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
3M CO COM 88579Y101 417 2,800 SH   SOLE 2,800 0 0
ABBVIE INC COM 00287Y109 584 3,600 SH   SOLE 3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 3,210 95,950 SH   SOLE 95,950 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 6,019 134,711 SH   SOLE 134,711 0 0
AMAZON COM INC COM 023135106 6,520 2,000 SH   SOLE 2,000 0 0
AMERICAS CAR-MART INC COM 03062T105 1,284 15,941 SH   SOLE 15,941 0 0
AMERIS BANCORP COM 03076K108 5,147 117,289 SH   SOLE 117,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,566 233,470 SH   SOLE 233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 15,362 793,499 SH   SOLE 793,499 0 0
BANNER CORP COM NEW 06652V208 17,020 290,788 SH   SOLE 290,788 0 0
CADENCE BANK COM 12740C103 17,518 598,700 SH   SOLE 598,700 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,381 25,000 SH   SOLE 25,000 0 0
CBTX INC COM 12481V104 1,233 39,779 SH   SOLE 39,779 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 2,912 68,688 SH   SOLE 68,688 0 0
COMERICA INC COM 200340107 13,112 145,000 SH   SOLE 145,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 1,206 56,033 SH   SOLE 56,033 0 0
ENBRIDGE INC COM 29250N105 544 11,800 SH   SOLE 11,800 0 0
ENCORE WIRE CORP COM 292562105 2,266 19,867 SH   SOLE 19,867 0 0
FB FINL CORP COM 30257X104 5,553 125,000 SH   SOLE 125,000 0 0
FIRST HORIZON CORPORATION COM 320517105 15,232 648,445 SH   SOLE 648,445 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 12,943 352,000 SH   SOLE 352,000 0 0
FRANCO NEV CORP COM 351858105 13,001 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 9,711 193,142 SH   SOLE 193,142 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 16,126 309,225 SH   SOLE 309,225 0 0
HERITAGE FINL CORP WASH COM 42722X106 9,279 370,262 SH   SOLE 370,262 0 0
HILLTOP HOLDINGS INC COM 432748101 5,063 172,221 SH   SOLE 172,221 0 0
MACQUARIE INFRASTR HOLD LLC COMMON UNITS 55608B105 2,434 652,442 SH   SOLE 652,442 0 0
NEWMONT CORP COM 651639106 15,695 197,550 SH   SOLE 197,550 0 0
PACWEST BANCORP DEL COM 695263103 13,547 314,090 SH   SOLE 314,090 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 2,995 79,200 SH   SOLE 79,200 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 14,801 160,743 SH   SOLE 160,743 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 11,465 515,059 SH   SOLE 515,059 0 0
SANDY SPRING BANCORP INC COM 800363103 17,259 384,219 SH   SOLE 384,219 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,820 266,628 SH   SOLE 266,628 0 0
SOUTHSTATE CORPORATION COM 840441109 3,149 38,600 SH   SOLE 38,600 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 22,263 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 4,496 75,892 SH   SOLE 75,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,517 337,076 SH   SOLE 337,076 0 0
TABULA RASA HEALTHCARE INC COM 873379101 576 100,000 SH   SOLE 100,000 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 13,362 233,148 SH   SOLE 233,148 0 0
THIRD COAST BANCSHARES INC COM 88422P109 3,119 135,000 SH   SOLE 135,000 0 0
TRIUMPH BANCORP INC COM 89679E300 10,745 114,287 SH   SOLE 114,287 0 0
UNIVAR SOLUTIONS INC COM 91336L107 3,341 103,958 SH   SOLE 103,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 660 76,082 SH   SOLE 76,082 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 10,412 271,500 SH   SOLE 271,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611 1,073 6,100 SH   SOLE 6,100 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794 960 14,200 SH   SOLE 14,200 0 0
VERITEX HLDGS INC COM 923451108 10,162 266,243 SH   SOLE 266,243 0 0
WASTE MGMT INC DEL COM 94106L109 274 1,730 SH   SOLE 1,730 0 0
ZIMVIE INC COM 98888T107 1,142 50,000 SH   SOLE 50,000 0 0