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
AERCAP HOLDINGS NV SHS N00985106 5,514 144,200 SH   SOLE NONE 41,000 0 103,200
AIR LEASE CORP CL A 00912X302 2,983 96,481 SH   SOLE NONE 25,000 0 71,481
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 13,388 432,431 SH   SOLE NONE 85,800 0 346,631
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 840 37,010 SH   SOLE NONE 22,900 0 14,110
AMERICAN INTL GROUP INC COM 026874784 32,284 568,175 SH   SOLE NONE 250,000 0 318,175
ANNALY CAP MGMT INC COM 035710409 350 35,500 SH   SOLE NONE 0 0 35,500
APPLE INC COM 037833100 355 3,217 SH   SOLE NONE 0 0 3,217
ASSURED GUARANTY LTD COM G0585R106 8,049 321,971 SH   SOLE NONE 100,000 0 221,971
BERKSHIRE HATHAWAY INC CL B 084670702 599 4,590 SH   SOLE NONE 0 0 4,590
CAPITAL ONE FINL CORP COM 14040H105 7,633 105,260 SH   SOLE NONE 23,000 0 82,260
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 3,288 103,728 SH   SOLE NONE 30,000 0 73,728
CENTRAL SECS CORP COM 155123102 203 10,294 SH   SOLE NONE 0 0 10,294
CHIMERA INVT CORP COM 16934Q109 13,719 1,026,112 SH   SOLE NONE 150,000 0 876,112
COCA COLA CO COM 191216100 562 14,013 SH   SOLE NONE 0 0 14,013
CORRECTIONS CORP AMER COM 22025Y407 3,522 119,233 SH   SOLE NONE 0 0 119,233
ENSTAR GROUP LIMITED SHS G3075p101 18,539 123,595 SH   SOLE NONE 58,521 0 65,074
EVEREST RE GROUP LTD COM G3223R108 2,080 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 6,494 554,128 SH   SOLE NONE 190,000 0 364,128
FIRST HORIZON NATL CORP COM 320517105 440 30,995 SH   SOLE NONE 0 0 30,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 9,203 627,362 SH   SOLE NONE 100,000 0 527,362
HORNBECK OFFSHORE SVCS INC N COM 440543106 4,436 327,840 SH   SOLE NONE 86,980 0 240,860
J ALEXANDERS HLDGS INC COM 46609J106 951 95,361 SH   SOLE NONE 32,816 0 62,545
JERNIGAN CAP INC COM 476405105 3,761 215,462 SH   SOLE NONE 43,000 0 172,462
JOHNSON & JOHNSON COM 478160104 271 2,907 SH   SOLE NONE 0 0 2,907
LIBERTY BROADBAND CORP COM SER C 530307305 7,886 154,123 SH   SOLE NONE 36,000 0 118,123
LIFELOCK INC COM 53224V100 965 110,165 SH   SOLE NONE 0 0 110,165
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 10,143 135,858 SH   SOLE NONE 20,000 0 115,858
NATIONSTAR MTG HLDGS INC COM 63861C109 3,818 275,256 SH   SOLE NONE 72,000 0 203,256
OCI PARTNERS LP COM UNIT REP LP 67091N108 8,399 839,070 SH   SOLE NONE 140,000 0 699,070
OLD REP INTL CORP COM 680223104 3,975 254,200 SH   SOLE NONE 100,000 0 154,200
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,287 91,635 SH   SOLE NONE 0 0 91,635
REGIONS FINANCIAL CORP COM 7591EP100 173 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,809 17,020 SH   SOLE NONE 17,000 0 20
RICE ENERGY INC COM 762760106 5,683 351,662 SH   SOLE NONE 64,489 0 287,173
STANCORP FINL GROUP INC COM 852891100 1,713 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 13,705 667,901 SH   SOLE NONE 57,000 0 610,901
STATE NATL COS INC COM 85711T305 935 100,000 SH   SOLE NONE 100,000 0 0
STEWART INFORMATION SVCS COR COM 860372101 1,636 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 8,893 529,317 SH   SOLE NONE 166,589 0 362,728
WHITE MTNS INS GRP LTD COM G9618E107 1,048 1,403 SH   SOLE NONE 1,400 0 3