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 3,135 134,950 SH   SOLE 134,950 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 1,736 45,173 SH   SOLE 45,173 0 0
AMERIS BANCORP COM 03076K108 7,609 150,289 SH   SOLE 150,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,456 233,470 SH   SOLE 233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 13,041 743,499 SH   SOLE 743,499 0 0
BANNER CORP COM NEW 06652V208 14,273 263,288 SH   SOLE 263,288 0 0
CADENCE BANCORPORATION CL A 12739A100 17,858 855,288 SH   SOLE 855,288 0 0
CAL MAINE FOODS INC COM NEW 128030202 905 25,000 SH   SOLE 25,000 0 0
CBTX INC COM 12481V104 1,627 59,583 SH   SOLE 59,583 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,314 68,688 SH   SOLE 68,688 0 0
COMERICA INC COM 200340107 12,485 175,000 SH   SOLE 175,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 1,159 56,033 SH   SOLE 56,033 0 0
ENCORE WIRE CORP COM 292562105 3,459 45,637 SH   SOLE 45,637 0 0
FB FINL CORP COM 30257X104 3,732 100,000 SH   SOLE 100,000 0 0
FIRST HORIZON CORPORATION COM 320517105 12,625 730,600 SH   SOLE 730,600 0 0
FRANCO NEV CORP COM 351858105 11,823 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 10,498 190,597 SH   SOLE 190,597 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 13,075 294,225 SH   SOLE 294,225 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,182 327,005 SH   SOLE 327,005 0 0
HILLTOP HOLDINGS INC COM 432748101 7,543 207,221 SH   SOLE 207,221 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 5,809 151,800 SH   SOLE 151,800 0 0
NEWMONT CORP COM 651639106 12,001 189,350 SH   SOLE 189,350 0 0
PACWEST BANCORP DEL COM 695263103 12,928 314,090 SH   SOLE 314,090 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 17,211 194,940 SH   SOLE 194,940 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 10,394 515,059 SH   SOLE 515,059 0 0
RENASANT CORP COM 75970E107 3,735 93,380 SH   SOLE 93,380 0 0
SANDY SPRING BANCORP INC COM 800363103 17,053 386,419 SH   SOLE 386,419 0 0
SMARTFINANCIAL INC COM NEW 83190L208 5,453 227,113 SH   SOLE 227,113 0 0
SOUTH ST CORP COM 840441109 3,367 41,183 SH   SOLE 41,183 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 20,322 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 2,939 65,892 SH   SOLE 65,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,458 375,076 SH   SOLE 375,076 0 0
TRIUMPH BANCORP INC COM 89679E300 10,356 139,462 SH   SOLE 139,462 0 0
UMPQUA HLDGS CORP COM 904214103 11,734 636,000 SH   SOLE 636,000 0 0
UNIVAR SOLUTIONS USA INC COM 91336L107 3,753 153,958 SH   SOLE 153,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 770 76,082 SH   SOLE 76,082 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 9,226 271,500 SH   SOLE 271,500 0 0
VERITEX HLDGS INC COM 923451108 13,323 376,243 SH   SOLE 376,243 0 0
VIACOMCBS INC CL B 92556H206 1,718 38,000 SH   SOLE 38,000 0 0
WASTE MGMT INC DEL COM 94106L109 242 1,730 SH   SOLE 1,730 0 0