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 107,771 43,000 SH   SOLE   43,000 0 0
Alibaba Sponsored ADS 01609W102 113,390 500,000 SH   SOLE   500,000 0 0
Alta Bancorp COM 021347109 42,889 990,283 SH   SOLE   990,283 0 0
Arch Capital Group LTD COM G0450A105 97,350 2,500,000 SH   SOLE   2,500,000 0 0
Avalon Bay COM 053484101 83,476 400,000 SH   SOLE   400,000 0 0
Bank of the Ozarks COM 063904106 41,827 992,115 SH   SOLE   992,115 0 0
Berkshire Hathaway Inc Del Cl A Frmly CL A 084670108 50,232 120 SH   SOLE   120 0 0
Berkshire Hathaway Inc Del Cl B Frmly CL B 084670702 55,584 200,000 SH   SOLE   200,000 0 0
AXOS Financial Inc COM 05465C100 31,344 675,676 SH   SOLE   675,676 0 0
Cadence Bancorporation COM 12739A100 52,200 2,500,000 SH   SOLE   2,500,000 0 0
Chubb Limited COM H1467J104 71,523 450,000 SH   SOLE   450,000 0 0
Citigroup COM 172967424 42,450 600,000 SH   SOLE   600,000 0 0
Eagle Bancorp COM 268948106 16,275 290,214 SH   SOLE   290,214 0 0
Facebook Cl A 30303M102 139,084 400,000 SH   SOLE   400,000 0 0
Five Star Bancorp COM 33830T103 12,075 500,000 SH   SOLE   500,000 0 0
Global Payments Inc. COM 37940X102 47,274 300,000 SH   SOLE   300,000 0 0
Goldman Sachs Group Inc COM 38141G104 45,543 120,000 SH   SOLE   120,000 0 0
Jones Lange Lasalle Inc. COM 48020Q107 29,319 150,000 SH   SOLE   150,000 0 0
KKR & Co. COM 48248M102 59,240 1,000,000 SH   SOLE   1,000,000 0 0
Markel COM 570535104 29,667 25,000 SH   SOLE   25,000 0 0
Mastercard Inc COM 57636Q104 31,032 85,000 SH   SOLE   85,000 0 0
Moodys Corp COM 615369105 18,118 50,000 SH   SOLE   50,000 0 0
Pacwest Bancorp COM 695263103 83,554 2,030,000 SH   SOLE   2,030,000 0 0
Raymond James Financial Inc COM 754730109 25,980 200,000 SH   SOLE   200,000 0 0
S&P Global Inc COM 78409V104 20,522 50,000 SH   SOLE   50,000 0 0
Schwab Charles COM 808513105 31,561 433,479 SH   SOLE   433,479 0 0
Servisfirst Bancshares Inc COM 81768T108 72,852 1,071,682 SH   SOLE   1,071,682 0 0
Signature Bank New York COM 82669G104 122,825 500,000 SH   SOLE   500,000 0 0
Sterling Bancorp COM 85917A100 30,987 1,250,000 SH   SOLE   1,250,000 0 0
Timberland Bancorp Inc COM 887098101 4,906 174,476 SH   SOLE   174,476 0 0
TriCo Bancshares COM 896095906 6,878 158,480 SH   SOLE   158,480 0 0
US Bancorp Del Com New COM 902973304 69,342 1,217,174 SH   SOLE   1,217,174 0 0
Visa Inc Com COM 92826C839 70,146 300,000 SH   SOLE   300,000 0 0
Wells Fargo & Co. New COM 949746101 16,078 355 SH   SOLE   355 0 0
Western Alliance Bancorp COM 957638109 161,190 1,736,035 SH   SOLE   1,736,035 0 0