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 42,876 5,216,036 SH   SOLE 0 5,216,036 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 50,738 2,013,394 SH   SOLE 0 2,013,394 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 36,630 856,451 SH   SOLE 0 856,451 0 0
BANK NEW YORK MELLON CORP COM 064058100 32,791 846,650 SH   SOLE 0 846,650 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,138 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 50,175 363,216 SH   SOLE 0 363,216 0 0
BP PLC SPONSORED ADR 055622104 31,154 708,841 SH   SOLE 0 708,841 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 14,416 320,651 SH   SOLE 0 320,651 0 0
CENTERSTATE BANKS INC COM 15201P109 15,060 1,455,059 SH   SOLE 0 1,455,059 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 9,993 870,500 SH   SOLE 0 870,500 0 0
CENVEO INC COM 15670S105 9,364 3,790,980 SH   SOLE 0 3,790,980 0 0
CHAMBERS STR PPTYS COM 157842105 42,091 5,589,772 SH   SOLE 0 5,589,772 0 0
CNA FINL CORP COM 126117100 49,523 1,302,218 SH   SOLE 0 1,302,218 0 0
CNO FINL GROUP INC COM 12621E103 35,472 2,091,489 SH   SOLE 0 2,091,489 0 0
COMCAST CORP NEW CL A 20030N101 5,131 95,411 SH   SOLE 0 95,411 0 0
COMCAST CORP NEW CL A SPL 20030N200 20,750 387,858 SH   SOLE 0 387,858 0 0
CONAGRA FOODS INC COM 205887102 15,489 468,797 SH   SOLE 0 468,797 0 0
CROWN HOLDINGS INC COM 228368106 4,963 111,480 SH   SOLE 0 111,480 0 0
DARLING INGREDIENTS INC COM 237266101 10,357 565,345 SH   SOLE 0 565,345 0 0
EXCEL TR INC COM 30068C109 39,657 3,369,320 SH   SOLE 0 3,369,320 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 26,059 2,322,562 SH   SOLE 0 2,322,562 0 0
GENERAL COMMUNICATION INC CL A 369385109 32,653 2,992,902 SH   SOLE 0 2,992,902 0 0
GRAFTECH INTL LTD COM 384313102 10,121 2,209,783 SH   SOLE 0 2,209,783 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 43,868 1,177,672 SH   SOLE 0 1,177,672 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 1,107 43,109 SH   SOLE 0 43,109 0 0
HERITAGE FINL CORP WASH COM 42722X106 6,585 415,705 SH   SOLE 0 415,705 0 0
ISTAR FINL INC COM 45031U101 339 25,130 SH   SOLE 0 25,130 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,128 2,001,000 SH   SOLE 0 2,001,000 0 0
JOHNSON & JOHNSON COM 478160104 10,542 98,900 SH   SOLE 0 98,900 0 0
JPMORGAN CHASE & CO COM 46625H100 53,745 892,189 SH   SOLE 0 892,189 0 0
LEUCADIA NATL CORP COM 527288104 34,996 1,467,971 SH   SOLE 0 1,467,971 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 160 3,753 SH   SOLE 0 3,753 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 12,845 313,185 SH   SOLE 0 313,185 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 1,598 33,874 SH   SOLE 0 33,874 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C ADDED 531229300 3,184 67,768 SH   SOLE 0 67,768 0 0
LOEWS CORP COM 540424108 30,234 725,723 SH   SOLE 0 725,723 0 0
MERCK & CO INC NEW COM 58933Y105 22,968 387,442 SH   SOLE 0 387,442 0 0
METLIFE INC COM 59156R108 42,872 798,068 SH   SOLE 0 798,068 0 0
METLIFE INC UNIT 99/99/9999 59156R116 4,621 150,083 SH   SOLE 0 150,083 0 0
MICROSOFT CORP COM 594918104 22,760 490,950 SH   SOLE 0 490,950 0 0
NAVISTAR INTL CORP NEW COM 63934E108 3,725 113,190 SH   SOLE 0 113,190 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 3,014 3,014,000 SH   SOLE 0 3,014,000 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 959 126,305 SH   SOLE 0 126,305 0 0
NORTHSTAR ASSET MGMT GROUP I COM ADDED 66705Y104 21,956 1,191,958 SH   SOLE 0 1,191,958 0 0
NORTHSTAR RLTY FIN CORP COM DELETED 66704R100 36,909 2,088,817 SH   SOLE 0 2,088,817 0 0
NUVEEN CA SELECT TAX FREE PR SH BEN INT 67063R103 1,369 88,892 SH   SOLE 0 88,892 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 5,172 371,306 SH   SOLE 0 371,306 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 13,023 1,458,325 SH   SOLE 0 1,458,325 0 0
NUVEEN DIVER CURRENCY OPPOR COM 67090N109 12,883 1,208,581 SH   SOLE 0 1,208,581 0 0
OLD NATL BANCORP IND COM 680033107 30,733 2,369,553 SH   SOLE 0 2,369,553 0 0
OWENS ILL INC COM NEW 690768403 41,397 1,589,125 SH   SOLE 0 1,589,125 0 0
PARK OHIO HLDGS CORP COM 700666100 17,294 361,336 SH   SOLE 0 361,336 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 13,828 20,058,000 SH   SOLE 0 20,058,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 18,550 457,017 SH   SOLE 0 457,017 0 0
PEOPLES BANCORP INC COM 709789101 4,781 201,319 SH   SOLE 0 201,319 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 29,228 2,019,903 SH   SOLE 0 2,019,903 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 40,230 2,280,611 SH   SOLE 0 2,280,611 0 0
REDWOOD TR INC COM 758075402 1,002 60,428 SH   SOLE 0 60,428 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 9,878 9,551,000 SH   SOLE 0 9,551,000 0 0
ROCK-TENN CO CL A 772739207 32,476 682,552 SH   SOLE 0 682,552 0 0
SAFEWAY INC COM NEW 786514208 38,776 1,130,507 SH   SOLE 0 1,130,507 0 0
SANDRIDGE ENERGY INC COM 80007P307 4,053 944,678 SH   SOLE 0 944,678 0 0
SEABOARD CORP COM 811543107 28,475 10,645 SH   SOLE 0 10,645 0 0
SIERRA BANCORP COM 82620P102 15,673 935,141 SH   SOLE 0 935,141 0 0
SUPERVALU INC COM 868536103 413 46,250 SH   SOLE 0 46,250 0 0
TESORO CORP COM 881609101 14,217 233,140 SH   SOLE 0 233,140 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 14,485 18,905,000 SH   SOLE 0 18,905,000 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 14,283 2,000,352 SH   SOLE 0 2,000,352 0 0
TRAVELERS COMPANIES INC COM 89417E109 44,600 474,770 SH   SOLE 0 474,770 0 0
VALERO ENERGY CORP NEW COM 91913Y100 52,102 1,126,052 SH   SOLE 0 1,126,052 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 20,845 416,978 SH   SOLE 0 416,978 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 22,175 674,204 SH   SOLE 0 674,204 0 0
WELLS FARGO & CO NEW COM 949746101 29,788 574,286 SH   SOLE 0 574,286 0 0
XL GROUP PLC SHS G98290102 38,853 1,171,331 SH   SOLE 0 1,171,331 0 0