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 3,249 145,905 SH   SOLE 145,905 0 0
AMERIS BANCORP COM 03076K108 4,017 170,289 SH   SOLE 170,289 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 3,469 149,793 SH   SOLE 149,793 0 0
BANC OF CALIFORNIA INC COM 05990K106 6,926 639,499 SH   SOLE 639,499 0 0
BANKUNITED INC COM 06652K103 5,093 251,514 SH   SOLE 251,514 0 0
BANNER CORP COM NEW 06652V208 9,356 246,212 SH   SOLE 246,212 0 0
CADENCE BANCORPORATION CL A 12739A100 7,960 898,454 SH   SOLE 898,454 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105 3,330 99,565 SH   SOLE 99,565 0 0
ENCORE WIRE CORP COM 292562105 2,961 60,651 SH   SOLE 60,651 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 2,123 121,746 SH   SOLE 121,746 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 315 10,281 SH   SOLE 10,281 0 0
FIRST BANCORP N C COM 318910106 7,543 300,748 SH   SOLE 300,748 0 0
FIRST HORIZON NATL CORP COM 320517105 4,174 419,100 SH   SOLE 491,100 0 0
FRANCO NEV CORP COM 351858105 11,471 82,150 SH   SOLE 82,150 0 0
GLACIER BANCORP INC NEW COM 37637Q105 6,747 191,197 SH   SOLE 191,197 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 7,919 373,538 SH   SOLE 373,538 0 0
HERITAGE FINL CORP WASH COM 42722X106 5,387 269,345 SH   SOLE 269,345 0 0
HILLTOP HOLDINGS INC COM 432748101 6,960 377,221 SH   SOLE 377,221 0 0
INVESCO EXCHANGE TRADED FD T INTL DIVI ACHI 46137V548 517 42,500 SH   SOLE 42,500 0 0
ISHARES TR SELECT DIVID ETF 464287168 443 5,484 SH   SOLE 5,484 0 0
ISHARES TR MSCI EAFE ETF 464287465 548 9,000 SH   SOLE 9,000 0 0
JOHNSON & JOHNSON COM 478160104 218 1,550 SH   SOLE 1,550 0 0
KLX ENERGY SERVICS HOLDNGS I COM 48253L106 468 217,788 SH   SOLE 217,788 0 0
MACQUARIE INFRASTRUCTURE COR COM 55608B105 2,274 74,084 SH   SOLE 74,084 0 0
NEWMONT CORP COM 651639106 11,690 189,350 SH   SOLE 189,350 0 0
PACWEST BANCORP DEL COM 695263103 2,840 144,090 SH   SOLE 144,090 0 0
PEOPLES UTAH BANCORP COM 712706209 7,979 355,087 SH   SOLE 355,087 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 10,151 241,740 SH   SOLE 241,740 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,629 53,500 SH   SOLE 53,500 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 5,727 515,059 SH   SOLE 515,059 0 0
RENASANT CORP COM 75970E107 2,256 90,602 SH   SOLE 90,602 0 0
SANDY SPRING BANCORP INC COM 800363103 10,201 411,653 SH   SOLE 411,653 0 0
SMARTFINANCIAL INC COM NEW 83190L208 3,549 219,337 SH   SOLE 219,337 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 21,163 1,478,918 SH   SOLE 1,478,918 0 0
SYNOVUS FINL CORP COM NEW 87161C501 6,998 340,873 SH   SOLE 340,873 0 0
TRIUMPH BANCORP INC COM 89679E300 5,169 212,980 SH   SOLE 212,980 0 0
UMPQUA HLDGS CORP COM 904214103 6,065 570,000 SH   SOLE 570,000 0 0
UNIVAR SOLUTIONS INC COM 91336L107 2,776 164,626 SH   SOLE 164,626 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,405 279,639 SH   SOLE 279,639 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 9,959 271,500 SH   SOLE 271,500 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 757 15,897 SH   SOLE 15,897 0 0
VANGUARD WORLD FDS INF TECH ETF 92204a702 334 1,200 SH   SOLE 1,200 0 0
VERITEX HLDGS INC COM 923451108 6,924 391,200 SH   SOLE 391,200 0 0
WASTE MGMT INC DEL COM 94106L109 361 3,406 SH   SOLE 3,406 0 0
ZIONS BANCORPORATION N A COM 989701107 5,594 164,518 SH   SOLE 164,518 0 0