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 37,366 6,453,572 SH   SOLE 0 6,453,572 0 0
ALLERGAN PLC PFD CONV SER A G0177J116 3,245 4,398 SH   SOLE 0 4,398 0 0
ALLERGAN PLC SHS G0177J108 33,951 165,656 SH   SOLE 0 165,656 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 38,164 2,150,093 SH   SOLE 0 2,150,093 0 0
AMERICAN EXPRESS CO COM 025816109 28,416 314,124 SH   SOLE 0 314,124 0 0
AMERISOURCEBERGEN CORP COM 03073E105 16,615 200,787 SH   SOLE 0 200,787 0 0
ANDERSONS INC COM 034164103 2,995 87,432 SH   SOLE 0 87,432 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,986 240,757 SH   SOLE 0 240,757 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 15,385 380,828 SH   SOLE 0 380,828 0 0
AUTONATION INC COM 05329W102 34,452 725,921 SH   SOLE 0 725,921 0 0
AUTOZONE INC COM 053332102 36,245 60,905 SH   SOLE 0 60,905 0 0
BANK NEW YORK MELLON CORP COM 064058100 22,220 419,086 SH   SOLE 0 419,086 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,517 31 SH   SOLE 0 31 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 57,675 314,612 SH   SOLE 0 314,612 0 0
BLACKROCK FLOAT RATE OME STR COM 09255X100 2,495 173,736 SH   SOLE 0 173,736 0 0
BLACKROCK LTD DURATION INC T COM SHS 09249W101 2,358 146,392 SH   SOLE 0 146,392 0 0
BRIGHTHOUSE FINL INC COM ADDED 10922N103 4,079 67,089 SH   SOLE 0 67,089 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 25,307 612,763 SH   SOLE 0 612,763 0 0
CALPINE CORP COM NEW 131347304 29,868 2,024,926 SH   SOLE 0 2,024,926 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 13,743 616,268 SH   SOLE 0 616,268 0 0
CHEMOURS CO COM 163851108 29,307 579,080 SH   SOLE 0 579,080 0 0
CNA FINL CORP COM 126117100 50,715 1,009,256 SH   SOLE 0 1,009,256 0 0
CNO FINL GROUP INC COM 12621E103 10,636 455,710 SH   SOLE 0 455,710 0 0
COLFAX CORP COM 194014106 338 8,121 SH   SOLE 0 8,121 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 103,037 8,203,577 SH   SOLE 0 8,203,577 0 0
COMCAST CORP NEW CL A 20030N101 757 19,684 SH   SOLE 0 19,684 0 0
CONSOLIDATED COMM HLDGS INC COM 209034107 25,135 1,317,363 SH   SOLE 0 1,317,363 0 0
CROWN HOLDINGS INC COM 228368106 868 14,532 SH   SOLE 0 14,532 0 0
DARLING INGREDIENTS INC COM 237266101 17,628 1,006,191 SH   SOLE 0 1,006,191 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 4,734 326,485 SH   SOLE 0 326,485 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 27,985 1,381,270 SH   SOLE 0 1,381,270 0 0
DORIAN LPG LTD SHS USD Y2106R110 2,869 420,685 SH   SOLE 0 420,685 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 15,457 1,455,487 SH   SOLE 0 1,455,487 0 0
GABELLI GLB SML & MD CP VAL COM 36249W104 963 72,819 SH   SOLE 0 72,819 0 0
GRAMERCY PPTY TR COM NEW 385002308 34,494 1,140,307 SH   SOLE 0 1,140,307 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 7,743 1,596,569 SH   SOLE 0 1,596,569 0 0
GREEN PLAINS INC COM 393222104 19,315 958,557 SH   SOLE 0 958,557 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 10,012 180,629 SH   SOLE 0 180,629 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 16,261 545,291 SH   SOLE 0 545,291 0 0
ISHARES TR NASDAQ BIOTECH 464287556 9,462 28,365 SH   SOLE 0 28,365 0 0
ISHARES TR RUS MID CAP ETF 464287499 1,102 5,590 SH   SOLE 0 5,590 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 613 4,135 SH   SOLE 0 4,135 0 0
ISTAR INC COM 45031U101 6,249 529,556 SH   SOLE 0 529,556 0 0
JBG SMITH PPTYS COM ADDED 46590V100 12,117 354,197 SH   SOLE 0 354,197 0 0
JEFFERIES GROUP INC NEW DBCV 3.875%11/0 472319AG7 2,932 2,925,000 SH   SOLE 0 2,925,000 0 0
JOHNSON & JOHNSON COM 478160104 499 3,842 SH   SOLE 0 3,842 0 0
JPMORGAN CHASE & CO COM 46625H100 50,348 527,145 SH   SOLE 0 527,145 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 11,646 541,936 SH   SOLE 0 541,936 0 0
KCAP FINL INC COM 48668E101 3,906 1,070,245 SH   SOLE 0 1,070,245 0 0
KIMCO RLTY CORP COM 49446R109 21,318 1,090,445 SH   SOLE 0 1,090,445 0 0
KROGER CO COM 501044101 22,698 1,131,521 SH   SOLE 0 1,131,521 0 0
LEUCADIA NATL CORP COM 527288104 42,549 1,685,123 SH   SOLE 0 1,685,123 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 430 4,511 SH   SOLE 0 4,511 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 13,457 577,546 SH   SOLE 0 577,546 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 42 1,248 SH   SOLE 0 1,248 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 13,727 419,785 SH   SOLE 0 419,785 0 0
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 801 19,132 SH   SOLE 0 19,132 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 259 6,794 SH   SOLE 0 6,794 0 0
LOEWS CORP COM 540424108 28,180 588,798 SH   SOLE 0 588,798 0 0
MERCK & CO INC COM 58933Y105 2,792 43,610 SH   SOLE 0 43,610 0 0
METLIFE INC COM 59156R108 41,428 797,455 SH   SOLE 0 797,455 0 0
MICROSOFT CORP COM 594918104 721 9,681 SH   SOLE 0 9,681 0 0
NAVISTAR INTL CORP NEW NOTE 4.500%10/1 63934EAQ1 9,081 8,722,000 SH   SOLE 0 8,722,000 0 0
NII HLDGS INC COM PAR 62913F508 991 2,154,310 SH   SOLE 0 2,154,310 0 0
NMI HLDGS INC CL A 629209305 10,977 885,251 SH   SOLE 0 885,251 0 0
NN INC COM 629337106 21,232 732,139 SH   SOLE 0 732,139 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 19,443 1,517,776 SH   SOLE 0 1,517,776 0 0
NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 17,951 2,114,316 SH   SOLE 0 2,114,316 0 0
NUVEEN GLOBAL HIGH INCOME FD SHS 67075G103 14,869 856,034 SH   SOLE 0 856,034 0 0
OLD NATL BANCORP IND COM 680033107 25,524 1,394,744 SH   SOLE 0 1,394,744 0 0
OWENS ILL INC COM NEW 690768403 49,577 1,970,474 SH   SOLE 0 1,970,474 0 0
PARK OHIO HLDGS CORP COM 700666100 28,782 631,181 SH   SOLE 0 631,181 0 0
PBF ENERGY INC CL A 69318G106 26,641 964,912 SH   SOLE 0 964,912 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 25,669 539,600 SH   SOLE 0 539,600 0 0
PEOPLES BANCORP INC COM 709789101 13,859 412,583 SH   SOLE 0 412,583 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 11,041 547,649 SH   SOLE 0 547,649 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 19,852 1,780,493 SH   SOLE 0 1,780,493 0 0
PROSPECT CAPITAL CORPORATION NOTE 4.750% 4/1 74348TAQ5 51 50,000 SH   SOLE 0 50,000 0 0
PROSPERITY BANCSHARES INC COM 743606105 10,809 164,438 SH   SOLE 0 164,438 0 0
REDWOOD TR INC COM 758075402 18,266 1,121,312 SH   SOLE 0 1,121,312 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 2,620 2,603,000 SH   SOLE 0 2,603,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 6,982 574,641 SH   SOLE 0 574,641 0 0
RENEWABLE ENERGY GROUP INC MTNF 2.750% 6/1 75972AAA1 26,136 24,259,000 SH   SOLE 0 24,259,000 0 0
RESOLUTE FST PRODS INC COM 76117W109 1,206 238,828 SH   SOLE 0 238,828 0 0
ROYCE GLOBAL VALUE TR INC COM 78081T104 1,780 171,968 SH   SOLE 0 171,968 0 0
RUSH ENTERPRISES INC CL A 781846209 7,391 159,662 SH   SOLE 0 159,662 0 0
RUSH ENTERPRISES INC CL B 781846308 16,646 381,608 SH   SOLE 0 381,608 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 20,110 234,139 SH   SOLE 0 234,139 0 0
SEABOARD CORP COM 811543107 25,814 5,730 SH   SOLE 0 5,730 0 0
SEACOR HOLDINGS INC COM 811904101 3,606 78,200 SH   SOLE 0 78,200 0 0
SEACOR MARINE HLDGS INC COM 78413P101 9,801 626,638 SH   SOLE 0 626,638 0 0
SIERRA BANCORP COM 82620P102 11,654 429,247 SH   SOLE 0 429,247 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 15,542 557,269 SH   SOLE 0 557,269 0 0
TEMPLETON GLOBAL INCOME FD COM 880198106 12,070 1,790,740 SH   SOLE 0 1,790,740 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 14,937 909,122 SH   SOLE 0 909,122 0 0
TENNECO INC COM 880349105 13,330 219,721 SH   SOLE 0 219,721 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADR 881624209 17,591 999,470 SH   SOLE 0 999,470 0 0
TIER REIT INC COM NEW 88650V208 21,824 1,130,760 SH   SOLE 0 1,130,760 0 0
TRAVELERS COMPANIES INC COM 89417E109 22,425 183,031 SH   SOLE 0 183,031 0 0
U S GEOTHERMAL INC COM NEW 90338S201 7,215 1,808,170 SH   SOLE 0 1,808,170 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 14,796 1,032,553 SH   SOLE 0 1,032,553 0 0
VALERO ENERGY CORP NEW COM 91913Y100 51,737 672,516 SH   SOLE 0 672,516 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 25,699 519,282 SH   SOLE 0 519,282 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 14,048 493,620 SH   SOLE 0 493,620 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,210 15,739 SH   SOLE 0 15,739 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 14,602 1,752,929 SH   SOLE 0 1,752,929 0 0
WELLS FARGO CO NEW COM 949746101 24,612 446,266 SH   SOLE 0 446,266 0 0
WESCO AIRCRAFT HLDGS INC COM 950814103 7,466 794,291 SH   SOLE 0 794,291 0 0
WESTERN ASSET HGH YLD DFNDFD COM 95768B107 13,441 864,351 SH   SOLE 0 864,351 0 0
WESTROCK CO COM 96145D105 23,438 413,157 SH   SOLE 0 413,157 0 0
XL GROUP LTD COM G98294104 39,335 997,080 SH   SOLE 0 997,080 0 0