{
  "crd_number": 269957,
  "slug": "orchard-capital-management-llc-chicago-il-269957",
  "primary_business_name": "ORCHARD CAPITAL MANAGEMENT, LLC",
  "legal_name": "ORCHARD CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2015-08-10",
  "years_registered": 11,
  "period": "2026-10-01",
  "filing_date": "2026-09-22",
  "carried_forward": false,
  "raum_total": 111840000.0,
  "raum_discretionary": 111840000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 5,
  "advisory_employees": 3,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 3060000.0,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 54320000.0,
      "count": 1
    },
    "corporations_other_businesses": {
      "raum": 54460000.0,
      "count": 0,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "other",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL"
  ],
  "websites": [
    "https://linkedin.com/COMPANY/10236794",
    "https://orchardinvestments.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/269957",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/orchard-capital-management-llc-chicago-il-269957",
  "display_name": "Orchard Capital Management, LLC",
  "summary": "Orchard Capital Management, LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 22, 2026.",
  "citation": "AdvisorCensus. Orchard Capital Management, LLC (CRD 269957): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Orchard Capital Management, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Orchard Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other."
    },
    {
      "q": "Where is Orchard Capital Management, LLC located?",
      "a": "Orchard Capital Management, LLC's principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is Orchard Capital Management, LLC registered with the SEC or a state?",
      "a": "Orchard Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 269957."
    },
    {
      "q": "How much does Orchard Capital Management, LLC manage?",
      "a": "Orchard Capital Management, LLC reports $111,840,000 in regulatory assets under management in its Form ADV filing dated September 22, 2026 (100% discretionary)."
    },
    {
      "q": "How have Orchard Capital Management, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Orchard Capital Management, LLC: Regulatory assets under management: $268,600,000 in the October 2021 data and $111,840,000 in the October 2026 data, down 58%. Total employees: 7 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Orchard Capital Management, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1)."
    },
    {
      "q": "Which custodians does Orchard Capital Management, LLC use?",
      "a": "Orchard Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Interactive Brokers LLC and J.P. Morgan Securities LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Orchard Capital Management, LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/269957"
    },
    {
      "q": "Does Orchard Capital Management, LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 2, 2026 says: \"Orchard Capital generally requires a minimum account size of $1 million. Account minimums may be waived under the firm’s discretion due to asset mix, client guidelines/restrictions, or relationship.\""
    },
    {
      "q": "What changed in Orchard Capital Management, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $321,870,000 to $111,840,000 (-65%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 268600000.0,
      "total_employees": 7,
      "filing_date": "2021-07-02"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 404500000.0,
      "total_employees": 5,
      "filing_date": "2022-09-22"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 356300000.0,
      "total_employees": 5,
      "filing_date": "2023-04-17"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 370715000.0,
      "total_employees": 5,
      "filing_date": "2024-04-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 321870000.0,
      "total_employees": 5,
      "filing_date": "2025-03-20"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 111840000.0,
      "total_employees": 5,
      "filing_date": "2026-09-22"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $321,870,000 to $111,840,000 (-65%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 2, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Orchard Capital generally requires a minimum account size of $1 million. Account minimums may be waived under the firm’s discretion due to asset mix, client guidelines/restrictions, or relationship."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 1000000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "Orchard Capital generally requires a minimum account size of $1 million. Account minimums may be waived under the firm’s discretion due to asset mix, client guidelines/restrictions, or relationship."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Interactive Brokers LLC",
      "name_as_filed": "INTERACTIVE BROKERS LLC",
      "affiliated": false
    },
    {
      "name": "J.P. Morgan Securities LLC",
      "name_as_filed": "J.P. MORGAN SECURITIES LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/orchard-capital-management-llc-chicago-il-269957.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 54320000.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 3060000.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": true,
      "raum": 54460000.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/269957",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}