NFC Investments, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FIHL	FIDELIS INSURANCE HOLDINGS LTD	809,454 (+50.9%)	$16 (+62.7%)	4.5%	$17.57	+6.1%	COM	G3398L118
—	TARGA RES CORP	67,396 (+33.2%)	$12 (+46.7%)	3.5%	$0.17	—	COM	87612g101
STWD	STARWOOD PPTY TR INC	683,889 (+3.1%)	$12 (-4.2%)	3.5%	$15.59	—	COM	85571B105
—	ENERGY TRANSFER L P	471,236 (+6.6%)	$8 (+2.5%)	2.2%	$0.02	—	COM UT LTD PTN	29273v100

Exited Positions (2)

AIG AMERICAN INTL GROUP INC 2.3%

Value ($000) $8 Shares 102,938 Est. Cost $37.24 Unrealized +114.0%

PG PROCTOR & GAMBLE CO 0.1%

Value ($000) $0 Shares 1,341 Est. Cost $154.90 Unrealized -5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIG	AMERICAN INTL GROUP INC	102,938	$8	2.3%	$37.24	+114.0%	—	026874784
PG	PROCTOR & GAMBLE CO	1,341	$0	0.1%	$154.90	-5.0%	—	742718109

Decreased Positions (7)

— ALPHABET INC CAP STK 9.6%

Value ($000) $34 (+26.3%) Shares 108,223 (-2.0%) Est. Cost $127.81 Unrealized —

WEST WESTROCK COFFEE CO 4.3%

Value ($000) $15 (-23.3%) Shares 3,745,959 (-8.4%) Est. Cost $10.37 Unrealized -57.8%

AXP AMERICAN EXPRESS CO 4.1%

Value ($000) $14 (+9.1%) Shares 38,783 (-2.1%) Est. Cost $114.87 Unrealized +210.8%

MTG MGIC INVESTMENT CORP 14.7%

Value ($000) $52 (+1.7%) Shares 1,785,378 (-1.3%) Est. Cost $8.98 Unrealized +212.8%

— NVIDIA CORP 0.1%

Value ($000) $0 (-25.0%) Shares 1,514 (-24.8%) Est. Cost $0.12 Unrealized —

— KKR & CO INC 0.2%

Value ($000) $1 (-5.9%) Shares 4,740 (-4.0%) Est. Cost $0.13 Unrealized —

KO COCA COLA CO 0.2%

Value ($000) $1 (+3.8%) Shares 12,500 (-1.6%) Est. Cost $28.30 Unrealized +145.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET INC CAP STK	108,223 (-2.0%)	$34 (+26.3%)	9.6%	$127.81	—	CL C	02079k107
WEST	WESTROCK COFFEE CO	3,745,959 (-8.4%)	$15 (-23.3%)	4.3%	$10.37	-57.8%	COM	96145W103
AXP	AMERICAN EXPRESS CO	38,783 (-2.1%)	$14 (+9.1%)	4.1%	$114.87	+210.8%	COM	025816109
MTG	MGIC INVESTMENT CORP	1,785,378 (-1.3%)	$52 (+1.7%)	14.7%	$8.98	+212.8%	CORP	552848103
—	NVIDIA CORP	1,514 (-24.8%)	$0 (-25.0%)	0.1%	$0.12	—	COM	67066g104
—	KKR & CO INC	4,740 (-4.0%)	$1 (-5.9%)	0.2%	$0.13	—	CL A	48251w104
KO	COCA COLA CO	12,500 (-1.6%)	$1 (+3.8%)	0.2%	$28.30	+145.2%	COM	191216100

Unchanged Positions (30)

AZO AUTOZONE INC 5.4%

Value ($000) $19 Shares 5,638 Est. Cost $701.66 Unrealized +438.4%

APO APOLLO GLOBAL MGMT INC 12.0%

Value ($000) $43 Shares 294,178 Est. Cost $63.46 Unrealized +108.9%

LEN/B LENNAR CORP 3.0%

Value ($000) $11 Shares 113,311 Est. Cost $87.20 Unrealized +29.3%

DAR DARLING INGREDIENTS INC 4.7%

Value ($000) $17 Shares 462,356 Est. Cost $28.45 Unrealized +19.0%

PGR PROGRESSIVE CORP OHIO 5.3%

Value ($000) $19 Shares 82,413 Est. Cost $70.33 Unrealized +201.9%

TFIN TRIUMPH FINANCIAL INC 2.2%

Value ($000) $8 Shares 127,158 Est. Cost $30.19 Unrealized +85.6%

EG EVEREST RE GROUP LTD 2.8%

Value ($000) $10 Shares 29,202 Est. Cost $263.59 Unrealized +25.3%

RRC RANGE RES CORP 2.7%

Value ($000) $10 Shares 269,478 Est. Cost $35.54 Unrealized +4.8%

ORI OLD REP INTL CORP 2.0%

Value ($000) $7 Shares 157,500 Est. Cost $7.98 Unrealized +411.4%

MRP MILLROSE PPTYS INC 0.7%

Value ($000) $2 Shares 79,461 Est. Cost $0.03 Unrealized —

— KINDER MORGAN INC DEL 1.8%

Value ($000) $6 Shares 225,600 Est. Cost $0.02 Unrealized —

EQH EQUITABLE HOLDINGS INC 1.0%

Value ($000) $4 Shares 75,300 Est. Cost $45.08 Unrealized +4.8%

ARLP ALLIANCE RESOURCE PARTNERS L 0.5%

Value ($000) $2 Shares 69,700 Est. Cost $0.02 Unrealized —

HIG HARTFORD FINL SVCS CORP 1.4%

Value ($000) $5 Shares 35,000 Est. Cost $60.45 Unrealized +117.7%

— TRAVELERS GROUP INC 1.1%

Value ($000) $4 Shares 13,000 Est. Cost $108.15 Unrealized —

RWT REDWOOD TRUST INC 0.8%

Value ($000) $3 Shares 499,457 Est. Cost $0.01 Unrealized —

ESNT ESSENT GROUP LTD 1.0%

Value ($000) $3 Shares 51,958 Est. Cost $29.75 Unrealized +108.7%

— ALPHABET INC CAP STK 0.1%

Value ($000) $0 Shares 930 Est. Cost $0.24 Unrealized —

NMIH NMI HOLDINGS INC 0.3%

Value ($000) $1 Shares 24,110 Est. Cost $26.45 Unrealized +42.9%

— FEDEX CORP 0.1%

Value ($000) $0 Shares 1,075 Est. Cost $0.24 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $1 Shares 1,485 Est. Cost $140.49 Unrealized +256.3%

AAPL APPLE INC 0.2%

Value ($000) $1 Shares 2,080 Est. Cost $100.85 Unrealized +166.1%

— TIPTREE INC 0.1%

Value ($000) $0 Shares 22,246 Est. Cost $0.01 Unrealized —

RF REGIONS FINANCIAL CORP 0.1%

Value ($000) $1 Shares 19,235 Est. Cost $5.80 Unrealized +337.7%

VNOM VIPER ENERGY INC 1.4%

Value ($000) $5 Shares 127,652 Est. Cost $38.10 Unrealized -0.6%

MGK VANGUARD WORLD FD 0.1%

Value ($000) $0 Shares 704 Est. Cost $0.40 Unrealized —

— INVESCO QQQ TR 0.1%

Value ($000) $0 Shares 450 Est. Cost $0.60 Unrealized —

HOMB HOME BANCSHARES INC 0.1%

Value ($000) $0 Shares 10,000 Est. Cost $18.63 Unrealized +48.9%

ONEQ FIDELITY COMWLTH 0.1%

Value ($000) $0 Shares 2,330 Est. Cost $0.09 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC 0.2%

Value ($000) $1 Shares 1,176 Est. Cost $273.36 Unrealized +82.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	5,638	$19	5.4%	$701.66	+438.4%	COM	053332102
APO	APOLLO GLOBAL MGMT INC	294,178	$43	12.0%	$63.46	+108.9%	COM	03769M106
LEN/B	LENNAR CORP	113,311	$11	3.0%	$87.20	+29.3%	CL B	526057302
DAR	DARLING INGREDIENTS INC	462,356	$17	4.7%	$28.45	+19.0%	COM	237266101
PGR	PROGRESSIVE CORP OHIO	82,413	$19	5.3%	$70.33	+201.9%	COM	743315103
TFIN	TRIUMPH FINANCIAL INC	127,158	$8	2.2%	$30.19	+85.6%	COM	89679E300
EG	EVEREST RE GROUP LTD	29,202	$10	2.8%	$263.59	+25.3%	COM	G3223R108
RRC	RANGE RES CORP	269,478	$10	2.7%	$35.54	+4.8%	COM	75281A109
ORI	OLD REP INTL CORP	157,500	$7	2.0%	$7.98	+411.4%	COM	680223104
MRP	MILLROSE PPTYS INC	79,461	$2	0.7%	$0.03	—	COM	601137102
—	KINDER MORGAN INC DEL	225,600	$6	1.8%	$0.02	—	COM	49456b101
EQH	EQUITABLE HOLDINGS INC	75,300	$4	1.0%	$45.08	+4.8%	COM	29452E101
ARLP	ALLIANCE RESOURCE PARTNERS L	69,700	$2	0.5%	$0.02	—	UT LTD PART	01877R108
HIG	HARTFORD FINL SVCS CORP	35,000	$5	1.4%	$60.45	+117.7%	COM	416515104
—	TRAVELERS GROUP INC	13,000	$4	1.1%	$108.15	—	COM	894190107
RWT	REDWOOD TRUST INC	499,457	$3	0.8%	$0.01	—	COM	758075402
ESNT	ESSENT GROUP LTD	51,958	$3	1.0%	$29.75	+108.7%	COM	G3198U102
—	ALPHABET INC CAP STK	930	$0	0.1%	$0.24	—	CL A	02079k305
NMIH	NMI HOLDINGS INC	24,110	$1	0.3%	$26.45	+42.9%	CL A	629209305
—	FEDEX CORP	1,075	$0	0.1%	$0.24	—	COM	31428x106
MSFT	MICROSOFT CORP	1,485	$1	0.2%	$140.49	+256.3%	CORP	594918104
AAPL	APPLE INC	2,080	$1	0.2%	$100.85	+166.1%	COM	037833100
—	TIPTREE INC	22,246	$0	0.1%	$0.01	—	COM	88822q103
RF	REGIONS FINANCIAL CORP	19,235	$1	0.1%	$5.80	+337.7%	COM	7591EP100
VNOM	VIPER ENERGY INC	127,652	$5	1.4%	$38.10	-0.6%	CL A	64361Q101
MGK	VANGUARD WORLD FD	704	$0	0.1%	$0.40	—	MEGA GRWTH IND	921910816
—	INVESCO QQQ TR	450	$0	0.1%	$0.60	—	UNIT SER1	46090e103
HOMB	HOME BANCSHARES INC	10,000	$0	0.1%	$18.63	+48.9%	COM	436893200
ONEQ	FIDELITY COMWLTH	2,330	$0	0.1%	$0.09	—	NASDAQ COMPSIT	315912808
BRK/B	BERKSHIRE HATHAWAY INC	1,176	$1	0.2%	$273.36	+82.0%	CL B	084670702