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 3,483 134,950 SH   SOLE 134,950 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 5,139 134,711 SH   SOLE 134,711 0 0
AMAZON COM INC COM 023135106 6,570 2,000 SH   SOLE 2,000 0 0
AMERIS BANCORP COM 03076K108 7,797 150,289 SH   SOLE 150,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,603 233,470 SH   SOLE 233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 14,672 793,499 SH   SOLE 793,499 0 0
BANNER CORP COM NEW 06652V208 14,536 263,288 SH   SOLE 263,288 0 0
CADENCE BANCORPORATION CL A 12739A100 18,782 855,288 SH   SOLE 855,288 0 0
CAL MAINE FOODS INC COM NEW 128030202 904 25,000 SH   SOLE 25,000 0 0
CBTX INC COM 12481V104 3,890 147,446 SH   SOLE 147,446 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,321 68,688 SH   SOLE 68,688 0 0
COMERICA INC COM 200340107 14,088 175,000 SH   SOLE 175,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 1,549 56,033 SH   SOLE 56,033 0 0
ENCORE WIRE CORP COM 292562105 4,328 45,637 SH   SOLE 45,637 0 0
FB FINL CORP COM 30257X104 4,931 115,000 SH   SOLE 115,000 0 0
FIRST HORIZON CORPORATION COM 320517105 11,901 730,600 SH   SOLE 730,600 0 0
FRANCO NEV CORP COM 351858105 10,588 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 10,550 190,597 SH   SOLE 190,597 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 13,864 294,225 SH   SOLE 294,225 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,339 327,005 SH   SOLE 327,005 0 0
HILLTOP HOLDINGS INC COM 432748101 6,770 207,221 SH   SOLE 207,221 0 0
MACQUARIE INFRASTR HOLD LLC COMMON UNITS 55608B105 6,157 151,800 SH   SOLE 151,800 0 0
NEWMONT CORP COM 651639106 10,282 189,350 SH   SOLE 189,350 0 0
ORANGE CNTY BANCORP INC COM 68417L107 1,054 30,000 SH   SOLE 30,000 0 0
PACWEST BANCORP DEL COM 695263103 14,235 314,090 SH   SOLE 314,090 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 18,340 194,940 SH   SOLE 194,940 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 10,976 515,059 SH   SOLE 515,059 0 0
RENASANT CORP COM 75970E107 3,366 93,380 SH   SOLE 93,380 0 0
SANDY SPRING BANCORP INC COM 800363103 17,706 386,419 SH   SOLE 386,419 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,517 252,113 SH   SOLE 252,113 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 19,989 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 2,774 65,892 SH   SOLE 65,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,462 375,076 SH   SOLE 375,076 0 0
TRIUMPH BANCORP INC COM 89679E300 13,964 139,462 SH   SOLE 139,462 0 0
UMPQUA HLDGS CORP COM 904214103 12,879 636,000 SH   SOLE 636,000 0 0
UNIVAR SOLUTIONS INC COM 91336L107 3,667 153,958 SH   SOLE 153,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 774 76,082 SH   SOLE 76,082 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 8,001 271,500 SH   SOLE 271,500 0 0
VERITEX HLDGS INC COM 923451108 14,809 376,243 SH   SOLE 376,243 0 0
VIACOMCBS INC CL B 92556H206 1,501 38,000 SH   SOLE 38,000 0 0
WASTE MGMT INC DEL COM 94106L109 258 1,730 SH   SOLE 1,730 0 0