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
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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 63,192 43,000 SH   SOLE   43,000 0 0
Alibaba Sponsored ADS 01609W102 73,495 250,000 SH   SOLE   250,000 0 0
Alta Bancorp COM 021347109 19,583 973,319 SH   SOLE   973,319 0 0
Arch Capital Group LTD COM G0450A105 43,875 1,500,000 SH   SOLE   1,500,000 0 0
Avalon Bay COM 053484101 59,736 400,000 SH   SOLE   400,000 0 0
Bank of the Ozarks COM 063904106 21,151 992,115 SH   SOLE   992,115 0 0
Berkshire Hathaway Inc Del Cl A Frmly CL A 084670108 38,400 120 SH   SOLE   120 0 0
Berkshire Hathaway Inc Del Cl B Frmly CL B 084670702 42,588 200,000 SH   SOLE   200,000 0 0
AXOS Finl Inc COM 05465C100 13,705 587,976 SH   SOLE   587,976 0 0
Cadence Bancorporation COM 12739A101 21,475 2,500,000 SH   SOLE   2,500,000 0 0
Chubb Limited COM H1467J104 52,254 450,000 SH   SOLE   450,000 0 0
Citigroup COM 172967424 17,244 400,000 SH   SOLE   400,000 0 0
Eagle Bancorp COM 268948106 4,332 161,704 SH   SOLE   161,704 0 0
Facebook Cl A 30303M102 104,760 400,000 SH   SOLE   400,000 0 0
Goldman Sachs Group Inc COM 38141G104 24,116 120,000 SH   SOLE   120,000 0 0
Jones Lange Lasalle Inc. COM 48020Q107 38,264 400,000 SH   SOLE   400,000 0 0
KKR & Co. COM 48248M102 34,340 1,000,000 SH   SOLE   1,000,000 0 0
Mastercard Inc COM 57636Q104 28,744 85,000 SH   SOLE   85,000 0 0
Moodys Corp COM 615369105 14,492 50,000 SH   SOLE   50,000 0 0
Raymond James Financial Inc COM 754730109 14,552 200,000 SH   SOLE   200,000 0 0
S&P Global Inc COM 78409V104 18,030 50,000 SH   SOLE   50,000 0 0
Servisfirst Bancshares Inc COM 81768T108 36,469 1,071,682 SH   SOLE   1,071,682 0 0
Signature Bank New York COM 82669G104 33,196 400,000 SH   SOLE   400,000 0 0
Sterling Bancorp COM 85917A100 13,150 1,250,000 SH   SOLE   1,250,000 0 0
SVB Financial Group COM 78486Q101 42,447 176,410 SH   SOLE   176,410 0 0
TD Ameritrade Hldg Corp COM 87236Y108 15,660 400,000 SH   SOLE   400,000 0 0
Timberland Bancorp Inc COM 887098101 3,138 174,366 SH   SOLE   174,366 0 0
US Bancorp Del Com New COM 902973304 62,419 1,741,141 SH   SOLE   1,741,141 0 0
Visa Inc Com COM 92826C839 59,991 300,000 SH   SOLE   300,000 0 0
Watford Holdings Ltd COM G94787101 13,764 600,000 SH   SOLE   600,000 0 0
Wells Fargo & Co. New COM 949746101 8,346 355 SH   SOLE   355 0 0
Western Alliance Bancorp COM 957638109 54,893 1,736,035 SH   SOLE   1,736,035 0 0