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 912 59,500 SH   SOLE NONE 0 0 59,500
ALPHABET INC CAP STK CL A 02079k107 18,946 8,661 SH   SOLE NONE 2,000 0 6,661
AMERICAN EXPRESS CO COM 025816109 9,688 69,887 SH   SOLE NONE 14,500 0 55,387
AMERICAN INTL GROUP INC COM 026874784 14,058 274,949 SH   SOLE NONE 136,000 0 138,949
APOLLO GLOBAL MGMT INC COM 03769M106 29,245 603,241 SH   SOLE NONE 251,664 0 351,577
APPLE INC COM 037833100 549 4,017 SH   SOLE NONE 0 0 4,017
ARCHAEA ENERGY INC COM CL A 03940f103 40,817 2,628,288 SH   SOLE NONE 745,000 0 1,883,288
ASSURED GUARANTY LTD COM G0585R106 4,463 80,000 SH   SOLE NONE 80,000 0 0
AUTOZONE INC COM 053332102 23,982 11,159 SH   SOLE NONE 2,000 0 9,159
BERKSHIRE HATHAWAY INC CL B 084670702 1,109 4,061 SH   SOLE NONE 0 0 4,061
BRIGHAM MINERALS INC COM CL A 10918L103 10,526 427,360 SH   SOLE NONE 0 0 427,360
COCA COLA CO COM 191216100 828 13,164 SH   SOLE NONE 0 0 13,164
COMCAST CORP NEW CL A 20030n101 11,106 283,025 SH   SOLE NONE 54,000 0 229,025
DARLING INGREDIENTS INC COM 237266101 30,046 502,435 SH   SOLE NONE 120,000 0 382,435
ENSTAR GROUP LIMITED SHS G3075p101 25,040 117,018 SH   SOLE NONE 62,000 0 55,018
ESSENT GROUP LTD COM G3198U102 6,784 174,390 SH   SOLE NONE 77,000 0 97,390
EVEREST RE GROUP LTD COM G3223R108 4,484 16,000 SH   SOLE NONE 16,000 0 0
FIRST HORIZON NATL CORP COM 320517105 415 18,995 SH   SOLE NONE 0 0 18,995
HARTFORD FINL SVCS CORP COM 416515104 2,290 35,000 SH   SOLE NONE 35,000 0 0
HOME BANCSHARES INC COM 436893200 831 40,000 SH   SOLE NONE 0 0 40,000
LENNAR CORP CL A 526057104 5,818 82,450 SH   SOLE NONE 27,000 0 55,450
LENNAR CORP CL B 526057302 2,317 39,471 SH   SOLE NONE 0 0 39,471
LIBERTY BROADBAND CORP COM SER C 530307305 22,058 190,745 SH   SOLE NONE 45,000 0 145,745
MGIC INVESTMENT CORP CORP 552848103 32,677 2,593,432 SH   SOLE NONE 1,308,212 0 1,285,220
MICROSOFT CORP CORP 594918104 507 1,972 SH   SOLE NONE 0 0 1,972
NMI HOLDINGS INC CL A 629209305 450 27,010 SH   SOLE NONE 0 0 27,010
OLD REP INTL CORP COM 680223104 8,307 371,515 SH   SOLE NONE 120,000 0 251,515
PROGRESSIVE CORP OHIO COM 743315103 14,863 127,828 SH   SOLE NONE 53,500 0 74,328
REGIONS FINANCIAL CORP COM 7591EP100 361 19,235 SH   SOLE NONE 0 0 19,235
RICE ACQUISITION CORP II CL A G75529100 6,409 656,680 SH   SOLE NONE 150,000 0 506,680
STARWOOD PPTY TR INC COM 85571B105 14,825 709,680 SH   SOLE NONE 108,000 0 601,680
STORE CAP CORP COM 862121100 4,866 186,595 SH   SOLE NONE 0 0 186,595
TRAVELERS GROUP INC COM 894190107 2,199 13,000 SH   SOLE NONE 13,000 0 0
TRIUMPH BANCORP INC COM 89679E300 14,755 235,858 SH   SOLE NONE 48,000 0 187,858
VERISIGN INC COM 94343E102 2,258 13,497 SH   SOLE NONE 0 0 13,497