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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109   655,560 3,600 SH   SOLE   3,600 0 0
AIR TRANSPORT SERVICES GRP I COM 00922R105   1,898,192 137,950 SH   SOLE   137,950 0 0
ALPHABET INC CAP STK CL A 02079K305   2,263,950 15,000 SH   SOLE   15,000 0 0
AMAZON COM INC COM 023135106   7,215,200 40,000 SH   SOLE   40,000 0 0
BANNER CORP COM NEW 06652V208   2,950,848 61,476 SH   SOLE   61,476 0 0
BROOKFIELD INFRASTRUCTURE CO COM SB VTG SHS A 11275Q107   706,384 19,600 SH   SOLE   19,600 0 0
CADENCE BANK COM 12740C103   1,924,208 66,352 SH   SOLE   66,352 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,471,250 25,000 SH   SOLE   25,000 0 0
CISCO SYS INC COM 17275R102   725,242 14,531 SH   SOLE   14,531 0 0
COLUMBUS MCKINNON CORP N Y COM 199333105   3,958,145 88,688 SH   SOLE   88,688 0 0
CROWN CASTLE INC COM 22822V101   550,316 5,200 SH   SOLE   5,200 0 0
DIGITAL RLTY TR INC COM 253868103   4,479,644 31,100 SH   SOLE   31,100 0 0
ENBRIDGE INC COM 29250N105   571,644 15,800 SH   SOLE   15,800 0 0
ENCORE WIRE CORP COM 292562105   2,102,240 8,000 SH   SOLE   8,000 0 0
FIRST HORIZON CORPORATION COM 320517105   431,200 28,000 SH   SOLE   28,000 0 0
FIRST INTST BANCSYSTEM INC COM 32055Y201   1,714,230 63,000 SH   SOLE   63,000 0 0
FRANCO NEV CORP COM 351858105   9,711,540 81,500 SH   SOLE   81,500 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   2,290,536 49,751 SH   SOLE   49,751 0 0
HEALTHEQUITY INC COM 42226A107   2,585,712 31,676 SH   SOLE   31,676 0 0
MICROSOFT CORP COM 594918104   3,365,760 8,000 SH   SOLE   8,000 0 0
NEWMONT CORP COM 651639106   7,202,048 200,950 SH   SOLE   200,950 0 0
ORIGIN BANCORP INC COM 68621T102   1,562,000 50,000 SH   SOLE   50,000 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   1,220,549 103,700 SH   SOLE   103,700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   2,363,847 27,525 SH   SOLE   27,525 0 0
RICHARDSON ELECTRS LTD COM 763165107   900,858 97,813 SH   SOLE   97,813 0 0
SANDY SPRING BANCORP INC COM 800363103   1,508,160 65,063 SH   SOLE   65,063 0 0
SMARTFINANCIAL INC COM NEW 83190L208   645,416 30,632 SH   SOLE   30,632 0 0
SOUTHSTATE CORPORATION COM 840441109   1,190,420 14,000 SH   SOLE   14,000 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104   25,059,050 1,448,500 SH   SOLE   1,448,500 0 0
ST JOE CO COM 790148100   4,608,615 79,500 SH   SOLE   79,500 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107   2,200,289 35,748 SH   SOLE   35,748 0 0
TRUBRIDGE INC COM 205306103   1,359,351 147,435 SH   SOLE   147,435 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   8,837,790 279,500 SH   SOLE   279,500 0 0
VANGUARD INDEX FDS SM CP VAL ETF 922908611   1,323,972 6,900 SH   SOLE   6,900 0 0
VANGUARD WHITEHALL FDS INTL HIGH ETF 921946794   1,320,960 19,200 SH   SOLE   19,200 0 0
WASTE MGMT INC DEL COM 94106L109   368,750 1,730 SH   SOLE   1,730 0 0
WESTROCK COFFEE CO COM 96145W103   1,033,000 100,000 SH   SOLE   100,000 0 0
ZIMVIE INC COM 98888T107   1,896,350 115,000 SH   SOLE   115,000 0 0