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 2,819 95,950 SH   SOLE 95,950 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 5,686 134,711 SH   SOLE 134,711 0 0
AMAZON COM INC COM 023135106 6,669 2,000 SH   SOLE 2,000 0 0
AMERICAS CAR-MART INC COM 03062T105 335 3,271 SH   SOLE 3,271 0 0
AMERIS BANCORP COM 03076K108 7,466 150,289 SH   SOLE 150,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,706 233,470 SH   SOLE 233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 15,568 793,499 SH   SOLE 793,499 0 0
BANNER CORP COM NEW 06652V208 17,642 290,788 SH   SOLE 290,788 0 0
CADENCE BANK COM 12740C103 17,835 598,700 SH   SOLE 598,700 0 0
CAL MAINE FOODS INC COM NEW 128030202 925 25,000 SH   SOLE 25,000 0 0
CBTX INC COM 12481V104 4,373 150,779 SH   SOLE 150,779 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,178 68,688 SH   SOLE 68,688 0 0
COMERICA INC COM 200340107 12,615 145,000 SH   SOLE 145,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 1,481 56,033 SH   SOLE 56,033 0 0
ENCORE WIRE CORP COM 292562105 2,127 14,867 SH   SOLE 14,867 0 0
FB FINL CORP COM 30257X104 5,478 125,000 SH   SOLE 125,000 0 0
FIRST HORIZON CORPORATION COM 320517105 13,123 803,600 SH   SOLE 803,600 0 0
FRANCO NEV CORP COM 351858105 11,271 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 10,951 193,142 SH   SOLE 193,142 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 15,467 309,225 SH   SOLE 309,225 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,600 351,862 SH   SOLE 351,862 0 0
HILLTOP HOLDINGS INC COM 432748101 7,282 207,221 SH   SOLE 207,221 0 0
MACQUARIE INFRASTR HOLD LLC COMMON UNITS 55608B105 2,053 562,442 SH   SOLE 562,442 0 0
NEWMONT CORP COM 651639106 11,743 189,350 SH   SOLE 189,350 0 0
PACWEST BANCORP DEL COM 695263103 14,187 314,090 SH   SOLE 314,090 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 17,280 180,940 SH   SOLE 180,940 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 11,228 515,059 SH   SOLE 515,059 0 0
SANDY SPRING BANCORP INC COM 800363103 18,579 386,419 SH   SOLE 386,419 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,953 254,148 SH   SOLE 254,148 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 20,800 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 3,430 65,892 SH   SOLE 65,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,136 337,076 SH   SOLE 337,076 0 0
TABULA RASA HEALTHCARE INC COM 873379101 1,050 70,000 SH   SOLE 70,000 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 8,345 138,500 SH   SOLE 138,500 0 0
THIRD COAST BANCSHARES INC COM 88422P109 3,248 125,000 SH   SOLE 125,000 0 0
TRIUMPH BANCORP INC COM 89679E300 15,395 129,287 SH   SOLE 129,287 0 0
UMPQUA HLDGS CORP COM 904214103 8,850 460,000 SH   SOLE 460,000 0 0
UNIVAR SOLUTIONS INC COM 91336L107 4,365 153,958 SH   SOLE 153,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 604 76,082 SH   SOLE 76,082 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 8,696 271,500 SH   SOLE 271,500 0 0
VERITEX HLDGS INC COM 923451108 11,586 291,243 SH   SOLE 291,243 0 0
VIACOMCBS INC CL B 92556H206 1,962 65,000 SH   SOLE 65,000 0 0
WASTE MGMT INC DEL COM 94106L109 289 1,730 SH   SOLE 1,730 0 0