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 32,665 5,760,957 SH   SOLE 0 5,760,957 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 30,108 2,141,409 SH   SOLE 0 2,141,409 0 0
ANDERSONS INC COM 034164103 5,412 171,110 SH   SOLE 0 171,110 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 31,375 649,576 SH   SOLE 0 649,576 0 0
BANK NEW YORK MELLON CORP COM 064058100 20,918 507,484 SH   SOLE 0 507,484 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,956 20 SH   SOLE 0 20 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 45,141 341,877 SH   SOLE 0 341,877 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 6,428 203,875 SH   SOLE 0 203,875 0 0
CALPINE CORP COM NEW 131347304 17,982 1,242,703 SH   SOLE 0 1,242,703 0 0
CENTERSTATE BANKS INC COM 15201P109 21,261 1,358,518 SH   SOLE 0 1,358,518 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 11,857 985,659 SH   SOLE 0 985,659 0 0
CENVEO INC COM 15670S105 3,225 3,700,963 SH   SOLE 0 3,700,963 0 0
CHEMOURS CO COM 163851108 17,896 3,338,820 SH   SOLE 0 3,338,820 0 0
CNA FINL CORP COM 126117100 45,573 1,296,540 SH   SOLE 0 1,296,540 0 0
CNO FINL GROUP INC COM 12621E103 21,340 1,117,856 SH   SOLE 0 1,117,856 0 0
COMCAST CORP NEW CL A 20030N101 11,103 196,763 SH   SOLE 0 196,763 0 0
COMMUNITYONE BANCORP COM 20416Q108 1,250 92,794 SH   SOLE 0 92,794 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 23,473 1,120,442 SH   SOLE 0 1,120,442 0 0
CROWN HOLDINGS INC COM 228368106 4,010 79,095 SH   SOLE 0 79,095 0 0
DARLING INGREDIENTS INC COM 237266101 16,531 1,571,432 SH   SOLE 0 1,571,432 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 24,998 2,415,273 SH   SOLE 0 2,415,273 0 0
GENERAL COMMUNICATION INC CL A 369385109 36,063 1,823,205 SH   SOLE 0 1,823,205 0 0
GRAMERCY PPTY TR COM ADDED 385002100 44,860 5,810,888 SH   SOLE 0 5,810,888 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 34,080 784,160 SH   SOLE 0 784,160 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 14,105 567,377 SH   SOLE 0 567,377 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,128 431,404 SH   SOLE 0 431,404 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 5,992 797,870 SH   SOLE 0 797,870 0 0
ISTAR INC COM 45031U101 290 24,730 SH   SOLE 0 24,730 0 0
ITC HLDGS CORP COM 465685105 685 17,440 SH   SOLE 0 17,440 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,919 2,932,000 SH   SOLE 0 2,932,000 0 0
JOHNSON & JOHNSON COM 478160104 8,202 79,847 SH   SOLE 0 79,847 0 0
JPMORGAN CHASE & CO COM 46625H100 57,412 869,485 SH   SOLE 0 869,485 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 30,061 1,330,738 SH   SOLE 0 1,330,738 0 0
LEUCADIA NATL CORP COM 527288104 28,940 1,664,175 SH   SOLE 0 1,664,175 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 234 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 52 1,233 SH   SOLE 0 1,233 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 4,468 109,579 SH   SOLE 0 109,579 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 297 7,564 SH   SOLE 0 7,564 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,091 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 28,792 749,793 SH   SOLE 0 749,793 0 0
MERCK & CO INC NEW COM 58933Y105 21,671 410,278 SH   SOLE 0 410,278 0 0
METLIFE INC COM 59156R108 44,840 930,090 SH   SOLE 0 930,090 0 0
MICROSOFT CORP COM 594918104 10,839 195,372 SH   SOLE 0 195,372 0 0
NAVISTAR INTL CORP NEW COM 63934E108 12,284 1,389,540 SH   SOLE 0 1,389,540 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 4,034 8,109,000 SH   SOLE 0 8,109,000 0 0
NEFF CORP COM CL A 640094207 10,768 1,405,726 SH   SOLE 0 1,405,726 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 131 10,782 SH   SOLE 0 10,782 0 0
NII HLDGS INC COM PAR $0.001 62913F508 7,108 1,407,464 SH   SOLE 0 1,407,464 0 0
NN INC COM 629337106 11,672 732,246 SH   SOLE 0 732,246 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 13,725 1,130,583 SH   SOLE 0 1,130,583 0 0
NORTHSTAR REALTY EUROPE CORP COM ADDED 66706L101 11,499 973,645 SH   SOLE 0 973,645 0 0
NORTHSTAR RLTY FIN CORP COM ADDED 66704R803 49,835 2,926,305 SH   SOLE 0 2,926,305 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 2,837 184,683 SH   SOLE 0 184,683 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 17,804 2,270,975 SH   SOLE 0 2,270,975 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 13,158 1,284,932 SH   SOLE 0 1,284,932 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 13,923 1,013,354 SH   SOLE 0 1,013,354 0 0
OLD NATL BANCORP IND COM 680033107 32,288 2,381,086 SH   SOLE 0 2,381,086 0 0
OWENS ILL INC COM NEW 690768403 31,231 1,792,823 SH   SOLE 0 1,792,823 0 0
PARK OHIO HLDGS CORP COM 700666100 22,943 623,789 SH   SOLE 0 623,789 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 2,199 45,144,000 SH   SOLE 0 45,144,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 20,490 483,932 SH   SOLE 0 483,932 0 0
PEOPLES BANCORP INC COM 709789101 19,171 1,017,562 SH   SOLE 0 1,017,562 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 21,082 1,305,413 SH   SOLE 0 1,305,413 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 39,058 2,068,775 SH   SOLE 0 2,068,775 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 9,832 766,290 SH   SOLE 0 766,290 0 0
PROSPERITY BANCSHARES INC COM 743606105 15,063 314,736 SH   SOLE 0 314,736 0 0
REDWOOD TR INC COM 758075402 24,305 1,841,303 SH   SOLE 0 1,841,303 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 986 1,053,000 SH   SOLE 0 1,053,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 5,271 567,431 SH   SOLE 0 567,431 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 21,793 25,515,000 SH   SOLE 0 25,515,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 5,892 778,293 SH   SOLE 0 778,293 0 0
RUSH ENTERPRISES INC CL A 781846209 12,490 570,561 SH   SOLE 0 570,561 0 0
RUSH ENTERPRISES INC CL B 781846308 10,425 476,026 SH   SOLE 0 476,026 0 0
SANDRIDGE ENERGY INC COM 80007P307 144 722,386 SH   SOLE 0 722,386 0 0
SEABOARD CORP COM 811543107 26,603 9,190 SH   SOLE 0 9,190 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 6,146 182,964 SH   SOLE 0 182,964 0 0
SIERRA BANCORP COM 82620P102 15,755 892,608 SH   SOLE 0 892,608 0 0
SUPERVALU INC COM 868536103 203 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 12,935 499,632 SH   SOLE 0 499,632 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 11,056 1,741,103 SH   SOLE 0 1,741,103 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 12,037 18,545,000 SH   SOLE 0 18,545,000 0 0
TRAVELERS COMPANIES INC COM 89417E109 43,986 389,739 SH   SOLE 0 389,739 0 0
U S GEOTHERMAL INC COM 90338S102 6,003 9,604,473 SH   SOLE 0 9,604,473 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 25,029 246,228 SH   SOLE 0 246,228 0 0
VALERO ENERGY CORP NEW COM 91913Y100 73,180 1,034,932 SH   SOLE 0 1,034,932 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 32,886 711,513 SH   SOLE 0 711,513 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 13,778 427,103 SH   SOLE 0 427,103 0 0
WELLS FARGO & CO NEW COM 949746101 13,473 247,854 SH   SOLE 0 247,854 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 10,902 773,185 SH   SOLE 0 773,185 0 0
WESTROCK CO COM 96145D105 23,747 520,538 SH   SOLE 0 520,538 0 0
XL GROUP PLC SHS G98290102 41,833 1,067,710 SH   SOLE 0 1,067,710 0 0