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
Alphabet Inc Class C 02079K107 29,070 25,000 SH   SOLE   25,000 0 0
Alibaba Sponsored ADS 01609W102 24,310 125,000 SH   SOLE   125,000 0 0
American Express COM 025816109 59,649 696,761 SH   SOLE   696,761 0 0
Arch Capital Group LTD COM G0450A105 28,460 1,000,000 SH   SOLE   1,000,000 0 0
Avalon Bay COM 053484101 10,489 71,278 SH   SOLE   71,278 0 0
Bank of the Ozarks COM 063904106 16,568 992,115 SH   SOLE   992,115 0 0
Berkshire Hathaway Inc Del Cl A Frmly CL A 084670108 32,640 120 SH   SOLE   120 0 0
Berkshire Hathaway Inc Del Cl B Frmly CL B 084670702 6,399 35,000 SH   SOLE   35,000 0 0
AXOS Finl Inc COM 05465C100 3,597 198,428 SH   SOLE   198,428 0 0
Cadence Bancorporation COM 12739A101 13,100 2,000,000 SH   SOLE   2,000,000 0 0
Chubb Limited COM H1467J104 30,714 275,000 SH   SOLE   275,000 0 0
Citigroup COM 172967424 16,848 400,000 SH   SOLE   400,000 0 0
Facebook Cl A 30303M102 50,040 300,000 SH   SOLE   300,000 0 0
Goldman Sachs Group Inc COM 38141G104 18,550 120,000 SH   SOLE   120,000 0 0
Home Bancshares Inc COM 436893200 7,021 585,607 SH   SOLE   585,607 0 0
Independent BK Group COM 45384B106 11,195 472,776 SH   SOLE   472,776 0 0
KKR & Co. COM 48248M102 55,714 2,373,851 SH   SOLE   2,373,851 0 0
Mastercard Inc COM 57636Q104 20,532 85,000 SH   SOLE   85,000 0 0
Moodys Corp COM 615369105 26,120 123,500 SH   SOLE   123,500 0 0
Peoples Utah Bancorp COM 712706209 15,546 802,600 SH   SOLE   802,600 0 0
Raymond James Financial Inc COM 754730109 17,727 280,500 SH   SOLE   280,500 0 0
S&P Global Inc COM 78409V104 36,757 150,000 SH   SOLE   150,000 0 0
Servisfirst Bancshares Inc COM 81768T108 42,689 1,456,000 SH   SOLE   1,456,000 0 0
Signature Bank New York COM 82669G104 59,443 739,443 SH   SOLE   739,443 0 0
Sterling Bancorp COM 85917A100 13,062 1,250,000 SH   SOLE   1,250,000 0 0
SVB Financial Group COM 78486Q101 26,652 176,410 SH   SOLE   176,410 0 0
TD Ameritrade Hldg Corp COM 87236Y108 13,864 400,000 SH   SOLE   400,000 0 0
Timberland Bancorp Inc COM 887098101 1,769 96,724 SH   SOLE   96,724 0 0
US Bancorp Del Com New COM 902973304 53,397 1,550,000 SH   SOLE   1,550,000 0 0
Visa Inc Com COM 92826C839 48,336 300,000 SH   SOLE   300,000 0 0
Watford Holdings Ltd Com G94787101 5,137 350,660 SH   SOLE   350,660 0 0
Wells Fargo & Co. New COM 949746101 10,189 355 SH   SOLE   355 0 0
Western Alliance Bancorp COM 957638109 64,281 2,100,000 SH   SOLE   2,100,000 0 0