# EDGAR Filing Document

**Accession Number:** 0001858319
**File Stem:** 0001104659-25-083839
**Filing Date:** 2025-8
**Character Count:** 10619
**Document Hash:** 39a66a6d6c580e699f52236499969fea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083839.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-083839

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21200
- **FILM NUMBER:** 251261380

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001858319

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Orchard Capital Management, LLC

**Address:** 400 N. Michigan Ave, Chicago, IL 60611

**Telephone number:** 312-628-6700

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-21200

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                         | CUSIP     | MEETING DATE   | VOTE DESCRIPTION           | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| GREENLIGHT CAPITAL RE, LTD.            | G4095J109 | 07/25/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         709034 |                0 | FOR         |                                   709034 | FOR                         |  |
| VISTA OUTDOOR INC.                     | 928377100 | 08/23/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         266877 |                0 | FOR         |                                   266877 | FOR                         |  |
| VISTA OUTDOOR INC.                     | 928377100 | 10/09/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         266877 |                0 | FOR         |                                   266877 | FOR                         |  |
| AXOS FINANCIAL, INC.                   | 05465C100 | 11/14/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         129967 |                0 | FOR         |                                   129967 | FOR                         |  |
| VISTA OUTDOOR INC.                     | 928377100 | 11/25/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         223957 |                0 | FOR         |                                   223957 | FOR                         |  |
| IDT CORPORATION                        | 448947507 | 12/12/2024     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         221508 |                0 | FOR         |                                   221508 | FOR                         |  |
| SUMMIT MATERIALS, INC.                 | 86614U100 | 02/05/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         163431 |                0 | FOR         |                                   163431 | FOR                         |  |
| MUELLER WATER PRODUCTS, INC.           | 624758108 | 02/06/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         382449 |                0 | FOR         |                                   382449 | FOR                         |  |
| PATHWARD FINANCIAL, INC.               | 59100U108 | 02/25/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         148556 |                0 | FOR         |                                   148556 | FOR                         |  |
| TRIUMPH FINANCIAL, INC.                | 89679E300 | 04/22/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |          69354 |                0 | FOR         |                                    69354 | FOR                         |  |
| ARCBEST CORPORATION                    | 03937C105 | 04/25/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |          77026 |                0 | FOR         |                                    77026 | FOR                         |  |
| DUCOMMUN INCORPORATED                  | 264147109 | 04/30/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |          76279 |                0 | FOR         |                                    76279 | FOR                         |  |
| BANC OF CALIFORNIA, INC.               | 05990K106 | 05/07/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         348069 |                0 | FOR         |                                   348069 | FOR                         |  |
| THE SHYFT GROUP, INC.                  | 825698103 | 05/14/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         356268 |                0 | FOR         |                                   356268 | FOR                         |  |
| NORTH AMERICAN CONSTRUCTION GROUP LTD. | 656811106 | 05/14/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         306916 |                0 | FOR         |                                   306916 | FOR                         |  |
| TRINITY INDUSTRIES, INC.               | 896522109 | 05/15/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         112107 |                0 | FOR         |                                   112107 | FOR                         |  |
| HUDBAY MINERALS INC.                   | 443628102 | 05/20/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         648171 |                0 | FOR         |                                   648171 | FOR                         |  |
| NI HOLDINGS INC                        | 65342T106 | 05/20/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         182326 |                0 | FOR         |                                   182326 | FOR                         |  |
| GARRETT MOTION INC.                    | 366505105 | 05/22/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         655433 |                0 | FOR         |                                   655433 | FOR                         |  |
| FRANKLIN BSP REALTY TRUST, INC.        | 35243J101 | 05/28/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         313016 |                0 | FOR         |                                   313016 | FOR                         |  |
| THE BANCORP, INC.                      | 05969A105 | 05/28/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         141152 |                0 | FOR         |                                   141152 | FOR                         |  |
| 89BIO, INC.                            | 282559103 | 05/28/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         407893 |                0 | FOR         |                                   407893 | FOR                         |  |
| TIDEWATER INC.                         | 88642R109 | 06/05/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |          90735 |                0 | FOR         |                                    90735 | FOR                         |  |
| REVOLVE GROUP, INC.                    | 76156B107 | 06/06/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         176030 |                0 | FOR         |                                   176030 | FOR                         |  |
| INTELLIA THERAPEUTICS, INC.            | 45826J105 | 06/11/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         157236 |                0 | FOR         |                                   157236 | FOR                         |  |
| HERON THERAPEUTICS, INC.               | 427746102 | 06/12/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |        1007846 |                0 | FOR         |                                  1007846 | FOR                         |  |
| CRITEO SA                              | 226718104 | 06/13/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         195632 |                0 | FOR         |                                   195632 | FOR                         |  |
| THE SHYFT GROUP, INC.                  | 825698103 | 06/17/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         209751 |                0 | FOR         |                                   209751 | FOR                         |  |
| CENTURY CASINOS, INC.                  | 156492100 | 06/23/2025     | 14A Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         113823 |                0 | FOR         |                                   113823 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Orchard Capital Management, LLC

**By (Signature):** Blake Harper

**By (Printed Signature):** Blake Harper

**By (Title):** Managing Member

**Date:** 08/26/2025