Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	SPROTT PHYSICAL GOLD TR	1,448,500	$21.61M	10.2%	$9.77	—	UNIT	85207H104
KRE	SPDR SER TR	328,000	$13.39M	6.4%	$43.86	—	S&P REGL BKG	78464A698
FNV	FRANCO NEV CORP	81,500	$11.62M	5.5%	$82.42	+77.6%	COM	351858105
TCBI	TEXAS CAP BANCSHARES INC	194,015	$9.992M	4.7%	$61.64	-19.1%	COM	88224Q107
CADE	CADENCE BANK	502,574	$9.871M	4.7%	$26.03	-30.9%	COM	12740C103
HWC	HANCOCK WHITNEY CORPORATION	248,545	$9.539M	4.5%	$40.03	-7.2%	COM	410120109
BANR	BANNER CORP	217,431	$9.495M	4.5%	$38.00	+12.3%	COM NEW	06652V208
—	SOUTHSTATE CORPORATION	132,600	$8.725M	4.1%	$76.20	—	COM	840441109
NEM	NEWMONT CORP	200,950	$8.573M	4.1%	$33.68	+25.9%	COM	651639106
GDX	VANECK ETF TRUST	279,500	$8.416M	4.0%	$22.23	—	GOLD MINERS ETF	92189F106
FIBK	FIRST INTST BANCSYSTEM INC	327,064	$7.797M	3.7%	$30.68	-31.8%	COM	32055Y201
BANC	BANC OF CALIFORNIA INC	534,882	$6.194M	2.9%	$13.59	-21.2%	COM	05990K106
SMBK	SMARTFINANCIAL INC	265,649	$5.714M	2.7%	$22.36	-2.3%	COM NEW	83190L208
AMZN	AMAZON COM INC	40,000	$5.214M	2.5%	$127.50	-10.4%	COM	023135106
—	PINNACLE FINL PARTNERS INC	86,404	$4.895M	2.3%	$58.76	—	COM	72346Q104
GBCI	GLACIER BANCORP INC NEW	141,671	$4.416M	2.1%	$26.79	+12.3%	COM	37637Q105
HFWA	HERITAGE FINL CORP WASH	273,090	$4.416M	2.1%	$20.79	-16.3%	COM	42722X106
CRMT	AMERICAS CAR-MART INC	40,242	$4.015M	1.9%	$90.51	-4.1%	COM	03062T105
JOE	ST JOE CO	79,500	$3.843M	1.8%	$35.21	+23.7%	COM	790148100
RF	REGIONS FINANCIAL CORP NEW	202,815	$3.614M	1.7%	$9.30	+68.0%	COM	7591EP100
CMCO	COLUMBUS MCKINNON CORP N Y	88,688	$3.605M	1.7%	$25.38	+41.1%	COM	199333105
DLR	DIGITAL RLTY TR INC	31,100	$3.541M	1.7%	$95.33	-5.0%	COM	253868103
AUB	ATLANTIC UN BANKSHARES CORP	133,868	$3.474M	1.6%	$18.32	+37.3%	COM	04911A107
MSFT	MICROSOFT CORP	10,000	$3.405M	1.6%	$249.46	+23.2%	COM	594918104
FHN	FIRST HORIZON CORPORATION	300,000	$3.381M	1.6%	$12.11	0.0%	COM	320517105
TFIN	TRIUMPH FINANCIAL INC	53,570	$3.253M	1.5%	$36.22	+51.7%	COM	89679E300
ABCB	AMERIS BANCORP	95,000	$3.25M	1.5%	$40.28	-20.5%	COM	03076K108
—	UNIVAR SOLUTIONS INC	88,958	$3.188M	1.5%	$22.15	—	COM	91336L107
FBK	FB FINL CORP	105,123	$2.949M	1.4%	$38.68	-29.7%	COM	30257X104
—	AIR TRANSPORT SERVICES GRP I	117,950	$2.226M	1.1%	$22.41	—	COM	00922R105
—	PARAMOUNT GLOBAL	123,700	$1.968M	0.9%	$30.86	—	CLASS B COM	92556H206
GOOGL	ALPHABET INC	15,000	$1.796M	0.9%	$95.22	+20.0%	CAP STK CL A	02079K305
—	SANDY SPRING BANCORP INC	70,117	$1.59M	0.8%	$31.36	—	COM	800363103
—	ENCORE WIRE CORP	8,000	$1.487M	0.7%	$61.19	—	COM	292562105
COLB	COLUMBIA BKG SYS INC	70,000	$1.42M	0.7%	$17.89	0.0%	COM	197236102
VYMI	VANGUARD WHITEHALL FDS	19,200	$1.213M	0.6%	$65.12	—	INTL HIGH ETF	921946794
—	ZIMVIE INC	104,696	$1.176M	0.6%	$17.70	—	COM	98888T107
VBR	VANGUARD INDEX FDS	6,900	$1.141M	0.5%	$173.47	—	SM CP VAL ETF	922908611
CALM	CAL MAINE FOODS INC	25,000	$1.125M	0.5%	$32.85	+28.1%	COM NEW	128030202
WEST	WESTROCK COFFEE CO	100,000	$1.087M	0.5%	$10.32	+12.3%	COM	96145W103
CSCO	CISCO SYS INC	14,531	$752K	0.4%	$41.47	+9.8%	COM	17275R102
ENB	ENBRIDGE INC	15,800	$587K	0.3%	$33.17	-3.3%	COM	29250N105
CCI	CROWN CASTLE INC	4,600	$524K	0.2%	$113.66	-9.9%	COM	22822V101
ABBV	ABBVIE INC	3,600	$485K	0.2%	$126.41	+5.8%	COM	00287Y109
MMM	3M CO	4,800	$480K	0.2%	$104.63	-25.9%	COM	88579Y101
WM	WASTE MGMT INC DEL	1,730	$300K	0.1%	$38.48	+312.6%	COM	94106L109
—	WESTROCK COFFEE CO	30,000	$90,000	0.0%	$1.47	—	*W EXP 08/29/202	96145W111