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 309 2,800 SH   SOLE   2,800 0 0
ABBVIE INC COM 00287Y109 483 3,600 SH   SOLE   3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105 2,311 95,950 SH   SOLE   95,950 0 0
AMAZON COM INC COM 023135106 4,520 40,000 SH   SOLE   40,000 0 0
AMERICAS CAR-MART INC COM 03062T105 2,115 34,661 SH   SOLE   34,661 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 5,191 170,868 SH   OTR   170,868 0 0
BANC OF CALIFORNIA INC COM 05990K106 8,542 534,882 SH   OTR   534,882 0 0
BANNER CORP COM NEW 06652V208 13,287 224,896 SH   OTR   224,896 0 0
CADENCE BANK COM 12740C103 12,262 482,574 SH   OTR   482,574 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,390 25,000 SH   SOLE   25,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 2,320 88,688 SH   SOLE   88,688 0 0
COMERICA INC COM 200340107 7,330 103,089 SH   OTR   103,089 0 0
ENBRIDGE INC COM 29250N105 512 13,800 SH   SOLE   13,800 0 0
ENCORE WIRE CORP COM 292562105 1,833 15,867 SH   SOLE   15,867 0 0
FB FINL CORP COM 30257X104 4,017 105,123 SH   OTR   105,123 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 12,494 309,641 SH   OTR   309,641 0 0
FRANCO NEV CORP COM 351858105 9,738 81,500 SH   SOLE   81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 6,960 141,671 SH   OTR   141,671 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 11,386 248,545 SH   OTR   248,545 0 0
HANOVER BANCORP INC COM NEW 410710206 904 47,294 SH   SOLE   47,294 0 0
HERITAGE FINL CORP WASH COM 42722X106 7,229 273,090 SH   OTR   273,090 0 0
NEWMONT CORP COM 651639106 8,152 193,950 SH   SOLE   193,950 0 0
PACWEST BANCORP DEL COM 695263103 4,545 201,098 SH   OTR   201,098 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206 1,508 79,200 SH   SOLE   79,200 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 10,817 133,382 SH   OTR   133,382 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 7,181 357,815 SH   OTR   357,815 0 0
RENASANT CORP COM 75970E107 2,435 77,851 SH   OTR   77,851 0 0
SANDY SPRING BANCORP INC COM 800363103 8,507 241,252 SH   OTR   241,252 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,466 261,666 SH   OTR   261,666 0 0
SOUTHSTATE CORPORATION COM 840441109 7,010 88,600 SH   OTR   88,600 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 18,541 1,448,500 SH   SOLE   1,448,500 0 0
ST JOE CO COM 790148100 2,456 76,692 SH   SOLE   76,692 0 0
SYNOVUS FINL CORP COM NEW 87161C501 9,734 259,494 SH   OTR   259,494 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 11,453 194,015 SH   OTR   194,015 0 0
TRIUMPH BANCORP INC COM 89679E300 2,912 53,570 SH   OTR   53,570 0 0
UNIVAR SOLUTIONS INC COM 91336L107 2,364 103,958 SH   SOLE   103,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 496 69,730 SH   SOLE   69,730 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 6,742 279,500 SH   SOLE   279,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611 903 6,300 SH   SOLE   6,300 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794 791 15,200 SH   SOLE   15,200 0 0
VERITEX HLDGS INC COM 923451108 3,931 147,849 SH   OTR   147,849 0 0
WASTE MGMT INC DEL COM 94106L109 277 1,730 SH   SOLE   1,730 0 0
WESTROCK COFFEE CO *W EXP 08/29/202 96145W111 44 30,000 SH   SOLE   30,000 0 0
WESTROCK COFFEE CO COM 96145W103 1,033 100,000 SH   SOLE   100,000 0 0
ZIMVIE INC COM 98888T107 836 84,696 SH   SOLE   84,696 0 0