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 32,026 5,569,662 SH   SOLE 0 5,569,662 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 33,843 2,044,900 SH   SOLE 0 2,044,900 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 32,986 709,830 SH   SOLE 0 709,830 0 0
BANK NEW YORK MELLON CORP COM 064058100 20,317 518,956 SH   SOLE 0 518,956 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,905 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 44,938 344,615 SH   SOLE 0 344,615 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 6,537 207,915 SH   SOLE 0 207,915 0 0
CENTERSTATE BANKS INC COM 15201P109 20,950 1,425,159 SH   SOLE 0 1,425,159 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 11,910 984,275 SH   SOLE 0 984,275 0 0
CENVEO INC COM 15670S105 6,969 3,706,854 SH   SOLE 0 3,706,854 0 0
CHAMBERS STR PPTYS COM 157842105 38,009 5,856,483 SH   SOLE 0 5,856,483 0 0
CHEMOURS CO COM 163851108 22,126 3,419,840 SH   SOLE 0 3,419,840 0 0
CNA FINL CORP COM 126117100 45,532 1,303,535 SH   SOLE 0 1,303,535 0 0
CNO FINL GROUP INC COM 12621E103 33,973 1,806,118 SH   SOLE 0 1,806,118 0 0
COMCAST CORP NEW CL A 20030N101 2,340 41,141 SH   SOLE 0 41,141 0 0
COMCAST CORP NEW CL A SPL 20030N200 9,156 159,964 SH   SOLE 0 159,964 0 0
COMMUNITYONE BANCORP COM 20416Q108 2,246 206,622 SH   SOLE 0 206,622 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 21,621 1,122,015 SH   SOLE 0 1,122,015 0 0
CROWN HOLDINGS INC COM 228368106 4,754 103,916 SH   SOLE 0 103,916 0 0
DARLING INGREDIENTS INC COM 237266101 17,931 1,595,319 SH   SOLE 0 1,595,319 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 25,999 2,418,511 SH   SOLE 0 2,418,511 0 0
GENERAL COMMUNICATION INC CL A 369385109 44,320 2,567,774 SH   SOLE 0 2,567,774 0 0
GRAMERCY PPTY TR INC COM NEW 38489R605 220 10,600 SH   SOLE 0 10,600 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 36,817 804,223 SH   SOLE 0 804,223 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 11,967 575,874 SH   SOLE 0 575,874 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,245 438,093 SH   SOLE 0 438,093 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 5,799 804,332 SH   SOLE 0 804,332 0 0
ISTAR INC COM 45031U101 311 24,730 SH   SOLE 0 24,730 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,041 1,995,000 SH   SOLE 0 1,995,000 0 0
JOHNSON & JOHNSON COM 478160104 8,280 88,696 SH   SOLE 0 88,696 0 0
JPMORGAN CHASE & CO COM 46625H100 53,882 883,752 SH   SOLE 0 883,752 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 22,258 1,348,136 SH   SOLE 0 1,348,136 0 0
LEUCADIA NATL CORP COM 527288104 33,487 1,652,874 SH   SOLE 0 1,652,874 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 53 1,233 SH   SOLE 0 1,233 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 4,504 109,802 SH   SOLE 0 109,802 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 343 9,600 SH   SOLE 0 9,600 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 988 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 27,503 761,017 SH   SOLE 0 761,017 0 0
MERCK & CO INC NEW COM 58933Y105 18,398 372,514 SH   SOLE 0 372,514 0 0
METLIFE INC COM 59156R108 44,437 942,452 SH   SOLE 0 942,452 0 0
MICROSOFT CORP COM 594918104 9,546 215,674 SH   SOLE 0 215,674 0 0
NAVISTAR INTL CORP NEW COM 63934E108 14,064 1,105,653 SH   SOLE 0 1,105,653 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 4,713 6,440,000 SH   SOLE 0 6,440,000 0 0
NEFF CORP COM CL A 640094207 7,497 1,341,111 SH   SOLE 0 1,341,111 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 143 16,818 SH   SOLE 0 16,818 0 0
NII HLDGS INC COM PAR $0.001 62913F508 8,993 1,381,411 SH   SOLE 0 1,381,411 0 0
NN INC COM 629337106 4,291 231,962 SH   SOLE 0 231,962 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 15,401 1,072,461 SH   SOLE 0 1,072,461 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 54,136 4,383,481 SH   SOLE 0 4,383,481 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 4,234 288,615 SH   SOLE 0 288,615 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 16,769 2,101,418 SH   SOLE 0 2,101,418 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 3,881 386,190 SH   SOLE 0 386,190 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 13,134 910,792 SH   SOLE 0 910,792 0 0
OLD NATL BANCORP IND COM 680033107 33,730 2,421,398 SH   SOLE 0 2,421,398 0 0
OWENS ILL INC COM NEW 690768403 36,425 1,757,980 SH   SOLE 0 1,757,980 0 0
PARK OHIO HLDGS CORP COM 700666100 17,354 601,329 SH   SOLE 0 601,329 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 5,246 45,576,000 SH   SOLE 0 45,576,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 22,586 466,277 SH   SOLE 0 466,277 0 0
PEOPLES BANCORP INC COM 709789101 20,241 973,594 SH   SOLE 0 973,594 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 28,418 1,806,588 SH   SOLE 0 1,806,588 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 40,841 2,282,876 SH   SOLE 0 2,282,876 0 0
PROSPERITY BANCSHARES INC COM 743606105 14,695 299,229 SH   SOLE 0 299,229 0 0
REDWOOD TR INC COM 758075402 23,623 1,706,872 SH   SOLE 0 1,706,872 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 777 821,000 SH   SOLE 0 821,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 4,247 512,935 SH   SOLE 0 512,935 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 22,371 25,723,000 SH   SOLE 0 25,723,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 5,099 613,632 SH   SOLE 0 613,632 0 0
RUSH ENTERPRISES INC CL A 781846209 13,717 566,807 SH   SOLE 0 566,807 0 0
RUSH ENTERPRISES INC CL B 781846308 11,227 481,639 SH   SOLE 0 481,639 0 0
SANDRIDGE ENERGY INC COM 80007P307 439 1,625,783 SH   SOLE 0 1,625,783 0 0
SEABOARD CORP COM 811543107 29,358 9,535 SH   SOLE 0 9,535 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 5,516 158,493 SH   SOLE 0 158,493 0 0
SIERRA BANCORP COM 82620P102 14,535 910,683 SH   SOLE 0 910,683 0 0
SUPERVALU INC COM 868536103 215 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 12,032 482,058 SH   SOLE 0 482,058 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 10,506 1,725,090 SH   SOLE 0 1,725,090 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 14,327 18,654,000 SH   SOLE 0 18,654,000 0 0
TRAVELERS COMPANIES INC COM 89417E109 44,279 444,884 SH   SOLE 0 444,884 0 0
U S GEOTHERMAL INC COM 90338S102 5,613 9,112,397 SH   SOLE 0 9,112,397 0 0
VALERO ENERGY CORP NEW COM 91913Y100 67,491 1,122,972 SH   SOLE 0 1,122,972 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 31,153 716,005 SH   SOLE 0 716,005 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 13,931 438,902 SH   SOLE 0 438,902 0 0
WELLS FARGO & CO NEW COM 949746101 12,825 249,751 SH   SOLE 0 249,751 0 0
WESTROCK CO COM 96145D105 25,663 498,901 SH   SOLE 0 498,901 0 0
XL GROUP PLC SHS G98290102 39,550 1,088,943 SH   SOLE 0 1,088,943 0 0