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
Expires: July 31, 2015
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
NOBLE CORP PLC ORD SHS A G65431127 5,499,111 207,123 SH SOLE 0 0 207,123
SEADRILL LTD COM G7997W102 6,325,200 240,960 SH SOLE 0 0 240,960
VALARIS LTD CL A G9460G101 1,428,582 33,925 SH SOLE 0 0 33,925
ETFS GOLD TR PHYSCL GOLD SHS 00326A104 16,272,527 515,933 SH SOLE 0 0 515,933
ABRDN PLATINUM ETF TRUST PHYSCL PLATM SHS 003260106 1,715,265 13,960 SH SOLE 0 0 13,960
ALICO INC COM 016230104 334,512 10,236 SH SOLE 0 0 10,236
ALLEGIANT TRAVEL CO COM 01748X102 8,116,225 147,702 SH SOLE 0 0 147,702
ALLISON TRANSMISSION HLDGS I COM 01973R101 922,638 9,713 SH SOLE 0 0 9,713
ANTERO RESOURCES CORP COM 03674X106 3,251,402 80,720 SH SOLE 0 0 80,720
AUTONATION INC COM 05329W102 10,420,782 52,458 SH SOLE 0 0 52,458
BANK OZK LITTLE ROCK ARK COM 06417N103 1,648,324 35,026 SH SOLE 0 0 35,026
BUILDERS FIRSTSOURCE INC COM 12008R107 9,468,810 81,145 SH SOLE 0 0 81,145
CORE NATURAL RESOURCES INC COM SHS 218937100 1,099,521 15,766 SH SOLE 0 0 15,766
D R HORTON INC COM 23331A109 9,513,007 73,790 SH SOLE 0 0 73,790
EOG RES INC COM 26875P101 5,865,076 49,035 SH SOLE 0 0 49,035
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 2,096,136 115,617 SH SOLE 0 0 115,617
FRP HLDGS INC COM 30292L107 1,796,225 66,799 SH SOLE 0 0 66,799
OPENLANE INC COM 48238T109 1,590,130 65,036 SH SOLE 0 0 65,036
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 3,586,445 37,550 SH SOLE 0 0 37,550
PEABODY ENERGY CORP COM 704551100 796,410 59,345 SH SOLE 0 0 59,345
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 1,617,308 88,281 SH SOLE 0 0 88,281
PRECISION DRILLING CORP COM NEW 74022D407 2,915,274 61,712 SH SOLE 0 0 61,712
ST JOE CO COM 790148100 892,372 18,708 SH SOLE 0 0 18,708
SITIO ROYALTIES CORP CLASS A COM 82983N108 7,935,496 431,746 SH SOLE 0 0 431,746
SPROTT PHYSICAL GOLD TR UNIT 85207H104 12,436,533 490,593 SH SOLE 0 0 490,593
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 776,946 63,476 SH SOLE 0 0 63,476
TRIPLE FLAG PRECIOUS METAL COM 89679M104 1,847,323 77,979 SH SOLE 0 0 77,979