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 31,956 5,810,239 SH   SOLE 0 5,810,239 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 36,049 2,321,238 SH   SOLE 0 2,321,238 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 269 5,977 SH   SOLE 0 5,977 0 0
ANDERSONS INC COM 034164103 9,819 312,613 SH   SOLE 0 312,613 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 27,051 567,109 SH   SOLE 0 567,109 0 0
BANK NEW YORK MELLON CORP COM 064058100 18,397 499,514 SH   SOLE 0 499,514 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,056 19 SH   SOLE 0 19 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 47,155 332,360 SH   SOLE 0 332,360 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,251 172,263 SH   SOLE 0 172,263 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 896 60,611 SH   SOLE 0 60,611 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 10,734 308,537 SH   SOLE 0 308,537 0 0
CALPINE CORP COM NEW 131347304 19,546 1,288,437 SH   SOLE 0 1,288,437 0 0
CENTERSTATE BANKS INC COM 15201P109 19,263 1,293,720 SH   SOLE 0 1,293,720 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 11,106 997,810 SH   SOLE 0 997,810 0 0
CENVEO INC COM 15670S105 1,651 3,650,978 SH   SOLE 0 3,650,978 0 0
CHEMOURS CO COM 163851108 23,698 3,385,392 SH   SOLE 0 3,385,392 0 0
CHEVRON CORP NEW COM 166764100 200 2,100 SH   SOLE 0 2,100 0 0
CNA FINL CORP COM 126117100 42,192 1,311,135 SH   SOLE 0 1,311,135 0 0
CNO FINL GROUP INC COM 12621E103 17,459 974,283 SH   SOLE 0 974,283 0 0
COMCAST CORP NEW CL A 20030N101 5,012 82,049 SH   SOLE 0 82,049 0 0
COMMUNITYONE BANCORP COM 20416Q108 1,191 89,670 SH   SOLE 0 89,670 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 28,611 1,110,666 SH   SOLE 0 1,110,666 0 0
CROWN HOLDINGS INC COM 228368106 1,512 30,489 SH   SOLE 0 30,489 0 0
DARLING INGREDIENTS INC COM 237266101 20,443 1,552,252 SH   SOLE 0 1,552,252 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 25,287 2,383,327 SH   SOLE 0 2,383,327 0 0
GENERAL COMMUNICATION INC CL A 369385109 27,597 1,506,370 SH   SOLE 0 1,506,370 0 0
GRAMERCY PPTY TR COM 385002100 47,762 5,652,305 SH   SOLE 0 5,652,305 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 34,282 743,964 SH   SOLE 0 743,964 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 12,972 550,844 SH   SOLE 0 550,844 0 0
HERITAGE FINL CORP WASH COM 42722X106 7,494 426,496 SH   SOLE 0 426,496 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,047 568,369 SH   SOLE 0 568,369 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 7,243 27,770 SH   SOLE 0 27,770 0 0
ISTAR INC COM 45031U101 234 24,230 SH   SOLE 0 24,230 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,992 3,049,000 SH   SOLE 0 3,049,000 0 0
JOHNSON & JOHNSON COM 478160104 7,072 65,364 SH   SOLE 0 65,364 0 0
JPMORGAN CHASE & CO COM 46625H100 51,408 868,077 SH   SOLE 0 868,077 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 18,784 1,356,258 SH   SOLE 0 1,356,258 0 0
LEUCADIA NATL CORP COM 527288104 27,017 1,670,830 SH   SOLE 0 1,670,830 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 261 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 47 1,233 SH   SOLE 0 1,233 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 3,925 104,512 SH   SOLE 0 104,512 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 271 7,024 SH   SOLE 0 7,024 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 1,092 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 28,958 756,878 SH   SOLE 0 756,878 0 0
MERCK & CO INC NEW COM 58933Y105 21,468 405,747 SH   SOLE 0 405,747 0 0
METLIFE INC COM 59156R108 41,380 941,746 SH   SOLE 0 941,746 0 0
MICROSOFT CORP COM 594918104 4,162 75,355 SH   SOLE 0 75,355 0 0
NAVISTAR INTL CORP NEW COM 63934E108 16,476 1,315,949 SH   SOLE 0 1,315,949 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 5,428 9,060,000 SH   SOLE 0 9,060,000 0 0
NEFF CORP COM CL A 640094207 10,637 1,429,668 SH   SOLE 0 1,429,668 0 0
NII HLDGS INC COM PAR $0.001 62913F508 7,191 1,300,321 SH   SOLE 0 1,300,321 0 0
NN INC COM 629337106 13,626 996,084 SH   SOLE 0 996,084 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 16,361 1,441,480 SH   SOLE 0 1,441,480 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 11,241 969,043 SH   SOLE 0 969,043 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 66,661 5,080,835 SH   SOLE 0 5,080,835 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 1,566 97,748 SH   SOLE 0 97,748 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 18,144 2,293,765 SH   SOLE 0 2,293,765 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 12,901 1,281,124 SH   SOLE 0 1,281,124 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 14,390 1,037,503 SH   SOLE 0 1,037,503 0 0
OLD NATL BANCORP IND COM 680033107 28,913 2,371,822 SH   SOLE 0 2,371,822 0 0
OWENS ILL INC COM NEW 690768403 31,915 1,999,657 SH   SOLE 0 1,999,657 0 0
PARK OHIO HLDGS CORP COM 700666100 26,095 609,410 SH   SOLE 0 609,410 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 111 44,869,000 SH   SOLE 0 44,869,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 22,995 606,729 SH   SOLE 0 606,729 0 0
PEOPLES BANCORP INC COM 709789101 20,009 1,024,017 SH   SOLE 0 1,024,017 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 7,248 455,013 SH   SOLE 0 455,013 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 31,374 1,544,770 SH   SOLE 0 1,544,770 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 12,500 1,453,520 SH   SOLE 0 1,453,520 0 0
PROSPERITY BANCSHARES INC COM 743606105 15,579 335,818 SH   SOLE 0 335,818 0 0
REDWOOD TR INC COM 758075402 24,202 1,850,316 SH   SOLE 0 1,850,316 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,137 1,216,000 SH   SOLE 0 1,216,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 5,295 560,961 SH   SOLE 0 560,961 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 21,799 25,776,000 SH   SOLE 0 25,776,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 4,240 769,538 SH   SOLE 0 769,538 0 0
RUSH ENTERPRISES INC CL A 781846209 10,695 586,365 SH   SOLE 0 586,365 0 0
RUSH ENTERPRISES INC CL B 781846308 8,622 472,203 SH   SOLE 0 472,203 0 0
SANDRIDGE ENERGY INC COM DELETED 80007P307 40 716,458 SH   SOLE 0 716,458 0 0
SEABOARD CORP COM 811543107 25,472 8,482 SH   SOLE 0 8,482 0 0
SEACOR HOLDINGS INC COM 811904101 3,936 72,295 SH   SOLE 0 72,295 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 5,771 163,897 SH   SOLE 0 163,897 0 0
SIERRA BANCORP COM 82620P102 15,122 833,161 SH   SOLE 0 833,161 0 0
SUPERVALU INC COM 868536103 173 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 18,161 603,551 SH   SOLE 0 603,551 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 11,542 1,770,213 SH   SOLE 0 1,770,213 0 0
TENNECO INC COM 880349105 5,891 114,374 SH   SOLE 0 114,374 0 0
TIER REIT INC COM NEW 88650V208 4,999 371,981 SH   SOLE 0 371,981 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 14,354 18,402,000 SH   SOLE 0 18,402,000 0 0
TRAVELERS COMPANIES INC COM 89417E109 33,742 289,111 SH   SOLE 0 289,111 0 0
U S GEOTHERMAL INC COM 90338S102 6,700 9,924,399 SH   SOLE 0 9,924,399 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 7,303 277,669 SH   SOLE 0 277,669 0 0
VALERO ENERGY CORP NEW COM 91913Y100 54,703 852,864 SH   SOLE 0 852,864 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 438 9,035 SH   SOLE 0 9,035 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 31,597 584,257 SH   SOLE 0 584,257 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 12,714 396,703 SH   SOLE 0 396,703 0 0
WELLS FARGO & CO NEW COM 949746101 11,825 244,517 SH   SOLE 0 244,517 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 640 44,498 SH   SOLE 0 44,498 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 11,583 830,937 SH   SOLE 0 830,937 0 0
WESTROCK CO COM 96145D105 22,647 580,241 SH   SOLE 0 580,241 0 0
XL GROUP PLC SHS G98290102 38,345 1,041,984 SH   SOLE 0 1,041,984 0 0