Forager Capital Management, LLC — 13F Holdings & Portfolio
CIK 1802986 · latest 13F-HR filed 2026-08-14
Forager Capital Management, LLC manages $265.9M in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are RPAY (17.54%), RM (14.69%), MCFT (14.09%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 1; 6 existing positions rose in reported value and 3 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 23, 2026.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BAD DOG ENTERPRISES, LLC Control | OWNER since Jan 2020 | 25–50% | Domestic Entity |
| BEAUMONT CAPITAL, LLC Control | OWNER since Jan 2020 | 25–50% | Domestic Entity |
| KISSEL, EDWARD, URBAN Control | MANAGING PARTNER since Jul 2011 | Less than 5% | Individual |
| MACARTHUR LLC Control | OWNER since Jan 2020 | 25–50% | Domestic Entity |
| MACARTHUR, ROBERT, SYMMES Control | MANAGING PARTNER since Jul 2011 | Less than 5% | Individual |
| Wilhelm, Johnathan, N Control | PARTNER AND CHIEF COMPLIANCE OFFICER since Jul 2017 | Less than 5% | Individual |
| KISSEL, EDWARD, URBAN Control Indirect owner via BAD DOG ENTERPRISES, LLC | MANAGING PARTNER since Jan 2020 | 75% or more | Individual |
| MACARTHUR, ROBERT, SYMMES Control Indirect owner via MACARTHUR LLC | MANAGING PARTNER since Jan 2020 | 75% or more | Individual |
| Wilhelm, Johnathan, N Control Indirect owner via BEAUMONT CAPITAL, LLC | MANAGING PARTNER since Jan 2020 | 75% or more | Individual |
Ownership & leadership changes · 1 filing with changes since Mar 15, 2021
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedBEAUMONT CAPITAL, LLC · ownership Less than 5% → 25–50%; now a control person
- ChangedWilhelm, Johnathan, N · now a control person
- ListedBAD DOG ENTERPRISES, LLC · OWNER · 25–50% · control person
- ListedBEAUMONT CAPITAL, LLC · OWNER · Less than 5%
- ListedKISSEL, EDWARD, URBAN · MANAGING PARTNER · Less than 5% · control person
- ListedKISSEL, EDWARD, URBAN · MANAGING PARTNER · 75% or more · indirect via BAD DOG ENTERPRISES, LLC · control person
- ListedMACARTHUR LLC · OWNER · 25–50% · control person
- ListedMACARTHUR, ROBERT, SYMMES · MANAGING PARTNER · Less than 5% · control person
- ListedMACARTHUR, ROBERT, SYMMES · MANAGING PARTNER · 75% or more · indirect via MACARTHUR LLC · control person
- ListedWilhelm, Johnathan, N · PARTNER AND CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedWilhelm, Johnathan, N · MANAGING PARTNER · 75% or more · indirect via BEAUMONT CAPITAL, LLC · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- REPAY HLDGS CORP$22.6M +94.1%
- MILLERKNOLL INC$10.7M +50.1%
- OPORTUN FINL CORP$10.3M +66.2%
- REGIONAL MGMT CORP$6.2M +18.9%
- I3 VERTICALS INC$5.5M +42.5%
Top Trims
- HOVNANIAN ENTERPRISES INC-$4.9M -18.7%
- INTERNATIONAL MONEY EXPRESS-$2.1M -36.5%
- VIEMED HEALTHCARE INC-$1.6M -6.2%
Forager Capital Management, LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | REPAY HLDGS CORP | RPAY | 76029L100 | $46.6M | 17.54% | 11,106,548 | SH |
| 2 | REGIONAL MGMT CORP | RM | 75902K106 | $39.1M | 14.69% | 948,458 | SH |
| 3 | MASTERCRAFT BOAT HLDGS INC | MCFT | 57637H103 | $37.5M | 14.09% | 1,451,074 | SH |
| 4 | MILLERKNOLL INC | MLKN | 600544100 | $32.0M | 12.02% | 1,561,841 | SH |
| 5 | OPORTUN FINL CORP | OPRT | 68376D104 | $25.8M | 9.69% | 4,512,045 | SH |
| 6 | VIEMED HEALTHCARE INC | VMD | 92663R105 | $24.4M | 9.18% | 2,141,184 | SH |
| 7 | HOVNANIAN ENTERPRISES INC | HOV | 442487401 | $21.3M | 8.01% | 149,547 | SH |
| 8 | I3 VERTICALS INC | IIIV | 46571Y107 | $18.5M | 6.94% | 864,574 | SH |
| 9 | ICF INTL INC | ICFI | 44925C103 | $17.2M | 6.46% | 235,900 | SH |
| 10 | INTERNATIONAL MONEY EXPRESS | IMXI | 46005L101 | $3.7M | 1.38% | 254,121 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $265.9M | 10 | 0001420506-26-001674 |
| 2026-03-31 | 2026-05-15 | $200.9M | 10 | 0001420506-26-001058 |
| 2025-12-31 | 2026-02-17 | $220.9M | 11 | 0001420506-26-000509 |
| 2025-09-30 | 2025-11-14 | $226.7M | 11 | 0001420506-25-003262 |
SUITE 350
BIRMINGHAM, AL 35203