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
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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
ABBVIE INC COM 00287Y109   557,892 3,600 SH   SOLE   3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105   2,429,300 137,950 SH   SOLE   137,950 0 0
ALPHABET INC CAP STK CL A 02079K305   2,095,350 15,000 SH   SOLE   15,000 0 0
AMAZON COM INC COM 023135106   6,077,600 40,000 SH   SOLE   40,000 0 0
AMERIS BANCORP COM 03076K108   6,763,875 127,500 SH   OTR 1 127,500 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107   3,247,237 88,868 SH   OTR 1 88,868 0 0
BANC OF CALIFORNIA INC COM 05990K106   4,497,465 334,882 SH   OTR 1 334,882 0 0
BANNER CORP COM NEW 06652V208   9,914,920 185,118 SH   OTR 1 185,118 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   550,368 15,600 SH   SOLE   15,600 0 0
CADENCE BANK COM 12740C103   9,988,815 337,574 SH   OTR 1 337,574 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,434,750 25,000 SH   SOLE   25,000 0 0
CISCO SYS INC COM 17275R102   734,106 14,531 SH   SOLE   14,531 0 0
COLUMBIA BKG SYS INC COM 197236102   2,401,200 90,000 SH   OTR 1 90,000 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105   3,460,606 88,688 SH   SOLE   88,688 0 0
COMPUTER PROGRAMS & SYS INC COM 205306103   1,397,984 124,820 SH   SOLE   124,820 0 0
CROWN CASTLE INC COM 22822V101   598,988 5,200 SH   SOLE   5,200 0 0
DIGITAL RLTY TR INC COM 253868103   4,185,438 31,100 SH   SOLE   31,100 0 0
ENBRIDGE INC COM 29250N105   569,116 15,800 SH   SOLE   15,800 0 0
ENCORE WIRE CORP COM 292562105   1,708,800 8,000 SH   SOLE   8,000 0 0
FB FINL CORP COM 30257X104   3,392,152 85,123 SH   OTR 1 85,123 0 0
FIRST HORIZON CORPORATION COM 320517105   6,343,680 448,000 SH   OTR 1 448,000 0 0
FIRST INTST BANCSYSTEM INC COM 32055Y201   6,677,086 217,141 SH   OTR 1 217,141 0 0
FRANCO NEV CORP COM 351858105   9,031,015 81,500 SH   SOLE   81,500 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   5,454,325 112,252 SH   OTR 1 112,252 0 0
HEALTHEQUITY INC COM 42226A107   2,020,559 30,476 SH   SOLE   30,476 0 0
HERITAGE FINL CORP WASH COM 42722X106   4,525,910 211,590 SH   OTR 1 211,590 0 0
MICROSOFT CORP COM 594918104   3,760,400 10,000 SH   SOLE   10,000 0 0
NEWMONT CORP COM 651639106   8,317,321 200,950 SH   SOLE   200,950 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   1,267,503 85,700 SH   SOLE   85,700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   7,100,057 81,404 SH   OTR 1 81,404 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100   3,930,555 202,815 SH   OTR 1 202,815 0 0
SANDY SPRING BANCORP INC COM 800363103   1,772,316 65,063 SH   SOLE   65,063 0 0
SMARTFINANCIAL INC COM NEW 83190L208   2,368,354 96,707 SH   OTR 1 96,707 0 0
SOUTHSTATE CORPORATION COM 840441109   7,516,050 89,000 SH   OTR 1 89,000 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   23,074,605 1,448,500 SH   SOLE   1,448,500 0 0
ST JOE CO COM 790148100   4,784,310 79,500 SH   SOLE   79,500 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   9,049,169 140,015 SH   OTR 1 140,015 0 0
TRIUMPH FINANCIAL INC COM 89679E300   3,894,343 48,570 SH   OTR 1 48,570 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   8,667,295 279,500 SH   SOLE   279,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611   1,241,793 6,900 SH   SOLE   6,900 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794   1,276,608 19,200 SH   SOLE   19,200 0 0
VERADIGM INC COM 01988P108   209,800 20,000 SH   SOLE   20,000 0 0
WASTE MGMT INC DEL COM 94106L109   309,843 1,730 SH   SOLE   1,730 0 0
WESTROCK COFFEE CO COM 96145W103   1,021,000 100,000 SH   SOLE   100,000 0 0
ZIMVIE INC COM 98888T107   1,858,354 104,696 SH   SOLE   104,696 0 0