Forest Hill Capital, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	40,000	$8,783	4.5%	$127.50	+79.4%	—	023135106
—	ZIMVIE INC	208,309	$3,945	2.0%	$15.59	—	—	98888T107
—	TREEHOUSE FOODS INC	105,500	$2,132	1.1%	$32.04	—	—	89469A104
HCAT	HEALTH CATALYST INC	37,000	$105	0.1%	$5.29	-48.3%	—	42225T107

Decreased Positions (4)

CCI CROWN CASTLE INC 0.2%

Value ($000) $373 (-37.6%) Shares 4,200 (-32.3%) Est. Cost $109.53 Unrealized -16.8%

HUN HUNTSMAN CORP 1.5%

Value ($000) $2,860 (+6.9%) Shares 286,000 (-4.0%) Est. Cost $16.36 Unrealized -44.0%

ABBV ABBVIE INC 0.4%

Value ($000) $823 (-15.4%) Shares 3,600 (-14.3%) Est. Cost $133.69 Unrealized +70.2%

CSCO CISCO SYS INC 0.5%

Value ($000) $965 (-2.9%) Shares 12,531 (-13.8%) Est. Cost $41.47 Unrealized +78.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCI	CROWN CASTLE INC	4,200 (-32.3%)	$373 (-37.6%)	0.2%	$109.53	-16.8%	COM	22822V101
HUN	HUNTSMAN CORP	286,000 (-4.0%)	$2,860 (+6.9%)	1.5%	$16.36	-44.0%	COM	447011107
ABBV	ABBVIE INC	3,600 (-14.3%)	$823 (-15.4%)	0.4%	$133.69	+70.2%	COM	00287Y109
CSCO	CISCO SYS INC	12,531 (-13.8%)	$965 (-2.9%)	0.5%	$41.47	+78.0%	COM	17275R102

Unchanged Positions (28)

PHYS SPROTT ASSET MANAGEMENT LP 24.5%

Value ($000) $47,829 Shares 1,448,500 Est. Cost $9.77 Unrealized —

NEM NEWMONT CORP 10.0%

Value ($000) $19,546 Shares 195,750 Est. Cost $33.68 Unrealized +167.8%

GDX VANECK ETF TRUST 12.3%

Value ($000) $23,973 Shares 279,500 Est. Cost $22.23 Unrealized —

FNV FRANCO NEV CORP 8.6%

Value ($000) $16,893 Shares 81,500 Est. Cost $82.42 Unrealized +146.1%

GOOGL ALPHABET INC 2.4%

Value ($000) $4,695 Shares 15,000 Est. Cost $95.22 Unrealized +199.9%

JOE ST JOE CO 2.2%

Value ($000) $4,393 Shares 74,000 Est. Cost $35.21 Unrealized +59.1%

EVH EVOLENT HEALTH INC 0.3%

Value ($000) $601 Shares 150,250 Est. Cost $18.57 Unrealized -70.1%

DLR DIGITAL RLTY TR INC 1.8%

Value ($000) $3,481 Shares 22,500 Est. Cost $95.33 Unrealized +71.1%

ECVT ECOVYST INC 1.9%

Value ($000) $3,813 Shares 391,900 Est. Cost $8.41 Unrealized +3.7%

CADE CADENCE BANK 1.5%

Value ($000) $2,843 Shares 66,352 Est. Cost $26.03 Unrealized +51.4%

CMCO COLUMBUS MCKINNON CORP N Y 0.9%

Value ($000) $1,763 Shares 102,188 Est. Cost $25.39 Unrealized -37.2%

MSFT MICROSOFT CORP 2.0%

Value ($000) $3,869 Shares 8,000 Est. Cost $249.46 Unrealized +100.7%

HUBG HUB GROUP INC 0.7%

Value ($000) $1,278 Shares 30,000 Est. Cost $35.70 Unrealized +6.5%

CRMT AMERICAS CAR-MART INC 0.8%

Value ($000) $1,539 Shares 60,938 Est. Cost $50.60 Unrealized -52.5%

TBRG TRUBRIDGE INC 1.1%

Value ($000) $2,236 Shares 101,308 Est. Cost $16.63 Unrealized +25.9%

OBK ORIGIN BANCORP INC 1.0%

Value ($000) $1,993 Shares 53,000 Est. Cost $31.16 Unrealized +15.0%

SSB SOUTHSTATE BK CORP 1.2%

Value ($000) $2,353 Shares 25,000 Est. Cost $96.71 Unrealized -5.0%

VYMI VANGUARD WHITEHALL FDS 0.9%

Value ($000) $1,728 Shares 19,200 Est. Cost $65.12 Unrealized —

HQY HEALTHEQUITY INC 1.4%

Value ($000) $2,709 Shares 29,576 Est. Cost $74.56 Unrealized +28.4%

BIPC BROOKFIELD INFRASTRUCTURE CO 0.5%

Value ($000) $913 Shares 20,100 Est. Cost $40.13 Unrealized +12.2%

HWC HANCOCK WHITNEY CORPORATION 1.6%

Value ($000) $3,168 Shares 49,751 Est. Cost $40.03 Unrealized +51.7%

— PINNACLE FINL PARTNERS INC 1.3%

Value ($000) $2,626 Shares 27,525 Est. Cost $58.76 Unrealized —

ENB ENBRIDGE INC 0.4%

Value ($000) $756 Shares 15,800 Est. Cost $33.17 Unrealized +42.0%

RELL RICHARDSON ELECTRS LTD 0.2%

Value ($000) $406 Shares 37,327 Est. Cost $9.19 Unrealized +15.0%

FHN FIRST HORIZON CORPORATION 0.3%

Value ($000) $669 Shares 28,000 Est. Cost $11.85 Unrealized +87.1%

VBR VANGUARD INDEX FDS 0.7%

Value ($000) $1,461 Shares 6,900 Est. Cost $173.47 Unrealized —

WM WASTE MGMT INC DEL 0.2%

Value ($000) $380 Shares 1,730 Est. Cost $38.48 Unrealized +452.4%

AUB ATLANTIC UN BANKSHARES CORP 1.1%

Value ($000) $2,067 Shares 58,556 Est. Cost $27.78 Unrealized +21.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	SPROTT ASSET MANAGEMENT LP	1,448,500	$47,829	24.5%	$9.77	—	PHYSICAL GOLD TR	85207H104
NEM	NEWMONT CORP	195,750	$19,546	10.0%	$33.68	+167.8%	COM	651639106
GDX	VANECK ETF TRUST	279,500	$23,973	12.3%	$22.23	—	GOLD MINERS ETF	92189F106
FNV	FRANCO NEV CORP	81,500	$16,893	8.6%	$82.42	+146.1%	COM	351858105
GOOGL	ALPHABET INC	15,000	$4,695	2.4%	$95.22	+199.9%	CAP STK CL A	02079K305
JOE	ST JOE CO	74,000	$4,393	2.2%	$35.21	+59.1%	COM	790148100
EVH	EVOLENT HEALTH INC	150,250	$601	0.3%	$18.57	-70.1%	CL A	30050B101
DLR	DIGITAL RLTY TR INC	22,500	$3,481	1.8%	$95.33	+71.1%	COM	253868103
ECVT	ECOVYST INC	391,900	$3,813	1.9%	$8.41	+3.7%	COM	27923Q109
CADE	CADENCE BANK	66,352	$2,843	1.5%	$26.03	+51.4%	COM	12740C103
CMCO	COLUMBUS MCKINNON CORP N Y	102,188	$1,763	0.9%	$25.39	-37.2%	COM	199333105
MSFT	MICROSOFT CORP	8,000	$3,869	2.0%	$249.46	+100.7%	COM	594918104
HUBG	HUB GROUP INC	30,000	$1,278	0.7%	$35.70	+6.5%	CL A	443320106
CRMT	AMERICAS CAR-MART INC	60,938	$1,539	0.8%	$50.60	-52.5%	COM	03062T105
TBRG	TRUBRIDGE INC	101,308	$2,236	1.1%	$16.63	+25.9%	COM	205306103
OBK	ORIGIN BANCORP INC	53,000	$1,993	1.0%	$31.16	+15.0%	COM	68621T102
SSB	SOUTHSTATE BK CORP	25,000	$2,353	1.2%	$96.71	-5.0%	COM	84472E102
VYMI	VANGUARD WHITEHALL FDS	19,200	$1,728	0.9%	$65.12	—	INTL HIGH ETF	921946794
HQY	HEALTHEQUITY INC	29,576	$2,709	1.4%	$74.56	+28.4%	COM	42226A107
BIPC	BROOKFIELD INFRASTRUCTURE CO	20,100	$913	0.5%	$40.13	+12.2%	COM SUB VTG A	11276H106
HWC	HANCOCK WHITNEY CORPORATION	49,751	$3,168	1.6%	$40.03	+51.7%	COM	410120109
—	PINNACLE FINL PARTNERS INC	27,525	$2,626	1.3%	$58.76	—	COM	72346Q104
ENB	ENBRIDGE INC	15,800	$756	0.4%	$33.17	+42.0%	COM	29250N105
RELL	RICHARDSON ELECTRS LTD	37,327	$406	0.2%	$9.19	+15.0%	COM	763165107
FHN	FIRST HORIZON CORPORATION	28,000	$669	0.3%	$11.85	+87.1%	COM	320517105
VBR	VANGUARD INDEX FDS	6,900	$1,461	0.7%	$173.47	—	SM CP VAL ETF	922908611
WM	WASTE MGMT INC DEL	1,730	$380	0.2%	$38.48	+452.4%	COM	94106L109
AUB	ATLANTIC UN BANKSHARES CORP	58,556	$2,067	1.1%	$27.78	+21.9%	COM	04911A107