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 12,773 209,431 SH   SOLE NONE 30,000 0 179,431
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 906 36,810 SH   SOLE NONE 22,900 0 13,910
AMERICAN INTL GROUP INC COM 026874784 32,861 586,700 SH   SOLE NONE 245,000 0 341,700
ANNALY CAP MGMT INC COM 035710409 449 41,500 SH   SOLE NONE 0 0 41,500
APPLE INC COM 037833100 448 4,060 SH   SOLE NONE 0 0 4,060
ASSURED GUARANTY LTD COM G0585R106 8,315 319,955 SH   SOLE NONE 100,000 0 219,955
BERKSHIRE HATHAWAY INC CL B 084670702 456 3,040 SH   SOLE NONE 0 0 3,040
BIOSCRIP INC COM 09069N108 7,354 1,052,080 SH   SOLE NONE 337,000 0 715,080
BROOKFIELD RESIDENTIAL PPTYS COM 11283W104 5,020 208,665 SH   SOLE NONE 50,000 0 158,665
CAPITAL ONE FINL CORP COM 14040H105 9,137 110,685 SH   SOLE NONE 23,000 0 87,685
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,321 105,120 SH   SOLE NONE 30,000 0 75,120
CENTRAL SECS CORP COM 155123102 447 20,364 SH   SOLE NONE 0 0 20,364
CHIMERA INVT CORP COM 16934Q109 14,253 4,482,150 SH   SOLE NONE 750,000 0 3,732,150
COCA COLA CO COM 191216100 558 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 4,427 121,833 SH   SOLE NONE 0 0 121,833
ENSTAR GROUP LIMITED SHS G3075p101 12,714 83,161 SH   SOLE NONE 32,450 0 50,711
EVEREST RE GROUP LTD COM G3223R108 2,044 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 8,700 552,750 SH   SOLE NONE 190,000 0 362,750
FIRST HORIZON NATL CORP COM 320517105 516 37,995 SH   SOLE NONE 0 0 37,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 11,385 365,489 SH   SOLE NONE 70,000 0 295,489
HAWAIIAN TELCOM HOLDCO INC COM 420031106 2,130 77,261 SH   SOLE NONE 26,584 0 50,677
HORNBECK OFFSHORE SVCS INC N COM 440543106 8,485 339,805 SH   SOLE NONE 85,000 0 254,805
INTERVEST BANCSHARES CORP CL A 460927106 16,299 1,621,780 SH   SOLE NONE 508,307 0 1,113,473
JOHNSON & JOHNSON COM 478160104 266 2,540 SH   SOLE NONE 0 0 2,540
LIFELOCK INC COM 53224V100 2,174 117,423 SH   SOLE NONE 0 0 117,423
LYON WILLIAM HOMES CL A 552074700 6,518 321,538 SH   SOLE NONE 67,874 0 253,664
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 9,337 131,340 SH   SOLE NONE 20,000 0 111,340
OCI PARTNERS LP COM UNIT REP LP 67091N108 8,658 541,150 SH   SOLE NONE 115,000 0 426,150
OLD REP INTL CORP COM 680223104 3,584 245,000 SH   SOLE NONE 100,000 0 145,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,553 124,183 SH   SOLE NONE 0 0 124,183
REGIONS FINANCIAL CORP COM 7591EP100 203 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,655 17,020 SH   SOLE NONE 17,000 0 20
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 90 39,838 SH   SOLE NONE 33,000 0 6,838
RICE ENERGY INC COM 762760106 7,550 360,026 SH   SOLE NONE 64,489 0 295,537
STANCORP FINL GROUP INC COM 852891100 1,048 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 17,267 742,965 SH   SOLE NONE 100,000 0 642,965
STEWART INFORMATION SVCS COR COM 860372101 1,482 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 4,368 322,360 SH   SOLE NONE 166,589 0 155,771
WHITE MTNS INS GRP LTD COM G9618E107 884 1,403 SH   SOLE NONE 1,400 0 3