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 24,517 6,351,475 SH   SOLE 0 6,351,475 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 27,446 2,399,100 SH   SOLE 0 2,399,100 0 0
ANDERSONS INC COM 034164103 6,349 175,471 SH   SOLE 0 175,471 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 23,093 495,666 SH   SOLE 0 495,666 0 0
BANK NEW YORK MELLON CORP COM 064058100 20,780 521,069 SH   SOLE 0 521,069 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,108 19 SH   SOLE 0 19 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 46,234 320,025 SH   SOLE 0 320,025 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,539 183,178 SH   SOLE 0 183,178 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 925 59,608 SH   SOLE 0 59,608 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 10,718 304,658 SH   SOLE 0 304,658 0 0
CALPINE CORP COM NEW 131347304 20,014 1,583,412 SH   SOLE 0 1,583,412 0 0
CENTERSTATE BANKS INC COM 15201P109 19,671 1,109,479 SH   SOLE 0 1,109,479 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 15,581 982,386 SH   SOLE 0 982,386 0 0
CENVEO INC COM DELETED 15670S105 3,104 440,313 SH   SOLE 0 440,313 0 0
CHEMOURS CO COM 163851108 40,838 2,552,386 SH   SOLE 0 2,552,386 0 0
CHEVRON CORP NEW COM 166764100 234 2,273 SH   SOLE 0 2,273 0 0
CNA FINL CORP COM 126117100 44,463 1,292,155 SH   SOLE 0 1,292,155 0 0
CNO FINL GROUP INC COM 12621E103 11,344 742,892 SH   SOLE 0 742,892 0 0
COLFAX CORP COM 194014106 1,106 35,176 SH   SOLE 0 35,176 0 0
COLONY CAP INC CL A 19624R106 19,283 1,057,756 SH   SOLE 0 1,057,756 0 0
COMCAST CORP NEW CL A 20030N101 1,870 28,193 SH   SOLE 0 28,193 0 0
COMMUNITYONE BANCORP COM 20416Q108 1,224 88,414 SH   SOLE 0 88,414 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 24,488 970,204 SH   SOLE 0 970,204 0 0
CROWN HOLDINGS INC COM 228368106 935 16,375 SH   SOLE 0 16,375 0 0
DARLING INGREDIENTS INC COM 237266101 20,289 1,501,791 SH   SOLE 0 1,501,791 0 0
DORIAN LPG LTD SHS USD Y2106R110 2,381 396,908 SH   SOLE 0 396,908 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 21,275 1,688,454 SH   SOLE 0 1,688,454 0 0
GENERAL COMMUNICATION INC CL A 369385109 19,782 1,438,666 SH   SOLE 0 1,438,666 0 0
GRAMERCY PPTY TR COM 385002100 48,818 5,064,104 SH   SOLE 0 5,064,104 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 30,804 719,380 SH   SOLE 0 719,380 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 12,283 548,605 SH   SOLE 0 548,605 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,384 467,054 SH   SOLE 0 467,054 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 8,788 30,360 SH   SOLE 0 30,360 0 0
ISTAR INC COM 45031U101 260 24,230 SH   SOLE 0 24,230 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 3,036 2,996,000 SH   SOLE 0 2,996,000 0 0
JOHNSON & JOHNSON COM 478160104 3,759 31,825 SH   SOLE 0 31,825 0 0
JPMORGAN CHASE & CO COM 46625H100 56,477 848,126 SH   SOLE 0 848,126 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 23,438 1,238,802 SH   SOLE 0 1,238,802 0 0
KCAP FINL INC COM 48668E101 389 83,978 SH   SOLE 0 83,978 0 0
LEUCADIA NATL CORP COM 527288104 31,226 1,640,034 SH   SOLE 0 1,640,034 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 322 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 382 13,623 SH   SOLE 0 13,623 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 43 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 6,704 202,916 SH   SOLE 0 202,916 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 211 6,220 SH   SOLE 0 6,220 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 958 28,660 SH   SOLE 0 28,660 0 0
LOEWS CORP COM 540424108 30,715 746,424 SH   SOLE 0 746,424 0 0
MERCK & CO INC COM 58933Y105 22,622 362,481 SH   SOLE 0 362,481 0 0
METLIFE INC COM 59156R108 41,200 927,294 SH   SOLE 0 927,294 0 0
MICROSOFT CORP COM 594918104 1,382 23,998 SH   SOLE 0 23,998 0 0
NAVISTAR INTL CORP NEW COM 63934E108 19,543 853,774 SH   SOLE 0 853,774 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 8,594 9,045,000 SH   SOLE 0 9,045,000 0 0
NEFF CORP COM CL A 640094207 12,514 1,317,275 SH   SOLE 0 1,317,275 0 0
NMI HLDGS INC CL A 629209305 10,568 1,386,830 SH   SOLE 0 1,386,830 0 0
NII HLDGS INC COM PAR $0.001 62913F508 4,210 1,264,185 SH   SOLE 0 1,264,185 0 0
NN INC COM 629337106 20,905 1,145,481 SH   SOLE 0 1,145,481 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 20,438 1,580,670 SH   SOLE 0 1,580,670 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 14,206 1,297,321 SH   SOLE 0 1,297,321 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 66,844 5,075,485 SH   SOLE 0 5,075,485 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 19,084 2,250,439 SH   SOLE 0 2,250,439 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108 13,687 1,240,914 SH   SOLE 0 1,240,914 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 15,722 1,001,407 SH   SOLE 0 1,001,407 0 0
OLD NATL BANCORP IND COM 680033107 32,813 2,333,783 SH   SOLE 0 2,333,783 0 0
OWENS ILL INC COM NEW 690768403 36,017 1,958,511 SH   SOLE 0 1,958,511 0 0
PARK OHIO HLDGS CORP COM 700666100 23,120 634,294 SH   SOLE 0 634,294 0 0
PBF ENERGY INC CL A 69318G106 12,040 531,816 SH   SOLE 0 531,816 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 26,336 546,615 SH   SOLE 0 546,615 0 0
PEOPLES BANCORP INC COM 709789101 24,437 993,775 SH   SOLE 0 993,775 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 21,980 1,009,666 SH   SOLE 0 1,009,666 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 12,862 1,585,930 SH   SOLE 0 1,585,930 0 0
PROSPERITY BANCSHARES INC COM 743606105 18,776 342,063 SH   SOLE 0 342,063 0 0
REDWOOD TR INC COM 758075402 25,589 1,807,142 SH   SOLE 0 1,807,142 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 1,333 1,334,000 SH   SOLE 0 1,334,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 4,915 580,254 SH   SOLE 0 580,254 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 23,115 25,262,000 SH   SOLE 0 25,262,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 3,521 744,419 SH   SOLE 0 744,419 0 0
RUSH ENTERPRISES INC CL A 781846209 8,586 350,747 SH   SOLE 0 350,747 0 0
RUSH ENTERPRISES INC CL B 781846308 9,141 375,999 SH   SOLE 0 375,999 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 11,730 184,757 SH   SOLE 0 184,757 0 0
SEABOARD CORP COM 811543107 27,406 7,967 SH   SOLE 0 7,967 0 0
SEACOR HOLDINGS INC COM 811904101 4,731 79,528 SH   SOLE 0 79,528 0 0
SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 6,539 179,432 SH   SOLE 0 179,432 0 0
SIERRA BANCORP COM 82620P102 15,490 825,708 SH   SOLE 0 825,708 0 0
SUPERVALU INC COM 868536103 150 30,000 SH   SOLE 0 30,000 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 15,501 570,319 SH   SOLE 0 570,319 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 10,742 1,721,435 SH   SOLE 0 1,721,435 0 0
TENNECO INC COM 880349105 12,488 214,318 SH   SOLE 0 214,318 0 0
TIER REIT INC COM NEW 88650V208 12,731 824,554 SH   SOLE 0 824,554 0 0
TRAVELERS COMPANIES INC COM 89417E109 30,399 265,376 SH   SOLE 0 265,376 0 0
U S GEOTHERMAL INC COM 90338S102 6,918 9,552,445 SH   SOLE 0 9,552,445 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 8,744 356,168 SH   SOLE 0 356,168 0 0
VALERO ENERGY CORP NEW COM 91913Y100 44,719 843,752 SH   SOLE 0 843,752 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 440 9,035 SH   SOLE 0 9,035 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 18,295 351,953 SH   SOLE 0 351,953 0 0
VODAFONE GROUP PLC NEW SPNSR ADR 92857W308 11,334 388,826 SH   SOLE 0 388,826 0 0
WELLS FARGO & CO NEW COM 949746101 12,912 291,598 SH   SOLE 0 291,598 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 8,915 663,820 SH   SOLE 0 663,820 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 12,314 799,111 SH   SOLE 0 799,111 0 0
WESTROCK CO COM 96145D105 27,436 565,925 SH   SOLE 0 565,925 0 0
XL GROUP PLC SHS DELETED G98290102 36,738 1,092,406 SH   SOLE 0 1,092,406 0 0