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 10,930 211,456 SH   SOLE NONE 30,000 0 181,456
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 827 37,810 SH   SOLE NONE 22,900 0 14,910
AMERICAN INTL GROUP INC COM 026874784 32,383 591,040 SH   SOLE NONE 245,000 0 346,040
ANNALY CAP MGMT INC COM 035710409 410 39,500 SH   SOLE NONE 0 0 39,500
APPLE INC COM 037833100 505 4,060 SH   SOLE NONE 0 0 4,060
ASSURED GUARANTY LTD COM G0585R106 8,457 320,455 SH   SOLE NONE 100,000 0 220,455
BERKSHIRE HATHAWAY INC CL B 084670702 439 3,040 SH   SOLE NONE 0 0 3,040
BIOSCRIP INC COM 09069N108 3,561 803,800 SH   SOLE NONE 184,200 0 619,600
CAPITAL ONE FINL CORP COM 14040H105 8,724 110,685 SH   SOLE NONE 23,000 0 87,685
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 3,894 105,120 SH   SOLE NONE 30,000 0 75,120
CENTRAL SECS CORP COM 155123102 441 20,240 SH   SOLE NONE 0 0 20,240
CHIMERA INVT CORP COM 16934Q109 14,459 4,604,900 SH   SOLE NONE 750,000 0 3,854,900
COCA COLA CO COM 191216100 536 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 4,877 121,133 SH   SOLE NONE 0 0 121,133
ENSTAR GROUP LIMITED SHS G3075p101 13,840 97,559 SH   SOLE NONE 37,659 0 59,900
EVEREST RE GROUP LTD COM G3223R108 2,088 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 7,794 552,750 SH   SOLE NONE 190,000 0 362,750
FIRST HORIZON NATL CORP COM 320517105 536 37,495 SH   SOLE NONE 0 0 37,495
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 15,944 592,920 SH   SOLE NONE 100,000 0 492,920
HORNBECK OFFSHORE SVCS INC N COM 440543106 6,713 356,870 SH   SOLE NONE 86,980 0 269,890
JERNIGAN CAP INC COM 476405105 1,153 55,550 SH   SOLE NONE 0 0 55,550
JOHNSON & JOHNSON COM 478160104 255 2,540 SH   SOLE NONE 0 0 2,540
LIFELOCK INC COM 53224V100 1,657 117,423 SH   SOLE NONE 0 0 117,423
LYON WILLIAM HOMES CL A 552074700 8,292 321,147 SH   SOLE NONE 67,874 0 253,273
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 10,808 131,340 SH   SOLE NONE 20,000 0 111,340
NATIONSTAR MTG HLDGS INC COM 63861C109 6,996 282,440 SH   SOLE NONE 72,000 0 210,440
OCI PARTNERS LP COM UNIT REP LP 67091N108 11,499 711,574 SH   SOLE NONE 134,855 0 576,719
OLD REP INTL CORP COM 680223104 3,940 263,700 SH   SOLE NONE 100,000 0 163,700
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,439,398 94,635 SH   SOLE NONE 0 0 94,635
REGIONS FINANCIAL CORP COM 7591EP100 182 19,235 SH   SOLE NONE 0 0 19,235
REMY INTL INC NEW COM 75971M108 2,193 98,783 SH   SOLE NONE 33,969 0 64,814
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,697 17,020 SH   SOLE NONE 17,000 0 20
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 89 37,288 SH   SOLE NONE 33,000 0 4,288
RICE ENERGY INC COM 762760106 7,894 362,786 SH   SOLE NONE 64,489 0 298,297
STANCORP FINL GROUP INC COM 852891100 1,029 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 15,548 639,820 SH   SOLE NONE 57,000 0 582,820
STEWART INFORMATION SVCS COR COM 860372101 1,626 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 4,403 322,360 SH   SOLE NONE 166,589 0 155,771
WHITE MTNS INS GRP LTD COM G9618E107 960 1,403 SH   SOLE NONE 1,400 0 3