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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AIR TRANSPORT SERVICES GRP ICOM00922R1053,352106,950SH SOLE 106,95000
ALTABANCORPCOM0213471099,482339,626SH SOLE 339,62600
AMERIS BANCORPCOM03076K1087,435195,289SH SOLE 195,28900
ATLANTIC UN BANKSHARES CORPCOM04911A1077,691233,470SH SOLE 233,47000
BANC OF CALIFORNIA INCCOM05990K1069,407639,499SH SOLE 639,49900
BANNER CORPCOM NEW06652V20810,766231,080SH SOLE 231,08000
CADENCE BANCORPORATIONCL A12739A10014,372875,288SH SOLE 875,28800
CAL MAINE FOODS INCCOM NEW12803020293925,000SH SOLE 25,00000
COLUMBUS MCKINNON CORP N YCOM1993331053,18382,802SH SOLE 82,80200
COMERICA INCCOM2003401077,150128,000SH SOLE 128,00000
COVENANT LOGISTICS GROUP INCCL A22284P10572448,860SH SOLE 48,86000
ENCORE WIRE CORPCOM2925621052,76445,637SH SOLE 45,63700
FIRST HORIZON CORPORATIONCOM3205171057,836614,100SH SOLE 614,10000
FRANCO NEV CORPCOM35185810510,21481,500SH SOLE 81,50000
GLACIER BANCORP INC NEWCOM37637Q1058,769190,597SH SOLE 190,59700
HANCOCK WHITNEY CORPORATIONCOM41012010912,548368,831SH SOLE 368,83100
HERITAGE FINL CORP WASHCOM42722X1066,534279,345SH SOLE 279,34500
HILLTOP HOLDINGS INCCOM4327481017,626277,221SH SOLE 277,22100
MACQUARIE INFRASTRUCTURE CORCOM55608B1052,50866,800SH SOLE 66,80000
NEWMONT CORPCOM65163910611,340189,350SH SOLE 189,35000
PACWEST BANCORP DELCOM6952631034,485176,590SH SOLE 176,59000
PINNACLE FINL PARTNERS INCCOM72346Q10414,229220,940SH SOLE 220,94000
REGIONS FINANCIAL CORP NEWCOM7591EP1008,303515,059SH SOLE 515,05900
RENASANT CORPCOM75970E1078,294246,267SH SOLE 246,26700
SANDY SPRING BANCORP INCCOM80036310312,439386,419SH SOLE 386,41900
SMARTFINANCIAL INCCOM NEW83190L2084,018221,481SH SOLE 221,48100
SOUTH ST CORPCOM8404411092,97841,183SH SOLE 41,18300
SPROTT PHYSICAL GOLD TRUNIT85207H10421,8581,448,500SH SOLE 1,448,50000
ST JOE COCOM7901481002,65762,600SH SOLE 62,60000
SYNOVUS FINL CORPCOM NEW87161C50112,141375,076SH SOLE 375,07600
TRIUMPH BANCORP INCCOM89679E3007,670157,980SH SOLE 157,98000
UMPQUA HLDGS CORPCOM9042141038,630570,000SH SOLE 570,00000
UNIVAR SOLUTIONS USA INCCOM91336L1072,927153,958SH SOLE 153,95800
UNIVERSAL STAINLESS & ALLOYCOM91383710056976,082SH SOLE 76,08200
VANECK VECTORS ETF TRGOLD MINERS ETF92189F1069,779271,500SH SOLE 271,50000
VERITEX HLDGS INCCOM9234511089,654376,243SH SOLE 376,24300
WASTE MGMT INC DELCOM94106L1092041,730SH SOLE 1,73000