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 13,403 390,425 SH   SOLE NONE 85,000 0 305,425
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 6,751 240,260 SH   SOLE NONE 65,000 0 175,260
AMERICAN CAP LTD COM 02503y103 1,706 95,175 SH   SOLE NONE 0 0 95,175
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 811 34,585 SH   SOLE NONE 22,900 0 11,685
AMERICAN INTL GROUP INC COM 026874784 29,750 455,524 SH   SOLE NONE 205,000 0 250,524
ANNALY CAP MGMT INC COM 035710409 371 37,200 SH   SOLE NONE 0 0 37,200
APPLE INC COM 037833100 313 2,703 SH   SOLE NONE 0 0 2,703
ASSURED GUARANTY LTD COM G0585R106 11,477 303,863 SH   SOLE NONE 96,000 0 207,863
BERKSHIRE HATHAWAY INC CL B 084670702 715 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 8,168 93,625 SH   SOLE NONE 12,000 0 81,625
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,515 99,909 SH   SOLE NONE 30,000 0 69,909
CHIMERA INVT CORP COM 16934Q109 14,634 859,836 SH   SOLE NONE 80,000 0 779,836
COCA COLA CO COM 191216100 548 13,214 SH   SOLE NONE 0 0 13,214
CORECIVIC INC COM 21871n101 8,802 359,882 SH   SOLE NONE 65,700 0 294,182
DARLING INGREDIENTS INC COM 237266101 6,853 530,855 SH   SOLE NONE 120,000 0 410,855
ENSTAR GROUP LIMITED SHS G3075p101 25,370 128,329 SH   SOLE NONE 64,021 0 64,308
EVEREST RE GROUP LTD COM G3223R108 2,597 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 620 30,995 SH   SOLE NONE 0 0 30,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 13,378 556,497 SH   SOLE NONE 90,000 0 466,497
JERNIGAN CAP INC COM 476405105 4,965 235,854 SH   SOLE NONE 20,900 0 214,954
JOHNSON & JOHNSON COM 478160104 240 2,080 SH   SOLE NONE 0 0 2,080
LIBERTY BROADBAND CORP COM SER C 530307305 10,789 145,654 SH   SOLE NONE 32,000 0 113,654
LIFELOCK INC COM 53224V100 1,797 75,120 SH   SOLE NONE 0 0 75,120
MGIC INVESTMENT CORP CORP 552848103 16,787 1,647,410 SH   SOLE NONE 850,000 0 797,410
MERCK & CO INC COM 58933Y105 202 3,439 SH   SOLE NONE 0 0 3,439
MICROSOFT CORP COM 594918104 204 3,290 SH   SOLE NONE 0 0 3,290
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,160 339,790 SH   SOLE NONE 60,000 0 279,790
OCI PARTNERS LP COM UNIT REP LP 67091N108 3,266 391,126 SH   SOLE NONE 41,117 0 350,009
OLD REP INTL CORP COM 680223104 4,104 216,000 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 1,357 84,575 SH   SOLE NONE 0 0 84,575
PICO HOLDINGS INC COM 693366205 6,697 442,058 SH   SOLE NONE 95,000 0 347,058
PINNACLE FINL PARTNERS COM 72346q104 233 3,361 SH   SOLE NONE 0 0 3,361
REGIONS FINANCIAL CORP COM 7591EP100 276 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,319 17,020 SH   SOLE NONE 17,000 0 20
RICE ENERGY INC COM 762760106 7,081 331,681 SH   SOLE NONE 60,000 0 271,681
STARWOOD PPTY TR INC COM 85571B105 12,925 588,833 SH   SOLE NONE 50,000 0 538,833
STATE NATL COS INC COM 85711T305 5,953 429,490 SH   SOLE NONE 255,000 0 174,490
STEWART INFORMATION SVCS COR COM 860372101 1,843 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 15,947 609,835 SH   SOLE NONE 182,125 0 427,710
VERISIGN INC COM 92343e102 6,386 83,945 SH   SOLE NONE 17,000 0 66,945
WHITE MTNS INS GRP LTD COM G9618E107 1,173 1,403 SH   SOLE NONE 1,400 0 3