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 27 1,193 SH   DFND   1,193 0 0
AFFILIATED MANAGERS GROUP-CALLABLE Pref 008252850 2,103 80,000 SH   DFND 1,3,4,8 80,000 0 0
AGRIBANK FCB - CALLABLE Pref 00850L203 4,885 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 835 30,000 SH   DFND 1,4 30,000 0 0
ALLERGEN PLC Com G0177J108 2,987 17,750 SH   DFND   17,750 0 0
ALLSTATE CORP - CALLABLE Pref 020002838 1,050 40,000 SH   DFND 4,9 40,000 0 0
AMERICAN HOMES 4 RENT - CALL Pref 02665T876 263 10,000 SH   DFND 10 10,000 0 0
AMGEN INC Com 031162100 28,059 145,000 SH   DFND 4,7,9 145,000 0 0
ANHEUSER-BUSCH INBEV S.A. SP ADR Com 03524A108 1,047 11,000 SH   DFND   11,000 0 0
ASPEN INSURANCE HLDG LTD-CALLABLE Pref G05384204 1,285 50,000 SH   DFND 11 50,000 0 0
AT&T INC Com 00206R102 1,892 50,000 SH   DFND 10 50,000 0 0
ATHENE HOLDINGS LTD-CALLABE Pref 04686J200 1,570 60,000 SH   DFND 7,9 60,000 0 0
AVNET INC Com 053807103 534 12,000 SH   DFND   12,000 0 0
B. RILEY FINANCIAL-CALLABLE Pref 05580M801 1,007 40,000 SH   DFND 3 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
BERKSHIRE HATHAWAY INC DEL CL A Com 084670108 1,871 6 SH   DFND   6 0 0
BLACKSTONE GROUP INC CLASS A Com 09260D107 4,884 100,000 SH   DFND   100,000 0 0
BOEING CO Com 097023105 10,425 27,400 SH   DFND   27,400 0 0
BP P.L.C. SPONSORED ADR - CMN Com 055622104 570 15,000 SH   DFND 3 15,000 0 0
BROOKFIELD PROPERTY PARTN-CALLABLE Pref G16249156 518 20,000 SH   DFND 2 20,000 0 0
BROOKFIELD PROPERTY PARTNERS LP Pref G16249149 1,963 75,000 SH   DFND 1,3,4,8,10 75,000 0 0
BRUNSWICK CORP - CALLABLE Pref 117043406 535 20,000 SH   DFND 2 20,000 0 0
CAL DIVE INTERNATIONAL INC Com 12802T101 0 500,000 SH   DFND   500,000 0 0
CARLYLE GROUP LP - CALLABLE Pref 14309L201 1,772 70,000 SH   DFND 1,2,9 70,000 0 0
CASTLE BRANDS INC Com 148991896 315 250,000 SH   DFND   250,000 0 0
CBL ASSOCIATES PROP - CALLABLE Pref 124830605 306 35,000 SH   DFND 2,9 35,000 0 0
CDK GLOBAL INC Com 12508E101 1,980 41,164 SH   DFND 1,2,3,7,8 41,164 0 0
CHEVRON CORPORATION Com 166764100 1,898 16,000 SH   DFND 2,3 16,000 0 0
CHINA FUND INC Com 169373107 1,328 68,399 SH   DFND   68,399 0 0
CMS ENERGY CORP - CALLABLE Pref 125896845 1,129 40,000 SH   DFND 2,4 40,000 0 0
COBANK ACB Pref 19075Q862 2,375 22,353 SH   DFND 1,2 22,353 0 0
COBANK ACB Pref 19075Q805 535 5,099 SH   DFND 9 5,099 0 0
COCA COLA COM Com 191216100 817 15,000 SH   DFND 8 15,000 0 0
CONIFER HOLDINGS INC Com 20731J102 915 250,000 SH   DFND 4 250,000 0 0
CORNING INC Com 219350105 8,914 312,550 SH   DFND   312,550 0 0
CORSA COAL CORP Com 22041E609 719 2,226,000 SH   DFND   2,226,000 0 0
DCP MIDSTREAM LP Pref 23311P308 490 20,000 SH   DFND 4 20,000 0 0
DCP MIDSTREAM LP-CALLABLE Pref 23311P209 1,458 60,000 SH   DFND 1,8 60,000 0 0
DELPHI FINANCIAL GROUP - CALLABLE Pref 247131303 1,770 77,797 SH   DFND 3,4 77,797 0 0
DISNEY WALT CO Com 254687106 5,537 42,488 SH   DFND   42,488 0 0
EAGLE POINT CREDIT CO - CALL Pref 269809406 1,531 60,000 SH   DFND 2,4,10 60,000 0 0
EAGLE POINT CREDIT CO - CALLABLE Pref 269809505 1,025 40,000 SH   DFND 1,9 40,000 0 0
EMERSON ELEC CO Com 291011104 5,951 89,000 SH   DFND 2,8,10 89,000 0 0
ENERGY TRANSFER OPERATING -CALLABL Pref 29278N509 1,267 50,000 SH   DFND 2,8,9,10 50,000 0 0
ENERGY TRANSFER PARTNERS-CALLABLE Pref 29278N400 1,726 70,000 SH   DFND 1,2 70,000 0 0
ENERGY TRANSFER PARTNERS-CALLABLE Pref 29278N301 367 15,000 SH   DFND 4 15,000 0 0
ENERGY TRANSFER PARTNERS-CALLABLE Pref 29278N400 1,726 70,000 SH   DFND 4,10 70,000 0 0
ENSTAR GROUP LTD-CALLABLE Pref 29359U109 1,623 60,000 SH   DFND 3,9 60,000 0 0
EXXON MOBIL CORP Com 30231G102 2,471 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
FARM CREDIT BK OF TEXAS-CALL-144A Pref 30767E406 429 4,000 SH   DFND 9 4,000 0 0
FOX CORP CLASS B Com 35137L204 789 25,027 SH   DFND   25,027 0 0
GENERAL ELECTRIC CO Com 369604103 1,082 121,000 SH   DFND 1,2,3,9 121,000 0 0
GENERAL MOTORS COMPANY Com 37045V100 89 2,373 SH   DFND   2,373 0 0
GENUINE PARTS CO COM Com 372460105 1,903 19,108 SH   DFND   19,108 0 0
GLOBAL INDEMNITY LTD Pref G3933F139 818 30,000 SH   DFND 2,10 30,000 0 0
GLOBAL INDEMNITY PLC - CALLABLE Pref G3933F121 515 20,000 SH   DFND 3 20,000 0 0
GOLDMAN SACHS GROUP INC Com 38141G104 23,085 111,400 SH   DFND 2,8 111,400 0 0
HALLIBURTON CO HOLDING CO Com 406216101 3,007 159,500 SH   DFND 1,2 159,500 0 0
HELIOS TECHNOLOGIES INC Com 42328H109 12,171 300,000 SH   DFND 4,10 300,000 0 0
INTEGRYS ENERGY GROUP-CALLABLE Pref 45822P204 5,059 185,314 SH   DFND 2,3,4,11,7,8 185,314 0 0
INTL BUSINESS MACHINES CORP Com 459200101 2,308 15,874 SH   DFND 1 15,874 0 0
JACOBS ENGINEERING GROUP INC Com 469814107 3,386 37,000 SH   DFND   37,000 0 0
JEFFERIES FINANCIAL GROUP INC Com 47233W109 9,400 510,872 SH   DFND 4,7,9,10 510,872 0 0
JOHNSON CTLS INTL PLC Com G51502105 1,048 23,874 SH   DFND 9 23,874 0 0
JPMORGAN CHASE & CO COM Com 46625H100 666 5,655 SH   DFND   5,655 0 0
KAISER ALUM CORP DEPOSITARY S CMN Com 483007704 7 70 SH   DFND 10 70 0 0
LADENBURG THALMAN FIN SVCS INC Pref 50575Q300 1,682 70,000 SH   DFND 3,9 70,000 0 0
LADENBURG THALMAN FIN SVCS INC-CAL Pref 50575Q508 259 10,000 SH   DFND 3 10,000 0 0
LEGG MASON INC COM Com 524901105 2,559 67,000 SH   DFND 2,4,7,9,10 67,000 0 0
MCDONALDS CORP Com 580135101 1,342 6,250 SH   DFND 3 6,250 0 0
MEDLEY LLC - CALLABLE Pref 58503Y105 791 40,000 SH   DFND 2,4 40,000 0 0
MEDLEY LLC - CALLABLE Pref 58503Y204 836 40,000 SH   DFND 9,10 40,000 0 0
MERCER INTERNATIONAL INC SBI Com 588056101 206,659 16,480,000 SH   DFND 1,2,4,11,7,9,10 16,480,000 0 0
MERCK & CO, INC. Com 58933Y105 125 1,487 SH   DFND   1,487 0 0
MOTOROLA SOLUTIONS INC Com 620076307 4,218 24,750 SH   DFND   24,750 0 0
MOTORS LIQUIDATION COMPANY-TRUST Pref 62010U101 8 744 SH   DFND 8,10 744 0 0
MYMETICS CORP Com 62856A102 85 2,186,473 SH   DFND 7,10 2,186,473 0 0
NAM TAI PROPERTY INC Com G63907102 51,973 5,774,800 SH   DFND 1,2,3,4,11,7,9,10 5,774,800 0 0
NATIONAL RETAIL PPTYS INC Com 637417106 733 13,000 SH   DFND 4 13,000 0 0
NATIONAL STORAGE AFFILIATES TRUST Pref 637870205 527 20,000 SH   DFND 1 20,000 0 0
NEW YORK MORTGAGE TRUST - CALLABLE Pref 649604881 500 20,000 SH   DFND 2 20,000 0 0
NEWTEK BUSINESS SERVICES -CALLABLE Pref 652526609 436 17,000 SH   DFND 3 17,000 0 0
NOW INC DE Com 67011P100 13 1,100 SH   DFND 2 1,100 0 0
OXFORD SQUARE CAPITAL CORP-CALL Pref 69181V305 2,030 80,000 SH   DFND 1,2,3,8 80,000 0 0
PENNANTPARK INVESTMENT CORP-CALL Pref 708062401 746 30,000 SH   DFND 4 30,000 0 0
PFSWEB INC Com 717098206 1,868 750,000 SH   DFND 2,10 750,000 0 0
PHI GROUP INC Com 69360B104 40 39,712 SH   DFND 4,10 39,712 0 0
PHI INC Com 6933ESCA5 0 1,000,000 SH   DFND 4,10 1,000,000 0 0
PRIORITY INCOME FUND INC - CALLABL Pref 74274W103 756 30,000 SH   DFND 1 30,000 0 0
PRIORITY INCOME FUND INC-CALLABLE Pref 74274W400 511 20,000 SH   DFND 9 20,000 0 0
PROCTER & GAMBLE CO Com 742718109 4,901 39,400 SH   DFND   39,400 0 0
QWEST CORP-CALLABLE Pref 74913G873 766 30,000 SH   DFND 4 30,000 0 0
RAYMOND JAMES FNCL INC Com 754730109 17,923 217,350 SH   DFND 4,9 217,350 0 0
ROOMSTORE INC - CMN Com 77638R108 0 43,661 SH   DFND   43,661 0 0
SCHWAB CHARLES CORP NEW Com 808513105 1,046 25,000 SH   DFND   25,000 0 0
SCULLY ROYALTY LTD Com G7T96K107 31,833 2,732,477 SH   DFND 1,2,4,11,7,9,10 2,732,477 0 0
SEAGATE TECHNOLOGY Com G7945M107 27 500 SH   DFND   500 0 0
SELECTIVE INS GROUP INC Com 816300107 15,038 200,000 SH   DFND 10 200,000 0 0
SEMPRA ENERGY-CALLABLE Pref 816851604 2,410 90,000 SH   DFND 11,8,10 90,000 0 0
SENIOR HOUSING PROPERTIES TRUST Pref 81721M208 1,133 47,000 SH   DFND 1,8 47,000 0 0
SOUTH JERSEY INDUSTRIES-CALLABLE Pref 838518207 1,041 40,000 SH   DFND 4 40,000 0 0
TE CONNECTIVITY LIMITED Com H84989104 1,165 12,500 SH   DFND   12,500 0 0
TIDEWATER INC NEW Com 88642R109 8 557 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 1 903 SH   DFND   903 0 0
TRAVELERS COS INC Com 89417E109 3,122 21,000 SH   DFND   21,000 0 0
UNITED PARCEL SERVICE, INC-CLASS B Com 911312106 2,396 20,000 SH   DFND   20,000 0 0
US BANKCORP DEL COM NEW Com 902973304 1,123 20,300 SH   DFND   20,300 0 0
VAIL RESORTS INC. Com 91879Q109 19,115 84,000 SH   DFND 3,4,10 84,000 0 0
VISTRA ENERGY CORP Com 92840M128 69 33,717 SH   DFND 4,9,10 33,717 0 0
VOLKSWAGEN AG Com 928CNV760 2,235 13,000 SH   DFND   13,000 0 0
WASHINGTON PRIME GROUP NEW Pref 93964W306 711 35,000 SH   DFND 2,10 35,000 0 0
WELLS FARGO & CO NEW COM STK Com 949746101 2,522 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 2,783 105,000 SH   DFND 1,3,4,9 105,000 0 0
WESTINGHOUSE AIR BRAKE TECH CORP Com 929740108 46 647 SH   DFND 1,2,3,9 647 0 0
WILLIS TOWERS WATSON PLC Com G96629103 1,534 7,950 SH   DFND   7,950 0 0
XILINX INC Com 983919101 3,836 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