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
ADIENT LTD Com G0084W101 18 1,193 SH   DFND   1,193 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,656 45,650 SH   DFND 1,2,4,8,10 45,650 0 0
AICI CAP TRUST PFD Pref 001338201 3 30,100 SH   DFND 10 30,100 0 0
ALGONZUIN PWR UTILITY-CALLABLE Pref 015857709 1,966 80,000 SH   DFND 1,4 80,000 0 0
ALLERGEN PLC Com G0177J108 572 4,278 SH   DFND   4,278 0 0
ALLIANZGI CONV & INC FUND II-CALL Pref 018825802 1,834 80,000 SH   DFND 3,4,8,10 80,000 0 0
ALLSTATE CORP - CALLABLE Pref 020002879 251 10,000 SH   DFND 1 10,000 0 0
AMERICAN HOMES 4 RENT - CALL Pref 02665T876 615 30,000 SH   DFND 10 30,000 0 0
AMGEN INC Com 031162100 28,227 145,000 SH   DFND 4,7,9 145,000 0 0
APOLLO MANAGEMENT LLC - CALLABLE Pref 037612504 887 40,000 SH   DFND 2,9 40,000 0 0
ARCH CAPITAL GROUP Pref 03939A206 396 20,000 SH   DFND 3 20,000 0 0
AT&T INC Com 00206R102 1,427 50,000 SH   DFND 10 50,000 0 0
AT&T INC - CALLABLE Pref 00206R409 2,290 100,000 SH   DFND 1,2,4,8,10 100,000 0 0
AVNET INC Com 053807103 433 12,000 SH   DFND   12,000 0 0
BANK OF AMERICA CORP-CALLABLE Pref 060505195 981 40,000 SH   DFND 4 40,000 0 0
BB LIQUIDATING INC - CLASS A Com 05532D107 0 54,211 SH   DFND   54,211 0 0
BB LIQUIDATING INC - CLASS B Com 05532D206 0 54,211 SH   DFND   54,211 0 0
BERKLEY WR CORP - CALLABLE Pref 084423607 448 20,000 SH   DFND 4 20,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 9,486 31 SH   DFND 4,10 31 0 0
BLACKSTONE GROUP LP Com 09253U108 2,981 100,000 SH   DFND   100,000 0 0
BOEING CO Com 097023105 8,837 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 569 15,000 SH   DFND 3 15,000 0 0
BRIGHTHOUSE FINANCIAL-CALLABLE Pref 10922N202 1,273 60,000 SH   DFND 2,4 60,000 0 0
BRUNSWICK CORP - CALLABLE Pref 117043406 2,011 80,000 SH   DFND 1,2,3 80,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CARLYLE GROUP LP - CALLABLE Pref 14309L201 1,433 70,000 SH   DFND 1,2,9 70,000 0 0
CASTLE BRANDS INC Com 148435100 213 250,000 SH   DFND   250,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 370 35,000 SH   DFND 2,9 35,000 0 0
CDK GLOBAL INC Com 12508E101 1,971 41,164 SH   DFND 1,2,3,7,8 41,164 0 0
CENTAUR FUNDING CORP -SER B 144A Pref 151327202 5,393 5,111 SH   DFND 2,3,4,8,9 5,111 0 0
CHEVRON CORPORATION Com 166764100 1,741 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,155 68,399 SH   DFND   68,399 0 0
CMS ENERGY CORP - CALLABLE Pref 125896860 1,409 60,000 SH   DFND 1,2,4 60,000 0 0
CMS ENERGY CORP - CALLABLE Pref 125896852 727 30,000 SH   DFND 4 30,000 0 0
CMS ENERGY CORP - CALLABLE Pref 125896860 1,409 60,000 SH   DFND 8 60,000 0 0
COBANK ACB Pref 19075Q862 2,185 21,853 SH   DFND 1,2 21,853 0 0
COCA COLA COM Com 191216100 710 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 875 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 9,442 312,550 SH   DFND   312,550 0 0
CORSA COAL CORP Com 22041E609 1,198 2,226,000 SH   DFND   2,226,000 0 0
DCP MIDSTREAM LP Pref 23311P308 438 20,000 SH   DFND 4 20,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209 1,297 60,000 SH   DFND 1,8 60,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,712 77,797 SH   DFND 3,4 77,797 0 0
DISNEY WALT CO Com 254687106 2,029 18,500 SH   DFND   18,500 0 0
DUKE ENERGY CORP - CALLABLE Pref 26441C402 2,349 100,000 SH   DFND 1,2,4 100,000 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809406 1,724 70,000 SH   DFND 2,4,10 70,000 0 0
EAGLE POINT CREDIT CO - CALLABLE Pref 269809505 937 40,000 SH   DFND 1,9 40,000 0 0
EMERSON ELEC CO Com 291011104 5,318 89,000 SH   DFND 2,8,10 89,000 0 0
ENBRIDGE INC - CALLABLE Pref 29250N477 922 40,000 SH   DFND 2,4 40,000 0 0
ENERGY TRANSFER PARTNERS-CALLABLE Pref 29278N400 2,292 100,000 SH   DFND 1,2,4,10 100,000 0 0
ENSTAR GROUP LTD-CALLABLE Pref 29359U109 1,414 60,000 SH   DFND 3,4 60,000 0 0
EPR PROPERTIES-CALLABLE Pref 26884U505 1,783 85,000 SH   DFND 2,4,10 85,000 0 0
EXXON MOBIL CORP Com 30231G102 2,387 35,000 SH   DFND   35,000 0 0
FARM CREDIT BK OF TEXAS - CALLABLE Pref 30767E307 1,110 1,000 SH   DFND 10 1,000 0 0
GENERAL ELECTRIC CO Com 369604103 916 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS CO. WARRANT EXP Com 37045V126 18 1,145 SH   DFND 8,10 1,145 0 0
GENERAL MOTORS COMPANY Com 37045V100 41 1,228 SH   DFND   1,228 0 0
GENUINE PARTS CO COM Com 372460105 1,835 19,108 SH   DFND   19,108 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 726 30,000 SH   DFND 2,10 30,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G3933F121 478 20,000 SH   DFND 3 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 18,927 113,300 SH   DFND 4 113,300 0 0
HANCOCK HLDG CO- CALLABLE Pref 410120307 367 15,000 SH   DFND 4 15,000 0 0
HANOVER INSURANCE GROUP CALLABLE Pref 410867204 247 10,000 SH   DFND 1 10,000 0 0
HARTFORD FINANCIAL SERV GROUP -CAL Pref 416518603 1,514 60,000 SH   DFND 7,10 60,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 2,838 120,000 SH   DFND 2,3,4,8 120,000 0 0
INTL BUSINESS MACHINES CORP Com 459200101 1,804 15,874 SH   DFND 1 15,874 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 2,163 37,000 SH   DFND   37,000 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 8,869 510,872 SH   DFND 4,7,9,10 510,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 708 23,874 SH   DFND 9 23,874 0 0
JP MORGAN CHASE CO - CALLABLE Pref 48128B655 2,002 80,000 SH   DFND 7,10 80,000 0 0
JPMORGAN CHASE & CO COM Com 46625H100 552 5,655 SH   DFND   5,655 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 6 70 SH   DFND 10 70 0 0
KEYCORP - CALLABLE Pref 493267876 1,367 60,000 SH   DFND 3,4,10 60,000 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 1,715 80,000 SH   DFND 3,9 80,000 0 0
LEGG MASON INC COM Com 524901105 1,709 67,000 SH   DFND 2,4,7,9,10 67,000 0 0
MCDONALDS CORP Com 580135101 1,110 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 809 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 885 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 172,051 16,480,000 SH   DFND 1,2,4,7,9,10 16,480,000 0 0
MERCK & CO, INC. Com 58933Y105 114 1,487 SH   DFND   1,487 0 0
MFC BANCORP LTD Com G60630103 14,209 2,732,477 SH   DFND 1,2,4,7,9,10 2,732,477 0 0
MOTOROLA SOLUTIONS INC Com 620076307 2,847 24,750 SH   DFND   24,750 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 7 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 115 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 50,125 5,774,800 SH   DFND 1,2,3,4,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 631 13,000 SH   DFND 4 13,000 0 0
NEW YORK MORTGAGE TRUST - CALLABLE Pref 649604881 438 20,000 SH   DFND 2 20,000 0 0
NOW INC DE Com 67011P100 13 1,100 SH   DFND 2 1,100 0 0
OAKTREE CAPITAL GRP LLC - CALLABLE Pref 674001409 1,675 75,000 SH   DFND 2,4,9 75,000 0 0
PFSWEB INC Com 717098206 3,848 750,000 SH   DFND 2,10 750,000 0 0
PRIORITY INCOME FUND INC - CALLABL Pref 74274W103 1,934 80,000 SH   DFND 1,3,4 80,000 0 0
PROCTER & GAMBLE CO Com 742718109 3,622 39,400 SH   DFND   39,400 0 0
PROSPECT CAPITAL CORP-CALLABLE Pref 74348T409 686 30,000 SH   DFND 1,8 30,000 0 0
PRUDENTIAL FINANCIAL INC - CALL Pref 744320805 1,396 60,000 SH   DFND 2,4,10 60,000 0 0
QVC INC - CALLABLE Pref 747262301 2,100 100,000 SH   DFND 2,4 100,000 0 0
QWEST CORP-CALLABLE Pref 74913G873 593 30,000 SH   DFND 4 30,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 16,173 217,350 SH   DFND 4,9 217,350 0 0
RENAISSANCERE HOLDINGS Pref 75968N309 442 20,000 SH   DFND 1 20,000 0 0
REXFORD INDUSTRIAL REALTY-CALL Pref 76169C209 336 15,000 SH   DFND 9 15,000 0 0
RIVERNORTH MARKETPLACE-CALLABLE Pref 76882B207 1,232 50,000 SH   DFND 1,2 50,000 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,038 25,000 SH   DFND   25,000 0 0
SELECTIVE INS GROUP- CALLABLE Pref 816300404 1,074 45,000 SH   DFND 3,4,8 45,000 0 0
SELECTIVE INS GROUP INC Com 816300107 12,188 200,000 SH   DFND 10 200,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 944 47,000 SH   DFND 1,8 47,000 0 0
SOUTHERN CO - CALLABLE Pref 842587206 509 20,000 SH   DFND 2 20,000 0 0
SPIRIT REALTY CAPITAL-CALLABLE Pref 84860W201 1,000 50,000 SH   DFND 1,9 50,000 0 0
STANLEY BLACK & DECKER - CALLABLE Pref 854502705 711 30,000 SH   DFND 10 30,000 0 0
STIFEL FINANCIAL CORP - CALLABLE Pref 860630607 406 20,000 SH   DFND 10 20,000 0 0
SUN HYDRAULICS CORP Com 866942105 9,957 300,000 SH   DFND 4,10 300,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 945 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 11 557 SH   DFND   557 0 0
TIDEWATER INC WTS SERIES B 7/31/23 Com 88642R125 1 976 SH   DFND   976 0 0
TIDWATER INC WTS SERIES A 7/31/23 Com 88642R117 2 903 SH   DFND   903 0 0
TRAVELERS COS INC Com 89417E109 2,515 21,000 SH   DFND   21,000 0 0
TWENTY-FIRST CENTURY FOX INC-CL B Com 90130A200 3,584 75,000 SH   DFND   75,000 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 1,951 20,000 SH   DFND   20,000 0 0
UNUM GROUP - CALLABLE Pref 91529Y601 1,133 50,000 SH   DFND 1,3 50,000 0 0
US BANCORP - CALLABLE Pref 902973759 978 40,000 SH   DFND 9,10 40,000 0 0
US BANKCORP DEL COM NEW Com 902973304 928 20,300 SH   DFND   20,300 0 0
US CELLULAR CORP Pref 911684504 463 20,000 SH   DFND 9 20,000 0 0
VAIL RESORTS INC. Com 91879Q109 17,709 84,000 SH   DFND 3,4,10 84,000 0 0
VENTAS REALTY LP CAP CORP Pref 92276M204 844 35,000 SH   DFND 1,9 35,000 0 0
VISTRA ENERGY CORP Com 92840M128 47 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 2,067 13,000 SH   DFND   13,000 0 0
W R BERKLEY CORPORATION Pref 084423706 441 20,000 SH   DFND 1,8 20,000 0 0
W.R. BERKLEY CORP-CALLABLE Pref 084423409 455 20,000 SH   DFND 10 20,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 542 35,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,304 50,000 SH   DFND 4 50,000 0 0
WELLS FARGO & COMPANY PFT SERIES J Pref 949746887 0 387 SH   DFND   387 0 0
WESTERN ALLIANCE BANCORP - CALL Pref 957638208 3,083 125,000 SH   DFND 1,3,4,9 125,000 0 0
WILLIS TOWERS WATSON PLC Com G96629103 1,207 7,950 SH   DFND   7,950 0 0
XILINX INC Com 983919101 3,407 40,000 SH   DFND 2 40,000 0 0
ZIEGLER COS INC THE Com 989506308 1,469 48,972 SH   DFND   48,972 0 0