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
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 11,244 191,785 SH   SOLE NONE 30,000 0 161,785
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 730 36,060 SH   SOLE NONE 22,900 0 13,160
AMERICAN INTL GROUP INC COM 026874784 21,077 412,870 SH   SOLE NONE 175,000 0 237,870
ANNALY CAP MGMT INC COM 035710409 145 14,600 SH   SOLE NONE 0 0 14,600
APPLE INC COM 037833100 325 580 SH   SOLE NONE 0 0 580
ASSURED GUARANTY LTD COM G0585R106 707 30,000 SH   SOLE NONE 30,000 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 360 3,040 SH   SOLE NONE 0 0 3,040
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 8,163 337,491 SH   SOLE NONE 74,191 0 263,300
CAPITAL ONE FINL CORP COM 14040H105 8,364 109,175 SH   SOLE NONE 23,000 0 86,175
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 3,709 104,680 SH   SOLE NONE 30,000 0 74,680
CASH STORE FINL SVCS INC COM 14756F103 1,302 814,280 SH   SOLE NONE 240,100 0 574,180
CENTRAL SECS CORP COM 155123102 414 19,068 SH   SOLE NONE 0 0 19,068
CHESAPEAKE ENERGY CORP COM 165167107 8,177 301,305 SH   SOLE NONE 55,000 0 246,305
CHIMERA INVT CORP COM 16934Q109 13,361 4,309,950 SH   SOLE NONE 750,000 0 3,559,950
COCA COLA CO COM 191216100 545 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 3,903 121,733 SH   SOLE NONE 0 0 121,733
DIRECTV COM CL A 25490A101 3,513 50,880 SH   SOLE NONE 11,000 0 39,880
EVEREST RE GROUP LTD COM G3223R108 1,870 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 478 41,015 SH   SOLE NONE 0 0 41,015
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 10,536 348,295 SH   SOLE NONE 70,000 0 278,295
HAWAIIAN TELCOM HOLDCO INC COM 420031106 6,665 226,922 SH   SOLE NONE 58,213 0 168,709
INFINITY PPTY & CAS CORP COM 45665Q103 8,110 113,038 SH   SOLE NONE 38,000 0 75,038
INTERVEST BANCSHARES CORP CL A 460927106 14,901 1,984,207 SH   SOLE NONE 510,000 0 1,474,207
JOHNSON & JOHNSON COM 478160104 240 2,615 SH   SOLE NONE 0 0 2,615
LIFELOCK INC COM 53224V100 2,419 147,423 SH   SOLE NONE 30,000 0 117,423
LYON WILLIAM HOMES CL A 552074700 6,609 298,516 SH   SOLE NONE 67,874 0 230,642
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 7,154 131,450 SH   SOLE NONE 20,000 0 111,450
MARKEL CORP COM 570535104 876 1,510 SH   SOLE NONE 1,510 0 0
OLD REP INTL CORP COM 680223104 15,850 917,820 SH   SOLE NONE 375,000 0 542,820
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 2,188 138,283 SH   SOLE NONE 0 0 138,283
REGIONS FINANCIAL CORP COM 7591EP100 190 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,656 17,020 SH   SOLE NONE 17,000 0 20
RENT A CTR INC COM 76009N100 4,178 125,340 SH   SOLE NONE 25,000 0 100,340
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 238 20,988 SH   SOLE NONE 20,988 0 0
STANCORP FINL GROUP INC COM 852891100 993 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 15,442 557,499 SH   SOLE NONE 75,000 0 482,499
WALTER ENERGY COM 93317Q105 3,705 222,800 SH   SOLE NONE 50,000 0 172,800
WALTER INVT MGMT CORP COM 93317W102 255 7,236 SH   SOLE NONE 0 0 7,236
WHITE MTNS INS GRP LTD COM G9618E107 846 1,403 SH   SOLE NONE 1,400 0 3