Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ENERGY TRANSFER L P	614,758 (+28.7%)	$11.75M (+27.5%)	3.0%	$18.79	—	—	29273v100
STWD	STARWOOD PPTY TR INC	826,096 (+22.8%)	$13.53M (+16.8%)	3.4%	$20.71	—	—	85571B105
COF	CAPITAL ONE FINANCIAL CORP	45,631 (+1.4%)	$9.154M (+11.5%)	2.3%	$222.94	—	—	14040H105
VNOM	VIPER ENERGY INC	127,288 (+3.9%)	$5.397M (-6.3%)	1.4%	$38.26	—	—	64361Q101
MGK	VANGUARD WORLD FD	6,300 (+794.9%)	$554K (+113.9%)	0.1%	$123.03	—	—	921910816
MRP	MILLROSE PPTYS INC	35,477 (+14.5%)	$1.066M (+22.8%)	0.3%	$27.35	—	—	601137102
AZO	AUTOZONE INC	5,906 (+5.0%)	$18.88M (-0.6%)	4.8%	$820.76	—	—	053332102
—	KKR & CO INC	5,000 (+5.3%)	$459K (+4.6%)	0.1%	$128.05	—	—	48251w104
MSFT	MICROSOFT CORP	1,275 (+3.3%)	$476K (+4.2%)	0.1%	$147.98	—	—	594918104
ARLP	ALLIANCE RESOURCE PARTNERS L	75,700 (+15.2%)	$1.815M (-0.1%)	0.5%	$21.42	—	—	01877R108

Decreased Positions (9)

— ALPHABET INC CAP STK 8.1%

Value $31.73M (+21.9%) Shares 89,814 (-1.0%) Est. Cost $142.88 Unrealized —

DAR DARLING INGREDIENTS INC 6.2%

Value $24.27M (-12.7%) Shares 444,295 (-1.2%) Est. Cost $28.45 Unrealized —

MTG MGIC INVESTMENT CORP 11.1%

Value $43.79M (-5.6%) Shares 1,552,750 (-12.1%) Est. Cost $8.98 Unrealized —

RRC RANGE RES CORP 2.4%

Value $9.601M (-19.8%) Shares 258,162 (-2.6%) Est. Cost $35.54 Unrealized —

WEST WESTROCK COFFEE CO 4.3%

Value $16.76M (+11.7%) Shares 2,066,711 (-41.4%) Est. Cost $10.37 Unrealized —

— TARGA RES CORP 4.0%

Value $15.86M (-4.9%) Shares 59,147 (-11.1%) Est. Cost $171.76 Unrealized —

RWT REDWOOD TRUST INC 0.6%

Value $2.169M (-18.5%) Shares 457,691 (-3.5%) Est. Cost $7.00 Unrealized —

ESNT ESSENT GROUP LTD 0.7%

Value $2.932M (+2.1%) Shares 45,615 (-7.2%) Est. Cost $29.75 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC 0.1%

Value $573K (+1.8%) Shares 1,145 (-2.6%) Est. Cost $273.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET INC CAP STK	89,814 (-1.0%)	$31.73M (+21.9%)	8.1%	$142.88	—	—	02079k107
DAR	DARLING INGREDIENTS INC	444,295 (-1.2%)	$24.27M (-12.7%)	6.2%	$28.45	—	—	237266101
MTG	MGIC INVESTMENT CORP	1,552,750 (-12.1%)	$43.79M (-5.6%)	11.1%	$8.98	—	—	552848103
RRC	RANGE RES CORP	258,162 (-2.6%)	$9.601M (-19.8%)	2.4%	$35.54	—	—	75281A109
WEST	WESTROCK COFFEE CO	2,066,711 (-41.4%)	$16.76M (+11.7%)	4.3%	$10.37	—	—	96145W103
—	TARGA RES CORP	59,147 (-11.1%)	$15.86M (-4.9%)	4.0%	$171.76	—	—	87612g101
RWT	REDWOOD TRUST INC	457,691 (-3.5%)	$2.169M (-18.5%)	0.6%	$7.00	—	—	758075402
ESNT	ESSENT GROUP LTD	45,615 (-7.2%)	$2.932M (+2.1%)	0.7%	$29.75	—	—	G3198U102
BRK/B	BERKSHIRE HATHAWAY INC	1,145 (-2.6%)	$573K (+1.8%)	0.1%	$273.36	—	—	084670702

Unchanged Positions (22)

FIHL PELAGOS INS CAP LTD 5.7%

Value $22.36M Shares 918,112 Est. Cost $17.77 Unrealized —

PGR PROGRESSIVE CORP OHIO 7.2%

Value $28.36M Shares 129,806 Est. Cost $120.01 Unrealized —

UHAL/B U HAUL HOLDING COMPANY 2.6%

Value $10.39M Shares 180,087 Est. Cost $48.83 Unrealized —

TOL TOLL BROTHERS INC 3.3%

Value $13.14M Shares 79,764 Est. Cost $149.96 Unrealized —

APO APOLLO GLOBAL MGMT INC 9.1%

Value $35.88M Shares 303,258 Est. Cost $65.51 Unrealized —

TFIN TRIUMPH FINANCIAL INC 2.5%

Value $9.71M Shares 127,238 Est. Cost $30.19 Unrealized —

AXP AMERICAN EXPRESS CO 3.3%

Value $12.87M Shares 38,050 Est. Cost $114.87 Unrealized —

EG EVEREST RE GROUP LTD 2.6%

Value $10.38M Shares 29,066 Est. Cost $263.59 Unrealized —

— TRAVELERS GROUP INC 1.1%

Value $4.292M Shares 13,000 Est. Cost $108.15 Unrealized —

— KINDER MORGAN INC DEL 1.7%

Value $6.781M Shares 212,090 Est. Cost $21.68 Unrealized —

FHN FIRST HORIZON NATIONAL CORP 0.4%

Value $1.552M Shares 60,520 Est. Cost $24.31 Unrealized —

ORI OLD REP INTL CORP 1.6%

Value $6.255M Shares 152,850 Est. Cost $7.98 Unrealized —

HIG HARTFORD FINL SVCS CORP 1.2%

Value $4.638M Shares 35,000 Est. Cost $60.45 Unrealized —

RF REGIONS FINANCIAL CORP 0.1%

Value $581K Shares 19,235 Est. Cost $5.80 Unrealized —

— INVESCO QQQ TR 0.1%

Value $331K Shares 450 Est. Cost $600.00 Unrealized —

BAC BANK OF AMERICA CORP 0.1%

Value $476K Shares 8,347 Est. Cost $53.66 Unrealized —

KO COCA COLA CO 0.3%

Value $1.016M Shares 12,500 Est. Cost $28.30 Unrealized —

— ALPHABET INC CAP STK 0.1%

Value $333K Shares 930 Est. Cost $243.01 Unrealized —

NMIH NMI HOLDINGS INC 0.2%

Value $683K Shares 16,620 Est. Cost $26.45 Unrealized —

AAPL APPLE INC 0.1%

Value $417K Shares 1,440 Est. Cost $100.85 Unrealized —

— FEDEX CORP 0.1%

Value $338K Shares 1,079 Est. Cost $235.79 Unrealized —

PNFP PINNACLE FINL PARTNERS 0.1%

Value $304K Shares 3,014 Est. Cost $97.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FIHL	PELAGOS INS CAP LTD	918,112	$22.36M	5.7%	$17.77	—	—	G3398L118
PGR	PROGRESSIVE CORP OHIO	129,806	$28.36M	7.2%	$120.01	—	—	743315103
UHAL/B	U HAUL HOLDING COMPANY	180,087	$10.39M	2.6%	$48.83	—	—	023586506
TOL	TOLL BROTHERS INC	79,764	$13.14M	3.3%	$149.96	—	—	889478103
APO	APOLLO GLOBAL MGMT INC	303,258	$35.88M	9.1%	$65.51	—	—	03769M106
TFIN	TRIUMPH FINANCIAL INC	127,238	$9.71M	2.5%	$30.19	—	—	89679E300
AXP	AMERICAN EXPRESS CO	38,050	$12.87M	3.3%	$114.87	—	—	025816109
EG	EVEREST RE GROUP LTD	29,066	$10.38M	2.6%	$263.59	—	—	G3223R108
—	TRAVELERS GROUP INC	13,000	$4.292M	1.1%	$108.15	—	—	894190107
—	KINDER MORGAN INC DEL	212,090	$6.781M	1.7%	$21.68	—	—	49456b101
FHN	FIRST HORIZON NATIONAL CORP	60,520	$1.552M	0.4%	$24.31	—	—	320517105
ORI	OLD REP INTL CORP	152,850	$6.255M	1.6%	$7.98	—	—	680223104
HIG	HARTFORD FINL SVCS CORP	35,000	$4.638M	1.2%	$60.45	—	—	416515104
RF	REGIONS FINANCIAL CORP	19,235	$581K	0.1%	$5.80	—	—	7591EP100
—	INVESCO QQQ TR	450	$331K	0.1%	$600.00	—	—	46090e103
BAC	BANK OF AMERICA CORP	8,347	$476K	0.1%	$53.66	—	—	060505104
KO	COCA COLA CO	12,500	$1.016M	0.3%	$28.30	—	—	191216100
—	ALPHABET INC CAP STK	930	$333K	0.1%	$243.01	—	—	02079k305
NMIH	NMI HOLDINGS INC	16,620	$683K	0.2%	$26.45	—	—	629209305
AAPL	APPLE INC	1,440	$417K	0.1%	$100.85	—	—	037833100
—	FEDEX CORP	1,079	$338K	0.1%	$235.79	—	—	31428x106
PNFP	PINNACLE FINL PARTNERS	3,014	$304K	0.1%	$97.40	—	—	72348N109