The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101   480,432 4,800 SH   SOLE   4,800 0 0
ABBVIE INC COM 00287Y109   485,028 3,600 SH   SOLE   3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105   2,225,717 117,950 SH   SOLE   117,950 0 0
ALPHABET INC CAP STK CL A 02079K305   1,795,500 15,000 SH   SOLE   15,000 0 0
AMAZON COM INC COM 023135106   5,214,400 40,000 SH   SOLE   40,000 0 0
AMERICAS CAR-MART INC COM 03062T105   4,015,347 40,242 SH   SOLE   40,242 0 0
AMERIS BANCORP COM 03076K108   3,249,950 95,000 SH   DFND 1 95,000 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107   3,473,875 133,868 SH   DFND 1 133,868 0 0
BANC OF CALIFORNIA INC COM 05990K106   6,193,934 534,882 SH   DFND 1 534,882 0 0
BANNER CORP COM NEW 06652V208   9,495,212 217,431 SH   DFND 1 217,431 0 0
CADENCE BANK COM 12740C103   9,870,553 502,574 SH   DFND 1 502,574 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,125,000 25,000 SH   SOLE   25,000 0 0
CISCO SYS INC COM 17275R102   751,834 14,531 SH   SOLE   14,531 0 0
COLUMBIA BKG SYS INC COM 197236102   1,419,600 70,000 SH   DFND 1 70,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105   3,605,167 88,688 SH   SOLE   88,688 0 0
CROWN CASTLE INC COM 22822V101   524,124 4,600 SH   SOLE   4,600 0 0
DIGITAL RLTY TR INC COM 253868103   3,541,357 31,100 SH   SOLE   31,100 0 0
ENBRIDGE INC COM 29250N105   586,970 15,800 SH   SOLE   15,800 0 0
ENCORE WIRE CORP COM 292562105   1,487,440 8,000 SH   DFND 1 8,000 0 0
FB FINL CORP COM 30257X104   2,948,700 105,123 SH   DFND 1 105,123 0 0
FIRST HORIZON CORPORATION COM 320517105   3,381,000 300,000 SH   DFND 1 300,000 0 0
FIRST INTST BANCSYSTEM INC COM 32055Y201   7,797,206 327,064 SH   DFND 1 327,064 0 0
FRANCO NEV CORP COM 351858105   11,621,900 81,500 SH   DFND 1 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105   4,415,885 141,671 SH   DFND 1 141,671 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   9,539,157 248,545 SH   SOLE   248,545 0 0
HERITAGE FINL CORP WASH COM 42722X106   4,415,865 273,090 SH   DFND 1 273,090 0 0
MICROSOFT CORP COM 594918104   3,405,400 10,000 SH   SOLE   10,000 0 0
NEWMONT CORP COM 651639106   8,572,527 200,950 SH   SOLE   200,950 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   1,968,067 123,700 SH   SOLE   123,700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   4,894,787 86,404 SH   DFND 1 86,404 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100   3,614,163 202,815 SH   DFND 1 202,815 0 0
SANDY SPRING BANCORP INC COM 800363103   1,590,254 70,117 SH   SOLE   70,117 0 0
SMARTFINANCIAL INC COM NEW 83190L208   5,714,110 265,649 SH   DFND 1 265,649 0 0
SOUTHSTATE CORPORATION COM 840441109   8,725,080 132,600 SH   DFND 1 132,600 0 0
SPDR SER TR S&P REGL BKG 78464A698   13,392,240 328,000 SH   DFND 1 328,000 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   21,611,620 1,448,500 SH   DFND 1 1,448,500 0 0
ST JOE CO COM 790148100   3,843,030 79,500 SH   SOLE   79,500 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   9,991,773 194,015 SH   DFND 1 194,015 0 0
TRIUMPH FINANCIAL INC COM 89679E300   3,252,770 53,570 SH   DFND 1 53,570 0 0
UNIVAR SOLUTIONS INC COM 91336L107   3,188,255 88,958 SH   SOLE   88,958 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   8,415,745 279,500 SH   SOLE   279,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611   1,141,260 6,900 SH   SOLE   6,900 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794   1,213,440 19,200 SH   SOLE   19,200 0 0
WASTE MGMT INC DEL COM 94106L109   300,017 1,730 SH   SOLE   1,730 0 0
WESTROCK COFFEE CO *W EXP 08/29/202 96145W111   90,000 30,000 SH   SOLE   30,000 0 0
WESTROCK COFFEE CO COM 96145W103   1,087,000 100,000 SH   SOLE   100,000 0 0
ZIMVIE INC COM 98888T107   1,175,736 104,696 SH   SOLE   104,696 0 0