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
AERCAP HOLDINGS NV SHS N00985106 5,784 126,325 SH   SOLE NONE 41,000 0 85,325
AIR LEASE CORP CL A 00912X302 3,145 92,775 SH   SOLE NONE 25,000 0 67,775
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 8,646 220,856 SH   SOLE NONE 30,000 0 190,856
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 1,047 37,810 SH   SOLE NONE 22,900 0 14,910
AMERICAN INTL GROUP INC COM 026874784 35,950 581,540 SH   SOLE NONE 245,000 0 336,540
ANNALY CAP MGMT INC COM 035710409 363 39,500 SH   SOLE NONE 0 0 39,500
APPLE INC COM 037833100 509 4,060 SH   SOLE NONE 0 0 4,060
ASSURED GUARANTY LTD COM G0585R106 7,681 320,155 SH   SOLE NONE 100,000 0 220,155
BERKSHIRE HATHAWAY INC CL B 084670702 414 3,040 SH   SOLE NONE 0 0 3,040
CAPITAL ONE FINL CORP COM 14040H105 9,225 104,860 SH   SOLE NONE 23,000 0 81,860
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,814 104,620 SH   SOLE NONE 30,000 0 74,620
CENTRAL SECS CORP COM 155123102 425 19,940 SH   SOLE NONE 0 0 19,940
CHIMERA INVT CORP COM 16934Q109 13,523 986,380 SH   SOLE NONE 150,000 0 836,380
COCA COLA CO COM 191216100 518 13,214 SH   SOLE NONE 0 0 13,214
CORRECTIONS CORP AMER COM 22025Y407 4,000 120,933 SH   SOLE NONE 0 0 120,933
ENSTAR GROUP LIMITED SHS G3075p101 18,369 118,551 SH   SOLE NONE 53,521 0 65,030
EVEREST RE GROUP LTD COM G3223R108 2,184 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 8,496 552,400 SH   SOLE NONE 190,000 0 362,400
FIRST HORIZON NATL CORP COM 320517105 548 34,995 SH   SOLE NONE 0 0 34,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 14,412 584,220 SH   SOLE NONE 100,000 0 484,220
HORNBECK OFFSHORE SVCS INC N COM 440543106 7,313 356,220 SH   SOLE NONE 86,980 0 269,240
JERNIGAN CAP INC COM 476405105 3,996 196,650 SH   SOLE NONE 43,000 0 153,650
JOHNSON & JOHNSON COM 478160104 248 2,540 SH   SOLE NONE 0 0 2,540
LIFELOCK INC COM 53224V100 1,884 114,925 SH   SOLE NONE 0 0 114,925
LYON WILLIAM HOMES CL A 552074700 7,653 298,131 SH   SOLE NONE 67,874 0 230,257
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 10,826 131,025 SH   SOLE NONE 20,000 0 111,025
NATIONSTAR MTG HLDGS INC COM 63861C109 4,600 273,790 SH   SOLE NONE 72,000 0 201,790
OCI PARTNERS LP COM UNIT REP LP 67091N108 12,581 746,630 SH   SOLE NONE 140,000 0 606,630
OLD REP INTL CORP COM 680223104 4,036 258,200 SH   SOLE NONE 100,000 0 158,200
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,237 94,635 SH   SOLE NONE 0 0 94,635
REGIONS FINANCIAL CORP COM 7591EP100 199 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 1,728 17,020 SH   SOLE NONE 17,000 0 20
RHINO RESOURCE PARTNR COM UNIT REPST 76218Y103 50 36,838 SH   SOLE NONE 33,000 0 3,838
RICE ENERGY INC COM 762760106 7,340 352,392 SH   SOLE NONE 64,489 0 287,903
STANCORP FINL GROUP INC COM 852891100 1,134 15,000 SH   SOLE NONE 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 13,691 634,720 SH   SOLE NONE 57,000 0 577,720
STEWART INFORMATION SVCS COR COM 860372101 1,592 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 6,956 528,939 SH   SOLE NONE 166,589 0 362,350
WHITE MTNS INS GRP LTD COM G9618E107 919 1,403 SH   SOLE NONE 1,400 0 3