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
AIR LEASE CORP CL A 00912X302 10,417 388,975 SH   SOLE NONE 85,000 0 303,975
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 5,588 265,580 SH   SOLE NONE 85,800 0 179,780
AMERICAN CAP LTD COM 02503y103 2,332 147,345 SH   SOLE NONE 0 0 147,345
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 658 35,185 SH   SOLE NONE 22,900 0 12,285
AMERICAN INTL GROUP INC COM 026874784 24,300 459,450 SH   SOLE NONE 205,000 0 254,450
ANNALY CAP MGMT INC COM 035710409 365 33,000 SH   SOLE NONE 0 0 33,000
APPLE INC COM 037833100 321 3,360 SH   SOLE NONE 0 0 3,360
ASSURED GUARANTY LTD COM G0585R106 7,841 309,063 SH   SOLE NONE 96,000 0 213,063
BERKSHIRE HATHAWAY INC CL B 084670702 636 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 5,987 94,275 SH   SOLE NONE 12,000 0 82,275
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 2,412 101,209 SH   SOLE NONE 30,000 0 71,209
CHIMERA INVT CORP COM 16934Q109 13,441 856,136 SH   SOLE NONE 80,000 0 776,136
COCA COLA CO COM 191216100 631 13,922 SH   SOLE NONE 0 0 13,922
CORRECTIONS CORP AMER COM 22025Y407 4,141 118,259 SH   SOLE NONE 0 0 118,259
DARLING INGREDIENTS INC COM 237266101 7,703 516,968 SH   SOLE NONE 120,000 0 396,968
ENSTAR GROUP LIMITED SHS G3075p101 20,692 127,739 SH   SOLE NONE 64,021 0 63,718
EVEREST RE GROUP LTD COM G3223R108 2,192 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 6,002 523,274 SH   SOLE NONE 175,000 0 348,274
FIRST HORIZON NATL CORP COM 320517105 427 30,995 SH   SOLE NONE 0 0 30,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 10,193 556,097 SH   SOLE NONE 90,000 0 466,097
HORNBECK OFFSHORE SVCS INC N COM 440543106 594 71,270 SH   SOLE NONE 22,523 0 48,747
JERNIGAN CAP INC COM 476405105 3,217 230,754 SH   SOLE NONE 20,900 0 209,854
JOHNSON & JOHNSON COM 478160104 252 2,080 SH   SOLE NONE 0 0 2,080
LIBERTY BROADBAND CORP COM SER C 530307305 8,766 146,104 SH   SOLE NONE 32,000 0 114,104
LIFELOCK INC COM 53224V100 1,503 95,045 SH   SOLE NONE 0 0 95,045
MGIC INVESTMENT CORP CORP 552848103 8,746 1,469,910 SH   SOLE NONE 760,000 0 709,910
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 8,542 115,354 SH   SOLE NONE 17,000 0 98,354
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,894 338,590 SH   SOLE NONE 60,000 0 278,590
OCI PARTNERS LP COM UNIT REP LP 67091N108 6,101 808,100 SH   SOLE NONE 140,000 0 668,100
OLD REP INTL CORP COM 680223104 4,167 216,000 SH   SOLE NONE 100,000 0 116,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,153 83,575 SH   SOLE NONE 0 0 83,575
PHILIP MORRIS INTL INC COM 718172109 209 2,050 SH   SOLE NONE 0 0 2,050
REGIONS FINANCIAL CORP COM 7591EP100 163 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,999 17,020 SH   SOLE NONE 17,000 0 20
RICE ENERGY INC COM 762760106 7,290 330,781 SH   SOLE NONE 60,000 0 270,781
STARWOOD PPTY TR INC COM 85571B105 12,132 585,533 SH   SOLE NONE 50,000 0 535,533
STATE NATL COS INC COM 85711T305 4,427 420,440 SH   SOLE NONE 255,000 0 165,440
STEWART INFORMATION SVCS COR COM 860372101 1,656 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 10,406 650,373 SH   SOLE NONE 300,020 0 350,353
WHITE MTNS INS GRP LTD COM G9618E107 1,181 1,403 SH   SOLE NONE 1,400 0 3