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 362 2,800 SH   SOLE 2,800 0 0
ABBVIE INC COM 00287Y109 551 3,600 SH   SOLE 3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 2,757 95,950 SH   SOLE 95,950 0 0
AMAZON COM INC COM 023135106 4,248 40,000 SH   SOLE 40,000 0 0
AMERICAS CAR-MART INC COM 03062T105 1,604 15,941 SH   SOLE 15,941 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 5,796 170,868 SH   OTR 170,868 0 0
BANC OF CALIFORNIA INC COM 05990K106 9,425 534,882 SH   OTR 534,882 0 0
BANNER CORP COM NEW 06652V208 12,641 224,896 SH   OTR 224,896 0 0
CADENCE BANK COM 12740C103 11,331 482,574 SH   OTR 482,574 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,235 25,000 SH   SOLE 25,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 1,949 68,688 SH   SOLE 68,688 0 0
COMERICA INC COM 200340107 7,565 103,089 SH   OTR 103,089 0 0
ENBRIDGE INC COM 29250N105 499 11,800 SH   SOLE 11,800 0 0
ENCORE WIRE CORP COM 292562105 1,649 15,867 SH   SOLE 15,867 0 0
FB FINL CORP COM 30257X104 4,123 105,123 SH   OTR 105,123 0 0
FIFTH THIRD BANCORP COM 316773100 5,040 150,000 SH   OTR 150,000 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 11,800 309,641 SH   OTR 309,641 0 0
FRANCO NEV CORP COM 351858105 10,724 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 6,718 141,671 SH   OTR 141,671 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 11,018 248,545 SH   OTR 248,545 0 0
HANOVER BANCORP INC COM NEW 410710206 969 47,400 SH   SOLE 47,400 0 0
HERITAGE FINL CORP WASH COM 42722X106 6,871 273,090 SH   OTR 273,090 0 0
NEWMONT CORP COM 651639106 11,788 197,550 SH   SOLE 197,550 0 0
PACWEST BANCORP DEL COM 695263103 6,028 226,098 SH   OTR 226,098 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 1,955 79,200 SH   SOLE 79,200 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 9,645 133,382 SH   OTR 133,382 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 6,709 357,815 SH   OTR 357,815 0 0
SANDY SPRING BANCORP INC COM 800363103 9,426 241,252 SH   OTR 241,252 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,319 261,566 SH   OTR 261,566 0 0
SOUTHSTATE CORPORATION COM 840441109 5,292 68,600 SH   OTR 68,600 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 20,540 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 3,002 75,892 SH   SOLE 75,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 9,355 259,494 SH   OTR 259,494 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 10,213 194,015 SH   OTR 194,015 0 0
TRIUMPH BANCORP INC COM 89679E300 4,290 68,570 SH   OTR 68,570 0 0
UNIVAR SOLUTIONS INC COM 91336L107 2,585 103,958 SH   SOLE 103,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 563 76,082 SH   SOLE 76,082 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 7,434 271,500 SH   SOLE 271,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611 914 6,100 SH   SOLE 6,100 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794 835 14,200 SH   SOLE 14,200 0 0
VERITEX HLDGS INC COM 923451108 3,991 136,414 SH   SOLE 136,414 0 0
WASTE MGMT INC DEL COM 94106L109 265 1,730 SH   SOLE 1,730 0 0
ZIMVIE INC COM 98888T107 1,276 79,696 SH   SOLE 79,696 0 0