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 33,165 6,490,261 SH   SOLE 0 6,490,261 0 0
ALLERGAN PLC PFD CONV SER A G0177J116 2,618 3,018 SH   SOLE 0 3,018 0 0
ALLERGAN PLC SHS G0177J108 33,539 137,968 SH   SOLE 0 137,968 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 36,972 2,322,388 SH   SOLE 0 2,322,388 0 0
AMERICAN EXPRESS CO COM 025816109 26,594 315,695 SH   SOLE 0 315,695 0 0
AMERISOURCEBERGEN CORP COM 03073E105 19,040 201,418 SH   SOLE 0 201,418 0 0
ANDERSONS INC COM 034164103 3,004 87,972 SH   SOLE 0 87,972 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,797 220,437 SH   SOLE 0 220,437 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 16,524 331,472 SH   SOLE 0 331,472 0 0
AUTONATION INC COM 05329W102 30,696 728,091 SH   SOLE 0 728,091 0 0
AUTOZONE INC COM 053332102 21,538 37,755 SH   SOLE 0 37,755 0 0
BANK NEW YORK MELLON CORP COM 064058100 25,916 507,949 SH   SOLE 0 507,949 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,330 17 SH   SOLE 0 17 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 52,210 308,261 SH   SOLE 0 308,261 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,455 174,386 SH   SOLE 0 174,386 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 2,312 146,492 SH   SOLE 0 146,492 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 24,234 618,056 SH   SOLE 0 618,056 0 0
CALPINE CORP COM NEW 131347304 28,261 2,088,794 SH   SOLE 0 2,088,794 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 14,005 631,995 SH   SOLE 0 631,995 0 0
CHEMOURS CO COM 163851108 32,084 846,092 SH   SOLE 0 846,092 0 0
CNA FINL CORP COM 126117100 59,106 1,212,432 SH   SOLE 0 1,212,432 0 0
CNO FINL GROUP INC COM 12621E103 14,686 703,354 SH   SOLE 0 703,354 0 0
COLFAX CORP COM 194014106 1,032 26,211 SH   SOLE 0 26,211 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 118,399 8,403,063 SH   SOLE 0 8,403,063 0 0
COMCAST CORP NEW CL A 20030N101 863 22,184 SH   SOLE 0 22,184 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 23,728 1,105,150 SH   SOLE 0 1,105,150 0 0
COUSINS PPTYS INC COM 222795106 92 10,432 SH   SOLE 0 10,432 0 0
CROWN HOLDINGS INC COM 228368106 963 16,141 SH   SOLE 0 16,141 0 0
DARLING INGREDIENTS INC COM 237266101 16,083 1,021,815 SH   SOLE 0 1,021,815 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 3,341 308,501 SH   SOLE 0 308,501 0 0
DORIAN LPG LTD SHS USD Y2106R110 3,288 402,003 SH   SOLE 0 402,003 0 0
FAIRPOINT COMMUNICATIONS INC COM NEW 305560302 1,324 84,593 SH   SOLE 0 84,593 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 15,430 1,392,600 SH   SOLE 0 1,392,600 0 0
GABELLI GLB SML & MD CP VAL COM 36249W104 859 69,519 SH   SOLE 0 69,519 0 0
GRAMERCY PPTY TR COM NEW 385002308 34,144 1,149,235 SH   SOLE 0 1,149,235 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 4,139 962,648 SH   SOLE 0 962,648 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 16,561 315,034 SH   SOLE 0 315,034 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 14,010 560,626 SH   SOLE 0 560,626 0 0
HERITAGE FINL CORP WASH COM 42722X106 4,094 154,491 SH   SOLE 0 154,491 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 15,894 51,259 SH   SOLE 0 51,259 0 0
ISHARES TR RUS MID CAP ETF 464287499 1,074 5,590 SH   SOLE 0 5,590 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 583 4,135 SH   SOLE 0 4,135 0 0
ISTAR INC COM 45031U101 1,475 122,487 SH   SOLE 0 122,487 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,963 2,942,000 SH   SOLE 0 2,942,000 0 0
JOHNSON & JOHNSON COM 478160104 1,930 14,586 SH   SOLE 0 14,586 0 0
JPMORGAN CHASE & CO COM 46625H100 49,233 538,651 SH   SOLE 0 538,651 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 11,287 547,126 SH   SOLE 0 547,126 0 0
KCAP FINL INC COM 48668E101 3,813 1,080,064 SH   SOLE 0 1,080,064 0 0
KROGER CO COM 501044101 14,163 607,352 SH   SOLE 0 607,352 0 0
LEUCADIA NATL CORP COM 527288104 43,082 1,646,869 SH   SOLE 0 1,646,869 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 391 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 12,512 584,407 SH   SOLE 0 584,407 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 40 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 13,159 422,028 SH   SOLE 0 422,028 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 887 21,264 SH   SOLE 0 21,264 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 249 6,794 SH   SOLE 0 6,794 0 0
LOEWS CORP COM 540424108 28,017 598,517 SH   SOLE 0 598,517 0 0
MERCK & CO INC COM 58933Y105 16,894 263,602 SH   SOLE 0 263,602 0 0
METLIFE INC COM 59156R108 44,106 802,805 SH   SOLE 0 802,805 0 0
MICROSOFT CORP COM 594918104 703 10,202 SH   SOLE 0 10,202 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 8,758 8,748,000 SH   SOLE 0 8,748,000 0 0
NEFF CORP COM CL A 640094207 8,409 442,576 SH   SOLE 0 442,576 0 0
NII HLDGS INC COM PAR 62913F508 1,741 2,165,143 SH   SOLE 0 2,165,143 0 0
NMI HLDGS INC CL A 629209305 12,213 1,066,597 SH   SOLE 0 1,066,597 0 0
NN INC COM 629337106 21,685 789,965 SH   SOLE 0 789,965 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 18,867 1,487,923 SH   SOLE 0 1,487,923 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 18,370 2,133,569 SH   SOLE 0 2,133,569 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 6,416 541,421 SH   SOLE 0 541,421 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 16,147 957,142 SH   SOLE 0 957,142 0 0
OLD NATL BANCORP IND COM 680033107 24,176 1,401,512 SH   SOLE 0 1,401,512 0 0
OWENS ILL INC COM NEW 690768403 47,352 1,979,599 SH   SOLE 0 1,979,599 0 0
PARK OHIO HLDGS CORP COM 700666100 24,182 634,692 SH   SOLE 0 634,692 0 0
PBF ENERGY INC CL A 69318G106 20,711 930,391 SH   SOLE 0 930,391 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 23,648 538,565 SH   SOLE 0 538,565 0 0
PEOPLES BANCORP INC COM 709789101 13,443 418,401 SH   SOLE 0 418,401 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 11,579 549,279 SH   SOLE 0 549,279 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 22,323 1,760,506 SH   SOLE 0 1,760,506 0 0
PROSPERITY BANCSHARES INC COM 743606105 10,653 165,824 SH   SOLE 0 165,824 0 0
REDWOOD TR INC COM 758075402 21,670 1,271,734 SH   SOLE 0 1,271,734 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,816 1,794,000 SH   SOLE 0 1,794,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 7,489 578,301 SH   SOLE 0 578,301 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 27,445 24,821,000 SH   SOLE 0 24,821,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 875 198,917 SH   SOLE 0 198,917 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 1,626 169,158 SH   SOLE 0 169,158 0 0
RUSH ENTERPRISES INC CL A 781846209 7,144 192,149 SH   SOLE 0 192,149 0 0
RUSH ENTERPRISES INC CL B 781846308 14,107 387,441 SH   SOLE 0 387,441 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 16,128 236,096 SH   SOLE 0 236,096 0 0
SEABOARD CORP COM 811543107 23,982 6,003 SH   SOLE 0 6,003 0 0
SEACOR HOLDINGS INC COM 811904101 2,692 78,482 SH   SOLE 0 78,482 0 0
SEACOR MARINE HLDGS INC COM ADDED 78413P101 1,606 78,856 SH   SOLE 0 78,856 0 0
SIERRA BANCORP COM 82620P102 10,598 431,673 SH   SOLE 0 431,673 0 0
SUPERVALU INC COM 868536103 99 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 15,617 562,772 SH   SOLE 0 562,772 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 12,090 1,799,110 SH   SOLE 0 1,799,110 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 15,741 813,918 SH   SOLE 0 813,918 0 0
TENNECO INC COM 880349105 10,849 187,607 SH   SOLE 0 187,607 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADR 881624209 24,689 743,201 SH   SOLE 0 743,201 0 0
TIER REIT INC COM NEW 88650V208 20,994 1,136,024 SH   SOLE 0 1,136,024 0 0
TRAVELERS COMPANIES INC COM 89417E109 29,677 234,546 SH   SOLE 0 234,546 0 0
U S GEOTHERMAL INC COM NEW 90338S201 8,319 1,812,458 SH   SOLE 0 1,812,458 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 17,817 1,029,857 SH   SOLE 0 1,029,857 0 0
VALERO ENERGY CORP NEW COM 91913Y100 55,786 826,949 SH   SOLE 0 826,949 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 17,155 384,120 SH   SOLE 0 384,120 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 14,222 495,031 SH   SOLE 0 495,031 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,492 15,891 SH   SOLE 0 15,891 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 9,928 1,186,121 SH   SOLE 0 1,186,121 0 0
WELLS FARGO CO NEW COM 949746101 24,668 445,184 SH   SOLE 0 445,184 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 9,342 861,054 SH   SOLE 0 861,054 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 14,313 936,732 SH   SOLE 0 936,732 0 0
WESTROCK CO COM 96145D105 25,053 442,172 SH   SOLE 0 442,172 0 0
XL GROUP LTD COM G98294104 43,789 999,744 SH   SOLE 0 999,744 0 0