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 9,960 310,080 SH   SOLE NONE 75,000 0 235,080
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 6,237 426,623 SH   SOLE NONE 85,800 0 340,823
AMERICAN CAP LTD COM 02503y103 4,441 291,445 SH   SOLE NONE 55,000 0 236,445
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 655 35,035 SH   SOLE NONE 22,900 0 12,135
AMERICAN INTL GROUP INC COM 026874784 26,926 498,175 SH   SOLE NONE 215,000 0 283,175
ANNALY CAP MGMT INC COM 035710409 339 33,000 SH   SOLE NONE 0 0 33,000
APPLE INC COM 037833100 366 3,360 SH   SOLE NONE 0 0 3,360
ASSURED GUARANTY LTD COM G0585R106 7,960 314,613 SH   SOLE NONE 96,000 0 218,613
BERKSHIRE HATHAWAY INC CL B 084670702 623 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 6,959 100,410 SH   SOLE NONE 18,000 0 82,410
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 2,900 101,409 SH   SOLE NONE 30,000 0 71,409
CENTRAL SECS CORP COM 155123102 195 10,187 SH   SOLE NONE 0 0 10,187
CHIMERA INVT CORP COM 16934Q109 12,546 923,146 SH   SOLE NONE 110,000 0 813,146
COCA COLA CO COM 191216100 646 13,922 SH   SOLE NONE 0 0 13,922
CORRECTIONS CORP AMER COM 22025Y407 3,801 118,609 SH   SOLE NONE 0 0 118,609
DARLING INGREDIENTS INC COM 237266101 6,972 529,393 SH   SOLE NONE 120,000 0 409,393
ENSTAR GROUP LIMITED SHS G3075p101 20,723 127,708 SH   SOLE NONE 64,021 0 63,687
EVEREST RE GROUP LTD COM G3223R108 2,369 12,000 SH   SOLE NONE 12,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 5,737 528,774 SH   SOLE NONE 175,000 0 353,774
FIRST HORIZON NATL CORP COM 320517105 406 30,995 SH   SOLE NONE 0 0 30,995
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 9,377 638,376 SH   SOLE NONE 95,450 0 542,926
HORNBECK OFFSHORE SVCS INC N COM 440543106 2,861 288,100 SH   SOLE NONE 60,000 0 228,100
JERNIGAN CAP INC COM 476405105 4,550 291,276 SH   SOLE NONE 53,200 0 238,076
JOHNSON & JOHNSON COM 478160104 274 2,535 SH   SOLE NONE 0 0 2,535
LIBERTY BROADBAND CORP COM SER C 530307305 8,492 146,539 SH   SOLE NONE 32,000 0 114,539
LIFELOCK INC COM 53224V100 1,147 95,045 SH   SOLE NONE 0 0 95,045
MACQUARIE INFRASTR CO MEMBERSHIP INT 55608B105 8,682 128,734 SH   SOLE NONE 17,000 0 111,734
NAVIGATOR HOLDINGS LTD SHS Y62132108 5,478 339,180 SH   SOLE NONE 60,000 0 279,180
OCI PARTNERS LP COM UNIT REP LP 67091N108 6,359 841,100 SH   SOLE NONE 140,000 0 701,100
OLD REP INTL CORP COM 680223104 4,314 236,000 SH   SOLE NONE 100,000 0 136,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,167 91,635 SH   SOLE NONE 0 0 91,635
REGIONS FINANCIAL CORP COM 7591EP100 151 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,040 17,020 SH   SOLE NONE 17,000 0 20
RICE ENERGY INC COM 762760106 4,737 339,313 SH   SOLE NONE 60,000 0 279,313
STARWOOD PPTY TR INC COM 85571B105 12,001 633,983 SH   SOLE NONE 50,000 0 583,983
STATE NATL COS INC COM 85711T305 3,679 291,982 SH   SOLE NONE 245,000 0 46,982
STEWART INFORMATION SVCS COR COM 860372101 1,451 40,000 SH   SOLE NONE 40,000 0 0
TRIUMPH BANCORP INC COM 89679E300 7,903 499,253 SH   SOLE NONE 150,000 0 349,253
WHITE MTNS INS GRP LTD COM G9618E107 1,126 1,403 SH   SOLE NONE 1,400 0 3