTG | 535919401 |  | 4985589 | 873133 | SH |  | SOLE |  | 1689477 | 0 | 0 |
| MUELLER WTR PRODS INC COM SER A | COM SER A | 624758108 |  | 7288200 | 677342 | SH |  | SOLE |  | 1315522 | 0 | 0 |
| NAUTILUS INC COM | COM | 63910B102 |  | 27820 | 18183 | SH |  | SOLE |  | 18183 | 0 | 0 |
| NI HLDGS INC COM | COM | 65342T106 |  | 4404977 | 331950 | SH |  | SOLE |  | 620567 | 0 | 0 |
| OMNIAB INC COM | COM | 68218J103 |  | 4608684 | 1280190 | SH |  | SOLE |  | 2352375 | 0 | 0 |
| PATHWARD FINANCIAL INC COM | COM | 59100U108 |  | 13600141 | 315915 | SH |  | SOLE |  | 619704 | 0 | 0 |
| PAYPAL HLDGS INC COM | COM | 70450Y103 |  | 217933 | 3060 | SH |  | SOLE |  | 3060 | 0 | 0 |
| PERFORMANT FINL CORP COM | COM | 71377E105 |  | 72200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| POTBELLY CORP COM | COM | 73754Y100 |  | 180607 | 32425 | SH |  | SOLE |  | 32425 | 0 | 0 |
| REVOLVE GROUP INC CL A | CL A | 76156B107 |  | 5181772 | 232784 | SH |  | SOLE |  | 452794 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP COM | COM | 81725T100 |  | 220291 | 3021 | SH |  | SOLE |  | 3021 | 0 | 0 |
| SHYFT GROUP INC COM | COM | 825698103 |  | 7828315 | 314896 | SH |  | SOLE |  | 617247 | 0 | 0 |
| SOLARIS OILFIELD INFRASTRUCTUR COM CL A | COM CL A | 83418M103 |  | 6989082 | 703835 | SH |  | SOLE |  | 1380037 | 0 | 0 |
| STANDARD MTR PRODS INC COM | COM | 853666105 |  | 5698256 | 163743 | SH |  | SOLE |  | 321737 | 0 | 0 |
| SUMMIT MATLS INC CL A | CL A | 86614U100 |  | 10192180 | 359006 | SH |  | SOLE |  | 710454 | 0 | 0 |
| TRIMAS CORP COM NEW | COM NEW | 896215209 |  | 10992585 | 396272 | SH |  | SOLE |  | 777300 | 0 | 0 |
| TRINITY INDS INC COM | COM | 896522109 |  | 10600875 | 358501 | SH |  | SOLE |  | 697344 | 0 | 0 |
| VERSABANK NEW COM | COM | 92512J106 |  | 2527242 | 332600 | SH |  | SOLE |  | 619982 | 0 | 0 |
| VIASAT INC COM | COM | 92552V100 |  | 222594 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| WABTEC COM | COM | 929740108 |  | 5100830 | 158644 | SH |  | SOLE |  | 316118 | 0 | 0 |

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