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 23,901 5,960,249 SH   SOLE 0 5,960,249 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 29,403 2,398,295 SH   SOLE 0 2,398,295 0 0
ANDERSONS INC COM 034164103 6,793 191,126 SH   SOLE 0 191,126 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 24,279 523,473 SH   SOLE 0 523,473 0 0
BANK NEW YORK MELLON CORP COM 064058100 20,512 527,989 SH   SOLE 0 527,989 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,123 19 SH   SOLE 0 19 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 47,403 327,390 SH   SOLE 0 327,390 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,446 186,013 SH   SOLE 0 186,013 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 917 60,133 SH   SOLE 0 60,133 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 10,102 305,461 SH   SOLE 0 305,461 0 0
CALPINE CORP COM NEW 131347304 19,270 1,306,470 SH   SOLE 0 1,306,470 0 0
CENTERSTATE BANKS INC COM 15201P109 19,294 1,225,008 SH   SOLE 0 1,225,008 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 13,932 995,145 SH   SOLE 0 995,145 0 0
CENVEO INC COM 15670S105 2,925 3,585,220 SH   SOLE 0 3,585,220 0 0
CHEMOURS CO COM 163851108 26,317 3,193,770 SH   SOLE 0 3,193,770 0 0
CHEVRON CORP NEW COM 166764100 233 2,224 SH   SOLE 0 2,224 0 0
CNA FINL CORP COM 126117100 41,188 1,310,882 SH   SOLE 0 1,310,882 0 0
CNO FINL GROUP INC COM 12621E103 13,084 749,355 SH   SOLE 0 749,355 0 0
COLONY CAP INC CL A 19624R106 15,503 1,009,942 SH   SOLE 0 1,009,942 0 0
COMCAST CORP NEW CL A 20030N101 2,761 42,356 SH   SOLE 0 42,356 0 0
COMMUNITYONE BANCORP COM 20416Q108 1,124 88,889 SH   SOLE 0 88,889 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 29,765 1,092,687 SH   SOLE 0 1,092,687 0 0
CROWN HOLDINGS INC COM 228368106 835 16,480 SH   SOLE 0 16,480 0 0
DARLING INGREDIENTS INC COM 237266101 22,885 1,535,934 SH   SOLE 0 1,535,934 0 0
DORIAN LPG LTD SHS USD Y2106R110 2,839 402,703 SH   SOLE 0 402,703 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 26,615 2,169,093 SH   SOLE 0 2,169,093 0 0
GENERAL COMMUNICATION INC CL A 369385109 23,343 1,477,429 SH   SOLE 0 1,477,429 0 0
GRAMERCY PPTY TR COM 385002100 50,520 5,479,424 SH   SOLE 0 5,479,424 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 32,360 729,148 SH   SOLE 0 729,148 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 11,820 557,820 SH   SOLE 0 557,820 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,084 459,840 SH   SOLE 0 459,840 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 7,969 30,966 SH   SOLE 0 30,966 0 0
ISTAR INC COM 45031U101 232 24,230 SH   SOLE 0 24,230 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 3,050 3,020,000 SH   SOLE 0 3,020,000 0 0
JOHNSON & JOHNSON COM 478160104 3,802 31,347 SH   SOLE 0 31,347 0 0
JPMORGAN CHASE & CO COM 46625H100 53,935 867,953 SH   SOLE 0 867,953 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 17,502 1,345,259 SH   SOLE 0 1,345,259 0 0
LEUCADIA NATL CORP COM 527288104 28,964 1,671,302 SH   SOLE 0 1,671,302 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 271 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 446 13,719 SH   SOLE 0 13,719 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 36 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 5,887 205,488 SH   SOLE 0 205,488 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM ADDED 531229607 885 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 30,777 749,015 SH   SOLE 0 749,015 0 0
MERCK & CO INC COM 58933Y105 21,458 372,463 SH   SOLE 0 372,463 0 0
METLIFE INC COM 59156R108 37,424 939,605 SH   SOLE 0 939,605 0 0
MICROSOFT CORP COM 594918104 2,953 57,700 SH   SOLE 0 57,700 0 0
NAVISTAR INTL CORP NEW COM 63934E108 12,892 1,102,814 SH   SOLE 0 1,102,814 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 6,083 9,135,000 SH   SOLE 0 9,135,000 0 0
NEFF CORP COM CL A 640094207 14,645 1,339,847 SH   SOLE 0 1,339,847 0 0
NMI HLDGS INC CL A 629209305 7,282 1,328,890 SH   SOLE 0 1,328,890 0 0
NII HLDGS INC COM PAR $0.001 62913F508 4,096 1,288,192 SH   SOLE 0 1,288,192 0 0
NN INC COM 629337106 16,264 1,162,556 SH   SOLE 0 1,162,556 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 16,143 1,581,083 SH   SOLE 0 1,581,083 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 11,451 1,237,974 SH   SOLE 0 1,237,974 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 58,499 5,118,026 SH   SOLE 0 5,118,026 0 0
NUVEEN CAL AMT-FREE MUN INC COM 670651108 905 53,135 SH   SOLE 0 53,135 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 18,644 2,307,416 SH   SOLE 0 2,307,416 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 13,158 1,272,514 SH   SOLE 0 1,272,514 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 14,800 1,028,458 SH   SOLE 0 1,028,458 0 0
OLD NATL BANCORP IND COM 680033107 29,827 2,380,428 SH   SOLE 0 2,380,428 0 0
OWENS ILL INC COM NEW 690768403 35,658 1,979,898 SH   SOLE 0 1,979,898 0 0
PARK OHIO HLDGS CORP COM 700666100 18,285 646,554 SH   SOLE 0 646,554 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 DELETED 704549AG9 223 44,587,000 SH   SOLE 0 44,587,000 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 19,884 632,043 SH   SOLE 0 632,043 0 0
PEOPLES BANCORP INC COM 709789101 22,113 1,014,823 SH   SOLE 0 1,014,823 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 6,401 436,624 SH   SOLE 0 436,624 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 25,840 1,199,626 SH   SOLE 0 1,199,626 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 13,124 1,477,980 SH   SOLE 0 1,477,980 0 0
PROSPERITY BANCSHARES INC COM 743606105 17,683 346,796 SH   SOLE 0 346,796 0 0
REDWOOD TR INC COM 758075402 25,462 1,843,703 SH   SOLE 0 1,843,703 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,297 1,320,000 SH   SOLE 0 1,320,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 5,161 584,535 SH   SOLE 0 584,535 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 23,091 25,608,000 SH   SOLE 0 25,608,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 4,047 764,970 SH   SOLE 0 764,970 0 0
RUSH ENTERPRISES INC CL A 781846209 10,132 470,155 SH   SOLE 0 470,155 0 0
RUSH ENTERPRISES INC CL B 781846308 9,275 446,150 SH   SOLE 0 446,150 0 0
SEABOARD CORP COM 811543107 22,549 7,855 SH   SOLE 0 7,855 0 0
SEACOR HOLDINGS INC COM 811904101 4,720 81,456 SH   SOLE 0 81,456 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 6,037 184,378 SH   SOLE 0 184,378 0 0
SIERRA BANCORP COM 82620P102 14,162 848,557 SH   SOLE 0 848,557 0 0
SUPERVALU INC COM 868536103 142 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 17,436 587,871 SH   SOLE 0 587,871 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 11,172 1,756,543 SH   SOLE 0 1,756,543 0 0
TENNECO INC COM 880349105 10,173 218,267 SH   SOLE 0 218,267 0 0
TIER REIT INC COM NEW 88650V208 10,141 661,498 SH   SOLE 0 661,498 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 21 26,000 SH   SOLE 0 26,000 0 0
TRAVELERS COMPANIES INC COM 89417E109 32,248 270,901 SH   SOLE 0 270,901 0 0
U S GEOTHERMAL INC COM 90338S102 8,054 9,840,110 SH   SOLE 0 9,840,110 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 7,010 348,052 SH   SOLE 0 348,052 0 0
VALERO ENERGY CORP NEW COM 91913Y100 43,700 856,856 SH   SOLE 0 856,856 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 422 9,035 SH   SOLE 0 9,035 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 20,252 362,683 SH   SOLE 0 362,683 0 0
VODAFONE GROUP PLC NEW SPNSR ADR 92857W308 12,177 394,207 SH   SOLE 0 394,207 0 0
WELLS FARGO & CO NEW COM 949746101 13,933 294,372 SH   SOLE 0 294,372 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 5,940 442,639 SH   SOLE 0 442,639 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 12,365 823,262 SH   SOLE 0 823,262 0 0
WESTROCK CO COM 96145D105 22,407 576,467 SH   SOLE 0 576,467 0 0
XL GROUP PLC SHS G98290102 36,815 1,105,228 SH   SOLE 0 1,105,228 0 0