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 13,522 317,975 SH   SOLE NONE 65,000 0 252,975
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 2,711 108,431 SH   SOLE NONE 55,416 0 53,015
ALLIANCE RES PARTNERS LP UT LTD PART 01877R108 2,005 113,643 SH   SOLE NONE 0 0 113,643
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 653 39,835 SH   SOLE NONE 22,900 0 16,935
AMERICAN INTL GROUP INC COM 026874784 19,771 363,319 SH   SOLE NONE 200,000 0 163,319
ANNALY CAP MGMT INC COM 035710409 393 37,700 SH   SOLE NONE 0 0 37,700
APPLE INC COM 037833100 526 3,138 SH   SOLE NONE 0 0 3,138
ASSURED GUARANTY LTD COM G0585R106 16,468 454,943 SH   SOLE NONE 194,725 0 260,218
ATHENE HLDG LTD CL A G0684d107 20,024 418,836 SH   SOLE NONE 181,918 0 236,918
AUTOZONE INC COM 053332102 11,961 18,439 SH   SOLE NONE 3,500 0 14,939
BERKSHIRE HATHAWAY INC CL B 084670702 876 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 7,312 76,305 SH   SOLE NONE 13,393 0 62,912
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 3,699 68,882 SH   SOLE NONE 20,470 0 48,412
CHIMERA INVT CORP COM 16934Q109 15,823 908,823 SH   SOLE NONE 85,000 0 823,823
COCA COLA CO COM 191216100 567 13,064 SH   SOLE NONE 0 0 13,064
COMCAST CORP NEW CL A 20030n101 10,311 301,765 SH   SOLE NONE 60,000 0 241,765
CORECIVIC INC COM 21871n101 9,332 478,080 SH   SOLE NONE 80,000 0 398,080
CRAWFORD & CO CL A 224633206 1,465 182,679 SH   SOLE NONE 182,679 0 0
DARLING INGREDIENTS INC COM 237266101 9,146 528,655 SH   SOLE NONE 98,890 0 429,765
ENSTAR GROUP LIMITED SHS G3075p101 25,088 119,325 SH   SOLE NONE 58,800 0 60,525
EVEREST RE GROUP LTD COM G3223R108 3,082 12,000 SH   SOLE NONE 12,000 0 0
FANHUA INC SPONSORED ADR 30712A103 1,621 60,000 SH   SOLE NONE 60,000 0 0
FIRST HORIZON NATL CORP COM 320517105 574 30,495 SH   SOLE NONE 0 0 30,495
ISHARES TR RUS 1000 ETF 464287622 584 3,974 SH   SOLE NONE 0 0 3,974
ISHARES TR CORE S&P500 ETF 464287200 511 1,925 SH   SOLE NONE 0 0 1,925
JERNIGAN CAP INC COM 476405105 7,884 435,565 SH   SOLE NONE 55,000 0 380,565
KKR & CO L P DEL COM UNITS LP 48248m102 240 11,800 SH   SOLE NONE 0 0 11,800
LIBERTY BROADBAND CORP COM SER C 530307305 10,201 119,050 SH   SOLE NONE 25,000 0 94,050
MGIC INVESTMENT CORP CORP 552848103 20,403 1,569,425 SH   SOLE NONE 850,000 0 719,425
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,081 262,217 SH   SOLE NONE 55,000 0 207,217
OLD REP INTL CORP COM 680223104 4,590 214,000 SH   SOLE NONE 100,000 0 114,000
PICO HOLDINGS INC COM 693366205 7,275 635,414 SH   SOLE NONE 134,000 0 501,414
PINNACLE FINL PARTNERS COM 72346q104 216 3,361 SH   SOLE NONE 0 0 3,361
REGIONS FINANCIAL CORP COM 7591EP100 357 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,357 17,020 SH   SOLE NONE 17,000 0 20
STARWOOD PPTY TR INC COM 85571B105 17,399 830,544 SH   SOLE NONE 120,106 0 710,438
STEWART INFORMATION SVCS COR COM 860372101 1,757 40,000 SH   SOLE NONE 40,000 0 0
STORE CAP CORP COM 862121100 5,084 204,825 SH   SOLE NONE 0 0 204,825
TRIUMPH BANCORP INC COM 89679E300 15,777 382,926 SH   SOLE NONE 87,000 0 295,926
VERISIGN INC COM 92343e102 8,277 69,811 SH   SOLE NONE 13,000 0 56,811
WHITE MTNS INS GRP LTD COM G9618E107 1,154 1,403 SH   SOLE NONE 1,400 0 3