Forager Capital Management, LLC

Q4 2025 13F-HR Holdings

Location
Birmingham, AL
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
11
Total value ($000)
$220,858
Net value change ($000)
-5,805 (-2.6%)
New positions
1
Sold out positions
1
Turnover %
7.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
RPAY 14,566 NEW
QIPT 3,863 35.2%
MLKN 2,528 9.7%
VMD 2,118 11.4%
OPRT 512 4.2%
RUSHA 113 0.9%
Top Reduces (Value $000, Stocks/ETFs)
HOV -8,219 -26.3%
IIIV -7,747 -35.9%
MCFT -6,562 -17.0%
IMXI -4,490 -44.4%
GTX -2,262 -100.0%
RM -227 -0.5%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type