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
AEGON N V NY REGISTRY SH 007924103 39,339 5,316,126 SH   SOLE 0 5,316,126 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 43,512 2,041,859 SH   SOLE 0 2,041,859 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 36,644 765,018 SH   SOLE 0 765,018 0 0
BANK NEW YORK MELLON CORP COM 064058100 22,156 527,907 SH   SOLE 0 527,907 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,097 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 46,318 340,296 SH   SOLE 0 340,296 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 7,395 211,710 SH   SOLE 0 211,710 0 0
CENTERSTATE BANKS INC COM 15201P109 19,378 1,434,338 SH   SOLE 0 1,434,338 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 11,663 985,877 SH   SOLE 0 985,877 0 0
CENVEO INC COM 15670S105 7,922 3,736,853 SH   SOLE 0 3,736,853 0 0
CHAMBERS STR PPTYS COM 157842105 43,644 5,489,869 SH   SOLE 0 5,489,869 0 0
CNA FINL CORP COM 126117100 49,823 1,303,924 SH   SOLE 0 1,303,924 0 0
CNO FINL GROUP INC COM 12621E103 34,986 1,906,606 SH   SOLE 0 1,906,606 0 0
COMCAST CORP NEW CL A 20030N101 4,430 73,668 SH   SOLE 0 73,668 0 0
COMCAST CORP NEW CL A SPL 20030N200 17,460 291,293 SH   SOLE 0 291,293 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 16,038 763,346 SH   SOLE 0 763,346 0 0
CROWN HOLDINGS INC COM 228368106 5,559 105,071 SH   SOLE 0 105,071 0 0
DARLING INGREDIENTS INC COM 237266101 23,245 1,585,592 SH   SOLE 0 1,585,592 0 0
EXCEL TR INC COM 30068C109 586 37,160 SH   SOLE 0 37,160 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 27,164 2,401,782 SH   SOLE 0 2,401,782 0 0
GENERAL COMMUNICATION INC CL A 369385109 47,967 2,819,953 SH   SOLE 0 2,819,953 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 35,595 856,272 SH   SOLE 0 856,272 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 12,223 468,313 SH   SOLE 0 468,313 0 0
HERITAGE FINL CORP WASH COM 42722X106 7,262 406,386 SH   SOLE 0 406,386 0 0
ISTAR FINL INC COM 45031U101 335 25,130 SH   SOLE 0 25,130 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,071 2,025,000 SH   SOLE 0 2,025,000 0 0
JOHNSON & JOHNSON COM 478160104 8,793 90,218 SH   SOLE 0 90,218 0 0
JPMORGAN CHASE & CO COM 46625H100 60,260 889,309 SH   SOLE 0 889,309 0 0
LEUCADIA NATL CORP COM 527288104 37,402 1,540,426 SH   SOLE 0 1,540,426 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 231 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 67 1,233 SH   SOLE 0 1,233 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 5,598 110,571 SH   SOLE 0 110,571 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 370 10,269 SH   SOLE 0 10,269 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,029 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 28,109 729,919 SH   SOLE 0 729,919 0 0
MERCK & CO INC NEW COM 58933Y105 21,360 375,191 SH   SOLE 0 375,191 0 0
METLIFE INC COM 59156R108 50,619 904,073 SH   SOLE 0 904,073 0 0
MICROSOFT CORP COM 594918104 10,129 229,423 SH   SOLE 0 229,423 0 0
NAVISTAR INTL CORP NEW COM 63934E108 13,053 576,788 SH   SOLE 0 576,788 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 5,404 6,338,000 SH   SOLE 0 6,338,000 0 0
NEFF CORP COM CL A 640094207 5,630 558,000 SH   SOLE 0 558,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 14,437 780,803 SH   SOLE 0 780,803 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 38,096 2,395,968 SH   SOLE 0 2,395,968 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 4,570 322,272 SH   SOLE 0 322,272 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 16,432 1,908,473 SH   SOLE 0 1,908,473 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 7,443 445,393 SH   SOLE 0 445,393 0 0
OLD NATL BANCORP IND COM 680033107 35,076 2,425,709 SH   SOLE 0 2,425,709 0 0
OWENS ILL INC COM NEW 690768403 39,098 1,704,345 SH   SOLE 0 1,704,345 0 0
PARK OHIO HLDGS CORP COM 700666100 17,035 351,532 SH   SOLE 0 351,532 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 7,520 44,573,000 SH   SOLE 0 44,573,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 24,498 470,128 SH   SOLE 0 470,128 0 0
PEOPLES BANCORP INC COM 709789101 18,217 780,508 SH   SOLE 0 780,508 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 30,329 1,871,023 SH   SOLE 0 1,871,023 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 40,374 2,295,256 SH   SOLE 0 2,295,256 0 0
PROSPERITY BANCSHARES INC COM 743606105 14,075 243,762 SH   SOLE 0 243,762 0 0
REDWOOD TR INC COM 758075402 13,784 877,991 SH   SOLE 0 877,991 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 4,229 365,870 SH   SOLE 0 365,870 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 27,272 25,649,000 SH   SOLE 0 25,649,000 0 0
ROCK-TENN CO CL A 772739207 30,800 511,635 SH   SOLE 0 511,635 0 0
RUSH ENTERPRISES INC CL A 781846209 12,951 494,108 SH   SOLE 0 494,108 0 0
RUSH ENTERPRISES INC CL B 781846308 6,263 260,957 SH   SOLE 0 260,957 0 0
SANDRIDGE ENERGY INC COM 80007P307 1,278 1,457,378 SH   SOLE 0 1,457,378 0 0
SEABOARD CORP COM 811543107 34,662 9,631 SH   SOLE 0 9,631 0 0
SIERRA BANCORP COM 82620P102 15,724 908,385 SH   SOLE 0 908,385 0 0
SUPERVALU INC COM 868536103 243 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 14,276 485,588 SH   SOLE 0 485,588 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 241 34,300 SH   SOLE 0 34,300 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 15,338 18,802,000 SH   SOLE 0 18,802,000 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 12,838 1,927,691 SH   SOLE 0 1,927,691 0 0
TRAVELERS COMPANIES INC COM 89417E109 43,339 448,367 SH   SOLE 0 448,367 0 0
U S GEOTHERMAL INC COM 90338S102 4,379 8,261,323 SH   SOLE 0 8,261,323 0 0
VALERO ENERGY CORP NEW COM 91913Y100 70,677 1,129,022 SH   SOLE 0 1,129,022 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 17,704 379,841 SH   SOLE 0 379,841 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 16,114 442,093 SH   SOLE 0 442,093 0 0
WELLS FARGO & CO NEW COM 949746101 21,281 378,401 SH   SOLE 0 378,401 0 0
XL GROUP PLC SHS G98290102 41,061 1,103,802 SH   SOLE 0 1,103,802 0 0