# EDGAR Filing Document

**Accession Number:** 0001301236
**File Stem:** 0001062993-25-013542
**Filing Date:** 2025-8
**Character Count:** 14945
**Document Hash:** 7ab319e42f4bfd3f47efe9ed68666dfb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-013542.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001062993-25-013542

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sotherly Hotels Inc.
- **CENTRAL INDEX KEY:** 0001301236
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-80544
- **FILM NUMBER:** 251182782

**BUSINESS ADDRESS:**
- **STREET 1:** 306 SOUTH HENRY STREET
- **STREET 2:** SUITE 100
- **CITY:** WILLIAMSBURG
- **STATE:** VA
- **ZIP:** 23185
- **BUSINESS PHONE:** 757-229-5648

**MAIL ADDRESS:**
- **STREET 1:** 306 SOUTH HENRY STREET
- **STREET 2:** SUITE 100
- **CITY:** WILLIAMSBURG
- **STATE:** VA
- **ZIP:** 23185

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sotherly Hotel Inc.
- **DATE OF NAME CHANGE:** 20130416

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MHI Hospitality CORP
- **DATE OF NAME CHANGE:** 20040823
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gator Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001570284

**ORGANIZATION NAME:**
- **EIN:** 262325167
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2502 N. ROCKY POINT DR.
- **STREET 2:** SUITE 665
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33607
- **BUSINESS PHONE:** 813-282-7870

**MAIL ADDRESS:**
- **STREET 1:** 2502 N. ROCKY POINT DR.
- **STREET 2:** SUITE 665
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33607

## Ex-1

------

<u>**EXHIBIT 1**</u>

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock of U.S. Global Investors, Inc. and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

------

**In witness whereof,** each of the undersigned has executed this Agreement as of March 6, 2025.

---

| | |
|:---|:---|
| GATOR CAPITAL MANAGEMENT, LLC | GATOR CAPITAL MANAGEMENT, LLC |
| By: | /s/ Derek Pilecki |
| Name: <br>Title: | Derek Pilecki<br>Managing Member |
| GATOR FINANCIAL PARTNERS, LLC | GATOR FINANCIAL PARTNERS, LLC |
| By: | Gator Capital Management, LLC, Manager |
| By: | /s/ Derek Pilecki |
| Name: <br>Title: | Derek Pilecki<br>Managing Member |
| <br>/s/ Derek Pilecki | <br>/s/ Derek Pilecki |
| Derek Pilecki | Derek Pilecki |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** SOTHERLY HOTELS, INC.

**Title of Class of Securities:** Common Stock

**CUSIP Number:** 83600C103

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Gator Capital Management, LLC | Names of Reporting Persons<br>Gator Capital Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1002962 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1002962 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1002962 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1002962 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.89% | Percent of Class Represented by Amount in Row (9)<br>4.89% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>Derek Pilecki | Names of Reporting Persons<br>Derek Pilecki |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1002962 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1002962 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1002962 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1002962 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.89% | Percent of Class Represented by Amount in Row (9)<br>4.89% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

---

| 1. | Names of Reporting Persons<br>Gator Financial Partners, LLC | Names of Reporting Persons<br>Gator Financial Partners, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>916413 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>916413 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>916413 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>916413 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.47% | Percent of Class Represented by Amount in Row (9)<br>4.47% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>ECA Fund, Lp | Names of Reporting Persons<br>ECA Fund, Lp |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>TX | Citizenship or Place of Organization<br>TX |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>78349 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>78349 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>78349 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>78349 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.37% | Percent of Class Represented by Amount in Row (9)<br>0.37% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

**Item 1(a). Name of Issuer:**
SOTHERLY HOTELS, INC.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
306 South Henry Street, Suite 100, Williamsburg, VIRGINIA 23185

**Item 2(a). Name of Person Filing:**
Gator Capital Management, LLC
Derek Pilecki
Gator Financial Partners, LLC
ECA Fund, LP

**Item 2(b). Address of Principal Business Office:**
2502 N. Rocky Point Dr.
Ste 665
Tampa, FL 33607

**Item 2(c). Citizenship:**
Gator Capital Management, LLC is a Delaware limited liability company
Derek Pilecki is a United States citizen
Gator Financial Partners, LLC is a Delaware limited liability company
ECA Fund, LP a Texas Limited Partnership

**Item 2(d). Title of Class of Securities:**
Common Stock

**Item 2(e). CUSIP Number:**
83600C103

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Gator Capital Management, LLC 1,002,962
Derek Pilecki 1,002,962
Gator Financial Partners, LLC 916,413
ECA Fund, LP 78,349

**(b) Percent of class:**

Gator Capital Management, LLC 4.89%
Derek Pileck 4.89%
Gator Financial Partners, LLC 4.47%
ECA Fund, LP 0.38%.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

N/A
N/A
N/A

**(ii) Shared power to vote or to direct the vote:**

Gator Capital Management, LLC 1,002,962
Derek Pilecki 1,002,962
Gator Financial Partners, LLC 916,413
ECA Fund, LP 78,349

**(iii) Sole power to dispose or to direct the disposition of:**

N/A
N/A
N/A

**(iv) Shared power to dispose or to direct the disposition of:**

Gator Capital Management, LLC 1,002,962
Derek Pilecki 1,002,962
Gator Financial Partners, LLC 916,413
ECA Fund, LP 78,349

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Gator Capital Management, LLC**

**Date:** 06/30/2025

**By:** Derek Pilecki

**Name & Title:** Managing Member

**Derek Pilecki**

**Date:** 06/30/2025

**By:** Derek Pilecki

**Name & Title:** Individual

**Gator Financial Partners, LLC**

**Date:** 06/30/2025

**By:** Derek Pilecki

**Name & Title:** Managing Member

**ECA Fund, Lp**

**Date:** 06/30/2025

**By:** Derek Pilecki

**Name & Title:** Derek Pilecki