Instuitional Investor - Orchard Capital Managment, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf Trust	SPY	40,000	$24,714,000	27.33%
2.	Bancorp Inc.	TBBK	121,736	$6,935,300	7.67%
3.	Ftai Infrastructure Inc		766,784	$4,731,057	5.23%
4.	Hudbay Minerals Inc	HBM	410,823	$4,358,832	4.82%
5.	Greenlight Capital Re Ltd.	GLRE	238,771	$3,431,139	3.79%