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 10,878 360,075 SH   SOLE NONE 85,000 0 275,075
ALPHABET INC CAP STK CL A 02079k107 10,063 9,717 SH   SOLE NONE 2,200 0 7,517
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 224 41,235 SH   SOLE NONE 22,900 0 18,335
AMERICAN INTL GROUP INC COM 026874784 14,092 357,569 SH   SOLE NONE 200,000 0 157,569
ASSURED GUARANTY LTD COM G0585R106 16,292 425,603 SH   SOLE NONE 190,000 0 235,603
ATHENE HLDG LTD CL A G0684d107 25,916 650,658 SH   SOLE NONE 281,900 0 368,758
AUTOZONE INC COM 053332102 17,334 20,676 SH   SOLE NONE 4,060 0 16,616
BERKSHIRE HATHAWAY INC CL B 084670702 870 4,261 SH   SOLE NONE 0 0 4,261
CAPITAL ONE FINL CORP COM 14040H105 8,927 118,104 SH   SOLE NONE 31,117 0 86,987
CHIMERA INVT CORP COM 16934Q109 17,294 970,472 SH   SOLE NONE 85,000 0 885,472
COCA COLA CO COM 191216100 642 13,569 SH   SOLE NONE 0 0 13,569
COMCAST CORP NEW CL A 20030n101 10,617 311,810 SH   SOLE NONE 60,000 0 251,810
CORECIVIC INC COM 21871n101 7,953 446,045 SH   SOLE NONE 80,000 0 366,045
CRAWFORD & CO CL A 224633206 2,669 299,954 SH   SOLE NONE 283,000 0 16,954
DARLING INGREDIENTS INC COM 237266101 8,342 433,595 SH   SOLE NONE 95,000 0 338,595
DOWDUPONT INC COM 26078j100 10,739 200,810 SH   SOLE NONE 40,000 0 160,810
ENSTAR GROUP LIMITED SHS G3075p101 17,600 105,029 SH   SOLE NONE 53,500 0 51,529
EVEREST RE GROUP LTD COM G3223R108 2,613 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 311 23,695 SH   SOLE NONE 0 0 23,695
GCI LIBERTY INC COM 36164v305 2,336 56,760 SH   SOLE NONE 15,000 0 41,760
GREENLIGHT CAP RE LTD CL A G4095J109 1,078 125,000 SH   SOLE NONE 125,000 0 0
ISHARES TR RUS 1000 ETF 464287622 551 3,974 SH   SOLE NONE 0 0 3,974
JERNIGAN CAP INC COM 476405105 8,884 448,215 SH   SOLE NONE 55,000 0 393,215
LIBERTY BROADBAND CORP COM SER C 530307305 8,452 117,340 SH   SOLE NONE 25,000 0 92,340
MGIC INVESTMENT CORP CORP 552848103 28,633 2,737,370 SH   SOLE NONE 1,305,000 0 1,432,370
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,242 238,551 SH   SOLE NONE 55,000 0 183,551
OLD REP INTL CORP COM 680223104 3,908 190,000 SH   SOLE NONE 100,000 0 90,000
PICO HOLDINGS INC COM 693366205 4,293 469,718 SH   SOLE NONE 86,454 0 383,264
REGIONS FINANCIAL CORP COM 7591EP100 257 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,276 17,020 SH   SOLE NONE 17,000 0 20
SELECT INTERIOR CONCEPTS INC CL A 816120307 6,004 798,470 SH   SOLE NONE 175,824 0 622,646
STARWOOD PPTY TR INC COM 85571B105 16,100 816,869 SH   SOLE NONE 120,106 0 696,763
STEWART INFORMATION SVCS COR COM 860372101 621 15,000 SH   SOLE NONE 15,000 0 0
STORE CAP CORP COM 862121100 5,800 204,875 SH   SOLE NONE 0 0 204,875
TORTOISE MLP FD INC COM 89148B101 5,156 420,880 SH   SOLE NONE 0 0 420,880
TRIUMPH BANCORP INC COM 89679E300 16,484 555,018 SH   SOLE NONE 70,000 0 485,018
VERISIGN INC COM 92343e102 10,014 67,531 SH   SOLE NONE 13,000 0 54,531