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 16,729 392,510 SH   SOLE NONE 85,000 0 307,510
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 5,236 188,260 SH   SOLE NONE 65,000 0 123,260
ALLIANCE RES PARTNERS LP UT LTD PART 01877R108 503 26,000 SH   SOLE NONE 0 0 26,000
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 758 37,885 SH   SOLE NONE 22,900 0 14,985
AMERICAN INTL GROUP INC COM 026874784 27,889 454,299 SH   SOLE NONE 205,000 0 249,299
ANNALY CAP MGMT INC COM 035710409 478 39,200 SH   SOLE NONE 0 0 39,200
APPLE INC COM 037833100 420 2,728 SH   SOLE NONE 0 0 2,728
ASSURED GUARANTY LTD COM G0585R106 15,329 406,063 SH   SOLE NONE 145,000 0 261,063
ATHENE HLDG LTD CL A G0684d107 11,820 218,898 SH   SOLE NONE 83,685 0 135,213
AUTOZONE INC COM 053332102 11,078 18,615 SH   SOLE NONE 3,800 0 14,815
BERKSHIRE HATHAWAY INC CL B 084670702 805 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 7,720 91,185 SH   SOLE NONE 12,000 0 79,185
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,241 99,484 SH   SOLE NONE 30,000 0 69,484
CHIMERA INVT CORP COM 16934Q109 16,302 861,616 SH   SOLE NONE 80,000 0 781,616
COCA COLA CO COM 191216100 588 13,064 SH   SOLE NONE 0 0 13,064
CORECIVIC INC COM 21871n101 9,635 359,907 SH   SOLE NONE 65,700 0 294,207
DARLING INGREDIENTS INC COM 237266101 9,830 561,070 SH   SOLE NONE 120,000 0 441,070
ENSTAR GROUP LIMITED SHS G3075p101 28,937 130,143 SH   SOLE NONE 64,021 0 66,122
EVEREST RE GROUP LTD COM G3223R108 2,741 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 594 30,995 SH   SOLE NONE 0 0 30,995
ISHARES TR RUS 1000 ETF 464287622 556 3,974 SH   SOLE NONE 0 0 3,974
JERNIGAN CAP INC COM 476405105 4,762 231,704 SH   SOLE NONE 20,900 0 210,804
JOHNSON & JOHNSON COM 478160104 261 2,010 SH   SOLE NONE 0 0 2,010
KKR & CO L P DEL COM UNITS LP 48248m102 246 12,100 SH   SOLE NONE 0 0 12,100
LIBERTY BROADBAND CORP COM SER C 530307305 13,762 144,409 SH   SOLE NONE 31,650 0 112,759
MGIC INVESTMENT CORP CORP 552848103 20,738 1,655,100 SH   SOLE NONE 850,000 0 805,100
MERCK & CO INC COM 58933Y105 211 3,291 SH   SOLE NONE 0 0 3,291
MICROSOFT CORP COM 594918104 245 3,290 SH   SOLE NONE 0 0 3,290
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,865 348,165 SH   SOLE NONE 60,000 0 288,165
OCI PARTNERS LP COM UNIT REP LP 67091N108 2,472 309,040 SH   SOLE NONE 0 0 309,040
OLD REP INTL CORP COM 680223104 4,273 217,000 SH   SOLE NONE 100,000 0 117,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,542 84,575 SH   SOLE NONE 0 0 84,575
PHILIP MORRIS INTL INC COM 718172109 235 2,115 SH   SOLE NONE 0 0 2,115
PICO HOLDINGS INC COM 693366205 10,473 627,096 SH   SOLE NONE 135,037 0 492,059
PINNACLE FINL PARTNERS COM 72346q104 225 3,361 SH   SOLE NONE 0 0 3,361
REGIONS FINANCIAL CORP COM 7591EP100 292 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,300 17,020 SH   SOLE NONE 17,000 0 20
STARWOOD PPTY TR INC COM 85571B105 13,088 602,583 SH   SOLE NONE 50,000 0 552,583
STATE NATL COS INC COM 85711T305 7,709 367,275 SH   SOLE NONE 198,700 0 168,575
STEWART INFORMATION SVCS COR COM 860372101 1,510 40,000 SH   SOLE NONE 40,000 0 0
STORE CAP CORP COM 862121100 4,778 192,125 SH   SOLE NONE 0 0 192,125
TRIUMPH BANCORP INC COM 89679E300 15,529 481,525 SH   SOLE NONE 120,173 0 361,352
VERISIGN INC COM 92343e102 9,283 87,255 SH   SOLE NONE 17,000 0 70,255
WHITE MTNS INS GRP LTD COM G9618E107 1,202 1,403 SH   SOLE NONE 1,400 0 3