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 3,129 106,950 SH   SOLE 106,950 0 0
ALTABANCORP COM 021347109 14,278 339,626 SH   SOLE 339,626 0 0
AMERIS BANCORP COM 03076K108 7,892 150,289 SH   SOLE 150,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,956 233,470 SH   SOLE 233,470 0 0
BANC OF CALIFORNIA INC COM 05990K106 11,743 649,499 SH   SOLE 649,499 0 0
BANNER CORP COM NEW 06652V208 14,041 263,288 SH   SOLE 263,288 0 0
CADENCE BANCORPORATION CL A 12739A100 17,730 855,288 SH   SOLE 855,288 0 0
CAL MAINE FOODS INC COM NEW 128030202 961 25,000 SH   SOLE 25,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 4,369 82,802 SH   SOLE 82,802 0 0
COMERICA INC COM 200340107 12,555 175,000 SH   SOLE 175,000 0 0
COVENANT LOGISTICS GROUP INC CL A 22284P105 1,154 56,033 SH   SOLE 56,033 0 0
ENCORE WIRE CORP COM 292562105 3,064 45,637 SH   SOLE 45,637 0 0
FIRST HORIZON CORPORATION COM 320517105 12,354 730,600 SH   SOLE 730,600 0 0
FRANCO NEV CORP COM 351858105 10,211 81,500 SH   SOLE 81,500 0 0
GLACIER BANCORP INC NEW COM 37637Q105 10,879 190,597 SH   SOLE 190,597 0 0
GREAT WESTN NATL BK PORTLAND COM 695263103 11,983 314,090 SH   SOLE 314,090 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 12,360 294,225 SH   SOLE 294,225 0 0
HERITAGE FINL CORP WASH COM 42722X106 9,235 327,005 SH   SOLE 327,005 0 0
HILLTOP HOLDINGS INC COM 432748101 7,072 207,221 SH   SOLE 207,221 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 2,125 66,800 SH   SOLE 66,800 0 0
NEWMONT CORP COM 651639106 11,412 189,350 SH   SOLE 189,350 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 17,283 194,940 SH   SOLE 194,940 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 10,641 515,059 SH   SOLE 515,059 0 0
RENASANT CORP COM 75970E107 3,864 93,380 SH   SOLE 93,380 0 0
SANDY SPRING BANCORP INC COM 800363103 16,782 386,419 SH   SOLE 386,419 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,795 221,481 SH   SOLE 221,481 0 0
SOUTH ST CORP COM 840441109 3,233 41,183 SH   SOLE 41,183 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 19,424 1,448,500 SH   SOLE 1,448,500 0 0
ST JOE CO COM 790148100 2,827 65,892 SH   SOLE 65,892 0 0
SYNOVUS FINL CORP COM NEW 87161C501 17,160 375,076 SH   SOLE 375,076 0 0
TRIUMPH BANCORP INC COM 89679E300 11,452 147,980 SH   SOLE 147,980 0 0
UMPQUA HLDGS CORP COM 904214103 11,162 636,000 SH   SOLE 636,000 0 0
UNIVAR SOLUTIONS USA INC COM 91336L107 3,316 153,958 SH   SOLE 153,958 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 774 76,082 SH   SOLE 76,082 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 8,824 271,500 SH   SOLE 271,500 0 0
VERITEX HLDGS INC COM 923451108 12,311 376,243 SH   SOLE 376,243 0 0
VIACOMCBS INC CL B 92556H206 1,714 38,000 SH   SOLE 38,000 0 0
WASTE MGMT INC DEL COM 94106L109 223 1,730 SH   SOLE 1,730 0 0