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 12,827 187,965 SH   SOLE NONE 30,000 0 157,965
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 876 36,810 SH   SOLE NONE 22,900 0 13,910
AMERICAN INTL GROUP INC COM 026874784 31,693 586,700 SH   SOLE NONE 245,000 0 341,700
ANNALY CAP MGMT INC COM 035710409 443 41,500 SH   SOLE NONE 0 0 41,500
APPLE INC COM 037833100 510 5,060 SH   SOLE NONE 0 0 5,060
ASSURED GUARANTY LTD COM G0585R106 7,090 319,955 SH   SOLE NONE 100,000 0 219,955
BERKSHIRE HATHAWAY INC CL B 084670702 420 3,040 SH   SOLE NONE 0 0 3,040
BIOSCRIP INC COM 09069N108 6,714 971,685 SH   SOLE NONE 300,000 0 671,685
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 6,993 370,181 SH   SOLE NONE 79,191 0 290,990
CAPITAL ONE FINL CORP COM 14040H105 8,422 103,185 SH   SOLE NONE 23,000 0 80,185
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,209 105,120 SH   SOLE NONE 30,000 0 75,120
CENTRAL SECS CORP COM 155123102 438 19,068 SH   SOLE NONE 0 0 19,068
CHIMERA INVT CORP COM 16934Q109 14,386 4,732,150 SH   SOLE NONE 750,000 0 3,982,150
COCA COLA CO COM 191216100 564 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 4,186 121,833 SH   SOLE NONE 0 0 121,833
DIRECTV COM CL A 25490A101 4,488 51,875 SH   SOLE NONE 11,000 0 40,875
ENSTAR GROUP LIMITED SHS G3075p101 9,193 67,440 SH   SOLE NONE 24,000 0 43,440
EVEREST RE GROUP LTD COM G3223R108 1,944 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 467 37,995 SH   SOLE NONE 0 0 37,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 12,412 357,489 SH   SOLE NONE 70,000 0 287,489
GOPRO INC CL A 38268T103 347 3,700 SH   SOLE NONE 0 0 3,700
HAWAIIAN TELCOM HOLDCO INC COM 420031106 5,506 214,332 SH   SOLE NONE 58,213 0 156,119
INTERVEST BANCSHARES CORP CL A 460927106 17,876 1,869,889 SH   SOLE NONE 508,307 0 1,361,582
JOHNSON & JOHNSON COM 478160104 271 2,540 SH   SOLE NONE 0 0 2,540
LIFELOCK INC COM 53224V100 2,107 147,423 SH   SOLE NONE 30,000 0 117,423
LYON WILLIAM HOMES CL A 552074700 7,106 321,568 SH   SOLE NONE 67,874 0 253,694
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 8,760 131,340 SH   SOLE NONE 20,000 0 111,340
MARKEL CORP COM 570535104 960 1,510 SH   SOLE NONE 1,510 0 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 11,529 536,750 SH   SOLE NONE 115,000 0 421,750
OLD REP INTL CORP COM 680223104 4,213 295,000 SH   SOLE NONE 100,000 0 195,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,914 124,183 SH   SOLE NONE 0 0 124,183
REGIONS FINANCIAL CORP COM 7591EP100 193 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,702 17,020 SH   SOLE NONE 17,000 0 20
RENT A CTR INC COM 76009N100 3,456 113,880 SH   SOLE NONE 25,000 0 88,880
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 476 39,838 SH   SOLE NONE 33,000 0 6,838
RICE ENERGY INC COM 762760106 9,178 345,026 SH   SOLE NONE 64,489 0 280,537
STANCORP FINL GROUP INC COM 852891100 948 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 19,111 870,265 SH   SOLE NONE 180,000 0 690,265
STEWART INFORMATION SVCS COR COM 860372101 1,174 40,000 SH   SOLE NONE 40,000 0 0
WHITE MTNS INS GRP LTD COM G9618E107 884 1,403 SH   SOLE NONE 1,400 0 3