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 18,866 392,315 SH   SOLE NONE 93,355 0 298,960
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 3,346 124,915 SH   SOLE NONE 65,000 0 59,915
ALLIANCE RES PARTNERS LP UT LTD PART 01877R108 2,644 134,200 SH   SOLE NONE 7,427 0 126,773
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 687 37,885 SH   SOLE NONE 22,900 0 14,985
AMERICAN INTL GROUP INC COM 026874784 26,181 439,434 SH   SOLE NONE 209,642 0 229,792
ANNALY CAP MGMT INC COM 035710409 448 37,700 SH   SOLE NONE 0 0 37,700
APPLE INC COM 037833100 508 3,003 SH   SOLE NONE 0 0 3,003
ASSURED GUARANTY LTD COM G0585R106 13,156 388,423 SH   SOLE NONE 150,756 0 237,667
ATHENE HLDG LTD CL A G0684d107 17,803 344,293 SH   SOLE NONE 148,614 0 195,679
AUTOZONE INC COM 053332102 13,228 18,595 SH   SOLE NONE 4,143 0 14,452
BERKSHIRE HATHAWAY INC CL B 084670702 870 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 8,986 90,235 SH   SOLE NONE 13,393 0 76,842
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 5,478 94,484 SH   SOLE NONE 34,642 0 59,842
CHIMERA INVT CORP COM 16934Q109 15,320 829,006 SH   SOLE NONE 89,283 0 739,723
COCA COLA CO COM 191216100 599 13,064 SH   SOLE NONE 0 0 13,064
CORECIVIC INC COM 21871n101 11,886 528,281 SH   SOLE NONE 103,013 0 425,268
DARLING INGREDIENTS INC COM 237266101 10,181 561,555 SH   SOLE NONE 131,140 0 430,415
ENSTAR GROUP LIMITED SHS G3075p101 26,134 130,281 SH   SOLE NONE 65,971 0 64,310
EVEREST RE GROUP LTD COM G3223R108 2,655 12,000 SH   SOLE NONE 12,000 0 0
FANHUA INC SPONSORED ADR 30712A103 1,297 60,000 SH   SOLE NONE 60,000 0 0
FIRST HORIZON NATL CORP COM 320517105 620 30,995 SH   SOLE NONE 0 0 30,995
ISHARES TR RUS 1000 ETF 464287622 591 3,974 SH   SOLE NONE 0 0 3,974
JERNIGAN CAP INC COM 476405105 7,762 408,306 SH   SOLE NONE 44,441 0 363,865
JOHNSON & JOHNSON COM 478160104 280 2,010 SH   SOLE NONE 0 0 2,010
KKR & CO L P DEL COM UNITS LP 48248m102 249 11,800 SH   SOLE NONE 0 0 11,800
LIBERTY BROADBAND CORP COM SER C 530307305 12,294 144,364 SH   SOLE NONE 34,435 0 109,929
MGIC INVESTMENT CORP CORP 552848103 23,282 1,650,050 SH   SOLE NONE 878,779 0 771,271
MICROSOFT CORP COM 594918104 281 3,290 SH   SOLE NONE 0 0 3,290
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,779 282,090 SH   SOLE NONE 66,963 0 215,127
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,642 203,925 SH   SOLE NONE 0 0 203,925
OLD REP INTL CORP COM 680223104 4,639 217,000 SH   SOLE NONE 100,000 0 117,000
PHILIP MORRIS INTL INC COM 718172109 223 2,115 SH   SOLE NONE 0 0 2,115
PICO HOLDINGS INC COM 693366205 8,037 627,876 SH   SOLE NONE 148,962 0 478,914
PINNACLE FINL PARTNERS COM 72346q104 223 3,361 SH   SOLE NONE 0 0 3,361
REGIONS FINANCIAL CORP COM 7591EP100 332 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,138 17,020 SH   SOLE NONE 17,000 0 20
STARWOOD PPTY TR INC COM 85571B105 17,306 810,563 SH   SOLE NONE 120,106 0 690,457
STEWART INFORMATION SVCS COR COM 860372101 1,323 40,000 SH   SOLE NONE 40,000 0 0
STORE CAP CORP COM 862121100 4,632 201,825 SH   SOLE NONE 0 0 201,825
TRIUMPH BANCORP INC COM 89679E300 15,653 496,907 SH   SOLE NONE 134,189 0 362,718
VERISIGN INC COM 92343e102 9,983 87,235 SH   SOLE NONE 18,485 0 68,750
WHITE MTNS INS GRP LTD COM G9618E107 1,194 1,403 SH   SOLE NONE 1,400 0 3