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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AIR TRANSPORT SERVICES GRP I COM 00922R105 3,260 142,905 SH   SOLE 142,905 0 0
AMERIS BANCORP COM 03076K108 4,078 128,768 SH   SOLE 128,768 0 0
ATLAS AIR WORLDWIDE HLDGS IN COM NEW 049164205 1,772 42,000 SH   SOLE 42,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 9,741 731,868 SH   SOLE 731,868 0 0
BANNER CORP COM NEW 06652V208 11,904 222,579 SH   SOLE 222,579 0 0
BMC STK HLDGS INC COM 05591B109 759 49,008 SH   SOLE 49,008 0 0
BOK FINL CORP COM NEW 05561Q201 5,534 75,470 SH   SOLE 75,470 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 2,804 257,000 SH   SOLE 257,000 0 0
CBTX INC COM 12481V104 5,755 195,739 SH   SOLE 195,739 0 0
CENTERSTATE BK CORP COM 15201P109 12,554 596,656 SH   SOLE 596,656 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,302 109,565 SH   SOLE 109,565 0 0
COMERICA INC COM 200340107 7,408 107,854 SH   SOLE 107,854 0 0
CONTURA ENERGY INC COM 21241B100 4,470 68,000 SH   SOLE 68,000 0 0
ENCORE WIRE CORP COM 292562105 4,639 92,451 SH   SOLE 92,451 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 9,816 278,461 SH   SOLE 278,461 0 0
FB FINL CORP COM 30257X104 3,930 112,218 SH   SOLE 112,218 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 323 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 7,073 216,578 SH   SOLE 216,578 0 0
FIRST BANCSHARES INC MS COM 318916103 2,960 97,857 SH   SOLE 97,857 0 0
FIRST HORIZON NATL CORP COM 320517105 3,951 300,229 SH   SOLE 300,229 0 0
FRANCO NEVADA CORP COM 351858105 2,175 31,000 SH   SOLE 31,000 0 0
GLACIER BANCORP INC NEW COM 37637Q105 4,121 104,019 SH   SOLE 104,019 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 7,917 381,525 SH   SOLE 381,525 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 10,720 309,377 SH   SOLE 309,377 0 0
HERITAGE FINL CORP WASH COM 42722X106 9,796 329,625 SH   SOLE 329,625 0 0
IBERIABANK CORP COM 450828108 10,810 168,171 SH   SOLE 168,171 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 671 47,500 SH   SOLE 47,500 0 0
INVESTAR HLDG CORP COM 46134L105 8,484 342,094 SH   SOLE 342,094 0 0
ISHARES TR SELECT DIVID ETF 464287168 490 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 529 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 200 1,550 SH   SOLE 1,550 0 0
KLX ENERGY SERVICS HOLDNGS I COM 48253L106 5,042 215,000 SH   SOLE 215,000 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 4,171 114,084 SH   SOLE 114,084 0 0
MAMMOTH ENERGY SVCS INC COM 56155L108 1,573 87,500 SH   SOLE 87,500 0 0
NATIONAL COMM CORP COM 63546L102 4,048 112,434 SH   SOLE 112,434 0 0
NEWMONT MINING CORP COM 651639106 2,218 64,000 SH   SOLE 64,000 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 4,158 484,022 SH   SOLE 484,022 0 0
ORIGIN BANCORP INC COM 68621T102 4,637 136,066 SH   SOLE 136,066 0 0
PACWEST BANCORP DEL COM 695263103 3,437 103,280 SH   SOLE 103,280 0 0
PEOPLES UTAH BANCORP COM 712706209 11,922 395,425 SH   SOLE 395,425 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 12,557 272,393 SH   SOLE 272,393 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,325 398,006 SH   SOLE 398,006 0 0
SANDY SPRING BANCORP INC COM 800363103 13,184 420,673 SH   SOLE 420,673 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 4,835 47,028 SH   SOLE 47,028 0 0
SMARTFINANCIAL INC COM NEW 83190L208 5,659 309,743 SH   SOLE 309,743 0 0
SOUTH ST CORP COM 840441109 9,851 164,318 SH   SOLE 164,318 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 15,206 1,474,918 SH   SOLE 1,474,918 0 0
STONERIDGE INC COM 86183P102 1,972 80,000 SH   SOLE 80,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 8,129 254,112 SH   SOLE 254,112 0 0
TRIUMPH BANCORP INC COM 89679E300 11,661 392,616 SH   SOLE 392,616 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,076 251,444 SH   SOLE 251,444 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 2,214 105,000 SH   SOLE 105,000 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 803 17,623 SH   SOLE 17,623 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 400 2,400 SH   SOLE 2,400 0 0
VERITEX HLDGS INC COM 923451108 9,274 433,788 SH   SOLE 433,788 0 0
WASTE MGMT INC DEL COM 94106L109 499 5,606 SH   SOLE 5,606 0 0
ZIONS BANCORPORATION N A COM 989701107 7,610 186,800 SH   SOLE 186,800 0 0