Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	SPROTT PHYSICAL GOLD TRUST	1,474,918	$16.71M	5.8%	$9.77	—	UNIT	85207H104
—	PINNACLE FINL PARTNERS INC	256,502	$14.74M	5.2%	$59.28	—	COM	72346Q104
—	CENTERSTATE BK CORP	560,697	$12.91M	4.5%	$15.76	—	COM	15201P109
—	SANDY SPRING BANCORP INC	365,153	$12.74M	4.5%	$32.29	—	COM	800363103
BANR	BANNER CORP	220,336	$11.93M	4.2%	$35.54	+17.3%	COM NEW	06652V208
—	SYNOVUS FINL CORP	325,773	$11.4M	4.0%	$31.43	—	COM NEW	87161C501
—	IBERIABANK CORP	146,003	$11.07M	3.9%	$77.45	—	COM	450828108
HWC	HANCOCK WHITNEY CORPORATION	262,204	$10.5M	3.7%	$41.63	-1.1%	COM	410120109
—	PEOPLES UTAH BANCORP	340,065	$9.998M	3.5%	$24.48	—	COM	712706209
BANC	BANC OF CALIFORNIA INC	661,499	$9.241M	3.2%	$13.01	-5.9%	COM	05990K106
—	VERITEX HLDGS INC	350,136	$9.086M	3.2%	$25.36	—	COM	923451108
—	INDEPENDENT BK GROUP INC	164,496	$9.041M	3.2%	$51.29	—	COM	45384B106
TFIN	TRIUMPH BANCORP INC	292,637	$8.501M	3.0%	$36.22	-17.7%	COM	89679E300
ZION	ZIONS BANCORPORATION N A	182,518	$8.392M	2.9%	$42.47	+8.9%	COM	989701107
FBNC	FIRST BANCORP N C	218,011	$7.94M	2.8%	$28.70	+9.4%	COM	318910106
HFWA	HERITAGE FINL CORP WASH	261,130	$7.714M	2.7%	$19.10	+57.6%	COM	42722X106
FHN	FIRST HORIZON NATL CORP	495,190	$7.393M	2.6%	$12.72	-12.0%	COM	320517105
ISTR	INVESTAR HLDG CORP	286,821	$6.841M	2.4%	$23.21	+0.4%	COM	46134L105
EQBK	EQUITY BANCSHARES INC	253,563	$6.76M	2.4%	$33.09	-24.3%	COM CL A	29460X109
ABCB	AMERIS BANCORP	171,289	$6.713M	2.3%	$41.84	-21.0%	COM	03076K108
RF	REGIONS FINL CORP NEW	435,059	$6.5M	2.3%	$8.65	+29.7%	COM	7591EP100
—	SOUTH ST CORP	84,910	$6.255M	2.2%	$74.88	—	COM	840441109
HTH	HILLTOP HOLDINGS INC	289,598	$6.16M	2.2%	$18.85	+6.9%	COM	432748101
CMCO	COLUMBUS MCKINNON CORP N Y	124,565	$5.228M	1.8%	$24.23	+48.1%	COM	199333105
—	BMC STK HLDGS INC	230,008	$4.876M	1.7%	$18.72	—	COM	05591B109
SMBK	SMARTFINANCIAL INC	219,337	$4.757M	1.7%	$21.73	-4.8%	COM NEW	83190L208
—	KLX ENERGY SERVICS HOLDNGS I	215,000	$4.392M	1.5%	$32.01	—	COM	48253L106
—	ENCORE WIRE CORP	73,651	$4.314M	1.5%	$43.41	—	COM	292562105
OBK	ORIGIN BANCORP INC	129,264	$4.266M	1.5%	$38.81	-12.4%	COM	68621T102
—	PACWEST BANCORP DEL	107,090	$4.158M	1.5%	$45.23	—	COM	695263103
—	UNIVERSAL STAINLESS & ALLOY	252,544	$4.041M	1.4%	$22.48	—	COM	913837100
GDX	VANECK VECTORS ETF TR	151,000	$3.86M	1.4%	$21.49	—	GOLD MINERS ETF	92189F106
FNV	FRANCO NEVADA CORP	44,000	$3.735M	1.3%	$64.58	+10.0%	COM	351858105
—	UNIVAR INC	164,626	$3.629M	1.3%	$22.15	—	COM	91336L107
GBCI	GLACIER BANCORP INC NEW	89,322	$3.622M	1.3%	$20.66	+60.6%	COM	37637Q105
NEM	NEWMONT GOLDCORP CORPORATION	93,850	$3.61M	1.3%	$26.46	+5.6%	COM	651639106
—	AIR TRANSPORT SERVICES GRP I	142,905	$3.487M	1.2%	$22.06	—	COM	00922R105
—	MACQUARIE INFRASTRUCTURE COR	60,084	$2.436M	0.9%	$38.91	—	COM	55608B105
SRI	STONERIDGE INC	65,000	$2.051M	0.7%	$30.13	-1.8%	COM	86183P102
VEU	VANGUARD INTL EQUITY INDEX F	17,623	$899K	0.3%	$48.76	—	ALLWRLD EX US	922042775
PID	INVESCO EXCHANGE TRADED FD T	47,500	$776K	0.3%	$15.60	—	INTL DIVI ACHI	46137V548
EFA	ISHARES TR	9,000	$592K	0.2%	$57.33	—	MSCI EAFE ETF	464287465
DVY	ISHARES TR	5,484	$546K	0.2%	$64.00	—	SELECT DIVID ETF	464287168
WM	WASTE MGMT INC DEL	4,606	$531K	0.2%	$38.48	+152.7%	COM	94106L109
—	VANGUARD WORLD FDS	2,400	$506K	0.2%	$200.83	—	INF TECH ETF	92204a702
FNF	FIDELITY NATIONAL FINANCIAL	10,281	$414K	0.1%	$15.86	+77.6%	FNF GROUP COM	31620R303
JNJ	JOHNSON & JOHNSON	1,550	$216K	0.1%	$59.66	+92.4%	COM	478160104
—	ROYAL DUTCH SHELL PLC	2,800	$184K	0.1%	$65.71	—	SPON ADR B	780259107
—	ALPS ETF TR	17,300	$170K	0.1%	$10.06	—	ALERIAN MLP	00162Q866