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 3,352 106,950 SH   SOLE   106,950 0 0
ALTABANCORP COM 021347109 9,482 339,626 SH   SOLE   339,626 0 0
AMERIS BANCORP COM 03076K108 7,435 195,289 SH   SOLE   195,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 7,691 233,470 SH   SOLE   233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 9,407 639,499 SH   SOLE   639,499 0 0
BANNER CORP COM NEW 06652V208 10,766 231,080 SH   SOLE   231,080 0 0
CADENCE BANCORPORATION CL A 12739A100 14,372 875,288 SH   SOLE   875,288 0 0
CAL MAINE FOODS INC COM NEW 128030202 939 25,000 SH   SOLE   25,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,183 82,802 SH   SOLE   82,802 0 0
COMERICA INC COM 200340107 7,150 128,000 SH   SOLE   128,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 724 48,860 SH   SOLE   48,860 0 0
ENCORE WIRE CORP COM 292562105 2,764 45,637 SH   SOLE   45,637 0 0
FIRST HORIZON CORPORATION COM 320517105 7,836 614,100 SH   SOLE   614,100 0 0
FRANCO NEV CORP COM 351858105 10,214 81,500 SH   SOLE   81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 8,769 190,597 SH   SOLE   190,597 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 12,548 368,831 SH   SOLE   368,831 0 0
HERITAGE FINL CORP WASH COM 42722X106 6,534 279,345 SH   SOLE   279,345 0 0
HILLTOP HOLDINGS INC COM 432748101 7,626 277,221 SH   SOLE   277,221 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 2,508 66,800 SH   SOLE   66,800 0 0
NEWMONT CORP COM 651639106 11,340 189,350 SH   SOLE   189,350 0 0
PACWEST BANCORP DEL COM 695263103 4,485 176,590 SH   SOLE   176,590 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 14,229 220,940 SH   SOLE   220,940 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 8,303 515,059 SH   SOLE   515,059 0 0
RENASANT CORP COM 75970E107 8,294 246,267 SH   SOLE   246,267 0 0
SANDY SPRING BANCORP INC COM 800363103 12,439 386,419 SH   SOLE   386,419 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,018 221,481 SH   SOLE   221,481 0 0
SOUTH ST CORP COM 840441109 2,978 41,183 SH   SOLE   41,183 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 21,858 1,448,500 SH   SOLE   1,448,500 0 0
ST JOE CO COM 790148100 2,657 62,600 SH   SOLE   62,600 0 0
SYNOVUS FINL CORP COM NEW 87161C501 12,141 375,076 SH   SOLE   375,076 0 0
TRIUMPH BANCORP INC COM 89679E300 7,670 157,980 SH   SOLE   157,980 0 0
UMPQUA HLDGS CORP COM 904214103 8,630 570,000 SH   SOLE   570,000 0 0
UNIVAR SOLUTIONS USA INC COM 91336L107 2,927 153,958 SH   SOLE   153,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 569 76,082 SH   SOLE   76,082 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 9,779 271,500 SH   SOLE   271,500 0 0
VERITEX HLDGS INC COM 923451108 9,654 376,243 SH   SOLE   376,243 0 0
WASTE MGMT INC DEL COM 94106L109 204 1,730 SH   SOLE   1,730 0 0