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 44,959 5,126,438 SH   SOLE 0 5,126,438 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 45,863 2,210,257 SH   SOLE 0 2,210,257 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 11,831 268,205 SH   SOLE 0 268,205 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 33,239 731,823 SH   SOLE 0 731,823 0 0
BANK NEW YORK MELLON CORP COM 064058100 46,642 1,244,447 SH   SOLE 0 1,244,447 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,798 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 46,391 366,551 SH   SOLE 0 366,551 0 0
BP PLC SPONSORED ADR 055622104 37,504 710,980 SH   SOLE 0 710,980 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 14,187 322,284 SH   SOLE 0 322,284 0 0
CENTERSTATE BANKS INC COM 15201P109 11,375 1,015,646 SH   SOLE 0 1,015,646 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 10,209 779,924 SH   SOLE 0 779,924 0 0
CENVEO INC COM 15670S105 14,253 3,841,699 SH   SOLE 0 3,841,699 0 0
CHAMBERS STR PPTYS COM 157842105 44,328 5,513,426 SH   SOLE 0 5,513,426 0 0
CNA FINL CORP COM 126117100 52,036 1,287,390 SH   SOLE 0 1,287,390 0 0
CNO FINL GROUP INC COM 12621E103 37,559 2,110,079 SH   SOLE 0 2,110,079 0 0
COMCAST CORP NEW CL A 20030N101 6,395 119,123 SH   SOLE 0 119,123 0 0
COMCAST CORP NEW CL A SPL 20030N200 26,550 497,839 SH   SOLE 0 497,839 0 0
CONAGRA FOODS INC COM 205887102 13,956 470,213 SH   SOLE 0 470,213 0 0
CROWN HOLDINGS INC COM 228368106 5,691 114,374 SH   SOLE 0 114,374 0 0
DARLING INGREDIENTS INC COM 237266101 11,898 569,295 SH   SOLE 0 569,295 0 0
EXCEL TR INC COM 30068C109 43,969 3,298,518 SH   SOLE 0 3,298,518 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 12,869 1,023,012 SH   SOLE 0 1,023,012 0 0
GENERAL COMMUNICATION INC CL A 369385109 32,790 2,959,356 SH   SOLE 0 2,959,356 0 0
GRAFTECH INTL LTD COM 384313102 10,481 1,002,013 SH   SOLE 0 1,002,013 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 51,539 1,439,240 SH   SOLE 0 1,439,240 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 1,246 43,544 SH   SOLE 0 43,544 0 0
HERITAGE FINL CORP WASH COM 42722X106 5,141 319,504 SH   SOLE 0 319,504 0 0
ISTAR FINL INC COM 45031U101 376 25,130 SH   SOLE 0 25,130 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,151 2,015,000 SH   SOLE 0 2,015,000 0 0
JOHNSON & JOHNSON COM 478160104 11,236 107,397 SH   SOLE 0 107,397 0 0
JPMORGAN CHASE & CO COM 46625H100 51,312 890,517 SH   SOLE 0 890,517 0 0
LEUCADIA NATL CORP COM 527288104 37,812 1,442,088 SH   SOLE 0 1,442,088 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 166 3,753 SH   SOLE 0 3,753 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 13,322 314,862 SH   SOLE 0 314,862 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 4,675 34,205 SH   SOLE 0 34,205 0 0
LIVE NATION ENTERTAINMENT IN NOTE 2.875% 7/1 538034AB5 18,368 18,257,000 SH   SOLE 0 18,257,000 0 0
LOEWS CORP COM 540424108 30,149 685,050 SH   SOLE 0 685,050 0 0
MERCK & CO INC NEW COM 58933Y105 22,457 388,192 SH   SOLE 0 388,192 0 0
METLIFE INC COM 59156R108 43,950 791,043 SH   SOLE 0 791,043 0 0
METLIFE INC UNIT 99/99/9999 59156R116 6,600 206,520 SH   SOLE 0 206,520 0 0
MICROSOFT CORP COM 594918104 23,054 552,844 SH   SOLE 0 552,844 0 0
NAVISTAR INTL CORP NEW COM 63934E108 4,269 113,911 SH   SOLE 0 113,911 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 3,045 3,023,000 SH   SOLE 0 3,023,000 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 856 106,156 SH   SOLE 0 106,156 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 73,235 4,213,730 SH   SOLE 0 4,213,730 0 0
NUVEEN CA SELECT TAX FREE PR SH BEN INT 67063R103 1,327 88,892 SH   SOLE 0 88,892 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 5,079 372,081 SH   SOLE 0 372,081 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 12,358 1,320,323 SH   SOLE 0 1,320,323 0 0
NUVEEN DIVER CURRENCY OPPOR COM 67090N109 13,678 1,218,018 SH   SOLE 0 1,218,018 0 0
OLD NATL BANCORP IND COM 680033107 725 50,743 SH   SOLE 0 50,743 0 0
OWENS ILL INC COM NEW 690768403 46,533 1,343,326 SH   SOLE 0 1,343,326 0 0
PARK OHIO HLDGS CORP COM 700666100 22,327 384,222 SH   SOLE 0 384,222 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 14,409 19,331,000 SH   SOLE 0 19,331,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 7,117 143,776 SH   SOLE 0 143,776 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 26,051 1,717,242 SH   SOLE 0 1,717,242 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 43,540 2,298,812 SH   SOLE 0 2,298,812 0 0
REDWOOD TR INC COM 758075402 1,192 61,243 SH   SOLE 0 61,243 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 ADDED 75972AAA1 9,418 8,496,000 SH   SOLE 0 8,496,000 0 0
ROCK-TENN CO CL A 772739207 34,835 329,908 SH   SOLE 0 329,908 0 0
SAFEWAY INC COM NEW 786514208 39,788 1,158,659 SH   SOLE 0 1,158,659 0 0
SANDRIDGE ENERGY INC COM 80007P307 6,781 948,439 SH   SOLE 0 948,439 0 0
SEABOARD CORP COM 811543107 30,994 10,262 SH   SOLE 0 10,262 0 0
SIERRA BANCORP COM 82620P102 14,362 908,988 SH   SOLE 0 908,988 0 0
SUPERVALU INC COM 868536103 380 46,250 SH   SOLE 0 46,250 0 0
TESORO CORP COM 881609101 24,353 415,078 SH   SOLE 0 415,078 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 7,231 8,228,000 SH   SOLE 0 8,228,000 0 0
TOWER GROUP INTL LTD COM G8988C105 4,974 2,763,073 SH   SOLE 0 2,763,073 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 15,055 2,010,076 SH   SOLE 0 2,010,076 0 0
TRAVELERS COMPANIES INC COM 89417E109 44,152 469,355 SH   SOLE 0 469,355 0 0
VALERO ENERGY CORP NEW COM 91913Y100 54,954 1,096,888 SH   SOLE 0 1,096,888 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 20,819 425,476 SH   SOLE 0 425,476 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 22,622 677,504 SH   SOLE 0 677,504 0 0
WELLS FARGO & CO NEW COM 949746101 30,477 579,852 SH   SOLE 0 579,852 0 0
XL GROUP PLC SHS G98290102 38,849 1,186,959 SH   SOLE 0 1,186,959 0 0