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 34,880 6,307,356 SH   SOLE 0 6,307,356 0 0
AIR METHODS CORP COM PAR $.06 009128307 1,306 41,000 SH   SOLE 0 41,000 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 29,114 2,316,112 SH   SOLE 0 2,316,112 0 0
AMERISOURCEBERGEN CORP COM 03073E105 16,722 213,861 SH   SOLE 0 213,861 0 0
ANDERSONS INC COM 034164103 4,046 90,507 SH   SOLE 0 90,507 0 0
ARDMORE SHIPPING CORP COM Y0207T100 716 96,707 SH   SOLE 0 96,707 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 24,789 450,704 SH   SOLE 0 450,704 0 0
AUTONATION INC COM 05329W102 15,415 316,847 SH   SOLE 0 316,847 0 0
BANK NEW YORK MELLON CORP COM 064058100 24,491 516,901 SH   SOLE 0 516,901 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,394 18 SH   SOLE 0 18 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 51,660 316,974 SH   SOLE 0 316,974 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,721 188,828 SH   SOLE 0 188,828 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 1,693 111,571 SH   SOLE 0 111,571 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 20,563 622,924 SH   SOLE 0 622,924 0 0
CALPINE CORP COM NEW 131347304 31,356 2,743,347 SH   SOLE 0 2,743,347 0 0
CENTERSTATE BANKS INC COM 15201P109 4,817 191,364 SH   SOLE 0 191,364 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 18,719 937,828 SH   SOLE 0 937,828 0 0
CENVEO INC COM NEW 15670S402 2,949 421,851 SH   SOLE 0 421,851 0 0
CHEMOURS CO COM 163851108 27,209 1,231,733 SH   SOLE 0 1,231,733 0 0
CNA FINL CORP COM 126117100 53,089 1,279,257 SH   SOLE 0 1,279,257 0 0
CNO FINL GROUP INC COM 12621E103 14,002 731,149 SH   SOLE 0 731,149 0 0
COLFAX CORP COM 194014106 1,347 37,491 SH   SOLE 0 37,491 0 0
COLONY CAP INC CL A 19624R106 21,333 1,053,480 SH   SOLE 0 1,053,480 0 0
COMCAST CORP NEW CL A 20030N101 1,725 24,981 SH   SOLE 0 24,981 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 25,703 957,279 SH   SOLE 0 957,279 0 0
COUSINS PPTYS INC COM 222795106 89 10,432 SH   SOLE 0 10,432 0 0
CROWN HOLDINGS INC COM 228368106 860 16,357 SH   SOLE 0 16,357 0 0
DARLING INGREDIENTS INC COM 237266101 19,189 1,486,391 SH   SOLE 0 1,486,391 0 0
DORIAN LPG LTD SHS USD Y2106R110 3,227 393,023 SH   SOLE 0 393,023 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 20,694 1,596,757 SH   SOLE 0 1,596,757 0 0
GENERAL COMMUNICATION INC CL A 369385109 24,532 1,261,272 SH   SOLE 0 1,261,272 0 0
GRAMERCY PPTY TR COM 385002100 47,095 5,130,128 SH   SOLE 0 5,130,128 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,886 690,164 SH   SOLE 0 690,164 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 13,788 556,419 SH   SOLE 0 556,419 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,196 318,293 SH   SOLE 0 318,293 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 13,562 51,105 SH   SOLE 0 51,105 0 0
ISTAR INC COM 45031U101 300 24,230 SH   SOLE 0 24,230 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 3,018 2,992,000 SH   SOLE 0 2,992,000 0 0
JOHNSON & JOHNSON COM 478160104 3,650 31,684 SH   SOLE 0 31,684 0 0
JPMORGAN CHASE & CO COM 46625H100 67,480 782,019 SH   SOLE 0 782,019 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 17,967 814,841 SH   SOLE 0 814,841 0 0
KCAP FINL INC COM 48668E101 1,680 422,089 SH   SOLE 0 422,089 0 0
LEUCADIA NATL CORP COM 527288104 38,314 1,647,897 SH   SOLE 0 1,647,897 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 334 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 287 13,570 SH   SOLE 0 13,570 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 38 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 11,545 388,715 SH   SOLE 0 388,715 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 215 6,220 SH   SOLE 0 6,220 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 827 24,371 SH   SOLE 0 24,371 0 0
LIBERTY MEDIA CORP DELAWARE COM C MEDIA GRP 531229854 214 6,838 SH   SOLE 0 6,838 0 0
LOEWS CORP COM 540424108 34,733 741,678 SH   SOLE 0 741,678 0 0
MERCK & CO INC COM 58933Y105 20,835 353,908 SH   SOLE 0 353,908 0 0
METLIFE INC COM 59156R108 43,420 805,707 SH   SOLE 0 805,707 0 0
MICROSOFT CORP COM 594918104 1,466 23,587 SH   SOLE 0 23,587 0 0
NAVISTAR INTL CORP NEW COM 63934E108 3,456 110,177 SH   SOLE 0 110,177 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 8,786 9,001,000 SH   SOLE 0 9,001,000 0 0
NEFF CORP COM CL A 640094207 14,901 1,056,797 SH   SOLE 0 1,056,797 0 0
NMI HLDGS INC CL A 629209305 14,641 1,374,765 SH   SOLE 0 1,374,765 0 0
NII HLDGS INC COM PAR $0.001 62913F508 2,652 1,233,433 SH   SOLE 0 1,233,433 0 0
NN INC COM 629337106 21,509 1,129,102 SH   SOLE 0 1,129,102 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 23,843 1,598,048 SH   SOLE 0 1,598,048 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 16,303 1,296,942 SH   SOLE 0 1,296,942 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 76,561 5,053,528 SH   SOLE 0 5,053,528 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 20,048 2,265,311 SH   SOLE 0 2,265,311 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 14,190 1,215,933 SH   SOLE 0 1,215,933 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 15,922 995,738 SH   SOLE 0 995,738 0 0
OLD NATL BANCORP IND COM 680033107 37,445 2,063,106 SH   SOLE 0 2,063,106 0 0
OWENS ILL INC COM NEW 690768403 34,292 1,969,699 SH   SOLE 0 1,969,699 0 0
PARK OHIO HLDGS CORP COM 700666100 26,837 629,982 SH   SOLE 0 629,982 0 0
PBF ENERGY INC CL A 69318G106 15,886 569,806 SH   SOLE 0 569,806 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 27,127 523,277 SH   SOLE 0 523,277 0 0
PEOPLES BANCORP INC COM 709789101 17,991 554,255 SH   SOLE 0 554,255 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 20,833 996,336 SH   SOLE 0 996,336 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 17,285 1,761,930 SH   SOLE 0 1,761,930 0 0
PROSPERITY BANCSHARES INC COM 743606105 16,386 228,280 SH   SOLE 0 228,280 0 0
REDWOOD TR INC COM 758075402 26,304 1,729,418 SH   SOLE 0 1,729,418 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,591 1,592,000 SH   SOLE 0 1,592,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 5,602 577,501 SH   SOLE 0 577,501 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 24,078 25,039,000 SH   SOLE 0 25,039,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 2,771 517,924 SH   SOLE 0 517,924 0 0
RUSH ENTERPRISES INC CL A 781846209 8,298 260,112 SH   SOLE 0 260,112 0 0
RUSH ENTERPRISES INC CL B 781846308 12,269 397,452 SH   SOLE 0 397,452 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 13,126 183,911 SH   SOLE 0 183,911 0 0
SEABOARD CORP COM 811543107 23,917 6,052 SH   SOLE 0 6,052 0 0
SEACOR HOLDINGS INC COM 811904101 5,619 78,831 SH   SOLE 0 78,831 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 5,806 154,262 SH   SOLE 0 154,262 0 0
SIERRA BANCORP COM 82620P102 14,939 561,815 SH   SOLE 0 561,815 0 0
SUPERVALU INC COM 868536103 140 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 16,341 566,019 SH   SOLE 0 566,019 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 11,630 1,794,825 SH   SOLE 0 1,794,825 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 11,904 802,153 SH   SOLE 0 802,153 0 0
TENNECO INC COM 880349105 13,233 211,834 SH   SOLE 0 211,834 0 0
TIER REIT INC COM NEW 88650V208 16,604 954,777 SH   SOLE 0 954,777 0 0
TRAVELERS COMPANIES INC COM 89417E109 33,166 270,923 SH   SOLE 0 270,923 0 0
U S GEOTHERMAL INC COM NEW ADDED 90338S201 6,511 1,591,847 SH   SOLE 0 1,591,847 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 9,879 680,351 SH   SOLE 0 680,351 0 0
VALERO ENERGY CORP NEW COM 91913Y100 56,995 834,238 SH   SOLE 0 834,238 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 18,626 348,941 SH   SOLE 0 348,941 0 0
VODAFONE GROUP PLC NEW SPNSR ADR 92857W308 11,766 481,629 SH   SOLE 0 481,629 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,958 18,763 SH   SOLE 0 18,763 0 0
WELLS FARGO & CO NEW COM 949746101 14,259 258,742 SH   SOLE 0 258,742 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 9,877 660,683 SH   SOLE 0 660,683 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 14,273 948,998 SH   SOLE 0 948,998 0 0
WESTROCK CO COM 96145D105 28,263 556,681 SH   SOLE 0 556,681 0 0
XL GROUP LTD COM G98294104 40,300 1,081,582 SH   SOLE 0 1,081,582 0 0