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
ADEPTUS HEALTH INC CL A 006855100 621 344,895 SH   SOLE 0 344,895 0 0
AEGON N V NY REGISTRY SH 007924103 32,761 6,386,252 SH   SOLE 0 6,386,252 0 0
ALLERGAN PLC SHS G0177J108 23,273 97,411 SH   SOLE 0 97,411 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 33,166 2,340,599 SH   SOLE 0 2,340,599 0 0
AMERICAN EXPRESS CO COM 025816109 23,582 298,095 SH   SOLE 0 298,095 0 0
AMERISOURCEBERGEN CORP COM 03073E105 18,227 205,950 SH   SOLE 0 205,950 0 0
ANDERSONS INC COM 034164103 3,352 88,444 SH   SOLE 0 88,444 0 0
ARDMORE SHIPPING CORP COM Y0207T100 778 96,707 SH   SOLE 0 96,707 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 17,397 334,231 SH   SOLE 0 334,231 0 0
AUTONATION INC COM 05329W102 21,391 505,824 SH   SOLE 0 505,824 0 0
BANK NEW YORK MELLON CORP COM 064058100 24,323 514,998 SH   SOLE 0 514,998 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,497 18 SH   SOLE 0 18 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 52,002 311,986 SH   SOLE 0 311,986 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,731 188,448 SH   SOLE 0 188,448 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 2,330 149,667 SH   SOLE 0 149,667 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 22,802 625,386 SH   SOLE 0 625,386 0 0
CALPINE CORP COM NEW 131347304 33,477 3,029,583 SH   SOLE 0 3,029,583 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 13,936 679,805 SH   SOLE 0 679,805 0 0
CENVEO INC COM NEW 15670S402 1,831 364,653 SH   SOLE 0 364,653 0 0
CHEMOURS CO COM 163851108 35,929 933,218 SH   SOLE 0 933,218 0 0
CNA FINL CORP COM 126117100 55,478 1,256,001 SH   SOLE 0 1,256,001 0 0
CNO FINL GROUP INC COM 12621E103 14,874 725,543 SH   SOLE 0 725,543 0 0
COLFAX CORP COM 194014106 1,410 35,921 SH   SOLE 0 35,921 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 112,457 8,710,850 SH   SOLE 0 8,710,850 0 0
COMCAST CORP NEW CL A 20030N101 812 21,606 SH   SOLE 0 21,606 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 24,526 1,047,243 SH   SOLE 0 1,047,243 0 0
COUSINS PPTYS INC COM 222795106 86 10,432 SH   SOLE 0 10,432 0 0
CROWN HOLDINGS INC COM 228368106 864 16,314 SH   SOLE 0 16,314 0 0
DARLING INGREDIENTS INC COM 237266101 21,504 1,481,007 SH   SOLE 0 1,481,007 0 0
DORIAN LPG LTD SHS USD Y2106R110 4,076 387,098 SH   SOLE 0 387,098 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 1,381 83,170 SH   SOLE 0 83,170 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 17,064 1,405,611 SH   SOLE 0 1,405,611 0 0
GABELLI GLB SML & MD CP VAL COM 36249W104 800 70,219 SH   SOLE 0 70,219 0 0
GENERAL COMMUNICATION INC CL A 369385109 20,393 980,429 SH   SOLE 0 980,429 0 0
GRAMERCY PPTY TR COM NEW 385002308 45,060 1,713,315 SH   SOLE 0 1,713,315 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 17,413 362,236 SH   SOLE 0 362,236 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 12,749 556,499 SH   SOLE 0 556,499 0 0
HERITAGE FINL CORP WASH COM 42722X106 4,747 191,806 SH   SOLE 0 191,806 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 15,095 51,473 SH   SOLE 0 51,473 0 0
ISHARES TR RUS MID CAP ETF 464287499 1,046 5,590 SH   SOLE 0 5,590 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 577 4,199 SH   SOLE 0 4,199 0 0
ISTAR INC COM 45031U101 286 24,230 SH   SOLE 0 24,230 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,984 2,953,000 SH   SOLE 0 2,953,000 0 0
JOHNSON & JOHNSON COM 478160104 3,376 27,106 SH   SOLE 0 27,106 0 0
JPMORGAN CHASE & CO COM 46625H100 47,798 544,152 SH   SOLE 0 544,152 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 12,697 549,640 SH   SOLE 0 549,640 0 0
KCAP FINL INC COM 48668E101 3,826 940,067 SH   SOLE 0 940,067 0 0
LEUCADIA NATL CORP COM 527288104 42,682 1,641,602 SH   SOLE 0 1,641,602 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 390 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 9,396 407,811 SH   SOLE 0 407,811 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 45 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 13,580 387,569 SH   SOLE 0 387,569 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 904 23,313 SH   SOLE 0 23,313 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 232 6,794 SH   SOLE 0 6,794 0 0
LOEWS CORP COM 540424108 29,814 637,459 SH   SOLE 0 637,459 0 0
MERCK & CO INC COM 58933Y105 18,188 286,252 SH   SOLE 0 286,252 0 0
METLIFE INC COM 59156R108 42,551 805,587 SH   SOLE 0 805,587 0 0
MICROSOFT CORP COM 594918104 852 12,929 SH   SOLE 0 12,929 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 8,667 8,961,000 SH   SOLE 0 8,961,000 0 0
NEFF CORP COM CL A 640094207 13,444 691,223 SH   SOLE 0 691,223 0 0
NII HLDGS INC COM PAR $0.001 62913F508 2,816 2,165,847 SH   SOLE 0 2,165,847 0 0
NMI HLDGS INC CL A 629209305 14,033 1,230,976 SH   SOLE 0 1,230,976 0 0
NN INC COM 629337106 24,162 958,815 SH   SOLE 0 958,815 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 16,680 1,439,132 SH   SOLE 0 1,439,132 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 19,767 2,274,668 SH   SOLE 0 2,274,668 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 10,535 915,252 SH   SOLE 0 915,252 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 16,340 992,098 SH   SOLE 0 992,098 0 0
OLD NATL BANCORP IND COM 680033107 24,464 1,410,000 SH   SOLE 0 1,410,000 0 0
OWENS ILL INC COM NEW 690768403 40,311 1,977,976 SH   SOLE 0 1,977,976 0 0
PARK OHIO HLDGS CORP COM 700666100 22,806 634,391 SH   SOLE 0 634,391 0 0
PBF ENERGY INC CL A 69318G106 14,398 649,417 SH   SOLE 0 649,417 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 24,306 519,252 SH   SOLE 0 519,252 0 0
PEOPLES BANCORP INC COM 709789101 14,145 446,770 SH   SOLE 0 446,770 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 11,822 552,926 SH   SOLE 0 552,926 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 22,548 1,731,780 SH   SOLE 0 1,731,780 0 0
PROSPERITY BANCSHARES INC COM 743606105 11,689 167,679 SH   SOLE 0 167,679 0 0
REDWOOD TR INC COM 758075402 27,246 1,640,330 SH   SOLE 0 1,640,330 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,796 1,789,000 SH   SOLE 0 1,789,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 6,084 582,238 SH   SOLE 0 582,238 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 25,106 24,956,000 SH   SOLE 0 24,956,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 1,672 306,735 SH   SOLE 0 306,735 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 1,514 172,238 SH   SOLE 0 172,238 0 0
RUSH ENTERPRISES INC CL A 781846209 8,519 257,532 SH   SOLE 0 257,532 0 0
RUSH ENTERPRISES INC CL B 781846308 12,316 395,005 SH   SOLE 0 395,005 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 14,387 183,577 SH   SOLE 0 183,577 0 0
SEABOARD CORP COM 811543107 25,159 6,034 SH   SOLE 0 6,034 0 0
SEACOR HOLDINGS INC COM 811904101 5,434 78,533 SH   SOLE 0 78,533 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 6,432 153,903 SH   SOLE 0 153,903 0 0
SIERRA BANCORP COM 82620P102 12,167 443,569 SH   SOLE 0 443,569 0 0
SUPERVALU INC COM 868536103 116 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 14,966 564,529 SH   SOLE 0 564,529 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 12,169 1,830,000 SH   SOLE 0 1,830,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 14,248 804,532 SH   SOLE 0 804,532 0 0
TENNECO INC COM 880349105 11,766 188,505 SH   SOLE 0 188,505 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADR 881624209 20,526 639,628 SH   SOLE 0 639,628 0 0
TIER REIT INC COM NEW 88650V208 16,502 950,584 SH   SOLE 0 950,584 0 0
TRAVELERS COMPANIES INC COM 89417E109 32,591 270,372 SH   SOLE 0 270,372 0 0
U S GEOTHERMAL INC COM NEW 90338S201 6,688 1,635,282 SH   SOLE 0 1,635,282 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 9,634 873,445 SH   SOLE 0 873,445 0 0
VALERO ENERGY CORP NEW COM 91913Y100 55,179 832,391 SH   SOLE 0 832,391 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 17,169 352,178 SH   SOLE 0 352,178 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 13,135 496,970 SH   SOLE 0 496,970 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,601 15,963 SH   SOLE 0 15,963 0 0
WELLS FARGO & CO NEW COM 949746101 14,231 255,686 SH   SOLE 0 255,686 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 9,846 863,649 SH   SOLE 0 863,649 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 14,520 945,287 SH   SOLE 0 945,287 0 0
WESTROCK CO COM 96145D105 27,607 530,598 SH   SOLE 0 530,598 0 0
XL GROUP LTD COM G98294104 43,058 1,080,232 SH   SOLE 0 1,080,232 0 0