GATE CITY CAPITAL MANAGEMENT, LLC

Hedge Fund • Value

GATE CITY CAPITAL MANAGEMENT, LLC is a Value-focused Hedge Fund based in Chicago, IL led by Michael Thomas Melby, reporting $216.2M in AUM as of Q3 2025 with 93% concentrated in top 10 holdings and 22% allocation to ALCO.

Managing PartnerMichael Thomas Melby

Portfolio Value: $196.1M
Positions: 14
Top Holding: ALCO at 22.24%
Last Reported: Q3 2025

Address8725 W Higgins Rd, Suite 530, Chicago, IL, 60631, United States

Top Holdings

Largest long holdings in GATE CITY CAPITAL MANAGEMENT, LLC's portfolio (92.6% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Alico ALCO	Agricultural Farm Products Consumer Defensive	$43.6M	22.24%	+$4.6M Bought	16.46% 1.3M shares	Q4 2023 Held for 1y 11m
2 Peabody Energy BTU	Coal Energy	$28.9M	14.76%	+$11.9M Bought	0.90% 1.1M shares	Q2 2025 Held for 5 months
3 Entravision Communications, Inc. EVC	Broadcasting Communication Services	$27.0M	13.78%	-$874.7K Sold	12.75% 11.6M shares	Q1 2024 Held for 1y 8m
4 Heartland Express HTLD	Trucking Industrials	$17.0M	8.65%	+$3.5M Bought	2.62% 2.0M shares	Q3 2024 Held for 1y 2m
5 Helix Energy Solutions Group HLX	Oil & Gas Equipment & Services Energy	$16.1M	8.19%	-$7.4M Sold	1.66% 2.4M shares	Q4 2024 Held for 11 months
6 Ingles Markets IMKTA	Grocery Stores Consumer Defensive	$13.6M	6.96%	+$10.6M Bought	1.03% 196.0K shares	Q2 2025 Held for 5 months
7 Saga Communications SGA	Broadcasting Communication Services	$10.7M	5.48%	—	13.41% 863.8K shares	Q4 2023 Held for 1y 11m
8 Jakks Pacific JAKK	Leisure Consumer Cyclical	$9.9M	5.07%	+$9.9M New	4.76% 530.4K shares	Q3 2025 Held for 2 months
9 Canterbury Park Holding Corporation CPHC	Gambling, Resorts & Casinos Consumer Cyclical	$7.3M	3.72%	+$28.6K Bought	8.76% 445.3K shares	Q4 2023 Held for 1y 11m
10 Mosaic MOS	Agricultural Inputs Basic Materials	$7.3M	3.71%	-$7.1M Sold	0.07% 209.9K shares	Q3 2024 Held for 1y 2m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in GATE CITY CAPITAL MANAGEMENT, LLC's latest filing

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Market Value

$196.1M

Prior: $165.9M

Q/Q Change

+18.16%

+$30.1M

Net Flows % of MV

+10.72%

Turnover Ratio

15.29%

New Purchases

1 stocks

$9.9M

Added To

5 stocks

+$30.6M

Sold Out Of

2 stocks

$2.5M

Reduced Holdings

6 stocks

-$17.0M

Increased Positions

Position	Shares Δ	Change
1 Jakks Pacific JAKK	New	0 → 530.4K +$9.9M
2 Ingles Markets IMKTA	+356.22%	43.0K → 196.0K +$10.6M
3 Peabody Energy BTU	+69.41%	644.2K → 1.1M +$11.9M
4 Heartland Express HTLD	+25.64%	1.6M → 2.0M +$3.5M
5 Alico ALCO	+11.68%	1.1M → 1.3M +$4.6M

Decreased Positions

Position	Shares Δ	Change
1 Bassett Furniture Industries BSET	Sold	104.2K → 0 −$1.6M
2 Douglas Elliman DOUG	Sold	373.4K → 0 −$866.3K
3 Mosaic MOS	-49.22%	413.4K → 209.9K −$7.1M
4 Tredegar TG	-32.79%	260.1K → 174.8K −$684.8K
5 Helix Energy Solutions Group HLX	-31.67%	3.6M → 2.4M −$7.4M