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
NOBLE CORP PLC ORD SHS A G65431127   5,134,767 216,657 SH   SOLE   0 0 216,657
SEADRILL LTD COM G7997W102   4,940,975 197,639 SH   SOLE   0 0 197,639
VALARIS LTD CL A G9460G101   899,054 22,900 SH   SOLE   0 0 22,900
ETFS GOLD TR PHYSCL GOLD SHS 00326A104   15,786,768 529,402 SH   SOLE   0 0 529,402
ABRDN PLATINUM ETF TRUST PHYSCL PLATM SHS 003260106   1,275,525 13,960 SH   SOLE   0 0 13,960
ALLEGIANT TRAVEL CO COM 01748X102   6,711,349 129,939 SH   SOLE   0 0 129,939
ANTERO RESOURCES CORP COM 03674X106   4,798,974 118,669 SH   SOLE   0 0 118,669
AUTONATION INC COM 05329W102   7,970,512 49,225 SH   SOLE   0 0 49,225
AVIS BUDGET GROUP COM 053774105   8,211,242 108,185 SH   SOLE   0 0 108,185
BANK OZK LITTLE ROCK ARK COM 06417N103   1,539,434 35,430 SH   SOLE   0 0 35,430
BUILDERS FIRSTSOURCE INC COM 12008R107   6,907,183 55,284 SH   SOLE   0 0 55,284
CORE NATURAL RESOURCES INC COM SHS 218937100   886,650 11,500 SH   SOLE   0 0 11,500
EOG RES INC COM 26875P101   4,964,299 38,711 SH   SOLE   0 0 38,711
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   781,691 42,049 SH   SOLE   0 0 42,049
FRP HLDGS INC COM 30292L107   1,107,059 38,749 SH   SOLE   0 0 38,749
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   2,007,276 509,461 SH   SOLE   0 0 509,461
OPENLANE INC COM 48238T109   1,932,107 100,213 SH   SOLE   0 0 100,213
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608   2,296,343 22,101 SH   SOLE   0 0 22,101
PEABODY ENERGY CORP COM 704551100   1,553,345 114,638 SH   SOLE   0 0 114,638
PRECISION DRILLING CORP COM NEW 74022D407   2,875,315 61,712 SH   SOLE   0 0 61,712
ST JOE CO COM 790148100   878,341 18,708 SH   SOLE   0 0 18,708
SITIO ROYALTIES CORP CLASS A COM 82983N108   7,606,162 382,796 SH   SOLE   0 0 382,796
SPROTT PHYSICAL GOLD TR UNIT 85207H104   11,803,668 490,593 SH   SOLE   0 0 490,593
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   348,000 30,000 SH   SOLE   0 0 30,000
SYSCO CORP COM 871829107   907,909 12,099 SH   SOLE   0 0 12,099
TRIPLE FLAG PRECIOUS METAL COM 89679M104   932,433 48,691 SH   SOLE   0 0 48,691
URANIUM RTY CORP COM 91702V101   35,200 20,000 SH   SOLE   0 0 20,000
VAIL RESORTS INC COM 91879Q109   320,040 2,000 SH   SOLE   0 0 2,000
VANECK ETF TRUST GOLD MINERS ETF 92189F106   542,630 11,804 SH   SOLE   0 0 11,804
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   290,118 5,072 SH   SOLE   0 0 5,072