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 1,475 80,000 SH   SOLE NONE 0 0 80,000
ALPHABET INC CAP STK CL A 02079k107 23,995 8,591 SH   SOLE NONE 2,000 0 6,591
AMERICAN EXPRESS CO COM 025816109 12,877 68,862 SH   SOLE NONE 14,500 0 54,362
AMERICAN INTL GROUP INC COM 026874784 17,337 276,199 SH   SOLE NONE 136,000 0 140,199
APOLLO GLOBAL MGMT INC COM 03769M106 37,746 608,902 SH   SOLE NONE 251,165 0 357,737
APPLE INC COM 037833100 701 4,017 SH   SOLE NONE 0 0 4,017
ARCHAEA ENERGY INC COM CL A 03940f103 57,439 2,619,178 SH   SOLE NONE 745,000 0 1,874,178
ASSURED GUARANTY LTD COM G0585R106 5,093 80,000 SH   SOLE NONE 80,000 0 0
AUTOZONE INC COM 053332102 22,687 11,096 SH   SOLE NONE 2,000 0 9,096
BERKSHIRE HATHAWAY INC CL B 084670702 1,433 4,061 SH   SOLE NONE 0 0 4,061
BRIGHAM MINERALS INC COM CL A 10918L103 10,945 428,360 SH   SOLE NONE 0 0 428,360
COCA COLA CO COM 191216100 816 13,164 SH   SOLE NONE 0 0 13,164
COMCAST CORP NEW CL A 20030n101 13,117 280,150 SH   SOLE NONE 54,000 0 226,150
DARLING INGREDIENTS INC COM 237266101 40,133 499,285 SH   SOLE NONE 120,000 0 379,285
ENSTAR GROUP LIMITED SHS G3075p101 30,558 117,013 SH   SOLE NONE 62,000 0 55,013
ESSENT GROUP LTD COM G3198U102 7,224 175,290 SH   SOLE NONE 77,000 0 98,290
EVEREST RE GROUP LTD COM G3223R108 4,822 16,000 SH   SOLE NONE 16,000 0 0
FIRST HORIZON NATL CORP COM 320517105 470 19,995 SH   SOLE NONE 0 0 19,995
HARTFORD FINL SVCS CORP COM 416515104 2,513 35,000 SH   SOLE NONE 35,000 0 0
HOME BANCSHARES INC COM 436893200 904 40,000 SH   SOLE NONE 0 0 40,000
LENNAR CORP CL B 526057302 9,254 135,396 SH   SOLE NONE 33,000 0 102,396
LIBERTY BROADBAND CORP COM SER C 530307305 17,692 130,744 SH   SOLE NONE 31,200 0 99,544
LIVE OAK CRESTVIEW CLIMATE A UNIT 99/99/9999 538086208 5,941 606,793 SH   SOLE NONE 250,000 0 356,793
MGIC INVESTMENT CORP CORP 552848103 34,981 2,581,632 SH   SOLE NONE 1,308,212 0 1,273,420
MICROSOFT CORP CORP 594918104 608 1,972 SH   SOLE NONE 0 0 1,972
NMI HOLDINGS INC CL A 629209305 566 27,460 SH   SOLE NONE 0 0 27,460
OLD REP INTL CORP COM 680223104 9,621 371,915 SH   SOLE NONE 120,000 0 251,915
PINNACLE FINL PARTNERS COM 72346Q104 212 2,300 SH   SOLE NONE 0 0 2,300
PROGRESSIVE CORP OHIO COM 743315103 14,533 127,490 SH   SOLE NONE 53,500 0 73,990
REGIONS FINANCIAL CORP COM 7591EP100 428 19,235 SH   SOLE NONE 0 0 19,235
RENT A CTR INC NEW COM 76009N100 1,552 61,598 SH   SOLE NONE 23,000 0 38,598
RICE ACQUISITION CORP II CL A G75529100 6,233 632,180 SH   SOLE NONE 150,000 0 482,180
RICE ACQUISITION CORP II UNIT 99/99/9999 G75529118 346 34,585 SH   SOLE NONE 0 0 34,585
STARWOOD PPTY TR INC COM 85571B105 17,250 713,680 SH   SOLE NONE 108,000 0 605,680
STORE CAP CORP COM 862121100 5,431 185,795 SH   SOLE NONE 0 0 185,795
TRAVELERS GROUP INC COM 894190107 2,375 13,000 SH   SOLE NONE 13,000 0 0
TRIUMPH BANCORP INC COM 89679E300 22,030 234,308 SH   SOLE NONE 48,000 0 186,308
VERISIGN INC COM 94343E102 5,081 22,840 SH   SOLE NONE 3,000 0 19,840