Instuitional Investor - Orchard Capital Managment, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf TrustPUT	SPY	60,000	$39,970,800	34.54%
2.	Bancorp Inc.	TBBK	121,736	$9,116,809	7.88%
3.	Hudbay Minerals Inc	HBM	437,527	$6,632,909	5.73%
4.	Ftai Infrastructure Inc.	FIP	803,768	$3,504,428	3.03%
5.	Axos Financial Inc.	AX	39,039	$3,304,651	2.86%