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 12,250 189,065 SH   SOLE NONE 30,000 0 159,065
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 959 36,060 SH   SOLE NONE 22,900 0 13,160
AMERICAN INTL GROUP INC COM 026874784 23,248 425,940 SH   SOLE NONE 185,000 0 240,940
ANNALY CAP MGMT INC COM 035710409 417 36,500 SH   SOLE NONE 0 0 36,500
APPLE INC COM 037833100 377 4,060 SH   SOLE NONE 0 0 4,060
ASSURED GUARANTY LTD COM G0585R106 7,449 304,055 SH   SOLE NONE 100,000 0 204,055
BERKSHIRE HATHAWAY INC CL B 084670702 385 3,040 SH   SOLE NONE 0 0 3,040
BIOSCRIP INC COM 09069N108 7,936 951,580 SH   SOLE NONE 300,000 0 651,580
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 7,199 346,931 SH   SOLE NONE 79,191 0 267,740
CAPITAL ONE FINL CORP COM 14040H105 8,584 103,925 SH   SOLE NONE 23,000 0 80,925
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,283 106,120 SH   SOLE NONE 30,000 0 76,120
CENTRAL SECS CORP COM 155123102 447 19,068 SH   SOLE NONE 0 0 19,068
CHIMERA INVT CORP COM 16934Q109 14,518 4,551,250 SH   SOLE NONE 750,000 0 3,801,250
COCA COLA CO COM 191216100 560 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 3,999 121,733 SH   SOLE NONE 0 0 121,733
DIRECTV COM CL A 25490A101 4,295 50,525 SH   SOLE NONE 11,000 0 39,525
EVEREST RE GROUP LTD COM G3223R108 1,926 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 471 39,715 SH   SOLE NONE 0 0 39,715
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 13,245 359,420 SH   SOLE NONE 70,000 0 289,420
HAWAIIAN TELCOM HOLDCO INC COM 420031106 6,188 216,282 SH   SOLE NONE 58,213 0 158,069
INTERVEST BANCSHARES CORP CL A 460927106 14,775 1,909,032 SH   SOLE NONE 510,000 0 1,399,032
JOHNSON & JOHNSON COM 478160104 266 2,540 SH   SOLE NONE 0 0 2,540
LIFELOCK INC COM 53224V100 2,058 147,423 SH   SOLE NONE 30,000 0 117,423
LYON WILLIAM HOMES CL A 552074700 9,172 301,316 SH   SOLE NONE 67,874 0 233,442
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 8,220 131,800 SH   SOLE NONE 20,000 0 111,800
MARKEL CORP COM 570535104 990 1,510 SH   SOLE NONE 1,510 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 7,183 338,009 SH   SOLE NONE 68,511 0 269,498
OLD REP INTL CORP COM 680223104 4,888 295,500 SH   SOLE NONE 100,000 0 195,500
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 2,085 134,183 SH   SOLE NONE 0 0 134,183
REGIONS FINANCIAL CORP COM 7591EP100 204 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCERE HOLDINGS LTD COM G7496G103 1,821 17,020 SH   SOLE NONE 17,000 0 20
RENT A CTR INC COM 76009N100 3,428 119,530 SH   SOLE NONE 25,000 0 94,530
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 581 41,288 SH   SOLE NONE 33,000 0 8,288
RICE ENERGY INC COM 762760106 7,574 248,733 SH   SOLE NONE 191,648 0 57,085
STANCORP FINL GROUP INC COM 852891100 960 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 19,554 822,615 SH   SOLE NONE 180,000 0 642,615
STEWART INFORMATION SVCS COR COM 860372101 1,240 40,000 SH   SOLE NONE 40,000 0 0
WALTER INVT MGMT CORP COM 93317W102 215 7,236 SH   SOLE NONE 0 0 7,236
WHITE MTNS INS GRP LTD COM G9618E107 854 1,403 SH   SOLE NONE 1,400 0 3