Holdings
| AIG AMERICAN INTERNATIONAL GROUP | $3.78B | 38.2% | 75,681,614 | −4,070,572 | −5.1% | Reduced |
| BAC BANK OF AMERICA CORP | $1.70B | 17.2% | 98,942,515 | −799,600 | −0.8% | Reduced |
| SHLDEUR SEARS HOLDINGS CORP | $1.17B | 11.8% | 24,502,323 | +3,170,650 | +14.9% | Added |
| FNMA V8.25 PERP S FANNIE MAE | $618.8M | 6.3% | 59,041,819 | −7,300 | −0.0% | Reduced |
| AMERICAN INTL GROUP INC | $500.7M | 5.1% | 24,495,221 | +245,212 | +1.0% | Added |
| JOE ST JOE CO | $478.3M | 4.8% | 24,847,204 | −16,300 | −0.1% | Reduced |
| LEUCADIA NATL CORP | $449.0M | 4.5% | 16,034,558 | −1,923,369 | −10.7% | Reduced |
| FMCC V8.375 PERP Z FREDDIE MAC | $438.9M | 4.4% | 39,901,900 | — | — | Held |
| FNMA F PERP O FANNIE MAE | $118.6M | 1.2% | 6,339,843 | — | — | Held |
| BANK OF AMERICA CORPORATION | $86.5M | 0.9% | 10,519,328 | +614,900 | +6.2% | Added |
| FNMA FANNIE MAE | $74.7M | 0.8% | 19,162,900 | −6,828,000 | −26.3% | Reduced |
| FMCC FREDDIE MAC | $66.3M | 0.7% | 17,180,600 | −2,205,700 | −11.4% | Reduced |
| FMCC 5.57 PERP V FREDDIE MAC | $52.2M | 0.5% | 5,799,175 | — | — | Held |
| FMCC 6.55 PERP Y FREDDIE MAC | $39.0M | 0.4% | 4,196,108 | — | — | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | $36.1M | 0.4% | 288,925 | −421,300 | −59.3% | Reduced |
| FNMA F PERP P FANNIE MAE | $30.9M | 0.3% | 3,672,127 | — | — | Held |
| FMCC 0 PERP M FREDDIE MAC | $28.7M | 0.3% | 1,699,250 | — | — | Held |
| WELLS FARGO & CO NEW | $25.1M | 0.3% | 1,346,665 | — | — | Held |
| FMCC 5.1 PERP H FREDDIE MAC | $23.6M | 0.2% | 1,339,572 | — | — | Held |
| FMCC F PERP B FREDDIE MAC | $23.1M | 0.2% | 1,377,829 | — | — | Held |
| GNW GENWORTH FINANCIAL INC | $19.0M | 0.2% | 1,071,500 | — | — | Held |
| JPMORGAN CHASE & CO | $15.2M | 0.2% | 753,300 | — | — | Held |
| HARTFORD FINL SVCS GROUP INC | $14.8M | 0.1% | 553,900 | — | — | Held |
| FNMA 6.75 PERP Q FANNIE MAE | $14.1M | 0.1% | 1,580,000 | — | — | Held |
| FNMA 7.625 PERP R FANNIE MAE | $14.0M | 0.1% | 1,500,000 | — | — | Held |
| CHKEUR CHESAPEAKE ENERGY CORP | $13.7M | 0.1% | 536,300 | −391,700 | −42.2% | Reduced |
| FMCC V0 PERP L FREDDIE MAC | $9.2M | 0.1% | 546,542 | — | — | Held |
| LNC/WS LINCOLN NATIONAL CORP-CW19 | $8.5M | 0.1% | 205,810 | — | — | Held |
| WFC WELLS FARGO & CO | $7.4M | 0.1% | 149,600 | — | — | Held |
| FNMA V0 PERP +G FANNIE MAE | $4.6M | 0.0% | 269,500 | — | — | Held |
| FMCC 5.9 PERP U FREDDIE MAC | $4.4M | 0.0% | 517,900 | — | — | Held |
| FMCC 5.66 PERP W FREDDIE MAC | $4.1M | 0.0% | 447,940 | — | — | Held |
| FMCC 5 PERP F FREDDIE MAC | $3.5M | 0.0% | 203,000 | — | — | Held |
| FMCC 5.81 PERP O FREDDIE MAC | $2.8M | 0.0% | 157,500 | — | — | Held |
| C CITIGROUP INC | $2.6M | 0.0% | 54,560 | — | — | Held |
| VOD VODAFONE GROUP PLC-SP ADR | $2.4M | 0.0% | 66,000 | +66,000 | — | New |
| T AT&T INC | $2.4M | 0.0% | 68,500 | +68,500 | — | New |
| LNC LINCOLN NATIONAL CORP | $2.3M | 0.0% | 44,400 | — | — | Held |
| HIG HARTFORD INSURANCE GROUP INC | $1.8M | 0.0% | 52,000 | — | — | Held |
| FMCC F PERP S FREDDIE MAC | $1.1M | 0.0% | 60,900 | — | — | Held |
| FMCC 6 PERP P FREDDIE MAC | $785K | 0.0% | 45,000 | — | — | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | $562K | 0.0% | 3 | −3 | −50.0% | Reduced |
| FMCC 6.02 PERP X FREDDIE MAC | $423K | 0.0% | 45,500 | — | — | Held |
| FMCC 5.79 PERP +++K FREDDIE MAC | $169K | 0.0% | 9,400 | — | — | Held |
| FMCC 6.42 PERP T FREDDIE MAC | $166K | 0.0% | 9,200 | — | — | Held |
| FMCC 5.7 PERP R FREDDIE MAC | $151K | 0.0% | 8,400 | — | — | Held |
| FNMA 5.375 PERP +I FANNIE MAE | $79K | 0.0% | 4,400 | — | — | Held |
Holdings reflect long positions disclosed in 13F filings only and exclude short positions, cash, and other non-13F assets. Holdings data sourced from SEC EDGAR. Not investment advice. Full disclaimer.