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 2,013 130,005 SH   SOLE NONE 0 0 130,005
ALPHABET INC CAP STK CL A 02079k107 12,813 9,064 SH   SOLE NONE 2,000 0 7,064
AMERICAN EXPRESS CO COM 025816109 6,873 72,197 SH   SOLE NONE 14,500 0 57,697
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 48 34,385 SH   SOLE NONE 22,900 0 11,485
AMERICAN INTL GROUP INC COM 026874784 9,481 304,059 SH   SOLE NONE 161,000 0 143,059
APPLE INC COM 037833100 295 808 SH   SOLE NONE 0 0 808
ASSURED GUARANTY LTD COM G0585R106 10,052 411,805 SH   SOLE NONE 204,000 0 207,805
ATHENE HLDG LTD CL A G0684d107 18,770 601,786 SH   SOLE NONE 236,000 0 365,786
AUTOZONE INC COM 053332102 12,995 11,519 SH   SOLE NONE 2,000 0 9,519
BERKSHIRE HATHAWAY INC CL B 084670702 761 4,261 SH   SOLE NONE 0 0 4,261
CHIMERA INVT CORP COM 16934Q109 8,663 901,447 SH   SOLE NONE 76,500 0 824,947
COCA COLA CO COM 191216100 611 13,669 SH   SOLE NONE 0 0 13,669
COMCAST CORP NEW CL A 20030n101 11,322 290,465 SH   SOLE NONE 54,000 0 236,465
CORECIVIC INC COM 21871n101 6,585 703,515 SH   SOLE NONE 144,000 0 559,515
CORTEVA INC COM 220521104 1,110 41,439 SH   SOLE NONE 0 0 41,439
CRAWFORD & CO CL A 224633206 1,014 128,507 SH   SOLE NONE 121,507 0 7,000
DARLING INGREDIENTS INC COM 237266101 16,413 666,660 SH   SOLE NONE 145,000 0 521,660
DUPONT DE NEMOURS INC COM 26614n102 1,996 37,573 SH   SOLE NONE 0 0 37,573
ENSTAR GROUP LIMITED SHS G3075p101 14,969 97,982 SH   SOLE NONE 55,700 0 42,282
ESSENT GROUP LTD COM G3198U102 6,340 174,790 SH   SOLE NONE 77,000 0 97,790
EVEREST RE GROUP LTD COM G3223R108 2,268 11,000 SH   SOLE NONE 11,000 0 0
FIRST HORIZON NATL CORP COM 320517105 229 22,995 SH   SOLE NONE 0 0 22,995
GCI LIBERTY INC COM 36164v305 3,649 51,306 SH   SOLE NONE 15,000 0 36,306
HOME BANCSHARES INC COM 436893200 2,153 140,000 SH   SOLE NONE 0 0 140,000
JERNIGAN CAP INC COM 476405105 5,293 386,900 SH   SOLE NONE 55,000 0 331,900
LIBERTY BROADBAND CORP COM SER C 530307305 13,160 106,160 SH   SOLE NONE 22,500 0 83,660
MGIC INVESTMENT CORP CORP 552848103 21,601 2,637,532 SH   SOLE NONE 1,308,212 0 1,329,320
MICROSOFT CORP CORP 594918104 338 1,662 SH   SOLE NONE 0 0 1,662
NMI HOLDINGS INC CL A 629209305 757 47,050 SH   SOLE NONE 0 0 47,050
OLD REP INTL CORP COM 680223104 3,034 186,000 SH   SOLE NONE 92,000 0 94,000
PROGRESSIVE CORP OHIO COM 743315103 10,949 136,673 SH   SOLE NONE 63,500 0 73,173
REGIONS FINANCIAL CORP COM 7591EP100 214 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,653 15,510 SH   SOLE NONE 15,500 0 10
RENEWABLE ENERGY GROUP COM 75972A301 8,231 332,160 SH   SOLE NONE 67,500 0 264,660
SELECT INTERIOR CONCEPTS INC CL A 816120307 344 98,196 SH   SOLE NONE 0 0 98,196
STARWOOD PPTY TR INC COM 85571B105 11,172 746,788 SH   SOLE NONE 108,000 0 638,788
STORE CAP CORP COM 862121100 4,198 176,325 SH   SOLE NONE 0 0 176,325
TORTOISE MLP FD INC COM 89148B101 763 44,131 SH   SOLE NONE 1,775 0 42,356
TRIUMPH BANCORP INC COM 89679E300 11,361 468,120 SH   SOLE NONE 63,000 0 405,120
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 6,404 22,594 SH   SOLE NONE 0 0 22,594
VERISIGN INC COM 94343E102 6,784 32,799 SH   SOLE NONE 7,900 0 24,899