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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL A 02079k107   10,073 113,530 SH   SOLE NONE 40,000 0 73,530
AMERICAN EXPRESS CO COM 025816109   6,668 45,127 SH   SOLE NONE 14,500 0 30,627
AMERICAN INTL GROUP INC COM 026874784   13,357 211,224 SH   SOLE NONE 136,000 0 75,224
APOLLO GLOBAL MGMT INC COM 03769M106   38,489 603,368 SH   SOLE NONE 241,664 0 361,704
APPLE INC COM 037833100   454 3,497 SH   SOLE NONE 0 0 3,497
ASSURED GUARANTY LTD COM G0585R106   4,981 80,000 SH   SOLE NONE 80,000 0 0
AUTOZONE INC COM 053332102   17,525 7,106 SH   SOLE NONE 2,000 0 5,106
BERKSHIRE HATHAWAY INC CL B 084670702   1,236 4,000 SH   SOLE NONE 0 0 4,000
COCA COLA CO COM 191216100   837 13,164 SH   SOLE NONE 0 0 13,164
COMCAST CORP NEW CL A 20030n101   6,475 185,160 SH   SOLE NONE 54,000 0 131,160
DARLING INGREDIENTS INC COM 237266101   31,287 499,865 SH   SOLE NONE 120,000 0 379,865
ENSTAR GROUP LIMITED SHS G3075p101   27,052 117,088 SH   SOLE NONE 62,000 0 55,088
ESSENT GROUP LTD COM G3198U102   4,533 116,580 SH   SOLE NONE 77,000 0 39,580
EVEREST RE GROUP LTD COM G3223R108   5,300 16,000 SH   SOLE NONE 16,000 0 0
FIRST HORIZON NATL CORP COM 320517105   465 18,995 SH   SOLE NONE 0 0 18,995
HARTFORD FINL SVCS CORP COM 416515104   2,654 35,000 SH   SOLE NONE 35,000 0 0
HOME BANCSHARES INC COM 436893200   456 20,000 SH   SOLE NONE 0 0 20,000
LENNAR CORP CL B 526057302   6,668 89,171 SH   SOLE NONE 33,000 0 56,171
LIBERTY BROADBAND CORP COM SER C 530307305   14,859 194,821 SH   SOLE NONE 46,000 0 148,821
MGIC INVESTMENT CORP CORP 552848103   31,889 2,453,032 SH   SOLE NONE 1,308,212 0 1,144,820
MICROSOFT CORP CORP 594918104   372 1,550 SH   SOLE NONE 0 0 1,550
NMI HOLDINGS INC CL A 629209305   538 25,760 SH   SOLE NONE 0 0 25,760
OLD REP INTL CORP COM 680223104   8,936 370,015 SH   SOLE NONE 120,000 0 250,015
PROGRESSIVE CORP OHIO COM 743315103   12,255 94,478 SH   SOLE NONE 53,500 0 40,978
REGIONS FINANCIAL CORP COM 7591EP100   415 19,235 SH   SOLE NONE 0 0 19,235
RICE ACQUISITION CORP II CL A G75529100   4,018 395,132 SH   SOLE NONE 150,000 0 245,132
SITIO ROYALTIES CORP CL A 82983n108   13,933 482,940 SH   SOLE NONE 0 0 482,940
STARWOOD PPTY TR INC COM 85571B105   12,475 680,580 SH   SOLE NONE 108,000 0 572,580
STORE CAP CORP COM 862121100   1,510 47,095 SH   SOLE NONE 0 0 47,095
TIPTREE INC COM 88822q103   287 20,746 SH   SOLE NONE 20,746 0 0
TRAVELERS GROUP INC COM 894190107   2,437 13,000 SH   SOLE NONE 13,000 0 0
TRIUMPH FINANCIAL INC COM 89679E300   11,535 236,033 SH   SOLE NONE 48,000 0 188,033
VERISIGN INC COM 94343E102   1,555 7,569 SH   SOLE NONE 0 0 7,569
WESTROCK COFFEE CO COM 96145W103   27,412 2,051,795 SH   SOLE NONE 500,000 0 1,551,795