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
ALLIANCE RESOURCE PARTNERS L UT LTD PART 01877R108   1,835 69,800 SH   SOLE NONE 0 0 69,800
ALPHABET INC CAP STK CL A 02079k107   22,450 117,881 SH   SOLE NONE 40,000 0 77,881
AMERICAN EXPRESS CO COM 025816109   12,562 42,325 SH   SOLE NONE 14,500 0 27,825
AMERICAN INTL GROUP INC COM 026874784   7,508 103,138 SH   SOLE NONE 100,000 0 3,138
APOLLO GLOBAL MGMT INC COM 03769M106   50,935 308,403 SH   SOLE NONE 180,664 0 127,739
APPLE INC COM 037833100   526 2,100 SH   SOLE NONE 0 0 2,100
AUTOZONE INC COM 053332102   19,862 6,203 SH   SOLE NONE 2,000 0 4,203
BERKSHIRE HATHAWAY INC CL B 084670702   538 1,186 SH   SOLE NONE 0 0 1,186
COCA COLA CO COM 191216100   813 13,064 SH   SOLE NONE 0 0 13,064
DARLING INGREDIENTS INC COM 237266101   16,037 476,026 SH   SOLE NONE 170,000 0 306,026
ENERGY TRANSFER L P COM UT LTD PTN 29273v100   6,053 309,000 SH   SOLE NONE 250,000 0 59,000
ENSTAR GROUP LIMITED SHS G3075p101   21,099 65,514 SH   SOLE NONE 40,691 0 24,823
EQUITABLE HOLDINGS INC COM 29452E101   3,538 75,000 SH   SOLE NONE 75,000 0 0
ESSENT GROUP LTD COM G3198U102   3,086 56,688 SH   SOLE NONE 30,000 0 26,688
EVEREST RE GROUP LTD COM G3223R108   11,022 30,410 SH   SOLE NONE 16,000 0 14,410
FIDELIS INSURANCE HOLDINGS LTD COM G3398L118   3,309 182,500 SH   SOLE NONE 180,000 0 2,500
FIRST HORIZON NATL CORP COM 320517105   9,993 496,175 SH   SOLE NONE 200,000 0 296,175
HARTFORD FINL SVCS CORP COM 416515104   3,829 35,000 SH   SOLE NONE 35,000 0 0
HOME BANCSHARES INC COM 436893200   283 10,000 SH   SOLE NONE 0 0 10,000
KINDER MORGAN INC DEL COM 49456b101   5,002 182,559 SH   SOLE NONE 0 0 182,559
KKR & CO INC CL A 48251W104   760 5,140 SH   SOLE NONE 0 0 5,140
LENNAR CORP CL B 526057302   15,960 120,770 SH   SOLE NONE 45,000 0 75,770
MGIC INVESTMENT CORP CORP 552848103   44,935 1,895,198 SH   SOLE NONE 1,308,212 0 586,986
MICROSOFT CORP CORP 594918104   632 1,500 SH   SOLE NONE 0 0 1,500
NMI HOLDINGS INC CL A 629209305   890 24,210 SH   SOLE NONE 0 0 24,210
NVIDIA CORP COM 67066g104   270 2,014 SH   SOLE NONE 0 0 2,014
OLD REP INTL CORP COM 680223104   6,992 193,200 SH   SOLE NONE 120,000 0 73,200
PROGRESSIVE CORP OHIO COM 743315103   21,022 87,733 SH   SOLE NONE 53,500 0 34,233
RANGE RES CORP COM 75281A109   5,379 149,507 SH   SOLE NONE 61,106 0 88,401
REDWOOD TRUST INC COM 758075402   3,229 494,525 SH   SOLE NONE 0 0 494,525
REGIONS FINANCIAL CORP COM 7591EP100   452 19,235 SH   SOLE NONE 0 0 19,235
SITIO ROYALTIES CORP CL A 82983n108   7,587 395,564 SH   SOLE NONE 115,000 0 280,564
STARWOOD PPTY TR INC COM 85571B105   12,096 638,310 SH   SOLE NONE 220,000 0 418,310
TIPTREE INC COM 88822q103   458 21,946 SH   SOLE NONE 20,746 0 1,200
TRAVELERS GROUP INC COM 894190107   3,132 13,000 SH   SOLE NONE 13,000 0 0
TRIUMPH FINANCIAL INC COM 89679E300   12,306 135,405 SH   SOLE NONE 48,000 0 87,405
WESTROCK COFFEE CO COM 96145W103   25,985 4,047,562 SH   SOLE NONE 400,000 0 3,647,562