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 88,951 43,000 SH   SOLE   43,000 0 0
Alibaba Sponsored ADS 01609W102 56,682 250,000 SH   SOLE   250,000 0 0
Alta Bancorp COM 021347109 41,631 990,283 SH   SOLE   990,283 0 0
Arch Capital Group LTD COM G0450A105 95,925 2,500,000 SH   SOLE   2,500,000 0 0
Avalon Bay COM 053484101 73,804 400,000 SH   SOLE   400,000 0 0
Bank of the Ozarks COM 063904106 40,527 992,115 SH   SOLE   992,115 0 0
Berkshire Hathaway Inc Del Cl A Frmly CL A 084670108 46,284 120 SH   SOLE   120 0 0
Berkshire Hathaway Inc Del Cl B Frmly CL B 084670702 51,094 200,000 SH   SOLE   200,000 0 0
AXOS Financial Inc COM 05465C100 31,763 675,676 SH   SOLE   675,676 0 0
Cadence Bancorporation COM 12739A101 51,825 2,500,000 SH   SOLE   2,500,000 0 0
Chubb Limited COM H1467J104 71,086 450,000 SH   SOLE   450,000 0 0
Citigroup COM 172967424 43,650 600,000 SH   SOLE   600,000 0 0
Eagle Bancorp COM 268948106 15,442 290,214 SH   SOLE   290,214 0 0
Facebook Cl A 30303M102 117,812 400,000 SH   SOLE   400,000 0 0
Goldman Sachs Group Inc COM 38141G104 39,240 120,000 SH   SOLE   120,000 0 0
Jones Lange Lasalle Inc. COM 48020Q107 71,616 400,000 SH   SOLE   400,000 0 0
KKR & Co. COM 48248M102 48,850 1,000,000 SH   SOLE   1,000,000 0 0
Markel COM 570535104 28,490 25,000 SH   SOLE   25,000 0 0
Mastercard Inc COM 57636Q104 30,264 85,000 SH   SOLE   85,000 0 0
Moodys Corp COM 615369105 14,930 50,000 SH   SOLE   50,000 0 0
Pacwest Bancorp COM 695263103 77,444 2,030,000 SH   SOLE   2,030,000 0 0
Raymond James Financial Inc COM 754730109 24,512 200,000 SH   SOLE   200,000 0 0
S&P Global Inc COM 78409V104 17,643 50,000 SH   SOLE   50,000 0 0
Schwab Charles COM 808513105 28,254 433,479 SH   SOLE   433,479 0 0
Servisfirst Bancshares Inc COM 81768T108 65,726 1,071,682 SH   SOLE   1,071,682 0 0
Signature Bank New York COM 82669G104 113,050 500,000 SH   SOLE   500,000 0 0
Sterling Bancorp COM 85917A100 28,775 1,250,000 SH   SOLE   1,250,000 0 0
Timberland Bancorp Inc COM 887098101 4,852 174,476 SH   SOLE   174,476 0 0
US Bancorp Del Com New COM 902973304 96,302 1,741,141 SH   SOLE   1,741,141 0 0
Visa Inc Com COM 92826C839 63,519 300,000 SH   SOLE   300,000 0 0
Wells Fargo & Co. New COM 949746101 13,870 355 SH   SOLE   355 0 0
Western Alliance Bancorp COM 957638109 163,951 1,736,035 SH   SOLE   1,736,035 0 0