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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101   575,616 4,800 SH   SOLE   4,800 0 0
ABBVIE INC COM 00287Y109   581,796 3,600 SH   SOLE   3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105   2,752,581 105,950 SH   SOLE   105,950 0 0
AMAZON COM INC COM 023135106   3,360,000 40,000 SH   SOLE   40,000 0 0
AMERICAS CAR-MART INC COM 03062T105   2,837,000 39,261 SH   SOLE   39,261 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107   6,004,302 170,868 SH   DFND 1 170,868 0 0
BANC OF CALIFORNIA INC COM 05990K106   8,520,670 534,882 SH   DFND 1 534,882 0 0
BANNER CORP COM NEW 06652V208   13,741,639 217,431 SH   DFND 1 217,431 0 0
CADENCE BANK COM 12740C103   12,393,475 502,574 SH   DFND 1 502,574 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,361,250 25,000 SH   SOLE   25,000 0 0
CISCO SYS INC COM 17275R102   692,257 14,531 SH   SOLE   14,531 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105   2,879,699 88,688 SH   SOLE   88,688 0 0
COMERICA INC COM 200340107   7,560,000 113,089 SH   DFND 1 113,089 0 0
CROWN CASTLE INC COM 22822V101   623,944 4,600 SH   SOLE   4,600 0 0
ENBRIDGE INC COM 29250N105   617,780 15,800 SH   SOLE   15,800 0 0
ENCORE WIRE CORP COM 292562105   1,100,480 8,000 SH   SOLE   8,000 0 0
FB FINL CORP COM 30257X104   3,799,145 105,123 SH   DFND 1 105,123 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201   12,061,274 312,064 SH   DFND 1 312,064 0 0
FRANCO NEV CORP COM 351858105   11,123,120 81,500 SH   SOLE   81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105   7,001,381 141,671 SH   DFND 1 141,671 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   12,027,093 248,545 SH   DFND 1 248,545 0 0
HERITAGE FINL CORP WASH COM 42722X106   8,367,478 273,090 SH   DFND 1 273,090 0 0
NEWMONT CORP COM 651639106   9,390,440 198,950 SH   SOLE   198,950 0 0
PACWEST BANCORP DEL COM 695263103   5,188,949 226,098 SH   DFND 1 226,098 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   2,088,056 123,700 SH   SOLE   123,700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   9,790,239 133,382 SH   DFND 1 133,382 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100   7,175,491 332,815 SH   DFND 1 332,815 0 0
RENASANT CORP COM 75970E107   2,362,569 62,851 SH   DFND 1 62,851 0 0
SANDY SPRING BANCORP INC COM 800363103   2,470,222 70,117 SH   DFND 1 70,117 0 0
SMARTFINANCIAL INC COM NEW 83190L208   7,305,348 265,649 SH   DFND 1 265,649 0 0
SOUTHSTATE CORPORATION COM 840441109   6,765,496 88,600 SH   DFND 1 88,600 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   20,423,850 1,448,500 SH   SOLE   1,448,500 0 0
ST JOE CO COM 790148100   3,072,675 79,500 SH   SOLE   79,500 0 0
SYNOVUS FINL CORP COM NEW 87161C501   9,744,000 259,494 SH   DFND 1 259,494 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   12,304,145 204,015 SH   DFND 1 204,015 0 0
TRIUMPH FINANCIAL INC COM 89679E300   2,617,966 53,570 SH   DFND 1 53,570 0 0
UNIVAR SOLUTIONS INC COM 91336L107   3,305,864 103,958 SH   SOLE   103,958 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   8,010,470 279,500 SH   SOLE   279,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611   1,095,720 6,900 SH   SOLE   6,900 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794   1,143,744 19,200 SH   SOLE   19,200 0 0
WASTE MGMT INC DEL COM 94106L109   271,402 1,730 SH   SOLE   1,730 0 0
WESTROCK COFFEE CO *W EXP 08/29/202 96145W111   68,100 30,000 SH   SOLE   30,000 0 0
WESTROCK COFFEE CO COM 96145W103   1,336,000 100,000 SH   SOLE   100,000 0 0
ZIMVIE INC COM 98888T107   977,861 104,696 SH   SOLE   104,696 0 0