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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADAMS DIVERSIFIED EQUITY FD COM 006212104 1,700 130,005 SH   SOLE NONE 0 0 130,005
ALPHABET INC CAP STK CL A 02079k107 11,968 10,292 SH   SOLE NONE 2,200 0 8,092
AMERICAN EXPRESS CO COM 025816109 7,083 82,737 SH   SOLE NONE 16,000 0 66,737
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 27 34,385 SH   SOLE NONE 22,900 0 11,485
AMERICAN INTL GROUP INC COM 026874784 7,974 328,809 SH   SOLE NONE 165,000 0 163,809
APPLE INC COM 037833100 205 808 SH   SOLE NONE 0 0 808
ASSURED GUARANTY LTD COM G0585R106 11,352 440,175 SH   SOLE NONE 210,000 0 230,175
ATHENE HLDG LTD CL A G0684d107 16,288 656,261 SH   SOLE NONE 248,000 0 408,261
AUTOZONE INC COM 053332102 17,206 20,338 SH   SOLE NONE 4,060 0 16,278
BERKSHIRE HATHAWAY INC CL B 084670702 779 4,261 SH   SOLE NONE 0 0 4,261
CHIMERA INVT CORP COM 16934Q109 8,883 976,147 SH   SOLE NONE 85,000 0 891,147
COCA COLA CO COM 191216100 600 13,569 SH   SOLE NONE 0 0 13,569
COMCAST CORP NEW CL A 20030n101 10,414 302,910 SH   SOLE NONE 60,000 0 242,910
CORECIVIC INC COM 21871n101 4,779 427,865 SH   SOLE NONE 80,000 0 347,865
CORTEVA INC COM 220521104 1,368 58,231 SH   SOLE NONE 13,333 0 44,898
CRAWFORD & CO CL A 224633206 925 128,507 SH   SOLE NONE 121,507 0 7,000
DARLING INGREDIENTS INC COM 237266101 13,901 725,160 SH   SOLE NONE 160,700 0 564,460
DUPONT DE NEMOURS INC COM 26614n102 1,764 51,732 SH   SOLE NONE 13,333 0 38,399
ENSTAR GROUP LIMITED SHS G3075p101 17,103 107,532 SH   SOLE NONE 57,000 0 50,532
ESSENT GROUP LTD COM G3198U102 619 23,500 SH   SOLE NONE 23,500 0 0
EVEREST RE GROUP LTD COM G3223R108 2,117 11,000 SH   SOLE NONE 11,000 0 0
FIRST HORIZON NATL CORP COM 320517105 188 23,295 SH   SOLE NONE 0 0 23,295
GCI LIBERTY INC COM 36164v305 3,346 58,726 SH   SOLE NONE 15,000 0 43,726
HOME BANCSHARES INC COM 436893200 2,938 245,000 SH   SOLE NONE 0 0 245,000
JERNIGAN CAP INC COM 476405105 4,755 433,875 SH   SOLE NONE 55,000 0 378,875
LIBERTY BROADBAND CORP COM SER C 530307305 12,967 117,120 SH   SOLE NONE 25,000 0 92,120
MGIC INVESTMENT CORP CORP 552848103 17,538 2,761,832 SH   SOLE NONE 1,348,212 0 1,413,620
MICROSOFT CORP CORP 594918104 246 1,562 SH   SOLE NONE 0 0 1,562
NMI HOLDINGS INC CL A 629209305 5,027 432,980 SH   SOLE NONE 131,000 0 301,980
OLD REP INTL CORP COM 680223104 2,837 186,000 SH   SOLE NONE 92,000 0 94,000
PROGRESSIVE CORP OHIO COM 743315103 3,729 50,500 SH   SOLE NONE 50,000 0 500
REGIONS FINANCIAL CORP COM 7591EP100 173 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,316 15,510 SH   SOLE NONE 15,500 0 10
RENEWABLE ENERGY GROUP COM 75972A301 11,216 546,335 SH   SOLE NONE 115,000 0 431,335
SELECT INTERIOR CONCEPTS INC CL A 816120307 235 113,415 SH   SOLE NONE 0 0 113,415
STARWOOD PPTY TR INC COM 85571B105 8,400 819,544 SH   SOLE NONE 120,106 0 699,438
STORE CAP CORP COM 862121100 3,648 201,325 SH   SOLE NONE 0 0 201,325
TORTOISE MLP FD INC COM 89148B101 579 678,185 SH   SOLE NONE 23,950 0 654,235
TRIUMPH BANCORP INC COM 89679E300 13,208 508,005 SH   SOLE NONE 70,000 0 438,005
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 5,358 22,624 SH   SOLE NONE 0 0 22,624
VERISIGN INC COM 94343E102 6,171 34,267 SH   SOLE NONE 8,000 0 26,267