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 14,709 393,710 SH   SOLE NONE 85,000 0 308,710
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 5,597 236,160 SH   SOLE NONE 65,000 0 171,160
AMERICAN INTL GROUP INC W EXP 01/19/2021 026874156 799 37,885 SH   SOLE NONE 22,900 0 14,985
AMERICAN INTL GROUP INC COM 026874784 28,428 454,699 SH   SOLE NONE 205,000 0 249,699
ANNALY CAP MGMT INC COM 035710409 472 39,200 SH   SOLE NONE 0 0 39,200
APPLE INC COM 037833100 393 2,728 SH   SOLE NONE 0 0 2,728
ASSURED GUARANTY LTD COM G0585R106 16,985 406,913 SH   SOLE NONE 145,000 0 261,913
ATHENE HLDG LTD CL A G0684d107 10,859 218,898 SH   SOLE NONE 83,685 0 135,213
AUTOZONE INC COM 053332102 8,168 14,318 SH   SOLE NONE 2,800 0 11,518
BERKSHIRE HATHAWAY INC CL B 084670702 744 4,390 SH   SOLE NONE 0 0 4,390
CAPITAL ONE FINL CORP COM 14040H105 7,538 91,235 SH   SOLE NONE 12,000 0 79,235
CAPITAL ONE FINL CORP W EXP 11/14/2018 14040H139 4,136 99,684 SH   SOLE NONE 30,000 0 69,684
CHIMERA INVT CORP COM 16934Q109 16,069 862,516 SH   SOLE NONE 80,000 0 782,516
COCA COLA CO COM 191216100 593 13,214 SH   SOLE NONE 0 0 13,214
CORECIVIC INC COM 21871n101 9,923 359,782 SH   SOLE NONE 65,700 0 294,082
DARLING INGREDIENTS INC COM 237266101 8,849 562,220 SH   SOLE NONE 120,000 0 442,220
ENSTAR GROUP LIMITED SHS G3075p101 25,883 130,293 SH   SOLE NONE 64,021 0 66,272
EVEREST RE GROUP LTD COM G3223R108 3,055 12,000 SH   SOLE NONE 12,000 0 0
FIRST HORIZON NATL CORP COM 320517105 540 30,995 SH   SOLE NONE 0 0 30,995
JERNIGAN CAP INC COM 476405105 5,095 231,604 SH   SOLE NONE 20,900 0 210,704
JOHNSON & JOHNSON COM 478160104 275 2,080 SH   SOLE NONE 0 0 2,080
KKR & CO L P DEL COM UNITS LP 48248m102 225 12,100 SH   SOLE NONE 0 0 12,100
LIBERTY BROADBAND CORP COM SER C 530307305 12,550 144,669 SH   SOLE NONE 31,650 0 113,019
MGIC INVESTMENT CORP CORP 552848103 18,561 1,657,200 SH   SOLE NONE 850,000 0 807,200
MERCK & CO INC COM 58933Y105 220 3,439 SH   SOLE NONE 0 0 3,439
MICROSOFT CORP COM 594918104 227 3,290 SH   SOLE NONE 0 0 3,290
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,894 348,665 SH   SOLE NONE 60,000 0 288,665
OCI PARTNERS LP COM UNIT REP LP 67091N108 3,100 350,228 SH   SOLE NONE 35,754 0 314,474
OLD REP INTL CORP COM 680223104 4,219 216,000 SH   SOLE NONE 100,000 0 116,000
ONEBEACON INSURANCE GROUP LTD CL A G67742109 2,002 138,283 SH SOLE NONE - 0 138,283 CL A G67742109 1,542 84,575 SH   SOLE NONE 0 0 84,575
PHILIP MORRIS INTL INC COM 718172109 248 2,115 SH   SOLE NONE 0 0 2,115
PICO HOLDINGS INC COM 693366205 7,949 454,204 SH   SOLE NONE 95,000 0 359,204
PINNACLE FINL PARTNERS COM 72346q104 211 3,361 SH   SOLE NONE 0 0 3,361
REGIONS FINANCIAL CORP COM 7591EP100 282 19,235 SH   SOLE NONE 0 0 19,235
RENAISSANCE RE HOLDINGS LTD COM G7496G103 2,367 17,020 SH   SOLE NONE 17,000 0 20
RICE ENERGY INC COM 762760106 8,946 335,951 SH   SOLE NONE 60,000 0 275,951
STARWOOD PPTY TR INC COM 85571B105 13,524 604,033 SH   SOLE NONE 50,000 0 554,033
STATE NATL COS INC COM 85711T305 8,070 439,080 SH   SOLE NONE 255,000 0 184,080
STEWART INFORMATION SVCS COR COM 860372101 1,815 40,000 SH   SOLE NONE 40,000 0 0
STORE CAP CORP COM 862121100 4,273 190,325 SH   SOLE NONE 0 0 190,325
TRIUMPH BANCORP INC COM 89679E300 12,294 500,775 SH   SOLE NONE 131,173 0 369,602
VERISIGN INC COM 92343e102 8,120 87,350 SH   SOLE NONE 17,000 0 70,350
WHITE MTNS INS GRP LTD COM G9618E107 1,219 1,403 SH   SOLE NONE 1,400 0 3