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<n1:informationTable xmlns:n1="http://www.sec.gov/edgar/document/thirteenf/informationtable">
	<n1:infoTable>
		<n1:nameOfIssuer>Affiliated Managers Group</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>008252108</n1:cusip>
		<n1:value>34433</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>231604</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>209476</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>22128</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>American Tower Corp New</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>03027X100</n1:cusip>
		<n1:value>42411</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>294173</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
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		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>267153</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>27020</n1:None>
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	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>AmerisourceBergen Corp</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>03073E105</n1:cusip>
		<n1:value>9574</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>112284</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
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		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>103377</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>8907</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Ares Cap Corp</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>04010L103</n1:cusip>
		<n1:value>39877</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>2424146</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
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		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>2199495</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>224651</n1:None>
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	<n1:infoTable>
		<n1:nameOfIssuer>AutoNation Inc.</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>05329W102</n1:cusip>
		<n1:value>17953</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>369552</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>332432</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>37120</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Berkshire Hathaway Inc Del</n1:nameOfIssuer>
		<n1:titleOfClass>Cl B New</n1:titleOfClass>
		<n1:cusip>084670702</n1:cusip>
		<n1:value>28539</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>152903</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>139531</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>13372</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Brookfield Asset Mgmt Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Cl A Ltd Vt Sh</n1:titleOfClass>
		<n1:cusip>112585104</n1:cusip>
		<n1:value>48310</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1191651</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>1080867</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>110784</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>CenturyLink Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>156700106</n1:cusip>
		<n1:value>19081</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1023672</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>928322</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>95350</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Discover Finl Svcs</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>254709108</n1:cusip>
		<n1:value>30495</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>433112</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>393406</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>39706</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Discovery Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com Ser C</n1:titleOfClass>
		<n1:cusip>25470F302</n1:cusip>
		<n1:value>19472</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>763610</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>689874</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>73736</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Express Scripts Hldg Co</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>30219G108</n1:cusip>
		<n1:value>26193</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>339238</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>306364</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>32874</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Hanesbrands Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>410345102</n1:cusip>
		<n1:value>15320</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>695753</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>634059</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>61694</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Kinder Morgan Inc Del</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>49456B101</n1:cusip>
		<n1:value>21878</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>1238167</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>1124983</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>113184</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>LKQ Corp</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>501889208</n1:cusip>
		<n1:value>15087</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>472944</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>426808</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>46136</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Oaktree Specialty Lending Co</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>67401P108</n1:cusip>
		<n1:value>10380</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>2171618</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>1962678</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>208940</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Penske Automotive Grp Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>70959W103</n1:cusip>
		<n1:value>13168</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>281057</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>255313</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>25744</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Price T Rowe Group Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>74144T108</n1:cusip>
		<n1:value>3601</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>31023</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>28964</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>2059</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Qualcomm Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>747525103</n1:cusip>
		<n1:value>21359</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>380603</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>345409</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>35194</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Radian Group Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>750236101</n1:cusip>
		<n1:value>37658</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>2321679</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>2102269</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>219410</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Range Res Corp</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>75281A109</n1:cusip>
		<n1:value>8820</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>527177</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>479355</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>47822</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Ryman Hospitality Pptys Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>78377T107</n1:cusip>
		<n1:value>43453</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>522581</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>474029</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>48552</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Simon Ppty Group Inc New</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>828806109</n1:cusip>
		<n1:value>12729</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>74790</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>68938</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>5852</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Taiwan Semiconductor Mfg Ltd</n1:nameOfIssuer>
		<n1:titleOfClass>Sponsored ADR</n1:titleOfClass>
		<n1:cusip>874039100</n1:cusip>
		<n1:value>15657</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>428252</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>389960</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>38292</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>U S Silica Hldgs Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>90346E103</n1:cusip>
		<n1:value>10837</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>421847</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>381395</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>40452</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Ventas Inc</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>92276F100</n1:cusip>
		<n1:value>29041</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>509931</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>464576</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>45355</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
	<n1:infoTable>
		<n1:nameOfIssuer>Wells Fargo Co New</n1:nameOfIssuer>
		<n1:titleOfClass>Com</n1:titleOfClass>
		<n1:cusip>949746101</n1:cusip>
		<n1:value>554</n1:value>
		<n1:shrsOrPrnAmt>
			<n1:sshPrnamt>10000</n1:sshPrnamt>
			<n1:sshPrnamtType>SH</n1:sshPrnamtType>
		</n1:shrsOrPrnAmt>
		<n1:investmentDiscretion>SOLE</n1:investmentDiscretion>
		<n1:otherManager>N/A</n1:otherManager>
		<n1:votingAuthority>
			<n1:Sole>10000</n1:Sole>
			<n1:Shared>0</n1:Shared>
			<n1:None>0</n1:None>
		</n1:votingAuthority>
	</n1:infoTable>
</n1:informationTable>
